Adani Transmission up 4% on block deal buzz

1 min read 05 Jun 2023, 03:52 PM IST Jyoti Banthia

The shares of Adani Transmission closed 4.35 per cent higher at ₹828.95 on BSE.

Adani Ports and SEZ, and Ambuja Cements were also placed under the short-term additional surveillance measure last week (Bloomberg) — Adani Ports and SEZ, and Ambuja Cements were also placed under the short-term additional surveillance measure last week **(Bloomberg)**

The shares of Adani Transmission was up by over 4 per cent on Monday's trade amid buzz of block deal buzz, according to media reports.

The shares of Adani Transmission closed 4.35 per cent higher at ₹828.95 on BSE. The stock opened at ₹798, while it touched an intraday high of ₹834.10 and low of ₹796.50.

Adani Transmission's owners earned a consolidated net profit of ₹389.45 crore in the fourth quarter of FY23, registering a growth of 69.62% from ₹229.59 crore in the same quarter a year ago. However, the performance declined by 17.96% from a PAT of ₹474.72 crore in the preceding quarter. The Adani Group-backed company's cash profit surged by 28% YoY to ₹977 crore.

The profitability was supported by a one-time income of ₹148 crore based on a regulatory order in the Transmission business (a net positive impact of ₹21 crore after adjusting for a provision of ₹131 crore (net off tax ₹101 crore)) and aided by a mid-term true-up order by the regulator in AEML.

The consolidated EBITDA increased to ₹1,706 crore in the fourth quarter, a 23% YoY increase.

However, Adani Transmission posted a consolidated total income of ₹3,200.50 crore in Q4 of FY23, registering a single-digit growth of 4.97% from ₹3,048.96 crore in Q4FY22. In the preceding quarter, the revenue was at ₹3,181.62 crore.

Recently, Adani Transmission Ltd and Adani Total Gas Ltd were removed from the MSCI Global Standard Index in its latest rejig exercise. Indus Towers that to be removed from the index was also trading in red.

Adani Transmission and Adani Total Gas currently hold 0.31% and 0.28% weightages on the index, respectively, with 18 million equity shares.

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