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Business News/ Markets / Stock Markets/  Adani Transmission up 4% on block deal buzz

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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Updated: 05 Jun 2023, 03:52 PM IST
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