Adani Transmission on Monday said its Q3 consolidated net profit rose 78% over last year, on the back of a one-time income of ₹240 crore due to a regulatory order.- Its revenue jumped 22% to ₹3,552 crore powered by new transmission lines and an increase in power demand.
- The
Adani Group company said that two new transmission lines in Gujarat, namelyJam Khambaliya and Western Region Strengthening Scheme contributed to its revenue growth during the quarter.
Excluding the one-time income, net profit was down 12% over last year. Its revenue jumped 22% to ₹3,552 crore powered by new transmission lines and an increase in power demand.
Adani Transmission said that two new transmission lines in Gujarat, namely Jam Khambaliya and Western Region Strengthening Scheme contributed to its revenue growth in the transmission segment during the quarter. Adani Transmission has obtained a 35-year lease on both the projects.
“Our pipeline of projects and recently operationalised assets will further strengthen our pan-India presence and consolidate our position as the largest private-sector transmission and distribution company in India,” said Anil Sardana, managing director, Adani Transmission.
Shares of Adani Transmission continued to fall, declining 10% on Monday. Overall, since US-based short seller Hindenburg released a report on January 24 accusing the Adani group of stock manipulation and accounting fraud, the company’s shares are down by over 54%.
Adani Transmission’s Q3 in numbers:
Source: Company reports
The company reported higher efficiency even while power demand saw a 4.4% increase during the quarter – its distribution loss fell to 5.6% in Q3 from 6.53% a year ago, while average availability edged up to 99.75% in Q3 from 99.69% a year ago.
However, its transmission network in operation declined 9.7% YoY to 371 cubic kilometres during the quarter.
Coal and power purchase costs account for a majority of Adani Transmission’s costs – while coal prices edged up 1% YoY during the quarter, power purchase costs increased 18%.
The company said it recovered these increases partly from customers. “The impact of increases in coal prices and power purchase costs in recent periods has been partly offset by fuel adjustment charges' (
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