Adani Transmission Ltd (ATL) on Thursday reported a 32.53 per cent rise in consolidated net profit at Rs 203.67 crore during the quarter ended December, mainly on account of lower expenses. The company had posted a net profit of Rs 153.67 crore in the year-ago period, ATL said in a BSE filing.
During October-December, the company's income remained almost flat at Rs 2,835.72 crore as compared with Rs 2,834.10 in the year-ago quarter.
Total expenses were lower at Rs 2,477.75 crore as against Rs 2,656.66 crore in October-December 2018.
During December quarter, ATL received a Letter of Intent (LoI) for a 400 Kv power transmission project in Maharashtra, the company said in a statement.
The LoI to ATL was awarded under a tariff based competitive bidding model from Maharashtra State Electricity Transmission Company Ltd (MSETCL).
ATL also signed share purchase agreements with REC Transmission Projects Company Ltd in November 2019 for acquisition of its entire stake in Lakadia Banaskantha Transco Limited (LBTL) and Jam Khambhaliya Transco Limited (JKTL), the statement added.
Adani Group Chairman Gautam Adani said there is huge potential and growth opportunities in India's transmission sector in the coming years. The government's core focus is also towards the objective of 24x7 power for all.
"Adani Transmission Limited with its widespread network and continuous growth looks forward to expand its business at large. We are increasingly working towards building strong relations between India and other countries via acquisitions and partnerships to ensure improvisation in reliability of power supply and consumer satisfaction in our services," Adani said.
ATL is the transmission and distribution (T&D) business arm of Adani Group, one of India's largest business conglomerates.
It is the country's largest private transmission company with a cumulative transmission network of more than 14,738 ckt kms (circuit kilometres), out of which more than 11,477 ckt kms is operational.