Adani Transmission today posted around 33 percent jump in its consolidated net profit at Rs 99.28 crore for the quarter ended on December 31, 2016.
The group had posted a net profit after taxes, minority interest and share of profit of associates of Rs 74.78 crore in the year-ago quarter, the company said in BSE filing.
According to statement, its total income stood at Rs 734.43 crore in the quarter ended December 2016, from Rs 529.28 crore in a year ago.
Adani Group Chairman Gautam Adani said, "Adani Transmission continues to pursue the organic as well as inorganic growth opportunities. We have a strong & seamless integration of processes, people and technology, which has laid a strong foundation for us to create the value for our stakeholders." The company said that the tariff and incentive income remained steady in third quarter compared to year-ago period.
The company's consolidated net profit for April-December of the this fiscal stood at Rs 321.53 crore as compared to Rs 267.86 crore in the nine-month period of last fiscal.
It stated that the there was consistent operational network availability ranging from 99.4 to 100 percent.
The company has also received CCI (Competition Commission of India) approval for 100 percent acquisition of R-Infra's WRSSS operational transmission assets of approximate 3100 circuit kms.
It said that the constructions of five projects won under TBCB (tariff based competitive bidding) are well ahead of scheduled time of completion and within the budget.
The company said that during the quarter under review, Adani Transmission has acquired 74 percent equity shares of Maru Transmission Service Company Ltd (MTSCL) and Aravali Transmission Service Company Ltd (ATSCL) from October 6, 2016 from GMR Energy Ltd.
The balance 26 of equity shares of MTSCL & ATSCL are pledged in favour of the Company and the same will also get transferred after fulfillment of certain regulatory requirements and completion of lock-in period, it said.
As per the agreement, during the lock-in period, the company will be the beneficial owner of all the rights and accretions in connection with the pledged shares.
Accordingly, the company has determined that it has "in-substance" ownership of the pledged shares and it has consolidated financial statements of MTSCL and ATSCL as having 100 percent interest, Pursuant to the acquisition the figures for the current quarter and the nine month ended December 31, 2016 are not fully comparable with the figures of corresponding quarter and nine month of the previous year.
According to statement, its board has approved buyback of NCDs from the existing debenture holders in one or two tranche through negotiated deals as may be agreed out of total outstanding 35,800 NCDs having face value of Rs 10 lakh each listed on wholesale debt market segment of BSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
