Adani Transmission reports 33% drop in Q2 net profit at Rs 67 crore

NEW DELHI: Adani Transmission on Saturday said its consolidated profit after tax (PAT) fell 33 per cent year-on-year (YoY) to Rs 66.69 crore for the September quarter.

The Adani Group company had reported Rs 99.54 crore profit in the same quarter last year. The numbers last year included one-time deferred tax reversal adjustment of Rs 34 crore, the company said in a BSE filing. Excluding the tax adjustments of last year, the profit was almost flat on YoY basis.

Total comprehensive income attributable to owners of the company dropped to Rs 9.43 crore in the second quarter from Rs 32.41 crore in the same quarter last year.

Revenue from operations rose to Rs 752.86 crore compared with Rs 688.44 crore in the year-ago quarter.

The company has entered into a period of exclusivity with Reliance Infrastructure until January 15, 2018 in relation to discussions for the proposed acquisition of the integrated business of generation, transmission and distribution of power for Mumbai.

The proposed transaction will strengthen Adani Transmission’s footprint in the power transmission sector and also mark its foray into the distribution space.