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Adani Transmission Limited (ATL) has reported has a 32 per cent increase in profits for the December 2019-ended quarter on the back of strong operational performance.
In Q3, ATL raked in profits of Rs 2014 crore when compared to Rs 154 crore posted in the December 2018-ended quarter.
Revenues in Q3 for ATL saw a 3 per cent rise to Rs 2,572 crore when compared to Rs 2,495 crore in the comparable period.
Gautam Adani, Chairman, Adani Group, said in a statement that there is abundant potential and significant growth in India’s transmission sector in the coming years. "With the Government's core focus 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," he said.
Anil Sardana, MD & CEO, Adani Transmission Ltd, said, “With a growing economy, the demand for power has also increased rapidly over the years and with these growth, coupled with Make in India and Smart Cities will further drive power industry at large."
During the quarter, ATL sold its 25.10 per cent stake in Adani Electricity Mumbai Limited (AEML) to Qatar Investment Authority (QIA) for Rs 3,220 crore. As a part of the deal, and QIA have agreed to ensure that over 30 per cent of the electricity supplied by AEML is sourced from solar and wind power plants by the year 2023.
AEML, a subsidiary of ATL and recently completed a $1 billion bond issuance.
During the quarter, operational EBITDA was Rs 1,114 crores, up 37 per cent.
ATL received a Letter of Intent (LOI) for Transmission Project bid in Maharashtra, from MSETCL for the Kharghar Vikhroli Transmission Private Limited. This will be first ever 400KV substation facility in Mumbai.Additionally, it has signed Share Purchase Agreements with REC Transmission Projects Company Limited in November, 2019 for acquisition of its entire stake in LBTL and JKTL.
With the completion of the ongoing projects, ATL’s total network will be 14,738 ckt kms.
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