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Adani Transmission Q1 profit rises 67% at Rs 355 crore, distribution losses up

Adani Transmission on Friday recorded a 66.52 per cent rise in consolidated net profit at Rs 355.40 crore for April-June quarter of FY21

twitter-logoBusinessToday.In | August 7, 2020 | Updated 18:43 IST
Adani Transmission Q1 profit rises 67% at Rs 355 crore, distribution losses up
Adani Transmission Limited

Adani Transmission on Friday recorded a 66.52 per cent rise in consolidated net profit at Rs 355.40 crore for April-June quarter of FY21 as against a profit of Rs 213.42 crore in the corresponding period of last fiscal. Total income in the given quarter was Rs 2,542.84 crore as opposed to Rs 2,889.74 crore in the same period last year, Adani Transmission said in an exchange filing.

The electricity distribution losses June quarter this fiscal were recorded at 13.47 per cent as against 7.78 per cent in the same period last year. Adani Transmission said that the transmission lines are operating at 99.9 per cent availabilities and there is no adverse impact on billing.

Even as the power demand remained muted on account of lower consumption by industrial and commercial consumers due to coronavirus lockdown, it was slightly offset by the retail demand, the company added.

"Adani Transmission is well positioned to deliver exponential growth and we are working towards fulfilling our nation's electricity needs and strengthening our position as a world class utility. Our increasingly sustainable practices will help ensure ESG (Environmental, Social, and Governance) driven goals, one that will benefit not only key stakeholders but entire nation," said Gautam Adani, Chairman, Adani Group.

"Adani Transmission is constantly benchmarking to be best in class and is pursuing focused approached to be world-class integrated utility through development agenda coupled with de-risking of strategic and operational aspects, capital conservation, ensuring high credit quality and forging strategic partnerships for business excellence and high governance standards," Anil Sardana, MD & CEO, Adani Transmission, said.Also read: Coronavirus update: This new drug dramatically recovered seriously ill COVID-19 patients

Also read: PM Modi speech: Prime Minister Narendra Modi calls education reforms a "game changer"

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