Adani Transmission on Saturday reported a 60 per cent drop in consolidated net profit at Rs 58.97 crore for the March quarter.
The fall was mainly on account of a one-time writeoff of Rs 185 crore finance sunk cost, it said in a regulatory filing.
The company’s consolidated net profit stood at Rs 146.7 crore in the quarter ended March 31, 2019.
Total income rose to Rs 3,317.51 crore in the quarter under review from Rs 2,569.16 crore in the year-ago period.
For full fiscal 2019-20, consolidated net profit rose to Rs 706.49 crore, from Rs 559.20 crore in 2018-19.
Total income in 2019-20 rose to Rs 11,681.29 crore, from Rs 7,560.80 crore in the previous fiscal.
The board of the company also approved raising up to Rs 2,500 crore through various means, including issuance of equity shares or convertible bonds through QIP.
“There is abundant potential for significant growth in India’s transmission sector in the coming years. With the government’s core focus towards the objective of 24×7 Power for all, Adani Transmission Ltd with its widespread network and continuous growth looks forward to become world-class Electric Utility,” Adani Group Chairman Gautam Adani said.
About the impact of COVID-19, the company said it is in the business of power generation, transmission and distribution, which comes under essential services, and thus the impact of the outbreak on its business and financial position will not be significant.
The management does not see any risk in the group’s ability to continue as a going concern and meeting its liabilities, it added.
Adani Transmission has a capital expenditure plan of Rs 8,500 crore, a company official told PTI, adding there is no impact of the lockdown on the firm but timelines for implementing projects may be affected if workers are not available.
He further said the company has earmarked Rs 1,500 crore capex for its Mumbai power business.
Adani Transmission is the transmission and distribution (T&D) business arm of the Adani Group.
It is the country’s largest private transmission company with a cumulative transmission network of more than 14,739 ckt (circuit) km, out of which more than 11,477 ckt km is operational. Around 3,262 ckt km is in various stages of construction. The company also operates a power distribution business serving over 30 lakh customers in Mumbai.