Ahmedabad (Gujarat) [India], May 9 (ANI): Adani Transmission Ltd (ATL) on Saturday reported 60 per cent plunge in its Q4 (January to March) profit after tax at Rs 59 crore compared to Rs 147 crore in the corresponding period of previous fiscal.
The decline was primarily due to one-time write off finance sunk cost of Rs 185 crore (non-cash item), the company said in a statement.
Q4 FY20 revenue came lower by 3 per cent year-on-year at Rs 2,220 crore due to lower share of distribution business on account of subdued power demand by industries.
The operational earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rs 893 crore were up by 2 per cent. Transmission operational EBITDA of Rs 618 crore was up by 18 per cent.
"ATL continues to focus on freeing up its equity, reducing cost of debt and bringing in marquee partners to set global corporate practices," it said.
The company completed its maiden US private placement of 400 million dollars in February to March. It also completed the process of investment by Qatar Investment Authority (QIA) investment in subsidiary company Adani Electricity Mumbai Ltd (AEML).
AEML completes the first ever USD bond issuance by a private integrated utility from India, raising one billion dollars in February.
"With the government's core focus towards the objective of 24 x7 Power for All, Adani Transmission with its widespread network and continuous growth looks forward to become a world-class electric utility," said Chairman Gautam Adani.
ATL is the transmission and distribution (T&D) business arm of the Adani Group, one of India's largest business conglomerates.
It is the country's largest private transmission company with a cumulative transmission network of more than 14,739 circuit km out of which more than 11,477 ckt km is operational. This includes around 3,262 ckt km in various stages of construction.