Adani Transmission Q2 net profit dips 32.7%

AHMEDABAD: Even as it transmission business revenues grew, Adani Transmission Limited (ATL) on Wednesday posted a 32.7% decline in its consolidated net profit for the second quarter of FY 2023. The company’s profit after tax stood at Rs 194 crore, down from Rs 289 crore in the corresponding quarter, albeit on account of adverse forex movement of Rs 138 crore of mark-to-market adjustment on foreign currency loans against Rs 6 crore gains in the corresponding quarter.
Accordingly, the company’s consolidated cash profit of Rs 748 crore grew 8% year-on-year during the quarter in FY 2023. ATL posted a rise in its distribution business revenue on account of a significant jump in energy demand.
The company’s consolidated revenue posted a double-digit growth at 22% during the quarter on account of new transmission lines coming into operation and higher energy demand.
Anil Sardana, MD & CEO of the company, said, “ATL’s growth trajectory remains firm despite the challenging macro environment. Our pipeline of projects and recently operationalised assets will further strengthen our pan-India presence.”