Adani Transmission third-quarter profit plunges 78% to Rs 189 crore

New Delhi: Owing to a higher base last fiscal as a result of factoring in a one-time income of Rs 742 crore, Adani Transmission Ltd's posted a 77.52 percent drop in third-quarter profit on Wednesday. The consolidated net profit in the quarter ended on December 31 dropped down to Rs 189.22 crore from Rs 841.88 reported in the same time period last fiscal, said a company statement.

The company's total income shot up to Rs 2,921.07 crore in the third quarter of this fiscal, compared to Rs 1,806.50 crore a year ago.

"The consolidated net profit for the third quarter this fiscal is Rs 189 crore compared to Rs 100 crore year ago after eliminating one-time income of Rs 742 crore (net of tax)," the statement added.

Pursuing government's power for all vision

"We aspire to enter into electricity distribution business in key cities and districts in India in pursuit of the government of India's vision to enable power for all by 2022," said Gautam Adani, Chairman, Adani Group.

Adani Transmission MD and CEO, Anil Sardana, said, "In the coming years, we have identified key growth areas which includes transmission and distribution along with new value-added businesses. We will continue to build a strong focus on seamless integration of processes, people and technology which have been our key drivers."