Adani Transmission Q1 profit up 66 pc at Rs 355 crore

Ahmedabad (Gujarat) [India], Aug 7 (ANI): Adani Transmission Ltd said on Friday its profit after tax jumped 66 per cent to Rs 355 crore in Q1 FY21 from Rs 213 crore in the same period of previous fiscal.
However, operational revenue declined by 26 per cent from Rs 2,858 crore in Q1 FY20 to Rs 2,117 crore in Q1 FY21 due to lower revenue from distribution that was down by 34.4 per cent year-on-year at Rs 1,437 crore led by lower power consumption in commercial and industrial segment and shortfall in collections.
Operational earnings before interest, taxes, depreciation and amortisation (EBITDA) came down by 4 per cent at Rs 1,070 crore with stable transmission EBITDA offset by slightly weaker EBITDA contribution from distribution.
The company said distribution loss increased due to provisional average billing during the Covid-19 lockdown which is getting streamlined as things are getting back to normal and metre readings have been permitted by authorities.
Lower consumption was mainly due to lower offtake by commercial and industrial segment consumers partly offset by the retail demand.
“Economic activity in Mumbai is picking up post relaxation in lockdown. We noticed improvement in power demand in July and accordingly the collection scenario has improved substantially,” said the company. (ANI)