Adani Transmission hits record high post Q3 results

The stock hit a record high of Rs 252, up 9% on BSE in early morning trade after the company reported profit after tax of Rs 1.55 billion for the quarter ended December 2017

Adani Transmission hit a record high of Rs 252, up 9% on BSE in early morning trade after the company reported profit after tax (PAT) of Rs 1.55 billion for the quarter ended December 2017 (Q3FY18).

“On a comparable basis excluding recovery of arrears PAT for the Q3FY18 has increased to Rs 1.55 billion against Rs 999 million of Q3FY17,” Adani Transmission said in a press release.

Its consolidated income rose to Rs 18.08 billion during the period under review as against Rs 7.34 billion in the corresponding period of the previous fiscal.

The company said it has signed a binding share purchase agreement (SPA) with Reliance Infrastructure (R-Infra) to acquire the Mumbai Generation, Transmission and Distribution (GTD) business. The GTD business caters to 3 million customers, making it the country’s largest private sector integrated power utility, entailing 1,892MW of power distribution along with generation facilities, it said.

“The company is in the process of finalising the financing for the transaction. The company is in discussions with the banks for existing debt package of Rs 8,500 crore at the target SPV level, subject to market conditions and other considerations,” it said in the statement.

At 09:23 AM; the stock was up 4% at Rs 242 on BSE against 0.75% rise in the S&P BSE Sensex. A combined 882,251 shares changed hands on the counter on BSE and NSE so far.