Adani Transmission net profit falls 32 per cent

Adani Transmission reported a 32 per cent drop in consolidated net profit to Rs 1.94 billion in the September quarter compared to the same period last year, owing primarily to adverse forex movement adjustment. The company explained in a statement that consolidated PAT (profit after tax) or net profit of Rs 1.94 billion was lower year on year in the second quarter of FY23. According to the company, the Q2 number is not comparable due to an adverse forex movement (MTM) of Rs 1.38 billion (mark-to-market adjustment on foreign currency loans) vs a Rs 60 million gain in the corresponding quarter of the previous fiscal in the AEML (Adani Electricity Mumbai) business. Also read: Partly-built tunnel on Chandigarh-Manali highway collapses BMC cancels ₹58 billion tender for road concretisation