Adani Transmission net profit down 60% to ₹59 crore on write-off over finance sunk cost

Transmission Limited (ATL) reported a drop in net profit in Q4 due to one-time write-off concerning finance sunk cost.

In the March-ended quarter, ATL’s net profit was Rs 58.97 crore, a 60 per cent drop when compared to Rs 146.7 crore posted in the year-ago period. The one-time write-off was Rs 185 crore, which was categorised as finance sunk cost (non-cash item). Finance sunk cost is a cost that has already incurred but cannot be recovered.

For full fiscal 2019-20, consolidated net profit rose to Rs 706.49 crore, a 26 per cent jump from Rs 559.20 crore posted in 2018-19.

Gautam Adani, Chairman, Adani Group, said, “There is abundant potential for significant growth in India’s transmission sector in the coming years.