Adani Power Reports Net Profit Of Rs 2,738 Crore In Third Quarter

Indian thermal power producer Adani Power reported an increase in third-quarter profit on Thursday, as strong industrial demand drove a recovery from a massive slump in profit the previous year.

The company reported a consolidated net profit of Rs 2,738 crore ($329.6 million) in the three months to Dec. 31. Adani Power's profit had tanked 96 per cent to 87.7 million rupees in the year-ago quarter on surging fuel costs.

The company has since been reporting higher quarterly profit.

Electricity generation in India rose 8.7 per cent from a year earlier in the December quarter, which analysts attribute to festive activities and strong industrial demand.

India's industrial output grew at its fastest pace in 16 months in October, with a 20.4 per cent increase in electricity generation, data from the Ministry of Statistics showed. Industrial output rose 2.4 per cent in November, and data for December is due next month.

The increase in industrial power consumption bolstered Adani Power's revenue, which increased 67 per cent to Rs 12,991 crore.
 

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