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.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
Gautam Adani Commits $10 Billion To Energy, Resilient Infra Projects In US Andhra Chief Minister Meets Adani Group Delegation Over Investments In State Adani Enterprises' Q2 Net Profit Rises 664% To Rs 1,741 Crore Wary Of NASA Satellites, How Farmers Time Crop-Burning, Scientist Explains New Zealand MP Leads Traditional Dance, Rips Up Copy Of Bill In Parliament After Maharashtra Polls, A Fresh Battle Brews For The Top Post 12 Killed In Israeli Strike On Civil Defence Facility, Says Lebanon Donald Trump Names Vaccine Skeptic Robert Kennedy Jr As Health Secretary Trump's Classified Documents Case Paused After Special Counsel's Request Track Latest News Live on NDTV.com and get news updates from India and around the world.