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.)
"Probe China Link To Political Voices That Targeted Adani Group In Hindenburg Row": Mahesh Jethmalani US Ambassador Visits Adani's Khavda Project Site In Gujarat Adani Group-Backed Sirius Digitech Acquires Cloud Platform Firm Coredge.io Bangladesh Imposes Curfew, Deploys Military As 105 Die In Protests "Jindal Group Executive Showed Porn, Groped Me On Flight": Woman To NDTV Over 300 Indian Students Return Home As 105 Bangladeshis Die In Protests Defiant Biden Vows To Stay In Presidential Race Despite Growing Revolt Meta Content Moderation Vendors Hit By Global Cyber Outage Conspiracy Theories Take Off After Global IT Crash Track Latest News Live on NDTV.com and get news updates from India and around the world.