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Adani Power Second-Quarter Profit Soars On Demand Surge, Tax GainThe thermal power producer Adani Power reported a near ten-fold surge in second-quarter profit on Thursday, as it benefited from soaring power demand and a tax gain.
Shares of Adani Power, part of billionaire Gautam Adani's eponymous conglomerate, jumped as much as 7.7% to 393.4 rupees after the results. They had climbed 51% from July to September.
The company's consolidated net profit climbed to 65.94 billion rupees ($792.3 million) in the quarter, helped in part by a tax gain of 13.71 billion rupees.
It had posted a profit of 6.96 billion rupees a year ago.
India's power demand, which typically peaks during May, unexpectedly surged in the September quarter due to unusually dry weather, a sharp plunge in hydroelectric output and higher economic activity.
Last month, rival JSW Energy posted a near 83% surge in its quarterly profit.
Adani Power's consolidated average plant load factor, a percentage of energy sent out by the power plant corresponding to installed capacity, rose to 58.3% from 39.2%.
Power sales volume jumped about 65% to 18.1 billion units.
That helped Adani Power's revenue from operations surge 84.4% to 129.91 billion rupees.
Its total expenses rose 25.4%, mostly due to higher fuel costs, which made up about three-fourths of overall costs.
The Adani Group's flagship firm Adani Enterprises is scheduled to report results later in the day.
Shares of Adani Power, part of billionaire Gautam Adani's eponymous conglomerate, jumped as much as 7.7% to 393.4 rupees after the results. They had climbed 51% from July to September.
The company's consolidated net profit climbed to 65.94 billion rupees ($792.3 million) in the quarter, helped in part by a tax gain of 13.71 billion rupees.
It had posted a profit of 6.96 billion rupees a year ago.
India's power demand, which typically peaks during May, unexpectedly surged in the September quarter due to unusually dry weather, a sharp plunge in hydroelectric output and higher economic activity.
Last month, rival JSW Energy posted a near 83% surge in its quarterly profit.
Adani Power's consolidated average plant load factor, a percentage of energy sent out by the power plant corresponding to installed capacity, rose to 58.3% from 39.2%.
Power sales volume jumped about 65% to 18.1 billion units.
That helped Adani Power's revenue from operations surge 84.4% to 129.91 billion rupees.
Its total expenses rose 25.4%, mostly due to higher fuel costs, which made up about three-fourths of overall costs.
The Adani Group's flagship firm Adani Enterprises is scheduled to report results later in the day.