October 28 (Reuters) – Indian thermal power producer Adani Power reported a more than 20% fall in second-quarter profit before tax on Monday as demand remained muted.
The company, part of billionaire Gautam Adani-led Adani Group, said its consolidated profit before tax fell to 41.34 billion rupees ($491.9 million) in the three months ended Sept. 30 from 52.24 billion rupees a year earlier.
India’s electricity demand for the July-September period was down as above-normal rainfall resulted in lower temperatures – the country’s power demand typically peaks in May.
Power generation in the quarter increased 1.1% year-on-year – reaching 468 billion units – due to lower irrigation and cooling needs.
Revenue rose about 2.7% to 133.39 billion rupees.
Power generation and revenue had risen 15% and 84% year-on-year, respectively, in the September 2023 quarter due to unusually dry weather.
Adani Power’s consolidated net profit halved to 33.31 billion rupees in the reported quarter from 65.94 billion rupees a year ago as it benefitted from a tax gain of 13.71 billion rupees last year.
Last week, peer JSW Energy reported a marginal rise in its quarterly profit while NTPC posted a decline in its adjusted profit due to weak seasonal power demand.
Adani Power’s shares settled 1% higher, ahead of earnings.
($1 = 84.0480 Indian rupees)
(Reporting by Yagnoseni Das in Bengaluru; Editing by Janane Venkatraman)
