Adani Power reports Q3 profit rise

NEW DELHI, Jan 28 (Reuters): Indian thermal power producer Adani Power, opens new tab 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 27.38 billion rupees ($329.6 million) in the three months to Dec 31.

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.

Earlier this week, rival JSW Energy, opens new tab reported a 28 per cent jump in quarterly profit.

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.