India's Adani Power posted a smaller quarterly core profit on Wednesday due to a sharp drop in power demand and the thermal power producer also said it would raise 50 billion rupees ($578 million) by selling shares to institutional investors.

Adani Power Ltd posted a 7.4% rise in consolidated net profit at Rs 2,940.07 crore for the December quarter, with revenue up 11% at Rs 14,833 crore. The company approved a Rs 5,000 crore fund raise via QIP and increased the NCD limit to Rs 11,

Profit also took a 3 billion rupees ($46.9 million) hit from its exit from joint venture with Singapore’s Wilmar. Read more at straitstimes.com.

Adani Power Q3 Results: Adani Power Ltd on Wednesday reported an 7.38% year-on-year rise in its consolidated net profit for the fiscal's third quarter ended December (Q3FY25) to ₹ 2,940.07 crore. The company had reported a profit of ₹ 2,737.96 crore in the year-ago period.

According to the statement, its consolidated profit after tax increased 7 per cent to Rs 2,940 crore in the quarter compared to Rs 2,738 crore a year ago.

Adani Power share price gained over 2% ahead of the announcement of December quarter results today. The Adani group stock has delivered multibagger returns of 103% over the past two years.