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.

The board of directors approved raising funds for an aggregate amount not exceeding Rs 5,000 crore through the QIP route

Results: Adani Power reported a 7.38% year-on-year rise in consolidated net profit for Q3FY25 to ₹2,940.07 crore, despite a 10.8% sequential decline. Revenue increased by 5.23% year-on-year to ₹13,671.

Adani Power Ltd on January 29 reported a 7.4 percent jump in net profit at Rs 2,940.07 crore in the quarter ended December 31 of FY25, compared to Rs 2,737.96 crore in the same period of the previous financial year, the company said in an exchange filing.

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.

India's Adani Enterprises , the flagship company of the Adani group, reported a slump in third-quarter profit on Thursday, impacted by performance at its key coal trading division.