India's Adani Power posts fall in Q2 profit before tax on muted power demand
October 28 (Reuters) -Indian thermal power producer Adani Power ADAN.NS 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 JSWE.NS reported a marginal rise in its quarterly profit while NTPC NTPC.NS 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
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