Adani’s Coal-Power Arm Posts 847% Jump in Profit on High Demand
- Energy sales rose about 65% year-on-year in second quarter
- Fuel costs for sales of every kilowatt hour of power declined
Adani Power Ltd.’s Mundra Thermal Power Plant in Mundra, Gujarat, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Billionaire Gautam Adani’s coal-power unit said its profit jumped almost ten-fold in the second quarter as an increase in electricity demand boosted sales. Its shares jumped.
The company’s net income soared to 65.9 billion rupees ($792 million) from just about 7 billion rupees a year earlier, Adani Power Ltd. said in an exchange filing Thursday. Fuel costs on each unit of power sold declined, aiding earnings. Its shares rose as much as 7.7% in Mumbai, before paring gains.