Adani Power Q2 profit soars on demand surge, tax gain

Indian thermal power producer Adani Power reported a near ten-fold surge in second-quarter profit on Thursday, as it benefited from soaring power demand and a tax gain. Shares of Adani Power, part of billionaire Gautam Adani's eponymous conglomerate, jumped as much as 7.7% to 393.4 rupees after the results. They had climbed 51% from July to September. The company's consolidated net profit climbed to 65.94 billion rupees ($792.3 million) in the quarter, helped in part by a tax gain of 13.71 billion rupees.

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