New Delhi, Jan 29 (PTI) Shares of Adani Power on Wednesday soared 5 per cent after the firm posted a 7 per cent rise in consolidated net profit for the December quarter.

The stock jumped 5.08 per cent to settle at Rs 522.35 apiece on the BSE. During the day, it rallied 6.21 per cent to Rs 528.

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On the NSE, it climbed 5.03 per cent to Rs 522.25 apiece.

Adani Power on Wednesday posted a 7 per cent rise in consolidated net profit to Rs 2,940 crore for the December quarter due to higher revenues on the back of higher electricity sales volume.

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"Consolidated total revenue for Q3 FY25 higher by 11 per cent to Rs 14,833 crore vs Rs 13,355 crore in Q3 FY24, primarily due to higher volume," a company statement said.

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.

The company's consolidated power sale volume in the quarter grew 8 per cent to 23.3 billion units (BU) from 21.5 BU in the year-ago period due to improved power demand and higher operating capacity, it added.

Adani Power CEO SB Khyalia said the company is well on its way to achieving its generation capacity target of over 30 GW by 2030, with rapid progress in under-construction projects, a secure supply chain, and successful bids for long-term PPA (power purchase agreement) tie-ups.

"We are well-positioned to benefit from the attractive opportunities in the Indian thermal power sector and to support its steadily growing power demand...We are taking steps ranging from backward integration into mining to improve our competitiveness and digitalisation of our operations to enhance our future readiness," Khyalia noted.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)