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,

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

Adani Power on Wednesday reported 7.4 per cent growth in net profit at Rs 2,940 crore in Q3 FY25, compared to Rs 2,738 crore in the same period last fiscal (FY24).

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 revenue from operations for Q3FY25 was Rs 13,671.18 crore, marking a 5.23 per cent year-on-year increase from Rs 12,991.44 crore in Q3FY24