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.

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.

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).

India's Adani Enterprises , the flagship company of the Adani group, reported a slump in third-quarter profit on Thursday, impacted by performance at its key coal trading division.