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Power Grid Corp of India, a state-run energy transmission corporation, reported an increase in third-quarter profit, boosted by strong power demand amid a boom in industrial activity. In the December quarter, India generated 8.7% more electricity than last year, a rise that analysts credit to the country's festive season and robust industrial demand.
Power Grid's net profit increased by 10.5% year-on-year to ₹40.28 billion ($485.6 million) in the quarter ending December 31, marking the second consecutive increase.
Official data showed that in October, India's industrial output expanded at its quickest rate in sixteen months, driven by a 20.4% growth in energy generation. Data on industrial output for December is expected later this month. In November, there was a 2.4% increase.
The increase in industrial power consumption helped push Power Grid's revenue 2.6% higher to ₹115.50 billion. Its privately-owned rivals JSW Energy and Adani Power also reported higher third-quarter profits last month, helped by the demand surge. Meanwhile, Power Grid's expenses fell 9% to ₹70.76 billion, led by a nearly 19% drop in finance costs.
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