BENGALURU, Nov 2 Reuters Indian thermal power producer Adani Power reported a near tenfold surge in secondquarter profit on Thursday, as it benefited from soaring power demand and a tax gain.

Shares of Adani Power, part of billionaire Gautam Adani39;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 company39;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.

It had posted a profit of 6.96 billion rupees a year ago.

India39;s power demand, which typically peaks during May, unexpectedly surged in the September quarter due to unusually dry weather, a sharp plunge in hydroelectric output and higher economic activity.

Last month, rival JSW Energy posted a near 83 surge in its quarterly profit.

Adani Power39;s consolidated average plant load factor, a percentage of energy sent out by the power plant corresponding to installed capacity, rose to 58.3 from 39.2.

Power sales volume jumped about 65 to 18.1 billion units.

That helped Adani Power39;s revenue from operations surge 84.4 to 129.91 billion rupees.

Its total expenses rose 25.4, mostly due to higher fuel costs, which made up about threefourths of overall costs.

The Adani Group39;s flagship firm Adani Enterprises is scheduled to report results later in the day.

1 83.2250 Indian rupees

Reporting by Rama Venkat in Bengaluru; Editing by Savio…