India’s Adani Green Energy reported a 25% increase in second-quarter profit on Tuesday, helped by robust power sales and higher capacity utilization.
The company, which is seen as a bellwether for the renewable energy sector, has capitalized on India’s aggressive drive to expand clean power capacity to meet its climate goals and a target of 500 gigawatts of non-fossil capacity by 2030.
The firm’s consolidated profit rose to 6.44 billion rupees($73.3 million) for the quarter ended September 30 from 5.15 billion rupees a year ago.
The green energy unit of billionaire Gautam Adani’s ports-to-power conglomerate operates in solar, wind and hybrid segments across the country.
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The company said revenue from power supply, its biggest segment, increased 20% to 27.76 billion rupees in the quarter. For the half year ended September 30, energy sales rose 39% from a year ago to 19.57 billion units.
Adani Green Energy’s solar portfolio capacity utilization factor (CUF), a measure of how much of a power plant’s maximum capacity is used over a given period, was at 24.8%, while the wind portfolio’s CUF was at 37.8%.
Adani Green’s operational capacity, which measures power generation capacity from all its plants cumulatively, rose 49% to 16.7 GW for the half year ended September 30.
Total revenue from operations fell over 4% to 32.49 billion rupees.
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