India’s Adani Green Energy posts quarterly profit jump on strong power sales

BENGALURU: India’s Adani Green Energy reported a 31% jump in first-quarter profit on Monday, driven by an increase in power sales and higher capacity utilisation, sending shares up 3.5%.

India has been aggressively expanding its renewable energy capacity as part of its climate goals and its target of 500 gigawatt non-fossil capacity by 2030. Adani Green is a key player in that expansion, and its results are seen as a bellwether for the sector.

The green energy arm of billionaire Gautam Adani’s group has solar, wind and hybrid assets across India.

The company’s consolidated profit rose to 8.24 billion rupees ($95.10 million) in the quarter ended June 30, from 6.29 billion rupees a year ago.

India’s Adani Total Gas posts lower quarterly profit as input costs rise

The company said revenue from power supply increased 31% to 33.12 billion rupees in the quarter, with energy sales up 42%.

The solar portfolio’s capacity utilisation factor (CUF), a measure of how much of a power plant’s maximum capacity is used over a given period, rose 28%, while the wind portfolio’s CUF saw an increase of 42.3% from a year earlier.

Adani Green’s operational capacity rose 45% for the quarter.