India's Adani Green Energy posts quarterly profit jump on strong power sales
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.
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.
($1 = 86.6430 Indian rupees)
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