(Bloomberg) -- Adani Green Energy Ltd. reported a 38% increase in second-quarter profit, following rising power sales and an installation expansion.
Profit for the three months through September rose to 5.2 billion rupees ($61.8 million) from 3.7 billion rupees a year earlier, the company said in a stock exchange filing Tuesday. The surge comes on the back of a 34% growth in generation capacity and a 20% rise in electricity sales, company data show.
Adani Green, India’s largest renewable producer, plans to grow its capacity to 50 gigawatts by 2030, in response to rising electricity demand and the government’s goal to reduce the country’s carbon intensity. To achieve that target, the company controlled by billionaire Gautam Adani plans to double annual installations starting this fiscal year.
The firm had almost 11.2 gigawatts of solar and wind projects by the end of September. Total revenue and costs rose 31% each on year.
The bullish outlook for clean energy has helped Adani Green win back investors, including French energy giant TotalEnergies SE, after a 2022 short seller attack on the coal-to-ports group the firm is part of.
For some investors those concerns might still be lingering. Units of Adani Green had to defer a bond sale, after investors sought higher rates for the notes, which had the lowest investment-grade ratings.
Grid bottlenecks and the inability of state power retailers to sign long-term purchase deals is another challenge for the company and the renewables sector at large.
--With assistance from Rakesh Sharma.
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