(Reuters) -India’s NTPC Green Energy, the renewable energy arm of power producer NTPC, reported a nearly three-fold increase in fourth-quarter profit on Wednesday, driven by higher power sales and interest income, sending its shares up 3%.
The company, which made its stock market debut in November last year, said its profit rose to 2.33 billion rupees ($27.2 million) in the quarter ended March 31, from 809.5 million rupees a year earlier.
Indian companies are ramping up renewable energy investments and expanding their green portfolios as the country aims to build at least 500 gigawatts (GW) of clean energy capacity by 2030 to curb carbon emissions.
NTPC Green said revenue from operations increased to 6.22 billion rupees, from 5.08 billion rupees in the same period last year.
The company, which raised $1.2 billion in its IPO, also reported a threefold jump in interest income from IPO proceeds deposited in banks.
NTPC Green currently has an operational portfolio of about 4 GW, with 20 GW under construction, and is targeting 60 gigawatts (GW) of renewable energy capacity by fiscal 2032.
Its shares closed up 2.93% at 106.16 rupees on the day. They have lost about 5% since the IPO.
(Reporting by Yagnoseni Das in Bengaluru; Editing by Savio D’Souza)
