BENGALURU (Reuters) -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.
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)
(Reporting by Yagnoseni Das in Bengaluru; Editing by Janane Venkatraman)
