(HT)
Adani Green Energy Ltd., India’s largest renewable power producer by capacity, said its fourth quarter profit rose 53% from a year earlier, following a sharp jump in capacity addition and energy sales.
The company reported ₹230 crore ($27 million) profit for the three months that ended in March, it said in a stock exchange filing Monday. Total income rose 15% to ₹3,280 crore.
The jump in profit came on the back of a record capacity addition over the year, with the company’s solar portfolio driving the expansion. Rising profits may help restore investors’ confidence after it faced scrutiny in recent months over allegations of corporate misconduct. Adani Green and its parent have denied all accusations.
Income boost is also crucial for the company to fund its growth plans. The green arm of billionaire Gautam Adani’s empire aims to more than triple its generation capacity to 50 gigawatts by 2030, including 5 gigawatts of pumped storage projects.
“We are progressing well to develop the world’s largest renewable energy plant of 30 GW by 2029 at Khavda, Gujarat having operationalized 4.1 GW of solar and wind capacity within two years of commencing construction,” Sagar Adani, executive director of Adani Green Energy, said in a statement.
The renewable power firm’s total expense for the quarter rose 12% on year to ₹2,700 due in part to high finance costs.
The company reached a generation capacity of 14.2 gigawatts at the end of March and another 1 gigawatt was nearing completion, it said in a presentation this month. That was a 30% increase from a year earlier, with solar accounting for nearly three-quarters of the fleet.
