Adani Green Energy reported an over 34% jump in its fourth-quarter profit
on Friday, driven by higher power sales and increased capacity
utilisation.
* The green energy arm of billionaire Gautam Adani’s group
posted a consolidated profit of ₹3420 crore billion rupees ($362.8
million) for the quarter ended March 31, up from ₹3830 crore a year ago.
* India is aggressively expanding renewable energy to meet
its climate goals, including a target of 500 gigawatts of
non-fossil capacity by 2030.
* This has been benefitting Adani Green, which is seen as a
bellwether for the sector.
* The company’s revenue from power supply increased 16% to
30.94 billion rupees, while energy sales jumped 34%.
* Its mainstay power supply unit also posted a 20% climb in
its earnings before interest, tax, depreciation, and
amortization to 29.44 billion rupees with margins unchanged at
91%.
* Overall revenue climbed nearly 14% to 37.37 billion
rupees.
* Adani Green’s operational capacity rose 35% during the
fiscal year.