Adani Green Q2 Profit Doubles Riding On Power Sales
India's Adani Green Energy (ADNA.NS) on Monday reported a more than two-fold growth in second-quarter profit on the back of strong power sales to customers.
The country's power demand is growing rapidly, with strong economic growth boosting demand from factories and households.
Adani Green's energy sales rose 87 per cent in the quarter, mainly driven by the solar-wind hybrid category, the green energy arm of Adani Group said.
Consolidated profit rose to 3.71 billion rupees (USD 44.6 million) for the quarter ended Sept. 30, from 1.49 billion a year ago.
Adani Green, which has an operational capacity of 8,316 megawatts of renewable energy, reported an 80 per cent jump in revenue from power supply, which more than offset a 42 per cent jump in expenses. Total income rose 54 per cent.
The revenue of power producers such as Adani Green gets a boost as the size of their portfolio with long-term deals increases.
Shares of Adani Green, which lost over half of their value since US short-seller Hindenburg Research's report in January, were up 6.1 per cent after the results.
