India's Adani Green Energy reports higher quarterly profits on strong power sales
India's Adani Green Energy announced a 25% rise in its second-quarter profits on Tuesday. This was due to robust power sales as well as higher capacity utilization.
The company is considered a bellwether in the renewable energy industry. It has taken advantage of India's aggressive push to increase clean power capacity. India wants to reach its climate goals by 2030 and its target of 500 gigawatts non-fossil electricity capacity.
The company's profit grew to 6.44 billion rupies ($73.3 million) in the third quarter ending September 30 from 5.15 bn rupies a year earlier.
The green energy division of Gautam Adani’s ports-to power conglomerate is active in the solar, wind, and hybrid segments throughout India.
Power supply, the company's largest segment, saw a 20% increase in revenue to 27,76 billion rupees during the third quarter. Energy sales for the six months ended September 30 were up 39% compared to a year earlier, reaching 19.57 billion units.
Adani Green Energy’s solar portfolio capacity usage factor (CUF), which measures how much of the maximum capacity of a power station is used in a particular period, was 24.8%. The wind portfolio’s CUF was 37.8%.
Adani Green’s operational capacity (which measures the power generation capacity of all its plants combined) increased by 49% for the six-month period ended September 30, to 16.7 GW.
The total revenue from operations dropped by over 4%, to 32.49 billion Indian rupees. ($1 = 87.8950 Indian rupees) (Reporting by Komal Salecha in Bengaluru)
(source: Reuters)
