India's NTPC Green reports higher quarterly profit thanks to increased power sales and interest income

India's NTPC Green Energy (the renewable energy arm) of power producer NTPC reported a nearly tripled increase in its fourth quarter profit on Wednesday. This was driven by increased power sales and interest revenue, which sent its shares up 3%.

The company's profit grew to $27.2 million in the March 31 quarter from 809.5 millions rupees in the same period last year.

Indian companies are increasing their investments in renewable energy and expanding their green portfolios, as the country strives to build 500 gigawatts of clean energy by 2030.

NTPC Green reported that revenue from operations increased from 5,08 billion rupees to 6,22 billion rupees during the same period in 2013.

The company reported a tripled increase in interest earnings from IPO proceeds deposited at banks.

NTPC Green has a current operational portfolio of approximately 4 GW with another 20 GW in construction. It aims to reach 60 gigawatts of renewable energy by fiscal 2032.

The company's shares rose 2.93% to 106.16 Rupees. Since the IPO, they have lost around 5%. (Reporting and editing by Savio d'Souza in Bengaluru, Yagnoseni das in Bengaluru)

(source: Reuters)