India’s Adani Green Q2 profit more than doubles on higher power sales

BENGALURU (Reuters) – India’s Adani Green Energy on Monday reported a more than two-fold growth in second-quarter profit, helped by 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% in the quarter, mainly driven by solar-wind hybrid category, the green energy arm of Adani Group said.

Consolidated profit rose to 3.71 billion rupees ($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 megawatt of renewable energy, reported a 80% jump in revenue from power supply, which more than offset a 42% jump in expenses. Total income rose 54%.

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 U.S. short-seller Hindenburg Research’s report in January, were up 6.1% after results.

($1 = 83.2249 Indian rupees)

(Reporting by Sethuraman NR in Bengaluru; Editing by Varun H K)