Adani Green Energy Ltd., the renewables arm of Gautam Adani’s Indian coal-to-ports conglomerate, reported first-quarter profit rose about 50% as sales of clean energy soared.
Net income increased to 3.2 billion rupees ($39 million) in the three months through June, compared with 2.1 billion a year earlier, the company said in a Monday statement. Energy sales rose 70% as a result of new projects and on improved utilization of solar plants.
The unit’s expansion comes as the wider Adani Group is seeking to rebound from financial turmoil triggered earlier this year by Hindenburg Research’s accusations of corporate fraud and stock manipulation, which the company has repeatedly denied.
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Adani Green is India’s largest renewables company and power generation capacity rose 43% from a year ago to 8.3 gigawatts at the end of June. The firm is increasingly looking to pair its solar and wind farms with storage assets, according to Chief Executive Officer Amit Singh.
“To enable integration of renewables in the grid, round-the-clock solutions with long-term clean storage structures such as pumped hydro will be a critical part of our solution mix,” Singh said in the statement.
Adani previously said the unit aims to have a total of 45 gigawatts of generation capacity by 2030 and intends to build what’s described as the world’s biggest hybrid renewables farm in Gujarat.
