Adani Green Q2 results: Net profit jumps over two-fold to Rs 371 cr

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.

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Adani Green's energy sales rose 87 per cent in the quarter, mainly driven by solar-wind hybrid category, the green energy arm of Adani Group said.

Consolidated profit rose to Rs 371 crore ($44.6 million) for the quarter ended Sept. 30, from Rs 149 crore a year ago.

Adani Green, which has an operational capacity of 8,316 megawatt of renewable energy, reported a 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.

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 per cent after results.

 

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