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Bloomberg
Adani Green Energy Ltd. reported a 49% jump in its second-quarter profit on higher electricity generation, with the clean energy arm of billionaire Gautam Adani benefiting from India’s strong demand for power.
Profit for the three months ended September climbed to 1.49 billion rupees from 1 billion rupees a year earlier, the company said in a stock exchange filing. Total income gained 19.5% to 16.9 billion rupees.
Adani Green benefited from strong demand for power in the country that resulted in higher generation from all sources. The company has set ambitious targets to expand capacity, leading the coal-dominated group’s pivot to clean energy.
The Adani conglomerate, which currently relies heavily on fossil fuels, is executing other decarbonisation strategies, such as green hydrogen and solar module manufacturing, through other group entities.
The company currently operates about six gigawatts of solar, wind and hybrid capacity and plans to expand that to 45 gigawatts by 2030, aiming to become one of the world’s largest renewable energy producers.