BENGALURU (Reuters) – India’s Adani Green Energy reported an 86% rise in fourth-quarter adjusted profit on Friday, helped by strong energy sales to customers.
The Adani Group company’s consolidated adjusted profit rose to 10.34 billion rupees (about $124 million) in the quarter ended March 31, while the revenue from power supply rose 23% to 19.41 billion rupees.
The company said it made a one-time gain in the year-ago period, excluding which its fourth-quarter profit would have fallen 39%.
The green energy arm of billionaire Gautam Adani’s group has solar, wind and hybrid assets across India.
Its shares fell around 2% after the results and closed higher 0.72% higher.Adani Green Energy also said it received a show cause notice from India’s markets regulator during the quarter, relating to the validity of peer review certificate of one of the joint auditors in previous financial years. Other Adani Group companies have also received such notices.
“Based on legal advice obtained the matter is technical in nature and has no material consequential effects,” the company said.
Adani Group revised its renewable target to 50 gigawatt by 2030 from 45 gigawatt earlier.Adani Green Energy’s operational capacity rose 35% for the quarter while energy sales rose 18%, driven by the solar category.
The solar portfolio capacity utilization factor (CUF), a measure of how much of a power plant’s maximum capacity is used over a given period of time, rose 25%, while the wind portfolio’s CUF saw an increase of 22% from a year earlier.
($1 = 83.4229 Indian rupees)
(Reporting by Yagnoseni Das and Sethuraman NR in Bengaluru; Editing by Mrigank Dhaniwala)
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