Indian power company Adani Green Energy has reported a surge in its third quarter profits, which have doubled from the same period the previous year.
The company, part of Indian billionaire Guatam Adani’s energy conglomerate, said in its results filing on Monday that its consolidated profits rose to $30.8bn (Rs2.56bn) for the financial year quarter ending 31 December, up from Rs1.03bn posted one year earlier.
The company’s EBITDA was up 52% year on year. Adani Green said its surge in profits has been driven primarily by significant boosts to its power output capacity, which has grown by more than 1GW over the past year. Revenue from its power supply increased by 40.3% to Rs17.65bn, with total income rising to Rs26.75bn, up from Rs22.56bn a year earlier.
The company also highlighted its successful agreement to form a 1GW joint venture with French oil and gas major TotalEnergies as a key milestone for the year. The deal was struck in September 2023 and is expected to see the creation of a mixed renewables portfolio in India that will include solar and wind projects.
At the beginning of last year, TotalEnergies put business with the Adani group on hold after investment research company Hindenburg Research published a report accusing the conglomerate and its owner of a decades-long stock manipulation and accounting fraud scheme.
Amit Singh, CEO of Adani Green Energy, said in the results posting: “With the recently announced equity and debt capital raise, we have put in place the capital management framework for a well-secured growth path to the targeted 45GW capacity by 2030.
“We continue to ramp up our execution capability by focusing on a resilient supply chain with emphasis on localisation, digitalisation at scale, workforce expansion and competency building. We are working on the world’s largest renewable power plant at Khavda in Gujarat and endeavour to set new standards for mega-scale development of renewable energy projects as the world embraces the target of tripling renewable power capacity by 2030.”
India’s Government has set a target to add 50GW of renewable energy capacity annually by the end of the decade as it moves to achieve its goal of 500GW of renewable generation by 2030.
