The clean energy arm of billionaire Gautam Adani is benefiting from India's strong demand for power.
The company said in a stock exchange filing Thursday that its profit for the three months ended in September was up from a year ago. The total income increased to 16.9 billion rupee.
A strong demand for power in the country led to higher generation from all sources. The group has set ambitious targets to expand capacity. Green hydrogen and solar module manufacturing are some of the decarbonization strategies being executed by the Adani conglomerate.
The investors are interested in the plans. The founder of Adani Green has seen his fortune increase by more than 6,600% since the stock market debut of his company. The third richest person in the world is Adani.
The decline in wind power sales was more than compensated for by an increase in the sale of solar energy.
The company wants to become one of the world's largest renewable energy producers by the year 2030.
The debt-driven expansion has exposed the company to interest rate risks.
The company's finance costs fell during the quarter while total costs increased.
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