Adani Green Profit Increases As Power Demand Pushes Up Solar Output

With increased electricity production, Gautam Adani's renewable energy company, Adani Green Energy Ltd., reported a 49% increase in second-quarter profit. This was due to India's growing demand for electricity.

According to a stock exchange report on Thursday, the company's profit for the three months ending in September increased from 1 billion rupees a year earlier to 1.49 billion rupees ($18.2 million). 19.5% more money overall, or 16.9 billion rupees, was made.

Adani Green benefited from the nation's increased demand for electricity, which led to higher generation from all sources, including renewable energy sources. In order to spearhead the coal-dominated group's transition to clean energy, the company has established aggressive capacity expansion goals. The Adani conglomerate, which now depends largely on fossil fuels, is implementing additional decarbonization initiatives through other group firms, such as producing green hydrogen and solar modules.

To become one of the leading providers of renewable energy in the world, the firm will increase its existing six gigawatts of solar, wind, and hybrid capacity to 45 gigawatts by 2030.

Investors are interested in the plans. Last year, the leading French energy company TotalEnergies SE acquired a quarter of Adani Green, whose shares have increased by more than 6,800% since listing on the public market in 2018, greatly boosting the fortunes of the company's founder. According to the Bloomberg Billionaires Index, Adani is currently the third-richest person in the world.