Adani Green Energy Reports Higher Q2 Profit

India's Adani Green Energy reported a 25% increase in second-quarter profit on Tuesday, helped by robust power sales and higher capacity utilization.

The company, which is seen as a bellwether for the renewable energy sector, has capitalized on India's aggressive drive to expand clean power capacity to meet its climate goals and a target of 500 gigawatts of non-fossil capacity by 2030.

The firm's consolidated profit rose to 6.44 billion rupees($73.3 million) for the quarter ended September 30 from 5.15 billion rupees a year ago.

The green energy unit of billionaire Gautam Adani's ports-to-power conglomerate operates in solar, wind and hybrid segments across the country.

The company said revenue from power supply, its biggest segment, increased 20% to 27.76 billion rupees in the quarter. For the half year ended September 30, energy sales rose 39% from a year ago to 19.57 billion units.

Adani Green Energy's solar portfolio capacity utilization factor (CUF), a measure of how much of a power plant's maximum capacity is used over a given period, was at 24.8%, while the wind portfolio's CUF was