India's Adani Green posts surge in quarterly profit on higher power supply

Illustration shows Electric power transmission pylon miniatures and Adani Green Energy logo
Electric power transmission pylon miniatures and Adani Green Energy logo are seen in this illustration taken, December 9, 2022. REUTERS/Dado Ruvic/Illustration

BENGALURU, Feb 7 (Reuters) - India's Adani Green said on Tuesday its profit jumped more than two-fold in the third quarter, as the total power it supplied to customers increased.

Adani Green is one of several Adani Group companies caught in the eye of a storm since Jan. 24 when U.S.-based short-seller Hindenburg Research raised concerns on the conglomerate's debt levels and use of tax havens, allegations the group has denied.

Consolidated profit of Adani Green rose to 1.03 billion rupees ($12.45 million) in the October-December quarter, from 490 million rupees a year ago.

Revenue of power producers such as Adani Green gets a boost as the size of their portfolio with long-term deals increases.

Adani Green said on Tuesday it had commissioned 1,915 megawatts in new power projects in the current financial year.

Revenue from power supply increased nearly 30% to 12.6 billion rupees in the third quarter, the green energy arm of the conglomerate said in an exchange filing.

Its total income rose to 22.58 billion rupees from 14.71 billion rupees a year earlier.

Shares of Adani Green have fallen about 56% in two weeks, taking the company's losses to nearly $19.7 billion since the short-seller report, while the group's losses have ballooned to nearly $110 billion.

($1 = 82.7050 Indian rupees)

Reporting by Yagnoseni Das in Bengaluru; editing by Eileen Soreng and Maju Samuel

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