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