(Bloomberg) -- Adani Green Energy Ltd. said its fourth-quarter profit dropped by 70% from a year earlier, when a foreign exchange gain helped boost the earnings. 

Billionaire Gautam Adani’s green energy unit posted net income of 1.5 billion rupees ($18 million) in the three months through March, it said in a stock exchange filing Friday. Total income dropped 5.7% due to one-time adjustments in the year-earlier revenue.

Adani Green revised its 2030 capacity target to 50 gigawatts, from 45 earlier, indicating it’s regaining investors’ confidence in its future expansion. Adani Green’s generation capacity has risen to nearly 11 gigawatts, with a similar volume under execution, the company said in a presentation last month.   

Besides building wind and solar power projects, the company now also aims to have 5 gigawatts of pumped storage projects by 2030, Chief Executive Officer Amit Singh said in the statement, explaining the revision in the capacity goal. Prime Minister Narendra Modi’s national goal is for India to have 500 gigawatts of clean energy by the same date.

Group flagship Adani Enterprises Ltd. Thursday reported a 38% slump in profit for the fourth quarter due to rising expenses. The company has been queried by India’s capital markets regulator, the Securities and Exchange Board of India, about allegations of non-compliance of stock exchange listing rules, related party transactions and validity of auditor certificates in the past.

Other group firms Adani Ports & Special Economic Zone Ltd., Adani Power Ltd., Adani Wilmar Ltd., Adani Energy Solutions Ltd. and Adani Total Gas Ltd. informed bourses this week about receiving such queries.

 

 

 

Adani Green, currently India’s top renewable developer, is a key part of the group’s efforts to add an energy transition dimension to a portfolio heavily reliant on coal for its revenues. The conglomerate is also investing billions in a green hydrogen ecosystem that includes manufacturing of electrolyzers.

Read more: Coal Keeps Powering India as Booming Economy Crushes Green Hopes

Adani Green’s electricity sales rose about 18% during the quarter, driven by sharp increases in dispatches from wind and hybrid projects, according to a presentation in April. 

The company added about 2.8 gigawatts of clean generation capacity in the year through March. Its plans to invest $22 billion to reach its previous 2030 target will likely be revised with the addition of pumped storage projects.

 

 

©2024 Bloomberg L.P.