Gautam Adani, a billionaire, concentrates on energy as green unit profits rise.

New Delhi: While the conglomerate prioritises renewable energy in reaction to the impact of Hindenburg Research's startling study, billionaire Gautam Adani's clean energy segment claimed fourth-quarter profits rose.
According to a statement issued late on Monday, Adani Green Energy Ltd. saw its net income more than quadruple to Rs 507 crore ($62 million) in the three months that ended in March.

According to CEO Gautam Adani, the company is "hurrying the shift to sustainable energy and playing a crucial role in fulfilling India's duties to a greener future."

Even as his vast enterprise scales back its ambitions in some other areas, Mr. Adani's key areas of focus remain ports, power generating, and renewables ventures. Following allegations of corporate fraud made in January by Hindenburg, which the company denies, Adani Group has lost billions in market value and reviewed its plans.

According to persons with knowledge of the situation, the group is looking to finance roughly $800 million for brand-new green energy projects and has spoken with major banks like Sumitomo Mitsui Banking Corp., DBS Bank Ltd., Mitsubishi UFJ Financial Group, and Standard Chartered Plc.

In the fiscal year that concluded in March, Adani Green's operational capacity climbed by over half, to more than 8 gigawatts. The company wants to generate 45 gigawatts of renewable energy by 2030, which is comparable to India's objective of nearly tripling its clean energy production capacity by that time.
According to the company's statement released on Monday, higher borrowing rates were a major contributor in the 44% increase in total costs.