Adani Green says it’s winning investor backing as profit jumps

Adani Green Energy Ltd., billionaire Gautam Adani’s clean energy arm, insisted it’s won the backing of investors in recent days amid a stock rout across the tycoon’s conglomerate.

India’s biggest renewables firm reported third-quarter net income more than doubled to 1.03 billion rupees from a year earlier, and said it remains on track to deliver more capacity.

Strong earnings show Adani Green has a “robust capital management program with leverage well aligned with the business model,” the unit’s Chief Executive Officer Vneet S. Jaain said in a Tuesday statement.

“In the last few days, this has been further reaffirmed by the ratings agencies, equity and credit research analysts and various banks, financial institutions, long term investors and other key stakeholders,” Jaain said.

Adani Green has been hit hard by the ruthless stock rout across the group’s companies with the unit’s shares losing more than half their value since the publication of the Hindenburg Research report late last month.

That sell-off triggered concerns about a potential slowing of clean energy projects that could dent India’s shift away from fossil fuels.

The group’s companies, including Adani Green, may face challenges in raising capital for projects spending or for refinancing debt, ratings agency Moody’s said.

Clean energy operating capacity is on track to increase to about 8.3 gigawatts at the end of fiscal 2023, which would make the portfolio India’s largest, Adani Green said in its statement.