Half yearly profit doubles at Indian clean energy developer Greenko

Adjusted profit after tax increased 121.2 per cent to 4.2m euros in the six months to September 30th at Indian clean energy developer Greenko following a raft of acquisitions.

In the company's interim results for the half year, its aggressive acquisition strategy - which saw it buy eight hydropower projects in Himal Pradesh over the course of six months - appeared to have paid off.

Reported revenue was €23.7m, up from €19.8m in the corresponding period in 2011.

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Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 46.5% to €16.5m compared to €11.2m in 2011.

The increase in personnel and operating costs to €4.3m from €2.8m in the corresponding period in 2011 reflected the increased size of Greenko's generating portfolio and greater activity on its pipeline, the company said.

Optimistic outlook from CEO

Commenting on the results, Anil Chalamalasetty, Chief Executive Officer and Managing Director of Greenko, said: "Greenko has grown significantly this year and in the last six months, we have invested over €116m into the business. This was used for the 500 MW of projects we are currently building, and to acquire new assets.

"Our total operating portfolio has grown 58% since March and despite a weak monsoon, adjusted EBITDA grew 57% on a constant currency basis. Construction of our next 100 MW wind farm is well underway and the first turbines are already up, keeping us on track to add over 250 MW of operational wind power in 2013.

"Current market conditions are also creating opportunities for a well-capitalised business, such as Greenko, to secure further hydro assets at very attractive prices. With 500 MW of projects currently under construction, we expect to see substantial growth in our generating capacity in the next twelve months."

MF