India's Adani Green Energy said on Monday its third-quarter profit more than doubled from a year earlier, helped by robust power sales to customers and higher capacity utilisation.

Part of Indian billionaire Gautam Adani's ports-to-power conglomerate, Adani Green said its consolidated profit rose to 2.56 billion rupees ($30.8 million) in the quarter ended Dec. 31 from 1.03 billion rupees in the year-earlier period.

Shares of the company, which fell 17.3% in 2023, were up 4.8% after the results. The blue-chip NSE Nifty 50 was up 1.8%

Industries in India are increasing the share of renewable power in their energy mix compared to fossil fuel-generated power, benefiting companies like Adani Green.

The Indian government is planning to add 50 gigawatts (GW) of renewable energy capacity annually for the next five years to achieve its target of 500 GW by 2030.

Adani Green's solar capacity utilisation factor (CUF), a metric that measures generation capacity against total installed capacity, clocked a growth of 24%, while the CUF in its wind power business saw an increase of 32.2%. Its operational capacity rose 16%.

Revenue from power supply increased by 40.3% to 17.65 billion rupees. Total income rose to 26.75 billion rupees from 22.56 billion rupees a year earlier.

The company is working towards building the world's largest renewable power plant at Khavda in Gujarat state, CEO Amit Singh said in a statement.

($1 = 83.1140 Indian rupees) (Reporting by Navamya Acharya and Sethuraman NR in Bengaluru; Editing by Subhranshu Sahu)