WELLINGTON, New Zealand--Infrastructure investor Infratil Ltd. said its annual net profit swelled to 1.1 billion New Zealand dollars ($772 million) on the sale of its majority stake in wind-power company Tilt Renewables.

Infratil recorded a gain of NZ$1.0 billion from its sale of Tilt, which operated wind farms in New Zealand and Australia, and plans to repay debt and make new acquisitions. Infratil had net profit of NZ$27.8 million in its previous financial year.

The company, which has stakes in businesses from airports to telecommunications and medical diagnostics, lowered its guidance range for its 2022 financial year's underlying earnings to NZ$500 million-NZ$530 million from NZ$505 million-NZ$550 million to reflect net costs from recent acquisitions.

Write to Stephen Wright at stephen.wright@wsj.com