Q2 Results: ReNew Reports 31% Increase In Net Profits

Renewable energy company ReNew Power today announced its consolidated quarterly (Q2) financial results for the three months ending September 30, 2024. The company reported a 31 percent growth in its Profit After Tax (PAT) vis a vis the same period last year.

Whereas, ReNew’s total income/ total revenue for Q2 FY25 was Rs. 29,887 million (US$ 357 million), compared to Rs. 28,632 million (US$ 342 million) for Q2 FY24. Thereby taking the company’s net profit for Q2 FY25 to Rs. 4,939 million (US$ 59 million) compared to Rs. 3,771 million (US$ 45 million) for Q2 FY24. ReNew in its financial results found the adjusted EBITDA for Q2 FY25 to be Rs. 24,209 million (US$ 289 million), as against Rs. 21,298 million (US$ 254 million) for Q2 FY24.

Revenue 

The company’s total income (or total revenue) for H1 FY25 reached Rs. 54,713 million (US$ 653 million), compared to Rs. 53,291 million (US$ 636 million) for H1 FY24. Whereas, its net profit for H1 FY25 was Rs. 5,333 million (US$ 64 million) compared to INR 6,754 million (US$ 81 million) for H1 FY24. The adjusted EBITDA for H1 FY25 was Rs. 43,188 million (US$ 516 million), as against Rs. 39,897 million (US$ 476 million) for H1 FY24.

In this quarter, the company signed PPAs for ~0.7 GWs capacity taking its portfolio to ~16.3 GWs presently.

During this quarter ending on September 30, 2024, the company’s commissioned capacity has increased 21.8% year-over-year to ~10.1 GWs as of September 30, 2024. Whereas, the company commissioned 250 MWs of solar capacity, taking the total commissioned capacity to ~10.4 GWs now.

ReNew FY25 Guidance

ReNew Power reiterated its FY25 guidance expecting to complete the construction of between 1,900 to 2,400 MWs by the end of Fiscal Year 2025. The company’s adjusted EBITDA and Cash Flow to Equity guidance for FY25 are subject to weather being similar to FY24. The company anticipates to continued net gains on sales of assets, which is part of its capital recycling strategy. and has included INR 1-2 billion of gains in the guidance. In its long-term and run rate guidance for Q4 FY24 results, the company projects to reach adjusted EBITDA of Rs. 76 – Rs. 82 billion and expects cash flow to equity (CFe) to increase to Rs. 12 – Rs. 14 billion.