ReNew Announces Q3 Results With Net Loss Of Rs 3,216 Million

American Firm AES Completes Construction of 3.5 GW Of Renewables. Photo by-Freepik

Gurugram based ReNew Energy Global Plc, a leading decarbonization solutions company, has announced its unaudited consolidated IFRS results for the third quarter of FY-2024 and nine months ended December 31, 2023.

ReNew has released the operating highlights. The firm says that as of December 31, 2023, the portfolio of ReNew consisted of 13.8 GW, of which about 8.5 GW are commissioned and 5.3 GW are committed. It was 13.4 GW on the corresponding date of December 31, 2022.

The total income (or total revenue) of ReNew for the first nine months of FY24 was Rs 72,414 million (US$ 870 million), compared to Rs 63,493 (US$ 763 million) for the first nine months of FY23.

Net profit for the first nine months of FY24 was Rs 3,538 million (US$ 43 million) compared to a net loss of Rs 5,103 million (US$ 61 million) for the first nine months of FY23.

Adjusted EBITDA for the first nine months of FY24 was Rs 52,406 million (US$ 630 million), as against Rs 49,994 million (US$ 601 million) for the first nine months of FY23.

Talking about Cash Flow to equity (“CFe”), ReNew says it’s for the first nine months of FY24 was Rs 21,756 million (US$ 262 million) compared to Rs 19,810 million (US$ 238 million) for the first nine months of FY23.

ReNew clocked a total Income (or total revenue) for Q3 FY24 Rs 19,290 million (US$ 232 million), compared to Rs 16,077 (US$ 193 million) for Q3 FY23. The company had a net loss for Q3 FY24 at Rs 3,216 million (US$ 39 million) compared to a net loss of Rs 4,013 million (US$ 48 million) for Q3 FY23. Adjusted EBITDA for Q3 FY24 was Rs 12,509 million (US$ 150 million), as against Rs 11,628 million (US$ 140 million) in Q3 FY23.

ReNew also revealed that Days Sales Outstanding (“DSO”) ended third quarter of FY-24 at 86 days, a 92 day improvement, year on year.

ReNew also increased the bottom end of its FY24 Adjusted EBITDA guidance range by 2%, to Rs 63,000 – Rs 66,000 million and expect revenue generation from 1,750 to 1,950 MWs of completed projects by the end of Fiscal Year 2024.