ReNew Q3 Fy 25Results- Income Up 10%, Net Losses Up 20%

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ReNew Energy Global Plc (“ReNew”)  announced its unaudited consolidated IFRS results for Q3 FY25 and nine months ended December 31, 2024.

Operating Highlights:

• As of December 31, 2024, the Company’s portfolio consisted of ~17.4 GWs, compared to ~13.8 GWs as of December 31, 2023.

• The Company’s commissioned capacity has increased 25.5% year-over-year to ~10.7 GWs as of December 31, 2024. Subsequent to the end of the quarter, the Company has commissioned 92 MWs of wind capacity, taking the total commissioned capacity to ~10.8 GWs.

• Total Income (or total revenue) for Q3 FY25 was INR 2,119.8 crore (US$ 248 million), compared to INR 1,929 crore (US$ 225 million) for Q3 FY24, registering a growth of ~10%. Revenue from the sale of power for Q3 FY25 was INR 1,499.1 crore (US$ 175 million), compared to INR 1,502.6  crore (US$ 176 million) for Q3 FY24. Net loss for Q3 FY25 was INR 387.9 crore (US$ 45 million) compared to INR 321.6 crore (US$ 38 million) for Q3 FY24. Adjusted EBITDA for Q3 FY25 was INR 1,388.2 crore (US$ 162 million), as against INR 1,250.9 crore (US$ 146 million) for Q3 FY24, registering a growth of ~11%.

  

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• Total Income (or total revenue) for the first nine months of FY25 was INR 7,591.1 crore (US$ 887 million), compared to INR 7,241.4 crore (US$ 846 million) for the first nine months of FY24. Revenue from the sale of power for the first nine months of FY25 was INR 6,437.5 crore (US$ 752 million), compared to INR 6,131.4 crore (US$ 717 million) for the first nine months of FY24. Net profit for the first nine months of FY25 was INR 145.4 crore (US$ 17 million) compared to INR 353.8 crore (US$ 41 million) for the first nine months of FY24. Adjusted EBITDA for the first nine months of FY25 was INR 5,707 crore (US$ 667 million), as against INR 5,240.6 crore (US$ 613 million) for the first nine months of FY24.

  

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• Total income (or total revenue) for the first nine months of FY25 includes external sales from its module and cell manufacturing operations amounting to INR 345.9 crore (US$ 40 million). Net profit and Adjusted EBITDA for the first nine months of FY25 from external sales from its module and cell manufacturing operations were INR 42.3 crore (US$ 5 million) and INR 59.7 crore (US$ 7 million) respectively.

In December, an offer by a consortium led by it’s Founder and Chairman Sumant Sinha was made to buy back its shares at $7.07 per share, which is underconsideration by a commitee formed for the purpoise by the firm.

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Guidance

The comoany has guided for the installation of between 1,900 to 2,400 MWs by the end of Fiscal Year 2025, including ~600 MWs, which is subject to timely regulatory approvals and build-out of evacuation infrastructure. ReNew has also revised its FY25 Adjusted EBITDA and CFe guidance primarily on account of the lower resource availability impact observed in the first nine months of FY25.

Run rate guidance for the current 17.4 GW committed portfolio, is up from 16.3 GW in Q2 FY25:

The numbers from what is India’s second largest green energy developer are dissappointing, going by its own guidance, and are bound to lead to questions being asked about the performance in Fy25, after a promising end to Fy24. The firm’s share price at NASDAQ was trading down 5% at $6.42 post the announcement of the results.