ReNew Reports 47% Growth In Total Income In Q4 On YoY-Basis

Renewable energy company Renew announced its Q4 and FY23 results today, indicating its growth in renewable capacities and total incomes. A release from the cleantech company said by the end of March 31 this year, the company’s portfolio stood at 13.7 Gigawatt (GW). It reported a total of 28.2 percent increase year-on-year (YoY). It claimed that around 8 GW of energy projects have been commissioned, with 5.7 GWs are committed. 

On the finance side, the company reported a 47.1 percent rise in total income in Q4 on a YoY basis. The total income in Q4 stood at Rs 25,916 million. However, the firm reported a 6 percent decrease in EBITDA from Rs 12,787 million in Q4 of FY 22 to Rs 12,010 million in Q4. 

However, the company did move back into the black, with net profit at Rs 74 million from a net loss of Rs 3,554 million in the Q4 of FY22. The Cash Flow to equity for Q4 was an outflow of Rs 4,631 million compared to an outflow of Rs 5,016 million in the Q4 of FY22.

For the full FY23, “Total Income (or total revenue) for FY23 was Rs 89,309 million, an increase of 29.1% over FY22. Adjusted EBITDA for FY23 was INR 62,004 million, an increase of 12.4% over FY22. Net loss for FY23 was Rs 5,029 million compared to a net loss of Rs 16,128 million for FY22. Cash Flow for FY23 was an inflow of Rs 15,179 million, an increase of 17.8% over FY22,” the company said.  

On May 31, 2023, the company partnered with Petronas’ clean energy subsidiary Gentari, where Gentari will purchase a 49% equity stake in ReNew’s 403 MW Peak Power project. As part of the partnership, ReNew will invest approximately INR 3,130 million (~USD 38 million) for its 51% stake in the project and, through its affiliates, will undertake EPC, O&M, and project management for the project.

The Peak Power project has a 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) for supplying electricity at a peak tariff of Rs 6.85/kWh and an off-peak tariff of Rs 2.88/kWh. 

The company expects to complete construction on between 1,750 to 2,250 MW by the end of Fiscal Year 2024. It said that its Adjusted EBITDA and Cash Flow to Equity guidance for FY24 is subject to the weather being similar to FY23. 

ReNew has moved to reinvest itself over the past few quarters, moving from a developer focused on utility scale projects to a more broader green solutions firm with offerings across the sustainable energy space, especially in the C&I space.