ReNew’s Q3 net loss narrows to ₹321.6 cr

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₹321.6 crore for the quarter ended December. During the corresponding period of the last fiscal, the company had reported a net loss of ₹401.3 crore. Its total income during the quarter under review was ₹1,929 crore, nearly 20% higher than ₹1,607.7 crore earned during Q3 FY23.

“Adjusted Ebitda for Q3 FY24 was ₹1,250.9 crore, as against ₹1,162.8 crore in Q3 FY23. Cash Flow to equity for Q3 FY24 was ₹239.2 crore compared to ₹268.2 crore in Q3 FY23," said a company statement. “We are increasing the bottom end of our FY24 Adjusted Ebitda guidance range by 2%, to ₹63,000–66,000 million and expect revenue generation from 1,750 to 1,950 MW of completed projects by the end of fiscal year 2024," it added.

For the April-December period, the company reported a total income of ₹7,241.4 crore, compared to ₹6,349.3 crore for the first nine months of FY23. For the nine-months ending December, it reported a net profit of ₹353.8 crore compared to a net loss of ₹510.3 crore in the corresponding period of FY23. ReNew is a decarbonization solutions company with a clean energy portfolio of 13.8 GW on a gross basis as of 30 September 2023.

In addition to being a major independent power producer in India, its provide end-to-end solutions in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets that increasingly are integral to addressing climate change. In January, the company announced the refinancing of non-convertible debentures (NCDs) worth ₹2,391 crore were issued by its subsidiaries in October 2020. These NCDs were issued to India Green Energy Holdings, a Mauritius based SPV, which had raised $325 Million through senior secured bonds to subscribe to these NCDs.