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ReNew Reports Robust Q2 FY24 Performance with INR 377.1 Crore Net Profit

As of September 30, 2023, ReNew's portfolio reached 13.8 GWs, reflecting growth from the 13.4 GWs recorded on the same date in 2022. Out of this, 8.3 GWs are commissioned, and 5.5 GWs are committed.

November 22, 2023. By News Bureau

ReNew Energy Global Plc (ReNew) has reported a significant turnaround in its financial performance for the second quarter ended September 30, 2023.

During Q2 FY24, ReNew posted a net profit of INR 377.1 crore, marking a substantial improvement from the ₹98.6 crore net loss reported in the same period last fiscal year. The shift can be attributed to higher income, with the company's total income surging to INR 2,863.2 crore from INR 2,240.9 crore in the year-ago quarter.

ReNew's adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) also witnessed a positive trend, standing at INR 2,129.8 crore in Q2 FY24, compared to INR 1,820.9 crore in Q2 FY23.

As of September 30, 2023, ReNew's portfolio reached 13.8 GWs, reflecting growth from the 13.4 GWs recorded on the same date in 2022. Out of this, 8.3 GWs are commissioned, and 5.5 GWs are committed.

The financial report for the first half (H1) of the current fiscal year 2024 also showcased strong performance. ReNew reported a total income of INR 5,329.1 crore for April to September FY24, compared to INR 4,741.6 crore in the corresponding period last year. The net profit for H1 FY24 stood at INR 675.4 crore, a significant turnaround from the net loss of INR 109 crore in H1 FY23.

ReNew's adjusted EBITDA for H1 FY24 was reported at INR 3,989.7 crores, surpassing the INR 3,836.6 crore recorded in H1 FY23.

In a strategic move, ReNew Energy Global and Gentari Sdn Bhd, a unit of Malaysia’s Petroliam Nasional Bhd (Petronas), announced an equal joint venture in July. The JV aims to develop solar, wind, and energy storage projects in India, with a combined capacity totalling 5 GW.

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