Comments
ReNew Energy Global (ReNew) on Thursday reported a multi-fold growth in its net profit to around ₹61 crore ($7 million) during Q4 FY24, compared to ₹7.4 crore ($1 million) a year ago due to higher finance income and lower expenses.
In Q3 FY24, the Nasdaq-listed firm posted a net loss of around ₹322 crore ($39 million) from October to December.
The total revenue for Q4 FY24 fell by 4.4 per cent to $297 million (₹2,477.6 crore) from $311 million (₹2,591.6 crore) for the same quarter last fiscal year due to lower revenue from the company’s transmission projects.
For the last fiscal year, the clean energy solutions provider posted a net profit of $50 million (around ₹415 crore), compared to a net loss of $60 million (around Rs 503 crore) in FY23, aided by higher operating income and gain on the sale of assets.
ReNew’s total revenue in FY24 rose 8 per cent Y-o-Y to $1,158 million (₹9,653 crore) from $1,072 million (₹8,930 crore) in FY23.
At the end of FY24, ReNew’s portfolio consisted of around 13.5 gigawatts (GW), of which about 9.5 GW of assets generated revenue and around 4 GW are committed. Subsequent to the year-end, the company signed about 2.2 GW of power purchase agreements (PPAs) taking the portfolio to around 15.6 GW, as of May 31, 2024.
ReNew’s Chairman and CEO Sumant Sinha said, “These positive earnings will further fuel our ambitious growth plans of doubling our capacity to over 20 GW in the next five years with a continued focus on execution, and will allow us to lead the trebling of India’s renewable energy capacity.”
The profits were registered despite a marginal fall in the weighted average Plant Load Factor (PLF) for Q4 FY24 and the year caused by lower radiation and wind speeds.
The PLF for wind assets in FY24 was 26.4 per cent, compared to 25.5 per cent for FY23. Similarly, the PLF for solar assets stood at 24.6 per cent compared to 24.8 per cent.
The PLF for Q4 FY24 for wind assets was 18.4 per cent compared to 20 per cent for Q4 FY23. The PLF for Q4 FY24 for solar assets was 25.5 per cent, compared to 26.5 per cent for Q4 FY23.
ReNew also reduced its Days Sales Outstanding (DSO) for Q4 FY24 to 77 days, an improvement of 61 days year after year.
Considering FY30 energy targets, ReNew has set long-term EBITDA annual growth targets of 16-18 per cent and Cash Flow to Equity annual growth targets of 25-30 per cent through the end of the decade, the company said.
With a committed portfolio of 21 GW, the company expects to add a capacity of 1.9-2.4 GW by the end of FY25 and around 16 GW by the end of FY27 after capital recycling, it added.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.