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ReNew Energy Global on Wednesday reported a 31 per cent Y-o-Y growth in net profit at ₹494 crore, or roughly $59 million, during the July-September quarter in the current financial year. It had posted a net profit of ₹39 crore ($5 million) in Q1 in FY25.
The Nasdaq-listed firm’s revenue for the second quarter in FY25 rose more than 4 per cent on an annual basis to around ₹2,989 crore ($357 million). In Q1 FY25, the company’s revenues stood at ₹2,281 crore or $274 million.
As of September 30, 2024, the company’s portfolio consisted of around 15.6 gigawatts (GW), compared to around 13.8 GW as of September 30, 2023.
As of June 2024, its portfolio consisted of around 15.6 GW, of which about 9.6 GW had been commissioned and roughly 6 GW was committed.
Subsequent to the end of Q2 FY25, ReNew signed power purchase agreements (PPAs) for around 0.7 GW of capacity, taking the portfolio to around 16.3 GW.
Growth in commissioned capacity
The company’s commissioned capacity increased by almost 22 per cent Y-o-Y to around 10.1 GW as of September 30, 2024. In Q2 FY25, It has commissioned 250 megawatts (MW) of solar capacity, taking the total commissioned capacity to around 10.4 GW.
In contrast, ReNew’s commissioned capacity stood at around 9.6 GW as of June 30, 2024. In Q1 FY25, it commissioned 400 MW of solar and 14 MW of wind capacity, taking the total commissioned capacity to around 10 GW as of August 15, 2024.
In H1 FY25, ReNew reported a revenue of ₹5,471 crore ($653 million), compared to ₹5,329 crore ($636 million) for H1 FY24. Net profit for H1 FY25 was s ₹533 crore ($64 million) compared to ₹675 crore ($81 million) in H1 FY24.
On FY25 guidance, ReNew reiterated that it expects to complete construction of 1,900 to 2,400 MW by the end of the fiscal year.
“The company’s adjusted EBITDA ( ₹76-82 billion) and Cash Flow to Equity ( ₹12-14 billion) guidance for FY25 are subject to weather being similar to FY24. The company anticipates continued net gains on sales of assets, which is part of ReNew’s capital recycling strategy, and has included Rs 1-2 billion of gains in the guidance,”added ReNew.
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