ReNew Energy Global's Q2 loss narrows to Rs 98 cr on higher revenues

ReNew Energy Global Plc's loss narrowed to Rs 98.6 crore in September quarter compared to a year-ago, mainly supported by higher revenues.

In the corresponding period a year-ago, the company had posted a net loss of Rs 661.4 crore, a company statement said.

Total Income (or total revenue) of the company for Q2 FY23 was at Rs 2,240.9 crore, an increase of 5.1 per cent over Q2 FY22, it said.

"ReNew continues to lead the energy transition in India and during the quarter, we signed 1 GW of purchase power agreements as a preferred partner for carbon-mitigation solutions," Sumant Sinha, Chairman and CEO, ReNew, said in the statement.

Sinha further added that "we have furthered our investments in capacity and our technology and analytics capabilities through an acquisition of 3E, a leading SaaS solutions company in renewable energy and a new partnership with Norfund and KLP."

As of September 30, 2022, the company's portfolio consisted of 13.4 GWs, a 30.8 per cent increase year-on-year. Approximately one GW of Purchase Power Agreements (PPAs) were signed in the quarter under review, it stated.

ReNew develops, builds, owns, and operates utility-scale wind and solar energy projects, hydro projects and distributed solar energy projects.

Days Sales Outstanding (DSO) ended Q2 FY23 at 231 days, a 41-day improvement year-on-year and the company increased its cash by Rs 488.1 crore through a reduction in accounts receivables during the quarter, it stated.

DSO is a measure of the average number of days a company takes to collect payment after a sale has been made.