 "ReNew Energy's Q2 net profit rises 31% to Rs 440 crore on higher income")
ReNew Energy Global Plc (ReNew) on Wednesday reported a 31 per cent rise in net profit to Rs 493.9 crore (USD 59 million) in the September 2024 quarter pushed by higher income.
It posted a net profit of Rs 377.1 crore (USD 45 million) in the July-September period of preceding 2023-24 fiscal, the Nasdaq-listed entity said in a statement.
ReNew's total income in the second quarter also rose to Rs 2,988.7 crore (USD 357 million) from Rs 2,863.2 crore (USD 342 million) during the same period last financial year.
Net profit for April-September or H1 FY25 was Rs 533.3 crore (USD 64 million), compared to Rs 675.4 crore (USD 81 million) for H1 FY24.
Total income was Rs 5,471.3 crore (USD 653 million) during the period over Rs 5,329.1 crore (USD 636 million) for H1 FY24.
As of September 30, 2024, the company's portfolio consisted of 15.6 GW compared to 13.8 GW as of September 30, 2023.
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Subsequent to the end of the quarter, the company signed PPAs (Power Purchase Agreements) for 0.7 GW of capacity, taking the portfolio to 16.3 GW.
ReNew's commissioned capacity has increased 21.8 per cent year-on-year to 10.1 GWs as of September 30, 2024. Subsequent to the end of the quarter, the company commissioned 250 MWs of solar capacity, taking the total commissioned capacity to 10.4 GWs. The company expects to complete construction of between 1,900 MWs and 2,400 MWs of renewable energy capacity by the end of fiscal 2025.