ReNew Energy Global Plc posts Rs 7.4 crore net profit in March quarter

ReNew Energy Global Plc has posted a net profit of Rs 7.4 crore, mainly on the back of higher revenues.

"Net profit for Q4 FY23 (January-March 2023) was Rs 74 million (USD 1 million) compared to a net loss of Rs 3,554 million (USD 43 million) for Q4 FY22 (January-March 2022," a company statement said.

The total income (or total revenue) for Q4 FY23 was Rs 2,591.6 crore (USD 315 million), an increase of 47.1 per cent over Q4 FY22.

The company's net loss narrowed to Rs 502.9 crore (USD 61 million) in fiscal 2022-23 from a loss of Rs 1,612.8 crore (USD 196 million) for FY22.

Its total income (or total revenue) for FY23 was Rs 8,930.9 crore (USD 1,087 million), an increase of 29.1 per cent over FY22.

As of March 31, 2023, the company's portfolio consisted of 13.7 GWs, a 28.2 per cent increase year-on-year, of which eight GWs are commissioned and 5.7 GWs are committed.

The company expects to complete construction on 1,750 to 2,250 MWs by the end of fiscal year 2024.

As much as 101 MW of power purchase agreements (PPAs) were signed in the fourth quarter of FY23, it stated.

On May 31, 2023, ReNew entered into a partnership with PETRONAS' clean energy subsidiary Gentari, where Gentari will purchase a 49 per cent equity stake in ReNew's 403 MW Peak Power project.

As part of the partnership, ReNew will invest approximately Rs 313 crore (USD 38 million) for its 51 per cent stake in the project. And through its affiliates, it will undertake EPC, O&M, and management for the project.

The Peak Power project has a 25-year PPA with Solar Energy Corporation of India (SECI), a central government-owned entity with a AAA rating by Icra, for supplying electricity at a peak tariff of Rs 6.85/kWh and an off-peak tariff of Rs 2.88/kWh.

Days Sales Outstanding (DSO) was 138 days in Q4 FY23, a 74-day improvement year-on-year, it stated.