Home / Companies / Company Results /  ReNew Energy Global loss narrows to 401 crore in December quarter

New Delhi: ReNew Energy Global Plc on Friday said its loss has narrowed to 401.3 crore in the December quarter 2022-23 from 638.4 crore in the same period a year ago.

‘’Net loss for Q3 FY23 was 4,013 million ($49 million) compared to a net loss of 6,384 million ($ 77 million) for Q3 FY22,‘’ a company statement said.

Total income (or total revenue) in the third quarter of FY23 was 16,077 million or 1,607.7 crore ($ 194 million), up 19.4% compared to the same quarter of FY22, it added.

According to the company net loss during the first nine months of FY23 (April-December 2022) also shrank to 510.3 crore ($ 62 million) compared 1,257.3 loss ($ 152 million) in the same period a year ago.

The total income during the first nine months of FY23 stood at 6,349.3 crore ($ 768 million), 23.1% higher from the same period a year ago, it added.

As of 31 December, 2022, the company’s portfolio consisted of 13.4 GWs, a 30.2% increase year on year, of which 7.8 GWs are commissioned and 5.6 GWs are committed. Approximately, 0.3 GW of Power Purchase Agreements (PPAs) were signed in the quarter and only 1 per cent of the total portfolio awaits PPAs/contracts, it stated.

“Days Sales Outstanding (DSO) ended Q3 FY23 at 178 days, a 78 day improvement year on year. On the back of clear arrangements for future payment schedules agreed with multiple state discoms, DSOs are on track for a substantial improvement over the remainder of the year," it said.

ReNew is the leading decarbonisation solutions company listed on Nasdaq. ReNew’s clean energy portfolio of 13.4 GWs on a gross basis as of December 31, 2022, is one of the largest globally.

In addition to being a major independent power producer in India, we provide end-to-end solutions in a just and inclusive manner in the areas of clean energy, green hydrogen, value-added energy offerings through digitalisation, storage, and carbon markets that increasingly are integral to addressing climate change.

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