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Business News/ Companies / ReNew’s Q3 net loss narrows to 321.6 cr
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ReNew’s Q3 net loss narrows to ₹321.6 cr

Its total income during the quarter under review was ₹1,929 crore, nearly 20% higher than ₹1,607.7 crore earned during Q3 FY23

ReNew is a decarbonization solutions company with a clean energy portfolio of 13.8 GW on a gross basis as of 30 September 2023.Premium
ReNew is a decarbonization solutions company with a clean energy portfolio of 13.8 GW on a gross basis as of 30 September 2023.

New Delhi: Nasdaq-listed ReNew Energy Global Plc has reported a net loss of 321.6 crore for the quarter ended December.

During the corresponding period of the last fiscal, the company had reported a net loss of 401.3 crore.

Its total income during the quarter under review was 1,929 crore, nearly 20% higher than 1,607.7 crore earned during Q3 FY23.

“Adjusted Ebitda for Q3 FY24 was 1,250.9 crore, as against 1,162.8 crore in Q3 FY23. Cash Flow to equity for Q3 FY24 was 239.2 crore compared to 268.2 crore in Q3 FY23," said a company statement.

“We are increasing the bottom end of our FY24 Adjusted Ebitda guidance range by 2%, to 63,000–66,000 million and expect revenue generation from 1,750 to 1,950 MW of completed projects by the end of fiscal year 2024," it added.

For the April-December period, the company reported a total income of 7,241.4 crore, compared to 6,349.3 crore for the first nine months of FY23. For the nine-months ending December, it reported a net profit of 353.8 crore compared to a net loss of 510.3 crore in the corresponding period of FY23.

ReNew is a decarbonization solutions company with a clean energy portfolio of 13.8 GW on a gross basis as of 30 September 2023. In addition to being a major independent power producer in India, its provide end-to-end solutions in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets that increasingly are integral to addressing climate change.

In January, the company announced the refinancing of non-convertible debentures (NCDs) worth 2,391 crore were issued by its subsidiaries in October 2020. These NCDs were issued to India Green Energy Holdings, a Mauritius based SPV, which had raised $325 Million through senior secured bonds to subscribe to these NCDs.

Last month, the Nasdaq-listed company also signed a share purchase agreement with India Grid Trust to sell ‘ReNew Solar Urja Private Limited’, a 300 MW solar project in Rajasthan – for a total enterprise value of $199 million.

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Published: 20 Feb 2024, 11:49 PM IST
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