ReNew Q4FY23 Results: Total income up 47.1% on year at ₹2,591.6 crore; check details
ReNew Energy Global saw a YoY increase of 28.2% in its renewable capacity, with total revenues up 47.1% in Q4FY23. The firm also turned a profit of ₹7.4 crore, compared to a net loss of ₹355.4 crore in the same quarter of FY22.
PremiumReNew Energy Global Plc (ReNew), released its Q4FY23 results today, showing an improvement in both total revenues and renewable capacity. According to a release statement from the cleantech firm, as of March 31 this year, the company's portfolio reached 13.7 Gigawatts (GW). It revealed an overall year-over-year (YoY) increase of 28.2%. It stated that 5.7 GWs of the approximately 8 GWs of energy projects that have been pledged have been commissioned.
On the financial front, the company recorded a YoY increase of 47.1% in total income in Q4FY23. The total income for Q4FY23 was ₹2,591.6 crore. Earnings before interest, taxes, depreciation, and amortisation (EBITDA), however, fell by 6% from ₹1,278.7 crore in Q4FY22 to ₹1,201.0 crore in Q4FY23.
The company did, however, turn a profit, going from a net loss of 355.4 crore rupees in the fourth quarter of FY22 to a net profit of 7.4 crore rupees. As compared to an outflow of ₹501.6 crore in the Q4FY22, the Cash Flow to Equity during the fourth quarter of FY23 was an outflow of ₹463.1 crore.
The total income for the entire fiscal year 23 was ₹8,930.9 crore, up 29.1% from the prior year. In comparison to FY22, adjusted EBITDA for FY23 increased by 12.4% to ₹6,200.4 crore.
In comparison to a net loss of ₹1,612.8 crore in FY22, the net loss for FY23 was ₹502.9 crore. An increase of 17.8% over FY22, cash flow for FY23 totalled ₹1,517.9 crore.
Gentari, a Petronas subsidiary that specialises in renewable energy, and the company entered a partnership in May, under which Gentari will acquire a 49% ownership position in ReNew's 403 MW Peak Power project.
For its 51% investment in the project as part of the partnership, ReNew will contribute roughly ₹313.0 crore, and through its affiliates, it will handle the project's EPC, O&M, and project management.
With Solar Energy Corporation of India (SECI), the Peak Power project has a 25-year Power Purchase Agreement (PPA) for the provision of power at peak rates of ₹6.85/kWh and off-peak rates of ₹2.88/kWh.
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