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Business News/ Markets / Stock Markets/  ReNew Q4FY23 Results: Total income up 47.1% on year at 2,591.6 crore; check details

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.

As of March 31 this year, ReNew's portfolio reached 13.7 Gigawatts (GW). Premium
As of March 31 this year, ReNew's portfolio reached 13.7 Gigawatts (GW).

ReNew 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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Updated: 07 Jun 2023, 03:21 PM IST
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