ReNew Energy posts sevenfold rise in Q4 net profit to Rs 610 million

Renewable energy company ReNew Energy Global reported a net profit of Rs 610 million in Q4 FY24, a sevenfold increase from the corresponding quarter of the previous fiscal. This surge was driven by higher finance income and lower expenses.

Despite the profit jump, Q4 revenue fell by 4.4% to Rs 24.78 billion from Rs 25.92 billion in the same quarter last fiscal, due to lower earnings from transmission projects. For FY24, ReNew reported a net profit of Rs 4.15 billion, compared with a net loss of Rs 5.03 billion in FY23, bolstered by higher operating income and asset sales.

The company’s total revenue for FY24 rose by 8.1% to Rs 96.53 billion from Rs 89.30 billion in FY23. These record profits came despite a slight decline in the weighted average plant load factor (PLF) for both the quarter and the year, attributed to lower radiation and wind speeds.

The PLF for wind assets in FY24 was 26.4%, up from 25.5% in FY23, while the PLF for solar assets was 24.6%, slightly down from 24.8% in FY23. In Q4, the PLF for wind assets was 18.4%, compared with 20.0% in Q4 FY23, and for solar assets, it was 25.5%, down from 26.5% in Q4 FY23.