Author: PPD Team Date: 24/02/2025
ReNew has announced its financial results for the third quarter of FY 2024-25, ending December 31, 2024. The company recorded a revenue of Rs 21.2 billion, marking a 10 per cent year-on-year (YoY) increase from Rs 19.3 billion in Q3 FY 2023-24. Revenue from power sales stood at Rs 14.9 billion, slightly lower than Rs 15 billion in the previous year.
Net loss widened to Rs 3.8 billion from Rs 3.2 billion in Q3 FY 2023-24. Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 10 per cent YoY to Rs 13.8 billion from Rs 12.5 billion. The company’s wind plant load factor (PLF) for Q3 FY 2024-25 declined to 13.5 per cent from 17 per cent. Absolute wind PLF fell by approximately 240 basis points in the first nine months of the fiscal year.
During the first nine months of FY 2024-25, ReNew’s revenue grew by 5 per cent YoY to Rs 75.9 billion from Rs 72.4 billion. Power sales revenue also increased by 5 per cent to Rs 64.3 billion from Rs 61.3 billion. Revenue from module and cell manufacturing operations contributed Rs 3.4 billion.
Net loss for the nine-month period reduced by 143 per cent YoY to Rs 1.4 billion from Rs 3.5 billion. Adjusted EBITDA rose to Rs 57 billion from Rs 52.4 billion. Adjusted EBITDA and net profit from external sales related to module and cell manufacturing stood at Rs 597 million and Rs 423 million, respectively.
The company has revised its expected EBITDA for FY 2024-25 to range between Rs 74 billion and Rs 78 billion. Cash flow equity is now projected between Rs 11 billion and Rs 13 billion, primarily due to lower resource availability in the first nine months of the fiscal year.