ReNew Q3 results: Loss narrows to Rs 321 cr, revenue rises to Rs 1,929 cr

ReNew on Tuesday said its net loss narrowed to Rs 321.6 crore during the quarter ended December 31, 2023.

It had posted a net loss of Rs 401.3 crore during the October-December period of the preceding 2022-23 financial year, the renewable energy firm said in a statement.

The company's total revenue rose to Rs 1,929 crore, from Rs 1,607.7 crore in the year-ago period.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) was Rs 1,250.9 crore in the quarter under review, as against Rs 1,162.8 crore the third quarter last fiscal.

As of December 31, 2023, the company's portfolio consisted of 13.8 GW capacity, of which 8.5 GW is commissioned and 5.3 GW committed capacity, compared to 13.4 GW capacity as of December 31, 2022.

During the April-December period, the net profit was at Rs 353.8 crore. The company had reported a net loss of Rs 510.3 crore in the first nine months of FY23.

Total income was at Rs 7,241.4 crore in the first nine months of this financial year, compared to Rs 6,349.3 crore in April-December last financial year.

The EBITDA during the period was at Rs 5,240.6 crore, as against Rs 4,999.4 crore for the nine-month period a year ago.

"We are increasing the bottom-end of our FY24 adjusted EBITDA guidance range by 2 per cent, to Rs 63,000 million Rs 66,000 million and expect revenue generation from 1,750 MWs to 1,950 MWs of completed projects by the end of FY24," the statement said.