Comments
ReNew on Wednesday reported a narrowing of its net loss in FY23 to ₹503 crore from ₹1,613 crore in FY22 aided by better performance during the January-March quarter last fiscal year.
During the entire FY23, the Nasdaq-listed company’s total income stood at around ₹8,931 crore ($1,087 million), an increase of 29.1 per cent over FY22, the company said.
The adjusted EBITDA for FY23 was ₹6,200 crore ($754 million), an increase of 12.4 per cent over FY22. The cash flow to equity (CFe) for FY23 was an inflow of ₹1,518 crore ($185 million), an increase of 17.8 per cent over FY22, it added.
During the January-March period in FY23, the green energy solutions provider’s total income rose to ₹2,592 crore ($315 million), an increase of 47.1 per cent over Q4 FY22.
The adjusted EBITDA for Q4 FY23 was ₹1,201 crore ($146 million), as against ₹1,279 crore ($156 million) in Q4 FY22. Net profit for Q4 FY23 was ₹7.4 crore ($1 million) compared to a net loss of ₹355.4 crore ($43 million) for Q4 FY22.
The Cash Flow to equity (CFe) for Q4 was an outflow of ₹463 crore ($56 million), as compared to an outflow of ₹502 crore ($61 million) in Q4 FY22.
Days Sales Outstanding (DSO) ended Q4 FY23 at 138 days, a 74-day improvement year on year, ReNew said.
ReNew’s partnership
As of March 31, 2023, the company’s portfolio consisted of 13.7 gigawatts (GWs), a 28.2 per cent increase year-on-year, of which around 8 GWs are commissioned and 5.7 GWs are committed. 101 megawatts (MW) of Purchase Power Agreements (PPAs) were signed in the fourth fiscal quarter of 2023 and only around one per cent of its total portfolio has Letters of Award that await a PPA.
ReNew expects to complete construction on between 1,750 to 2,250 MW’s by the end of FY24.
On May 31, ReNew entered into a partnership with Petronas’ clean energy subsidiary, Gentari, where Gentari will purchase a 49 per cent equity stake in ReNew’s 403 MW Peak Power project. ReNew will invest approximately ₹313 crore (around $38 million) for its 51 per cent stake in the project and through its affiliates, will undertake EPC, O&M, and project management for the project.
The Peak Power project has a 25-year PPA with the state-run Solar Energy Corporation of India (SECI) for supplying electricity at a peak tariff of ₹6.85 per kWh (~$8.3¢) and an off-peak tariff of ₹2.88 per kWh (~$3.5¢).
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.