ReNew Power’s net loss widens to $213 mn in FY’‘22

BL New Delhi Bureau | | Updated on: Jun 15, 2022

Solar power has been witnessing significant capacity additions since FY12,led by a favourable policy framework | Photo Credit: Blue Planet Studio

However, ReNew’s cash flow to equity from operating assets saw an increase of 92.6 per cent in FY22

ReNew Power on Wednesday said its net loss has widened to $213 million (around Rs 1,612.7 crore) in FY22 from a net loss of $106 million (around Rs 803.3 crore), which includes $174 million (Rs 1,322.4 crore) of charges related to listing on the Nasdaq, issuance of share warrants, listing related share-based payments among other factors

Total Income for FY22, ending March 31, 2022, stood at $912 million (Rs 6,919.5 crore), an increase of 27 per cent from FY21. Total Income for Q4 FY22 was $232 million (Rs 1,761.5 crore), an increase of 31.1 per cent over Q4 FY21, ReNew Power said in a statement.

The company’s adjusted EBITDA for FY22 stood at Rs 5,514.4 crore ($ 727 million), an increase of 31.7 per cent over FY21. Adjusted EBITDA was not adjusted for the net negative impact of weather relative to normal of approximately Rs 569 crore ($ 75 million) for FY22 and around Rs 151.7 crore ($ 20 million) for Q4 FY22, as well as Rs 47 crore ($6 million) of EBITDA in FY21 from the rooftop portfolio that was sold in February 2022, it added.

ReNew’s cash flow to equity from operating assets for FY22 was Rs 1,289 crore ($ 170 million), an increase of 92.6 per cent over FY21. The cash flow to equity from operating assets for Q4 FY22 declined 211.8 per cent over Q4 FY21 at Rs 501.6 crore ($66 million).

Capacity

The company’s commissioned capacity rose by 0.13 gigawatts (GW) during Q4 FY22. As of March 31, 2022, Its portfolio consisted of 10.7 GW of which 7.6 GW has been commissioned and 3.1 GW is committed.

The company entered into definitive agreements to purchase 528 megawatts (MW) of renewable energy assets and signed an additional around 1.6 GW of power purchase agreements (PPAs) bringing the company’s total portfolio to 12.8 GW.

Outlook

For FY23, the company’s adjusted EBITDA is expected at Rs 6,600–6,900 crore, while cash flow to equity is expected in the range of Rs 2,100-2,720 crore.

Published on June 15, 2022
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