ReNew Energy Global (ReNew), on Tuesday, posted a net loss of around ₹322 crore ($39 million) in October-December of FY24 compared with a net loss of ₹401 crore ($48 million) a year ago.

The Nasdaq-listed company had reported a net profit of ₹377 crore, or $45 million, for the July-September quarter in FY24.

ReNew’s total income for Q3 FY24 stood at ₹1,929 crore ($232 million) against ₹1,608 crore ($193 million) during Q3 FY23. In Q2 FY24, the company’s total revenues stood at ₹2,863 crore ($345 million).

“Adjusted EBITDA for Q3 FY24 was ₹1,250.9 crore ($150 million), as against Rs 1,162.8 crore ($140 million) in Q3 FY23. Cash flow to equity (CFe) for Q3 FY24 was ₹239.2 crore ($30 million) against ₹268.2 crore ($32 million) in Q3 FY23,” ReNew said.

The company’s Days Sales Outstanding (DSO) ended Q3 FY24 stood at 86 days, which is a 92-day improvement on a year-on-year basis.

The company said, “We are increasing the bottom-end of our FY24 Adjusted EBITDA guidance range by 2 per cent, to ₹6,300–6,600 crore and expect revenue generation from 1,750 to 1,950 megawatts (MW) of completed projects by the end of FY24.”

Q2 guidance

However, ReNew in its guidance for the current fiscal year during the Q2 FY24 results had said that it is “raising the lower end of our FY24 Adjusted EBITDA guidance range by 3 per cent and continue to expect to complete construction of between 1,750 to 2,250 MW by the end of FY24.”

As of December 31, 2023, the company’s portfolio consisted of 13.8 gigawatts (GW), of which around 8.5 GW are commissioned and 5.3 GW are committed, compared with 13.4 GW as of December 31, 2022.

ReNew’s net profit for the first nine months of FY24 was ₹354 crore ($43 million) against net loss of ₹510 crore ($61 million) for the first nine months of FY23. Total income stood at ₹7,241 crore ($870 million) compared with Rs 6,349 crore ($763 million).

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