Comments
Clean energy solutions provider ReNew on Friday reported a net loss of ₹401 crore, or $49 million, during the December quarter of FY23. The company had posted a net loss of ₹98.6 crore and ₹10.2 crore in Q1 FY23 and Q2 FY23, respectively.
However, the Nasdaq-listed firm’s net loss contracted on an annual basis. It had posted a net loss of ₹638.4 crore ($77 million) in Q3 FY22.
ReNew’s total income stood at ₹1,607.7 crore ($194 million), an increase of 19.4 per cent over Q3 FY22. Cash Flow to equity for Q3 FY23 was ₹268.2 crore ($32 million) — a decrease of 47.3 per cent over Q3 FY22.
As of December 2022, the company’s portfolio stood at 13.4 gigawatts (GW), a 30.2 per cent increase year-on-year, of which 7.8 GW has been commissioned and 5.6 GW is committed. Around 0.3 GW of Purchase Power Agreements (PPAs) were signed in the quarter and only around 1 per cent of the total portfolio awaits PPAs/ contracts, ReNew said.
“Days Sales Outstanding (DSO) ended Q3 FY23 at 178 days, a 78-day improvement year on year. On the back of clear arrangements for future payment schedules agreed with multiple State Discoms, DSOs are on track for a substantial improvement over the remainder of the year,” the company said.
Total Income during the first nine months of FY23 stood at ₹6,349.3 crore ($768 million), an increase of 23.1 per cent over the year-ago period. Net loss for the period was ₹510.3 crore ($62 million) compared with a net loss of ₹1,257.3 crore ($152 million) during the same period in FY22.
Cash Flow to equity for April-December FY23 was ₹1,981 crore ($239 million), an increase of 10.6 per cent year-on-year.
Comments
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.