ReNew Power announces third-quarter and nine-month results for FY2021-22

The developer reported a widening of net loss for nine months ending December with the increase in expenses.

February 25, 2022 Uma Gupta

Image: ReNew Power

NASDAQ-listed ReNew Energy Global, India’s leading renewable energy company, has announced its consolidated results for the third quarter (October-November-December period) of fiscal 2021-22 and nine months ended December 31, 2021.

The developer commissioned 769 MW of solar and 97 MW of wind capacity and added 260 MW of solar assets through the acquisition route during Q3 FY22. As of December 31, 2021, its total portfolio consisted of 10,331 MW, including 7.4 GW of commissioned capacity (3,749 MW wind, 3,592 MW solar, and 99 MW hydro) and 2.9 GW committed.

Total income for Q3 FY22 was INR 13,462 million (US$ 181 million), a 24.7% increase year-on-year.

With this, its total income for the nine months of FY2021-22 aggregated to INR 51,581 million (US$ 693 million), an increase of 25.6% over the corresponding period of FY2020-21.

However, net loss for the nine months of FY2021-22 widened to INR 12,573 million (US$ 169 million), compared to INR 4,093 million (US$ 55 million) in the corresponding period of FY2020-21. This included INR 13,158 million (US$ 177 million) of charges related to listing on Nasdaq Stock Market LLC, issuance of share warrants, listing related share-based payments, and others. Other expenses, which include operating & maintenance (O&M) as well as general & administrative (G&A), stood at INR 6,495 million (US$ 87 million), an increase of 30.4 % over nine months of FY2020-21.

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