ReNew trims net loss to $61 million in FY 2023

ReNew Energy Global posted a net loss of $61 million for FY 2022-23, compared to $196 million for FY 2021-22.

June 7, 2023 Uma Gupta

Image: ReNew Power

ReNew Energy Global (ReNew), a Nasdaq-listed Indian decarbonization solutions company, today announced its consolidated financial results for Q4 FY23 and the fiscal year ended March 31, 2023.

The company’s total income (or total revenue) for FY 2023 was $1,087 million, 29.1% up from FY 2022. Net loss for FY 2023 narrowed to $ 61 million from $196 million in FY 2022.

Total Income for Q4 FY 2023 was $315 million, an increase of 47.1% over Q4 FY 2022. The company reported a net profit of $1 million for Q4 FY 2023 compared to a net loss of $43 million for Q4 FY 2022.

As of March 31, 2023, the company’s portfolio consisted of 13.7 GW (8 GW commissioned and 5.7 GW committed)—a 28.2% increase year-on-year. The developer signed power purchase agreements for 101 MW in the fourth quarter of fiscal 2023, and only 1% of its total portfolio has Letters of Award that await a PPA.

In May this year, ReNew partnered with Petronas’ clean energy arm Gentari, where Gentari will purchase a 49% equity stake in ReNew’s 403 MW peak power project. As part of the partnership, ReNew will invest around $38 million for its 51% stake in the project and, through its affiliates, will undertake EPC, O&M, and project management.

The peak power project benefits from a 25-year power purchase agreement with Solar Energy Corp. of India (“SECI”), an Indian central government-owned entity with a AAA rating by ICRA, and will supply electricity at a peak tariff of INR 6.85 ($0.083)/kWh and an off-peak tariff of INR 2.88 ($0.035)/kWh.

ReNew expects to complete construction of 1,750 to 2,250 MW capacity by the end of fiscal 2024.

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