ReNew narrows 9-mo loss, revenue grows

Indian renewable power producer ReNew Energy Global Plc’s (NASDAQ:RNW) net loss narrowed to INR 5.1 billion (USD 61.7m/EUR 57.7m) in the first nine months of its financial year from INR 12.57 billion a year ago, the company’s results showed today.

The net result in the current year was affected by higher finance costs, while the year-ago period included a one-time listing expense.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased 17.8% year-over-year to INR 50 billion, while total revenue grew 23.1% to INR 63.49 billion.

For the third quarter through December, the company posted a net loss of INR 4.01 billion, versus a net loss of INR 6.38 billion in the same quarter of the previous financial year. Total revenue increased 19.4% year-over-year to INR 16.08 billion.

ReNew expanded its portfolio by 30.2% to 13.4 GW, including 7.8 GW commissioned and 5.6 GW committed. Its corporate power purchase agreement (PPA) portfolio increased to about 1.8 GW.

The developer has reduced its full-year adjusted EBITDA expectations to INR 61 billion-63 billion as a result of the shift of INR 4 billion from merger and acquisitions (M&A) and Carbon Credit Sales into the next year and a further negative impact of INR 1 billion.

(INR 1 = USD 0.012/EUR 0.011)

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