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ReNew Power’s loss narrows to Rs 355 cr in March qtr due to high revenues – EQ Mag Pro

ReNew Power’s loss narrows to Rs 355 cr in March qtr due to high revenues – EQ Mag Pro

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Net loss in the year-ago period was Rs 393.9 crore, a company statement said

ReNew Power has reported narrowing of loss to Rs 355.4 crore for March quarter 2021-22 mainly on back of higher revenues.

Net loss in the year-ago period was Rs 393.9 crore, a company statement said.

Total income in the quarter under review rose 31.1 per cent to Rs 1,761.5 crore.

Net loss in 2021-22 was Rs 1,612.7 crore as against Rs 803.3 crore in previous year.

Net loss in last fiscal year included Rs 1,322.4 crore of charges related to listing on the Nasdaq Stock Market LLC, issuance of share warrants, listing related share-based payments, and other factors, the company explained.

Total revenue in FY22 also rose by 27 per cent to Rs 6,919.5 crore as compared to the previous fiscal’s.

“We saw our revenue jump by over 31 per cent compared to Q4FY21 and adjusted EBITDA surge by 49.4 per cent. This reflects the strong growth momentum in the business and the focused capacity addition that is continuing robustly,” said Kedar Upadhye, Group CFO, ReNew Power.

The commissioned capacity of the company rose by 0.13 GW during Q4 FY22. As of March 31, 2022, the company’s portfolio consisted of 10.7 GW of which 7.6 GW are commissioned and 3.1 GW are committed.

Subsequent to the end of the quarter, the company entered into definitive agreements to purchase 528 MW of renewable energy assets and signed an additional 1.6 GW of power purchase agreement bringing the company’s total portfolio to 12.8 GW.

ReNew is one of the largest renewable energy independent power producers in India and globally. ReNew develops, builds, owns, and operates utility-scale wind and solar energy projects, and hydro projects.

As of June 14, 2022, ReNew had a gross total portfolio of 12.8 GW of renewable energy projects across India, including commissioned and committed projects.

Anand Gupta Editor - EQ Int'l Media Network