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ReNew Q2 profit soars to 675.4 crore, upgrades FY24 EBITDA outlook – EQ

ReNew Q2 profit soars to 675.4 crore, upgrades FY24 EBITDA outlook – EQ

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In Short : The company said its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) stood at β‚Ή2,129.8 crore in Q2 FY24 as compared to β‚Ή1,820.9 crore in Q2 FY23.

In Detail : ReNew Energy Global Plc (ReNew) on Monday posted a net profit at β‚Ή377.1 crore during the second quarter ended September 30 2023 on higher income.

The clean energy company had reported a β‚Ή98.6 crore net loss during the July-September period of the last fiscal year.

ReNew’s total income surged at β‚Ή2,863.2 crore in the September quarter of FY24 from β‚Ή2,240.9 crore in the year-ago quarter.

The company said its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) stood at β‚Ή2,129.8 crore in Q2 FY24 as compared to β‚Ή1,820.9 crore in Q2 FY23.

As of September 30, 2023, the Company’s portfolio consisted of 13.8 GWs, compared to 13.4 GWs as of September 30, 2022, of which 8.3 GWs are commissioned and 5.5 GWs are committed, said ReNew.

The company on Monday also reported financial results for first half (H1) of the current fical year 2024.

Its total income for April to September FY24 stood at β‚Ή5,329.1 crore, as compared to β‚Ή4,741.6 crore in the year ago period.

The company said its net profit for H1 FY24 stood at β‚Ή675.4 crore as compared to a net loss of β‚Ή109 crore in the year ago period.

For H1 FY24, ReNew’s adjusted EBITDA was reported at β‚Ή3,989.7 crore, as against β‚Ή3,836.6 crore in H1 FY23.

In July, ReNew and Gentari Sdn Bhd, a unit of Malaysia’s Petroliam Nasional Bhd (Petronas), had announced an equal joint venture (JV) to develop solar, wind and energy storage projects in India totalling 5 gigawatts (GW).

β€œReNew Energy Global Plc, India’s leading decarbonization solutions company, through its subsidiary ReNew Power Pvt. Ltd (ReNew) and clean energy solutions provider Gentari, through its subsidiary Gentari Renewables India Pte. Ltd, have executed key terms to collaborate on a 50:50 joint venture in clean energy solutions. The term sheet was exchanged between Sushil Purohit, chief executive officer of Gentari, and Sumant Sinha, founder, chairman and CEO of ReNew,” ReNew had said in a statement.

Anand Gupta Editor - EQ Int'l Media Network