ReNew cuts loss to $49m in Q3 FY23

Its portfolio as of 31 December 2022 is at 13.4 GW.

India’s ReNew has reduced its net loss to $49m (INR4b) in the third quarter of the financial year 2023 ending on 31 December 2022, compared to a $77m (INR6.4b) net loss in the same period last year.

In a statement, the company said its revenue during the period rose 19.4% year-on-year (YoY) to $194m (INR16.1b), whilst adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the period rose 10.2% YoY to $141m (INR11.6b).

For the first nine months of the financial year, ReNew posted a net loss of $62m (INR5.1b), compared to the $152m (INR12.6b) in the same period last year.

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Its total revenue also rose by 32.1% YoY to $768m (INR63.5b), with a 17.8% YoY increase in adjusted EBITDA to $604m (INR50b).

As of 31 December 2022, ReNew portfolio jumped by 30.2% YoY to 13.4 gigawatts (GW), of which 7.8GW were commissioned and 5.6GW were committed. Around 0.3GW of power purchase agreements (PPA) were signed during the quarter and only around 1% of the total is wairing for PPAs or contracts.