ReNew Power posts $12m net loss in Q2 FY23

Its portfolio reached 13.4GW as of 30 September.

India-based ReNew Power reported a $12m net loss in the second quarter of the financial year 2023, lower than the $81m loss it saw in the same period in the previous year.

In a statement, the company said its total revenue for the quarter rose by 5.1% year-on-year to $275m, whilst its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was at $224m, up 0.1% YoY.

For the first half of the financial year, its net loss was at $13m, compared to the $76m in the same period in the previous year, whilst its revenue jumped 24.4% to $583m. ReNew’s EBITDA rose 20.3% YoY to $472m.

ReNew’s portfolio increased by 30.8% YoY to 13.4 gigawatts (GW) as of 30 September.

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Chairman and CEO Sumant Sinha said ReNew signed 1GW of purchase power agreements during the second quarter.

 "We have furthered our investments in capacity and our technology and analytics capabilities through acquiring shares of 3E, a leading SaaS solutions company in renewable energy and a new partnership with Norfund and KLP,” he said.

“The core operations of the company continue to execute as expected this year and our continued access to affordable capital are enabling the company to capitalize on significant growth opportunities,” he added.