ReNew Power records US$1m loss in Q123

This is down from a net profit of US$5m in the same quarter in 2022. 

ReNew Power posted a net loss of US$1m in the first quarter of 2023, ending June 30 June 2022. 

This is down from the US$5m net profit recorded in the same quarter in 2022. 

“The net loss includes a one-time expense for debt premium and the impact of a reclassification of a hedge loss from the Balance Sheet of INR2,531m (US$32m) for the refinancing of USD bonds with lower cost rupee debt,” the company said in a statement. 

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Over the same period, ReNew Power’s total revenue grew 48.8% to US$316m; whilst its adjusted earnings before interest, taxes, depreciation, and amortisation stood at US$255m, an increase of 49.7%. 

As of 30 June 2022, ReNew power’s portfolio consisted of 12.9 gigawatts (GWs), reflecting a 30.3% year-on-year rise. Of which, 7.6GW have been commissioned, and 5.3GWs have been committed. 

The company has so far signed power purchase agreements with around 0.3GWs of additional capacity. This will bring the company’s total portfolio to 13.2GWs.