ReNew’s net profit rebounds to $50m in FY 2024

It has a total portfolio of 13.5 gigawatts.

Renewable energy firm ReNew reported a net profit of $50m (INR4.15b) in the financial year (FY) 2024, ending on 31 March, following a net loss of $60m (INR5b) in the same period last year.

According to ReNew, its revenue rose by 8% year-on-year to reach $1.16b (INR96.5b) in FY 2024 from $1.07b (INR89.3b).

For the fourth quarter alone, the company’s net profit increased by six-fold YoY to $7m (INR609m) from $1m (INR74m) in the same quarter in FY2023.

This is despite a 4.5% YoY decline in revenue to $297m (INR24.8b) from $311m (INR25.9b).

Meanwhile, the company’s portfolio for the entire year stood at around 13.5 gigawatts (GW), of which 9.5 GW are in operations, whilst around 4 GW are committed, slightly lower than the 13.7 GWs in FY 2023.

Following this, the company signed a 2.2 GW power purchase deal bringing its portfolio to 15.6 GW as of 31 May.

ReNew expects the completion of around 1,900 to 2,400 megawatts of projects by the end of FY 2025.

$1 = INR83.34