ReNew Power’s net loss reaches $213m in FY22
This included the $174m charges related to the Nasdaq Stock Market listing.
Indian renewable energy firm ReNew Power posted a net loss of $213m (INR16b) for fiscal year (FY) 2022, higher than the $106m (INR8b) net loss recorded in the previous year.
In a statement, ReNew Power said the net loss for FY22 included the $174m (INR13.2m) charges that were related to the listing on the Nasdaq Stock Market LLC, issuance of share warrants, and listing related share-based payments, amongst others.
The company’s total revenue for the fiscal year that ended on 31 March 2022 rose 27% year-on-year (YoY) to reach $912m (INR69.2b). For the fourth quarter alone, its income rose 31.1% YoY to $232m (INR17.6b).
Its adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped 31.7% YoY to $727m (INR55b), whilst for the last three months of FY22, it surged 49.4% YoY to $169m (INR12.8b).
ReNew Power said the adjusted EBITDA was not adjusted for the net negative impact of weather relative to normal of around $75m (INR5.7b) for the fiscal year, around $20m (INR1.5m) for the fourth quarter, and $6m (471m) of EBITDA in the previous fiscal year from the rooftop portfolio sold in February 2022.
The firm’s cash flow to equity from operating assets for FY22 was $170m, up 92.6% YoY, whilst for the fourth quarter, it was down 211.8% YoY to $66m (INR5b).
Meanwhile, ReNew Power’s commissioned capacity rose by 0.13 gigawatts (GW) during the fourth quarter, Its portfolio for the fiscal year was at 10.7GW, 7.6GW of which were commissioned and 7.1GW were committed.
Following the end of the quarter, the company entered into definitive agreements for the purchase of 528 megawatts of renewable assets and signed an additional power purchase agreement of around 1.6GW, bringing its portfolio to 12.8GW.
Read also: ReNew Power increases RE portfolio by 700MW
$1 = INR75.87