ReNew has announced its third quarter results for the financial year 2024-25 (Q3 FY 2024-25), ending December 31, 2024. The company recorded a revenue of Rs 21.2 billion, marking a 10 per cent year-on-year (YoY) increase from Rs 19.3 billion in Q3 FY 2023-24. Revenue from power sales stood at Rs 14.9 billion, slightly lower than the Rs 15 billion reported in Q3 FY 2023-24.
The company’s net loss widened to Rs 3.8 billion from Rs 3.2 billion in Q3 FY 2023-24. Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose to Rs 13.8 billion, reflecting a 10 per cent YoY increase from Rs 12.5 billion. The company’s wind plant load factor (PLF) for Q3 FY 2024-25 stood at 13.5 per cent, a decline from 17 per cent in the previous year. During the first nine months of FY 2024-25, absolute wind PLF fell by approximately 240 basis points. During the first nine months of FY 2024-25, ReNew’s revenue increased by 5 per cent YoY to Rs 75.9 billion from Rs 72.4 billion. Power sales revenue also grew by 5 per cent, reaching Rs 64.3 billion from Rs 61.3 billion. Additionally, revenue from the company’s module and cell manufacturing operations contributed Rs 3.4 billion.
Net loss for the period stood at Rs 1.4 billion, a 143 per cent YoY reduction from Rs 3.5 billion, during the first nine months of FY 2024-25. Adjusted EBITDA rose to Rs 57 billion from Rs 52.4 billion during the same period last year. The adjusted EBITDA and net profit from external sales related to module and cell manufacturing operations were Rs 597 million and Rs 423 million, respectively. The company has revised its expected EBITDA for FY 2024-25 to range between Rs 74 billion and Rs 78 billion. Cash flow equity is now projected between Rs 11 billion and Rs 13 billion. The revision is primarily attributed to low resource availability during the first nine months of FY 2024-25.
