Independent renewable power producer ReNew recorded a net profit of ₹2.98 billion (~$35.86 million) for the first quarter (Q1) of the financial year (FY) 2023-24, from a net loss of ₹104 million (~$1.25 million) year-over-year (YoY), on the back of lower finance costs during the quarter.

The company’s total revenue decreased by 1.4% YoY to ₹24.66 billion (~$296.68 million) primarily due to lower wind plant load factor and lower trading revenue, and change in the fair value of warrants. This was partially offset by the late payment surcharge income from customers and higher finance income.

During the quarter, the company’s weighted average plant load factor (PLF) for the wind assets was 29.9%, compared to 34.8% in the same period last year.

The PLF for solar assets was 27.5% for Q1 FY24, compared to 27.2% in Q1 FY23.

The finance costs and fair value change in derivative instruments for Q1 FY24 was ₹11.08 billion (~$133.30 million), a 31.6% YoY decrease stemming from lower non-cash mark-to-market adjustments and fair value change on derivate instruments.

The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter was ₹18.6 billion (~$223.78 million), a 7.7% YoY decrease compared to ₹20.16 billion (~$242.55 million).

The company commissioned 415 MW of projects during the quarter with a CAPEX of ₹26.9 billion (~$323.62 million). Of the commissioned capacity, 205 MW was wind, and 209 MW was solar capacity.

As of June 30, 2023, the company’s portfolio comprised 13.75 GW of projects, a 6.3% YoY increase. The commissioned capacity increased to 8.4 GW, an increase of 10% YoY, of which 4.17 GW was wind, 4.12 GW was solar, and 99 MW was hydropower capacity.

In July, ReNew signed a 50:50 joint venture agreement with clean energy solutions provider Gentari to develop solar, wind, and energy storage assets to achieve a clean power capacity target of 5 GW in India. The partnership follows Gentari’s initial investment for a 49% equity stake in ReNew Power’s 403 MW power project that the latter announced in May this year.

In Q4 FY23, ReNew recorded a net profit of ₹74 million (~$890,254) compared to a net loss of ₹3.5 billion (~$42.11 million) YoY.