ReNew Power’s Total Revenue Up 26% YoY in 9M FY 2022

Independent power producer ReNew Power has announced the results for the third quarter (Q3) of the fiscal year (FY) 2022, and the nine months ended December 31, 2021.

The company posted total revenue of ₹51.58 billion (~$693 million) for the first nine months (9M) of FY 2022, an increase of 25.6% compared to ₹41.05 billion (~$545.93 million) in 9M of FY 2021.

The company registered a net loss of ₹12.57 billion (~$169 million) in 9M FY 2022, increasing by 207% compared to a net loss of ₹4.09 billion (~$55 million) during the same period in FY 2021. The net loss for 9M FY22 included ₹13.16 billion ($177 million) of charges related to listing on the Nasdaq Stock Exchange, issuing share warrants, listing related share-based payments, and others.

The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for 9M FY 2022 stood at ₹42.46 billion (~$571 million), increasing by 27.5% compared to ₹33.31 billion (~$442.99 million) in 9M FY 2021. The adjusted EBITDA was not adjusted for the net negative impact of weather relative to normal of approximately ₹4.08 billion ($55 million) for 9M FY22.


ReNew -1

Source: ReNew Power

According to the financial statement released by the company, it commissioned 1.48 GW of projects for which the CAPEX was ₹65.01 billion (~$874 million).

The total electricity sold for 9M FY 2022 was 10,475 million kWh, an increase of 1,933 million kWh, or 22.6%, over 9M FY 2021.

The electricity sold for 9M FY 2022 from wind assets was 6,677 million kWh, an increase of 1,350 million kWh, or 25.3%, over 9M FY 2021. The electricity sold for 9M FY 2022 from solar assets was 3,617 million kWh, an increase of 402 million kWh or 12.5%, over 9M FY 2021.

The weighted average plant load factor (PLF) for 9M FY 2022 for wind assets was 28%, compared to 24.5%, for 9M FY 2021 due to improved wind resources. The PLF for 9M FY 2022 for solar assets was 22% compared to 22.3% for 9M FY 2021.

Q3 FY 2022

The company posted total revenue of ₹13.46 billion (~$181 million) in Q3 FY 2022, increasing 24.7% year-over-year (YoY) compared to ₹10.79 billion Q3 FY 2021.

The increase in total revenue was primarily due to the increase in capacity. The total revenue included finance income of ₹428 million (~$6 million) for Q3 FY 2022.

The adjusted EBITDA stood at ₹10.55 billion for Q3 FY 2022, an increase of 21% compared to ₹8.38 billion Q3 FY 2021.

ReNew-2

Source: ReNew Power

As of December 31, 2021, the company’s total portfolio consisted of 10.2 GW of renewable projects. The commissioned capacity was 7.3 GW, of which 3.75 GW was wind, 3.592 GW was solar, and 99 MW was hydro. ReNew Power commissioned 160 MW of wind and 1.33 GW of solar capacity during 9M FY 2022 and 97 MW of wind and 769 MW of solar capacity during Q3 FY 2022. The company acquired 260 MW of solar assets during Q3 FY 2022.

Last month, ReNew Power announced that it had sold its 117 MW of rooftop solar portfolio to distributed solar company Fourth Partner Energy for ₹6.72 billion (~$89.9 million). The net proceeds from the sale included ₹5.35 billion (~$71.6 million) after accounting for an outstanding debt of ₹1.37 billion (~$18.3 million). The company expects to record a gain from the deal.

Earlier, ReNew announced that its wholly-owned subsidiary, India Clean Energy Holdings, had raised $400 million at 4.5% by issuing senior secured dollar notes. The company’s subsidiary would utilize the amount raised through bonds to refinance its existing high-cost debt and fund capital expenditure in renewable energy assets or other purposes permitted by law.

The company had recorded a revenue of ₹21.31 billion (~$287 million) for Q2 FY 2022, an increase of 44% over Q2 FY 2021. Its revenue in 1H of the FY 2022 was ₹38.12 billion (~$514 million), a 26% YoY rise over 1H FY 2021.