Independent renewable power producer ReNew recorded a net revenue of ₹28.6 billion (~$345 million) for the second quarter (Q2) of the financial year (FY) 2023-24, a year-over-year (YoY) increase of 27.8% compared to ₹22.4 billion (~$270 million).

The increase in total income was due to higher operational capacity, higher plant load factor (PLF), and higher finance income.

The net profit for Q2 FY 2024 was ₹3.8 billion (~$45 million) compared to a net loss of ₹986 million (~$ 12 million) in Q2 FY 2023, with the improvement driven by higher operating revenue and lower finance costs quarter on quarter.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter was ₹21.3 billion (~$256 million), as compared to ₹18.2 billion (~$219 million) in Q2 FY23.

The company’s weighted average PLF for wind assets was 41.3%, compared to 32.7% YoY. The PLF for solar assets was 23.1% compared to 21.8% for Q2 FY 2023.

Electricity sold from wind assets was 3,801 million kWh, an increase of 36.4%YoY. Electricity sold from solar assets was 2,071 million kWh, an increase of 16% over Q2 FY 2023.

Total electricity sold in Q2 FY 2024 was 6,055 million kWh, an increase of 27.4% YoY.

First Half (1H) 2024

ReNew recorded net revenue of ₹53.3 billion (~$641 million) for 1H FY24, a 12.4% YoY increase from ₹47.4 billion (~$571 million). The increase in total income was due to higher operational capacity, PLF, and finance income.

The net profit for 1H FY 2024 was ₹6.7 billion (~$81 million) compared to a net loss of ₹1.1 billion (~$ 13 million) 1H FY 2023, with the improvement driven by higher operating revenue and lower finance costs year on year.

Adjusted EBITDA for the April to September period was ₹39.9 billion (~$480 million), compared to ₹38.4 billion (~$462 million) in 1H FY 2023.

ReNew’s weighted average PLF for the period for wind assets was 35.7%, compared to 33.7% YoY. The PLF for solar assets was 25.3% compared to 24.5%.

Electricity sold from wind assets was 6,436 million kWh, an increase of 13.4% YoY. Electricity sold from solar assets was 4,447 million kWh, an increase of 11.9% YoY.

Total electricity sold in 1H FY 2024 was 11,169 million kWh, an increase of 12.3% YoY.

As of September 30, 2023, the company’s total portfolio consisted of 13.8 GW, an increase of 3% YoY, and commissioned capacity was 8.3 GW, an increase of 8% YoY, of which 4.2 GW was wind, 4.1 GW was solar, and 99 MW were hydro based.

ReNew recorded a net profit of ₹2.98 billion (~$35.86 million) for Q1 FY 2024, from a net loss of ₹104 million (~$1.25 million) YoY.

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.