Independent renewable power producer ReNew recorded a net profit of ₹74 million (~$1 million) in the fourth quarter (Q4) of the financial year (FY) 2023, compared to a net loss of ₹3.5 billion (~$43 million) year-over-year (YoY).

A higher total income and lower non-cash mark-to-market adjustments for the quarter contributed to the profit.

The company reported a total income of ₹26 billion (~$315 million), an increase of 47% YoY, on the back of increased operating capacity.

ReNew’s Earnings before interest, taxes, depreciation, and amortization (EBITDA) was ₹12 billion (~$146 million), compared to ₹12.8 billion (~$156 million) during the same period last year.

The company’s total renewable portfolio was 13.7 GW at the end of the quarter, an increase of 28%. The total commissioned capacity was ~8 GW, an increase of 5.5% over the corresponding quarter last year. This included ~4 GW of wind and solar each and 99 MW hydro.

ReNew commissioned 46 MW of wind and 170 MW of solar assets during the quarter.

The company signed 101 MW of purchase power agreements (PPA) during the quarter, and only ~1% of the total portfolio awaits the signing of PPA.

The average plant load factor (PLF) for wind assets was 20% during the quarter, compared to 18.3% in the same period the previous year. The PLF for solar assets was 26.5% compared to 26% in Q4 FY22.

Total electricity sold during the quarter was 3,875 million kWh, an increase of 9% YoY.

Electricity sold from wind assets was 1,698 million kWh, an increase of 14% in the same period the previous year. Electricity sold from solar assets was 2,143 million kWh, up 7% from Q4 FY22. Electricity sold for hydro assets was 34 million kWh, a decrease of 33% compared to the same period last year.

Financial Year 2023

The net loss for FY23 was ₹5 billion (~$61 million), compared to a net loss of ₹16 billion (~$196 million) in FY22. Last year’s net loss included a one-time listing-related expense of ₹10.5 billion (~$128 million).

Total income for FY23 was ₹89 billion (~$1 billion), an increase of 29% compared to the previous year.

Adjusted EBITDA was ₹62 billion (~$754 million), an increase of 12.4% compared to last year.

ReNew commissioned 187 MW of wind and 227 MW of solar assets during the year.

The average PLF for wind assets was 25.5% during the year, compared to 25.6% YoY. The PLF for solar assets was 24.8% compared to 23% YoY.

Electricity sold from wind assets was 8,637 million kWh, an increase of 6% YoY. Electricity sold from solar assets was 8,075 million kWh, up 44% in FY22. Electricity sold for hydro assets was 417 million kWh, an increase of 80% compared to the same period last year.

Total electricity sold during the year was 17,129 million kWh, an increase of 22% compared to last year.

Electricity sold from wind assets was 8,637 million kWh, an increase of 5.7% YoY. Electricity sold from solar assets was 8,075 million kWh, a rise of 43.6% compared to FY22. Electricity sold for FY23 from hydro assets was 417 million kWh, an increase of 79.7% compared to last year.

Last June, ReNew said it would acquire 471.65 MW of wind and 56.25 MW of solar assets across eight states. The projects were estimated to have a total enterprise value of ₹30 billion ($369 million).

The company announced $1.1 billion in external commercial borrowing for the company’s hybrid round-the-clock battery-enabled renewable project.