Independent renewable energy producer ReNew Power reported revenue of ₹29.9 billion ($357 million) during the second quarter (Q2) of the financial year (FY) 2025, a 4.4% year-over-year (YoY) increase from ₹28.6 billion (~$342 million).

The higher revenue was due to the increase in operational capacity but was offset by lower resource availability, lower merchant tariffs, and revenue loss from 400 MW of projects sold in FY24 as part of the company’s capital recycling strategy.

The net profit for the quarter rose 31% YoY to ₹4.94 billion (~$59 million) from ₹3.77 billion (~$45 million).

Finance costs and fair value change in derivative instruments for Q2 FY25 was ₹12.6 billion ($150 million), a 2.7% decrease YoY. This was primarily due to lower mark-to-market impact, driven by an effective hedging strategy on foreign currency borrowings and refinancing-driven savings, partially offset by an increase in finance cost in line with the increase in operational assets from the previous year.

The adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q2  was ₹24.21 billion (~$289 million), up 13.7% YoY from ₹21.3 billion (~$254 million).

In Q2 FY25, the company commissioned 557 MW of projects, of which 24 MW was wind and 533 MW solar capacity, for which the capital expenditure was ₹25.7 billion ($307 million).

During the quarter, the company sold 6,622 million units (MU) of electricity, a 9.4% growth YoY. Of the total sales, 4,039 MU was wind energy, 2,370 MU was solar energy, and 213 MU was hydroelectric.

While the YoY increase in wind energy sales was 6.3%, growth in solar energy sales was 14.5% and 16.2% for hydropower.

The weighted average plant load factor (PLF) for wind projects was 38.3%, compared to 41.3% in Q2 FY24. The PLF for solar projects was 21.8% compared to 23.1% in the same quarter the previous year.

The company’s net debt as of September 30, 2024, was ₹621.62 billion ($7.42 billion), which includes investment from JV partners for renewable energy projects in the form of convertible debentures amounting to ₹22.02 billion ($263 million). The net debt for solar module manufacturing totaled ₹12.5 billion ($149 million).

1H FY25

For 1H FY25, total income was ₹54.71 billion (~$653 million), reflecting a 2.7% YoY increase from ₹53.29 billion (~$636 million).

The net profit for 1H declined by 20.8% YoY to ₹53.33 billion (~$64 million) from ₹67.5 billion (~$81 million).

Adjusted EBITDA stood at ₹43.18 billion (~$516 million), an increase of 8.2% YoY from ₹39.8 billion (~$476 million).

The company’s portfolio expanded to ~15.6 GW as of September 30, 2024, up from ~13.8 GW a year ago, with post-quarter additions bringing it to ~16.3 GW.

ReNew’s commissioned capacity grew 21.8% YoY to ~10.1 GW (about 4.8 GW of wind, 5.3 GW of solar and 100 MW of hydropower). A 250 MW of solar capacity was commissioned after the quarter.

In 1H FY25, ReNew commissioned 609 MW of projects (41 MW wind and 568 MW solar) for which the capital expenditure was ₹28.9 billion ($345 million).

Total electricity sold in 1H FY25 was 12,437 MU, an 11.4% increase YoY. Electricity sold from wind assets was 6,994 MU, an 8.7% YoY growth. Solar energy sales was 5,134 MU, a 15.5% YoY rise and 309 MU was sold from hydropower assets, a 7.9% YoY increase.

The weighted average PLF for wind in Q2 FY25 was 33.4%, down from 35.7% in 1H FY24. The PLF for solar projects was 24.4% compared to 25.3% in 1H FY24.

ReNew reaffirmed its FY 2025 targets, expecting to commission 1,900 MW–2,400 MW by year-end, with adjusted EBITDA projected at ₹76 billion ($907 million) – ₹82 billion ($978 million) and cash flow to equity between ₹12 billion ($143 million) and ₹14 billion ($167 million).

The company projected a net gain of ₹1 billion ($12 million) – ₹2 billion ($24 million) from asset sales.

ReNew reported revenue of ₹22.81 billion (~$274 million), an increase from ₹21.25 billion (~$255 million) in the first quarter of FY 2025.

The company was rated among the top utility-scale solar project developers in 1H 2024, according to Mercom’s India Solar Market Leaderboard