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					</table><p>Independent renewable power producer <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew Power</a> reported revenue of ₹22.81 billion (~$274 million), an increase from ₹21.25 billion (~$255 million) in the first quarter (Q1) of FY 2025. This represents a year-over-year (YoY) growth of approximately 7%, driven by the expansion of its renewable energy projects and increased energy sales.</p>
<p>The net profit for the quarter was ₹394 million (~$5 million), a substantial drop of 86.7% YoY from ₹2.98 billion (~$36 million). The decline in net profit was due to increased operational costs and strategic investments in new projects aimed at future growth.</p>
<p>The company&#8217;s adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q1 FY25 was ₹18.98 billion (~$228 million), slightly up from ₹18.6 billion (~$223 million) in the same quarter in the previous year, indicating stable operational performance.</p>
<p>Other expenses amounted to ₹3.5 billion (~$43 million), a 16.8% YoY increase. This rise was mainly due to an increase in operating activities.</p>
<p>Cash generated from operating was ₹9.9 billion (~$119 million), compared to ₹13.4 billion (~$162 million) in Q1 FY24. The decrease was mainly due to higher working capital deployment, partially offset by an income tax refund during the quarter.</p>
<p>Cash used in investing activities was ₹40.4 billion (~$485 million), compared to ₹45.3 billion (~$544 million) in Q1 FY24.</p>
<p><strong>Operational Achievements</strong></p>
<p>During the quarter, 5.815 billion kWh of electricity was sold, a 13.7% increase compared to the first quarter of fiscal year 2024. Electricity sales from wind assets reached 2.955 billion kWh, a 12.1% YoY increase.</p>
<p>Sales from solar assets amounted to 2.764 billion kWh, up 16.3%from the previous year. However, electricity sales from hydro assets were 0.096 billion kWh, showing a 6.9%YoY decrease.</p>
<p>ReNew Power&#8217;s total operational capacity increased significantly, with the company commissioning additional solar and wind capacities. As of June 30, 2024, the company&#8217;s portfolio consisted of approximately 15.6 GW, up from 13.7 GW in the previous year, marking a 14% YoY increase in commissioned capacity.</p>
<p>The company said it is actively investing in new technologies to enhance efficiency and reduce costs, which are crucial for maintaining its competitive edge in the renewable energy market.</p>
<p>ReNew executed 2 GW of capacity over the last 12 months and plans to execute between 1.9 to 2.4 GW in fiscal year 2025. As of the earnings call, they had commissioned approximately 500 MW this financial year.</p>
<p>The company signed 2.2 GW of PPAs in Q1 FY 2025 and expects to sign the majority of PPAs from their pipeline within the fiscal year.</p>
<p>ReNew&#8217;s module manufacturing is scaling up, with the Jaipur facility expected to produce over 2 GW of modules this year. The Gujarat facility is operational and will be fully ramped up by the year-end. The company has contracted to sell around 600 MW of modules externally.</p>
<p>Sumant Sinha, Chairperson of ReNew Power, said the company is close to starting production of the first cells, and within the next few months, initial trial production runs are expected to begin.</p>
<p>Following this, there will be a stabilization period due to the greater complexity of cell production compared to module production. The expectation is that the cell plant will be in good shape in terms of output by the end of the financial year.</p>
<p>Sinha reiterated that production should start within the next two to three months. A ramp-up period will follow, lasting a few months, but production is set to begin within this calendar year.</p>
<p>After the ramp-up and stabilization, the plant should be well-positioned to deliver most of its capacity by the next financial year.</p>
<p>Last year, the Ministry of Power <a href="https://www.mercomindia.com/renew-powers-overhead-transmission-lines-rajasthan-approved" target="_blank" rel="noopener">approved</a> a plea from ReNew Dinkar Urja, a special-purpose vehicle of ReNew Power, to set up overhead transmission lines for its 200 MW solar power project in Bikaner, Rajasthan. The approval for the overhead lines has been granted for 25 years.</p>
<p>Earlier, Jindal Stainless <a href="https://www.mercomindia.com/jindal-stainless-pact-renew-power-300-mw-renewable-project" target="_blank" rel="noopener">signed </a>a contract with ReNew Power to develop an approximately 300 MW utility-scale captive renewable project to power its facilities in Jajpur, Odisha.</p>


ReNew’s Q1 FY25 Revenue Climbs 7% on Higher Energy Sales


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					</table><p><a href="https://inoxwind.com/inox-wind" target="_blank" rel="noopener">Inox Wind</a>, a provider of wind energy solutions, has reported revenue of ₹6.51 billion (~$77.5 million) in the first quarter (Q1) of the financial year (FY) 2025, an 84.9% year-over-year (YoY)surge from ₹3.52 billion (~$41.9 million).</p>
<p>The revenue increased by 16% from ₹5.63 billion (~$67 million) in Q4 FY24.</p>
<p>The company&#8217;s EBITDA saw a rise of 349%, reaching ₹1.57 billion (~$18.6 million), up from ₹350 million (~$4.1 million) in the same quarter last year. This represents a 12% increase from ₹1.4 billion (~$16.6 million) in the previous quarter.</p>
<p>Inox Wind reported a profit of ₹500 million (~$5.9 million), a turnaround from a loss of ₹650 million (~$7.7 million) in Q1 FY24.</p>
<p><strong>Operational Developments</strong></p>
<p>Inox Wind&#8217;s order book reached its highest level ever, exceeding 2.9 GW, a 254% increase YoY.</p>
<p>The company secured 611 MW of new orders in FY25, underscoring strong demand from a diverse customer base, including public sector undertakings, independent power producers, commercial and industrial clients, and retail customers.</p>
<p>The company executed 140 MW in Q1 FY25, marking a 112% YoY increase from 66 MW in Q1 FY24 and a 9% rise from 129 MW in Q4 FY24.</p>
<p>Inox Wind&#8217;s parent company, Inox Wind Energy (<a href="https://www.iwel.co.in/" target="_blank" rel="noopener">IWEL</a>), <a href="https://www.mercomindia.com/inox-wind-raises-9-billion-reduce-debt" target="_blank" rel="noopener">infused</a> ₹9 billion (~$107 million) into the company in July 2024. This investment has made Inox Wind a net cash-positive company, significantly strengthening its balance sheet and reducing interest expenses.</p>
<p>The financial stability is expected to help the company capitalize on the growing opportunities in the Indian wind energy sector.</p>
<p>The company is also expanding its manufacturing capabilities, with a new setup expected to be operational this year. This expansion and a leasing model to minimize capital expenditure are expected to support further growth.</p>
<p>Devansh Jain, Executive Director of <a href="https://www.inoxgfl.com/" target="_blank" rel="noopener">INOXGFL Group</a>, expressed optimism about the company&#8217;s growth trajectory, highlighting the benefits of macroeconomic conditions and strategic investments.</p>
<p>Last November, Inox Wind <a href="https://www.mercomindia.com/inox-wind-selling-equity-shares-to-pare-down-debt/" target="_blank" rel="noopener">raised</a> around ₹8 billion (~$96.93 million) by selling its equity shares, advancing toward a debt-free status. These funds were to settle IWEL&#8217;s external debt under INOXGFL Group&#8217;s strategy to reduce Inox Wind&#8217;s debt and fortify the company&#8217;s financial position. This transaction was executed via block deals on the stock exchanges and witnessed participation by several marquee domestic and foreign institutional investors.</p>
<p>Inox Wind <a href="https://www.mercomindia.com/inox-wind-raises-%E2%82%B95-billion-through-share-sale-free" target="_blank" rel="noopener">raised</a> ₹5 billion (~$60 million) in August 2023 through an equity share sale from its main promoter and affiliated group entities, using the funds to settle advances from Gujarat Fluorochemicals and boost wind power capacity.</p>
<p>Inox Energy has <a href="https://www.mercomindia.com/inox-green-divest-stake-nani-virani-wind-energy" target="_blank" rel="noopener">announced</a> its plans to divest its entire stake in the 50 MW Nani Virani Wind Energy project in Gujarat for ₹3 billion (~$36 million), aligning with its goal to reduce debt, strengthen Inox Wind&#8217;s operations and maintenance (O&amp;M) capabilities, and achieve a 6 GW wind turbine generator O&amp;M portfolio by 2025-26.</p>


Inox Wind Swings to Profit in Q1 FY 2025, Posts Record Revenue


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					</table><p>Gujarat-based <a href="https://www.torrentpower.com/" target="_blank" rel="noopener">Torrent Power</a>&#8216;s net profit for the first quarter (Q1) of the financial year (FY) 2024-25 stood at ₹9.96 billion ($118.9 million), an 87% year-over-year (YoY) rise from ₹5.32 billion ($63.5 million).</p>
<p>Torrent Power reported a revenue of ₹90.34 billion ($1.07 billion), marking a 23% increase YoY from ₹73.28 billion ($875.4 million).</p>
<p>Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) surged by 52% to ₹19.34 billion ($231 million) from ₹12.7 billion ($151.7 million) in the same quarter last year.</p>
<p>The increase in net profit is attributed to several factors, including higher contributions from merchant power sales in gas-based power plants and operational efficiency. Increased contributions from the company&#8217;s licensed distribution businesses also played a crucial role.</p>
<p>Torrent <a href="https://www.mercomindia.com/torrent-powers-revenue-q4-fy-2024" target="_blank" rel="noopener">recorded</a> an annual revenue of ₹271.83 billion (~$3.26 billion) in FY 2024, up 6% from the previous year.</p>
<p><strong>Operational Highlights</strong></p>
<p>The company has an installed generation capacity of 4,415 MW, which includes 2,730 MW of gas-based capacity, 1,323 MW of renewable capacity, and 362 MW of coal-based capacity.</p>
<p>Additionally, renewable projects totaling 3,077 MW are under development, bringing the total capacity to 7,492 MW.</p>
<p>Torrent Power distributes approximately 30 billion units of electricity to over 4.13 million customers across various regions, including Gujarat, Maharashtra, and Uttar Pradesh.</p>
<p>Torrent Power recently <a href="https://cms.mercomindia.com/daily-news-wrap-up-ntpc-invites-bids-for-1-6-mw-solar-projects/" target="_blank" rel="noopener">won</a> an auction to purchase 300 MW of power from wind-solar hybrid energy projects, with a greenshoe option of up to 150 MW from its own distribution unit by quoting ₹3.65 (~$0.044)/kWh.</p>
<p>Last June, Torrent Power <a href="https://www.mercomindia.com/torrent-6000-hectares-gujarat-renewable-projects" target="_blank" rel="noopener">disclosed</a> plans to achieve a 5 GW renewable energy portfolio over the next three to five years through inorganic acquisitions and greenfield projects. It also announced that it had been allocated 6,000 hectares of land in Gujarat, where it plans to set up ~3 GW of renewable projects encompassing solar and wind energy.</p>


Torrent Power’s Profit Grows 87% YoY in Q1 FY 2025


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					</table><p><a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN Limited</a>, a joint venture between the Government of India and the Government of Himachal Pradesh, has registered a net profit of ₹2.7 billion (~$32.5 million) during the first quarter (Q1) of the financial year (FY) 2023-24, a year-over-year (YoY) decrease of 55.5% from₹6.08 billion (~$73.1 million).</p>
<p>The company registered a revenue of ₹7.38 billion (~$88.8 million), a YoY decrease of 31% from ₹ 10.71 billion (~$128.9 million).</p>
<p>Net profit margin (i.e., profit for the period/revenue from operations) stood at 40.66% as compared to 60.40% achieved during Q1 2022.</p>
<p>The company said the Q1 results were not as promising due to inadequate water availability in the Sutlej River, where two of its major hydropower projects are located.</p>
<p>The scarcity was due to various factors, including significantly lower river discharge during the first quarter compared to the previous year—reaching as low as 50% at one point.</p>
<p>The arrival of the monsoon is expected to boost water levels, but the initial months of April, May, and June were marked by unusually limited winter snowfall in the hills.</p>
<p>Consequently, the usual springtime snowmelt and river discharge were reduced due to the mild summer conditions in the hilly areas. This resulted in a decreased river discharge of around 25% to 30% compared to the previous year, ultimately leading to reduced power generation during Q1.</p>
<p>Chairman and Managing Director of SJVN NL Sharma said SJVN&#8217;s total power generation was 2,061 million units, in contrast to 2,735 million units earlier, showing a reduction of around 674 million units or a 25% drop.</p>
<p>Wind projects generated 53.09 million units, and solar projects generated 2.37 million units out of the total.</p>
<p>Revenue generated from renewable energy sources, including wind and solar power, reached ₹194.5 million (~$2.3 million) during the quarter, compared to ₹215.2 million (~$2.5 million) in the same quarter of the previous year.</p>
<p>This decrease consecutively also impacted power sales, leading to a 25% decline in generation-related revenue, resulting in a decrease of ₹710 million (~$8.5 million), Sharma said.</p>
<p>The company&#8217;s total expenses for the quarter stood at ₹3.58 billion (~$43 million), a YoY decrease of 14.7 % compared to ₹4.2 billion (~$50.5 million).</p>
<p>SJVN possesses a total operational capacity of around 2.1 GW. This capacity is distributed among two hydroelectric projects, two wind energy projects, and four additional solar projects.</p>
<p>It has 16 ongoing projects under construction, collectively expected to have a capacity of roughly 4.5 GW.</p>
<p>In July, SJVN Green Energy, a wholly owned subsidiary of SJVN, <a href="https://www.mercomindia.com/sjvn-bags-%E2%82%B970-billion-contract-1-2-gw-solar-projects" target="_blank" rel="noopener">received</a> a letter of intent from the Punjab State Power Corporation (PSPCL) to develop 1,200 MW solar power projects.</p>
<p>In the same month, the Ministry of Power <a href="https://www.mercomindia.com/ministry-approves-sjvns-transmission-lines-1-gw-project" target="_blank" rel="noopener">approved</a> SJVN’s request to set up overhead transmission lines for its 1,000 MW solar power project in Bikaner, Rajasthan.</p>


SJVN’s Q1 Net Profit Falls 55.5% YoY as Hydropower Projects Underperform

<p>Adani Green Energy Limited (AGEL), the renewable energy arm of Adani Group, has announced its financial report for the first quarter (Q1) of the financial year (FY) 2020, ending June 30, 2019.</p>
<p>In the quarter, the company’s total revenue stood at ₹6.61 billion (~$ 92.1 million), an increase of 40% year on year. The company announced a revenue of ₹5.54 billion (~$ 77.26 million) from power generation for Q1 of FY 2020, an increase of 17% year-over-year (YoY).</p>
<p>The earning before interest taxes depreciation and amortization (EBITDA) for Q1 of FY 2020 was ₹4.96 billion (~$69.18 million), an increase of 13% due to the rise in its operating capacity. The EBITDA margin from power sale was 90% for the same period. The depreciation stood at ₹48 billion ($ 34.60 million), higher by 9% YoY because of projects capitalized in the fourth quarter of FY 2019.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2019/08/Consolidated-Financial-Services.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-15187" src="https://mercomindia.com/wp-content/uploads/2019/08/Consolidated-Financial-Services.png" alt="Consolidated Financial Services" width="770" height="560" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/08/Consolidated-Financial-Services.png 770w, https://cms.mercomindia.com/wp-content/uploads/2019/08/Consolidated-Financial-Services-300x218.png 300w, https://cms.mercomindia.com/wp-content/uploads/2019/08/Consolidated-Financial-Services-768x559.png 768w, https://cms.mercomindia.com/wp-content/uploads/2019/08/Consolidated-Financial-Services-650x473.png 650w, https://cms.mercomindia.com/wp-content/uploads/2019/08/Consolidated-Financial-Services-624x454.png 624w, https://cms.mercomindia.com/wp-content/uploads/2019/08/Consolidated-Financial-Services-600x436.png 600w" sizes="(max-width: 770px) 100vw, 770px" /></a></p>
<h6 style="text-align: center;">Source: Adani</h6>
<p>The total portfolio of AGEL is 5,290 MW at present, out of which 2,220 MW of renewable energy capacity is operational. The company’s capacity utilization factor (CUF) is 25.31% for solar projects, which is near P50 performance, the highest level of targeted performance. The average tariff for solar projects is ₹5.10 (~$ 0.07)/kWh. Wind projects have a CUF of 35.85% with the average tariff of ₹3.94 (~$ 0.054)/kWh.</p>
<p>The company won bids for 130 MW of wind and 600 MW of hybrid projects in Q1 FY 2020. In June, Adani Renewable Energy Park (Gujarat) Limited, a wholly-owned subsidiary of <a href="https://mercomindia.com/adani-lowest-tariff-seci-hybrid-auction/" target="_blank" rel="noopener noreferrer">AGEL</a>, won a 600 MW of <a href="https://mercomindia.com/adani-green-solar-wind-hybrid-seci/" target="_blank" rel="noopener noreferrer">solar-wind hybrid power projects</a> in an auction conducted by the Solar Energy Corporation of India (SECI).</p>
<p>Commenting on the results, Ashish Garg, the CFO of the company, said, “The operational portfolio is performing close to P50 levels, implying that we are very close to the targeted performance. This will result in a lower payback period of about six years for the operational portfolio. The company is moderately geared at less than 5.5 times on net debt to EBIDTA basis. Going forward, as we are adding more capacity to our development portfolio, cash release from existing operational project will be utilized as growth capital, to add more capacity thus creating enhanced shareholder’s returns.”</p>
<p><a href="https://mercomindia.com/adani-greens-revenue-up-39-in-fy19/" target="_blank" rel="noopener noreferrer">In May 2019</a>, Adani Green announced its operational and financial performance for the financial year (FY) 2019 and the fourth quarter ending March 31, 2019. The financial statement shows that for FY 2019, its revenue stood at ₹20.58 billion ($295 million) from the earlier ₹14.8 billion ($212 million), up 39% YoY.</p>
<p><a href="https://mercomindia.com/adani-green-500-million-green-bonds/" target="_blank" rel="noopener noreferrer">Then in June 2019</a>, the company had announced it would raise $500 million through green bonds.</p>


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