JSW Energy’s Q4 Profits Up 22% as Renewable Generation Surges by 124%

Solid Power’s Q1 Net Loss Widens as Battery Tech Commercialization Nears

Delhi High Court Quashes CBIC’s Revocation of Duty Deferment for Solar Projects

Waaree Partners with Ecofy to Solarize 10,000 Household Rooftops

PM Surya Ghar Program: MNRE Announces New Vendor Registration Guidelines

RERC Approves Purchase of 3 GW of Solar Power Under PM KUSUM

Fuel Cell Firm Ballard Posts $14.5 Million Revenue, Proposes New 3 GW Facility

CERC Orders Compensation to Azure for Bird Diverters Installed in GIB Region

REMC Floats Tender for Health Assessment of 26 MW Wind Project in Rajasthan

Meghalaya Allows Green Open Access for Consumers with 100 kW Load


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/02/amazon_polly_63594.mp3?version=1708515235">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Independent renewable power producer <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew Energy</a> narrowed its net loss by 19% to ₹3.2 billion (~$39 million) in the third quarter (Q3) of the financial year (FY) 2024 from ₹4 billion (~$48 million) last year, helped by higher tariffs and lower prices of solar modules.</p>
<p>ReNew said that the tariffs in auctions, compared to last year, were higher by 14% and 7% for wind and solar, respectively, and the prices of solar modules fell by 60% this year.</p>
<p>“Beyond the rise in tariffs, we saw several other factors that are supporting better returns, such as a record fall in the cost of solar modules, stable FX, adequate domestic debt financing, and a significant reduction in receivable days,” said CEO Sumant Sinha during a post-earnings call with analysts.</p>
<p>The Nasdaq-listed company’s Q3 revenue was ₹19.3 billion (~$232 million), compared to ₹16 billion (~$193 million) in the same period last year. The 20% jump can be partly attributed to additional projects commissioned during the quarter and higher plant load factor (PLF) for wind. Wind PLF during the quarter was 17% compared to 14.7% last year.</p>
<p>The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter was ₹12.5 billion (~$150 million), up 7% from last year’s ₹11.6 billion (~$140 million).</p>
<p>The company won 2.5 GW of auctions in Q3, in what it called “one of the best action markets ever,” but warned of transmission increasingly becoming a bottleneck for the commissioning of future renewable capacity in India.</p>
<p>Sinha said the Central Electricity Authority has now become more careful in giving connectivity approvals because of the amount of renewable capacity being added. The timeframe for processing a transmission request has now increased to four to six weeks compared to two to three days earlier.</p>
<p><strong>9M FY 2024</strong></p>
<p>After posting a net loss of ₹5.1 billion (~$61 million) in the first nine months of FY 2023, ReNew recorded a net profit of ₹3.5 billion (~$43 million) in the first nine months of FY 2024. Lower costs and a stable foreign exchange environment helped the swing to profit.</p>
<p>The company’s total revenue rose 14% to ₹72.4 billion (~$870 million) in the first nine months from ₹63.5 billion (~$763 million) in the same period last year, helped by higher tariffs and higher generation of electricity.</p>
<p>Adjusted EBITDA also showed strong growth, increasing 5% to ₹52.4 billion (~$630 million) in the first nine months of FY 2024, compared to ₹50 billion (~$601 million) in the same period last year.</p>
<p>ReNew expanded its clean energy portfolio to 13.8 GW as of December 31, 2023.</p>
<p>In the previous quarter, higher PLF resulted in the company <a href="https://www.mercomindia.com/renew-profit-up-28-yoy-q2-fy24" target="_blank" rel="noopener">recording</a> a 28% jump in year-over-year profit, while in the quarter earlier, lower finance costs <a href="https://www.mercomindia.com/lower-finance-costs-take-renew-profit-2-98-billion-q1" target="_blank" rel="noopener">helped</a> it churn out a profit compared to a loss a year ago.</p>


ReNew Narrows Q3 Net Loss on Higher Tariffs and Lower Module Prices


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/11/amazon_polly_60530.mp3?version=1700489067">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Independent renewable power producer <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a> 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).</p>
<p>The increase in total income was due to higher operational capacity, higher plant load factor (PLF), and higher finance income.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>Total electricity sold in Q2 FY 2024 was 6,055 million kWh, an increase of 27.4% YoY.</p>
<p><strong>First Half (1H) 2024</strong></p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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%.</p>
<p>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.</p>
<p>Total electricity sold in 1H FY 2024 was 11,169 million kWh, an increase of 12.3% YoY.</p>
<p>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.</p>
<p>ReNew <a href="https://www,mercomindia.com/lower-finance-costs-take-renew-profit-2-98-billion-q1/" target="_blank" rel="noopener">recorded</a> 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.</p>
<p>In July, ReNew <a href="https://www.mercomindia.com/renew-gentari-enter-jv-renewable-assets-in-india" target="_blank" rel="noopener">signed</a> 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.</p>


Higher Plant Load Factor Takes ReNew’s Profit Up 28% YoY in Q2 FY24

plf

Get the most relevant India solar and clean energy news.

RECENT POSTS