ReNew Sees 31% YoY Rise In Net Profit In Q2FY25

Marking an improvement in its performance, ReNew Energy Global Plc (ReNew), a decarbonisation solutions company has reported a 31 per cent year-on-year (YoY) increase in its net profit in the second quarter of the current financial year (Q2FY25). As per the company’s unaudited consolidated financial results, its net profit for Q2 FY25 was Rs 4,939 million compared to Rs 3,771 million for Q2 FY24.

The company’s total Income (or total revenue) for Q2 FY25 was Rs 29,887 million, compared to Rs 28,632 million for Q2 FY24. The adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the recently concluded quarter was Rs 24,209 million, as against Rs 21,298 million for Q2 FY24.

The Company’s commissioned capacity has increased 21.8 per cent year-over-year to around 10.1 GW as of 30 September 2024. Subsequent to the end of the quarter, the Company commissioned 250 MW of solar capacity, taking the total commissioned capacity to around 10.4 GW. As of 30 September 2024, the Company’s portfolio consisted of around 15.6 GW, compared to nearly 13.8 GW as of 30 September 2023.

“The Company reiterates its FY25 guidance and expects to complete construction of between 1,900 to 2,400 MW by the end of Fiscal Year 2025. The Company’s Adjusted EBITDA and Cash Flow to Equity guidance for FY25 are subject to weather being similar to FY24. The Company anticipates continued net gains on sales of assets, which is part of ReNew’s capital recycling strategy,” as stated in the official statement.

As far as the operating highlights for the first half of the current fiscal (H1FY25) are concerned, total Income (or total revenue) for H1 FY25 was Rs 54,713 million, compared to Rs 53,291 million for H1 FY24. Net profit for H1 FY25 was Rs 5,333 million compared to Rs 6,754 million for H1 FY24.