ReNew posts net profits of US$36 million in the three months to June 2023

Facebook
Twitter
LinkedIn
Reddit
Email
ReNew Power has a portfolio of more than 100 operational utility-scale PV and wind projects in India. Image: ReNew Power via Twitter.

Indian renewable energy company ReNew Energy Global has published its provisional financial results for the first quarter of its 2024 financial year, which include net profits of US$36 million (INR3 billion) and a total income of US$300 million.

The company’s latest results, covering the three months to June 2023, are generally positive, with quarterly profits a significant increase over the net losses of US$1 million that the company sustained in the first quarter of its previous financial year, from April to June 2022.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Renew’s largely stable results stem from the fact that it is expanding its operations at a time when the Indian solar sector more broadly is growing. According to the country’s Central Electricity Authority, India added 13.9GW of new solar capacity in the 2022 financial year, up from 5.5GW the previous year.

In July, the company announced plans to invest in a 5GW renewable portfolio with Gentari Renewables India, as solar capacity in India has now grown to account for 54% of the country’s renewable energy capacity, according to JMK Research.

Projects such as these have contributed to the growth of the company’s renewables portfolio, among the most dramatic changes for the company in the last 12 months. By the end of the first quarter of the 2024 financial year, ReNew’s renewable capacity consisted of 13.7GW, of which 8.4GW are commissioned and 5.3GW are in the development pipeline, a 6.3% increase year-on-year.

However, JMK Research also noted that India installed 6.7GW of new solar capacity in the first half of this year, a 19% decrease on the installation total of the first half of 2022, raising questions about the long-term future of the Indian solar sector.

ReNew’s earnings before inflation, taxation, depreciation and amortisation (EBITDA) has also fallen slightly in the last year, perhaps as confidence in the sustainability of growth in the Indian solar sector wavers. The company’s EBITDA fell slightly from one year to the next. Total income fell from US$305 million to US$300 million from the first quarter of 2023 to the first quarter of 2024, while EBITDA fell from US$246 million to US$227 million.

Regardless, ReNew expects its revenue stability to continue over the next 12 months. The company’s total EBITDA in its 2023 financial year was US$754 million, an increase of 12.4% over EBITDA at the end of the 2022 financial year, and it expects its 2024 financial year to deliver EBITDA of between US$723 million and US$795.4 million.

Read Next

June 9, 2025
Saatvik Solar, a unit of Saatvik Green Energy Limited (SGEL), is building a 4.8GW solar cell and 4GW module manufacturing facility in Ganjam district of Odisha.
June 5, 2025
Solar manufacturer Involt Energy has broken ground on its first solar cell manufacturing plant in the western Indian state of Gujarat, with an initial annual nameplate capacity of 1.78GW. 
June 5, 2025
Indian solar module manufacturer Vikram Solar has received final approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO) and raise capital through the public markets.
June 5, 2025
Investment in clean energy and grids will reach US$2.2 trillion in 2025, double the expected investment into fossil fuels this year, according to data from the International Energy Agency (IEA).
June 2, 2025
Arctech has partnered with ACME Cleantech Solutions to provide 175MW worth of solar trackers for an upcoming facility in Duqm, Oman.
May 30, 2025
Waaree Solar Americas – a subsidiary of Indian solar manufacturer Waaree Energies – has signed a 586MW solar module supply agreement with North Carolina-based Pine Gate Renewables.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
September 16, 2025
Athens, Greece