ReNew Power posts improved annual results thanks to increased operating capacity

The company said about 0.3GW of PPAs were signed in Q3 FY23. Image: ReNew Power.

Indian renewable energy independent power producer (IPP) ReNew Power has narrowed its net loss in Q3 FY23 year-on-year, while there was an increase in total income due to expanded operating capacity.

In its latest financial results announcement, the company said its net loss for Q3 FY23 was US$49 million compared to US$77 million for Q3 FY22, with the improvement mostly due to higher total income in Q3 FY23. The net loss for nine months of FY23 was US$62 million, compared to US$152 million for the same period of FY22.

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ReNew’s total revenue for Q3 was US$194 million, equivalent to an increase of 19.4% over Q3 FY22. The adjusted EBITDA for the same quarter was US$141 million, an increase of 10.2% over Q3 FY22.

For the first nine months of FY23, ReNew’s total revenue was US$768 million, an increase of 23.1% over the same period in FY22. Its adjusted EBITDA for the first nine months of FY23 was US$604 million, an increase of 17.8% over the nine months of FY22.

As of 31 December 2022, ReNew’s portfolio consisted of 13.4GW, a 30.2% increase year on year. Of the commissioned capacity of 7.8GW, 3.7GW were solar, 3.9GW were wind, and 99MW were hydro. During the nine-month period of FY23, ReNew commissioned 57MW of solar assets. In Q3 FY23, the company commissioned 32MW of solar assets.

The remaining portfolio of 5.6GW was committed capacity.

Total electricity sold for nine months of FY23 was 13.3 billion kWh, an increase of 26.5% over nine months of FY22. Total electricity sold in Q3 FY23 was 3.3 billion kWh, an increase of 13.6% over Q3 FY22. Electricity sold for nine months of FY23 from solar assets was 5.9 billion kWh, an increase of 64% over nine months of FY22, while electricity sold in Q3 FY23 from solar assets was about 2 billion kWh, an increase of 36.6% over Q3 FY22.

About 0.3GW of power purchase agreements (PPAs) were signed in Q3 FY23, and only about 1% of the total portfolio awaits PPAs or contracts.

Moreover, days sales outstanding ended Q3 FY23 at 178 days, which was a 78-day improvement year on year. ReNew said on the back of clear arrangements for future payment schedules agreed with multiple State distribution companies, DSO is “on track for a substantial improvement over the remainder of the year”.

The company added that its cash flow generated from operating activities in the nine-month period of FY23 was US$599 million, compared to US$275 million for nine months of FY22. Cash flow generated from operating activities for Q3 FY23 was US$272 million, compared to US$142 million for Q3 FY22. The increase was primarily on account of higher total income and lower working capital due to improved collections.

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