ReNew Energy Global Plc loss narrows to Rs 401 crore in Q3

ReNew Energy Global Plc on Friday said that its loss has narrowed to Rs 401.3 crore in the December 2022 quarter from Rs 638.4 crore in the same period a year ago.

"Net loss for Q3 FY23 was Rs 4,013 million (USD 49 million) compared to a net loss of Rs 6,384 million (USD 77 million) for Q3 FY22," a company statement said.

Total income (or total revenue) in the third quarter of FY23 was Rs 16,077 million or Rs 1,607.7 crore (USD 194 million), up 19.4 per cent compared to the same quarter of FY22, it stated.

Net loss during the first nine months of FY23 (April-December 2022) also shrank to Rs 510.3 crore (USD 62 million) compared Rs 1,257.3 loss (USD 152 million) in the same period a year ago.

Total income during the first nine months of FY23 stood at Rs 6,349.3 crore (USD 768 million), 23.1 per cent higher from the same period a year ago, it stated.

As of December 31, 2022, the company's portfolio consisted of 13.4 GWs, a 30.2 per cent increase year on year, of which 7.8 GWs are commissioned and 5.6 GWs are committed. Approximately 0.3 GW of Power Purchase Agreements (PPAs) were signed in the quarter and only 1 per cent of the total portfolio awaits PPAs/contracts, it stated.

"Days Sales Outstanding (DSO) ended Q3 FY23 at 178 days, a 78 day improvement year on year. On the back of clear arrangements for future payment schedules agreed with multiple state discoms, DSOs are on track for a substantial improvement over the remainder of the year," it said.

ReNew is the leading decarbonisation solutions company listed on Nasdaq. ReNew's clean energy portfolio of 13.4 GWs on a gross basis as of December 31, 2022, is one of the largest globally.