ReNew Energy Global Plc (ReNew) on Monday posted a net profit at ₹377.1 crore during the second quarter ended September 30, 2023 on higher revenue.
The clean energy company had reported a ₹98.6 crore net loss during the July-September period of the last fiscal year.
ReNew’s total revenue increased by ₹2,863.2 crore in the September quarter of FY24 from ₹2,240.9 crore in the previous year.
The company said its adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) is at ₹2,129.8 crore in Q2 FY24 as compared to ₹1,820.9 crore in Q2 FY23.
As of September 30, 2023, the Company’s portfolio consisted of 13.8 GW, compared to 13.4 GW as of September 30, 2022, of which 8.3 GW are commissioned and 5.5 GWs are being made, ReNew said.
The company on Monday also reported financial results for the first half (H1) of the current fictitious year 2024.
Its total revenue for April to September FY24 stood at ₹5,329.1 crore, compared to ₹4,741.6 crore in the year-ago period.
The company said its net profit for H1 FY24 is flat ₹675.4 crore as compared to a net loss of ₹109 crore in the year-ago period.
For H1 FY24, ReNew’s adjusted EBITDA was reported at ₹3,989.7 crore, in contrast ₹3,836.6 crore in H1 FY23.
In July, ReNew and Gentari Sdn Bhd, a unit of Malaysia’s Petroliam Nasional Bhd (Petronas), announced an equal joint venture (JV) to develop solar, wind and energy storage projects in India totaling 5 gigawatts (GW).
“ReNew Energy Global Plc, India’s leading decarbonisation solutions company, through its subsidiary ReNew Power Pvt. Ltd (ReNew) and clean energy solutions provider Gentari, through its subsidiary Gentari Renewables India Pte. Ltd, have executed key terms to collaborate in 50: 50 joint venture in clean energy solutions. The term sheet was exchanged between Sushil Purohit, CEO of Gentari, and Sumant Sinha, founder, chairman and CEO of ReNew,” ReNew said in a statement.
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Updated: 20 Nov 2023, 18:35 IST