ReNew Energy Sees 31 Percent Profit Growth and INR 29,887 Million Revenue in Q2 FY25
ReNew Energy's Q2 FY25 results show a 31 percent increase in profit after tax, reaching INR 4,939 million. The company expands its renewable energy portfolio to 16.3 GW and reaffirms its FY25 capacity and EBITDA guidance of INR 76-82 billion.
November 20, 2024. By EI News Network
The company reported a strong 31 percent year-on-year increase in its Profit After Tax (PAT), underlining continued growth in its operations and financial performance. For Q2 FY25, ReNew's total income reached INR 29,887 million (USD 357 million), a slight increase from INR 28,632 million (USD 342 million) in Q2 FY24.
The net profit for the quarter stood at INR 4,939 million (USD 59 million), compared to INR 3,771 million (USD 45 million) for the same period last year, while its Adjusted EBITDA for Q2 FY25 rose to INR 24,209 million (USD 289 million), from INR 21,298 million (USD 254 million) in Q2 FY24.
The company’s operational capacity also showed strong growth. As of September 30, 2024, ReNew’s renewable energy portfolio reached approximately 15.6 GW, compared to 13.8 GW in the previous year. The company further expanded its portfolio after the quarter ended by signing Power Purchase Agreements (PPAs) for an additional 0.7 GW of capacity, bringing the total to about 16.3 GW.
ReNew's commissioned capacity stood at approximately 10.1 GW as of the end of Q2 FY25, marking a 21.8 percent increase year-over-year. Following the quarter’s close, the company commissioned 250 MW of solar capacity, raising its total commissioned capacity to around 10.4 GW.
Looking at its performance for the first half of FY25, ReNew reported total income of INR 54,713 million (USD 653 million), slightly up from INR 53,291 million (USD 636 million) in the first half of FY24. However, the company’s net profit for H1 FY25 declined to INR 5,333 million (USD 64 million), compared to INR 6,754 million (USD 81 million) for the same period last year.
The drop was largely attributed to the timing of asset sales, with the company continuing its capital recycling strategy. The adjusted EBITDA for the first half of FY25 was INR 43,188 million (USD 516 million), an increase from INR 39,897 million (USD476 million) in H1 FY24.
ReNew has reaffirmed its guidance for the full fiscal year 2025, expecting to complete the construction of between 1,900 to 2,400 MW of renewable energy capacity by the end of FY25. The company’s guidance for adjusted EBITDA is set at INR 76 billion to INR 82 billion, while Cash Flow to Equity (CFe) is projected to range between INR 12 billion and INR 14 billion.
In addition to its fiscal year guidance, ReNew emphasised its long-term growth plans, which include expanding its renewable energy footprint globally, with a focus on India. The company is also concentrating on integrating value-added energy solutions, such as digitalisation, energy storage, and carbon markets, to help combat climate change and support global decarbonisation efforts.
In India, the firm has a clean energy portfolio of around 16.3 GW as of November 2024. The company operates across multiple segments, including solar, wind, and hybrid energy, and continues to provide comprehensive solutions in the renewable energy space.
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