ReNew Q3 FY25 Revenue Rises 10 Percent to INR 2,119.8 Crore

ReNew Energy Global Plc, a decarbonisation solutions company, has announced its unaudited consolidated IFRS results for the third quarter of the fiscal year 2025 (Q3 FY25) and the nine months ended December 31, 2024.

The company reported ~10 percent year-over-year increase in total revenue, reaching INR 2,119.8 crore (USD 248 million) in Q3 FY25, compared to INR 1,929 crore (USD 225 million) in Q3 FY24. As of December 31, 2024, ReNew’s total portfolio stood at approximately 17.4 GW, up from 13.8 GW a year ago.

The company’s commissioned capacity grew by 25.5 percent year-over-year to ~10.7 GW. After the quarter ended, an additional 92 megawatts (MW) of wind capacity were commissioned, bringing the total commissioned capacity to ~10.8 GW. In terms of financial performance, total revenue for Q3 FY25 was INR 2,119.8 crore (USD 248 million), marking a 10 percent increase from INR 1,929 crore (USD 225 million) in Q3 FY24.

Revenue from the sale of power stood at INR 1,499.1 crore (USD 175 million), slightly lower than INR 1,502.6 crore (USD 176 million) in the same quarter of FY24. The company reported a net loss of INR 387.9 crore (USD 45 million) in Q3 FY25, compared to INR 321.6 crore (USD 38 million) in Q3 FY24. Adjusted EBITDA for the quarter was INR 1,388.2 crore (USD 162 million), reflecting an ~11 percent increase from INR 1,250.9 crore (USD 146 million) in Q3 FY24.

For the first nine months of FY25, total revenue was INR 7,591.1 crore (USD 887 million), compared to INR 7,241.4 crore (USD 846 million) in the same period of FY24. Revenue from the sale of power rose to INR 6,437.5 crore (USD 752 million) from INR 6,131.4 crore (USD 717 million) in the previous year.

However, net profit for the period declined to INR 145.4 crore (USD 17 million) from INR 353.8 crore (USD 41 million) in the first nine months of FY24. Adjusted EBITDA stood at INR 5,707 crore (USD 667 million), compared to INR 5,240.6 crore (USD 613 million) in FY24.

The company’s module and cell manufacturing operations contributed INR 345.9 crore (USD 40 million) in external sales during the first nine months of FY25. Net profit from this segment stood at INR 42.3 crore (USD 5 million), while adjusted EBITDA was INR 59.7 crore (USD 7 million).

It may be mentioned that on December 11, 2024, ReNew received a non-binding buyout offer from a consortium comprising CPP Investments, ADIA, Masdar, and founder Sumant Sinha. The offer proposed acquiring all issued and to-be-issued shares of ReNew not already owned by the consortium for USD 7.07 per share.

A special committee of independent directors has been formed to evaluate the proposal, and discussions with the consortium are ongoing. ReNew has revised its FY25 guidance, expecting to install between 1,900 MW and 2,400 MW by the end of the fiscal year, including approximately 600 MW that remains subject to regulatory approvals and evacuation infrastructure development.

The company has also adjusted its financial expectations, projecting Adjusted EBITDA of INR 74,000-78,000 crore and Cash Flow to Equity (CFe) of INR 11,000-13,000 crore. Additionally, the company has updated its run-rate guidance for its ~17.4 GW committed portfolio, up from ~16.3 GW in Q2 FY25.

The updated run-rate Adjusted EBITDA is expected to range between INR 127,000 crore and INR 133,000 crore, while run-rate Cash Flow to Equity (CFe) is projected at INR 33,000-37,000 crore. Despite fluctuations in resource availability impacting the first nine months of FY25, ReNew continues to expand its renewable energy portfolio and strengthen its position in India’s clean energy transition.