ReNew Energy Reports Increase in Portfolio and Revenue in Q3 FY23

ReNew Energy Global Plc, a leading decarbonisation solutions company, has announced its consolidated results for Q3 FY23 and nine months ended December 31, 2022.

The company’s portfolio has increased by 30.2% year on year, totaling 13.4 GWs, of which 7.8 GWs are commissioned and 5.6 GWs are committed. In the quarter, approximately 0.3 GW of Purchase Power Agreements (PPAs) were signed, and only 1% of the total portfolio awaits PPAs/contracts.

The total income for Q3 FY23 was INR 16,077 million (US$ 194 million), a 19.4% increase over Q3 FY22. Adjusted EBITDA for Q3 FY23 was INR 11,628 million (US$ 141 million), a 10.2% increase over Q3 FY22. Net loss for Q3 FY23 was INR 4,013 million (US$ 49 million) compared to a net loss of INR 6,384 million (US$ 77 million) for Q3 FY22. Cash Flow to equity for Q3 FY23 was INR 2,682 million (US$ 32 million), a decrease of 47.3% over Q3 FY22.

For the first nine months of FY23, ReNew Energy’s total income was INR 63,493 million (US$ 768 million), an increase of 23.1% over the same period in FY22. Adjusted EBITDA for the first nine months of FY23 was INR 49,995 million (US$ 604 million), an increase of 17.8% over nine months of FY22. Net loss for the first nine months of FY23 was INR 5,103 million (US$ 62 million) compared to a net loss of INR 12,573 million (US$ 152 million) for nine months of FY22. Cash Flow to equity for the first nine months of FY23 was INR 19,810 million (US$ 239 million), an increase of 10.6% over the first nine months of FY22.

ReNew Energy’s Days Sales Outstanding (DSO) ended Q3 FY23 at 178 days, a 78 day improvement year on year. The company has clear arrangements for future payment schedules agreed with multiple State Discoms, indicating that DSOs are on track for a substantial improvement over the remainder of the year.