ReNew Energy Global Reports Strong Growth and Financial Performance for Q4 FY23 and Fiscal Year 2023

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ReNew Energy Global Plc, a leading decarbonization solutions company, has unveiled its financial results for the fourth quarter (Q4 FY23) and fiscal year 2023, ending on March 31, 2023. The company demonstrated remarkable growth in its portfolio, reaching a capacity of 13.7 GW, marking a substantial 28.2% increase compared to the previous year. Among this capacity, approximately 8.0 GW have been commissioned, with an additional 5.7 GW committed. ReNew Energy Global signed Purchase Power Agreements (PPAs) for 101 MW during the fourth quarter, while only 1% of their total portfolio remains awaiting PPAs.


Financially, ReNew Energy Global reported a total income of INR 25,916 million (US$ 315 million) in Q4 FY23, reflecting an impressive 47.1% surge compared to Q4 FY22. The company’s Adjusted EBITDA for the quarter amounted to INR 12,010 million (US$ 146 million), and it achieved a net profit of INR 74 million (US$ 1 million), representing a significant turnaround from the net loss incurred in the same period last year. Throughout fiscal year 2023, the total income stood at INR 89,309 million (US$ 1,087 million), denoting a 29.1% increase over the previous year. ReNew Energy Global recorded an Adjusted EBITDA of INR 62,004 million (US$ 754 million) and a net loss of INR 5,029 million (US$ 61 million) for the year.

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Furthermore, ReNew Energy Global provided an update on its partnership with Gentari, PETRONAS’ clean energy subsidiary. Gentari has agreed to acquire a 49% equity stake in ReNew’s 403 MW Peak Power project, while ReNew will invest approximately INR 3,130 million (~USD 38 million) for its 51% stake. The project has secured a 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI).


Looking ahead, ReNew Energy Global expects to witness accelerated auction pace in FY24, targeting 50 GW, with a substantial increase in complex bids, where the company holds a competitive edge. The company has experienced improvements in Days Sales Outstanding (DSO), reaching its lowest level in three years, and anticipates further progress in this area. ReNew Energy Global also forecasts up to 10% YoY growth in EBITDA/share for FY24 and over 35% YoY growth in FY25. With a run rate per share of 13.7 GW, the company aims to achieve over 40% EBITDA/share growth beyond FY24.

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ReNew Energy Global Plc’s robust portfolio growth, enhanced financial performance, and strategic partnerships position the company as a prominent player in the clean energy sector, poised for continued success.

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