ReNew Energy’s Q2 Loss Narrows To INR 986 Mn

As of September 2022, the company’s portfolio consisted of 13.4 GWs, a 30.8 per cent increase year on year

ReNew Energy Global has posted a net loss of Rs 986 million for Q2 FY23, as against Rs 6,614-million loss in the same time 2021. The company has managed to narrow its loss due to higher revenue generation. The company’s total revenue for Q2 FY23 was Rs 22,409 million, which is an increase of 5.1 per cent over Q2 FY22. The company in a statement said its net earnings for Q2 FY23 was Rs 18,209 million, an increase of 0.1 per cent over Q2 FY22. Cash Flow to equity for the quarter under review was Rs 7,125 million, an increase of 4.7 per cent over Q2 FY22.

Days Sales Outstanding ended Q2 FY23 at 231 days, which is a 41-day improvement year-on-year and the company increased its cash by Rs 4,881 million through a reduction in accounts receivables during the quarter. The Gurgaon-headquartered company said USD 300-million green bonds were redeemed during Q2 FY23. As of September 30, 2022, its outstanding debt is 50 per cent of its local currency borrowing. During the same time period, the company’s portfolio consisted of 13.4 GWs, a 30.8 per cent increase y-o-y. 

ReNew has entered into a partnership with Norway’s largest pension company Norfund, and government’s investment fund for developing countries, and KLP, to co-invest in ReNew’s transmission projects. ReNew signed definitive documents to acquire shares in 3E, a software-as-a-service solutions company.