ReNew Energy Global Plc (ReNew), listed on Nasdaq, as a renewable energy company, reported a YoY growth of 31% in net profit for the second quarter of FY25 at ₹493.9 crore, or USD 59 million. This growth was driven mainly by higher income in the quarter. The company observed expansion in both its portfolio and commissioned capacity, which has been strengthening its leadership in the renewable energy sector.
In the July-September quarter of FY25, ReNew’s total income rose to ₹2,988.7 crore (USD 357 million), up from ₹2,863.2 crore (USD 342 million) in the corresponding period of the previous fiscal year. The company’s net profit for the quarter saw a marked increase from ₹377.1 crore (USD 45 million) reported during the same period in FY24.
Net profit in the first half of FY25 stood at₹533.3 crore (USD 64 million) for ReNew, against₹675.4 crore (USD 81 million) in H1 FY24. Half-yearly net profit declined while total income is reported at ₹5,471.3 crores (USD 653 million) from ₹5,329.1 crores (USD 636 million) in the year-ago period.
ReNew’s operating portfolio, as of September 30, 2024, stood at 15.6 GW from 13.8 GW reported on the comparable date of 2023. The company further increased its capacity post-quarter-end, closing PPAs for an additional 0.7 GW, thereby increasing its total portfolio to 16.3 GW.
The company’s commissioned capacity grew by 21.8% YoY, thereby reaching 10.1 GW by the end of Q2 FY25. Subsequent developments post-quarter saw the commissioning of 250 MW of solar capacity, which brought the total commissioned capacity to 10.4 GW. ReNew plans to add around 1,900 MW to 2,400 MW of renewable energy capacity by the end of FY25, thereby signaling the intent to step up operations in the clean energy sector.
Conclusion
The Q2 FY25 performance by ReNew Energy is robust, with significant profit growth and portfolio expansion presented as strategic efforts to scale the renewable energy capacity. With new PPAs signing and more capacities commissioned, ReNew Energy positions itself as a leading player in driving India’s way to sustainability through a transition in its energy usage.
Source: PTI