ReNew’s revenues for Q3 FY25 increased 10% YoY to INR 21.2 billion
Its total committed portfolio stood at 27% higher at 17.4 GW, from 16.3 GW as of Q2 FY25
The company has revised its adjusted EBITDA guidance to INR 74 billion to INR 78 billion
Nasdaq-listed Indian renewable energy company ReNew Energy Global exited Q3 FY25 (period ending December 31, 2024) with its revenues of INR 21.2 billion ($248 million), representing a year-on-year (YoY) increase of around 10%. This includes INR 14.9 billion ($175 million) revenue from power sales.
Adjusted EBITDA of INR 13.8 billion ($162 million) went up by 10% YoY. However, its net loss for the period at INR 3.8 billion ($45 million) widened from INR 3.2 billion ($38 million) in Q3 FY24.
ReNew said the business was impacted by lower plant load factor (PLF) for wind energy. Compared to 17% wind PLF in Q3 FY24, it was 13.5% for the reporting quarter.
The company was able to increase its operational portfolio by 26% YoY or 2.6 GW with 2.1 GW of solar and 483 MW of wind energy during Q3 FY25. Its total operational capacity at the end of the reporting quarter reached 10.8 GW, comprising 5.8 GW of solar, 4.9 GW of wind, and 99 MW of hydro capacity. It also commissioned 1.3 GW of battery energy storage system (BESS) capacity.
At the end of the reporting period, its total committed portfolio stood 27% higher at 17.4 GW, up from 16.3 GW in Q2 FY25. The management touts 24 GW in the pipeline with another 2 GWh of BESS.
For 9M FY25, its total revenues of INR 75.9 billion ($887 million) improved by close to 5% YoY, with the inclusion of INR 3.46 billion ($40 million) from the external sales of its solar PV module and cell. Net profit for this period dropped by 59% over the same period to INR 1.4 billion ($17 million), down from INR 3.5 billion ($41 million) a year back.
Manufacturing update
ReNew operates a solar module manufacturing capacity of 4 GW in Jaipur, Rajasthan, and 2.4 GW in Dholera, Gujarat. Together, these plants are rolling out 10 MW capacity/day. The Jaipur factory has been converted into a TOPCon plant.
It continues to advance its 2.5 GW solar cell plant in Dholera, having produced 310 MW capacity in January this year with 23.2% maximum cell efficiency.
Its external order book is 2 GW strong with 1.1 GW of cells and modules.
Guidance
ReNew retained its previous guidance for installations between 1.9 GW and 2.4 GW for FY2025. This comprises 600 MW subject to timely regulatory approvals and the build-out of evacuation infrastructure. However, it has revised the adjusted EBITDA and cash flow to equity (CFe) guidance to INR 74 billion to INR 78 billion ($854 million and $900 million) and INR 11 billion to INR 13 billion ($127 million to $150 million), respectively, due to lower plant load factor for wind energy.
After the company’s call with analysts to discuss its financial results, ROTH’s Justin Clare said, “In solar, SECI XI and SECI XII, 650 MW total, were delayed from 2026 to H1'27. In wind, SECI XI, 300 MW was delayed from 2026 to 2027. RTC-I, previously expected in H2'25, will be brought on in phases between H2'25 and H1'26.”
Meanwhile, the company has set up a special committee to assess the non-binding takeover bid offer from Masdar, CPPIB, and ReNew CEO Sumant Sinha (see Masdar-Led Consortium Proposes ReNew Energy Acquisition).