India’s ReNew Improved Q3/FY23 Revenues By 19.4% YoY

Increase in Operating Capacity Pushed ReNew Power’s Revenues While Lowering Its Net Loss; Management Expecting Cheaper Imports In Future

India’s ReNew Improved Q3/FY23 Revenues By 19.4% YoY

ReNew Power has reported a growth in its total revenues and adjusted EBITDA for Q3 and 9M for period ending December 2022. (Source: ReNew Power)

  • ReNew managed to improve its annual revenues for Q3/FY23 by 19.4% and 9M/FY23 by 23.1% annually, thanks mainly to increase in operating capacity
  • It signed 282 MW of new corporate PPAs in Q3 taking its total portfolio for this segment to 1.8 GW
  • The company expects its captive manufacturing to be more competitive due to falling prices for wafer and cell

Increase in operating capacity and late payment surcharge from customers helped NASDAQ listed renewable energy company ReNew Power to increase its annual revenues for Q3/FY23 (period ending December 2022) by 19.4% and for 9M/FY23 by 23.1%, while expanding its corporate power purchase agreement (PPA) portfolio to a cumulative 1.8 GW.

Higher revenues helped the company offset lower income from carbon credit and compensation for loss of revenue. It also managed to lower its net loss for the reporting quarter to INR 4.01 billion ($62 million) from INR 6.38 billion ($77 million) a year back, while that for 9M/FY23 dropped to INR 5.1 billion ($62 million) compared to INR 12.57 billion ($152 million) in the previous year.

A total of 3,312 million kWh electricity was sold by the company in the reporting quarter, representing 13.6% annual increase, while for the initial 9 months of the year it added up to 13,254 million kWh sold. The latter jumped up 26.5% YoY.

At the end of December 2022, ReNew’s total portfolio rose 30.2% annually to 13.4 GW comprising 7.8 GW commissioned and 5.6 GW committed capacity. Operational solar capacity of the company was 3.74 GW.

Corporate PPAs

ReNew signed 282 MW of new PPAs in the reporting quarter seeing this medium offering greater than portfolio average returns. By FY25, it aims to reach 4 GW to 5 GW of corporates PPAs, it stated.

Manufacturing update

Providing an update regarding its solar cell and module production plants in India, ReNew said its 2.1 GW AC module plant 1 in Rajasthan’s Jaipur is now 67% complete. The company’s 1.2 GW AC module plant 2 in Gujarat’s Dholera has achieved 19% completion while the 1.1 GW AC cell plant which is also in Dholera is 39% complete.

The management also provided an update about its solar cell and module manufacturing projects. Falling prices of wafers and cells will enable it to source cheaper products for the production fabs. (Source: ReNew Power)

During the call with analysts to share the financials, ReNew Chairman and CEO Sumant Sinha shared, “Falling prices for wafer and cell prices are likely to also make the delivered prices from our captive manufacturing even more competitive.”

“With falling module prices over the past 2 months, we see opportunity for cheaper imports in the future,” stated ReNew while adding that all its new facilities are expected to deliver returns above its 16% project level equity IRR threshold.


For FY23 (period ending March 2023), ReNew has expects its adjusted EBITDA to range between INR 61,000 million to INR 63,000 million and cash flow to equity between INR 15,000 million to INR 17,000 million. Management says both these forecasts are subject to normal weather for the rest of the year.

About The Author

Anu Bhambhani

SENIOR NEWS EDITOR Anu is our solar news whirlwind. At TaiyangNews, she covers everything that is of importance in the world of solar power. In the past 9 years that she has been associated with TaiyangNews, she has covered over thousands of stories, and analysis pieces on markets, technology, financials, and more on a daily basis. She also hosts TaiyangNews Conferences and Webinars. Prior to joining TaiyangNews, Anu reported on sustainability, management, and education for leading print dailies in India. [email protected]

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