Government Invites Bids to Advance Hydrogen Value Chain Technologies

SECI Invites Bids for 400 MW Domestically Manufactured Solar Modules

ADB Approves $250 Million Loan for India’s Power Sector Reform

Adani, BHEL, JSW, L&T Among Bidders for Green Hydrogen, Electrolyzer Manufacturing

SJVN Invites Bids to Acquire Land for 200 MW Solar Projects in Assam

Daily News Wrap-Up: SJVN’s Tender to Acquire Land for 1 GW Solar Projects

Renew Blocks Transmission Capacity for 3.1 GW Renewable Projects in Advance

Average Cost of Large-Scale Solar Projects Fell 13% YoY in Q3

SECI Invites Bids for 1.35 GW of ISTS Wind Projects with Greenshoe Option

SJVN Green Invites Bids to Acquire Land for 1 GW Solar Projects


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/11/amazon_polly_60530.mp3?version=1700489067">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Independent renewable power producer <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a> recorded a net revenue of ₹28.6 billion (~$345 million) for the second quarter (Q2) of the financial year (FY) 2023-24, a year-over-year (YoY) increase of 27.8% compared to ₹22.4 billion (~$270 million).</p>
<p>The increase in total income was due to higher operational capacity, higher plant load factor (PLF), and higher finance income.</p>
<p>The net profit for Q2 FY 2024 was ₹3.8 billion (~$45 million) compared to a net loss of ₹986 million (~$ 12 million) in Q2 FY 2023, with the improvement driven by higher operating revenue and lower finance costs quarter on quarter.</p>
<p>Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter was ₹21.3 billion (~$256 million), as compared to ₹18.2 billion (~$219 million) in Q2 FY23.</p>
<p>The company’s weighted average PLF for wind assets was 41.3%, compared to 32.7% YoY. The PLF for solar assets was 23.1% compared to 21.8% for Q2 FY 2023.</p>
<p>Electricity sold from wind assets was 3,801 million kWh, an increase of 36.4%YoY. Electricity sold from solar assets was 2,071 million kWh, an increase of 16% over Q2 FY 2023.</p>
<p>Total electricity sold in Q2 FY 2024 was 6,055 million kWh, an increase of 27.4% YoY.</p>
<p><strong>First Half (1H) 2024</strong></p>
<p>ReNew recorded net revenue of ₹53.3 billion (~$641 million) for 1H FY24, a 12.4% YoY increase from ₹47.4 billion (~$571 million). The increase in total income was due to higher operational capacity, PLF, and finance income.</p>
<p>The net profit for 1H FY 2024 was ₹6.7 billion (~$81 million) compared to a net loss of ₹1.1 billion (~$ 13 million) 1H FY 2023, with the improvement driven by higher operating revenue and lower finance costs year on year.</p>
<p>Adjusted EBITDA for the April to September period was ₹39.9 billion (~$480 million), compared to ₹38.4 billion (~$462 million) in 1H FY 2023.</p>
<p>ReNew’s weighted average PLF for the period for wind assets was 35.7%, compared to 33.7% YoY. The PLF for solar assets was 25.3% compared to 24.5%.</p>
<p>Electricity sold from wind assets was 6,436 million kWh, an increase of 13.4% YoY. Electricity sold from solar assets was 4,447 million kWh, an increase of 11.9% YoY.</p>
<p>Total electricity sold in 1H FY 2024 was 11,169 million kWh, an increase of 12.3% YoY.</p>
<p>As of September 30, 2023, the company’s total portfolio consisted of 13.8 GW, an increase of 3% YoY, and commissioned capacity was 8.3 GW, an increase of 8% YoY, of which 4.2 GW was wind, 4.1 GW was solar, and 99 MW were hydro based.</p>
<p>ReNew <a href="https://www,mercomindia.com/lower-finance-costs-take-renew-profit-2-98-billion-q1/" target="_blank" rel="noopener">recorded</a> a net profit of ₹2.98 billion (~$35.86 million) for Q1 FY 2024, from a net loss of ₹104 million (~$1.25 million) YoY.</p>
<p>In July, ReNew <a href="https://www.mercomindia.com/renew-gentari-enter-jv-renewable-assets-in-india" target="_blank" rel="noopener">signed</a> a 50:50 joint venture agreement with clean energy solutions provider Gentari to develop solar, wind, and energy storage assets to achieve a clean power capacity target of 5 GW in India.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
</div>
<div class="authorboxn">
<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
<p style="height: 17px">
</div>
</div></div><div class="clearfix"></div></div></div>

Higher Plant Load Factor Takes ReNew’s Profit Up 28% YoY in Q2 FY24

plf

Get the most relevant India solar and clean energy news.

RECENT POSTS