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					</table><p>Independent renewable power producer <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew Energy</a> narrowed its net loss by 19% to ₹3.2 billion (~$39 million) in the third quarter (Q3) of the financial year (FY) 2024 from ₹4 billion (~$48 million) last year, helped by higher tariffs and lower prices of solar modules.</p>
<p>ReNew said that the tariffs in auctions, compared to last year, were higher by 14% and 7% for wind and solar, respectively, and the prices of solar modules fell by 60% this year.</p>
<p>“Beyond the rise in tariffs, we saw several other factors that are supporting better returns, such as a record fall in the cost of solar modules, stable FX, adequate domestic debt financing, and a significant reduction in receivable days,” said CEO Sumant Sinha during a post-earnings call with analysts.</p>
<p>The Nasdaq-listed company’s Q3 revenue was ₹19.3 billion (~$232 million), compared to ₹16 billion (~$193 million) in the same period last year. The 20% jump can be partly attributed to additional projects commissioned during the quarter and higher plant load factor (PLF) for wind. Wind PLF during the quarter was 17% compared to 14.7% last year.</p>
<p>The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter was ₹12.5 billion (~$150 million), up 7% from last year’s ₹11.6 billion (~$140 million).</p>
<p>The company won 2.5 GW of auctions in Q3, in what it called “one of the best action markets ever,” but warned of transmission increasingly becoming a bottleneck for the commissioning of future renewable capacity in India.</p>
<p>Sinha said the Central Electricity Authority has now become more careful in giving connectivity approvals because of the amount of renewable capacity being added. The timeframe for processing a transmission request has now increased to four to six weeks compared to two to three days earlier.</p>
<p><strong>9M FY 2024</strong></p>
<p>After posting a net loss of ₹5.1 billion (~$61 million) in the first nine months of FY 2023, ReNew recorded a net profit of ₹3.5 billion (~$43 million) in the first nine months of FY 2024. Lower costs and a stable foreign exchange environment helped the swing to profit.</p>
<p>The company’s total revenue rose 14% to ₹72.4 billion (~$870 million) in the first nine months from ₹63.5 billion (~$763 million) in the same period last year, helped by higher tariffs and higher generation of electricity.</p>
<p>Adjusted EBITDA also showed strong growth, increasing 5% to ₹52.4 billion (~$630 million) in the first nine months of FY 2024, compared to ₹50 billion (~$601 million) in the same period last year.</p>
<p>ReNew expanded its clean energy portfolio to 13.8 GW as of December 31, 2023.</p>
<p>In the previous quarter, higher PLF resulted in the company <a href="https://www.mercomindia.com/renew-profit-up-28-yoy-q2-fy24" target="_blank" rel="noopener">recording</a> a 28% jump in year-over-year profit, while in the quarter earlier, lower finance costs <a href="https://www.mercomindia.com/lower-finance-costs-take-renew-profit-2-98-billion-q1" target="_blank" rel="noopener">helped</a> it churn out a profit compared to a loss a year ago.</p>


ReNew Narrows Q3 Net Loss on Higher Tariffs and Lower Module Prices

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