ReNew’s net loss widens to ₹387.9 crore in Q3 FY25

ReNew Energy Global on Wednesday reported a net loss of ₹387.9 crore, or roughly $45 million, during Q3 FY25 against a net loss of about ₹321.6 crore in the year-ago period.

The Nasdaq-listed firm, some of whose major investors have proposed to take the company private, posted a net profit of ₹494 crore in Q2 FY25.

ReNew’s total revenue for Q3 FY25 was ₹2,119.8 crore ($248 million), compared to ₹1,929 crore ($225 million) for Q3 FY24, registering a growth of around 10 per cent.

Revenue from the sale of power for Q3 FY25 was ₹1,499.1 crore ($175 million), compared to ₹1,502.6 crore ($176 million) for Q3 FY24.

Adjusted EBITDA for Q3 FY25 was ₹1,388.2 crore ($162 million), as against ₹1,250.9 crore ($146 million) for Q3 FY24, registering a growth of around 11 per cent.

As of December 31, 2024, the company’s portfolio consisted of around 17.4 gigawatts (GW), compared to around 13.8 GW as of December 31, 2023.

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The company’s commissioned capacity has increased 25.5 per cent Y-o-Y to around 10.7 GW as of December 31, 2024. Subsequent to the end of the quarter, ReNew has commissioned 92 megawatt (MW) of wind capacity, taking the total commissioned capacity to around 10.8 GW.

“A non-binding offer was received by ReNew on December 11, 2024, from CPP Investments, ADIA, Masdar and ReNew Chairman and CEO Sumant Sinha, collectively the ‘Consortium’ to acquire the entire issued and to be issued share capital of ReNew not already owned by members of the Consortium, for a cash consideration of $7.07 per share. A Special Committee was formed of independent directors to evaluate this offer and discussions with the Consortium are ongoing,” ReNew said in a statement.

On guidance, the company said it continues to expect the installation of between 1,900 to 2,400 MW by the end of FY25, including around 600 MW, which is subject to timely regulatory approvals and build-out of evacuation infrastructure.

“We are revising our FY25 Adjusted EBITDA and Cash Flow to equity (CFe) guidance primarily on account of the lower resource availability impact observed in the first nine months of FY25.”

The company has reduced the Adjusted EBITDA guidance to ₹7400–7800 crore in Q3 FY25 from ₹7600-8200 crore in Q2 FY25. Cash Flow to Equity guidance has been reduced to Rs 11-13 billion from Rs 12-14 billion in Q2 FY25.