ReNew Power Declares Rs 10.4 crore loss in April-June quarter of FY23

ReNew Power on Friday reported a loss of Rs 10.4 crore in April-June quarter of FY23 due to certain adjustment of one-time expense.

"Net loss for Q1 FY23 (April-June 2022) was Rs 104 million (USD 1 million or Rs 10.4 crore) compared to a net profit of Rs 425 million (USD 5 million or Rs 42.5 crore) for Q1 FY22 (April-June 2021)," a company statement said.

The company explained that the net loss includes a one-time expense for debt premium and the impact of a reclassification of a hedge loss from the balance sheet of Rs 2,531 million (USD 32 million or Rs 253.1 crore) for the refinancing of dollar bonds with lower cost rupee debt, according to a PTI report.

Total income (or total revenue) for Q1 FY23 was Rs 25,007 million (USD 316 million or Rs 2,500.7 crore), an increase of 48.8 per cent over Q1 FY22.

The translation of Indian rupees into US dollars has been made at Rs 79.02 to USD 1.00, it stated, added the PTI report.

As of June 30, 2022, the company's portfolio consisted of 12.9 GWs, a 30.3 per cent increase year-on-year, of which 7.6 GWs are commissioned and 5.3 GWs are committed. Subsequent to the end of the quarter, the company signed an additional ~0.3 GWs of PPAs (Power Purchase Agreement) bringing the company's total portfolio to 13.2 GWs currently, it stated.

ReNew Power, established in 2011, is one of India's leading renewable energy company in terms of total energy generation capacity. Since commencing operations with a 25.2 MW wind project in Jasdan, Gujarat, the company has grown exponentially, and has a current renewable asset base of over 12 GW, including projects under development and in the pipeline.

In October 2019, ReNew Power became the 1st RE company in India (and 10th globally) to cross 5 GW of installed capacity. In 10 years of its operation, ReNew projects have generated many jobs, directly and indirectly. In 2019-20 ReNew Power contributed nearly 1% of the total electricity generated in India and helped mitigate 0.5% of the carbon emitted in a year.