Renewable energy company ReNew Energy Global on Thursday posted a net profit of Rs 61 crore in Q4FY24, seven times higher than what it posted in the corresponding quarter of the previous fiscal. The jump was owing to higher finance income and lower expenses.
Revenue fell by 4.4% in Q4 to Rs 2,477.6 crore from `2,591.6 crore for the same quarter last fiscal due to lower earnings from the company’s transmission projects.
The company reported a net profit of `415 crore for FY24, compared with a net loss of `503 crore in FY23, aided by higher operating income and gain on the sale of assets.
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The clean energy major registered an 8.1% jump in its total revenue to Rs 9,653 crore in FY24 from `8,930 crore in FY23.
The record profits were registered despite a marginal fall in the weighted average plant load factor (PLF) for the quarter and year, caused by lower radiation and wind speeds, the company said.
While the PLF for FY24 was 26.4% for wind assets, compared with 25.5% for FY23, the PLF for solar assets for FY24 was 24.6% against 24.8% for FY23. The PLF for Q4 for wind assets was 18.4%, compared with 20.0% for Q4FY23. The PLF for Q4 for solar assets was 25.5 against 26.5% for Q4 FY23.
“These positive earnings will further fuel our ambitious growth plans of doubling our capacity to over 20 GW in the next five years, with a continued focus on execution, and will allow us to lead the trebling of India’s renewable energy capacity,” ReNew chairman and CEO Sumant Sinha said.
From: financialexpress
Financial News
