ReNew posts profit for fiscal 2024

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ReNew Energy Global, a Nasdaq-listed decarbonization solutions company, has reported a total income (or total revenue) of $1,158 million for FY 2024, compared to $1,072 million for FY 2023. The company achieved profitability with a net profit of $50 million for FY 2024, compared to a net loss of $60 million for FY 2023.

Adjusted EBITDA for FY 2024 was $831 million, against $744 million for FY 2023.

As of March 31, 2024, the company’s portfolio consisted of 13.5 GW, out of which 9.5 GW are generating revenue and 4 GW are committed. Subsequent to the year-end, the company signed 2.2 GW of power purchase agreements (PPAs) taking the portfolio to 15.6 GW, as of May 31, 2024.

The company expects to complete construction of between 1.9 to 2.4 GW by the end of fiscal year 2025. It also expects to reach gross operating capacity of 15 to 16 GW by the end of fiscal 2027 and 19 to 20 GW, after capital recycling, by the end of fiscal 2029.

In addition to being a major independent power producer in India, ReNew provides end-to-end solutions in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets.

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