Nasdaq-listed ReNew Energy Global posts profit of Rs 414 crore in FY24

Nasdaq-listed ReNew Energy Global Plc posted a net profit of Rs 414 crore during financial year 2023-24, as against a loss of Rs 502 crore a year before. The Gurgaon-based green energy solution company said its portfolio consisted of 13.5 gigawatts (GW) of projects, out of which 9.5 GW are generating revenue and the balance is committed, as on March 31, 2024. It said with the company signing 2.2 GW of power purchase agreements (PPAs) towards the end of the financial year, its portfolio has grown to 15.6 GW, as of May 2024.“The company expects to complete construction of between 1.9-2.4 GW by the end of financial year 2025. The company’s adjusted Ebitda and cash flow to equity guidance for FY25 are subject to weather being similar to FY24. The company anticipates continued net gains on sales of assets, which is part of ReNew’s capital recycling strategy, and has included Rs 1-2 billion of gains in the guidance,” said a public statement from ReNew. The company expects to reach a gross operating capacity of 15 to 16 GW by the end of FY27 and 19-20 GW, after capital recycling, by FY29, it said.