ReNew Energy Global Reports 31% Increase in Net Profit for Q2 FY25
Renewable energy giant ReNew Energy Global Plc (ReNew) has announced a significant boost in net profit for the September 2024 quarter. The company’s net profit surged by 31% to reach Rs 4.93 billion, compared to Rs 3.77 billion in the same quarter of the previous fiscal year (FY24).
Rise in Total Income
Alongside the impressive growth in net profit, ReNew also reported a rise in total income for Q2 FY25. The company’s total income reached Rs 29.88 billion, showcasing an increase from the Rs 28.63 billion recorded in the corresponding period last fiscal year.
H1 FY25 Performance
ReNew’s positive financial performance continued throughout the first half of FY25. The company’s net profit for the H1 period stood at Rs 5.33 billion, a decrease from Rs 6.75 billion in the same period of H1 FY24. However, it’s important to note that the total income for H1 FY25 amounted to Rs 54.71 billion, slightly up from Rs 53.29 billion in H1 FY24.
Portfolio Expansion and Power Purchase Agreements
As of September 30, 2024, ReNew Energy Global Plc reported a significant increase in its portfolio capacity. The portfolio expanded to 15.6 GW, up from 13.8 GW a year earlier. Furthermore, the company signed Power Purchase Agreements (PPAs) for an additional 0.7 GW, further pushing its portfolio to 16.3 GW.
Growth in Commissioned Capacity
ReNew showcased considerable growth in commissioned capacity, with a significant YoY increase of 21.8%. As of September 30, 2024, the commissioned capacity stood at 10.1 GW. This was further bolstered by the addition of 250 MW in solar capacity, bringing the total commissioned capacity to 10.4 GW.
ReNew’s Ambitious Targets
In pursuit of its goal to expanding renewable energy capacity, ReNew Energy Global Plc aims to complete between 1,900 MW and 2,400 MW of renewable energy capacity by the end of FY25. With a solid track record and an expanding portfolio, the company aims to further solidify its leadership position in the renewable energy sector.
ReNew Energy Global Plc continues to demonstrate strong financial performance and a commitment to sustainable growth, positioning itself as a key player in the renewable energy industry.
Source: Business Standard
