ReNew’s profit for the April-June quarter fell to ₹39.4 crore from ₹298.3 crore in the year-ago period.
“The decrease was primarily due to loss of revenue from 400 MW assets sold in FY24 as part of our capital recycling strategy, lower wind farm load factor (PLF) and lower late payment surcharge from customers,” the company said in a regulatory filing. An increase in financial costs and Operating expenses It also affected earnings, he added.
Revenue for the quarter rose 7% to ₹2,281.1 crore from ₹2,125 crore a year ago.
The company Cash generation Revenue from operating activities for the June quarter stood at Rs 991.3 crore, lower than Rs 1,347.3 crore a year earlier. The decline was due to higher working capital deployment, partially offset by income tax refund in the first quarter of this year, the company said.
Employee benefits expenses in the quarter increased 25.3% year-on-year to ₹143.7 crore, driven by higher share-based payments to employees and increased headcount.
The average PLF for wind assets was 28.4% in the June quarter, down from 29.9% in the same period last year. The PLF for solar assets decreased from 27.5% to 27.2%.
ReNew reiterated its guidance for the current financial year and expects to complete between 1,900 MW and 2,400 MW of orders by March 2025. As of June 30, ReNew’s pipeline comprised 15.6 GW, including 9.6 GW of assets in operation, up from 13.7 GW a year earlier.
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