ReNew Energy's Profits Soar Sevenfold Amidst Declining Revenue

ReNew Energy Global Plc reported a sevenfold increase in net profit, reaching USD 7 million for Q4 FY24, despite a 4.4% dip in total revenue. Yearly net profits soared to USD 50 million. The company plans to expand its capacity significantly by FY27, driven by its ambitious growth strategy.

PTI | New Delhi | Updated: 06-06-2024 13:00 IST | Created: 06-06-2024 13:00 IST
ReNew Energy's Profits Soar Sevenfold Amidst Declining Revenue
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ReNew Energy Global Plc announced a remarkable sevenfold increase in net profit, achieving USD 7 million in the January-March quarter of FY24. This substantial growth was attributed to higher income and reduced expenses, despite a 4.4% decrease in total revenue to USD 297 million, down from USD 311 million in the same period the previous year.

The clean energy firm cited lower earnings from its transmission projects as the primary reason for the revenue decline. For the entire fiscal year, however, ReNew Energy recorded a net profit of USD 50 million, a significant turnaround from the USD 60 million net loss in FY23.

Throughout FY24, the company's total revenue also saw an 8.1% increase to USD 1,158 million, up from USD 1,072 million in FY23. Despite a slight drop in the weighted average Plant Load Factor (PLF) due to lower radiation and wind speeds, ReNew Energy aims to nearly double its capacity to over 20 GW in the next five years, stated Chairman and CEO Sumant Sinha.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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