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 revenue loss from 400 MW assets sold in FY24 as part of our capital recycling strategy, lower wind plant load factor (PLF), lower late payment surcharge from customers,” the company said in a regulatory filing. An increase in finance costs and operational expenses also hurt profits, it said.
Revenue for the quarter rose 7% to ₹2,281.1 crore from ₹2,125 crore a year ago.
The company’s cash generation from operating activities for the June quarter stood at ₹991.3 crore, lower than 1,347.3 crore a year ago. The decrease was driven by higher working capital deployment, partially offset by income tax refund in the first quarter of this year, the company said.
Employee benefits expense in the quarter increased 25.3% year-on-year to ₹143.7 crore, pushed up by higher employee share-based payments and increased headcount.
The average PLF for wind assets was 28.4% in the June quarter, lower than 29.9% in the year-earlier period. The PLF for solar assets declined to 27.2% from 27.5%.
ReNew reiterated its current financial year guidance and expects to complete 1,900 MW to 2,400 MW of orders by March 2025. As of June 30, ReNew’s portfolio comprised 15.6 GW, including 9.6 GW of commissioned assets, up from 13.7 GW a year earlier.
