ReNew Power posts Rs10.4 crore loss in June quarter

19 Aug 2022 , 04:49 PM

ReNew Power announced a loss of Rs10.4 crore for the April—June quarter of FY23 on Friday as a result of some adjustments to one-time expenses. In comparison to a net profit of Rs 425 million (USD 5 million or Rs42.5 crore) for Q1 FY22 (April-June 2021), the company reported that its net loss for the first quarter of FY23 (April-June 2022) was Rs 104 million (USD 1 million or Rs10.4 crore).

The company said that the net loss reflects the impact of reclassifying a hedging loss from the balance sheet of Rs2,531 million (USD 32 million or Rs253.1 crore) for the refinancing of dollar bonds with lower cost rupee debt as well as a one-time payment for debt premium. For the first quarter of FY23, total income (or total revenue) was Rs25,007 million (USD 316 million or Rs2,500.7 crore), up 48.8% over the same period in FY22.

It said that the exchange rate used to convert Indian rupees into US dollars is 79.02 to 1. By June 30, 2022, the company's portfolio had grown by 30.3% year over year to 12.9 GWs, of which 7.6 GWs are now in commission and 5.3 GWs are committed. The company signed an additional 0.3 GWs of PPAs (Power Purchase Agreements) after the quarter ended, increasing its entire portfolio to 13.2 GWs at this time, it said. By June 30, 2022, the company's portfolio had grown by 30.3% year over year to 12.9 GWs, of which 7.6 GWs are now in commission and 5.3 GWs are committed.