Renew Energy Global announced increasing revenue and rising net loss

Indian renewable energy company Renew Energy Global plc (»Renew Power«) announced the results for the second quarter (Q2 FY22) and first half of fiscal year 2022, both ended September 30, 2021. Accordingly, the company's portfolio consisted of 10,217 MW of which 6,315 MW are commissioned; an increase of 15.6 percent over September 30, 2020. More than 3,900 MW are committed, out of which power purchase agreements (PPA) are signed for 2,699 MW.
Total revenue for H1 FY22 was INR 38,119 million ($514 million), an increase of 26 percent over H1 FY21. Total income for the Q2 FY22 was INR 21,312 million ($287 million), an increase of 44.3 percent compared to the same period of the previous year. Adjusted EBITDA increased by 27.9 percent to INR 31,902 million ($430 million) in H1 FY22
Net loss for H1 FY22 was INR 9,849 million ($133 million) compared to a net loss of INR 592 million in H1 FY21. The net loss for H1 FY22 included charges related to listing on Nasdaq Stock Market LLC, issuance of share warrants, listing related share based payments and others, says the company.
Renew Energy expects 8.2 GW of capacity operating by the end of FY22 and adjusted EBITDA for FY22 will be approximately INR 60,750 million ($810 million).

Related News