On Friday, ReNew Power reported a net loss of Rs 10.4 crore in the April-June quarter of FY23. This was due to certain adjustments to one-time expenses. As per the company’s data, the net loss for Q1 FY23 (April-June 2022) stood at USD 1 million (or Rs 10.4 crore) compared to a net profit of USD 5 million (Rs 42.5 crore) for Q1 FY22 (April-June 2021).

ReNew Power has explained that the net loss includes a one-time expense for debt premium and the impact of a reclassification of a hedging loss from the balance sheet of USD 32 million (Rs 253.1 crore) for the refinancing of dollar bonds with lower-cost rupee debt. The company’s total revenue (total income) for the quarter under review was USD 316 million (Rs 2,500.7 crore), recording an increase of 48.8% over Q1 FY22.

Founded in 2011, ReNew Power is India’s largest renewable energy company by operational capacity. It has an asset base of over 10 GW. Headquartered in Gurugram, the company has expertise in developing utility-scale wind and solar energy projects, including distributed solar energy production for commercial and industrial consumers.
Currently, it operates over 110 projects across 18 states in India. As of June 30, 2022, the company’s portfolio consisted of 12.9 GWs, a 30.3% increase year on year.