ReNew Energy Global Plc has reported a significant rise in profitability for the fourth quarter of FY25, driven by higher power sales and robust contributions from its solar module and cell manufacturing units. The Nasdaq-listed decarbonisation company posted a net profit of Rs. 313.7 crore for the March quarter, a sharp increase from Rs. 60.9 crore in the same period last year. Revenue for the quarter stood at Rs. 3,439.1 crore, aided by gains in clean energy sales and manufacturing income. ReNew's operational portfolio grew to 18.5 GW post-fiscal year, underlining its strategic focus on expansion and asset monetisation.
Robust Earnings Highlight Green Energy Growth
ReNew Energy Global Plc, a key player in India’s clean energy landscape, posted an impressive financial performance for the fourth quarter of FY25, showcasing a sharp uptick in both revenue and net profit. The company's Q4 net profit jumped over fivefold to Rs. 313.7 crore, compared to Rs. 60.9 crore in the same period a year ago. The gains were underpinned by increased energy sales and a broader contribution from solar manufacturing operations.
Total revenue for the March quarter rose to Rs. 3,439.1 crore, a substantial increase from Rs. 2,477.6 crore in Q4 FY24. A major portion of this revenue—Rs. 991.4 crore—came from external sales of solar modules and cells, reflecting ReNew’s growing integration into upstream manufacturing.
Power Sales Drive Topline Expansion
During the fourth quarter, ReNew’s core revenue stream—energy sales—also showed a marked improvement. Revenue from the sale of power reached Rs. 1,829.4 crore, up from Rs. 1,690.8 crore in the corresponding period of the previous year. This consistent growth reinforces the company’s stronghold in the utility-scale renewable sector.
For the full financial year, the company’s revenue from power sales climbed to Rs. 8,148.6 crore, compared to Rs. 7,662.4 crore in FY24. This robust growth reflects steady demand and execution across its renewable portfolio.
Full-Year Performance: Revenue and Capacity Scaling Up
For FY25, ReNew reported a net profit of Rs. 459.1 crore, rising from Rs. 414.7 crore in FY24. Total income for the fiscal year stood at Rs. 10,907 crore, compared to Rs. 9,653.1 crore in the previous year, highlighting the company’s expanding footprint and operational efficiency.
Of this, Rs. 1,337.3 crore came from external solar module and cell sales, as the company strengthens its vertical integration model. This approach is expected to improve margins and reduce dependency on external suppliers amid a global push for clean technology localization.
Operational Milestones and Portfolio Expansion
As of March 31, 2025, ReNew’s clean energy portfolio reached 17.3 GW, up from 13.5 GW a year earlier. Post the fiscal year, the company signed additional power purchase agreements (PPAs) for 1.2 GW, pushing the total portfolio to 18.5 GW, including 1.1 GWh of Battery Energy Storage System (BESS) capacity.
The company also ramped up its manufacturing capacities, with 6.5 GW of solar module and 2.5 GW of solar cell manufacturing capacity now in place—establishing a strong foundation for domestic and export-driven growth.
Commissioned capacity stood at 10.7 GW as of March-end, reflecting a 12.4% year-on-year increase, even after accounting for the sale of 300 MW of assets during the year. The company added another 466 MW in fresh capacity, comprising 436 MW solar and 30 MW wind installations.
Capital Recycling and Growth Outlook
ReNew continues to pursue a capital recycling model, monetizing operational assets to fund fresh developments. The company anticipates asset sales to contribute Rs. 1-2 billion to its adjusted EBITDA in the coming fiscal year.
Looking ahead, the company expects to commission 1.6 to 2.4 GW of new projects by the end of FY26, reflecting a well-capitalized pipeline and strategic planning aligned with India’s renewable energy targets.
Conclusion: Scaling Clean Power with Profitability
ReNew’s latest results underscore its ability to scale clean energy while delivering solid financial returns. By balancing generation expansion with manufacturing integration and strategic divestments, the company appears well-positioned to lead India’s renewable transition. As global capital increasingly seeks sustainable returns, ReNew’s performance signals that green power and green profits are no longer mutually exclusive.
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