6 June 2024
ReNew
June 05, 2024, GURUGRAM, India -- ReNew
Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading decarbonization
solutions company, today announced its unaudited consolidated IFRS results for
Q4 FY24 and year ended March 31, 2024.
Operating
Highlights:
·
As of
March 31, 2024, the Company’s portfolio consisted of ~13.5 GWs, of which ~9.5
GWs are generating revenue and ~4 GWs are committed, compared to ~13.7 GWs as
of March 31, 2023. Subsequent to the year-end, the company signed ~2.2 GW of
PPAs taking the portfolio to ~15.6 GW, as of May 31, 2024.
·
Total
Income (or total revenue) for FY24 was INR 96,531 million (US$ 1,158 million),
compared to INR 89,309 (US$ 1,072 million) for FY23. Net profit for FY24 was
INR 4,147 million (US$ 50 million) compared to a net loss of INR 5,029 million
(US$ 60 million) for FY23. Adjusted EBITDA for FY24 was INR 69,216 million (US$
831 million), as against INR 62,004 million (US$ 744 million) for FY23. Cash
Flow to equity ("CFe") for FY24 was INR 13,665 million (US$ 164
million) compared to INR 15,237 million (US$ 183 million) for FY23.
·
Total
Income (or total revenue) for Q4 FY24 was INR 24,776 million (US$ 297 million),
compared to INR 25,916 (US$ 311 million) for Q4 FY23. Net profit for Q4 FY24
was INR 609 million (US$ 7 million) compared to INR 74 million (US$ 1 million)
for Q4 FY23. Adjusted EBITDA for Q4 FY24 was INR 16,810 million (US$ 202
million), as against INR 12,010 million (US$ 144 million) in Q4 FY23. Cash Flow
to equity (“CFe”) for Q4 FY24 was an outflow of INR 8,091 million (US$ 97
million) compared to an outflow of INR 4,573 million (US$ 55 million) in Q4 FY23.
·
Days
Sales Outstanding (“DSO”) ended Q4 FY24 at 77 days, a 61-day improvement, year
on year.
Note:
the translation of Indian rupees into U.S. dollars has been made at INR 83.34
to US$ 1.00.
FY 25 Guidance
The Company expects to complete construction
of between 1,900 to 2,400 MWs by the end of Fiscal Year 2025. The Company’s
Adjusted EBITDA and Cash Flow to Equity guidance for FY25 are subject to
weather being similar to FY24. The Company anticipates continued net gains on
sales of assets, which is part of ReNew’s capital recycling strategy, and has
included INR 1-2 billion of gains in the guidance below:
|
Financial
Year |
|
Adjusted
EBITDA |
|
Cash
Flow to equity (CFe) |
|
FY25 |
|
INR 76 – INR 82 billion |
|
INR 12 – INR 14 billion |
We expect to reach gross operating capacity
of 15 to 16 GWs by the end of Fiscal Year 2027 and 19 to 20 GWs, after capital
recycling, by the end of Fiscal Year 2029. Accordingly, we are providing the
following long term run rate guidance:
|
Operating
GWs |
|
Adjusted
EBITDA run rate |
|
CFe
run rate |
|
15 – 16 |
|
INR 110 – INR 115
billion |
|
INR 30 – INR 32 billion |
|
19 – 20 |
|
INR 142 – INR 150
billion |
|
INR 35 – INR 42 billion |
Note: the translation of Indian rupees into U.S. dollars has been
made at INR 83.34 to US$ 1.00.
Webcast
and Conference call information
A conference call has been
scheduled to discuss the earnings results at 8:00 AM EDT (5:30 PM IST) on June
06, 2024. The conference call can be accessed live at: https://edge.media-server.com/mmc/p/3msa772f or by phone (toll-free) by dialing:
US/ Canada: (+1) 855 881 1339
France: (+33) 0800 981 498
Germany: (+49) 0800 182 7617
Hong Kong: (+852) 800 966 806
India: (+91) 0008 0010 08443
Japan: (+81) 005 3116 1281
Singapore: (+65) 800 101 2785
Sweden: (+46) 020 791 959
UK: (+44) 0800 051 8245
Rest of the world: (+61) 7 3145
4010 (toll)
An audio replay
will be available following the call on our investor relations website at https://investor.renew.com/news-events/events
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended and
the Private Securities Litigation Reform Act of 1995, including statements
regarding our future financial and operating guidance, operational and
financial results such as estimates of nominal contracted payments remaining
and portfolio run rate, and the assumptions related to the calculation of the
foregoing metrics. The risks and uncertainties that could cause our results to
differ materially from those expressed or implied by such forward-looking
statements include: the availability of additional financing on acceptable
terms; changes in the commercial and retail prices of traditional utility
generated electricity; changes in tariffs at which long-term PPAs are entered
into; changes in policies and regulations including net metering and
interconnection limits or caps; the availability of rebates, tax credits and
other incentives; the availability of solar panels and other raw materials; our
limited operating history, particularly as a relatively new public company; our
ability to attract and retain relationships with third parties, including solar
partners; our ability to meet the covenants in our debt facilities;
meteorological conditions; supply disruptions; solar power curtailments by
state electricity authorities and such other risks identified in the
registration statements and reports that our Company has filed or furnished
with the U.S. Securities and Exchange Commission, or SEC, from time to time.
Portfolio represents the aggregate megawatts capacity of solar power plants
pursuant to PPAs, signed or allotted or where we have received a letter of
award. There is no assurance that we will be able to sign a PPA even though we
have received a letter of award. All forward-looking statements in this press
release are based on information available to us as of the date hereof, and we
assume no obligation to update these forward-looking statements.
Unless the context otherwise
requires, all references in this press release to “we,” “us,” or “our” refers
to ReNew and its subsidiaries.
ReNew is a leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy portfolio of ~15.6 GW on a gross basis as of May 31, 2024, is one of the largest globally. In addition to being a major independent power producer in India, we provide end-to-end solutions in a just and inclusive manner in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets that increasingly are integral to addressing climate change. For more information, visit renew.com and follow us on LinkedIn, Facebook, Twitter and Instagram.
Investor
Enquiries
Nathan Judge, Nitin Vaid | ir@renew.com
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