6 June 2023
ReNew
Gurugram, India, June
6, 2023, /Businesswire/ -- ReNew Energy Global
Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading decarbonization solutions
company, today announced its consolidated IFRS results for Q4 FY23 and the
fiscal year ended March 31, 2023.
Operating Highlights:
·
As
of March 31, 2023, the Company’s portfolio consisted of 13.7 GWs, a 28.2%
increase year on year, of which ~ 8.0
GWs are commissioned and 5.7 GWs are committed. 101 MW of Purchase Power
Agreements (“PPAs”) were signed in the fourth fiscal quarter of 2023 and only
~1% of our total portfolio have Letters of Award that await a PPA.
·
Total Income (or total
revenue) for Q4 FY23 was INR 25,916 million (US$ 315 million), an increase of
47.1% over Q4 FY22. Adjusted EBITDA(2) for Q4 FY23 was INR 12,010
million (US$ 146 million), as against INR 12,787 million (US$ 156 million) in
Q4 FY22. Net profit for Q4 FY23 was INR 74 million (US$ 1 million) compared to
a net loss of INR 3,554 million (US$ 43 million) for Q4 FY22. Cash Flow to
equity(2)(“CFe”) for Q4 was an outflow of INR 4,631 million (US$ 56
million), as compared to an outflow of INR 5,016 million (US$ 61 million) in Q4
FY22.
·
Total Income (or total
revenue) for FY23 was INR 89,309 million (US$ 1,087 million), an increase of
29.1% over FY22. Adjusted EBITDA(2) for FY23 was INR 62,004 million
(US$ 754 million), an increase of 12.4% over FY22. Net loss for FY23 was INR
5,029 million (US$ 61 million) compared to a net loss of INR 16,128 million
(US$ 196 million) for FY22. Cash Flow to equity(2) (“CFe”) for FY23
was an inflow of INR 15,179 million (US$ 185 million), an increase of 17.8%
over FY22.
·
Days Sales Outstanding
(“DSO”) ended Q4 FY23 at 138 days, a 74-day improvement year on year.
Other
Updates
On May 31 2023, ReNew entered into a partnership with
PETRONAS’ clean energy subsidiary Gentari, where Gentari will purchase a 49%
equity stake in ReNew’s 403 MW Peak Power project. As part of the partnership
ReNew will invest approximately INR 3,130 million (~USD 38 million) for its 51%
stake in the project and through its affiliates, will undertake EPC, O&M,
and project management for the project.
The Peak Power project has a 25-year Power Purchase
Agreement (“PPA”) with Solar Energy Corporation of India (“SECI”), an Indian
central government-owned entity with a AAA rating by ICRA, for supplying
electricity at a peak tariff of INR 6.85/kWh (~USD 8.3¢) and an off-peak tariff
of INR 2.88/kWh (~USD 3.5¢).
FY 24 Guidance
The Company expects to complete
construction on between 1,750 to 2,250 MW’s by the end of Fiscal Year 2024.
The Company’s Adjusted EBITDA and
Cash Flow to equity guidance for FY24 is subject to weather being similar to
FY23.
|
Financial Year |
|
Adjusted EBITDA |
|
Adjusted
EBITDA/share |
|
Cash Flow to equity (CFe) |
|
CFe/share |
|
FY24 |
|
INR 60,000 – INR 66,000 million |
|
INR 149 - INR 164 |
|
INR 6,000 – INR 8,000 million |
|
INR 15 - INR 20 |
Webcast and Conference
Call Information
A conference call has been scheduled to discuss the
earnings results at 8:30 AM ET (6:00 PM IST) on June 7, 2023. The conference
call can be accessed live at https://edge.media-server.com/mmc/p/c752t5oc 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
Notes:
(1) This press release contains translations of certain Indian rupee
amounts into U.S. dollars at specified rates solely for the convenience of the
reader. Unless otherwise stated, the translation of Indian rupees into U.S.
dollars has been made at INR 82.19 to US$ 1.00, which was the noon buying rate
in New York City for cable transfer in non-U.S. currencies as certified for
customs purposes by the Federal Reserve Bank of New York on March 31, 2023. We
make no representation that the Indian rupee or U.S. dollar amounts referred to
in this press release could have been converted into U.S. dollars or Indian
rupees, as the case may be, at any particular rate or at all.
(2) The financial statements in this press release are not the
Company’s statutory accounts as defined in section 434 of the UK Companies Act
2006. Statutory accounts for the Company’s financial year ended March 31, 2023
have not yet been delivered to the Registrar of Companies for England and
Wales. Statutory accounts for the Company’s financial year ended March 31, 2022
have been delivered to the Registrar in accordance with section 441 of the
Companies Act 2006 and an auditor’s report has been made on them and was
unqualified, did not include any reference to any matters to which the auditor
drew attention by way of emphasis without qualifying the report, and contained
no statement under section 498(2) or (3) of the Companies Act 2006.
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; issues related to the COVID-19
pandemic; 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.
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