GURUGRAM, India, Feb. 24, 2022 /PRNewswire/ -- ReNew Energy Global
plc ("ReNew" or "the Company") (Nasdaq: RNW), India's leading renewable energy company,
today announced its consolidated results for Q3 FY22 and nine
months ended December 31,2021.
Operating Highlights:
- The commissioned capacity of the Company increased by 1.1 GW
during Q3 FY22 of which 0.8 GW was added organically. As of
December 31, 2021, the Company's
portfolio consisted of 10.3 GW of which 7.4 GW are commissioned and
2.9 GW are committed.
- Total Income (or total revenue) for nine months of FY22 was INR
51,581 million (US$ 693 million), an
increase of 25.6% over nine months of FY21. Total Income for the Q3
FY22 was INR 13,462 million (US$ 181
million), an increase of 24.7% over Q3 FY21.
- Net loss for nine months of FY22 was INR 12,573 million
(US$ 169 million) compared to a net
loss of INR 4,093 million (US$ 55
million) in nine months of FY21. The net loss for nine
months of FY22 included INR 13,158 million (US$ 177 million) of charges related to listing on
Nasdaq Stock Market LLC, issuance of share warrants, listing
related share-based payments and others.
- Adjusted EBITDA(2) (Non-IFRS) for nine months of FY22 was INR
42,456 million (US$ 571 million), an
increase of 27.5% over nine months of FY21. Adjusted EBITDA for Q3
FY22 was INR 10,554 million (US$ 142
million), an increase of 26.0% over Q3 FY21. Adjusted EBITDA
was not adjusted for the net negative impact of weather relative to
normal of approximately INR 4,082 million (US$55 million) for nine months of FY22 and
approximately INR 1,116 million (US$ 15
million) for Q3 FY22.
- Non-IFRS Cash Flow to Equity (2) ("CFe") from Operating Assets
for nine months of FY22 was INR 17,904 million (US$ 241 million), an increase of 115.7% over nine
months of FY21. Non-IFRS Cash Flow to Equity from Operating
Assets for Q3 FY22 was INR 5,085 million (US$ 68 million), an increase of 811.7% over Q3
FY21.
Key Operating Metrics
As of December 31, 2021, our total
portfolio consisted of 10,331 MW. Commissioned capacity was 7,440
MW of which 3,749 MW was wind, 3,592 MW solar and 99 MW were hydro.
We commissioned 160 MW of wind and 1,325 MW of solar capacity
during the nine months of FY22 and 97 MW of wind and 769
MW of solar capacity during Q3 FY22. We acquired 260 MW
of solar assets during Q3 FY22.
Electricity sold
Total electricity sold for nine months of FY22 was 10,475
million kWh, an increase of 1,933 million kWh, or 22.6%, over nine
months of FY21. Total electricity sold for Q3 FY22 was 2,917
million kWh, an increase of 548 million kWh or23.1%, over Q3
FY21.
Electricity sold for nine months of FY22 for wind assets was
6,677 million kWh, an increase of 1,350 million kWh, or 25.3%, over
nine months of FY21. Electricity sold for nine months of FY22 for
solar assets was 3,617 million kWh, an increase of 402 million kWh
or 12.5%, over nine months of FY21. Electricity sold for nine
months of FY22 for hydro assets was 181 million kWh. The hydro
assets were acquired in the month of August
2021.
Electricity sold for Q3 FY22 for wind assets was 1,373 million
kWh, an increase of 33 million kWh or 2.5%, over Q3 FY21.
Electricity sold for Q3 FY22 for solar assets was 1,433 million
kWh, an increase of 404 million kWh or39.2%, over Q3 FY21.
Electricity sold for Q3 FY22 for hydro assets was 111 million kWh.
The hydro assets were acquired in the month of August 2021.
Plant Load Factor
Our weighted average Plant Load Factor ("PLF") for nine months
of FY22 for wind assets was 28.0%, compared to 24.5%, for nine
months of FY21 due to an improvement in wind resource. The PLF for
nine months of FY22 for solar assets was 22.0% compared to 22.3%
for nine months of FY21.
Our weighted average PLF for Q3 FY22 for wind assets was16.7%,
compared to 18.1% for Q3 FY21. The PLF for Q3 FY22 solar assets was
21.0% compared to 21.3% for Q3 FY21.
Total Income
Total Income for nine months of FY22 was INR 51,581 million
(US$ 693 million), an increase of
25.6% over for nine months of FY21. The increase in total income
was primarily due to increase in capacity and higher wind PLFs as a
result of improved wind resource. Total Income for Q3 FY'22 was INR
13,462 million (US$ 181 million), an
increase of 24.7% over Q3 FY'21. The increase in total income was
primarily due to increase in capacity. Total income includes
Finance Income of INR 1,235 million (US$ 17
million) for nine months of FY22 and INR 428 million
(US$ 6 million) for Q3 FY22.
Employee Benefit Expenses
Employee benefits expense for nine months of FY22 was INR 3,423
million (US$ 46 million), an increase
of 267.8% over nine months of FY21. Employee benefit expenses for
Q3 FY22 was INR 1,141 million (US$ 15
million), an increase of 246.0% over Q3 FY21. The increase
is primarily due to INR 2,220 million (US$
30 million) expense in nine months of FY22 as a result of
share-based payment expense and other listing expenses.
Other Expenses
Other Expenses, which includes Operating & Maintenance
(O&M) as well as General & Administrative (G&A), for
nine months of FY22 was INR 6,495 million (US$ 87 million), an increase of 30.4 % over nine
months of FY21. The increase was in line with increase in operating
capacity and certain investments for future growth. Other expenses
for Q3 FY22 was INR 2,178 million (US$ 29
million), an increase of 51.4% over Q3 FY21. Other expenses
for Q3 FY21 included a onetime positive adjustment of INR 168
million (US$ 2 million) on account of
assets held for sale resulting in lower comparable expense base for
the period and therefore higher percentage of variance. The
increase without this onetime adjustment is in line with increase
in operating capacity and certain investments for future
growth.
Net Loss
The net loss for nine months of FY22 was INR 12,573 million
(US$ 169 million) compared to a net
loss of INR 4,093 million (US$ 55
million) in nine months of FY21. The net loss for nine
months of FY22 included INR 13,158 million (US$ 177 million) of charges related to listing on
Nasdaq Stock Market LLC, issuance of share warrants, listing
related share-based payments and others.
Adjusted EBITDA (2)
Adjusted EBITDA (Non-IFRS) for nine months of FY22 was INR
42,456 million (US$ 571 million), an
increase of 27.5% over nine months of FY21. Adjusted EBITDA for Q3
FY22 was INR 10,554 million (US$ 142
million), an increase of 26.0% over Q3 FY21. Adjusted EBITDA
was affected by the net negative impact of weather relative to
normal of approximately INR 4,082 million (US$55 million) for nine months of FY22 and
approximately INR 1,116 million (US$ 15
million) for Q3 FY22.
Run Rate Guidance
The Company is reiterating its run rate adjusted EBITDA, Cash
Flow to equity and Net Debt guidance, for its current operating
portfolio of 7.3 GW (after the recent rooftop sale) and total
portfolio of 10.2 GW, in line with previous disclosures:
($ in
millions)
|
Run Rate Adjusted
EBITDA
|
Run Rate Cash Flow to
equity
|
Net Debt
|
7.3 GW Operating
Portfolio
|
$825- $890
|
$265 - $287
|
~$4,175
|
10.2 GW Total
Portfolio
|
$1,115-$1,205
|
$383-$413
|
$5,650-$5,850
|
We continue to expect that adjusted EBITDA, excluding the impact
of weather, for fiscal year 2022 will be approximately INR 60,750
million (or US$810 million using a
foreign exchange rate of Indian rupees into U.S. dollars of INR
75.00 to US$1.00). The negative
weather impact for the first nine months of fiscal year 2022 was
approximately $55 million.
Note: Construction (including land acquisition) typically takes
approximately six to 18 months for utility-scale wind energy
projects, and four to 12 months for utility-scale solar energy
projects. PPAs are typically signed three to six months after
receipt of the LOA although there have been recent delays in
receiving PPAs principally due to COVID-19.
Finance Costs
Finance costs for nine months of FY22 was INR 28,892 million
(US$ 388 million), an increase of
2.7% over nine months of FY21. Finance costs for Q3 FY22 was INR
11,584 million (US$ 156 million), an
increase of 21.7% over Q3 FY21. The increase in the finance costs
is primarily due to higher borrowing in line with increase in
capacity and some non-cash mark to market adjustments partially
offset by lower average interest costs from refinancing
activities.
Cash Flow
Cash flow from operating activities for nine months of FY22 was
INR 22,717 million (US$ 305 million),
compared to INR 23,109 (US$ 311
million) million for nine months of FY21. The decrease is
primarily on account of increase in working capital. Cash flow from
operating activities for Q3 FY22 was INR 11,730 million
(US$ 158 million), compared to INR
10,399 million (US$ 140 million) for
Q3 FY21. The increase is on account of higher capacity and total
income.
Cash used in investing activities for nine months of FY22 was
INR 104,364 million (US$ 1,403
million), compared to INR 8,128 million (US$ 109 million) for nine months of FY21,
primarily due to increased capital expenditure on organic growth
and acquisition. Cash used in investing activities for Q3 FY22 was
INR 28,306 million (US$ 381 million),
compared to INR 5,896 million (US$ 79
million) for Q3 FY21, primarily due to capital expenditure
for capacity addition and an acquisition.
Cash flow from financing activities for nine months of FY22 was
INR 75,840 million (US$ 1,019
million), compared to cash used in financing activities of
INR 15,366 million (US$ 207 million)
in nine months of FY21, primarily due to net equity raised and
additional net borrowings to finance business growth. Cash flow
from financing activities for Q3 FY22 was INR 5,081 million
(US$ 68 million), compared to cash
flow from financing activities of INR 596 million (US$ 8 million) in Q3 FY21, primarily due
additional net borrowings to finance business growth and lower
interest paid.
Cap Ex
During nine months of FY22, we commissioned 1,483 MWs of
projects for which our capex was INR 65,012 million (US$ 874 million) which has been broadly in line
with the initially estimated cost.
Liquidity Position
As of December 31, 2021, we had
INR 59,843 million (US$ 804 million)
of cash and bank balances. This is aggregate of cash and cash
equivalents INR 14,718 million (US$ 198
million) as per cash flow statement and INR 45,125 million
(US$ 606 million) as bank balances
other than cash and cash equivalents. During the third fiscal
quarter of 2022, the cash spent on acquisition was INR 7,581
million (US$ 102 million).
Debt
Gross debt on December 31, 2021
excluding debt with respect to acquisition in Q3 FY22 was INR
400,158 million (US$ 5,379 million)
and including acquisition, gross debt was INR 411,008 million
(US$ 5,525
million).
Receivables
Total Receivables as on December 31,
2021 was INR 51,713 million (US$ 695
million) of which INR 5,203 million (US$ 70 million) is unbilled and INR 1,447 million
(US$ 19 million) is others. Andhra
Pradesh DISCOM (Distribution Companies being our customers) had a
total outstanding of INR 16,533 million (US$
222 million) which we expect to recover fully. The day sales
outstanding improved by 16 days from September 30, 2021 to December 31, 2021.
Other updates
Chief Financial Officer Transition
On February 24, 2022, the Board of
Directors (the "Board") of ReNew Energy Global plc ("ReNew")
accepted the resignation of Mr. D.Muthukumaran as the Chief
Financial Officer of ReNew. Mr. Muthukumaran will continue as
ReNew's Chief Financial Officer until the effective date of his
resignation on or around the end of Fiscal Year ended March 31, 2022. Mr.Muthukumaran is resigning to
pursue other interests and his decision to resign was not as a
result of any disagreements with ReNew on any matter. The Board
thanks Mr. Muthukumaran for his services and wishes him well in his
new endeavors. Following Mr. Muthukumaran's resignation, Mr.
Kailash Vaswani will be appointed as
an interim Chief Financial Officer of ReNew until the Board
appoints a new Chief Financial Officer.
Mr. Vaswani is ReNew's President—Corporate Finance and has been
a member of ReNew's senior management since inception. Kailash is
directly responsible for ReNew's fundraising and M&A activities
as well as treasury management. Prior to joining ReNew, Mr. Vaswani
worked with the Corporate Finance and Investments divisions of
Saffron Asset Advisors and the Aditya Birla Group. Mr. Vaswani is a
Chartered Accountant and holds a Bachelor's degree in Commerce from
Mumbai University, India.
Share Buyback Program
On 2 February 2022, the Company's
Board of Directors approved the Company's proposal to commence a
share repurchase program of up to $250
million of its Class A Ordinary shares (the "Share
Repurchase Program") by way of open market purchases. Thereafter,
the Company has received an order dated 8
February 2022 by the court for cancellation of the Company's
share premium and the said order has been duly registered on
9 February 2022 with the Companies
House in the United Kingdom for
creation of distributable profits as required under the UK
Companies Act, 2006 for the Company to undertake any share
repurchases under the Share Repurchase Program. The Company has
received all approvals for a share buy back and is expected to
release the terms of the buy back on February 25, 2022. The Share Repurchase Program
does not obligate the Company to acquire any particular amount of
Class A Ordinary Shares and may be suspended or discontinued at any
time.
Receivables Litigation Update
The Company received a favorable order from the Maharashtra
Electricity Regulatory Commission in February 2022 where Maharashtra State Electricity
Distribution Company Limited ("MSEDCL") has been asked to submit a
payment plan within a month for clearing all outstanding dues
payable to the Company. Total receivables on December 31, 2021 from MSEDCL was INR 3,821
million (US$ 51 million).
The Company also received a favorable order from the Karnataka
High Court in December 2021 where
Hubli Electricity Supply Company Limited ("HESCOM") and Gulbarga
Electricity Supply Company Limited (GESCOM), has been directed to
clear all the outstanding dues payable to the Company for the power
sold from the Company's projects in the state of Karnataka,
India. Karnataka DISCOMs were also
directed to open or renew monthly irrevocable letters of credit
under the terms of the PPA between the Company and DISCOM.
Additionally, the court issued general directions to all the
DISCOMs in the state of Karnataka to honor, discharge and fulfil
their duties, obligations and liabilities under their PPAs with
power producing companies. Total receivables on December 31, 2021 from all Karnataka DISCOMs,
HESCOM and GESCOM were INR 6,685 million (US$ 90 million), INR 3,553 million (US$ 47 million), and INR 2,649 million
(US$ 36 million) respectively.
Amendments to the Nomination Committee Charter
On February 22, 2022, the Board of
ReNew Energy Global plc ("ReNew") approved the amendments to its
Nomination Committee Charter. The Nominations Committee has been
renamed as the Nominations and Board Governance Committee and the
scope of the charter has been expanded to cover certain Board
governance matters such as, (i) annually reviewing the board
committee structure and recommending to the Board for its approval,
directors to serve as members of each committee; and (ii)
developing and recommending to the Board the Board Governance
Guidelines, and reviewing and reassessing the adequacy of such
Board Governance Guidelines and recommending any proposed changes
to the Board. There is no change to the composition of the
Nomination and Board Governance Committee.
Use of Non-IFRS Financial Measures
Adjusted EBITDA
Adjusted EBITDA is a non- IFRS financial measure. We present
Adjusted EBITDA as a supplemental measure of its performance. This
measurement is not recognized in accordance with IFRS and should
not be viewed as an alternative to IFRS measures of performance.
The presentation of Adjusted EBITDA should not be construed as an
inference that our future results will be unaffected by unusual or
non-recurring items.
The Company defines Adjusted EBITDA as Total income (or total
revenue) less (a) finance income, (b) raw materials and consumables
used, (c) employee benefits expense, (d) other expenses, plus (e)
share based payment expense and others related to listing. We
believe Adjusted EBITDA is useful to investors in assessing our
ongoing financial performance and provides improved comparability
on a like to like basis between periods through the exclusion of
certain items that management believes are not indicative of our
operational profitability and that may obscure
underlying business results and trends. However, this measure
should not be considered in isolation or viewed as a substitute for
net income or other measures of performance determined in
accordance with IFRS. Moreover, Adjusted EBITDA as used herein is
not necessarily comparable to other similarly titled measures of
other companies due to potential inconsistencies in the methods of
calculation.
Our management believes this measure is useful to compare
general operating performance from period to period and to
make certain related management decisions. Adjusted EBITDA is
also used by securities analysts, lenders and others in their
evaluation of different companies because it excludes certain items
that can vary widely across different industries or among companies
within the same industry. For example, interest expense can be
highly dependent on our capital structure, debt levels and credit
ratings. Therefore, the impact of interest expense on earnings can
vary significantly among companies. In addition, the tax positions
of companies can vary because of their differing abilities to take
advantage of tax benefits and because of the tax policies of the
various jurisdictions in which they operate. As a
result, effective tax rates and tax expense can vary considerably
among companies.
Adjusted EBITDA has limitations as an analytical tool, and you
should not consider it in isolation or as a substitute for analysis
of our results as reported under IFRS. Some of these limitations
include:
- it does not reflect cash expenditures or future requirements
for capital expenditures or contractual commitments or foreign
exchange gain/loss;
- it does not reflect changes in, or cash requirements for,
working capital;
- it does not reflect significant interest expense or the cash
requirements necessary to service interest or principal payments on
outstanding debt;
- it does not reflect payments made or future requirements for
income taxes; and
- although depreciation, amortization and impairment are non-cash
charges, the assets being depreciated and amortized will often have
to be replaced or paid in the future and Adjusted EBITDA does not
reflect cash requirements for such replacements or payments.
Investors are encouraged to evaluate each adjustment and the
reasons we consider it appropriate for supplemental analysis.
For more information, please see the Reconciliations of Net
loss to Adjusted EBITDA towards the end of this earnings
release.
Cash Flow to Equity (CFe)
CFe is a Non-IFRS financial measure. We present CFe as a
supplemental measure of our performance. This measurement is not
recognized in accordance with IFRS and should not be viewed as an
alternative to IFRS measures of performance. The presentation of
CFe should not be construed as an inference that our future results
will be unaffected by unusual or non-recurring items.
We define CFe as Adjusted EBITDA add non cash expense and
finance income, less interest expense paid, tax paid/(refund) and
normalized loan repayments. Normalized loan repayments are
repayment of scheduled payments as per the loan agreement. Adhoc
payments and refinancing are not included in normalized loan
repayments. The definition also excludes changes in net working
capital and investing activities.
We believe IFRS metrics, such as net income (loss) and cash from
operating activities, do not provide the same level of visibility
into the performance and prospects of our operating business as a
result of the long term capital-intensive nature of our businesses,
non-cash depreciation and amortization, cash used for debt
servicing as well as investments and costs related to the growth of
our business.
Our business owns high-value, long-lived assets capable of
generating substantial Cash Flows to Equity over time. We believe
that external consumers of our financial statements, including
investors and research analysts, use CFe both to assess ReNew
Power's performance and as an indicator of its success in
generating an attractive risk-adjusted total return, assess the
value of the business and the platform. This has been a widely used
metric by analysts to value our business, and hence we believe this
will better help potential investors in analysing the cash
generation from our operating assets.
We have disclosed CFe for our operational assets on a
consolidated basis, which is not our cash from operations on a
consolidated basis. We believe CFe supplements IFRS results to
provide a more complete understanding of the financial and
operating performance of our businesses than would not
otherwise be achieved using IFRS results alone. CFe should be used
as a supplemental measure and not in lieu of our financial results
reported under IFRS.
Webcast and Conference Call Information
A conference call has been scheduled to discuss the earnings
results at 8:30 a.m. Eastern Time
(7:00 p.m. IST) on February 25, 2022. The conference call can be
accessed live via at
https://edge.media-server.com/mmc/p/2spfx5if or by phone
(toll-free) by dialing US/ Canada:
1 855 881 1339` UK: 0800 051 8245, India: 0008 0010 08443; Singapore: 800 101 2785; and Japan: 005 3116 1281 or +61 7 3145 4010
(toll). An audio replay will be available following the call on the
ReNew Investor Relations website at
https://investors.renewpower.in/news-events/events
Notes:
- 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 74.39 to
US$1.00, which is 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 December 30, 2021. 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.
- This is a non-IFRS measure. For more information, see
"About Key Performance Indicators and Non-IFRS Measures" elsewhere
in this release. IFRS refers to International Financial Reporting
Standards as issued by the International Accounting Standards
Board. In addition, reconciliations of non-IFRS measures to IFRS
financial measures, and operating results are included at the end
of this release.
Forward Looking Statements
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; its limited operating
history, particularly as a relatively new public company; its
ability to attract and retain its relationships with third parties,
including its solar partners; our ability to meet the covenants in
its 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
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 has
received the LOA. There is no assurance that we will be able to
sign a PPA even though we have 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.
About ReNew
Unless the context otherwise requires, all references in this
press release to "we," "us," or "our" refers to ReNew Power and its
subsidiaries. ReNew is one of the largest renewable energy
Independent Power Producers (IPPs) in India and globally. ReNew develops, builds,
owns, and operates utility-scale wind and solar energy projects,
hydro projects and distributed solar energy projects. As of
February 1, 2022, ReNew had a total
capacity of 10.2 GW of renewable energy projects across
India including commissioned and
committed projects.
Press Enquiries
Kamil
Zaheer
Kamil.zaheer@renewpower.in
+91 9811538880
Investors
Nathan Judge,
CFA
Anunay Shahi
Ir@renewpower.in
RENEW ENERGY GLOBAL PLC
|
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
(INR and US$ amounts in millions, except share and par value data)
|
|
As at March 31,
|
As at December 31,
|
|
2021
|
2021
|
2021
|
|
(Audited)
|
(Unaudited)
|
(Unaudited)
|
|
(INR)
|
(INR)
|
(USD)
|
Assets
|
|
|
|
Non-current assets
|
|
|
|
Property, plant and equipment
|
342,036
|
418,012
|
5,619
|
Intangible assets
|
36,410
|
40,177
|
540
|
Right of use assets
|
4,264
|
5,678
|
76
|
Financial assets
|
|
-
|
|
Trade receivables
|
1,178
|
2,142
|
29
|
Loans
|
140
|
125
|
2
|
Others
|
2,999
|
331
|
4
|
Deferred tax assets (net)
|
1,611
|
849
|
11
|
Prepayments
|
679
|
694
|
9
|
Non-current tax assets (net)
|
2,702
|
2,442
|
33
|
Other non-current assets
|
7,715
|
14,082
|
189
|
Total non-current assets
|
399,734
|
484,532
|
6,513
|
Current assets
|
|
|
|
Inventories
|
833
|
1,401
|
19
|
Financial assets
|
|
|
|
Derivative instruments
|
2,691
|
4,369
|
59
|
Trade receivables
|
34,802
|
49,571
|
666
|
Cash and cash equivalents
|
20,679
|
14,718
|
198
|
Bank balances other than cash and cash equivalents
|
26,506
|
44,794
|
602
|
Loans
|
56
|
1,029
|
14
|
Others
|
3,697
|
3,769
|
51
|
Prepayments
|
592
|
1,117
|
15
|
Other current assets
|
2,464
|
2,306
|
31
|
|
92,320
|
123,074
|
1,654
|
Assets held for sale
|
-
|
7,703
|
-
|
Total current assets
|
92,320
|
130,777
|
1,654
|
Total assets
|
492,054
|
615,309
|
8,271
|
Equity and liabilities
|
|
|
|
Equity
|
|
|
|
Issued capital
|
3,799
|
4,808
|
65
|
Share premium
|
67,165
|
163,158
|
2,193
|
Hedge reserve
|
(5,224)
|
(3,052)
|
(41)
|
Share based payment reserve
|
1,165
|
2,674
|
36
|
Retained losses
|
(6,489)
|
(43,137)
|
(580)
|
Other components of equity
|
1,661
|
(3,978)
|
(53)
|
Equity attributable to equity holders of the parent
|
62,077
|
120,473
|
1,619
|
Non-controlling interests
|
2,668
|
7,326
|
98
|
Total equity
|
64,745
|
127,799
|
1,718
|
Non-current liabilities
|
|
|
|
Financial liabilities
|
|
|
|
Interest-bearing loans and borrowings
|
335,136
|
338,882
|
4,555
|
Lease liabilities
|
1,782
|
2,413
|
32
|
Derivative instruments
|
-
|
8,484
|
114
|
Others
|
132
|
-
|
-
|
Deferred government grant
|
719
|
228
|
3
|
Employee benefit liabilities
|
143
|
179
|
2
|
Contract liabilities
|
1,364
|
1,318
|
18
|
Provisions
|
13,686
|
12,304
|
165
|
Deferred tax liabilities (net)
|
10,808
|
12,652
|
170
|
Other non-current liabilities
|
2,747
|
2,787
|
37
|
Total non-current liabilities
|
366,517
|
379,247
|
5,098
|
RENEW ENERGY GLOBAL PLC
|
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
(INR and US$ amounts in millions, except share and par value data)
|
|
As
at March 31,
|
As at December 31,
|
|
2021
|
2021
|
2021
|
|
(Audited)
|
(Unaudited)
|
(Unaudited)
|
Current liabilities
|
|
|
|
Financial liabilities
|
|
|
|
Interest-bearing loans and borrowings
|
10,643
|
30,910
|
416
|
Lease liabilities
|
330
|
414
|
6
|
Trade payables
|
3,245
|
5,098
|
69
|
Liability for put options with non-controlling interests
|
-
|
891
|
|
Derivative instruments
|
1,070
|
7,383
|
99
|
Others
|
42,622
|
59,801
|
804
|
Deferred government grant
|
39
|
0
|
0
|
Employee benefit liabilities
|
252
|
171
|
2
|
Contract liabilities
|
61
|
60
|
1
|
Other current liabilities
|
2,266
|
714
|
10
|
Current tax liabilities (net)
|
264
|
836
|
11
|
Total current liabilities
|
60,792
|
106,278
|
1,429
|
Liabilities directly associated with the assets held for sale
|
-
|
1,985
|
27
|
Total current liabilities
|
60,792
|
108,263
|
1,455
|
Total liabilities
|
427,309
|
487,510
|
6,553
|
|
|
|
|
Total equity and liabilities
|
492,054
|
615,309
|
8,271
|
RENEW ENERGY GLOBAL PLC
|
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
|
(INR and US$ amounts in millions, except share and par value data)
|
|
Three months ended December 31,
|
Nine months ended December 31,
|
|
2020
|
2021
|
2021
|
|
2020
|
2021
|
2021
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
(INR)
|
(INR)
|
(USD)
|
|
(INR)
|
(INR)
|
(USD)
|
Income
|
|
|
|
|
|
|
|
Revenue from contracts with customers
|
9,885
|
11,896
|
160
|
|
37,287
|
44,403
|
597
|
Other operating income
|
19
|
653
|
9
|
|
70
|
2,228
|
30
|
Finance income
|
508
|
428
|
6
|
|
1,629
|
1,235
|
17
|
Other income
|
380
|
485
|
7
|
|
2,067
|
3,715
|
50
|
Total income
|
10,792
|
13,462
|
181
|
|
41,053
|
51,581
|
693
|
Expenses
|
|
|
|
|
|
|
|
Raw materials and consumables used
|
138
|
0
|
0
|
|
201
|
192
|
3
|
Employee benefits expense
|
330
|
1,141
|
15
|
|
931
|
3,423
|
46
|
Depreciation and amortisation
|
3,023
|
3,582
|
48
|
|
8,952
|
10,031
|
135
|
Other expenses
|
1,439
|
2,178
|
29
|
|
4,981
|
6,495
|
87
|
Finance costs
|
9,515
|
11,584
|
156
|
|
28,132
|
28,892
|
388
|
Change in fair value of warrants
|
-
|
(428)
|
(6)
|
|
-
|
427
|
6
|
Listing and related expenses
|
-
|
-
|
-
|
|
-
|
10,512
|
141
|
Total expenses
|
14,445
|
18,057
|
243
|
|
43,197
|
59,972
|
806
|
Loss before share of profit of jointly controlled entities and tax
|
(3,653)
|
(4,595)
|
(62)
|
|
(2,144)
|
(8,391)
|
(113)
|
Share in loss of jointly controlled entities
|
(43)
|
-
|
-
|
|
(45)
|
-
|
-
|
Loss before tax
|
(3,696)
|
(4,595)
|
(62)
|
|
(2,189)
|
(8,391)
|
(113)
|
Income tax expense
|
|
|
|
|
|
|
|
Current tax
|
(38)
|
674
|
9
|
|
548
|
1,635
|
22
|
Deferred tax
|
(157)
|
1,115
|
15
|
|
1,356
|
2,547
|
34
|
Loss for the period
|
(3,501)
|
(6,384)
|
(86)
|
|
(4,093)
|
(12,573)
|
(169)
|
Earnings / (loss) per share
|
|
|
|
|
|
|
|
Basic and
Diluted loss attributable to ordinary equity holders of the Parent (in INR)
|
(8.02)
|
(15.10)
|
(0.20)
|
|
(9.67)
|
(32.36)
|
(0.43)
|
RENEW ENERGY
GLOBAL PLC
|
|
INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(INR and US$
amounts in millions)
|
|
|
Three months ended December 31,
|
Nine months ended December 31,
|
|
2020
|
2021
|
2021
|
|
2020
|
2021
|
2021
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
(INR)
|
(INR)
|
(USD)
|
|
(INR)
|
(INR)
|
(USD)
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
Loss
before tax
|
(3,696)
|
(4,595)
|
(62)
|
|
(2,189)
|
(8,391)
|
(113)
|
Adjustments to reconcile profit before
tax to net cash flows:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
3,023
|
3,582
|
48
|
|
8,952
|
10,031
|
135
|
Change
in fair value of warrants
|
-
|
(428)
|
(6)
|
|
|
427
|
6
|
Provision for operation and maintenance equalization
|
(15)
|
(21)
|
(0)
|
|
69
|
(29)
|
(0)
|
Share
based payments
|
23
|
835
|
11
|
|
100
|
1,935
|
26
|
Listing and related expenses
|
-
|
-
|
-
|
|
-
|
7,617
|
102
|
Interest income
|
(332)
|
(502)
|
(7)
|
|
(1,437)
|
(1,235)
|
(17)
|
Finance
costs
|
9,443
|
11,478
|
154
|
|
27,878
|
28,541
|
384
|
Others
|
(257)
|
(182)
|
(2)
|
|
141
|
91
|
1
|
|
|
|
|
|
|
|
-
|
Working capital adjustments:
|
|
|
|
|
|
|
-
|
(Increase) / decrease
in current trade receivables
|
(2,209)
|
3,276
|
44
|
|
(10,284)
|
(13,785)
|
(185)
|
Decrease
/ (increase) in non-current trade
receivables
|
1,255
|
(886)
|
(12)
|
|
-
|
(860)
|
(12)
|
Increase in inventories
|
(120)
|
(267)
|
(4)
|
|
(427)
|
(584)
|
(8)
|
(Increase) / decrease
in other current financial assets
|
(62)
|
1,335
|
18
|
|
220
|
(72)
|
(1)
|
(Increase) / decrease
in other non-current financial assets
|
(71)
|
6
|
0
|
|
(38)
|
23
|
0
|
(Increase) / decrease in other current assets
|
(104)
|
(371)
|
(5)
|
|
(721)
|
53
|
1
|
Increase in other non-current assets
|
(18)
|
(19)
|
(0)
|
|
(38)
|
(44)
|
(1)
|
Decrease / (increase) in prepayments
|
2,328
|
482
|
6
|
|
(99)
|
(531)
|
(7)
|
(Decrease) / increase in other current financial liabilities
|
(92)
|
30
|
0
|
|
19
|
(28)
|
(0)
|
Decrease in other current liabilities
|
(54)
|
(363)
|
(5)
|
|
(1,377)
|
(1,503)
|
(20)
|
Increase / (Decrease) in other non-current liabilities
|
97
|
(1)
|
(0)
|
|
114
|
13
|
0
|
(Decrease) / increase
in contract liabilities
|
(90)
|
19
|
0
|
|
1,379
|
57
|
1
|
Increase / (Decrease) in trade
payables
|
898
|
(1,362)
|
(18)
|
|
116
|
1,722
|
23
|
Increase / (Decrease) in employee benefit liabilities
|
19
|
(55)
|
(1)
|
|
56
|
(54)
|
(1)
|
Decrease in provisions
|
(4)
|
-
|
-
|
|
(4)
|
-
|
-
|
Cash generated from operations
|
9,962
|
11,991
|
161
|
|
22,430
|
23,394
|
314
|
Income
tax refund / (paid) (net)
|
437
|
(261)
|
(4)
|
|
679
|
(677)
|
(9)
|
Net cash generated from
operating activities (a)
|
10,399
|
11,730
|
158
|
|
23,109
|
22,717
|
305
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment, intangible assets and
right of use assets
|
(7,523)
|
(23,878)
|
(321)
|
|
(14,921)
|
(72,030)
|
(968)
|
Sale of property, plant and equipment
|
-
|
107
|
1
|
|
-
|
114
|
2
|
Redemption / (investments) in deposits having residual maturity
more than 3 months (net)
|
1,026
|
2,717
|
37
|
|
4,995
|
(16,424)
|
(221)
|
Acquisition of subsidiaries (including subsidiaries that are not
business), net of cash acquired
|
-
|
(6,389)
|
(86)
|
|
(34)
|
(15,929)
|
(214)
|
Government grant
received
|
26
|
0
|
0
|
|
26
|
74
|
1
|
Proceeds from
interest received
|
575
|
87
|
1
|
|
1,806
|
781
|
11
|
Loans given
|
-
|
(950)
|
(13)
|
|
-
|
(950)
|
(13)
|
Net cash used in investing activities (b)
|
(5,896)
|
(28,306)
|
(381)
|
|
(8,128)
|
(104,364)
|
(1,403)
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
Capital transaction involving issue
of shares (net of transaction cost)
|
-
|
(527)
|
(7)
|
|
-
|
67,978
|
914
|
Distribution / cash paid to RPPL's equity holders
|
-
|
-
|
-
|
|
-
|
(19,609)
|
(264)
|
Acquisition of interest by non-controlling interest in subsidiaries
|
-
|
35
|
0
|
|
-
|
1,071
|
14
|
Payment for acquisition of interest from non-controlling interest
|
(606)
|
(5)
|
(0)
|
|
(1,493)
|
(741)
|
(10)
|
Payment of lease liabilities
(including payment of interest expense)
|
(51)
|
(77)
|
(1)
|
|
(182)
|
(194)
|
(3)
|
Payment made
for repurchase
of vested stock options
|
-
|
-
|
-
|
|
(681)
|
(610)
|
(8)
|
Proceeds from long term interest-bearing loans and borrowings
|
34,757
|
19,758
|
266
|
|
65,806
|
118,150
|
1,588
|
Repayment of long term
interest-bearing loans and borrowings
|
(27,947)
|
(11,642)
|
(157)
|
|
(56,259)
|
(79,921)
|
(1,074)
|
Proceeds from short term interest-bearing loans and borrowings
|
7,737
|
19,875
|
267
|
|
13,637
|
68,299
|
918
|
Repayment of short term interest-bearing loans and borrowings
|
(6,248)
|
(17,977)
|
(242)
|
|
(13,540)
|
(57,445)
|
(772)
|
Interest paid
|
(7,046)
|
(4,359)
|
(59)
|
|
(22,654)
|
(21,138)
|
(284)
|
Net cash generated from / (used in) financing activities (c)
|
596
|
5,081
|
68
|
|
(15,366)
|
75,840
|
1,019
|
RENEW ENERGY
GLOBAL PLC
|
INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(INR and US$
amounts in millions)
|
|
Three months ended December 31,
|
Nine months ended December 31,
|
|
2020
|
2021
|
2021
|
|
2020
|
2021
|
2021
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Net increase / (decrease) in cash and cash equivalents
(a) + (b) + (c)
|
5,099
|
(11,495)
|
(155)
|
|
(385)
|
(5,807)
|
(78)
|
Cash and cash equivalents at the
beginning of the period
|
7,605
|
26,367
|
354
|
|
13,089
|
20,679
|
278
|
Cash and cash equivalents at the end of the period
|
12,704
|
14,872
|
200
|
|
12,704
|
14,872
|
200
|
Components of cash and cash equivalents
|
|
|
|
|
|
|
|
Cash and cheque on hand
|
0
|
0
|
0
|
|
0
|
0
|
0
|
Balances with banks:
|
|
|
|
|
|
|
|
- On current accounts
|
10,551
|
13,740
|
185
|
|
10,551
|
13,740
|
185
|
- Deposits with original
maturity of less than 3 months
|
2,153
|
1,132
|
15
|
|
2,153
|
1,132
|
15
|
Total cash and cash equivalents
|
12,704
|
14,872
|
200
|
|
12,704
|
14,872
|
200
|
|
|
|
|
|
|
|
|
|
RENEW
ENERGY
|
Unaudited NON-IFRS metrices
|
(INR and US$ amounts in millions)
|
Reconciliation of Total
Income to Adjusted EBITDA for the periods indicated:
|
|
|
|
Three months ended
December 31,
|
|
Nine months ended
December 31,
|
|
2020
|
2021
|
2021
|
|
2020
|
2021
|
2021
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
INR
|
INR
|
USD
|
|
INR
|
INR
|
USD
|
Total
income
|
10,792
|
13,462
|
181
|
|
41,053
|
51,581
|
693
|
Less: Finance
income
|
-508
|
-428
|
-6
|
|
-1,629
|
-1,235
|
-17
|
Less: Raw materials
and consumables used
|
-138
|
-0
|
-0
|
|
-201
|
-192
|
-2
|
Less: Employee
benefits expense
|
-330
|
-1,141
|
-15
|
|
-931
|
-3,423
|
-46
|
Less: Other
expenses
|
-1,439
|
-2,178
|
-29
|
|
-4,981
|
-6,495
|
-87
|
Add: Share based
payment expense and others related to listing
|
0
|
840
|
11
|
|
0
|
2,220
|
30
|
Adjusted
EBITDA
|
8,377
|
10,554
|
142
|
|
33,312
|
42,456
|
571
|
CASH FLOWS
TO EQUITY (CFe):
|
|
Three months ended
December 31,
|
|
Nine months ended
December 31,
|
|
2020
|
2021
|
2021
|
|
2020
|
2021
|
2021
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
INR
|
INR
|
USD
|
|
INR
|
INR
|
USD
|
Adjusted
EBITDA
|
8,377
|
10,554
|
142
|
|
33,312
|
42,456
|
571
|
Less:- Share based
payments expense (cash settled) and others
|
-
|
-
|
-
|
|
-681
|
-940
|
-13
|
Add:- Finance
income
|
508
|
428
|
6
|
|
1,629
|
1,235
|
17
|
Less:- Interest paid
in cash
|
-7,046
|
-4,359
|
-59
|
|
-22,654
|
-21,138
|
-284
|
Less:- Tax paid /
(refund)
|
437
|
-261
|
-4
|
|
679
|
-677
|
-9
|
Less:- Normalised
loan repayment
|
-1,695
|
-1,221
|
-16
|
|
-4,233
|
-3,392
|
-46
|
Add:- Other non cash
items
|
-24
|
-56
|
-1
|
|
247
|
359
|
5
|
|
|
|
|
|
|
|
|
Total
CFe
|
558
|
5,085
|
68
|
|
8,299
|
17,904
|
241
|
View original
content:https://www.prnewswire.com/news-releases/renew-power-announces-results-for-the-third-quarter-q3-fy22-and-nine-months-of-fiscal-2022-both-ended-december-31-2021-301490283.html
SOURCE ReNew Energy Global PLC