ReNew Announces Results for the First Quarter (Q1 FY24) and Fiscal 2024 Ended June 30, 2023
August 18 2023 - 3:30PM
Business Wire
ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW,
RNWWW), a leading decarbonization solutions company, today
announced its consolidated unaudited IFRS results for the three
month period ended June 30, 2023.
Operating Highlights:
- As of June 30, 2023, the Company’s portfolio consisted of 13.7
GWs, a 6.3% increase year on year, of which ~8.4 GWs are
commissioned and 5.3 GWs are committed.
- 415 MWs commissioned in Q1 FY24, increasing our operating MWs
to 8,395 MWs, an increase of ~10%.
- Total Income (or total revenue) for Q1 FY24 was INR 24,659
million (US$ 300 million), compared to INR 25,007 (US$ 305 million)
for Q1 FY23. Net profit for Q1 FY24 was INR 2,983 million (US$ 36
million) compared to a net loss of INR 104 million (US$ 1 million)
for Q1 FY23. Adjusted EBITDA for Q1 FY24 was INR 18,599 million
(US$ 227 million), as against INR 20,157 million (US$ 246 million)
in Q1 FY23. Cash Flow to equity (“CFe”) for Q1 FY24 was INR 9,584
million (US$ 117 million) compared to INR 14,562 million (US$ 177
million) in Q1 FY23.
- Days Sales Outstanding (“DSO”) ended Q1 FY24 at 114 days, a 118
day improvement year on year.
FY 24 Guidance
We are reiterating our FY24 guidance. The Company expects to
complete construction of 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 Aug 21, 2023. The conference
call can be accessed live at
https://edge.media-server.com/mmc/p/vu6jgr9e 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.
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; 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.
About ReNew
Unless the context otherwise requires, all references in this
press release to “we,” “us,” or “our” refers to ReNew and its
subsidiaries.
ReNew is India’s leading decarbonisation solutions company
listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy
portfolio of approximately 13.7GW on a gross basis as of March 31,
2023, is one of the largest globally. In addition to being a major
independent power producer in India, ReNew provides end-to-end
solutions in a just and inclusive manner in the areas of clean
energy, value-added energy offerings through digitalisation,
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230818713971/en/
Press Enquiries ReNew | Shilpa Narani |
shilpa.narani@renew.com
Investor Enquiries ReNew | Nathan Judge, Nitin Vaid |
ir@renew.com
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