ReNew Announces Results for the First Quarter for Fiscal Year 2025 (Q1 FY25), ended June 30, 2024 24% surge in operating capacity YoY; reiterates FY25 MW and EBITDA guidance
GURUGRAM, India, August 15, 2024--(BUSINESS WIRE)--ReNew Energy Global Plc ("ReNew" or "the Company") (Nasdaq: RNW, RNWWW), a leading decarbonization solutions company, today announced its unaudited consolidated IFRS results for the three-month period ended June 30, 2024.
Operating Highlights:
As of June 30, 2024, the Company’s portfolio consisted of ~15.6 GWs, of which ~9.6 GWs are commissioned and ~6.0 GWs are committed, compared to ~13.7 GWs as of June 30, 2023.
The Company’s commissioned capacity has increased 14.0% year-over-year to ~9.6 GWs as of June 30, 2024. Subsequent to the end of the quarter, the Company commissioned 400 MWs of solar and 14 MWs of wind capacity, taking the total commissioned capacity to ~10 GWs as of August 15, 2024.
Revenue for Q1 FY25 was INR 22,811 million (US$ 274 million), compared to INR 21,250 million (US$ 255 million) for Q1 FY24. Net profit for Q1 FY25 was INR 394 million (US$ 5 million) compared to INR 2,983 million (US$ 36 million) for Q1 FY24. Adjusted EBITDA for Q1 FY25 was INR 18,979 million (US$ 228 million), as against INR 18,599 million (US$ 223 million) for Q1 FY24.
Note: the translation of Indian rupees into U.S. dollars has been made at INR 83.33 to US$ 1.00.
FY25 Guidance
The Company reiterates its FY25 guidance and 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
The Company also reiterates its long-term and run rate guidance provided in Q4 FY24 results.
Note: the translation of Indian rupees into U.S. dollars has been made at INR 83.33 to US$ 1.00.
Webcast and Conference call information
A conference call has been scheduled to discuss the earnings results at 8:30 AM EDT (6:00 PM IST) on August 16, 2024. The conference call can be accessed live at: https://edge.media-server.com/mmc/p/ucbu5ouj or by phone (toll-free) by dialing:
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.
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 a leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy contracted portfolio of ~15.6 GW as of Aug 15, 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 www.renew.com and follow us on LinkedIn, Facebook, Twitter and Instagram.
