ReNew Announces Results for the Third Quarter and Nine Months of Fiscal Year 2024: Increases the bottom end of Adjusted EBITDA guidance for FY24 by 2%
20 Febrero 2024 - 6:59AM
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 Q3 FY24 and
nine months ended December 31, 2023.
Operating Highlights:
- As of December 31, 2023, the Company’s portfolio consisted of
13.8 GWs, of which ~8.5 GWs are commissioned and 5.3 GWs are
committed, compared to 13.4 GWs as of December 31, 2022.
- Total Income (or total revenue) for the first nine months of
FY24 was INR 72,414 million (US$ 870 million), compared to INR
63,493 (US$ 763 million) for the first nine months of FY23. Net
profit for the first nine months of FY24 was INR 3,538 million (US$
43 million) compared to a net loss of INR 5,103 million (US$ 61
million) for the first nine months of FY23. Adjusted EBITDA for the
first nine months of FY24 was INR 52,406 million (US$ 630 million),
as against INR 49,994 million (US$ 601 million) for the first nine
months of FY23. Cash Flow to equity ("CFe") for the first nine
months of FY24 was INR 21,756 million (US$ 262 million) compared to
INR 19,810 million (US$ 238 million) for the first nine months of
FY23.
- Total Income (or total revenue) for Q3 FY24 was INR 19,290
million (US$ 232 million), compared to INR 16,077 (US$ 193 million)
for Q3 FY23. Net loss for Q3 FY24 was INR 3,216 million (US$ 39
million) compared to a net loss of INR 4,013 million (US$ 48
million) for Q3 FY23. Adjusted EBITDA for Q3 FY24 was INR 12,509
million (US$ 150 million), as against INR 11,628 million (US$ 140
million) in Q3 FY23. Cash Flow to equity (“CFe”) for Q3 FY24 was
INR 2,392 million (US$ 30 million) compared to INR 2,682 million
(US$ 32 million) in Q3 FY23.
- Days Sales Outstanding (“DSO”) ended Q3 FY24 at 86 days, a 92
day improvement, year on year.
FY 24 Guidance
We are increasing the bottom end of our FY24 Adjusted EBITDA
guidance range by 2%, to INR 63,000 – INR66,000 million and expect
revenue generation from 1,750 to 1,950 MWs of completed projects by
the end of Fiscal Year 2024.
The Company’s Adjusted EBITDA and Cash Flow to equity guidance
for FY24 are subject to the weather being similar to FY23.
Financial Year
Adjusted EBITDA
Adjusted EBITDA / share
Cash Flow to equity (CFe)
CFe / share
FY24
INR 63,000 – INR 66,000
million
INR 158 - INR 164
INR 6,000 – INR 8,000 million
INR 15 - INR 20
Note: the translation of Indian rupees into U.S. dollars has
been made at INR 83.19 to US$ 1.00.
Webcast and Conference call information
A conference call has been scheduled to discuss the earnings
results at 8:30 AM EST (7:00 PM IST) on February 20, 2024. The
conference call can be accessed live at:
https://edge.media-server.com/mmc/p/wnkm7p5v 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
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; 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 portfolio of
~13.8 GWs on a gross basis as of December 31, 2023, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240220015795/en/
Press Enquiries ReNew | Shilpa Narani |
shilpa.narani@renew.com
Investor Enquiries ReNew | Nathan Judge, Nitin Vaid |
ir@renew.com
ReNew Energy Global (NASDAQ:RNWWW)
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