ReNew Announces Results for the Fourth Quarter and Full Fiscal Year 2024: Reports PAT for FY24 and Provides Long Term Outlook
05 Junio 2024 - 3:15PM
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 Q4 FY24 and
year ended March 31, 2024.
Operating Highlights:
- As of March 31, 2024, the Company’s portfolio consisted of
~13.5 GWs, of which ~9.5 GWs are generating revenue and ~4 GWs are
committed, compared to ~13.7 GWs as of March 31, 2023. Subsequent
to the year-end, the company signed ~2.2 GW of PPAs taking the
portfolio to ~15.6 GW, as of May 31, 2024.
- Total Income (or total revenue) for FY24 was INR 96,531 million
(US$ 1,158 million), compared to INR 89,309 (US$ 1,072 million) for
FY23. Net profit for FY24 was INR 4,147 million (US$ 50 million)
compared to a net loss of INR 5,029 million (US$ 60 million) for
FY23. Adjusted EBITDA for FY24 was INR 69,216 million (US$ 831
million), as against INR 62,004 million (US$ 744 million) for FY23.
Cash Flow to equity ("CFe") for FY24 was INR 13,665 million (US$
164 million) compared to INR 15,237 million (US$ 183 million) for
FY23.
- Total Income (or total revenue) for Q4 FY24 was INR 24,776
million (US$ 297 million), compared to INR 25,916 (US$ 311 million)
for Q4 FY23. Net profit for Q4 FY24 was INR 609 million (US$ 7
million) compared to INR 74 million (US$ 1 million) for Q4 FY23.
Adjusted EBITDA for Q4 FY24 was INR 16,810 million (US$ 202
million), as against INR 12,010 million (US$ 144 million) in Q4
FY23. Cash Flow to equity (“CFe”) for Q4 FY24 was an outflow of INR
8,091 million (US$ 97 million) compared to an outflow of INR 4,573
million (US$ 55 million) in Q4 FY23.
- Days Sales Outstanding (“DSO”) ended Q4 FY24 at 77 days, a
61-day improvement, year on year.
Note: the translation of Indian rupees into U.S. dollars has
been made at INR 83.34 to US$ 1.00.
FY 25 Guidance
The Company 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
We expect to reach gross operating capacity of 15 to 16 GWs by
the end of Fiscal Year 2027 and 19 to 20 GWs, after capital
recycling, by the end of Fiscal Year 2029. Accordingly, we are
providing the following long term run rate guidance:
Operating GWs
Adjusted EBITDA run
rate
CFe run rate
15 – 16
INR 110 – INR 115 billion
INR 30 – INR 32 billion
19 – 20
INR 142 – INR 150 billion
INR 35 – INR 42 billion
Note: the translation of Indian rupees into U.S. dollars has
been made at INR 83.34 to US$ 1.00.
Webcast and Conference call information
A conference call has been scheduled to discuss the earnings
results at 8:00 AM EDT (5:30 PM IST) on June 06, 2024. The
conference call can be accessed live at:
https://edge.media-server.com/mmc/p/3msa772f 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
~15.6 GW on a gross basis as of May 31, 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 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/20240605279065/en/
Press Enquiries Shilpa Narani |
Shilpa.narani@renew.com
Investor Enquiries Nathan Judge, Nitin Vaid |
ir@renew.com
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