ReNew Announces Results for the Fourth Quarter (Q4 FY23) and Fiscal 2023, both ended March 31, 2023
- Renew Energy's portfolio increased by 28.2% year on year, reaching 13.7 GWs. Q4 revenue saw a significant increase of 47.1% compared to Q4 FY22. The company signed 101 MW of Purchase Power Agreements in Q4 FY23. Partnership with PETRONAS' Gentari for a 403 MW Peak Power project. FY24 guidance includes construction completion of 1,750 to 2,250 MWs.
- Net profit for Q4 FY23 was INR 74 million, compared to a net loss of INR 3,554 million in Q4 FY22. Net loss for FY23 was INR 5,029 million, compared to a net loss of INR 16,128 million in FY22.
GURUGRAM,
Operating Highlights:
-
As of March 31, 2023, the Company’s portfolio consisted of 13.7 GWs, a
28.2% increase year on year, of which ~ 8.0 GWs are commissioned and 5.7 GWs are committed. 101 MW of Purchase Power Agreements (“PPAs”) were signed in the fourth fiscal quarter of 2023 and only ~1% of our total portfolio have Letters of Award that await a PPA. -
Total Income (or total revenue) for Q4 FY23 was INR 25,916 million (
US ), an increase of$ 315 million 47.1% over Q4 FY22. Adjusted EBITDA(2) for Q4 FY23 was INR 12,010 million (US ), as against INR 12,787 million ($ 146 million US ) in Q4 FY22. Net profit for Q4 FY23 was INR 74 million ($ 156 million US ) compared to a net loss of INR 3,554 million ($ 1 million US ) for Q4 FY22. Cash Flow to equity(2)(“CFe”) for Q4 was an outflow of INR 4,631 million ($ 43 million US ), as compared to an outflow of INR 5,016 million ($ 56 million US ) in Q4 FY22.$ 61 million -
Total Income (or total revenue) for FY23 was INR 89,309 million (
US ), an increase of$ 1,087 million 29.1% over FY22. Adjusted EBITDA(2) for FY23 was INR 62,004 million (US ), an increase of$ 754 million 12.4% over FY22. Net loss for FY23 was INR 5,029 million (US ) compared to a net loss of INR 16,128 million ($ 61 million US ) for FY22. Cash Flow to equity(2) (“CFe”) for FY23 was an inflow of INR 15,179 million ($ 196 million US ), an increase of$ 185 million 17.8% over FY22. - Days Sales Outstanding (“DSO”) ended Q4 FY23 at 138 days, a 74-day improvement year on year.
Other Updates
On May 31 2023, ReNew entered into a partnership with PETRONAS’ clean energy subsidiary Gentari, where Gentari will purchase a
The Peak Power project has a 25-year Power Purchase Agreement (“PPA”) with Solar Energy Corporation of
FY 24 Guidance
The Company expects to complete construction on between 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
|
|
Adjusted EBITDA |
|
Adjusted
|
|
Cash Flow to
|
|
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 June 7, 2023. The conference call can be accessed live at https://edge.media-server.com/mmc/p/c752t5oc or by phone (toll-free) by dialing:
US/
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:
-
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 intoU.S. dollars has been made at INR 82.19 toUS , which was the noon buying rate in$ 1.00 New York City for cable transfer in non-U.S. currencies as certified for customs purposes by the Federal Reserve Bank ofNew York on March 31, 2023. We make no representation that the Indian rupee orU.S. dollar amounts referred to in this press release could have been converted intoU.S. dollars or Indian rupees, as the case may be, at any particular rate or at all. -
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 forEngland andWales . 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
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 ~13.7 GWs 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
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Press Enquiries
ReNew | Shilpa Narani | shilpa.narani@renew.com
Investor Enquiries
ReNew | Nathan Judge, Nitin Vaid | ir@renew.com
Source: ReNew Energy Global Plc
FAQ
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