ReNew Power Announces Results for the Third Quarter (Q3 FY22) and Nine Months of Fiscal 2022, both ended December 31, 2021
ReNew Energy Global plc (Nasdaq: RNW) reported its Q3 FY22 results, showcasing a 25.6% increase in total income for nine months, reaching INR 51,581 million (US$ 693 million). The company added 1.1 GW of commissioned capacity in Q3 FY22. However, net loss increased to INR 12,573 million (US$ 169 million) compared to INR 4,093 million (US$ 55 million) in FY21, largely due to Nasdaq listing costs. Adjusted EBITDA rose by 27.5% to INR 42,456 million (US$ 571 million) over the same period. The company continues to expect strong future performance despite adverse weather impacts.
- Total income for Q3 FY22 increased by 24.7% over Q3 FY21, demonstrating robust growth.
- Adjusted EBITDA for nine months of FY22 rose by 27.5% to INR 42,456 million (US$ 571 million).
- Net positive Cash Flow to Equity increased by 115.7% to INR 17,904 million (US$ 241 million) for nine months of FY22.
- Net loss for nine months of FY22 was INR 12,573 million (US$ 169 million), an increase from INR 4,093 million (US$ 55 million) in FY21.
- Total expenses, including employee benefits, surged by 267.8% over nine months, primarily due to share-based payments and listing costs.
GURUGRAM, India, Feb. 24, 2022 /PRNewswire/ -- ReNew Energy Global plc ("ReNew" or "the Company") (Nasdaq: RNW), India's leading renewable energy company, today announced its consolidated results for Q3 FY22 and nine months ended December 31,2021.
Operating Highlights:
- The commissioned capacity of the Company increased by 1.1 GW during Q3 FY22 of which 0.8 GW was added organically. As of December 31, 2021, the Company's portfolio consisted of 10.3 GW of which 7.4 GW are commissioned and 2.9 GW are committed.
- Total Income (or total revenue) for nine months of FY22 was INR 51,581 million (US
$ 693 million ), an increase of25.6% over nine months of FY21. Total Income for the Q3 FY22 was INR 13,462 million (US$ 181 million ), an increase of24.7% over Q3 FY21. - Net loss for nine months of FY22 was INR 12,573 million (US
$ 169 million ) compared to a net loss of INR 4,093 million (US$ 55 million ) in nine months of FY21. The net loss for nine months of FY22 included INR 13,158 million (US$ 177 million ) of charges related to listing on Nasdaq Stock Market LLC, issuance of share warrants, listing related share-based payments and others. - Adjusted EBITDA(2) (Non-IFRS) for nine months of FY22 was INR 42,456 million (US
$ 571 million ), an increase of27.5% over nine months of FY21. Adjusted EBITDA for Q3 FY22 was INR 10,554 million (US$ 142 million ), an increase of26.0% over Q3 FY21. Adjusted EBITDA was not adjusted for the net negative impact of weather relative to normal of approximately INR 4,082 million (US$55 million ) for nine months of FY22 and approximately INR 1,116 million (US$ 15 million ) for Q3 FY22. - Non-IFRS Cash Flow to Equity (2) ("CFe") from Operating Assets for nine months of FY22 was INR 17,904 million (US
$ 241 million ), an increase of115.7% over nine months of FY21. Non-IFRS Cash Flow to Equity from Operating Assets for Q3 FY22 was INR 5,085 million (US$ 68 million ), an increase of811.7% over Q3 FY21.
Key Operating Metrics
As of December 31, 2021, our total portfolio consisted of 10,331 MW. Commissioned capacity was 7,440 MW of which 3,749 MW was wind, 3,592 MW solar and 99 MW were hydro. We commissioned 160 MW of wind and 1,325 MW of solar capacity during the nine months of FY22 and 97 MW of wind and 769 MW of solar capacity during Q3 FY22. We acquired 260 MW of solar assets during Q3 FY22.
Electricity sold
Total electricity sold for nine months of FY22 was 10,475 million kWh, an increase of 1,933 million kWh, or
Electricity sold for nine months of FY22 for wind assets was 6,677 million kWh, an increase of 1,350 million kWh, or
Electricity sold for Q3 FY22 for wind assets was 1,373 million kWh, an increase of 33 million kWh or
Plant Load Factor
Our weighted average Plant Load Factor ("PLF") for nine months of FY22 for wind assets was
Our weighted average PLF for Q3 FY22 for wind assets was16.
Total Income
Total Income for nine months of FY22 was INR 51,581 million (US
Employee Benefit Expenses
Employee benefits expense for nine months of FY22 was INR 3,423 million (US
Other Expenses
Other Expenses, which includes Operating & Maintenance (O&M) as well as General & Administrative (G&A), for nine months of FY22 was INR 6,495 million (US
Net Loss
The net loss for nine months of FY22 was INR 12,573 million (US
Adjusted EBITDA (2)
Adjusted EBITDA (Non-IFRS) for nine months of FY22 was INR 42,456 million (US
Run Rate Guidance
The Company is reiterating its run rate adjusted EBITDA, Cash Flow to equity and Net Debt guidance, for its current operating portfolio of 7.3 GW (after the recent rooftop sale) and total portfolio of 10.2 GW, in line with previous disclosures:
($ in millions) | Run Rate Adjusted EBITDA | Run Rate Cash Flow to equity | Net Debt |
7.3 GW Operating Portfolio | ~ | ||
10.2 GW Total Portfolio |
We continue to expect that adjusted EBITDA, excluding the impact of weather, for fiscal year 2022 will be approximately INR 60,750 million (or US
Note: Construction (including land acquisition) typically takes approximately six to 18 months for utility-scale wind energy projects, and four to 12 months for utility-scale solar energy projects. PPAs are typically signed three to six months after receipt of the LOA although there have been recent delays in receiving PPAs principally due to COVID-19.
Finance Costs
Finance costs for nine months of FY22 was INR 28,892 million (US
Cash Flow
Cash flow from operating activities for nine months of FY22 was INR 22,717 million (US
Cash used in investing activities for nine months of FY22 was INR 104,364 million (US
Cash flow from financing activities for nine months of FY22 was INR 75,840 million (US
Cap Ex
During nine months of FY22, we commissioned 1,483 MWs of projects for which our capex was INR 65,012 million (US
Liquidity Position
As of December 31, 2021, we had INR 59,843 million (US
Debt
Gross debt on December 31, 2021 excluding debt with respect to acquisition in Q3 FY22 was INR 400,158 million (US
Receivables
Total Receivables as on December 31, 2021 was INR 51,713 million (US
Other updates
Chief Financial Officer Transition
On February 24, 2022, the Board of Directors (the "Board") of ReNew Energy Global plc ("ReNew") accepted the resignation of Mr. D.Muthukumaran as the Chief Financial Officer of ReNew. Mr. Muthukumaran will continue as ReNew's Chief Financial Officer until the effective date of his resignation on or around the end of Fiscal Year ended March 31, 2022. Mr.Muthukumaran is resigning to pursue other interests and his decision to resign was not as a result of any disagreements with ReNew on any matter. The Board thanks Mr. Muthukumaran for his services and wishes him well in his new endeavors. Following Mr. Muthukumaran's resignation, Mr. Kailash Vaswani will be appointed as an interim Chief Financial Officer of ReNew until the Board appoints a new Chief Financial Officer.
Mr. Vaswani is ReNew's President—Corporate Finance and has been a member of ReNew's senior management since inception. Kailash is directly responsible for ReNew's fundraising and M&A activities as well as treasury management. Prior to joining ReNew, Mr. Vaswani worked with the Corporate Finance and Investments divisions of Saffron Asset Advisors and the Aditya Birla Group. Mr. Vaswani is a Chartered Accountant and holds a Bachelor's degree in Commerce from Mumbai University, India.
Share Buyback Program
On 2 February 2022, the Company's Board of Directors approved the Company's proposal to commence a share repurchase program of up to
Receivables Litigation Update
The Company received a favorable order from the Maharashtra Electricity Regulatory Commission in February 2022 where Maharashtra State Electricity Distribution Company Limited ("MSEDCL") has been asked to submit a payment plan within a month for clearing all outstanding dues payable to the Company. Total receivables on December 31, 2021 from MSEDCL was INR 3,821 million (US
The Company also received a favorable order from the Karnataka High Court in December 2021 where Hubli Electricity Supply Company Limited ("HESCOM") and Gulbarga Electricity Supply Company Limited (GESCOM), has been directed to clear all the outstanding dues payable to the Company for the power sold from the Company's projects in the state of Karnataka, India. Karnataka DISCOMs were also directed to open or renew monthly irrevocable letters of credit under the terms of the PPA between the Company and DISCOM. Additionally, the court issued general directions to all the DISCOMs in the state of Karnataka to honor, discharge and fulfil their duties, obligations and liabilities under their PPAs with power producing companies. Total receivables on December 31, 2021 from all Karnataka DISCOMs, HESCOM and GESCOM were INR 6,685 million (US
Amendments to the Nomination Committee Charter
On February 22, 2022, the Board of ReNew Energy Global plc ("ReNew") approved the amendments to its Nomination Committee Charter. The Nominations Committee has been renamed as the Nominations and Board Governance Committee and the scope of the charter has been expanded to cover certain Board governance matters such as, (i) annually reviewing the board committee structure and recommending to the Board for its approval, directors to serve as members of each committee; and (ii) developing and recommending to the Board the Board Governance Guidelines, and reviewing and reassessing the adequacy of such Board Governance Guidelines and recommending any proposed changes to the Board. There is no change to the composition of the Nomination and Board Governance Committee.
Use of Non-IFRS Financial Measures
Adjusted EBITDA
Adjusted EBITDA is a non- IFRS financial measure. We present Adjusted EBITDA as a supplemental measure of its performance. This measurement is not recognized in accordance with IFRS and should not be viewed as an alternative to IFRS measures of performance. The presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
The Company defines Adjusted EBITDA as Total income (or total revenue) less (a) finance income, (b) raw materials and consumables used, (c) employee benefits expense, (d) other expenses, plus (e) share based payment expense and others related to listing. We believe Adjusted EBITDA is useful to investors in assessing our ongoing financial performance and provides improved comparability on a like to like basis between periods through the exclusion of certain items that management believes are not indicative of our operational profitability and that may obscure underlying business results and trends. However, this measure should not be considered in isolation or viewed as a substitute for net income or other measures of performance determined in accordance with IFRS. Moreover, Adjusted EBITDA as used herein is not necessarily comparable to other similarly titled measures of other companies due to potential inconsistencies in the methods of calculation.
Our management believes this measure is useful to compare general operating performance from period to period and to make certain related management decisions. Adjusted EBITDA is also used by securities analysts, lenders and others in their evaluation of different companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be highly dependent on our capital structure, debt levels and credit ratings. Therefore, the impact of interest expense on earnings can vary significantly among companies. In addition, the tax positions of companies can vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the various jurisdictions in which they operate. As a result, effective tax rates and tax expense can vary considerably among companies.
Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under IFRS. Some of these limitations include:
- it does not reflect cash expenditures or future requirements for capital expenditures or contractual commitments or foreign exchange gain/loss;
- it does not reflect changes in, or cash requirements for, working capital;
- it does not reflect significant interest expense or the cash requirements necessary to service interest or principal payments on outstanding debt;
- it does not reflect payments made or future requirements for income taxes; and
- although depreciation, amortization and impairment are non-cash charges, the assets being depreciated and amortized will often have to be replaced or paid in the future and Adjusted EBITDA does not reflect cash requirements for such replacements or payments.
Investors are encouraged to evaluate each adjustment and the reasons we consider it appropriate for supplemental analysis. For more information, please see the Reconciliations of Net loss to Adjusted EBITDA towards the end of this earnings release.
Cash Flow to Equity (CFe)
CFe is a Non-IFRS financial measure. We present CFe as a supplemental measure of our performance. This measurement is not recognized in accordance with IFRS and should not be viewed as an alternative to IFRS measures of performance. The presentation of CFe should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
We define CFe as Adjusted EBITDA add non cash expense and finance income, less interest expense paid, tax paid/(refund) and normalized loan repayments. Normalized loan repayments are repayment of scheduled payments as per the loan agreement. Adhoc payments and refinancing are not included in normalized loan repayments. The definition also excludes changes in net working capital and investing activities.
We believe IFRS metrics, such as net income (loss) and cash from operating activities, do not provide the same level of visibility into the performance and prospects of our operating business as a result of the long term capital-intensive nature of our businesses, non-cash depreciation and amortization, cash used for debt servicing as well as investments and costs related to the growth of our business.
Our business owns high-value, long-lived assets capable of generating substantial Cash Flows to Equity over time. We believe that external consumers of our financial statements, including investors and research analysts, use CFe both to assess ReNew Power's performance and as an indicator of its success in generating an attractive risk-adjusted total return, assess the value of the business and the platform. This has been a widely used metric by analysts to value our business, and hence we believe this will better help potential investors in analysing the cash generation from our operating assets.
We have disclosed CFe for our operational assets on a consolidated basis, which is not our cash from operations on a consolidated basis. We believe CFe supplements IFRS results to provide a more complete understanding of the financial and operating performance of our businesses than would not otherwise be achieved using IFRS results alone. CFe should be used as a supplemental measure and not in lieu of our financial results reported under IFRS.
Webcast and Conference Call Information
A conference call has been scheduled to discuss the earnings results at 8:30 a.m. Eastern Time (7:00 p.m. IST) on February 25, 2022. The conference call can be accessed live via at https://edge.media-server.com/mmc/p/2spfx5if or by phone (toll-free) by dialing US/ Canada: 1 855 881 1339` UK: 0800 051 8245, India: 0008 0010 08443; Singapore: 800 101 2785; and Japan: 005 3116 1281 or +61 7 3145 4010 (toll). An audio replay will be available following the call on the ReNew Investor Relations website at https://investors.renewpower.in/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 into U.S. dollars has been made at INR 74.39 to US
$1.00 , which is 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 December 30, 2021. 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. - This is a non-IFRS measure. For more information, see "About Key Performance Indicators and Non-IFRS Measures" elsewhere in this release. IFRS refers to International Financial Reporting Standards as issued by the International Accounting Standards Board. In addition, reconciliations of non-IFRS measures to IFRS financial measures, and operating results are included at the end of this release.
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; its limited operating history, particularly as a relatively new public company; its ability to attract and retain its relationships with third parties, including its solar partners; our ability to meet the covenants in its 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 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 has received the LOA. There is no assurance that we will be able to sign a PPA even though we have 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 Power and its subsidiaries. ReNew is one of the largest renewable energy Independent Power Producers (IPPs) in India and globally. ReNew develops, builds, owns, and operates utility-scale wind and solar energy projects, hydro projects and distributed solar energy projects. As of February 1, 2022, ReNew had a total capacity of 10.2 GW of renewable energy projects across India including commissioned and committed projects.
Press Enquiries
Kamil Zaheer
Kamil.zaheer@renewpower.in
+91 9811538880
Investors
Nathan Judge, CFA
Anunay Shahi
Ir@renewpower.in
RENEW ENERGY GLOBAL PLC | |||
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||
(INR and US$ amounts in millions, except share and par value data) | |||
As at March 31, | As at December 31, | ||
2021 | 2021 | 2021 | |
(Audited) | (Unaudited) | (Unaudited) | |
(INR) | (INR) | (USD) | |
Assets | |||
Non-current assets | |||
Property, plant and equipment | 342,036 | 418,012 | 5,619 |
Intangible assets | 36,410 | 40,177 | 540 |
Right of use assets | 4,264 | 5,678 | 76 |
Financial assets | - | ||
Trade receivables | 1,178 | 2,142 | 29 |
Loans | 140 | 125 | 2 |
Others | 2,999 | 331 | 4 |
Deferred tax assets (net) | 1,611 | 849 | 11 |
Prepayments | 679 | 694 | 9 |
Non-current tax assets (net) | 2,702 | 2,442 | 33 |
Other non-current assets | 7,715 | 14,082 | 189 |
Total non-current assets | 399,734 | 484,532 | 6,513 |
Current assets | |||
Inventories | 833 | 1,401 | 19 |
Financial assets | |||
Derivative instruments | 2,691 | 4,369 | 59 |
Trade receivables | 34,802 | 49,571 | 666 |
Cash and cash equivalents | 20,679 | 14,718 | 198 |
Bank balances other than cash and cash equivalents | 26,506 | 44,794 | 602 |
Loans | 56 | 1,029 | 14 |
Others | 3,697 | 3,769 | 51 |
Prepayments | 592 | 1,117 | 15 |
Other current assets | 2,464 | 2,306 | 31 |
92,320 | 123,074 | 1,654 | |
Assets held for sale | - | 7,703 | - |
Total current assets | 92,320 | 130,777 | 1,654 |
Total assets | 492,054 | 615,309 | 8,271 |
Equity and liabilities | |||
Equity | |||
Issued capital | 3,799 | 4,808 | 65 |
Share premium | 67,165 | 163,158 | 2,193 |
Hedge reserve | (5,224) | (3,052) | (41) |
Share based payment reserve | 1,165 | 2,674 | 36 |
Retained losses | (6,489) | (43,137) | (580) |
Other components of equity | 1,661 | (3,978) | (53) |
Equity attributable to equity holders of the parent | 62,077 | 120,473 | 1,619 |
Non-controlling interests | 2,668 | 7,326 | 98 |
Total equity | 64,745 | 127,799 | 1,718 |
Non-current liabilities | |||
Financial liabilities | |||
Interest-bearing loans and borrowings | 335,136 | 338,882 | 4,555 |
Lease liabilities | 1,782 | 2,413 | 32 |
Derivative instruments | - | 8,484 | 114 |
Others | 132 | - | - |
Deferred government grant | 719 | 228 | 3 |
Employee benefit liabilities | 143 | 179 | 2 |
Contract liabilities | 1,364 | 1,318 | 18 |
Provisions | 13,686 | 12,304 | 165 |
Deferred tax liabilities (net) | 10,808 | 12,652 | 170 |
Other non-current liabilities | 2,747 | 2,787 | 37 |
Total non-current liabilities | 366,517 | 379,247 | 5,098 |
RENEW ENERGY GLOBAL PLC | |||
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||
(INR and US$ amounts in millions, except share and par value data) | |||
As at March 31, | As at December 31, | ||
2021 | 2021 | 2021 | |
(Audited) | (Unaudited) | (Unaudited) | |
Current liabilities | |||
Financial liabilities | |||
Interest-bearing loans and borrowings | 10,643 | 30,910 | 416 |
Lease liabilities | 330 | 414 | 6 |
Trade payables | 3,245 | 5,098 | 69 |
Liability for put options with non-controlling interests | - | 891 | |
Derivative instruments | 1,070 | 7,383 | 99 |
Others | 42,622 | 59,801 | 804 |
Deferred government grant | 39 | 0 | 0 |
Employee benefit liabilities | 252 | 171 | 2 |
Contract liabilities | 61 | 60 | 1 |
Other current liabilities | 2,266 | 714 | 10 |
Current tax liabilities (net) | 264 | 836 | 11 |
Total current liabilities | 60,792 | 106,278 | 1,429 |
Liabilities directly associated with the assets held for sale | - | 1,985 | 27 |
Total current liabilities | 60,792 | 108,263 | 1,455 |
Total liabilities | 427,309 | 487,510 | 6,553 |
Total equity and liabilities | 492,054 | 615,309 | 8,271 |
RENEW ENERGY GLOBAL PLC | |||||||
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS | |||||||
(INR and US$ amounts in millions, except share and par value data) | |||||||
Three months ended December 31, | Nine months ended December 31, | ||||||
2020 | 2021 | 2021 | 2020 | 2021 | 2021 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||
(INR) | (INR) | (USD) | (INR) | (INR) | (USD) | ||
Income | |||||||
Revenue from contracts with customers | 9,885 | 11,896 | 160 | 37,287 | 44,403 | 597 | |
Other operating income | 19 | 653 | 9 | 70 | 2,228 | 30 | |
Finance income | 508 | 428 | 6 | 1,629 | 1,235 | 17 | |
Other income | 380 | 485 | 7 | 2,067 | 3,715 | 50 | |
Total income | 10,792 | 13,462 | 181 | 41,053 | 51,581 | 693 | |
Expenses | |||||||
Raw materials and consumables used | 138 | 0 | 0 | 201 | 192 | 3 | |
Employee benefits expense | 330 | 1,141 | 15 | 931 | 3,423 | 46 | |
Depreciation and amortisation | 3,023 | 3,582 | 48 | 8,952 | 10,031 | 135 | |
Other expenses | 1,439 | 2,178 | 29 | 4,981 | 6,495 | 87 | |
Finance costs | 9,515 | 11,584 | 156 | 28,132 | 28,892 | 388 | |
Change in fair value of warrants | - | (428) | (6) | - | 427 | 6 | |
Listing and related expenses | - | - | - | - | 10,512 | 141 | |
Total expenses | 14,445 | 18,057 | 243 | 43,197 | 59,972 | 806 | |
Loss before share of profit of jointly controlled entities and tax | (3,653) | (4,595) | (62) | (2,144) | (8,391) | (113) | |
Share in loss of jointly controlled entities | (43) | - | - | (45) | - | - | |
Loss before tax | (3,696) | (4,595) | (62) | (2,189) | (8,391) | (113) | |
Income tax expense | |||||||
Current tax | (38) | 674 | 9 | 548 | 1,635 | 22 | |
Deferred tax | (157) | 1,115 | 15 | 1,356 | 2,547 | 34 | |
Loss for the period | (3,501) | (6,384) | (86) | (4,093) | (12,573) | (169) | |
Earnings / (loss) per share | |||||||
Basic and Diluted loss attributable to ordinary | (8.02) | (15.10) | (0.20) | (9.67) | (32.36) | (0.43) | |
RENEW ENERGY GLOBAL PLC | ||||||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(INR and US$ amounts in millions) | ||||||||
Three months ended December 31, | Nine months ended December 31, | |||||||
2020 | 2021 | 2021 | 2020 | 2021 | 2021 | |||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||
(INR) | (INR) | (USD) | (INR) | (INR) | (USD) | |||
Cash flows from operating activities | ||||||||
Loss before tax | (3,696) | (4,595) | (62) | (2,189) | (8,391) | (113) | ||
Adjustments to reconcile profit before tax to net cash flows: | ||||||||
Depreciation and amortization | 3,023 | 3,582 | 48 | 8,952 | 10,031 | 135 | ||
Change in fair value of warrants | - | (428) | (6) | 427 | 6 | |||
Provision for operation and maintenance equalization | (15) | (21) | (0) | 69 | (29) | (0) | ||
Share based payments | 23 | 835 | 11 | 100 | 1,935 | 26 | ||
Listing and related expenses | - | - | - | - | 7,617 | 102 | ||
Interest income | (332) | (502) | (7) | (1,437) | (1,235) | (17) | ||
Finance costs | 9,443 | 11,478 | 154 | 27,878 | 28,541 | 384 | ||
Others | (257) | (182) | (2) | 141 | 91 | 1 | ||
- | ||||||||
Working capital adjustments: | - | |||||||
(Increase) / decrease in current trade receivables | (2,209) | 3,276 | 44 | (10,284) | (13,785) | (185) | ||
Decrease / (increase) in non-current trade receivables | 1,255 | (886) | (12) | - | (860) | (12) | ||
Increase in inventories | (120) | (267) | (4) | (427) | (584) | (8) | ||
(Increase) / decrease in other current financial assets | (62) | 1,335 | 18 | 220 | (72) | (1) | ||
(Increase) / decrease in other non-current financial assets | (71) | 6 | 0 | (38) | 23 | 0 | ||
(Increase) / decrease in other current assets | (104) | (371) | (5) | (721) | 53 | 1 | ||
Increase in other non-current assets | (18) | (19) | (0) | (38) | (44) | (1) | ||
Decrease / (increase) in prepayments | 2,328 | 482 | 6 | (99) | (531) | (7) | ||
(Decrease) / increase in other current financial liabilities | (92) | 30 | 0 | 19 | (28) | (0) | ||
Decrease in other current liabilities | (54) | (363) | (5) | (1,377) | (1,503) | (20) | ||
Increase / (Decrease) in other non-current liabilities | 97 | (1) | (0) | 114 | 13 | 0 | ||
(Decrease) / increase in contract liabilities | (90) | 19 | 0 | 1,379 | 57 | 1 | ||
Increase / (Decrease) in trade payables | 898 | (1,362) | (18) | 116 | 1,722 | 23 | ||
Increase / (Decrease) in employee benefit liabilities | 19 | (55) | (1) | 56 | (54) | (1) | ||
Decrease in provisions | (4) | - | - | (4) | - | - | ||
Cash generated from operations | 9,962 | 11,991 | 161 | 22,430 | 23,394 | 314 | ||
Income tax refund / (paid) (net) | 437 | (261) | (4) | 679 | (677) | (9) | ||
Net cash generated from operating activities (a) | 10,399 | 11,730 | 158 | 23,109 | 22,717 | 305 | ||
Cash flows from investing activities | ||||||||
Purchase of property, plant and equipment, intangible assets and right of use assets | (7,523) | (23,878) | (321) | (14,921) | (72,030) | (968) | ||
Sale of property, plant and equipment | - | 107 | 1 | - | 114 | 2 | ||
Redemption / (investments) in deposits having residual maturity more than 3 months (net) | 1,026 | 2,717 | 37 | 4,995 | (16,424) | (221) | ||
Acquisition of subsidiaries (including subsidiaries that are not business), net of cash acquired | - | (6,389) | (86) | (34) | (15,929) | (214) | ||
Government grant received | 26 | 0 | 0 | 26 | 74 | 1 | ||
Proceeds from interest received | 575 | 87 | 1 | 1,806 | 781 | 11 | ||
Loans given | - | (950) | (13) | - | (950) | (13) | ||
Net cash used in investing activities (b) | (5,896) | (28,306) | (381) | (8,128) | (104,364) | (1,403) | ||
Cash flows from financing activities | ||||||||
Capital transaction involving issue of shares (net of transaction cost) | - | (527) | (7) | - | 67,978 | 914 | ||
Distribution / cash paid to RPPL's equity holders | - | - | - | - | (19,609) | (264) | ||
Acquisition of interest by non-controlling interest in subsidiaries | - | 35 | 0 | - | 1,071 | 14 | ||
Payment for acquisition of interest from non-controlling interest | (606) | (5) | (0) | (1,493) | (741) | (10) | ||
Payment of lease liabilities (including payment of interest expense) | (51) | (77) | (1) | (182) | (194) | (3) | ||
Payment made for repurchase of vested stock options | - | - | - | (681) | (610) | (8) | ||
Proceeds from long term interest-bearing loans and borrowings | 34,757 | 19,758 | 266 | 65,806 | 118,150 | 1,588 | ||
Repayment of long term interest-bearing loans and borrowings | (27,947) | (11,642) | (157) | (56,259) | (79,921) | (1,074) | ||
Proceeds from short term interest-bearing loans and borrowings | 7,737 | 19,875 | 267 | 13,637 | 68,299 | 918 | ||
Repayment of short term interest-bearing loans and borrowings | (6,248) | (17,977) | (242) | (13,540) | (57,445) | (772) | ||
Interest paid | (7,046) | (4,359) | (59) | (22,654) | (21,138) | (284) | ||
Net cash generated from / (used in) financing activities (c) | 596 | 5,081 | 68 | (15,366) | 75,840 | 1,019 | ||
RENEW ENERGY GLOBAL PLC | ||||||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(INR and US$ amounts in millions) | ||||||||
Three months ended December 31, | Nine months ended December 31, | |||||||
2020 | 2021 | 2021 | 2020 | 2021 | 2021 | |||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||
Net increase / (decrease) in cash and cash equivalents |
5,099 |
(11,495) |
(155) |
(385) |
(5,807) |
(78) | ||
Cash and cash equivalents at the beginning of the period | 7,605 | 26,367 | 354 | 13,089 | 20,679 | 278 | ||
Cash and cash equivalents at the end of the period | 12,704 | 14,872 | 200 | 12,704 | 14,872 | 200 | ||
Components of cash and cash equivalents | ||||||||
Cash and cheque on hand | 0 | 0 | 0 | 0 | 0 | 0 | ||
Balances with banks: | ||||||||
- On current accounts | 10,551 | 13,740 | 185 | 10,551 | 13,740 | 185 | ||
- Deposits with original maturity of less than 3 months | 2,153 | 1,132 | 15 | 2,153 | 1,132 | 15 | ||
Total cash and cash equivalents | 12,704 | 14,872 | 200 | 12,704 | 14,872 | 200 | ||
RENEW ENERGY | |||||||
Unaudited NON-IFRS metrices | |||||||
(INR and US$ amounts in millions) | |||||||
Reconciliation of Total Income to Adjusted EBITDA for the periods indicated: | |||||||
Three months ended December 31, | Nine months ended December 31, | ||||||
2020 | 2021 | 2021 | 2020 | 2021 | 2021 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||
INR | INR | USD | INR | INR | USD | ||
Total income | 10,792 | 13,462 | 181 | 41,053 | 51,581 | 693 | |
Less: Finance income | -508 | -428 | -6 | -1,629 | -1,235 | -17 | |
Less: Raw materials and consumables used | -138 | -0 | -0 | -201 | -192 | -2 | |
Less: Employee benefits expense | -330 | -1,141 | -15 | -931 | -3,423 | -46 | |
Less: Other expenses | -1,439 | -2,178 | -29 | -4,981 | -6,495 | -87 | |
Add: Share based payment expense and others related to listing | 0 | 840 | 11 | 0 | 2,220 | 30 | |
Adjusted EBITDA | 8,377 | 10,554 | 142 | 33,312 | 42,456 | 571 | |
CASH FLOWS TO EQUITY (CFe): | |||||||
Three months ended December 31, | Nine months ended December 31, | ||||||
2020 | 2021 | 2021 | 2020 | 2021 | 2021 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||
INR | INR | USD | INR | INR | USD | ||
Adjusted EBITDA | 8,377 | 10,554 | 142 | 33,312 | 42,456 | 571 | |
Less:- Share based payments expense (cash settled) and others | - | - | - | -681 | -940 | -13 | |
Add:- Finance income | 508 | 428 | 6 | 1,629 | 1,235 | 17 | |
Less:- Interest paid in cash | -7,046 | -4,359 | -59 | -22,654 | -21,138 | -284 | |
Less:- Tax paid / (refund) | 437 | -261 | -4 | 679 | -677 | -9 | |
Less:- Normalised loan repayment | -1,695 | -1,221 | -16 | -4,233 | -3,392 | -46 | |
Add:- Other non cash items | -24 | -56 | -1 | 247 | 359 | 5 | |
Total CFe | 558 | 5,085 | 68 | 8,299 | 17,904 | 241 | |
View original content:https://www.prnewswire.com/news-releases/renew-power-announces-results-for-the-third-quarter-q3-fy22-and-nine-months-of-fiscal-2022-both-ended-december-31-2021-301490283.html
SOURCE ReNew Energy Global PLC
FAQ
What were ReNew Energy's total income results for Q3 FY22?
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