ReNew Announces Results for the Second Quarter for Fiscal Year 2025 (Q2 FY25), ended September 30, 2024
ReNew Energy Global (Nasdaq: RNW) reported strong Q2 FY25 results with a 31% YoY increase in net profit to INR 4,939 million (US$ 59 million). The company's portfolio expanded to ~15.6 GWs, up from ~13.8 GWs YoY, with commissioned capacity growing 21.8% to ~10.1 GWs. Total revenue reached INR 29,887 million (US$ 357 million), while Adjusted EBITDA rose to INR 24,209 million (US$ 289 million). ReNew reiterated its FY25 guidance, expecting to complete 1,900-2,400 MWs construction and achieve Adjusted EBITDA of INR 76-82 billion.
ReNew Energy Global (Nasdaq: RNW) ha riportato risultati positivi per il secondo trimestre dell'anno fiscale 2025, con un aumento del 31% su base annua dell'utile netto, raggiungendo INR 4.939 milioni (59 milioni di dollari USA). Il portafoglio dell'azienda è cresciuto a circa 15,6 GW, in aumento rispetto ai circa 13,8 GW dell'anno precedente, con una capacità commissionata che è aumentata del 21,8% a circa 10,1 GW. Il fatturato totale ha raggiunto INR 29.887 milioni (357 milioni di dollari USA), mentre l'EBITDA rettificato è aumentato a INR 24.209 milioni (289 milioni di dollari USA). ReNew ha ribadito la sua previsione per l'anno fiscale 2025, aspettandosi di completare costruzioni tra 1.900 e 2.400 MW e di raggiungere un EBITDA rettificato di INR 76-82 miliardi.
ReNew Energy Global (Nasdaq: RNW) reportó resultados sólidos para el segundo trimestre del año fiscal 2025, con un aumento del 31% interanual en las ganancias netas, alcanzando 4,939 millones de INR (59 millones de USD). La cartera de la empresa se expandió a aproximadamente 15.6 GW, un aumento respecto a los aproximadamente 13.8 GW del año anterior, con una capacidad comisionada que creció un 21.8% a aproximadamente 10.1 GW. Los ingresos totales alcanzaron 29,887 millones de INR (357 millones de USD), mientras que el EBITDA ajustado aumentó a 24,209 millones de INR (289 millones de USD). ReNew reiteró su guía para el año fiscal 2025, esperando completar entre 1,900 y 2,400 MW de construcción y lograr un EBITDA ajustado de 76-82 mil millones de INR.
ReNew Energy Global (Nasdaq: RNW)는 2025 회계연도 2분기 실적을 발표하며, 순이익이 전년 대비 31% 증가한 49억 3천9백만 INR (5천9백만 달러)에 도달했다고 밝혔습니다. 회사의 포트폴리오는 약 15.6 GW로 확장되었으며, 이는 전년의 약 13.8 GW에서 증가한 수치입니다. 커미션된 용량은 21.8% 증가하여 약 10.1 GW에 이릅니다. 총 수익은 29,887백만 INR (3억 5천7백만 달러)에 달했으며, 조정된 EBITDA는 24,209백만 INR (2억 8천9백만 달러)로 증가했습니다. ReNew는 2025 회계연도의 가이던스를 재확인하며 1,900-2,400 MW의 건설을 완료하고 76-82억 INR의 조정 EBITDA를 달성할 것으로 기대하고 있습니다.
ReNew Energy Global (Nasdaq: RNW) a annoncé de solides résultats pour le deuxième trimestre de l'exercice 2025, avec une augmentation de 31 % des bénéfices nets d'une année sur l'autre, atteignant 4 939 millions INR (59 millions USD). Le portefeuille de l'entreprise s'est élargi à environ 15,6 GW, en hausse par rapport aux 13,8 GW de l'année précédente, avec une capacité mise en service croissant de 21,8 % pour atteindre environ 10,1 GW. Le chiffre d'affaires total a atteint 29 887 millions INR (357 millions USD), tandis que l'EBITDA ajusté a augmenté à 24 209 millions INR (289 millions USD). ReNew a réaffirmé ses prévisions pour l'exercice 2025, s'attendant à compléter la construction de 1 900 à 2 400 MW et à atteindre un EBITDA ajusté de 76 à 82 milliards INR.
ReNew Energy Global (Nasdaq: RNW) hat starke Ergebnisse für das zweite Quartal des Geschäftsjahres 2025 gemeldet, mit einem Anstieg des Nettogewinns um 31% im Vergleich zum Vorjahr auf 4.939 Millionen INR (59 Millionen USD). Das Portfolio des Unternehmens wuchs auf etwa 15,6 GW, ein Anstieg von etwa 13,8 GW im Vorjahr, wobei die beauftragte Kapazität um 21,8% auf etwa 10,1 GW zunahm. Der Gesamtumsatz erreichte 29.887 Millionen INR (357 Millionen USD), während das bereinigte EBITDA auf 24.209 Millionen INR (289 Millionen USD) anstieg. ReNew bekräftigte seine Prognose für das Geschäftsjahr 2025 und erwartet den Abschluss von 1.900 bis 2.400 MW an Bauprojekten sowie ein bereinigtes EBITDA von 76-82 Milliarden INR.
- 31% YoY increase in Q2 net profit to INR 4,939 million
- 21.8% YoY growth in commissioned capacity to 10.1 GWs
- 13% YoY increase in Q2 Adjusted EBITDA to INR 24,209 million
- Portfolio expansion with additional 0.7 GWs of PPAs signed post-quarter
- H1 FY25 net profit declined to INR 5,333 million from INR 6,754 million YoY
Insights
ReNew's Q2 FY25 results show robust financial performance with
The company's capital recycling strategy and asset monetization plans, targeting
The expansion of ReNew's portfolio to 15.6 GW from 13.8 GW YoY, with additional 0.7 GW in new PPAs, signals strong market positioning in India's renewable energy sector. The commissioning of 250 MW solar capacity post-quarter demonstrates continued operational execution. The company's ambitious construction target of 1,900-2,400 MW for FY25 aligns with India's growing renewable energy demands and decarbonization goals.
GURUGRAM,
Operating Highlights:
- As of September 30, 2024, the Company’s portfolio consisted of ~15.6 GWs, compared to ~13.8 GWs as of September 30, 2023. Subsequent to the end of the quarter, the Company signed PPAs for ~0.7 GWs of capacity taking the portfolio to ~16.3 GWs.
-
The Company’s commissioned capacity has increased
21.8% year-over-year to ~10.1 GWs as of September 30, 2024. Subsequent to the end of the quarter, the Company commissioned 250 MWs of solar capacity, taking the total commissioned capacity to ~10.4 GWs. -
Total Income (or total revenue) for Q2 FY25 was INR 29,887 million (
US ), compared to INR 28,632 million ($ 357 million US ) for Q2 FY24. Net profit for Q2 FY25 was INR 4,939 million ($ 342 million US ) compared to INR 3,771 million ($ 59 million US ) for Q2 FY24. Adjusted EBITDA for Q2 FY25 was INR 24,209 million ($ 45 million US ), as against INR 21,298 million ($ 289 million US ) for Q2 FY24.$ 254 million -
Total Income (or total revenue) for H1 FY25 was INR 54,713 million (
US ), compared to INR 53,291 million ($ 653 million US ) for H1 FY24. Net profit for H1 FY25 was INR 5,333 million ($ 636 million US ) compared to INR 6,754 million ($ 64 million US ) for H1 FY24. Adjusted EBITDA for H1 FY25 was INR 43,188 million ($ 81 million US ), as against INR 39,897 million ($ 516 million US ) for H1 FY24.$ 476 million
Note: the translation of Indian rupees into
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
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 November 20, 2024. The conference call can be accessed live at: https://edge.media-server.com/mmc/p/ejgbgmri 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
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
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 ~16.3 GWs on a gross basis as of November 19, 2024, is one of the largest globally. In addition to being a major independent power producer in
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Source: ReNew Energy Global Plc
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