ReNew Announces Results for the Fourth Quarter (Q4 FY22) and Fiscal Year 2022, both ended March 31, 2022 – EQ Mag Pro
Gurugram, India : ReNew Energy Global plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), India’s leading renewable energy company, today announced its consolidated results for Q4 FY22 and the fiscal year ended March 31, 2022.
- The commissioned capacity of the Company rose by 0.13 GWs during Q4 FY22. As of March 31, 2022, the Company’s portfolio consisted of 10.7 GWs of which 7.6 GWs are commissioned and 3.1 GWs are committed. Subsequent to the end of the quarter, the Company entered into definitive agreements to purchase 528 MWs of renewable energy assets and signed an additional ~1.6 GWs of PPAs bringing the Company’s total portfolio to 12.8 GWs
- Total Income (or total revenue) for FY22, ended March 31, 2022, was INR 69,195 million (US$ 912 million), an increase of 27.0% from FY21. Total Income for Q4 FY22 was INR 17,615 million (US$ 232 million), an increase of 31.1% over Q4 FY21.
- Adjusted EBITDA(2) for FY22 was INR 55,144 million (US$ 727 million), an increase of 31.7% over FY21. At the budgeted foreign exchange rate of INR 75.00 to US$ 1.00, the adjusted EBITDA would have been US $ 735 million. Adjusted EBITDA for Q4 FY22 was INR 12,787 million (US$ 169 million), an increase of 49.4% over Q4 FY21. Adjusted EBITDA was not adjusted for the net negative impact of weather relative to normal of approximately INR 5,691 million (US$ 75 million) for FY22 and approximately INR 1,517 million (US$ 20 million) for Q4 FY22, as well as INR 471 million (US$ 6 million) of EBITDA in FY21 from the rooftop portfolio that was sold in February 2022.
- Net loss for FY22 was INR 16,127 million (US$ 213 million) compared to a net loss of INR 8,033 million (US$ 106 million) for FY21. The net loss for FY22 included INR 13,224 million (US$ 174 million) of charges related to listing on the Nasdaq Stock Market LLC, issuance of share warrants, listing related share-based payments, and other factors.
- Cash Flow to Equity(2) (“CFe”) from Operating Assets for FY22 was INR 12,888 million (US$ 170 million), an increase of 92.6% over FY21. Cash Flow to Equity from Operating Assets for Q4 FY22 was negative INR 5,016 million (US$ 66 million), a decrease of 211.8% over Q4 FY21.
FY 23 Guidance
The Company is providing guidance for adjusted EBITDA, and Cash Flow to equity for FY23:
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 in India and globally. ReNew develops, builds, owns, and operates utility-scale wind and solar energy projects, and hydro projects. As of June 14, 2022, ReNew had a gross total portfolio of ~12.8 GWs of renewable energy projects across India, including commissioned and committed projects.