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ReNew Power Announces Results for the First Quarter of the Fiscal Year 2023 (Q1 FY23), ended June 30, 2022 – EQ Mag Pro

ReNew Power Announces Results for the First Quarter of the Fiscal Year 2023 (Q1 FY23), ended June 30, 2022 – EQ Mag Pro

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GURUGRAM, India : ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), India’s leading renewable energy company in terms of total commissioned capacity, today announced its consolidated results for Q1 FY23 ended June 30, 2022.

Operating Highlights:

  • As of June 30, 2022, the Company’s portfolio consisted of 12.9 GWs, a 30.3% increase year on year, of which 7.6 GWs are commissioned and 5.3 GWs are committed. Subsequent to the end of the quarter, the Company signed an additional ~0.3 GWs of PPAs bringing the Company’s total portfolio to 13.2 GWs currently.
  • Total Income (or total revenue) for Q1 FY23 was INR 25,007 million (US$ 316 million), an increase of 48.8% over Q1 FY22.
  • Adjusted EBITDA(2) for Q1 FY23 was INR 20,157 million (US$ 255 million), an increase of 49.7% over Q1 FY22.
  • Net loss for Q1 FY23 was INR 104 million (US$ 1 million) compared to a net profit of INR 425 million (US$ 5 million) for Q1 FY22. The net loss includes a one-time expense for debt premium and the impact of a reclassification of a hedge loss from the Balance Sheet of INR 2,531 million (US$ 32 million) for the refinancing of USD bonds with lower cost rupee debt.
  • Cash Flow to equity(2) (“CFe”) for Q1 FY23 was INR 14,562 million (US$ 184 million), an increase of 104.0% over Q1 FY22.

Note: the translation of Indian rupees into U.S. dollars has been made at INR 79.02 to US$ 1.00. See note 1 for more information.

FY 23 Guidance

The Company is reiterating its Adjusted EBITDA, Adjusted EBITDA per share, Cash Flow to equity and Cash Flow to equity per share guidance for FY23:

Financial Year

Adjusted EBITDA

Adjusted EBITDA/share

Cash Flow to Equity

Cash Flow to equity/share

FY23

INR 66,000 – INR 69,000 million

INR 156 – INR 163

INR 21,000 – INR 22,700 million

INR 50 – INR 54

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 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 August 18, 2022, ReNew had a gross total portfolio of ~13.2 GWs of renewable energy projects across India, including commissioned and committed projects

Anand Gupta Editor - EQ Int'l Media Network