ReNew Announces Results for the Second Quarter of Fiscal Year 2023 (Q2 FY23), ended Sept 30, 2022 – EQ Mag
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 Q2 FY23 ended September 30, 2022.
Mr. Sumant Sinha, Chairman and CEO, ReNew, said “ReNew continues to lead the energy transition in India and during the quarter, we signed 1 GW of purchase power agreements as a preferred partner for carbon-mitigation solutions. We have furthered our investments in capacity and our technology and analytics capabilities through an acquisition of 3E, a leading SaaS solutions company in renewable energy and a new partnership with Norfund and KLP. The core operations of the company continue to execute as expected this year and our continued access to affordable capital are enabling the company to capitalize on significant growth opportunities.”
Operating Highlights:
· As of September 30, 2022, the Company’s portfolio consisted of 13.4 GWs, a 30.8% increase year on year. Approximately 1.0 GW of Purchase Power Agreements (“PPAs”) were signed in the quarter.
· Total Income (or total revenue) for Q2 FY23 was INR 22,409 million (US$ 275 million), an increase of 5.1% over Q2 FY22. Adjusted EBITDA(2) for Q2 FY23 was INR 18,209 million (US$ 224 million), an increase of 0.1% over Q2 FY22. Net loss for Q2 FY23 was INR 986 million (US$ 12 million) compared to a net loss of INR 6,614 million (US$ 81 million) for Q2 FY22. Cash Flow to equity(2) (“CFe”) for Q2 FY23 was INR 7,125 million (US$ 88 million), an increase of 4.7% over Q2 FY22.
· Total Income (or total revenue) for H1 FY23 was INR 47,416 million (US$ 583 million), an increase of 24.4% over H1 FY22. Adjusted EBITDA(2) for H1 FY23 was INR 38,366 million (US$ 472 million), an increase of 20.3% over H1 FY22. Net loss for H1 FY23 was INR 1,090 million (US$ 13 million) compared to a net loss of INR 6,189 million (US$ 76 million) for H1 FY22. Cash Flow to equity(2) (“CFe”) for H1 FY23 was INR 21,040 million (US$ 259 million), an increase of 47.5% over H1 FY22.
· Days Sales Outstanding (“DSO”) ended Q2 FY23 at 231 days, a 41 day improvement year on year and the company increased its cash by INR 4,881 million (US$ 60 million) through a reduction in accounts receivables during the quarter.
· $300 million Green Bonds were redeemed during Q2 FY23. As of September 30, 2022, ~50% of total outstanding debt is local currency borrowing.
· ReNew entered into a partnership with Norfund, the Norwegian Government’s Investment Fund for developing countries, and KLP, Norway’s largest pension company, to co-invest in ReNew’s transmission projects.
· ReNew signed definitive agreements for the acquisition of 3E, a SaaS solutions company offering asset performance management and analytics for renewable energy.
FY 23 Guidance
The Company’s Adjusted EBITDA and Cash Flow to equity guidance for FY 23 is subject to normal weather for the remainder of the year and completion of the 528MW acquisition which is currently under process.
About ReNew
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 September 30, 2022, ReNew had a gross total portfolio of ~13.4 GWs of renewable energy projects across India including commissioned and committed projects.
