ReNew Announces Results for the Third Quarter (Q3 FY23) and Nine Months of Fiscal 2023, both ended December 31, 2022 – EQ Mag

ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading decarbonisation solutions company, today announced its consolidated results for Q3 FY23 and nine months ended December 31, 2022.

Operating Highlights:

• As of December 31, 2022, the Company’s portfolio consisted of 13.4 GWs, a 30.2% increase year on year, of which 7.8 GWs are commissioned and 5.6 GWs are committed. Approximately ~0.3 GW of Purchase Power Agreements (“PPAs”) were signed in the quarter and only ~1% of the total portfolio awaits PPAs/contracts.
• Total Income (or total revenue) for Q3 FY23 was INR 16,077 million (US$ 194 million), an increase of 19.4% over Q3 FY22. Adjusted EBITDA(2) for Q3 FY23 was INR 11,628 million (US$ 141 million), an increase of 10.2% over Q3 FY22. Net loss for Q3 FY23 was INR 4,013 million (US$ 49 million) compared to a net loss of INR 6,384 million (US$ 77 million) for Q3 FY22. Cash Flow to equity(2) (“CFe”) for Q3 FY23 was INR 2,682 million (US$ 32 million), a decrease of 47.3% over Q3 FY22.
• Total Income (or total revenue) for the first nine months of FY23 was INR 63,493 million (US$ 768 million), an increase of 23.1% over nine months of FY22. Adjusted EBITDA(2) for the first nine months of FY23 was INR 49,995 million (US$ 604 million), an increase of 17.8% over nine months of FY22. Net lossfor the first nine months of FY23 wasINR 5,103 million (US$ 62 million) compared to a net loss of INR 12,573 million (US$ 152 million) for nine months of FY22. Cash Flow to equity(2) (“CFe”) for the first nine months of FY23 was INR 19,810 million (US$ 239 million), an increase of 10.6% over the first nine months of FY22.
• Days Sales Outstanding (“DSO”) ended Q3 FY23 at 178 days, a 78 day improvement year on year.
  On the back of clear arrangements for future payment schedules agreed with multiple State
  Discoms, DSOs are on track for a substantial improvement over the remainder of the year.

FY 23 Guidance

The Company’s Adjusted EBITDA and Cash Flow to Equity guidance for FY23 is subject to normal weather for the remainder of the year.

Form 6-K containing financial statements and discussion of financial results has been filed with the SEC and can be accessed at www.sec.gov

About ReNew

ReNew is the leading decarbonisation solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew’s clean energy portfolio of ~13.4 GWs on a gross basis as of December 31, 2022, is one of the largest globally. In addition to being a major independent power producer in India, we provide end-to-end solutions in a just and inclusive manner in the areas of clean energy, green hydrogen, value-added energy offerings through digitalisation, storage, and carbon markets that increasingly are integral to addressing climate change.