ReNew Announces Results for the Fourth Quarter (Q4 FY22) and Fiscal Year 2022, both ended March 31, 2022
GURUGRAM,
Operating Highlights
- 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 toUS$ 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 inFebruary 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 theNasdaq 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.
Note: The translation of Indian rupees into
FY 23 Guidance
The Company is providing guidance for adjusted EBITDA, and Cash Flow to equity 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 155 - INR 160 |
INR 21,000 - INR 22,700 million
|
INR 49 – INR 53 |
Form 6-K containing financial statements and discussion of financial results has been filed with the
Webcast and Conference Call Information
A conference call has been scheduled to discuss the earnings results at
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.renewpower.in/news-events/events
Notes
(1) This press release contains translations of certain Indian rupee amounts into
(2) This is a non-IFRS measure. For more information, see "Use of Non-IFRS Measures" elsewhere in this release. IFRS refers to International Financial Reporting Standards as issued by the
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; issues related to the COVID-19 pandemic; 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 is one of the largest renewable energy Independent Power Producers in
Press Enquiries
kamil.zaheer@renewpower.in
+ 919811538880
Investor Enquiries
Anunay Shahi
ir@renewpower.in
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