ReNew Announces Results for the Second Quarter of Fiscal Year 2023 (Q2 FY23), ended Sept 30, 2022
- 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 millionGreen 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 Fundfor developing countries, and KLP, Norway'slargest pension company, to co-invest in ReNew's transmission projects.
- ReNew signed definitive documents to acquire shares in 3E, a SaaS solutions company offering asset performance management and analytics for renewable energy assets.
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.
Cash Flow to Equity
Cash Flow to equity/share
INR 66,000 – INR 69,000 million
INR 159 - INR 165
INR 21,000 – INR 22,700 million
INR 50 - INR 54
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
Webcast and Conference Call Information
A conference call has been scheduled to discuss the earnings results at
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.
(1) This press release contains translations of certain Indian rupee amounts into
(2) This is a non-IFRS measure. We provide further descriptions of these non-IFRS measures and reconciliations of these non-IFRS measures to the corresponding most closely related IFRS measures on Form 6-F and 20-F filed with 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
ReNew is one of the largest renewable energy Independent Power Producers in
Shilpa Narani email@example.com
+ 91 9999384233
Logo - https://mma.prnewswire.com/media/653741/ReNew_Power_New_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/renew-announces-results-for-the-second-quarter-of-fiscal-year-2023-q2-fy23-ended-sept-30-2022-301679207.html