ReNew Power Announces Results for the First Quarter of Fiscal Year 2023 (Q1 FY23), ended June 30, 2022
GURUGRAM,
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
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 |
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
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
+ 91 9811538880
Shilpa Narani
shilpa.narani@renewpower.in
+ 91 9999384233
Investor Enquiries
Anunay Shahi
ir@renewpower.in
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