6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of June 2023

Commission File Number: 001-40752

 

 

 

RENEW ENERGY GLOBAL PLC

(Translation of registrant’s name into English)

 

 

 

 

C/O Vistra (UK) Ltd 3rd Floor

 

11-12 St James’s Square London SW1Y 4LB

(Address of principal executive office)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F Form 40-F

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 

 

 


 

 

 

Other events

 

Earnings Release

 

On June 6, 2023, ReNew issued an earnings release announcing its audited financial results for the three and twelve months ended March 31, 2023, as well as certain other business updates. A copy of the earnings release dated June 6, 2023, is attached hereto as exhibit 99.1.

 

The contents of this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”), including Exhibit 99.1 hereto, are incorporated by reference into the Registrant’s registration statement on Form F-3, SEC file number 333-259706, filed by the Registrant on October 13, 2022 (as supplemented by any prospectus supplements filed on or prior to the date of this Form 6-K), and shall be a part thereof from the date on which this Form 6-K is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.


 

 

 


 

EXHIBIT INDEX

 

Exhibit

 

Description

99.1

 

Q4 FY'23 and twelve months FY'23 Financial Results

 

 

 

 

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 Dated: June 6, 2023

RENEW ENERGY GLOBAL PLC

 

By:

/s/ Kedar Upadhye

 Name:

Kedar Upadhye

 Title:

Chief Financial Officer

 

 

 

 

 


EX-99.1

 

Exhibit 99.1

ReNew Announces Results for the Fourth Quarter

(Q4 FY23) and Fiscal 2023, both

ended March 31, 2023

 

June 6, 2023: ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading decarbonisation solutions company, today announced its consolidated IFRS results for Q4 FY23 and the fiscal year ended March 31, 2023.

Operating Highlights:

As of March 31, 2023, the Company’s portfolio consisted of 13.7 GWs, a 28.2% increase year on year, of which ~ 8.0 GWs are commissioned and 5.7 GWs are committed. 101 MW of Purchase Power Agreements (“PPAs”) were signed in the fourth fiscal quarter of 2023 and only ~1% of our total portfolio have Letters of Award that await PPA.
Total Income (or total revenue) for Q4 FY23 was INR 25,916 million (US$ 315 million), an increase of 47.1% over Q4 FY22. Adjusted EBITDA(2) for Q4 FY23 was INR 12,010 million (US$ 146 million), as against INR 12,787 million (US$ 156 million) in Q4 FY22. Net profit for Q4 FY23 was INR 74 million (US$ 1 million) compared to a net loss of INR 3,554 million (US$ 43 million) for Q4 FY22. Cash Flow to equity(2)(“CFe”) for Q4 was an outflow of INR 4,631 million (US$ 56 million), as compared to an outflow of INR 5,016 million (US$ 61 million) in Q4 FY22.
Total Income (or total revenue) for FY23 was INR 89,309 million (US$ 1,087 million), an increase of 29.1% over FY22. Adjusted EBITDA(2) for FY23 was INR 62,004 million (US$ 754 million), an increase of 12.4% over FY22. Net loss for FY23 was INR 5,029 million (US$ 61 million) compared to a net loss of INR 16,128 million (US$ 196 million) for FY22. Cash Flow to equity(2) (“CFe”) for FY23 was an inflow of INR 15,179 million (US$ 185 million), an increase of 17.8% over FY22.
Days Sales Outstanding (“DSO”) ended Q4 FY23 at 138 days, a 74-day improvement year on year.

Note: the translation of Indian rupees into U.S. dollars has been made at INR 82.19 to US$ 1.00. See note 1 for more information.

Key Operating Metrics

As of March 31, 2023, our total portfolio consisted of 13,700 MWs an increase of 28.2% year on year, and commissioned capacity was 7,981 MWs, an increase of 5.5% year on year of which 3,967 MWs were wind, 3,915 MWs were solar and 99 MWs were hydro. We commissioned 187 MWs of wind assets and 227 MWs of solar assets during FY23. We commissioned 46 MWs of wind assets and 170 MWs of solar assets during Q4 FY23.

Electricity Sold

Total electricity sold for FY23 was 17,129 million kWh, an increase of 22.2% over FY22. Total electricity sold in Q4 FY23 was 3,875 million kWh, an increase of 9.2% over Q4 FY22.

 

Electricity sold for FY23 from wind assets was 8,637 million kWh, an increase of 5.7% over FY22. Electricity sold for FY23 from solar assets was 8,075 million kWh, an increase of 43.6% over FY22. Electricity sold for FY23 from hydro assets was 417 million kWh, an increase of 79.7% over FY22. The hydro assets were acquired in August 2021.

 

Electricity sold in Q4 FY23 from wind assets was 1,698 million kWh, an increase of 13.9% over Q4 FY22. Electricity sold in Q4 FY23 from solar assets was 2,143 million kWh, an increase of 6.8% over Q4 FY22. Electricity sold in Q4 FY23 for hydro assets was 34 million kWh, a decrease of 33.0% over Q4 FY22.

Plant Load Factor

Our weighted average Plant Load Factor (“PLF”) for FY23 for wind assets was 25.5%, compared to 25.6% for FY22. The PLF for FY23 for solar assets was 24.8% compared to 23.0% for FY22.

 

Our weighted average Plant Load Factor (“PLF”) for Q4 FY23 for wind assets was 20.0%, compared to 18.3% for Q4 FY22. The PLF for Q4 FY23 for solar assets was 26.5% compared to 26.0% for Q4 FY22.

 


 

Average Selling Price

The average selling price for FY23 was INR 4.12 per unit, compared to INR 4.21 per unit for FY22. Further, the average selling price for Q4 FY23 was INR 4.06 per unit, compared to INR 4.17 per unit for Q4 FY22.

Total Income

Total Income for FY23 was INR 89,309 million (US$ 1,087 million), an increase of 29.1% over FY22. The increase in total income was primarily due to an increase in operating capacity and, late payment surcharges from customers partially offset by lower income from carbon credit sales. Total income includes finance income and fair value change in derivative instruments of INR 2,910 million (US$ 35 million) and change in the fair value of warrants of INR 1,356 million (US$ 17 million) for FY23.

 

Total Income for Q4 FY23 was INR 25,916 million (US$ 315 million), an increase of 47.1% over Q4 FY22. The increase in total income was primarily due to an increase in operating capacity. Total income includes finance income and fair value change in derivative instruments of INR 905 million (US$ 11 million).

Employee Benefit Expenses

Employee benefit expenses of FY23 were INR 4,413 million (US$ 54 million), a decrease of 2.0% over FY22. The decrease is primarily on account of the absence of listing related expenses in FY23 offset by an increase in headcount. Employee benefit expenses for Q4 FY23 were INR 1,178 million (US$ 14 million), an increase of 9.3% over Q4 FY22 primarily due to an increase in headcount.

Other Expenses

Other Expenses, which include Operating & Maintenance (O&M) as well as General & Administrative (G&A), for FY23 was INR 13,636 million (US$ 166 million), an increase of 37.4% over FY22. Other Expenses for Q4 FY23 were INR 5,291 million (US$ 64 million), an increase of 54.3% over Q4 FY22. The increase was primarily driven by capacity additions, higher travel cost post Covid, and a charge of INR 1,436 million (US$ 17 million) for liquidated damages and impairment of carbon credits.

Finance Costs and fair value change in derivative instruments

Finance costs and fair value change in derivative instruments for FY23 was INR 50,966 million (US$ 620 million), an increase of 22.2% over FY22. The increase in finance costs was primarily due to higher borrowing related to increased capacity as well as, non-cash mark to market adjustments of INR 6,816 million (US$ 83 million).

 

Finance costs and fair value change in derivative instruments for Q4 FY23 was INR 9,209 million (US$ 112 million), a decrease of 28.2% over Q4 FY22. The decrease in finance costs was primarily due to refinancing of debt at lower rates and lower non-cash mark to market adjustments for the quarter versus the same quarter in the prior year.

Net Profit/ Loss

The net loss of FY23 was INR 5,029 million (US$ 61 million) compared to a net loss of INR 16,128 million (US$ 196 million) for FY22. The net loss of FY22 included a one-time listing related expense of INR 10,512 Mn (US$ 128 million).

The net profit for Q4 FY23 was INR 74 million (US$ 1 million) compared to a net loss of INR 3,554 million (US$ 43 million) for Q4 FY22, with the improvement mostly due to higher total income and lower non-cash mark to market adjustments for the quarter.

Adjusted EBITDA

Adjusted EBITDA (Non-IFRS) of FY23 was INR 62,004 million (US$ 754 million), an increase of 12.4% over FY22. Adjusted EBITDA Q4 FY23 was INR 12,010 million (US$ 146 million), as compared to INR 12,787 million (US$ 156 million) in Q4 FY22. Further, pursuant to IFRIC 12 (Service Concession Arrangements) related to our investment in transmission, we have recognized Gross revenue of INR 7,549 million (US$ 92 million) and Adjusted EBITDA of INR 323 million (US$ 4 million) in Q4 FY23.

 

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 International Accounting Standards Board. In addition, reconciliations of non-IFRS measures to IFRS financial measures, and operating results are included at the end of this release.

 


 

FY 24 Guidance

The Company expects to complete construction on between 1,750 to 2,250 MW’s by the end of Fiscal Year 2024.

The Company’s Adjusted EBITDA and Cash Flow to equity guidance for FY24 is subject to weather being similar to FY23.

 

Financial Year

 

Adjusted EBITDA

 

Adjusted EBITDA/share

 

Cash Flow to

equity (CFe)

 

 CFe/share

FY24

 

INR 60,000 – INR 66,000 million

 

INR 149 - INR 164

 

INR 6,000 – INR 8,000 million

 

INR 15 - INR 20

 

Cash Flow

Cash generated from operating activities of FY23 was INR 62,572 million (US$ 761 million), compared to INR 42,390 million (US$ 516 million) for FY22, an increase of 47.6% over FY22. Cash generated from operating activities for Q4 FY23 was INR 13,041 million (US$ 159 million), compared to INR 19,673 million (US$ 239 million) for Q4 FY22. The increase for the full year was primarily on account of higher total income and lower working capital due to improved collections. The decrease for Q4 FY23 was primarily due to an increase in expenses related to contracted assets reflecting the adoption of IFRIC 12.

Cash used in investing activities for FY23 was INR 71,978 million (US$ 876 million), compared to INR 124,747 million (US$ 1,518 million) for FY22. Cash used in investing activities for Q4 FY23 was INR 14,999 million (US$ 182 million), compared to INR 20,383 million (US$ 248 million) for Q4 FY22. Cash was used primarily towards capital expenditures on organic growth.

 

Cash generated in financing activities for FY23 was INR 19,113 million (US$ 233 million), compared to cash generated from financing activities of INR 90,038 million (US$ 1,095 million) for FY22. Cash generated in financing for Q4 FY23 was INR 32,599 million (US$ 397 million), compared to cash generated from financing activities of INR 14,198 million (US$ 173 million) in Q4 FY22. Cash was generated primarily from borrowings.

Capital Expenditure

During FY23, we commissioned 414 MWs of projects for which our capex was INR 24,523 million (US$ 298 million).

Liquidity Position

As of March 31, 2023, we had INR 77,022 million (US$ 937 million) of cash and bank balances. This included an aggregate of cash and cash equivalents of INR 38,182 million (US$ 465 million) as per the cash flow statement and INR 38,840 million (US$ 473 million) as bank balances other than cash and cash equivalents.

Debt

Gross debt on March 31, 2023 was INR 530,852 million (US$ 6,459 million).

Receivables

Total receivables, as on March 31, 2023, was INR 30,659 million (US$ 373 million) of which INR 4,016 million (US$ 49 million) was unbilled and others. The day sales outstanding was 138 as on March 31, 2023, as compared to 212 as on March 31, 2022, an improvement of 74 days year on year. Andhra Pradesh Discom (Distribution Companies being our customers) had total receivables of INR 11,428 million (US$ 139 million) as of March 31, 2023 compared to INR 17,679 million (US$ 215 million) as of March 31, 2022.

Other Updates

On May 31 2023, ReNew entered into a partnership with PETRONAS’ clean energy subsidiary Gentari, where Gentari will purchase a 49% equity stake in ReNew’s 403 MW Peak Power project. As part of the partnership ReNew will invest approximately INR 3,130 million (~USD 38 million) for its 51% stake in the project and through its affiliates, will undertake EPC, O&M, and project management for the project.

 


 

The Peak Power project has a 25-year Power Purchase Agreement (“PPA”) with Solar Energy Corporation of India (“SECI”), an Indian central government-owned entity with a AAA rating by ICRA, for supplying electricity at a peak tariff of INR 6.85/kWh (~USD 8.3¢) and an off-peak tariff of INR 2.88/kWh (~USD 3.5¢).

 

 

Use of Non-IFRS Financial Measures

Adjusted EBITDA

Adjusted EBITDA is a non- IFRS financial measure. We present Adjusted EBITDA as a supplemental measure of its performance. This measurement is not recognized in accordance with IFRS and should not be viewed as an alternative to IFRS measures of performance. The presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

 

The Company defines Adjusted EBITDA as Profit/(loss) for the period plus (a) current and deferred tax, (b) finance costs and FV changes on derivative instruments, (c) change in fair value of warrants (if recorded as expense) (d) depreciation and amortisation, (e) listing expenses, (f) share based payment and other expense related to listing less (g) share in profit/(loss) of jointly controlled entities (h) finance income and FV change in derivative instruments, (I) change in fair value of warrants (if recorded as income). We believe Adjusted EBITDA is useful to investors in assessing our ongoing financial performance and provides improved comparability on a like to like basis between periods through the exclusion of certain items that management believes are not indicative of our operational profitability and that may obscure underlying business results and trends. However, this measure should not be considered in isolation or viewed as a substitute for net income or other measures of performance determined in accordance with IFRS. Moreover, Adjusted EBITDA as used herein is not necessarily comparable to other similarly titled measures of other companies due to potential inconsistencies in the methods of calculation.

 

Our management believes this measure is useful to compare general operating performance from period to period and to make certain related management decisions. Adjusted EBITDA is also used by securities analysts, lenders and others in their evaluation of different companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be highly dependent on our capital structure, debt levels and credit ratings. Therefore, the impact of interest expense on earnings can vary significantly among companies. In addition, the tax positions of companies can vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the various jurisdictions in which they operate. As a result, effective tax rates and tax expenses can vary considerably among companies.

Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under IFRS. Some of these limitations include:

it does not reflect cash expenditures or future requirements for capital expenditures or contractual commitments or foreign exchange gain/loss;
it does not reflect changes in, or cash requirements for, working capital;
it does not reflect significant interest expense or the cash requirements necessary to service interest or principal payments on outstanding debt;
it does not reflect payments made or future requirements for income taxes; and
although depreciation, amortization and impairment are non-cash charges, the assets being depreciated and amortized will often have to be replaced or paid in the future and Adjusted EBITDA does not reflect cash requirements for such replacements or payments.

Investors are encouraged to evaluate each adjustment and the reasons we consider it appropriate for supplemental analysis. For more information, please see the Reconciliations of Net loss to Adjusted EBITDA towards the end of this earnings release.

Cash Flow to Equity (CFe)

CFe is a Non-IFRS financial measure. We present CFe as a supplemental measure of our performance. This measurement is not recognized in accordance with IFRS and should not be viewed as an alternative to IFRS measures of performance. The presentation of CFe should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

 


 

We define CFe as Adjusted EBITDA add non-cash expense and finance income and fair value change in derivative, less interest expense paid, tax paid/(refund) and normalized loan repayments. Normalized loan repayments are repayment of scheduled payments as per the loan agreement. Adhoc payments and refinancing (including planned arrangements/ borrowings in previous periods) are not included in normalized loan repayments. The definition also excludes changes in net working capital and investing activities.

We believe IFRS metrics, such as net income (loss) and cash from operating activities, do not provide the same level of visibility into the performance and prospects of our operating business as a result of the long-term capital-intensive nature of our businesses, non-cash depreciation and amortization, cash used for debt servicing as well as investments and costs related to the growth of our business.

Our business owns high-value, long-lived assets capable of generating substantial Cash Flows to Equity over time. We believe that external consumers of our financial statements, including investors and research analysts, use CFe both to assess ReNew Power’s performance and as an indicator of its success in generating an attractive risk-adjusted total return, assess the value of the business and the platform. This has been a widely used metric by analysts to value our business, and hence we believe this will better help potential investors in analysing the cash generation from our operating assets.

We have disclosed CFe for our operational assets on a consolidated basis, which is not our cash from operations on a consolidated basis. We believe Cfe supplements IFRS results to provide a more complete understanding of the financial and operating performance of our businesses than would not otherwise be achieved using IFRS results alone. CFe should be used as a supplemental measure and not in lieu of our financial results reported under IFRS.

Webcast and Conference Call Information

A conference call has been scheduled to discuss the earnings results at 8:30 AM ET (6:00 PM IST) on June 7, 2023. The conference call can be accessed live at https://edge.media-server.com/mmc/p/c752t5oc or by phone (toll-free) by dialing:

US/ Canada: (+1) 855 881 1339
France: (+33) 0800 981 498
Germany
: (+49) 0800 182 7617
Hong Kong
: (+852) 800 966 806
India
: (+91) 0008 0010 08443
Japan
: (+81) 005 3116 1281
Singapore
: (+65) 800 101 2785
Sweden
: (+46) 020 791 959
UK
: (+44) 0800 051 8245
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.renew.com/news-events/events

Notes:

(1)
This press release contains translations of certain Indian rupee amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, the translation of Indian rupees into U.S. dollars has been made at INR 82.19 to US$ 1.00, which was the noon buying rate in New York City for cable transfer in non-U.S. currencies as certified for customs purposes by the Federal Reserve Bank of New York on March 31, 2023. We make no representation that the Indian rupee or U.S. dollar amounts referred to in this press release could have been converted into U.S. dollars or Indian rupees, as the case may be, at any particular rate or at all.
(2)
The financial statements in this press release are not the Company’s statutory accounts as defined in section 434 of the UK Companies Act 2006. Statutory accounts for the Company’s financial year ended March 31, 2023 have not yet been delivered to the Registrar of Companies for England and Wales. Statutory accounts for the Company’s financial year ended March 31, 2022 have been delivered to the Registrar in accordance with section 441 of the Companies Act 2006 and an auditor’s report has been made on them and was unqualified, did not include any reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report, and contained no statement under section 498(2) or (3) of the Companies Act 2006.

 


 

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 U.S. Securities and Exchange Commission, or SEC, from time to time. Portfolio represents the aggregate megawatts capacity of solar power plants pursuant to PPAs, signed or allotted or where we have received a letter of award. There is no assurance that we will be able to sign a PPA even though we have received a letter of award. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.

About ReNew

Unless the context otherwise requires, all references in this press release to “we,” “us,” or “our” refers to ReNew and its subsidiaries.

 

ReNew is a leading decarbonisation solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy portfolio of ~13.7 GWs on a gross basis as of March 31, 2023, 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, value-added energy offerings through digitalisation, storage, and carbon markets that increasingly are integral to addressing climate change. For more information, visit renew.com and follow us on LinkedIn, Facebook and Twitter.

Press Enquiries

Shilpa Narani
S
hilpa.narani@renew.com
+ 91 9999384233

Investor Enquiries

Nathan Judge

Nitin Vaid

ir@renew.com

 


 

RENEW ENERGY GLOBAL PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(INR and US$ amounts in millions)

 

 

As at March 31,

 

As at March 31,

 

 

2022

 

2023

 

2023

 

 

(Audited)

 

(Unaudited)

 

(Unaudited)

 

 

(INR)

 

(INR)

 

(USD)

 

Assets

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

Property, plant and equipment

 

 

437,593

 

 

533,842

 

 

6,495

 

Intangible assets

 

 

39,724

 

 

38,595

 

 

470

 

Right of use assets

 

 

7,495

 

 

10,618

 

 

129

 

Investment in jointly controlled entities

 

 

 

 

3,007

 

 

37

 

Financial assets

 

 

 

 

 

 

 

Investments

 

 

 

 

466

 

 

6

 

Derivative instruments

 

 

 

 

4,216

 

 

51

 

Trade receivables

 

 

1,006

 

 

9,686

 

 

118

 

Loans

 

 

164

 

 

356

 

 

4

 

Others

 

 

3,254

 

 

1,901

 

 

23

 

Deferred tax assets (net)

 

 

1,062

 

 

4,708

 

 

57

 

Prepayments

 

 

875

 

 

1,018

 

 

12

 

Non-current tax assets (net)

 

 

4,877

 

 

7,207

 

 

88

 

Contract assets

 

 

 

 

7,139

 

 

87

 

Other non-current assets

 

 

10,081

 

 

13,592

 

 

165

 

Total non-current assets

 

 

506,131

 

 

636,351

 

 

7,742

 

Current assets

 

 

 

 

 

 

 

Inventories

 

 

815

 

 

1,194

 

 

15

 

Financial assets

 

 

 

 

 

 

 

Investments

 

 

 

 

460

 

 

6

 

Derivative instruments

 

 

3,593

 

 

2,120

 

 

26

 

Trade receivables

 

 

44,819

 

 

20,973

 

 

255

 

Cash and cash equivalents

 

 

28,379

 

 

38,182

 

 

465

 

Bank balances other than cash and cash equivalents

 

 

50,741

 

 

37,837

 

 

460

 

Loans

 

 

623

 

 

54

 

 

1

 

Others

 

 

2,178

 

 

4,094

 

 

50

 

Prepayments

 

 

970

 

 

1,311

 

 

16

 

Contract assets

 

 

 

 

572

 

 

7

 

Other current assets

 

 

3,001

 

 

4,902

 

 

60

 

 

 

 

135,119

 

 

111,699

 

 

1,359

 

Assets held for sale

 

 

93

 

 

64

 

 

1

 

Total current assets

 

 

135,212

 

 

111,763

 

 

1,360

 

Total assets

 

 

641,343

 

 

748,114

 

 

9,102

 

Equity and liabilities

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

Issued capital

 

 

4,808

 

 

4,808

 

 

58

 

Share premium

 

 

154,051

 

 

154,136

 

 

1,875

 

Hedge reserve

 

 

(1,328

)

 

(618

)

 

(8

)

Share based payment reserve

 

 

3,444

 

 

5,886

 

 

72

 

Retained losses

 

 

(38,420

)

 

(53,622

)

 

(652

)

Other components of equity

 

 

(4,116

)

 

(3,789

)

 

(46

)

Equity attributable to equity holders of the parent

 

 

118,439

 

 

106,801

 

 

1,299

 

Non-controlling interests

 

 

7,934

 

 

12,942

 

 

157

 

Total equity

 

 

126,373

 

 

119,743

 

 

1,457

 

Non-current liabilities

 

 

 

 

 

 

 

Financial liabilities

 

 

 

 

 

 

 

Interest-bearing loans and borrowings

 

 

373,729

 

 

467,738

 

 

5,691

 

Lease liabilities

 

 

2,999

 

 

5,471

 

 

67

 

Derivative instruments

 

 

 

 

521

 

 

6

 

Liability for put options with non-controlling interest

 

 

8,636

 

 

4,422

 

 

54

 

Others

 

 

2,087

 

 

1,735

 

 

21

 

Deferred government grant

 

 

214

 

 

203

 

 

2

 

Employee benefit liabilities

 

 

169

 

 

207

 

 

3

 

Provisions

 

 

13,384

 

 

16,859

 

 

205

 

Deferred tax liabilities (net)

 

 

12,468

 

 

15,367

 

 

187

 

Other non-current liabilities

 

 

5

 

 

3

 

 

0

 

Total non-current liabilities

 

 

413,691

 

 

512,526

 

 

6,236

 

 

 


 

RENEW ENERGY GLOBAL PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(INR and US$ amounts in millions)

 

 

As at March 31,

 

As at March 31,

 

 

2022

 

2023

 

2023

 

 

(Audited)

 

(Unaudited)

 

(Unaudited)

 

 

(INR)

 

(INR)

 

(USD)

 

Current liabilities

 

 

 

 

 

 

 

Financial liabilities

 

 

 

 

 

 

 

Interest-bearing loans and borrowings

 

 

14,485

 

 

42,523

 

 

517

 

Lease liabilities

 

 

455

 

 

698

 

 

8

 

Trade payables

 

 

5,609

 

 

5,394

 

 

66

 

Liability for put options with non-controlling interests

 

 

910

 

 

987

 

 

12

 

Derivative instruments

 

 

4,209

 

 

1,654

 

 

20

 

Others (includes current maturities of long term interest-bearing loans and borrowings)

 

 

71,636

 

 

58,239

 

 

709

 

Deferred government grant

 

 

11

 

 

11

 

 

0

 

Employee benefit liabilities

 

 

179

 

 

271

 

 

3

 

Other current liabilities

 

 

3,281

 

 

4,410

 

 

54

 

Current tax liabilities (net)

 

 

504

 

 

1,658

 

 

20

 

 

 

 

101,279

 

 

115,845

 

 

1,409

 

Liabilities directly associated with the assets held for sale

 

 

 

 

 

 

 

Total current liabilities

 

 

101,279

 

 

115,845

 

 

1,409

 

Total liabilities

 

 

514,970

 

 

628,371

 

 

7,645

 

Total equity and liabilities

 

 

641,343

 

 

748,114

 

 

9,102

 

 

 


 

RENEW ENERGY GLOBAL PLC

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

(INR and US$ amounts in millions, except share and par value data)

 

 

For the three months ended March 31,

 

 

For the year ended March 31,

 

 

2022

 

2023

 

2023

 

 

2022

 

2023

 

2023

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

 

(Audited)

 

(Unaudited)

 

(Unaudited)

 

 

(INR)

 

(INR)

 

(USD)

 

 

(INR)

 

(INR)

 

(USD)

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

14,946

 

 

23,319

 

 

284

 

 

 

59,349

 

 

78,223

 

 

952

 

Other operating income

 

 

466

 

 

133

 

 

2

 

 

 

2,694

 

 

1,105

 

 

13

 

Late payment surcharge from customers

 

 

 

 

37

 

 

0

 

 

 

 

 

1,134

 

 

14

 

Finance income and fair value change in derivative instruments

 

 

679

 

 

905

 

 

11

 

 

 

2,013

 

 

2,910

 

 

35

 

Other income

 

 

1,524

 

 

1,522

 

 

19

 

 

 

5,139

 

 

4,581

 

 

56

 

Change in fair value of warrants

 

 

 

 

 

 

 

 

 

 

 

1,356

 

 

17

 

Total income

 

 

17,615

 

 

25,916

 

 

315

 

 

 

69,195

 

 

89,309

 

 

1,087

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Raw materials and consumables used

 

 

132

 

 

6,910

 

 

84

 

 

 

324

 

 

6,956

 

 

85

 

Employee benefits expense

 

 

1,078

 

 

1,178

 

 

14

 

 

 

4,501

 

 

4,413

 

 

54

 

Depreciation and amortisation

 

 

3,733

 

 

4,042

 

 

49

 

 

 

13,764

 

 

15,901

 

 

193

 

Other expenses

 

 

3,430

 

 

5,291

 

 

64

 

 

 

9,925

 

 

13,636

 

 

166

 

Finance costs and fair value change in derivative instruments

 

 

12,820

 

 

9,209

 

 

112

 

 

 

41,712

 

 

50,966

 

 

620

 

Change in fair value of warrants

 

 

263

 

 

100

 

 

1

 

 

 

690

 

 

 

 

 

Listing and related expenses

 

 

 

 

 

 

 

 

 

10,512

 

 

 

 

 

Total expenses

 

 

21,456

 

 

26,730

 

 

325

 

 

 

81,428

 

 

91,872

 

 

1,118

 

Loss before share of profit of jointly controlled entities and tax

 

 

(3,841

)

 

(814

)

 

(10

)

 

 

(12,233

)

 

(2,563

)

 

(31

)

Share in loss of jointly controlled entities

 

 

 

 

93

 

 

1

 

 

 

 

 

93

 

 

1

 

Loss before tax

 

 

(3,841

)

 

(721

)

 

(9

)

 

 

(12,233

)

 

(2,470

)

 

(30

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current tax

 

 

(468

)

 

(137

)

 

(2

)

 

 

1,167

 

 

955

 

 

12

 

Deferred tax

 

 

250

 

 

(669

)

 

(8

)

 

 

2,797

 

 

1,593

 

 

19

 

Adjustment of current tax relating to earlier years

 

 

(69

)

 

11

 

 

0

 

 

 

(69

)

 

11

 

 

0

 

(Loss) / profit for the period

 

 

(3,554

)

 

74

 

 

1

 

 

 

(16,128

)

 

(5,029

)

 

(61

)

Weighted average number of equity shares in calculating basic and diluted EPS

 

 

400,391,525

 

 

376,846,553

 

 

376,846,553

 

 

 

369,650,313

 

 

382,746,025

 

 

382,746,025

 

(Loss) / earning per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted (loss) / earning attributable to ordinary equity holders of the Parent (in INR)

 

 

(8.76

)

 

0.30

 

 

0.00

 

 

 

(40.82

)

 

(12.32

)

 

(0.15

)

 

 


 

RENEW ENERGY GLOBAL PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(INR and US$ amounts in millions)

 


 

 

For the three months ended March 31,

 

 

For the year ended March 31,

 

 

2022

 

2023

 

2023

 

 

2022

 

2023

 

2023

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

 

(Audited)

 

(Unaudited)

 

(Unaudited)

 

 

(INR)

 

(INR)

 

(USD)

 

 

(INR)

 

(INR)

 

(USD)

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before tax

 

 

(3,841

)

 

(721

)

 

(9

)

 

 

(12,233

)

 

(2,470

)

 

(30

)

Adjustments to reconcile loss before tax to net cash flows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance costs

 

 

12,547

 

 

8,888

 

 

108

 

 

 

41,088

 

 

50,098

 

 

610

 

Depreciation and amortisation

 

 

3,733

 

 

4,042

 

 

49

 

 

 

13,764

 

 

15,901

 

 

193

 

Change in fair value of warrants

 

 

263

 

 

100

 

 

1

 

 

 

690

 

 

(1,356

)

 

(17

)

Provision for operation and maintenance equalisation

 

 

(545

)

 

(80

)

 

(1

)

 

 

(574

)

 

(619

)

 

(8

)

Share based payments

 

 

475

 

 

378

 

 

5

 

 

 

2,410

 

 

1,966

 

 

24

 

Listing and related expenses

 

 

 

 

 

 

 

 

 

7,617

 

 

 

 

 

Interest income

 

 

(778

)

 

(912

)

 

(11

)

 

 

(2,013

)

 

(2,771

)

 

(34

)

Others

 

 

(43

)

 

788

 

 

10

 

 

 

48

 

 

1,135

 

 

14

 

Working capital adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Increase) / decrease in trade receivables

 

 

4,913

 

 

8,098

 

 

99

 

 

 

(9,732

)

 

14,483

 

 

176

 

(Increase) / decrease in inventories

 

 

525

 

 

(762

)

 

(9

)

 

 

(59

)

 

(1,040

)

 

(13

)

(Increase) / decrease in other current financial assets

 

 

43

 

 

(337

)

 

(4

)

 

 

(29

)

 

(932

)

 

(11

)

(Increase) / decrease in other non-current financial assets

 

 

1,898

 

 

(28

)

 

(0

)

 

 

1,921

 

 

(125

)

 

(2

)

(Increase) / decrease in other current assets

 

 

(529

)

 

(19

)

 

 

 

 

(476

)

 

(2,124

)

 

(26

)

(Increase) / decrease in other non-current assets

 

 

150

 

 

54

 

 

1

 

 

 

106

 

 

(363

)

 

(4

)

(Increase) / decrease in prepayments

 

 

(1

)

 

(56

)

 

(1

)

 

 

(532

)

 

(485

)

 

(6

)

(Increase) / decrease in contract assets

 

 

 

 

(7,557

)

 

(92

)

 

 

 

 

(7,557

)

 

(92

)

Increase / (decrease) in other current financial liabilities

 

 

43

 

 

 

 

 

 

 

15

 

 

(42

)

 

(1

)

Increase / (decrease) in other current liabilities

 

 

2,904

 

 

3,966

 

 

48

 

 

 

1,401

 

 

1,129

 

 

14

 

Increase / (decrease) in other non-current liabilities

 

 

(7

)

 

0

 

 

0

 

 

 

6

 

 

(2

)

 

(0

)

Increase / (decrease) in contract liabilities

 

 

(166

)

 

 

 

 

 

 

(109

)

 

 

 

 

Increase / (decrease) in trade payables

 

 

519

 

 

(1,346

)

 

(16

)

 

 

2,241

 

 

(216

)

 

(3

)

Increase / (decrease) in employee benefit liabilities

 

 

(19

)

 

48

 

 

1

 

 

 

(73

)

 

104

 

 

1

 

Cash generated from operations

 

 

22,083

 

 

14,544