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 November 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): ☐

 

 

 

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Other events

 

Earnings Release

 

On November 20, 2023, ReNew issued an earnings release announcing its unaudited financial results for the three months and half year ended September 30, 2023, as well as certain other business updates. A copy of the earnings release dated November 20, 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of this Form 6-K), and shall be a part thereof from the date on which this Form 6-K is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

 

 

 

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EXHIBIT INDEX

 

Exhibit		Description
99.1		Q2 FY'24 Financial Results

 

 

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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: November 20, 2023	RENEW ENERGY GLOBAL PLC
	By:	/s/ Kailash Vaswani
	Name:	Kailash Vaswani
	Title:	Chief Financial Officer

 

 

 

 

 

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Exhibit 99.1

ReNew Announces Results for the Second Quarter

of Fiscal 2024 (Q2 FY24) and First Half of Fiscal 2024 (H1 FY24),

both ended September 30, 2023

 

November 20, 2023: ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading decarbonization solutions company, today announced its unaudited consolidated IFRS results for Q2 FY24 and H1 FY24.

Operating Highlights:

 

Note: the translation of Indian rupees into U.S. dollars has been made at INR 83.08 to US$ 1.00. See note 1 for more information.

Key Operating Metrics

As of September 30, 2023, our total portfolio consisted of 13,776 MWs an increase of 3.0% year on year, and commissioned capacity was 8,315 MWs, an increase of 8.0% year on year of which 4,172 MWs were wind, 4,044 MWs were solar and 99 MWs were hydro based.

Electricity Sold

Total electricity sold in H1 FY24 was 11,169 million kWh, an increase of 12.3% over H1 FY23. Total electricity sold in Q2 FY24 was 6,055 million kWh, an increase of 27.4% over Q2 FY23.

 

Electricity sold in H1 FY24 from wind assets was 6,436 million kWh, an increase of 13.4% over H1 FY23. Electricity sold in H1 FY24 from solar assets was 4,447 million kWh, an increase of 11.9% over H1 FY23. Electricity sold for H1 FY24 from hydro assets was 286 million kWh, a decrease of 2.1% over H1 FY23.

 

Electricity sold in Q2 FY24 from wind assets was 3,801 million kWh, an increase of 36.4% over Q2 FY23. Electricity sold in Q2 FY24 from solar assets was 2,071 million kWh, an increase of 16.0% over Q2 FY23. Electricity sold for Q2 FY24 from hydro assets was 183 million kWh, an increase of 1.7% over Q2 FY23.

 

Plant Load Factor

Our weighted average Plant Load Factor (“PLF”) for H1 FY24 for wind assets was 35.7%, compared to 33.7% for H1 FY23. The PLF for H1 FY24 for solar assets was 25.3% compared to 24.5% for H1 FY23.

 

Our weighted average Plant Load Factor (“PLF”) for Q2 FY24 for wind assets was 41.3%, compared to 32.7% for Q2 FY23. The PLF for Q2 FY24 for solar assets was 23.1% compared to 21.8% for Q2 FY23.

 

 

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Total Income

Total Income for H1 FY24 was INR 53,291 million (US$ 641 million), an increase of 12.4% over H1 FY23. The increase in total income was primarily due to higher operational capacity, higher PLF and higher finance income partially offset by lower income on account of change in the fair value of warrants. Total income includes finance income and fair value change in derivative instruments of INR 2,684 million (US$ 32 million).

 

Total Income for Q2 FY24 was INR 28,632 million (US$ 345 million), an increase of 27.8% over Q2 FY23. The increase in total income was primarily due to higher operational capacity, higher PLF and higher finance income partially offset with lower late payment surcharge from customers . Total income includes finance income and fair value change in derivative instruments of INR 1,163 million (US$ 14 million).

Employee Benefit Expense

Employee benefit expense for H1 FY24 was INR 2,296 million (US$ 28 million), an increase of 15.3% over H1 FY23 driven by an increase in headcount, partially offset by lower employee share-based payments.

 

Employee benefit expense for Q2 FY24 was INR 1,149 million (US$ 14 million), an increase of 27.5% over Q2 FY23 driven by an increase in headcount, partially offset by lower employee share-based payments.

Other Expenses

Other Expenses for H1 FY24 were INR 7,209 million (US$ 87 million), an increase of 28.6% over H1 FY23. The increase was primarily driven by an increase in operating activities, and a provision created for contractual obligations.

 

Other Expenses for Q2 FY24 were INR 4,161 million (US$ 50 million), an increase of 39.2% over Q2 FY23. The increase was primarily driven by an increase in operating activities, and a provision created for contractual obligations.

Finance Costs and Fair Value Change in Derivative Instruments

 

Finance costs and fair value change in derivative instruments for H1 FY24 was INR 24,030 million (US$ 289 million), a decrease of 20.3% over H1 FY23. The decrease in finance costs is primarily due to lower non-cash mark to market impact, reduction in loss on fair value change on derivative instruments on U.S. dollar denominated borrowings and lower bond refinancing and other costs.

 

Finance costs and fair value change in derivative instruments for Q2 FY24 was INR 12,953 million (US$ 156 million), a decrease of 7.2% over Q2 FY23. The decrease in finance costs was primarily due to lower non-cash mark to market adjustments on borrowings and reduction of loss on fair value change on derivative instruments, year on year.

Net Profit/ Loss

The net profit for H1 FY24 was INR 6,754 million (US$ 81 million) compared to a net loss of INR 1,090 million (US$ 13 million) for H1 FY23, with the improvement primarily driven by higher operating revenue and lower finance costs, year on year.

The net profit for Q2 FY24 was INR 3,771 million (US$ 45 million) compared to a net loss of INR 986 million (US$ 12 million) for Q2 FY23, with the improvement primarily driven by higher operating revenue and lower finance costs, quarter on quarter.

Adjusted EBITDA

Adjusted EBITDA H1 FY24 was INR 39,897 million (US$ 480 million), as compared to INR 38,366 million (US$ 462 million) in H1 FY23. During H1 FY24, pursuant to IFRIC 12 (Service Concession Arrangements) related to our investment in transmission, we recognized Gross Revenue of INR 2,058 million (US$ 25 million) and Adjusted EBITDA of INR 326 million (US$ 4 million) in H1 FY24.

 

Adjusted EBITDA Q2 FY24 was INR 21,298 million (US$ 256 million), as compared to INR 18,209 million (US$ 219 million) in Q2 FY23. During Q2 FY24, pursuant to IFRIC 12 (Service Concession Arrangements) related to our investment in transmission, we recognized Gross Revenue of INR 1,345 million (US$ 16 million) and Adjusted EBITDA of INR 177 million (US$ 2 million) in Q2 FY24.

 

 

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Adjusted EBITDA 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

We are raising the lower end of our FY24 Adjusted EBITDA guidance range by approximately 3% and continue to expect to complete construction of between 1,750 to 2,250 MWs by the end of Fiscal Year 2024.

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

 

Financial Year		Adjusted EBITDA		Adjusted EBITDA/share		Cash Flow to equity (CFe)		CFe/share
FY24		INR 62,000 – INR 66,000 million		INR 153 - INR 164		INR 6,000 – INR 8,000 million		INR 15 - INR 20

 

Cash Flow

Cash generated from operating activities for H1 FY24 was INR 32,399 million (US$ 390 million), compared to INR 28,130 million (US$ 339 million) for H1 FY23. The increase was primarily on account of higher profit and lower working capital in H1 FY24.

Cash generated from operating activities for Q2 FY24 was INR 18,926 million (US$ 228 million), compared to INR 20,563 million (US$ 248 million) for Q2 FY23. The decrease was primarily on account of higher working capital deployment in Q2 FY24.

Cash used in investing activities for H1 FY24 was INR 92,872 million (US$ 1,118 million), compared to INR 21,013 million (US$ 253 million) for H1 FY23. Cash was used primarily for investment in projects and lower redemption of term deposits.

 

Cash used in investing activities for Q2 FY24 was INR 47,516 million (US$ 572 million), compared to INR 7,305 million (US$ 88 million) for Q2 FY23. Cash was used primarily for investment in projects and lower redemption of term deposits.

 

Cash generated from financing for H1 FY24 was INR 46,704 million (US$ 562 million), compared to cash used in financing activities of INR 9,966 million (US$ 120 million) in H1 FY23. The increase was primarily on account of lower repayments.

 

Cash generated from financing for Q2 FY24 was INR 32,905 million (US$ 396 million), compared to cash used in financing activities of INR 12,513 million (US$ 151 million) in Q2 FY23. The increase was primarily on account of higher proceeds (net of repayments).

Liquidity Position

As of September 30, 2023, we had INR 83,614 million (US$ 1,006 million) of cash and bank balances. This included an aggregate of cash and cash equivalents of INR 24,433 million (US$ 294 million) and INR 59,181 million (US$ 712 million) as bank balances other than cash and cash equivalents including deposits with maturities more than twelve months.

Debt

Gross debt on September 30, 2023 was INR 587,245 million (US$ 7,068 million).

Receivables

Total receivables, as on September 30, 2023, was INR 28,674 million (US$ 345 million) of which INR 5,048 million (US$ 61 million) was unbilled and others. The day sales outstanding was 112 as on September 30, 2023, as compared to 231 as on September 30, 2022, an improvement of 119 days year on year. Andhra Pradesh Discom (Distribution

 

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Companies being our customers) had total receivables of INR 10,135 million (US$ 122 million) as of September 30, 2023, compared to INR 19,561 million (US$ 235 million) as of September 30, 2022.

 

 

 

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 amortization, (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:

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.

 

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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. Ad Hoc 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 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 analyzing 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 (7:00 PM IST) on November 20, 2023. The conference call can be accessed live at https://edge.media-server.com/mmc/p/968yyce4 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:

 

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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; 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 decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy portfolio of ~13.8 GWs on a gross basis as of September 30, 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 digitalization, 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
Shilpa.narani@renew.com
+ 91 9999384233

Investor Enquiries

Nathan Judge

Nitin Vaid

ir@renew.com

 

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RENEW ENERGY GLOBAL PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(INR and US$ amounts in millions)

 

		As at March 31,			As at September 30,
		2023			2023			2023
		(Audited)			(Unaudited)			(Unaudited)
		(INR)			(INR)			(USD)
Assets
Non-current assets
Property, plant and equipment			538,355			592,780			7,135
Intangible assets			38,595			38,010			458
Right of use assets			10,618			10,864			131
Investment in jointly controlled entities			3,007			2,933			35
Financial assets
Investments			466			592			7
Derivative instruments			4,216			4,152			50
Trade receivables			9,072			9,134			110
Loans			356			266			3
Others			1,901			2,192			26
Deferred tax assets (net)			4,645			5,886			71
Prepayments			1,018			1,449			17
Non-current tax assets (net)			5,776			6,358			77
Contract assets			7,139			9,057			109
Other non-current assets			11,463			9,286			112
Total non-current assets			636,627			692,959			8,341
Current assets
Inventories			1,194			1,490			18
Financial assets
Investments			460			400			5
Derivative instruments			2,120			3,382			41
Trade receivables			21,615			19,539			235
Cash and cash equivalents			38,182			24,433			294
Bank balances other than cash and cash equivalents			37,837			57,810			696
Loans			54			252			3
Others			4,094			4,863			59
Prepayments			1,311			2,399			29
Contract assets			572			1,006			12
Other current assets			2,364			3,909			47
			109,803			119,483			1,438
Assets held for sale			64			1,012			12
Total current assets			109,867			120,495			1,450
Total assets			746,494			813,454			9,791
Equity and liabilities
Equity
Issued capital			4,808			4,808			58
Share premium			154,136			154,138			1,855
Hedge reserve			(618	)		(2,345	)		(28	)
Share based payment reserve			5,886			6,752			81
Retained losses			(53,610	)		(52,283	)		(629	)
Other components of equity			(3,750	)		(3,326	)		(40	)
Equity attributable to equity holders of the parent			106,852			107,744			1,297
Non-controlling interests			11,548			16,219			195
Total equity			118,400			123,963			1,492
Non-current liabilities
Financial liabilities
Interest-bearing loans and borrowings			467,293			502,670			6,050
Lease liabilities			5,471			5,815			70
Derivative instruments			521			214			3
Liability for put options with non-controlling interest			4,422			5,612			68
Others			1,735			1,851			22
Deferred government grant			203			197			2
Employee benefit liabilities			207			227			3
Provisions			16,859			18,251			220
Deferred tax liabilities (net)			15,454			17,902			215
Other non-current liabilities			3			0			0
Total non-current liabilities			512,168			552,739			6,653

 

 

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RENEW ENERGY GLOBAL PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(INR and US$ amounts in millions)

 

		As at March 31,			As at September 30,
		2023			2023			2023
		(Audited)			(Unaudited)			(Unaudited)
		(INR)			(INR)			(USD)
Current liabilities
Financial liabilities
Interest-bearing loans and borrowings			63,114			84,575			1,018
Lease liabilities			698			688			8
Trade payables			6,118			7,145			86
Liability for put options with non-controlling interests			987			997			12
Derivative instruments			1,654			3,380			41
Others			38,672			37,141			447
Deferred government grant			11			11			0
Employee benefit liabilities			271			325			4
Other current liabilities			4,117			395			5
Current tax liabilities (net)			284			1,343			16
			115,926			136,000			1,637
Liabilities directly associated with the assets held for sale			—			752			9
Total current liabilities			115,926			136,752			1,646
Total liabilities			628,094			689,491			8,299
Total equity and liabilities			746,494			813,454			9,791

 

 

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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 September 30,										For the six months ended September 30,
		2022			2023			2023				2022			2023			2023
		(Unaudited)			(Unaudited)			(Unaudited)				(Unaudited)			(Unaudited)			(Unaudited)
		(INR)			(INR)			(USD)				(INR)			(INR)			(USD)
Income
Revenue			19,560			25,956			312				41,734			47,206			568
Other operating income			16			193			2				270			302			4
Late payment surcharge from customers			962			2			0				962			857			10
Finance income and fair value change in derivative instruments			718			1,163			14				1,318			2,684			32
Other income			1,150			1,245			15				2,070			2,075			25
Change in fair value of warrants			3			73			1				1,062			167			2
Total income			22,409			28,632			345				47,416			53,291			641
Expenses
Raw materials and consumables used			39			1,168			14				39			1,732			21
Employee benefits expense			901			1,149			14				1,992			2,296			28
Depreciation and amortisation			3,955			4,433			53				7,784			8,626			104
Other expenses			2,989			4,161			50				5,604			7,209			87
Finance costs and fair value change in derivative instruments			13,963			12,953			156				30,158			24,030			289
Total expenses			21,847			23,864			287				45,577			43,893			528
Profit before share of profit of jointly controlled entities and tax			562			4,768			57				1,839			9,398			113
Share in loss of jointly controlled entities			—			(49	)		(1	)			—			(85	)		(1	)
Profit before tax			562			4,719			57				1,839			9,313			112
Income tax expense
Current tax			495			339			4				854			822			10
Deferred tax			1,053			609			7				2,075			1,737			21
(Loss) / profit for the period			(986	)		3,771			45				(1,090	)		6,754			81
Weighted average number of equity shares in calculating basic and diluted EPS			392,258,643			366,410,437			366,410,437				388,603,306			368,219,352			368,219,352
(Loss) / earning per share
Basic and diluted (loss) / earning attributable to ordinary equity holders of the Parent (in INR)			(2.27	)		9.38			0.11				(2.53	)		16.77			0.20

 

 

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RENEW ENERGY GLOBAL PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(INR and US$ amounts in millions)

		For the three months ended September 30,										For the six months ended September 30,
		2022			2023			2023				2022			2023			2023
		(Unaudited)			(Unaudited)			(Unaudited)				(Unaudited)			(Unaudited)			(Unaudited)
		(INR)			(INR)			(USD)				(INR)			(INR)			(USD)
Cash flows from operating activities
Profit before tax			562			4,719			57				1,839			9,313			112
Adjustments to reconcile profit before tax to net cash flows:
Finance costs			13,666			12,856			155				29,713			23,649			285
Depreciation and amortisation			3,955			4,433			53				7,784			8,626			104
Change in fair value of warrants			(3	)		(73	)		(1	)			(1,062	)		(167	)		(2	)
Provision for operation and maintenance equalisation			(8	)		81			1				(97	)		119			1
Share based payments			450			380			5				965			694			8
Interest income			(1,077	)		(1,379	)		(17	)			(1,616	)		(2,650	)		(32	)
Others			200			879			11				132			740			9
Working capital adjustments:
(Increase) / decrease in trade receivables			4,881			337			4				(3,500	)		1,505			18
(Increase) / decrease in inventories			(36	)		56			1				(131	)		(377	)		(5	)
(Increase) / decrease in other current financial assets			(520	)		(1,477	)		(18	)			(1,062	)		(1,449	)		(17	)
(Increase) / decrease in other non-current financial assets			0			133			2				41			98			1
(Increase) / decrease in other current assets			(546	)		664			8				(3,710	)		(1,551	)		(19	)
(Increase) / decrease in other non-current assets			16			632			8				(2	)		402			5
(Increase) / decrease in prepayments			(322	)		(1,003	)		(12	)			14			(1,526	)		(18	)
(Increase) / decrease in contract assets			—			(1,345	)		(16	)			—			(2,058	)		(25	)
Increase / (decrease) in other current financial liabilities			10			(319	)		(4	)			20			27			0
Increase / (decrease) in other current liabilities			(2,521	)		(504	)		(6	)			(2,435	)		(3,729	)		(45	)
Increase / (decrease) in other non-current liabilities			3			(3	)		(0	)			(2	)		(3	)		(0	)
Increase / (decrease) in in trade payables			1,875			55			1				1,551			1,048			13
Increase / (decrease) in employee benefit liabilities			(15	)		33			0				56			57			1
Cash generated from operations			20,570			19,155			231				28,498			32,768			394
Income tax paid (net)			(7	)		(229	)		(3	)			(368	)		(369	)		(4	)
Net cash generated from operating activities (a)			20,563			18,926			228				28,130			32,399			390
Cash flows from investing activities
Purchase of property, plant and equipment, intangible assets and right of use assets			(18,317	)		(40,779	)		(491	)			(42,561	)		(75,696	)		(911	)
Sale of property, plant and equipment			—			0			0				7			0			0
Investment in deposits having residual maturity more than 3 months and mutual funds			(111,459	)		(84,673	)		(1,019	)			(173,759	)		(169,366	)		(2,039	)
Redemption of deposits having residual maturity more than 3 months and mutual funds			122,763			76,291			918				195,117			148,880			1,792
Deferred consideration received during the period			—			—			—				19			1,115			13
Disposal of subsidiaries, net of cash			—			1,315			16				—			1,315			16
Acquisition of subsidiaries, net of cash acquired			—			—			—				(90	)		—			—
Purchase consideration paid			(30	)		(222	)		(3	)			(30	)		(445	)		(5	)
Proceeds from interest received			92			762			9				637			1,535			18
Contribution to investment funds			(353	)		(92	)		(1	)			(353	)		(92	)		(1	)
Loans given			—			(108	)		(1	)			—			(108	)		(1	)
Investment in jointly controlled entities			—			(10	)		(0	)			—			(10	)		(0	)
Net cash used in investing activities (b)			(7,305	)		(47,516	)		(572	)			(21,013	)		(92,872	)		(1,118	)
Cash flows from financing activities
Shares bought back, held as treasury stock			(5,009	)		(1,445	)		(17	)			(6,182	)		(3,505	)		(42	)
Shares issued during the period			—			2			0				14			2			0
Payment for acquisition of interest from non-controlling interest			(15	)		2			0				(34	)		(135	)		(2	)
Payment of lease liabilities (including payment of interest expense)			(146	)		(164	)		(2	)			(226	)		(287	)		(3	)
Proceeds from shares and debentures issued by subsidiaries			7,930			2,575			31				9,559			6,986			84
Proceeds from long term interest-bearing loans and borrowings			25,710			66,214			797				70,905			88,664			1,067
Repayment of long term interest-bearing loans and borrowings			(34,656	)		(11,623	)		(140	)			(86,990	)		(32,698	)		(394	)
Proceeds from short term interest-bearing loans and borrowings			20,509			15,941			192				51,190			65,116			784
Repayment of short term interest-bearing loans and borrowings			(15,266	)		(27,089	)		(326	)			(32,072	)		(56,056	)		(675	)
Interest paid (including settlement gain / loss on derivative instruments)			(11,570	)		(11,508	)		(139	)			(16,130	)		(21,383	)		(257	)
Net cash (used in) / generated from financing activities (c)			(12,513	)		32,905			396				(9,966	)		46,704			562
Net increase / (decrease) in cash and cash equivalents (a) + (b) + (c)			745			4,315			52				(2,849	)		(13,769	)		(166	)
Cash and cash equivalents at the beginning of the period			24,832			20,094			242				28,379			38,182			460
Effects of exchange rate changes on cash and cash equivalents			39			24			0				86			20			0
Cash and cash equivalents at the end of the period			25,616			24,433			294				25,616			24,433			294
Components of cash and cash equivalents
Cash and cheque on hand			1			1			0				1			1			0
Balances with banks:
- On current accounts			25,615			10,404			125				25,615			10,404			125
- Deposits with original maturity of less than 3 months			—			14,028			169				—			14,028			169
Total cash and cash equivalents			25,616			24,433			294				25,616			24,433			294

 

 

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RENEW ENERGY GLOBAL PLC

Unaudited Non-IFRS metrices

(INR and US$ amounts in millions)

Reconciliation of Net (loss) / profit to Adjusted EBITDA for the periods indicated:

 

		For the three months ended September 30,										For the six months ended September 30,
		2022			2023			2023				2022			2023			2023
		(Unaudited)			(Unaudited)			(Unaudited)				(Unaudited)			(Unaudited)			(Unaudited)
		(INR)			(INR)			(USD)				(INR)			(INR)			(USD)
(Loss) / profit for the period			(986	)		3,771			45				(1,090	)		6,754			81
Less: Finance income and fair value change in derivative instruments			(718	)		(1,163	)		(14	)			(1,318	)		(2,684	)		(32	)
Add: Share in loss of jointly controlled entities			-			49			1				-			85			1
Add: Depreciation and amortisation			3,955			4,433			53				7,784			8,626			104
Add: Finance costs and fair value change in derivative instruments			13,963			12,953			156				30,158			24,030			289
Less: Change in fair value of warrants			(3	)		(73	)		(1	)			(1,062	)		(167	)		(2	)
Add: Income tax expense			1,548			948			11				2,929			2,559			31
Add: Share based payment expense and others related to listing			450			380			5				965			694			8
Adjusted EBITDA			18,209			21,298			256				38,366			39,897			480

 

Reconciliation of Cash flow to equity (CFe) to Adjusted EBITDA:

 

		For the three months ended September 30,										For the six months ended September 30,
		2022			2023			2023				2022			2023			2023
		(Unaudited)			(Unaudited)			(Unaudited)				(Unaudited)			(Unaudited)			(Unaudited)
		(INR)			(INR)			(USD)				(INR)			(INR)			(USD)
Adjusted EBITDA			18,209			21,298			256				38,366			39,897			480
Add: Finance income and fair value change in derivative instruments			718			1,163			14				1,318			2,684			32
Less: Interest paid in cash			(9,437	)		(9,484	)		(114	)			(14,644	)		(17,431	)		(210	)
Less: Tax paid			(7	)		(229	)		(3	)			(368	)		(369	)		(4	)
Less: Normalised loan repayment			(2,620	)		(3,974	)		(48	)			(4,022	)		(6,547	)		(79	)
Add: Other non-cash items			262			1,006			12				390			1,130			14
Total CFe			7,125			9,780			118				21,040			19,364			233

 

 

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