ReNew Announces Results for the Second Quarter for Fiscal Year 2025 (Q2 FY25), ended September 30, 2024
31% increase in Profit After Tax YoY; reiterates FY25 MW and EBITDA guidance
GURUGRAM,
Operating Highlights:
-
As of
September 30, 2024 , the Company’s portfolio consisted of ~15.6 GWs, compared to ~13.8 GWs as ofSeptember 30, 2023 . Subsequent to the end of the quarter, the Company signed PPAs for ~0.7 GWs of capacity taking the portfolio to ~16.3 GWs. -
The Company’s commissioned capacity has increased 21.8% year-over-year to ~10.1 GWs as of
September 30, 2024 . Subsequent to the end of the quarter, the Company commissioned 250 MWs of solar capacity, taking the total commissioned capacity to ~10.4 GWs. -
Total Income (or total revenue) for Q2 FY25 was INR 29,887 million (
US$ 357 million ), compared to INR 28,632 million (US$ 342 million ) for Q2 FY24. Net profit for Q2 FY25 was INR 4,939 million (US$ 59 million ) compared to INR 3,771 million (US$ 45 million ) for Q2 FY24. Adjusted EBITDA for Q2 FY25 was INR 24,209 million (US$ 289 million ), as against INR 21,298 million (US$ 254 million ) for Q2 FY24. -
Total Income (or total revenue) for H1 FY25 was INR 54,713 million (
US$ 653 million ), compared to INR 53,291 million (US$ 636 million ) for H1 FY24. Net profit for H1 FY25 was INR 5,333 million (US$ 64 million ) compared to INR 6,754 million (US$ 81 million ) for H1 FY24. Adjusted EBITDA for H1 FY25 was INR 43,188 million (US$ 516 million ), as against INR 39,897 million (US$ 476 million ) for H1 FY24.
Note: the translation of Indian rupees into
FY25 Guidance
The Company reiterates its FY25 guidance and expects to complete construction of between 1,900 to 2,400 MWs by the end of Fiscal Year 2025. The Company’s Adjusted EBITDA and Cash Flow to Equity guidance for FY25 are subject to weather being similar to FY24. The Company anticipates continued net gains on sales of assets, which is part of ReNew’s capital recycling strategy, and has included INR 1-2 billion of gains in the guidance below:
|
Financial Year |
|
Adjusted EBITDA |
|
Cash Flow to equity (CFe) |
|
FY25 |
|
INR 76 – INR 82 billion |
|
INR 12 – INR 14 billion |
The Company also reiterates its long-term and run rate guidance provided in Q4 FY24 results.
Note: the translation of Indian rupees into
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.renew.com/news-events/events
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
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 ~16.3 GWs on a gross basis as of
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Press Enquiries
Shilpa Narani | shilpa.narani@renew.com
Investor Enquiries
Anunay Shahi,
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