ReNew Announces Results for the Third Quarter of Fiscal Year 2025 (Q3 FY25); Registers 26% Increase in Operating Capacity
GURUGRAM,
Operating Highlights:
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As of
December 31, 2024 , the Company’s portfolio consisted of ~17.4 GWs, compared to ~13.8 GWs as ofDecember 31, 2023 . -
The Company’s commissioned capacity has increased 25.5% year-over-year to ~10.7 GWs as of
December 31, 2024 . Subsequent to the end of the quarter, the Company has commissioned 92 MWs of wind capacity, taking the total commissioned capacity to ~10.8 GWs. -
Total Income (or total revenue) for Q3 FY25 was INR 21,198 million (
US$ 248 million ), compared to INR 19,290 million (US$ 225 million ) for Q3 FY24. Revenue from the sale of power for Q3 FY25 was INR 14,991 million (US$ 175 million ), compared to INR 15,026 million (US$ 176 million ) for Q3 FY24. Net loss for Q3 FY25 was INR 3,879 million (US$ 45 million ) compared to INR 3,216 million (US$ 38 million ) for Q3 FY24. Adjusted EBITDA for Q3 FY25 was INR 13,882 million (US$ 162 million ), as against INR 12,509 million (US$ 146 million ) for Q3 FY24. -
Total Income (or total revenue) for the first nine months of FY25 was INR 75,911 million (
US$ 887 million ), compared to INR 72,414 million (US$ 846 million ) for the first nine months of FY24. Revenue from the sale of power for the first nine months of FY25 was INR 64,375 million (US$ 752 million ), compared to INR 61,314 million (US$ 717 million ) for the first nine months of FY24. Net profit for the first nine months of FY25 was INR 1,454 million (US$ 17 million ) compared to INR 3,538 million (US$ 41 million ) for the first nine months of FY24. Adjusted EBITDA for the first nine months of FY25 was INR 57,070 million (US$ 667 million ), as against INR 52,406 million (US$ 613 million ) for the first nine months of FY24. -
Total income (or total revenue) for the first nine months of FY25 includes external sales from our module and cell manufacturing operations amounting to INR 3,459 million (
US$ 40 million ). Net profit and Adjusted EBITDA for the first nine months of FY25 from external sales from our module and cell manufacturing operations was INR 423 million (US$ 5 million ) and INR 597 million (US$ 7 million ) respectively.
Note: the translation of Indian rupees into
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A non-binding offer was received by ReNew on
December 11, 2024 , from CPP Investments, ADIA, Masdar andSumant Sinha (Founder, Chairman & CEO of ReNew), collectively the ‘Consortium’ to acquire the entire issued and to be issued share capital of ReNew not already owned by members of the Consortium, for a cash consideration of$7.07 per share. A Special Committee was formed of independent directors to evaluate this offer and discussions with the Consortium are ongoing.
Guidance
We continue to expect installation of between 1,900 to 2,400 MWs by the end of Fiscal Year 2025, including ~600 MWs, which is subject to timely regulatory approvals and build out of evacuation infrastructure. We are revising our FY25 Adjusted EBITDA and CFe guidance primarily on account of lower resource availability impact observed in first nine months of FY25.
|
Financial Year |
|
Adjusted EBITDA |
|
Cash Flow to equity (CFe) |
|
FY25 |
|
INR 74 – INR 78 billion |
|
INR 11 – INR 13 billion |
We have updated our run rate guidance for the current 17.4 GW committed portfolio, up from 16.3 GW in Q2 FY25:
|
Run-rate Adjusted EBITDA |
|
Cash Flow to equity (CFe) |
|
INR 127 – INR 133 billion |
|
INR 33 – INR 37 billion |
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 ~17.4 GWs on a gross basis as of
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Investor Enquiries
Anunay Shahi,
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