ReNew Energy Reports Q3 and Nine-Month FY24 Results: Adjusted EBITDA Guidance Raised by 2%

ReNew Energy Global Plc (ReNew or the Company), a prominent player in decarbonization solutions, unveiled its unaudited consolidated IFRS results for Q3 FY24 and the nine months ending December 31, 2023.

Operational Highlights:

• By December 31, 2023, the Company’s portfolio comprised 13.8 GWs, with approximately 8.5 GWs commissioned and 5.3 GWs committed, compared to 13.4 GWs by December 31, 2022.
• Total Income for the first nine months of FY24 stood at INR 72,414 million (US$ 870 million), rising from INR 63,493 million (US$ 763 million) in the same period of FY23. Net profit for the period amounted to INR 3,538 million (US$ 43 million) compared to a net loss of INR 5,103 million (US$ 61 million) in the corresponding period of FY23. Adjusted EBITDA for the nine months reached INR 52,406 million (US$ 630 million), up from INR 49,994 million (US$ 601 million) in FY23. Cash Flow to equity (“CFe”) for the nine months was INR 21,756 million (US$ 262 million) versus INR 19,810 million (US$ 238 million) in FY23.
• Q3 FY24 saw Total Income of INR 19,290 million (US$ 232 million) compared to INR 16,077 million (US$ 193 million) in Q3 FY23. The net loss for Q3 FY24 amounted to INR 3,216 million (US$ 39 million) against INR 4,013 million (US$ 48 million) in Q3 FY23. Adjusted EBITDA for Q3 FY24 was INR 12,509 million (US$ 150 million), up from INR 11,628 million (US$ 140 million) in Q3 FY23. Cash Flow to equity (“CFe”) for Q3 FY24 stood at INR 2,392 million (US$ 30 million) compared to INR 2,682 million (US$ 32 million) in Q3 FY23.
• Days Sales Outstanding (“DSO”) ended Q3 FY24 at 86 days, marking a 92-day improvement year-on-year.

FY24 Outlook:

• The Company is revising the lower end of its FY24 Adjusted EBITDA guidance range by 2%, now projecting INR 63,000 – INR 66,000 million. Revenue generation from completed projects is expected to range between 1,750 to 1,950 MWs by the end of Fiscal Year 2024.
• Adjusted EBITDA and Cash Flow to equity guidance for FY24 are contingent on weather conditions similar to FY23.