ReNew Announces Results for the Second Quarter for Fiscal Year 2025 (Q2 FY25)

• 31% increase in Profit After Tax YoY; reiterates FY25 MW and EBITDA guidance

ReNew Energy Global Plc, a leading decarbonization solutions company, announced its unaudited consolidated IFRS results for the three-month period ended September 30, 2024.

Operating Highlights:

• As of September 30, 2024, the Company’s portfolio consisted of ~15.6 GWs, compared to ~13.8 GWs as of September 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.

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:

The Company also reiterates its long-term and run rate guidance provided in Q4 FY24 results.