ReNew Announces Results for Q3 FY25; Registers 26% Increase in Operating Capacity

ReNew Energy Global Plc, a leading decarbonization solutions company, has announced its unaudited consolidated IFRS results for Q3 FY25 and nine months ended December 31, 2024.

Operating Highlights:

• As of December 31, 2024, the Company’s portfolio consisted of ~17.4 GWs, compared to ~13.8 GWs as of December 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 the company’s 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 the 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 U.S. dollars has been made at INR 85.55 to US$ 1.00.

• A non-binding offer was received by ReNew on December 11, 2024, from CPP Investments, ADIA, Masdar and Sumant 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

ReNew Energy continues to expect the installation of between 1,900 to 2,400 MW by the end of Fiscal Year 2025, including approximately 600 MW, which is subject to timely regulatory approvals and the development of evacuation infrastructure. The FY25 Adjusted EBITDA and CFe guidance are being revised primarily due to the lower resource availability impact observed in the first nine months of FY25.

eNew Energy have updated its run rate guidance for the current 17.4 GW committed portfolio, up from 16.3 GW in Q2 FY25: