ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading decarbonization solutions company, today announced its unaudited consolidated IFRS results for the three-month period ended June 30, 2024.
Operating Highlights:
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As of June 30, 2024, the Company’s portfolio consisted of ~15.6 GWs, of which ~9.6 GWs are commissioned and ~6.0 GWs are committed, compared to ~13.7 GWs as of June 30, 2023.
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The Company’s commissioned capacity has increased 14.0% year-over-year to ~9.6 GWs as of June 30, 2024. Subsequent to the end of the quarter, the Company commissioned 400 MWs of solar and 14 MWs of wind capacity, taking the total commissioned capacity to ~10 GWs as of August 15, 2024.
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Revenue for Q1 FY25 was INR 22,811 million (US$ 274 million), compared to INR 21,250 million (US$ 255 million) for Q1 FY24. Net profit for Q1 FY25 was INR 394 million (US$ 5 million) compared to INR 2,983 million (US$ 36 million) for Q1 FY24. Adjusted EBITDA for Q1 FY25 was INR 18,979 million (US$ 228 million), as against INR 18,599 million (US$ 223 million) for Q1 FY24.
Note: the translation of Indian rupees into U.S. dollars has been made at INR 83.33 to US$ 1.00.
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.
Note: the translation of Indian rupees into U.S. dollars has been made at INR 83.33 to US$ 1.00.
