ReNew Announces Results for the Third Quarter of Fiscal Year 2025 (Q3 FY25); Registers 26% Increase in Operating Capacity
GURUGRAM,
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 ), compared to INR 19,290 million ($ 248 million US ) for Q3 FY24. Revenue from the sale of power for Q3 FY25 was INR 14,991 million ($ 225 million US ), compared to INR 15,026 million ($ 175 million US ) for Q3 FY24. Net loss for Q3 FY25 was INR 3,879 million ($ 176 million US ) compared to INR 3,216 million ($ 45 million US ) for Q3 FY24. Adjusted EBITDA for Q3 FY25 was INR 13,882 million ($ 38 million US ), as against INR 12,509 million ($ 162 million US ) for Q3 FY24.$ 146 million -
Total Income (or total revenue) for the first nine months of FY25 was INR 75,911 million (
US ), compared to INR 72,414 million ($ 887 million US ) 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 ($ 846 million US ), compared to INR 61,314 million ($ 752 million US ) for the first nine months of FY24. Net profit for the first nine months of FY25 was INR 1,454 million ($ 717 million US ) compared to INR 3,538 million ($ 17 million US ) for the first nine months of FY24. Adjusted EBITDA for the first nine months of FY25 was INR 57,070 million ($ 41 million US ), as against INR 52,406 million ($ 667 million US ) for the first nine months of FY24.$ 613 million -
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 ). 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 ($ 40 million US ) and INR 597 million ($ 5 million US ) respectively.$ 7 million
Note: the translation of Indian rupees into
-
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
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 8:30 AM EDT (7:00 PM IST) on February 19, 2025. The conference call can be accessed live at: https://edge.media-server.com/mmc/p/khhdygcm or by phone (toll-free) by dialing:
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 February 18, 2025, is one of the largest globally. In addition to being a major independent power producer in
View source version on businesswire.com: https://www.businesswire.com/news/home/20250218305839/en/
Press Enquiries
pr@renew.com
Investor Enquiries
Anunay Shahi, Nitin Vaid | ir@renew.com
Source: ReNew Energy Global Plc
