ReNew publishes results for the second quarter of the fiscal year 2023 (Q2 FY23) ended September 30, 2022

Gurugram, India, March 2 /PRNewswire/ –

ReNew Energy Global Plc (“ReNew” or the “Company”) (Nasdaq: RNW), India’s leading renewable energy company by total commissioned capacity, today announced its consolidated results for the second quarter of fiscal 2023, the… ended September 30 , 2022.

Sumant Sinha, Chairman and CEO of ReNew said: “ReNew continues to be at the forefront of India’s energy transition and during the quarter we signed 1GW PPAs as the partner of choice for low carbon solutions. We have delivered on our investments in capacity. and our technology and analytics capabilities through the acquisition of 3E, a leading renewable energy SaaS solutions provider, and a new partnership with Norfund and KLP.The company’s core business continues to perform as expected this year, and our continued access to affordable capital enables for the company to take advantage of significant growth opportunities.”

Operational Highlights:

– Per As of September 30, 2022, the company’s portfolio comprised 13.4 GW, a year-on-year increase of 30.8%. Approx. 1.0 GW of Purchase Power Agreements (PPAs) were signed during the quarter.
– Total revenue (or total sales) for the second quarter of FY23 was INR 22,409 million (US$275 million), an increase of 5.1% over the second quarter of FY22. Adjusted EBITDA(2) for the second quarter of FY23 was INR 18,209 million (US$224 million), up 0.1% over the second quarter of FY22. Net loss for the second quarter of FY23 was INR 986 million (US$12 million) compared to a net loss of INR 6,614 million (US$81 million) in the second quarter of FY22. Cash Flow to Equity(2) (“CFe”) for the second quarter of FY23 was INR 7,125 million (US$88 million), an increase of 4.7% over the second quarter of FY22.
– Total revenue (or total sales) for the first half of FY23 was INR 47,416 million (US$583 million), up 24.4% from the first half of FY22. Adjusted EBITDA(2) for the first half of FY23 was INR 38,366 million (US$472 million), an increase of 20.3% over the first half of FY22. Net loss for the first half of FY23 was INR 1,090 million (US$13 million) compared to a net loss of INR 6,189 million (US$76 million) in the first half of FY22. Cash Flow to Equity(2) (“CFe”) for the first half of FY23 was INR 21,040 million (US$259 million), an increase of 47.5% over the first half of FY22.
Days Sales Outstanding (DSO) ended at 231 days in the second quarter of FY23, a year-on-year improvement of 41 days, and the company increased its liquidity by INR 4,881 million (US$60 million) due to a reduction in accounts receivable in the quarter.
– USD 300 million in green bonds redeemed in Q2 FY23. Per As of September 30, 2022, approximately 50% of the total outstanding debt is issued in local currency.
– ReNew has entered into a partnership with Norfund, the Norwegian government’s investment fund for developing countries, and KLP, Norway’s largest pension company, to jointly invest in ReNew’s transmission projects.
– ReNew signed definitive agreements to acquire 3E, a SaaS solutions company that provides asset management and analytics for renewable energy.

FY23 Guidance The Company’s FY23 Adjusted EBITDA and Cash Flow to Equity guidance is subject to normal weather conditions for the remainder of the year and the completion of the 528MW acquisition currently underway.

Fiscal Year Adjusted Adjusted Cash Flow in Cash Flow i
EBITDA EBITDA/share ratio to ratio to
Equity Equity/share

FY23 INR 66,000 – 159 – 165 INR 21,000 – 50 – 54
69,000 million 22,700 million


Financial Reports and Discussion of Financial Results Form 6-K has been filed with the SEC and is available at

Information about webcasts and conference calls

A conference call to discuss business results is scheduled for November 16, 2022 at 8:30 AM ET (7:00 PM IST). The conference call can be viewed live at or by phone (free) on the following numbers:

USA/ Canada: (+1) 855 881 1339

United Kingdom: (+44) 0800 051 8245

Sweden: (+46) 020 791 959

India: (+91) 0008 0010 08443

Singapore: (+65) 800 101 2785

Hong Kong: (+852) 800 966 806

Japan: (+81) 005 3116 1281

Rest of the world: (+61) 7 3145 4010 (toll)

Following the conference call, an audio recording will be available on our investor relations website at

Notes: (1) This press release contains conversions of certain Indian Rupees to US Dollar amounts at specific exchange rates for convenience only. Unless otherwise noted, conversions from Indian rupees to US dollars were made at a rate of INR 81.37 to USD 1.00, the New York City noon buying rate for non-US currency transfers issued by the Federal Reserve Bank of New York was certified to customs purposes on September 30, 2022. We do not guarantee that the amounts stated in this press release could have been converted into Indian rupees or US dollars at any particular rate or into US dollars or Indian rupees at all.

(2) This is a non-IFRS measure. For further descriptions of these non-IFRS measures and reconciliations of these non-IFRS measures to the corresponding, most closely related IFRS measures, see Forms 6-F and 20-F, filed November 15, 2022 and July 25, 2022. with the Securities and Exchange Commission (SEC).

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 about our future financial and operating projections, operational and financial results, such as estimates of remaining nominal contract payments and the portfolio throughput rate, as well as the assumptions associated with the calculation of the above targets. 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 commercial and retail prices for electricity produced by conventional utilities; changes in the rates at which long-term power purchase agreements are entered into; changes in policies and regulations, including limitations or caps on network metrics and connections; the availability of discounts, 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 obtain and maintain relationships with third parties, including solar partners; our ability to comply with covenants under our credit facilities; meteorological conditions; matters related to the COVID-19 pandemic; supply interruptions; restrictions on solar power by state electricity agencies and other risks of a similar nature identified in the registration statements and reports our company files with the US Securities and Exchange Commission (SEC) from time to time. The portfolio includes all megawatts of solar power plants that have been signed or granted pursuant to power purchase agreements or for which we have received a written commitment. There is no guarantee that we will be able to sign a PPA even if we have received a written commitment. All forward-looking statements in this press release are based on information available to us at the time of this release, and we undertake no obligation to update these forward-looking statements.

About ReNew

ReNew is one of the largest independent generators of renewable energy in India and globally. ReNew develops, builds, owns and operates wind energy, solar projects, hydro projects and distributed solar projects. Per As of September 30, 2022, ReNew had a total gross portfolio of approximately 13.4 GW of renewable energy projects across India, including commissioned and committed projects. For more information please visit and follow us on LinkedIn (, Facebook (, Twitter ( and Instagram (

Press inquiries:

Shilpa Narani
Nathan Judge
Subhadip Mitra
Anunay Shahi
ir@renewpower.inLogo –
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