ReNew Energy Global Q1 Revenues At Rs 2500 cr, Losses Almost Over

Building on its guidance from it’s Q4 results earlier, ReNew Energy global, India’s leading renewable energy company in terms of total commissioned capacity, has announced its consolidated results for Q1 FY23 ended June 30, 2022.

Operating Highlights:

• As of June 30, 2022, the Company’s portfolio consisted of 12.9 GWs, a 30.3% increase year on year, of which 7.6 GWs are commissioned and 5.3 GWs are committed. Subsequent to the end of the quarter, the Company signed an additional ~0.3 GWs of PPAs bringing the Company’s total portfolio to 13.2 GWs currently.
• Total Income (or total revenue) for Q1 FY23 was INR 25,007 million (US$ 316 million), an increase of 48.8% over Q1 FY22.
• Adjusted EBITDA⁽²⁾ for Q1 FY23 was INR 20,157 million (US$ 255 million), an increase of 49.7% over Q1 FY22.
• Net loss for Q1 FY23 was INR 104 million (US$ 1 million) compared to a net profit of INR 425 million (US$ 5 million) for Q1 FY22. The net loss includes a one-time expense for debt premium and the impact of a reclassification of a hedge loss from the Balance Sheet of INR 2,531 million (US$ 32 million) for the refinancing of USD bonds with lower cost rupee debt.

The company, building on some significant recent wins in the corporate PPA market, has indicated that the share of such deals has moved from 3% to over 10% of its current portfolio. In recent portfolio wins, 25-30% has come from the same market. It currently has 1.3 GW of corporate PPA’s of which 616 MW has been commissioned. It has managed to add 341 MW of fresh PPA’s in the past 12 months.

The firm is also seeing a serious opportunity in the RTC market (Round the clock) , predicting over 10-12 GW of auctions for this segment in the coming few months. It expects it to be a 100 GW opportunity by 2030.

In an importabnt development, the firm has also confirmed that AP discom, which accounts for 42% of its receivables till recently, has agreed to pay off the remaining amounts in instalments, with the first instalment already collected.

The firm expects to add another 1 GW to its operating capacity before FY 23 is over.