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ReNew Announces Results for the Fourth Quarter (Q4 FY23) and Fiscal 2023, both ended March 31, 2023
GURUGRAM, India--(BUSINESS WIRE)-- ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading decarbonization solutions company,
About this update from Renew Energy Global Plc
[{"type":"text","content":" GURUGRAM, India--(BUSINESS WIRE)--\nReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading decarbonization solutions company, today announced its consolidated IFRS results for Q4 FY23 and the fiscal year ended March 31, 2023.\n\n\nOperating Highlights:\n\n\n\nAs of March 31, 2023, the Company’s portfolio consisted of 13.7 GWs, a 28.2% increase year on year, of which ~ 8.0 GWs are commissioned and 5.7 GWs are committed. 101 MW of Purchase Power Agreements (“PPAs”) were signed in the fourth fiscal quarter of 2023 and only ~1% of our total portfolio have Letters of Award that await a PPA.\n\n\n\nTotal Income (or total revenue) for Q4 FY23 was INR 25,916 million (US$ 315 million), an increase of 47.1% over Q4 FY22. Adjusted EBITDA(2) for Q4 FY23 was INR 12,010 million (US$ 146 million), as against INR 12,787 million (US$ 156 million) in Q4 FY22. Net profit for Q4 FY23 was INR 74 million (US$ 1 million) compared to a net loss of INR 3,554 million (US$ 43 million) for Q4 FY22. Cash Flow to equity(2)(“CFe”) for Q4 was an outflow of INR 4,631 million (US$ 56 million), as compared to an outflow of INR 5,016 million (US$ 61 million) in Q4 FY22.\n\n\n\nTotal Income (or total revenue) for FY23 was INR 89,309 million (US$ 1,087 million), an increase of 29.1% over FY22. Adjusted EBITDA(2) for FY23 was INR 62,004 million (US$ 754 million), an increase of 12.4% over FY22. Net loss for FY23 was INR 5,029 million (US$ 61 million) compared to a net loss of INR 16,128 million (US$ 196 million) for FY22. Cash Flow to equity(2) (“CFe”) for FY23 was an inflow of INR 15,179 million (US$ 185 million), an increase of 17.8% over FY22.\n\n\n\nDays Sales Outstanding (“DSO”) ended Q4 FY23 at 138 days, a 74-day improvement year on year.\n\n\n\nOther Updates\n\n\nOn May 31 2023, ReNew entered into a partnership with PETRONAS’ clean energy subsidiary Gentari, where Gentari will purchase a 49% equity stake in ReNew’s 403 MW Peak Power project. As part of the partnership ReNew will invest approximately INR 3,130 million (~USD 38 million) for its 51% stake in the project and through its affiliates, will undertake EPC, O&M, and project management for the project.\n\n\nThe Peak Power project has a 25-year Power Purchase Agreement (“PPA”) with Solar Energy Corporation of India (“SECI”), an Indian central government-owned entity with a AAA...