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ReNew Power Announces Results for the First Quarter of Fiscal Year 2023 (Q1 FY23), ended June 30, 2022
GURUGRAM, India, Aug. 18, 2022 /PRNewswire/ -- ReNew Energy Global Plc ("ReNew" or "the Company") (Nasdaq: RNW, RNWWW), India's leading renewable energy
About this update from Renew Energy Global Plc
[{"type":"text","content":"GURUGRAM, India, Aug. 18, 2022 /PRNewswire/ -- ReNew Energy Global Plc (\"ReNew\" or \"the Company\") (Nasdaq: RNW, RNWWW), India's leading renewable energy company in terms of total commissioned capacity, today announced its consolidated results for Q1 FY23 ended June 30, 2022.\n \n \nOperating Highlights:\nAs 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.Cash Flow to equity(2) (\"CFe\") for Q1 FY23 was INR 14,562 million (US$ 184 million), an increase of 104.0% over Q1 FY22.Note: the translation of Indian rupees into U.S. dollars has been made at INR 79.02 to US$ 1.00. See note 1 for more information.\nFY 23 Guidance \nThe Company is reiterating its Adjusted EBITDA, Adjusted EBITDA per share, Cash Flow to equity and Cash Flow to equity per share guidance for FY23:\n \nFinancial Year\nAdjusted EBITDA\nAdjusted EBITDA/share\nCash Flow to Equity\nCash Flow to equity/share\nFY23\nINR 66,000 – INR 69,000 million\nINR 156 - INR 163\nINR 21,000 – INR 22,700 million\nINR 50 - INR 54\n \nForm 6-K containing financial statements and discussion of financial results has been filed with the SEC and can be accessed at www.sec.gov\nWebcast and Conference Call Information\nA conference call has been scheduled to discuss the earnings results at 8:30 AM EDT (6:00 PM IST) on August 19, 2022. The conference call can be accessed live at https://edge.media-server.com/mmc/p/qb3qf6a7 or by phone (toll-free) by dialing:\nUS / Canada: (+1) 855 881 1339 UK: (+44) 0800 051 8245 India: (+91) 0008 0010 08443 Singapore: (+65...