Renew Energy Global Plc · NASDAQ:RNW
Renew Energy Global — Q3 2025 Earnings Presentation
41 slides from Renew Energy Global's earnings presentation, Feb 19, 2025
Slide 1: Q3 FY25 Results
Q3 FY25 Results February 19, 2025 1
Slide 2: Disclaimer
Disclaimer 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. These forward-looking statements generally are identified by the
Slide 3: Our Purpose and Values
OUR PURPOSE OUR VALUES Pioneer To create a carbon-free world Responsible by accelerating the clean energy Excellence transition Partner 33
Slide 4: Agenda
1 2 3 Q3 FY25 BUSINESS FINANCE HIGHLIGHTS UPDATES OVERVIEW 4 5 6 ESG AND GUIDANCE ANNEXURE SUSTAINABILITY 4
Slide 5: Q3 FY25 Highlights
Q3 FY25 Highlights 01 5
Slide 6: Highlights for Q3 FY25
Highlights for Q3 FY25 Business Highlights • ~1.3 GW (+150MWh BESS) commissioned in FY25 YTD; 2.6 GW since Dec’23 • Total committed portfolio of 17.4 GW (+~800 MWh BESS), ~27% higher YoY and up from 16.3 GW as of Q2 FY 25 • PPAs for ~3.8 GW RE capacity signed in FY25 • Total ~24 GW pipeline # & 2 GW
Slide 7: Highlights for Q3 FY25 (Cont.)
Highlights for Q3 FY25 (Cont.) Financial and Other Updates • 11% increase in Q3 FY25 Adj EBITDA YoY; ~500bps improvement in EBITDA margins • Expense optimization continues; higher MW offset by lower wind resource • DSO at 72 days (as of Dec 31, 2025) – 22 days improvement QoQ and 14 days improvement
Slide 8: Business Updates
Business Updates 02 8
Slide 9: Emphasis on project execution and attractive project wins
Emphasis on project execution and attractive project wins Continued expansion of portfolio and operating MW 26% increase in Operating Disciplined bidding approach; portfolio YoY capital recycling continues Continue to lead RE installations in India: • Signed agreement for sale of 300 MW SECI asset t
Slide 10: Project execution on track; manufacturing coming up to speed
Project execution on track; manufacturing coming up to speed Ramp up of solar manufacturing accelerating project execution Execution: on track to achieve ReNew manufacturing enabling MW installations security of solar supply chain Solar execution on track – 1,120 MW commissioned till date First sign
Slide 11: Finance overview
Finance overview 03 11
Slide 12: Q3 FY25 operating performance: ~500bps improvement in margins
Q3 FY25 operating performance: ~500bps improvement in margins • Total portfolio ~17.4 GW (+ ~800 MWh BESS) Key metrics (INR bn) • ~10.8 GW operating; 26% Increase YoY • Wind: 4.9 GW, Solar: 5.8 GW, Hydro: 99 MW 29.9 26.7 • ~6.6 GW committed 24.2 21.2 • Solar: 3.8 GW, Wind: 2.8 GW 19.3 16.0 18.5 12.5
Slide 13: Revised FY25E EBITDA guidance due to weather impact
Revised FY25E EBITDA guidance due to weather impact Lower resource partially offset by cost optimization FY25 EBITDA(1) guidance assumed same weather Guidance walk* (INR bn) patterns as FY24 85 80 4.7 76-82 • INR 4.7 bn weather impact till Jan’25: 2 74-78 75 • ~INR 4.4 bn weather impact in 9M FY25 7
Slide 14: Net debt/adjusted LTM EBITDA for operational portfolio ~5.9x
Net debt/adjusted LTM EBITDA for operational portfolio ~5.9x Continue to pursue long term run rate leverage target of under 6.0x on consolidated basis Currently leverage levels elevated due to Q3 FY25 Net Debt to TTM Adj. EBITDA high growth nature of business 9.0x • 26% operating MW growth YoY 8.2x
Slide 15: ESG and Sustainability
ESG and Sustainability 04 15
Slide 16: Leading the way in ESG in the RE sector and beyond
Leading the way in ESG in the RE sector and beyond ESG ESG Leadership leadership Green Manufacturing Climate Action S&P Global Corporate Sustainability LEED Certification Award Wins Assessment FirstView LEED GOLD 73/100 ✓ReNew’s Jaipur Manufacturing plant ✓RE Assets India Leadership Awards has attai
Slide 17: Bolstering our ESG targets
Bolstering our ESG targets FY25 In Progress FY25 Completed Long Term Targets Our ESG Targets Update for Q3 – FY25 Status To be validated as carbon neutral (scope • Verified as ‘carbon neutral’ for our operations across ~150 sites and facilities for F.Y. Completed 1 & 2) annually till 2025 2023-24 (4
Slide 18: Guidance
Guidance 05 18
Slide 19: Guidance
Guidance 17.4 GW FY25 contracted portfolio INR 74-78 bn INR 127-133 bn EBITDA FY25 EBITDA ~1.9x increase over FY24 1.9 - 2.4 GW* 17.4 GW Additional MW to be Total portfolio MWs installed during FY25 1.8x increase over FY24 INR 11-13 bn 33-37 bn CFe for FY25 Run-rate CFe CFe 2.6x over FY24 Note: The
Slide 20: Annexures
Annexures 06 20
Slide 21: Counterparty overview and asset breakdown
Counterparty overview and asset breakdown Total Portfolio Total 17.4 GW Technology Solar 9.6 GW Wind 7.7 GW Hydro 0.1 GW Commissioned Committed Commissioned Committed Project Stage 5.7 GW 3.8 GW 4.7 GW 2.8 GW Commissioned 0.3 GW Centre State Corporate Centre State Corporate PPA Counterparty 5.6 GW 2
Slide 22: Continued improvement in DSO
Continued improvement in DSO^ Consistent reduction in the DSO across quarters Ageing of billed receivables • DSO(4) 72 days at Dec’24, improved by 14 days YoY % share in total Days Contribution Offtaker DSO receivables to DSO • Lowest DSO reflective of improved offtaker base and (2) consistency in c
Slide 23: Wind PLF performance: ReNew wind PLFs in line with India trends
Wind PLF performance: ReNew wind PLFs in line with India trends All India Wind PLFs ReNew Wind PLF 40.0% (FY22 – FY25) FY 25 PLFs lower than FY24 35.0% 30.0% 25.0% 41.3% 38.3% 34.8% 20.0% 30.8% 29.9% 36.3% 32.7% 15.0% 28.4% 17.0% 16.7% 20.0% 10.5% 10.0% 18.4% 14.7% 13.7% 18.3% 5.0% Q1 Q2 Q3 Q4 0.0%
Slide 24: Updated share holders and diluted shares
Updated share holders and diluted shares Economic Shareholding (1) Total Shares Outstanding For ReNew Energy Global PLC August’21 (Listing date) Current Shares (Mn) Particulars 26.7% 35.6% 20.9% Class A Shares 244.3 Class B Shares(3) - 3.0% 53.6% 3.6% 7.4% Class C Shares 118.4 6.7% Class D Shares(3)
Slide 25: Debt profile (88% Maturity >2 years, 57% Fixed rate)
Debt profile (88% Maturity >2 years, 57% Fixed rate) By Debt Type By Source(4) By Currency Others 3% Secured Loan from FI Secured Bank Loan INR Variable 35% 25% 60% US Dollars 43% 37% (fully hedged) (1) Working Capital Loan Senior Overseas Green Fixed 6% Bonds 27% 57% INR Bonds 7% By Project Type By
Slide 26: Operating performance and seasonality
Operating performance and seasonality 9M FY24 9M FY25 Q3 FY24 Q3 FY25 Wind Solar Wind Solar Wind Solar Wind Solar Operational capacity (GW) 4.4 4.0 4.8 5.8 4.4 4.0 4.8 5.8 Weighted average operational 4.2 4.0 4.8 5.0 4.3 4.0 4.8 5.4 capacity(1) (GW) Plant load factor (%)(4) 30% 24% 28% 23% 18% 23% 1
Slide 27: US$ 162 Mn adj. EBITDA for Q3 FY25
US$ 162 Mn adj. EBITDA for Q3 FY25 Adjusted Q3 FY25 Adjusted YoY % growth Q3 FY25 Q3 FY24 Adj Q3 FY24 Adjustments Q3 FY25 Comments Vs (INR) (INR) (US$) (INR) (US$) (INR) (US$) Q3 FY25 Adj Revenue from contracts with Includes INR 3,110 Mn from our 15,993 18,472 216 - - 18,472 216 16% customers manufa
Slide 28: US$ 667 Mn adj. EBITDA for 9M FY25
US$ 667 Mn adj. EBITDA for 9M FY25 Adjusted 9M FY25 Adjusted YoY % growth 9M FY25 9M FY24 Adj 9M FY24 Adjustments 9M FY25 Comments Vs (INR) (INR) (US$) (INR) (US$) (INR) (US$) 9M FY25 Adj Revenue from contracts with Includes INR 3,459 Mn from our 63,199 68,018 795 - - 68,018 795 8% customers manufac
Slide 29: Consolidated balance sheet summary
Consolidated balance sheet summary As of As of As of March 31, December 31, December 31, 2024 2024 2024 INR Mn INR Mn US$(4) Mn (Audited) (Unaudited) (Unaudited) Cash and cash equivalents, bank balances 80,615 84,070 985 (including short and long term)(1) Property, plant and equipment, net(2) 678,60
Slide 30: Adj. EBITDA reconciliation
Adj. EBITDA reconciliation In Mn For the three months ended December 31, For the nine months ended December 31, 2023 2024 2024 (1) 2023 2024 2024 (1) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (INR) (INR) (US$) (INR) (INR) (US$) Profit/Loss for the period (3,216) (3,879)
Slide 31: Cash flow to equity reconciliation
Cash flow to equity reconciliation In Mn For the three months ended December 31, For the nine months ended December 30, 2023 2024 2024 2023 2024 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (INR) (INR) (US$) (INR) (INR) (US$) Adjusted EBITDA 12,509 13,882 162 52,406 5
Slide 32: ReNew's Green Bonds
ReNew’s Green Bonds Current Outstanding Bond Issue Date Maturity Coupon Hedging Arrangement Security Structure ($ Mn) Mar 2027 Asset Backed RPVIN 27 Jan 2020 270 5.88% CCS (7NC2.5) Holdco Issuance Feb 2027 ATMF Call Option + Restricted Group IGPH 27 Feb 2021 429 4.00% (6NC3) CoS Issuance Jul 2028 Re
Slide 33: Consistent positive cash profits
Consistent positive cash profits Cash flow generation outpacing revenue growth INR bn During Q3 FY25, we delivered: 140 125.9 120.3 ▪ Cash profit* of INR 2.6 bn; 61% 120 increase over Q3 FY24 ▪ Q3 FY24: 1.6 bn 100 ▪ Cash from operations flat over 80 Prior comparable period: ▪ Q3 FY25: 18.5 bn 60 ▪ Q
Slide 34: Influencing communities with sustainability initiatives
Influencing communities with sustainability initiatives Over 1.4 million lives impacted till 31st March 2024 Flagship Programs Site Specific & Employee Driven Programs Lighting Lives Water security An initiative focusing on last mile A Community-Corporate (CC) based partnership to address the need e
Slide 35: Project level details (as of Feb 18, 2025)
Project level details (as of Feb 18, 2025) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Wind Energy Commissioned Projects (3,680 MW) 23.1MW: APPC Rate + escalation linked to State APPC tariff; 2.1MW: INR GUVNL (23.1), 23.1 MW: 25 years; Jasdan
Slide 36: Project level details (as of Feb 18, 2025)
Project level details (as of Feb 18, 2025) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Wind Energy Commissioned Projects (3,680 MW) Ostro-Lahori 92.0 Madhya Pradesh Mar-16 5.92 MPPMCL 25 Ostro-Amba 66.0 Madhya Pradesh Mar-16 5.92 MPPMCL 25 Os
Slide 37: Project level details (as of Feb 18, 2025)
Project level details (as of Feb 18, 2025) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Wind Energy Commissioned Projects (3,680 MW) Ostro - Kutch (SECI 1) 250.0 Gujarat Oct-18 3.46 PTC 25 SECI II 230.1 Gujarat Oct-19 2.64 SECI 25 GUVNL 35.0 G
Slide 38: Project level details (as of Feb 18, 2025)
Project level details (as of Feb 18, 2025) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Solar Energy Commissioned Projects (4,196 MW) Mah Ph I 250.0 Rajasthan Oct-19 2.72 MSEDCL 25 MESCOM, BESCOM, GESCOM, Karnataka 40 40.0 Karnataka Oct-19 3.2
Slide 39: Project level details (as of Feb 18, 2025)
Project level details (as of Feb 18, 2025) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Solar Energy Committed Projects (1,925 MW) SECI Raj IV 75.0 Rajasthan H2 FY25 2.18 SECI 25 PSPCL 100.0 Rajasthan H1 FY26 2.33 PSPCL 25 SECI VIII 200.0 Raja
Slide 40: Project level details (as of Feb 18, 2025)
Project level details (as of Feb 18, 2025) Project Type Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Firm Power Commissioned Projects (1,173 MW) Wind 383.5 Karnataka Q4 FY24 2.9 for year 1 with 3% escalation till year 15, from 16th to RTC-I(11) SECI 2
Slide 41: Partner with us
Partner with us as we continue to shape The Future of Energy. ©copyright: This presentation is the sole property of ReNew. Reproduction and distribution without written approval is prohibited.