Renew Energy Global Plc · NASDAQ:RNW
Renew Energy Global — Q2 2025 Earnings Presentation
42 slides from Renew Energy Global's earnings presentation, Nov 20, 2024
Slide 1: Q2 FY25 Results
Q2 FY25 Results November 20, 2024 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by ReNew Energy Global, the markets in which ReNew Energy Global operates and ReNew Energy Global
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: Q2 FY25 Highlights, Business Updates, Finance, ESG, Guidance, Annexure
1 2 3 Q2 FY25 BUSINESS FINANCE HIGHLIGHTS UPDATES 4 5 6 ESG AND GUIDANCE ANNEXURE SUSTAINABILITY 4
Slide 5: Q2 FY25 Highlights
Q2 FY25 Highlights 01 5
Slide 6: Highlights for Q2 FY25
Highlights for Q2 FY25 Business Highlights • 860 MW commissioned in FY25 YTD; 2.4 GW since Oct-23 • Committed portfolio of 16.3 GW (+900 MWh battery*), up 18% YoY • PPAs signed for RE capacity of ~2.9 GW in FY25 • ~1.4 GW bid wins in FY25; largely complex projects Financial Performance • 14% increas
Slide 7: Business Updates
Business Updates 02 7
Slide 8: Focused on creating shareholder value
Focused on creating shareholder value How we create value? • Capital discipline: Consistently deploying capital only where returns are above cost of capital • Profitable growth: Ensuring revenue growth outpaces Our value creation model > growth of costs • Differentiated platform: In-house wind and s
Slide 9: Project execution remains on track: 860 MW commissioned YTD
Project execution remains on track: 860 MW commissioned YTD Operating Portfolio Under-construction Projects Pipeline 30% increase in operating MW(1) Construction on track Demonstrating capital discipline • 2.4 GW commissioned since Oct’23 • Solar: ~350 MW erected across • Levered IRR target range on
Slide 10: Solar Manufacturing platform: significant strategic edge
Solar Manufacturing platform: significant strategic edge India ramping-up indigenous solar manufacturing • Supportive Macro environment • New proposed restriction on cell manufacturing (ALCM for cells) to eliminate current cell imports into India • Proposed effective April 1st 2026 • Significant sho
Slide 11: Finance overview
Finance overview 03 11
Slide 12: Q2 FY25 Operating performance: ~14% increase in Adj. EBITDA
Q2 FY25 Operating performance: ~14% increase in Adj. EBITDA • Total portfolio ~16.3 GW • ~10.4 GW operating Key metrics (INR bn) • Wind: 4.8 GW, Solar: 5.5 GW, Hydro: 99 MW 29.9 • ~5.9 GW committed 28.6 26.0 24.9 26.7 24.2 22.8 • Solar: 3.6 GW, Wind: 2.3 GW 21.3 19.0 • Total capacity commissioned* •
Slide 13: Continued improvement in cash profits
Continued improvement in cash profits Underlines our ability to grow profitably Cash flow generation outpacing revenue growth INR bn During Q2 FY25, we delivered: 140 129.7 124.0 ▪ Cash from operations: 120 ▪ Q2 FY25: 20.2 bn ▪ Q2 FY24: 18.9 bn 100 80 ▪ Cash profit* of INR 12.1 bn; 32% increase over
Slide 14: Net Debt/Adjusted LTM EBITDA for operational portfolio under ~6.0x
Net Debt/Adjusted LTM EBITDA for operational portfolio under ~6.0x Continue to pursue long term run rate leverage target of under 6.0x on consolidated basis Currently leverage levels not reflective of Q2 FY25 Net Debt to TTM Adj. EBITDA actual liquidity of the company x x Higher leverage attributabl
Slide 15: Demonstrating superior returns and creating value for shareholders
Demonstrating superior returns and creating value for shareholders RNW able to demonstrate returns through greenfield execution at lower cost & subsequent capital recycling As of Sep 24 US$ bn Total net block(1) $9.1 bn • We build assets at 7.0-7.5x Capex/EBITDA Less: CWIP* + Transmission ($2.3 bn)
Slide 16: ESG and Sustainability
ESG and Sustainability 04 16
Slide 17: Leading the way for ESG in the RE sector and beyond
Leading the way for ESG in the RE sector and beyond Helped avoid over ~0.6% of the Public disclosure of the 358,746 m3 (approx.) of net Over 1,400,000 lives impacted country’s total carbon following new policies: water saved (~13% YoY till 31st March 2024 (Around emissions in FY 2023-24 Board Divers
Slide 18: Impacting Communities With Sustainability Initiatives
Impacting Communities With Sustainability Initiatives Over 1.4 million lives positively impacted (as of 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 addres
Slide 19: Recognition of our sustained efforts in advancing sustainability
Recognition of our sustained efforts in advancing sustainability At the Ministry of New and Renewable Energy's flagship event, RE-INVEST, ReNew solidified its position as a market leader, securing multiple awards across critical ReNew Hydropower categories: Plant has earned the • Second-highest achi
Slide 20: Bolstering Our ESG Targets
Bolstering Our ESG Targets Our ESG targets Update for Q2 - FY25 Status Emissions To be validated as carbon neutral (scope Verified as ‘carbon neutral’ for our operations across ~150 sites and facilities for FY24 (4 times in a 1 & 2) annually till 2025 row) Assurance Calculation of Scope 1, 2 and 3 G
Slide 21: Guidance
Guidance 05 21
Slide 22: Reiterate annual and long-term guidance
Reiterate annual and long-term guidance FY25 16.3 GW contracted portfolio FY30 run rate INR 76-82 bn INR 117-122 bn INR 142-150 bn FY25 EBITDA EBITDA for 19.4 GW 1.8x increase over FY24 2.1x increase over FY24 (including INR 1-2 bn of gain on asset sales) 1.9-2.4 GW 16.3 GW 19-20 GW Additional MW to
Slide 23: Annexures
Annexures 06 23
Slide 24: Counterparty overview and asset breakdown
Counterparty overview and asset breakdown Total Portfolio Total 16.3 GW Technology Solar 9.1 GW Wind 7.1 GW Hydro 0.1 GW Commissioned Committed Commissioned Committed Project Stage 5.4 GW 3.6 GW 4.7 GW 2.3 GW Commissioned 0.3 GW Centre State Corporate Centre State Corporate PPA Counterparty 5.1 GW 2
Slide 25: Continued improvement in DSO
Continued improvement in DSO^ Ageing of billed receivables • While there has not been much change in the TTM revenue, Offtaker DSO % share in total Days Contribution DSO has improved 16% YoY receivables to DSO • DSO(4) 94 days at Sep’24, improved by 18 days YoY (2) (3) Central Govt. , GJ 0-3 days 1%
Slide 26: Wind PLF performance
Wind PLF performance All India wind energy PLFs 40.0% (FY22 – FY25) Seasonality in Wind PLFs 35.0% 30.5% 30.0% ReNew wind PLFs in line with all-India trends 25.0% 41.3% 38.3% 34.8% 20.0% 30.8% 29.9% 36.3% 32.7% 15.0% 28.4% 17.0% 20.0% 18.4% 10.0% 16.7% 14.7% 18.3% 5.0% Q1 Q2 Q3 Q4 0.0% Q1 Q2 Q3 Q4 F
Slide 27: 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 244.2 Class B Shares(3) - 3.0% 53.6% 3.6% 7.4% Class C Shares 118.4 6.7% Class D Shares(3)
Slide 28: 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 Bank Loan Secured Loan from FI INR Variable 27% 34% 59% US Dollars 43% 38% (fully hedged) (1) Working Capital Loan Fixed Senior Overseas Green 6% 57% Bonds 26% INR Bonds 7% By Project Type By
Slide 29: Operating performance and seasonality
Operating performance and seasonality H1 FY24 H1 FY25 Q2 FY24 Q2 FY25 Wind Solar Wind Solar Wind Solar Wind Solar Operational capacity (GW) 4.2 4.0 4.8 5.5 4.2 4.0 4.8 5.5 Weighted average operational 4.1 4.0 4.8 4.8 4.0 4.1 4.8 4.9 capacity(1) (GW) Plant load factor (%)(4) 37% 25% 35% 24% 42% 23% 4
Slide 30: US$ 289 Mn Adj. EBITDA for Q2 FY25
US$ 289 Mn Adj. EBITDA for Q2 FY25 Adjusted Q2 FY25 Adjusted YoY % growth Q2 FY25 Q2 FY24 Adj Q2 FY24 Adjustments Q2 FY25 Comments Vs (INR) (INR) (US$) (INR) (US$) (INR) (US$) Q2 FY25 Adj Revenue from contracts with 25,956 26,735 319 - - 26,735 319 3% customers Higher operating income on account of
Slide 31: US$ 516 Mn Adj. EBITDA for 6M FY25
US$ 516 Mn Adj. EBITDA for 6M FY25 Adjusted 6M FY25 Adjusted YoY % growth 6M FY25 6M FY24 Adj 6M FY24 Adjustments 6M FY25 Comments Vs (INR) (INR) (US$) (INR) (US$) (INR) (US$) 6M FY25 Adj Revenue from contracts with 47,206 49,546 592 - - 49,546 592 5% customers Higher operating income on account of
Slide 32: Consolidated balance sheet summary
Consolidated balance sheet summary As of As of As of March 31, September 30, September 30, 2024 2024 2024 INR Mn INR Mn US$(4) Mn (Audited) (Unaudited) (Unaudited) Cash and cash equivalents, bank balances 80,615 77,509 925 (including short and long term)(1) Property, plant and equipment, net(2) 678,
Slide 33: Adj. EBITDA reconciliation
Adj. EBITDA reconciliation In Mn For the three months ended September 30, For the six months ended September 30, 2023 2024 2024 (1) 2023 2024 2024 (1) (Audited) (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (INR) (INR) (US$) (INR) (INR) (US$) Profit/Loss for the period 3,771 4,939 59 6,7
Slide 34: Cash flow to equity reconciliation
Cash flow to equity reconciliation In Mn For the three months ended September 30, For the six months ended September 30, 2023 2024 2024 2023 2024 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (INR) (INR) (US$) (INR) (INR) (US$) Adjusted EBITDA 21,298 24,209 289 39,897
Slide 35: ReNew's Green Bonds
ReNew’s Green Bonds Current Outstanding Bond Issue Date Maturity Coupon Hedging Arrangement Security Structure ($ Mn) Mar 2027 Asset Backed Holdco RPVIN 27 Jan 2020 270 5.88% CCS (7NC2.5) Issuance Feb 2027 Restricted Group IGPH 27 Feb 2021 429 4.00% ATMF Call Option + CoS (6NC3) Issuance Jul 2028 Re
Slide 36: Project level details (as of Nov 20, 2024)
Project level details (as of Nov 20, 2024) 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 37: Project level details (as of Nov 20, 2024)
Project level details (as of Nov 20, 2024) 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 38: Project level details (as of Nov 20, 2024)
Project level details (as of Nov 20, 2024) 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 39: Project level details (as of Nov 20, 2024)
Project level details (as of Nov 20, 2024) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Solar Energy Commissioned Projects (4,046 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 40: Project level details (as of Nov 20, 2024)
Project level details (as of Nov 20, 2024) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Solar Energy Committed Projects (2,025 MW) SECI Raj IV 225.0 Rajasthan H2 FY25 2.18 SECI 25 PSPCL 100.0 Rajasthan H1 FY26 2.33 PSPCL 25 SECI VIII 200.0 Raj
Slide 41: Project level details (as of Nov 20, 2024)
Project level details (as of Nov 20, 2024) Project Type Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Firm Power Commissioned Projects (993 MW) Wind 301.5 Karnataka Q3 FY24 2.9 for year 1 with 3% escalation till year 15, from 16th to 25th year RTC-I(11
Slide 42: 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.