Renew Power Declares Q2 Results, H1 Revenues Up 26% Over FY21

Highlights :

  • The Renew Power results appear to be on track to deliver profits in subsequent quarters.
  • With 6315 MW of commissioned projects, the firm has actually the highest commissioned projects in place among renewable players in India.

ReNew Energy Global plc (“ReNew Power”), has announced its consolidated results for the Quarter ending September 2021. These are the first full set of results from the firm since its merger with RMG II, a special purpose acquisition vehicle (SPAC) to list on NASDAQ.

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Till date, the Renew power listing through the SPAC route remains the largest one among Indian firms on NASDAQ through this route for an Indian firm.

The firm has shared the following

Key Operating Highlights:

  • As of September 30, 2021, the portfolio consisted of 10,217 MWs of which 6,315 MW projects are commissioned; an increase of 15.6% over September 30, 2020 and 3,902 MW are committed, out of which power purchase agreements (“PPAs”) are signed for 2,699 MWs.
  • Total Income (or total revenue) for H1 FY22 was Rs 3,811crore (US $ 514 million), an increase of 26.0% over H1 FY21. Total Income for the Q2 FY22 was Rs 2131 crores (US$ 287 million), an increase of 44.3% over Q2 FY21.
  • Net loss for H1 FY22 was INR 984 crores (US$ 133 million) compared to a net loss of Rs 59 crores in H1 FY21. The net loss for H1 FY22 included Rs1640 crores (US$ 221 million) of charges related to listing on Nasdaq Stock Market LLC, issuance of share warrants, listing related share based payments and others.
  • Adjusted EBITDA(2) (Non-IFRS) for H1 FY22 was Rs 3190 crores (US$ 430 million), an increase of 27.9% over H1 FY21. Adjusted EBITDA for Q2 FY22 was Rs 1818 crores (US$ 245 million), an increase of 50.3% over Q2 FY21. Adjusted EBITDA was not adjusted for the net negative impact of weather relative to normal of approximately Rs 296 crores (US $40 million) H1 FY22 and approximately Rs 163 crores (US$ 22 million) for Q2 FY22.
  • Non-IFRS Cash Flow to Equity (2) (“CFe”) from Operating Assets for H1 FY22 was INR 14,264 million (US$ 192 million), an increase of 84.3% over H1 FY21. Non-IFRS Cash Flow to Equity (“CFe”) from Operating Assets for the Q2 FY22 was INR 6,802 million (US$ 92 million), an increase of 757.5% over Q2 FY21.

Portfolio Adjusted EBITDA Run Rate as of November 15, 2021

As of November 15, 2021, 7.0 GWs of capacity was commissioned. The chart below provides the Portfolio Adjusted EBITDA Run Rate which is an estimation of the Adjusted EBITDA once capacity is operating for a full year.

INR million

US $ million

Operating Capacity (7 GWs)

59,700 – 64,500

805-870

Signed PPAs (2.1 GWs)

16,300 – 17,400

220-235

LOA received, PPA to be signed (1.2 GWs)

 7,500 – 8,200

101-111

Total portfolio (10.3 GWs)

83,500 – 90,100

1,126-1,216

Note: Construction (including land acquisition) typically takes approximately six to 18 months for utility-scale wind energy projects, and four to 12 months for utility-scale solar energy projects. PPAs are typically signed three to six months after receipt of the LOA although there have been recent delays in receiving PPAs principally due to COVID-19.

Guidance for FY22

Their estimate remains at 8.2 GWs of capacity operating by the end of FY22 and Adjusted EBITDA for FY22, excluding the impact of weather, will be approximately Rs 6075 crores  (or US$810 million using a foreign exchange rate of Indian rupees into U.S. dollars of INR 75.00 to US$1.00).

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