ReNew Announces Results for the Third Quarter and Nine Months of Fiscal Year 2024

Increases the bottom end of Adjusted EBITDA guidance for FY24 by 2%

ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading decarbonization solutions company, today announced its unaudited consolidated IFRS results for Q3 FY24 and nine months ended December 31, 2023.

Operating Highlights:

• As of December 31, 2023, the Company’s portfolio consisted of 13.8 GWs, of which ~8.5 GWs are commissioned and 5.3 GWs are committed, compared to 13.4 GWs as of December 31, 2022.
• Total Income (or total revenue) for the first nine months of FY24 was INR 72,414 million (US$ 870 million), compared to INR 63,493 (US$ 763 million) for the first nine months of FY23. Net profit for the first nine months of FY24 was INR 3,538 million (US$ 43 million) compared to a net loss of INR 5,103 million (US$ 61 million) for the first nine months of FY23. Adjusted EBITDA for the first nine months of FY24 was INR 52,406 million (US$ 630 million), as against INR 49,994 million (US$ 601 million) for the first nine months of FY23. Cash Flow to equity ("CFe") for the first nine months of FY24 was INR 21,756 million (US$ 262 million) compared to INR 19,810 million (US$ 238 million) for the first nine months of FY23.
• Total Income (or total revenue) for Q3 FY24 was INR 19,290 million (US$ 232 million), compared to INR 16,077 (US$ 193 million) for Q3 FY23. Net loss for Q3 FY24 was INR 3,216 million (US$ 39 million) compared to a net loss of INR 4,013 million (US$ 48 million) for Q3 FY23. Adjusted EBITDA for Q3 FY24 was INR 12,509 million (US$ 150 million), as against INR 11,628 million (US$ 140 million) in Q3 FY23. Cash Flow to equity (“CFe”) for Q3 FY24 was INR 2,392 million (US$ 30 million) compared to INR 2,682 million (US$ 32 million) in Q3 FY23.
• Days Sales Outstanding (“DSO”) ended Q3 FY24 at 86 days, a 92 day improvement, year on year.

FY 24 Guidance

We are increasing the bottom end of our FY24 Adjusted EBITDA guidance range by 2%, to INR 63,000 – INR66,000 million and expect revenue generation from 1,750 to 1,950 MWs of completed projects by the end of Fiscal Year 2024.

The Company’s Adjusted EBITDA and Cash Flow to equity guidance for FY24 are subject to the weather being similar to FY23.

Financial Year

Adjusted EBITDA

Adjusted EBITDA / share

Cash Flow to equity (CFe)