Financial Performance - Total Income for Q3 FY25 was INR 21,198 million (US$ 248 million), an increase of 9.9% year-over-year[11] - Total Income for the first nine months of FY25 was INR 75,911 million (US$ 887 million), an increase of 4.8% year-over-year[13] - Adjusted EBITDA for Q3 FY25 was INR 13,882 million (US$ 162 million), an increase of 11% year-over-year[30] - Adjusted EBITDA for the first nine months of FY25 was INR 57,070 million (US$ 667 million), an increase of 8.9% year-over-year[30] - Net loss for Q3 FY25 was INR 3,879 million (US$ 45 million), compared to a net loss of INR 3,216 million (US$ 38 million) for Q3 FY24[27] - Net profit for the first nine months of FY25 was INR 1,454 million (US$ 17 million), compared to INR 3,538 million (US$ 41 million) for the first nine months of FY24[28] Electricity Sales - Total electricity sold in Q3 FY25 was 4,125 million kWh, an increase of 12.6% over Q3 FY24[8] - Total electricity sold in the first nine months of FY25 was 16,561 million kWh, an increase of 11.7% over the first nine months of FY24[9] Cash Flow and Liquidity - Cash generated from operating activities for Q3 FY25 was INR 18,485 million (US$ 216 million), a decrease of 1.9% from INR 18,850 million (US$ 220 million) in Q3 FY24[35] - Cash used in investing activities for Q3 FY25 was INR 21,132 million (US$ 247 million), significantly lower than INR 40,400 million (US$ 472 million) in Q3 FY24, primarily for renewable energy projects[36] - Cash generated from financing activities for Q3 FY25 was INR 6,143 million (US$ 72 million), down from INR 53,028 million (US$ 620 million) in Q3 FY24 due to lower project financing proceeds[37] - Total receivables as of December 31, 2024, were INR 23,669 million (US$ 277 million), with Days Sales Outstanding (DSO) improving to 72 days from 86 days year-on-year[43] - Cash Flow to Equity (CFe) for Q3 FY25 was INR 765 million (US$ 9 million), a decrease of 68.1% from INR 2,392 million (US$ 28 million) in Q3 FY24[44] - As of December 31, 2024, the liquidity position included cash and bank balances of INR 84,070 million (US$ 983 million)[41] Debt and Capital Expenditure - Net debt as of December 31, 2024, was INR 639,279 million (US$ 7,473 million), which includes convertible debentures from joint venture partners[42] - Capital expenditure for Q3 FY25 was INR 26,496 million (US$ 310 million), with a total of 7 MWs of wind and 552 MWs of solar projects commissioned[39] Strategic Developments - A non-binding proposal was received from a consortium for the acquisition of the entire issued share capital of the company at US$ 7.07 per share[58] - The company is exploring strategic capitalization opportunities, including the proposal from the consortium, with discussions ongoing[59] - ReNew's clean energy portfolio reached approximately 17.4 GWs as of February 18, 2025, making it one of the largest globally[67] Year-over-Year Comparisons - Total revenue for the three months ended December 31, 2024, was INR 18,472 million (USD 216), representing a year-over-year increase from INR 15,993 million[73] - Total income for the nine months ended December 31, 2024, was INR 75,911 million (USD 887), up from INR 72,414 million in the previous year[73] - The company reported a loss of INR 3,879 million (USD 45) for the three months ended December 31, 2024, compared to a loss of INR 3,216 million in the same period last year[73] Financial Position - Cash and cash equivalents increased to INR 27,021 million (USD 251) as of March 31, 2024, from INR 21,482 million[70] - Total assets decreased to INR 873,935 million (USD 11,212) as of March 31, 2024, from INR 959,175 million[71] - Total liabilities amounted to INR 752,238 million (USD 9,740) as of March 31, 2024, down from INR 833,245 million[71] - The company’s interest-bearing loans and borrowings (principal portion) were INR 647,316 million (USD 7,455) as of March 31, 2024[70] - ReNew's equity attributable to equity holders of the parent was INR 105,217 million (USD 1,260) as of March 31, 2024[70] Operational Performance - The company is focused on expanding its market presence and enhancing its clean energy solutions through digitalization and storage technologies[67] - For the three months ended December 31, 2024, the company reported a profit before tax loss of INR 3,879 million, compared to a loss of INR 3,216 million in the same period of 2023[75] - Adjusted EBITDA for the nine months ended December 31, 2024, was INR 57,070 million, an increase from INR 52,406 million in the same period of 2023, reflecting a growth of approximately 8.5%[77] - Cash generated from operations for the nine months ended December 31, 2024, was INR 48,094 million, down from INR 51,714 million in 2023, indicating a decrease of about 7.5%[75] - The company experienced a net cash used in investing activities of INR 81,572 million for the nine months ended December 31, 2024, compared to INR 133,272 million in the same period of 2023, showing a reduction of approximately 38.9%[75] - Net cash generated from financing activities for the three months ended December 31, 2024, was INR 6,143 million, a significant decrease from INR 53,028 million in the same period of 2023[75] - The total cash and cash equivalents at the end of the period for December 31, 2024, stood at INR 21,482 million, down from INR 55,911 million at the end of December 31, 2023[75] - The company reported finance costs of INR 12,609 million for the three months ended December 31, 2024, compared to INR 11,509 million in the same period of 2023, reflecting an increase of approximately 9.5%[75] - The company’s interest income for the nine months ended December 31, 2024, was INR 3,512 million, a decrease from INR 4,240 million in the same period of 2023, indicating a decline of about 17.2%[75] - The company reported a decrease in trade receivables by INR 1,356 million for the nine months ended December 31, 2024, compared to an increase of INR 6,837 million in the same period of 2023[75] - The company’s cash flows from operating activities for the three months ended December 31, 2024, were INR 18,486 million, a slight decrease from INR 18,850 million in the same period of 2023[75]

Core Viewpoint - ReNew Energy Global PLC (RNW) is showing potential for a bullish breakout due to a recent "golden cross" in its moving averages, indicating a positive trend reversal [1]. Technical Analysis - RNW's 50-day simple moving average has crossed above its 200-day simple moving average, a pattern known as a "golden cross," which is a significant bullish indicator [1]. - The golden cross event consists of three stages: a price bottom, the shorter moving average crossing above the longer one, and the maintenance of upward momentum [1]. - RNW's shares have increased by 26.4% over the past four weeks, suggesting strong upward movement [2]. Earnings Expectations - There have been two upward revisions in RNW's earnings expectations over the past 60 days, with no downward changes, indicating positive sentiment among analysts [3]. - The Zacks Consensus Estimate for RNW has also moved up, further supporting the bullish outlook [3]. Investment Consideration - Given the technical indicators and positive earnings revisions, RNW is recommended for investors to consider adding to their watchlist [3].

Group 1 - ReNew Energy Global PLC (RNW) closed at $6.05, with a 5.2% gain over the past four weeks, and a mean price target of $8.61 suggests a 42.3% upside potential [1] - The mean estimate includes six short-term price targets with a standard deviation of $1.06, indicating variability among analysts; the lowest estimate is $7.31 (20.8% increase), while the highest is $10 (65.3% increase) [2] - Analysts show strong agreement on RNW's ability to report better earnings, with a positive trend in earnings estimate revisions correlating with potential stock upside [4][9] Group 2 - The Zacks Consensus Estimate for RNW's current year has increased by 26.1% over the past month, with no negative revisions [10] - RNW holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, indicating strong potential for near-term upside [11] - While consensus price targets may not be reliable for predicting exact gains, they can provide a directional guide for price movement [12]

Financial Performance - Total Income for Q2 FY25 was INR 29,887 million (US$ 357 million), an increase of 4.4% over Q2 FY24[10] - Net profit for Q2 FY25 was INR 4,939 million (US$ 59 million), compared to INR 3,771 million (US$ 45 million) for Q2 FY24[17] - Adjusted EBITDA for Q2 FY25 was INR 24,209 million (US$ 289 million), an increase of 13.7% year on year[19] - Revenue for the three months ended September 30, 2024, increased to INR 26,735 million, up from INR 25,956 million in the same period of 2023, representing a growth of 3%[50] - Profit for the period for the three months ended September 30, 2024, was INR 4,939 million, a 31% increase compared to INR 3,771 million in the same period of 2023[50] - Adjusted EBITDA for the three months ended September 30, 2024, reached INR 24,209 million, up from INR 21,298 million in the same period of 2023, reflecting a growth of 9%[54] - Total income for the six months ended September 30, 2024, was INR 54,713 million, compared to INR 53,291 million for the same period in 2023, indicating a growth of 3%[50] - The company reported a decrease in total expenses for the three months ended September 30, 2024, to INR 22,334 million, down from INR 23,864 million in the same period of 2023, a reduction of 6%[50] Cash Flow and Investments - Cash generated from operating activities for Q2 FY25 was INR 20,158 million (US$ 241 million), compared to INR 18,926 million (US$ 226 million) for Q2 FY24[22] - Cash used in investing activities for Q2 FY25 was INR 19,985 million (US$ 239 million), compared to INR 47,516 million (US$ 567 million) for Q2 FY24[23] - Cash generated from operations for the three months ended September 30, 2024, was INR 20,713 million, an increase from INR 19,155 million in the same period of 2023[52] - Net cash generated from operating activities for the six months ended September 30, 2024, was INR 30,071 million, compared to INR 32,399 million in the same period of 2023[52] - Total Cash flow to equity (CFe) for the first half of 2024 decreased to INR 15,683 million from INR 19,364 million in the same period of 2023, representing a decline of 19.5%[55] - Total CFe for Q3 2024 was INR 5,980 million, down from INR 9,780 million in Q3 2023, indicating a decrease of 38.4%[55] Assets and Liabilities - Total assets increased from INR 873,935 million as of March 31, 2024, to INR 930,728 million as of September 30, 2024[47][48] - Non-current assets rose from INR 769,498 million to INR 821,856 million during the same period[47] - Current assets increased from INR 104,437 million to INR 108,872 million, with cash and cash equivalents decreasing from INR 27,021 million to INR 17,985 million[47] - Total liabilities increased from INR 752,238 million to INR 800,998 million, with current liabilities rising significantly from INR 142,044 million to INR 168,294 million[48] - Total equity grew from INR 121,697 million to INR 129,730 million, reflecting an increase in equity attributable to equity holders of the parent[47] Debt and Financing - Net debt as of September 30, 2024, was INR 621,624 million (US$ 7,421 million)[27] - The company reported a significant increase in finance costs for the three months ended September 30, 2024, amounting to INR 12,597 million, compared to INR 12,953 million in the same period of 2023, a decrease of 3%[50] - Interest paid in cash increased to INR 11,866 million in Q3 2024, up from INR 9,484 million in Q3 2023, reflecting a rise of 25.3%[55] - Normalised loan repayment for Q3 2024 rose to INR 6,414 million, compared to INR 3,974 million in Q3 2023, marking an increase of 61.3%[55] Future Outlook - The company anticipates construction of between 1,900 to 2,400 MWs by the end of Fiscal Year 2025[21] - Forward-looking statements indicate potential risks including financing availability and regulatory changes that could impact future performance[42] Clean Energy Portfolio - The company’s clean energy portfolio stands at approximately 16.3 GW as of November 19, 2024, making it one of the largest globally[44]

Company Overview - ReNew Energy Global Plc (NASDAQ:RNW) is a UK-based firm established in 2011, focusing on renewable energy sources in India, primarily in wind and solar power, along with ancillary services like engineering and consultancy [2] - The company has a total operational capacity of approximately 9.5 GW, with 4.7 GW each in wind and solar, and 0.1 GW in hydro, generating an expected total income of USD $1,158 million for FY24 [4] Financial Performance - ReNew Energy's 1-year price return is down 6%, but it is performing better than peers like MNTK and NEP, which are down around 50% [3] - The company reported Q1 2025 earnings with an EPS of $0.00, missing expectations by $0.06, and revenue of $271.69 million, which was down 9.42% year-over-year and missed by $34.28 million [6] - Despite strong growth potential, the company faces challenges such as high debt levels, with a debt-to-capital ratio of 73.40%, and a high blended P/E ratio of 48.85x, indicating potential overvaluation [10][11] Growth Prospects - ReNew Energy aims to double its operating portfolio by 2029 and has secured over 8 GW of capacity in recent auctions, with 2.2 GW already under Power Purchase Agreements (PPAs) [8] - The company is benefiting from India's aggressive push for renewable energy, with plans to reach 500 GW of renewable energy by 2030 and an expected investment increase of 83% to $16.5 billion by the end of 2024 [7] Market Position and Strategy - ReNew Energy is positioned as a leading independent producer of clean energy in India, with a focus on solar and wind energy, and is beginning to expand internationally [7] - The company has made significant investments in manufacturing, including a facility in Jaipur expected to produce over 2 GW of modules this year, enhancing its competitive edge [9] Risks and Challenges - The company faces execution risks associated with high leverage and reliance on weather conditions, which have impacted performance, particularly in wind energy projects [12][13] - The competitive auction market may squeeze margins over time, and uncertainties regarding pricing and margins on external module sales could affect market perceptions of financial stability [13] Analyst Ratings - Analysts maintain an average weighted 'Buy' rating for ReNew Energy, with a price target consensus approximately 50% higher than the current price [3] - The stock is currently rated as "Hold," reflecting a strong growth outlook tempered by concerns over leverage, weather dependency, and potential overvaluation [14]

Financial Data and Key Metrics Changes - The company reported a 24% increase in operating capacity year-over-year, with over 2 gigawatts of projects constructed [11] - Revenue increased by approximately INR 3.9 billion due to higher megawatts, but adjusted EBITDA only increased by about INR 400 million due to various factors including lower PLF and absence of late payment surcharges [12] Business Line Data and Key Metrics Changes - The company signed 2.2 gigawatts of Power Purchase Agreements (PPAs) during Q1 FY '25 and expects to sign the majority of the remaining PPAs from the current pipeline within the fiscal year [10] - Module manufacturing capacity is scaling up, with the Jaipur facility expected to produce over 2 gigawatts of modules this year, while external sales contracts for module supply have been secured for around 600 megawatts [10] Market Data and Key Metrics Changes - The company noted that the auction market remains robust, with recent auction wins expected to generate returns higher than historical averages [6] - The overall power demand in India is growing at 7% to 8% annually, with renewables being the primary alternative to meet this demand due to limited coal capacity additions [36] Company Strategy and Development Direction - The company aims to double its operating portfolio by 2029, having already converted 2.2 gigawatts into PPAs from auction wins [5] - The focus remains on disciplined bidding for future growth, targeting projects with lower risk and higher return profiles [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on annual EBITDA guidance despite weather-related impacts in Q1, with expectations for Q2 to be 10% to 15% higher than Q1 [20] - The company is proactively managing its construction timelines to align with transmission construction timelines, ensuring connectivity for its projects [42] Other Important Information - The company achieved a 5-star safety rating from the British Safety Council for one of its projects, emphasizing its commitment to safety [7] - The inaugural annual integrated report for fiscal year 2023-24 was released, showcasing significant strides in ESG efforts and transparency [14] Q&A Session Summary Question: Potential revenue and margin profile for 600 megawatts of external module sales - Management indicated that these sales are to customers within India, with agreed margins that will contribute to future EBITDA [21] Question: Performance of commissioned RTC and peak power projects - Current sales are happening through the merchant market, with attractive realizations better than base case expectations [22] Question: Asset recycling opportunities - Management stated that asset recycling will be opportunistic, with discussions ongoing for potential monetization [23] Question: Timing of 600 megawatts of module sales - Most sales are expected to occur towards the end of the financial year, with some potentially slipping into the next fiscal year [25] Question: Wind PLFs and equipment issues - Management clarified that underperformance is solely due to weather, with no systemic issues with wind turbine performance [33] Question: Solar cell capacity commissioning timeline - Initial trial production for solar cells is expected in the next few months, with full capacity anticipated by the end of the financial year [37] Question: Transmission tie-up for commissioned capacity - All transmission connectivity is fully tied up for the current and future capacities, with proactive measures taken to secure optimal substations [41]

Exhibit 99.1 ReNew Announces Results for the First Quarter of Fiscal 2025 (Q1 FY25), ended June 30, 2024 August 15, 2024: ReNew Energy Global Plc ("ReNew" or "the Company") (Nasdaq: RNW, RNWWW), a leading decarbonization solutions company, today announced its unaudited consolidated IFRS results for Q1 FY25. Operating Highlights: Note: the translation of Indian rupees into U.S. dollars has been made at INR 83.33 to US$ 1.00. See note 1 for more information. Key Operating Metrics As of June 30, 2024, our tota ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of eve ...

Core Viewpoint - ReNew Energy Global PLC (RNW) is positioned as a strong investment opportunity due to significant upward revisions in earnings estimates, indicating a positive earnings outlook and potential for continued stock gains [1][2]. Earnings Estimate Revisions - Consensus earnings estimates for ReNew Energy Global have increased notably for both the next quarter and the full year, reflecting strong agreement among analysts in raising these estimates [2]. - Over the past 30 days, the Zacks Consensus Estimate for the current quarter has risen by 11.11%, with one estimate moving higher and no negative revisions [6]. - For the full year, the earnings estimate of $0.10 per share represents a decrease of 16.67% from the previous year [11]. Zacks Rank and Performance - ReNew Energy Global currently holds a Zacks Rank 2 (Buy), which is based on favorable estimate revisions and is associated with strong historical performance [4][8]. - The Zacks Rank system has shown that stocks rated 1 (Strong Buy) and 2 (Buy) tend to significantly outperform the S&P 500, with 1 ranked stocks averaging a +25% annual return since 2008 [5][8]. Analyst Optimism - The upward trend in estimate revisions reflects growing optimism among analysts regarding ReNew Energy Global's earnings prospects, which is expected to positively influence its stock price [9]. - The stock has gained 7.8% over the past four weeks, driven by solid estimate revisions and positive earnings growth prospects [8].

Investors might want to bet on ReNew Energy Global PLC (RNW) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. As such, the Zacks rating upgrade for ReNew Energy Global is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price. For ReNew Energy Global, rising earnings estimates and the consequent rating upgra ...