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 ...

According to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading. The average comprises six short-term price targets ranging from a low of $7.36 to a high of $10, with a standard deviation of $0.94. Wh ...

Financial Data and Key Metrics Changes - The company reported its first profitable year since listing, with a profit of INR4.1 billion or $0.12 per share [53] - Adjusted EBITDA for FY '24 was INR65.6 billion, slightly below the top end of the initial guidance range of INR66 billion [53][87] - Cash flow to equity was INR13.7 billion, exceeding guidance and including a gain of INR3.7 billion from asset sales [53][87] Business Line Data and Key Metrics Changes - The operational capacity increased by 1.9 gigawatts during FY '24, with 1.174 gigawatts from solar and 768 megawatts from wind [94] - The company’s contracted portfolio now stands at 15.6 gigawatts, including 2.2 gigawatts of recently signed agreements [54][94] - Wind plant load factors (PLFs) improved to 26.4% from 25.5% the previous year, while solar PLFs were slightly lower due to weather impacts [94] Market Data and Key Metrics Changes - India auctioned over 62 gigawatts of renewable energy capacity in FY '24, significantly surpassing the target of 50 gigawatts [37][61] - The demand for electricity in India has risen around 8% on average over the past four years, with peak demand hitting new highs [59][60] - The auction market has seen a four-fold increase in RE auctions compared to the previous fiscal year, indicating a robust market environment [57] Company Strategy and Development Direction - The company aims to deliver a pipeline of over 21 gigawatts by 2029, focusing on growth opportunities where returns exceed the cost of capital [30][31] - Asset recycling is a key strategy, allowing the company to fund growth without issuing new shares and enhancing returns [40][89] - The company is shifting its project development strategy to co-locate wind and solar projects to optimize transmission costs [21][19] Management's Comments on Operating Environment and Future Outlook - Management anticipates a surge in industrial demand growth in sectors such as electric vehicles and data centers, which will boost power demand [38] - The company expects to achieve 16% to 18% annual growth in adjusted EBITDA through the end of the decade, driven by internal cash flow generation [39][43] - The management noted that the renewable energy landscape is favorable, with declining solar module prices and increased auction tariffs expected [55][60] Other Important Information - The company has secured access to over 10 gigawatts of connectivity for future projects, ensuring competitive advantages in bidding [76][78] - The company has received recognition for its ESG efforts, being named among the top rated ESG companies by Sustainalytics [100] Q&A Session Summary Question: Are the outputs from the newly operational complex projects in line with expectations? - Management indicated that it is too early to assess the performance of the complex projects as they are not yet fully operational [5] Question: Are there any performance issues with older wind assets? - Management reported no significant performance issues with older assets, which are only 12-13 years old [8] Question: What implications do recent transmission changes have on strategy? - Management noted that while there hasn't been a significant change in behavior yet, the upcoming changes could lead to a shift in procurement strategies among states [14][15] Question: How does the company plan to fund its growth? - The company plans to fund growth through a mix of asset sales, cash on balance sheet, and internal cash generation, without needing to raise equity [93][86]

Q4 FY24 results and long-term outlook 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's future potential financial and operational results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "futur ...

ReNew Energy Global shares have lost about 20.8% since the beginning of the year versus the S&P 500's gain of 10.9%. ReNew Energy Global PLC (RNW) came out with quarterly earnings of $0.02 per share, beating the Zacks Consensus Estimate of a loss of $0.06 per share. This compares to break-even earnings per share a year ago. These figures are adjusted for non-recurring items. What's Next for ReNew Energy Global? This quarterly report represents an earnings surprise of 133.33%. A quarter ago, it was expected ...