ReNew Energy plc(RNW) - 2024 Q3 - Quarterly Report

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]