RELEASE: ReNew Announces Results for the Third Quarter and Nine Months of Fiscal Year 2023 (1)

(Information sent by the signatory company).

RELEASE: ReNew Announces Results for the Third Quarter and Nine Months of Fiscal Year 2023 (1)

(Information sent by the signatory company)

GURUGRAM, India, Feb. 17, 2023 /PRNewswire/ -- ReNew Energy Global Plc ("ReNew" or "the Company") (NASDAQ: RNW) (NASDAQ: RNWWW), a leading decarbonization solutions company, today announced its consolidated results for the third quarter of fiscal year 23 and the nine months ended December 31, 2022.


· As of December 31, 2022, the company's portfolio consisted of 13.4 GW, a year-on-year increase of 30.2%, of which 7.8 GW are in service and 5.6 GW are committed. Approximately ~0.3 GW of Power Purchase Agreements ("PPAs") were signed in the quarter and only ~1% of the total pipeline is awaiting PPAs/contracts.

Total revenue for the third quarter of fiscal year 23 was INR 16,077 million ($194 million), 19.4% higher than the same period of fiscal year 22. Adjusted EBITDA(2) for the third quarter of FY23 was INR 11,628 million ($141 million), up 10.2% from the same period of FY22. Q3 '23 net loss was INR 4,013 million ($49 million). , compared to INR 6,384 million ($77 million) in Q3-22. Cash flow to equity(2) (“CFe”) in Q3-23 was INR 2,682 million ($32 million) , 47.3% less than in Q3 of 22.

· In the first nine months of FY23, the total revenue was INR 63,493 million ($768 million), an increase of 23.1% over the first nine months of FY22. Adjusted EBITDA(2) for the first nine months of FY23 was INR 49,995 million ($604 million), up 17.8% from the first nine months of FY22. Net loss in the first nine months FY23 was INR 5,103 million ($62 million), compared to a net loss of INR 12,573 million ($152 million) in the first nine months of FY22. Cash flow to equity(2 ) ("CFe") in the first nine months of FY23 was INR 19.81 billion ($239 million), up 10.6% from the first nine months of FY22.

· Days Sales Outstanding ("DSO") closed the third quarter of FY23 at 178 days, an improvement of 78 days year-over-year. Thanks to clear agreements on future payment schedules reached with various state authorities, DSOs are on track to improve substantially in the remainder of the year.

Guidelines for exercise 23

The adjusted EBITDA and cash flow over equity forecasts for the company for fiscal year 23 are subject to normal weather conditions for the rest of the year.

Form 6-K, which contains the financial statements and an analysis of financial results, has been filed with the SEC and can be found at

Webcast and Conference Call Information

A conference call to discuss the earnings results has been scheduled at 8:30 AM ET (7:00 PM IST) on February 17, 2023. The conference call can be accessed live at or by phone (toll free) by dialing:

USA/ Canada ( 1) 855 881 1339 France: ( 33) 0800 981 498 Germany: ( 49) 0800 182 7617 Hong Kong: ( 852) 800 966 806 India: ( 91) 0008 0010 08443 Japan: ( 81) 16:005 281 Singa ( 65) 800 101 2785 Sweden: ( 46) 020 791 959 United Kingdom: ( 44) 0800 051 8245 Rest of the world: ( 61) 7 3145 4010 (call)

An audio recording will be available after the conference on our investor relations website at


(1) This press release contains the conversion of certain amounts from Indian Rupees to US Dollars at the exchange rates specified, solely for the convenience of the reader. Unless otherwise noted, conversion from Indian rupees to US dollars has been made at INR 82.72 to US$1.00, which was the midday buying rate in New York for wire transfer in non-US currencies, as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2022. We do not warrant that amounts in Indian Rupees or US Dollars referred to in this press release have been able to be converted into US dollars or Indian rupees, as the case may be, at a particular exchange rate or not at all.

(2) This is a measure not based on IFRS. For more information, see "Use of non-IFRS measures" in this release. IFRS means International Financial Reporting Standards published by the International Accounting Standards Board. In addition, reconciliations of non-IFRS measures to IFRS financial measures and operating results are included at the end of this release.

forward-looking statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including statements regarding our future financial and operational guidance, operating and financial results, such as estimates of remaining contracted nominal payments and the rate of portfolio execution, and assumptions related to the calculation of the above metrics.

Risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include: the availability of additional financing on acceptable terms; changes in commercial and retail prices for electricity generated by traditional electric companies; changes in the rates at which long-term PPAs subscribe; changes in policies and regulations, including interconnection and net metering limits or caps; the availability of rebates, tax credits and other incentives; the availability of solar panels and other raw materials; our limited operating history, particularly as a relatively new public company; our ability to attract and maintain relationships with third parties, including solar partners; our ability to honor the covenants of our debt instruments; weather conditions; issues related to the COVID-19 pandemic; supply interruptions; solar power outages by state electric authorities and other risks identified in registration statements and reports our company has filed with or provided to the U.S. Securities and Exchange Commission, or SEC, from time to time . The portfolio represents the total megawatt capacity of solar plants under PPAs, signed or awarded, or for which we have received an award letter. There is no guarantee that we will be able to sign a PPA even if we have received an award letter. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not undertake any obligation to update them.

About ReNew

ReNew is the leading decarbonization solutions company listed on the Nasdaq (Nasdaq: RNW) (Nasdaq: RNWWW). ReNew's clean energy portfolio, at ~13.4 GW gross as of September 30, 2022, is one of the largest in the world. As well as being a major independent energy producer in India, we provide end-to-end solutions in a fair and inclusive manner in the areas of clean energy, green hydrogen, value-added energy offerings through digitization, storage and carbon markets that each are increasingly integral to addressing climate change. For more information, visit and follow us on LinkedIn, Facebook, Twitter and Instagram.

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