The following is a summary of the ReNew Energy Global Plc (RNW) Q3 2024 Earnings Call Transcript:
Financial Performance:
ReNew Energy reported a significant improvement in its financial performance with $43 million profit after tax for the nine-month period, compared to a loss of $60 million in the prior-year period.
Adjusted EBITDA for Q3 FY '24 increased 8% to $150 million, reflecting additional revenue from newly commissioned projects.
A refinance initiative led to a significantly reduced interest rate on the company's $325 million bond, while a planned asset sale is expected to generate approximately $82 million in net proceeds.
The firm's increased operating capacity and improved Wind Performance Load Factor demonstrate efficient asset utilization, while cash flow from operations reached a high of $616 million.
Business Progress:
ReNew Energy indicated strong interest from lenders and investors in its growth-supporting asset recycling program.
Current projects of 1.9 gigawatts are anticipated to be generating revenue by FY end 2024, while successful auctions and Power Purchase Agreement signings will secure project delivery schedules.
It forecasts a future adjusted EBITDA range of INR 63 billion to 66 billion for FY '24.
The company's participation in complex projects increased notably to 38% of total capacity being auctioned, compared to only 8% last year.
Future plans center on business growth through increased investment in cloud infrastructure and operational projects, alongside increased renewable energy production efficiency as indicated by a rise in wind PLF.
Key achievements include the commissioning of a 150 megawatt hours battery storage facility and installation of 276 km of transmission.
ReNew Energy notably won an additional 3.6 gigawatts worth of renewable energy projects during the quarter.
The company plans to maintain merchant market exposure at 10-15% of total portfolio while continuing to sell power in the merchant market prior to settling Power Purchase Agreements.
More details: ReNew Energy Global IR
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