ReNew Power Q3 Results, Revenues jump 25% but losses mount too

The Nasdaq listed ReNew Energy Global (ReNew Power) has announced its results for the Third Quarter (Q3 FY22) and Nine Months of Fiscal 2022, both ended December 31, 2021.

Operating Highlights:

• The commissioned capacity of the Company increased by 1.1 GW during Q3 FY22 of which 0.8 GW was added organically. As of December 31, 2021, the Company’s portfolio consisted of 10.3 GW of which 7.4 GW are commissioned and 2.9 GW are committed.
• Total Income (or total revenue) for nine months of FY22 was Rs 5158 crores (US$ 693 million), an increase of 25.6% over nine months of FY21. Total Income for the Q3 FY22 was Rs 1346.2 crores (US$ 181 million), an increase of 24.7% over Q3 FY21.
• Net loss for nine months of FY22 came in at Rs 1257.3 crores (US$ 169 million) compared to a net loss of Rs 409.3 crores (US$ 55 million) in nine months of FY21. The whole loss can be attributed to to charges of Rs 1315.8 cores (US$ 177 million) related to its listing on Nasdaq Stock Market LLC, issuance of share warrants, listing related share-based payments and others.
• Adjusted EBITDA(2) (Non-IFRS) for nine months of FY22 was Rs 4245.6 crores (US$ 571 million), an increase of 27.5% over nine months of FY21. Adjusted EBITDA for Q3 FY22 was Rs 1055.4 crores (US$ 142 million), an increase of 26.0% over Q3 FY21. Adjusted EBITDA was not adjusted for the net negative impact of weather relative to normal of approximately Rs 408.2 crores (US$55 million) for nine months of FY22 and approximately Rs 111.6 crores (US$ 15 million) for Q3 FY22.

Key Operating Metrics

As of December 31, 2021, the firms total portfolio reached10,331 MW. Commissioned capacity was 7,440 MW of which 3,749 MW was wind, 3,592 MW solar and 99 MW were hydro. ReNew Power commissioned 160 MW of wind and 1,325 MW of solar capacity during the nine months of FY22 and 97 MW of wind and 769 MW of solar capacity during Q3 FY22. The firm also acquired 260 MW of solar assets during Q3 FY22.

Electricity sold
Total electricity sold for nine months of FY22 was 10,475 million kWh, an increase of 1,933 million kWh, or 22.6%, over nine months of FY21. Total electricity sold for Q3 FY22 was 2,917 million kWh, an increase of 548 million kWh or23.1%, over Q3 FY21.

Electricity sold for nine months of FY22 for wind assets was 6,677 million kWh, an increase of 1,350 million kWh, or 25.3%, over nine months of FY21. Electricity sold for nine months of FY22 for solar assets was 3,617 million kWh, an increase of 402 million kWh or 12.5%, over nine months of FY21. Electricity sold for nine months of FY22 for hydro assets was 181 million kWh. The hydro assets were acquired in the month of August 2021.

Electricity sold for Q3 FY22 for wind assets was 1,373 million kWh, an increase of 33 million kWh or 2.5%, over Q3 FY21.

Electricity sold for Q3 FY22 for solar assets was 1,433 million kWh, an increase of 404 million kWh or39.2%, over Q3 FY21.

Electricity sold for Q3 FY22 for hydro assets was 111 million kWh. The hydro assets were acquired in the month of August 2021.

Plant Load Factor

ReNew Power ‘s  weighted average Plant Load Factor (“PLF”) for nine months of FY22 for wind assets was 28.0%, compared to 24.5%, for nine months of FY21 due to an improvement in wind resource. The PLF for nine months of FY22 for solar assets was 22.0% compared to 22.3% for nine months of FY21.

The firm’s  weighted average PLF for Q3 FY22 for wind assets was16.7%, compared to 18.1% for Q3 FY21. The PLF for Q3 FY22 solar assets was 21.0% compared to 21.3% for Q3 FY21.

Total Income

Total Income for nine months of FY22 was Rs 5158.1 crores (US$ 693 million), an increase of 25.6% over for nine
months of FY21. The increase in total income was primarily due to increase in capacity and higher wind PLFs as a result of improved wind resource. Total Income for Q3 FY’22 was Rs 1346.2 crores (US$ 181 million), an increase of 24.7% over Q3 FY’21. The increase in total income was primarily due to increase in capacity. (US$55 million) for nine months of FY22 and approximately Rs 111.6 crores (US$ 15 million) for Q3FY22.

Share Buyback Program
On 2 February 2022, the Company’s Board of Directors had approved the Company’s proposal to commence a share repurchase program of up to $250 million of its Class A Ordinary shares