Q1 2025 Renew Energy Global PLC Earnings Call Transcript
Key Points
- ReNew Energy Global PLC (RNW) has successfully commissioned almost 500 megawatts of capacity this financial year and is well advanced on many other construction projects.
- The company has secured 2.2 gigawatts of PPAs during Q1 FY25 and expects to sign the majority of the PPAs from its current pipeline within the fiscal year.
- ReNew Energy Global PLC (RNW) has a robust pipeline with lower module prices and supply chain security, which is expected to generate better returns than previous projects.
- The company has achieved a five-star safety rating from the British Safety Council for one of its projects, highlighting its commitment to safety.
- ReNew Energy Global PLC (RNW) has made significant strides in its ESG efforts, including avoiding 16 million tonnes of GHG emissions and achieving carbon neutrality for Scope 1 and Scope 2 emissions for the fourth consecutive year.
- The company's adjusted EBITDA increased by only about INR400 million despite a significant increase in revenue due to higher megawatts, impacted by factors such as lower PLFs and the absence of late payment surcharges.
- There was a slight increase in DSOs this quarter, attributed to quarterly distribution and seasonality, which could indicate potential cash flow management issues.
- The company experienced lower PLFs for wind projects due to weather variations, impacting revenues by about INR1.3 billion.
- ReNew Energy Global PLC (RNW) has not yet provided detailed financial metrics for its external module sales, leaving some uncertainty about the potential revenue and margin profile.
- The company is still in the process of stabilizing its solar cell manufacturing, with full operational capacity expected only by the end of the financial year, which may delay potential revenue contributions from this segment.
Thank you for standing by, and welcome to the ReNew 1Q FY25 earnings report. (Operator Instructions)
I would now like to hand the conference over to Mr. Nathan Judge. Please go ahead.
Yes. Thank you, and good morning, everyone, and thank you for joining us. We put out our press release last night announcing our results for the fiscal year first quarter 2025 ending June 30, 2024, and a copy of the release and the earnings presentation are available on the Investors Relations section of the ReNew's website at www.renew.com.
With me today are Sumant Sinha, Founder, Chairman and CEO; Kailash Vaswani, our CFO; and Vaishali Nigam Sinha, Co-Founder and Chairperson of Sustainability; and Anunay Shahi, SVP, Corporate Finance and Investor Relations. After the prepared remarks, which we expect will take a half hour, we'll open the call for questions.
Please note, our safe harbor statements are contained with our press
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