ReNew Energy Global Plc Q1 FY2025 earnings call

• Sumant Sinha mentioned last year kick-started doubling operating portfolio by 2029 with over 8 GW auction wins, 2.2 GW converted to PPAs, recent auction wins expected to generate higher returns, filed 20-F compliant with SOX, and has ESG commitments with debut integrated report. • Kailash Vaswani noted revenue increased due to higher megawatts but adjusted EBITDA affected by factors like absence of late payments surcharges, lower PLF, leverage at operating asset level well below 6x. • Vaishali Nigam Sinha discussed ReNew's inaugural integrated report, ESG highlights including avoided GHG emissions, water saved, carbon neutrality, CSR spending, gender diversity, and special initiatives like Lighting Lives, Women for Climate, and employee-led volunteering campaigns. • Sumant also highlighted execution with 2 GW executed in last 12 months, execution guidance for FY'25, module manufacturing scaling up with 600 MW external module sales contracts.

No specific product segment financial performance with absolute terms and revenue contribution % detailed in the transcript.

• Reaffirmed FY'25 guidance, expecting to deliver on annual EBITDA guidance. • Noted Q2 numbers likely higher than Q1 subject to weather conditions and adjustments related to LPS and project sold.

• Risks and uncertainties that could cause results to differ materially from forward-looking statements; encourage reviewing press release, 6-K, and website for complete description.

Q: Justin Clare asked about potential revenue and margin profile for 600 MW external module sales, timing of recognition, and market outside India.

A: Kailash Vaswani responded that sales are to Indian customers, not disclosing pricing details but agreed margins add to EBITDA. Sumant Sinha added on module sales types and potential for sales into market.

Q: Maheep Mandloi inquired about timing of 600 MW module sales, market outside India.

A: Kailash Vaswani said timing back-ended to end of FY'25 with some slipping to next year, prioritize captive requirements but may sell opportunistically. Sumant Sinha added on production capacity and types of module sales.

Q: Angie Storozynski asked about wind PLFs, equipment issues, longer-term assumptions, and data centers in India.

A: Sumant Sinha said wind PLFs affected by weather, no equipment issues, adjusted forecasting methodology to be more conservative, and mentioned renewable power demand in India.

Q: Puneet Gulati asked about solar cell capacity commissioning, transmission tie up.

A: Sumant Sinha said solar cell plant close to first trial production, expect end of FY'25 for good output; transmission tie up fully in place for commissioned capacity.

Q: Uma Menon asked about short-term power sale impact on revenue/EBITDA.

A: Kailash Vaswani mentioned RTC and peak power projects on merchant sales, will circle back on breakup.

Q: Amit Bhinde asked about solar module manufacturing cost, realization, margin.

A: Kailash Vaswani said sales internal, targeting certain margin; Sumant Sinha added on future separate P&L reporting for manufacturing.

Q: Unidentified Analyst asked about receivables, payables.

A: Kailash Vaswani said payables related to CapEx and payments, receivables increased but year-on-year improved, DSO around 80 days now vs 114 days last year.

Q: Unidentified Analyst asked about 2026 bond tap proceeds.

A: Kailash Vaswani said for repaying other debt within the system.