ReNew Energy Global (RNW) Q1 2025 earnings summary

Executive summary

• Commissioned 2 GW in the last 12 months, with operating capacity up 24% year-over-year and nearly 500MW commissioned this year; portfolio reached ~15.6 GW, with ~10 GW commissioned by August 2024.

• Q1 FY25 Adjusted EBITDA was INR 19.0 bn ($228 mn), impacted by lower wind PLF and weather, but wind performance improved in Q2.

• Net profit declined to INR 394 million ($5 million) from INR 2,983 million ($36 million) year-over-year, mainly due to asset sales, lower wind PLF, and increased costs.

• Reaffirmed FY25 and long-term guidance, with a focus on growth, execution, ESG leadership, and capital discipline.

• Achieved five-star safety rating, CEO appointed Co-Chair of the Alliance of CEO Climate Leaders, and published inaugural Integrated Report.

Financial highlights

• Revenue grew 7% year-over-year in Q1 FY25 to INR 22,811 million ($274 million), driven by increased capacity but offset by asset sales and lower late payment surcharge income.

• Adjusted EBITDA for Q1 FY25 was INR 19.0 bn, up slightly year-over-year, but margin declined to 80.7% from 82.7%.

• Electricity sold increased 13.7% to 5,815 million kWh; wind up 12.1%, solar up 16.3%, hydro down 6.9%.

• Q1 revenues were affected by weather, reducing revenues by INR 1.3 billion; weather recovery in July improved performance by 10%-15% over last year.

• Employee benefits and other expenses rose due to expanded operations and higher share-based payments.

Outlook and guidance

• FY25 guidance reaffirmed: 1.9–2.4 GW new installations, Adjusted EBITDA of INR 76–82 bn, and CFe of INR 12–14 bn.

• Long-term goal to double operational portfolio to 19–20 GW by FY30.

• Expectation to sign majority of remaining PPAs in FY25, providing clarity on execution timelines.

• Q2 numbers historically 10%-15% higher than Q1, with similar trend expected, subject to weather.