Q4 2023 ReNew Energy Global Plc Earnings Call

Thank you for standing by and welcome to the Renew Power 4th Quarter FY23 Earnings Call.

All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question you will need to press the star key followed by the number one on your telephone keypad.

I would now like to hand the conference over to Mr. Nathan Judge and Vester Relations. Please go ahead.

Thank you Darcy and good morning everyone. And thank you for joining us.

On Tuesday evening, the company issued a press release, announcing results for its fiscal fourth quarter in the March 31st, 2023.

A copy of the press release and the presentation are available on the Investors Relations section of Renews website at www.Renew.com.

With me today are Samont St. Ha, Founder, Chairman, and CEO .

and Qudar Apajee CSO.

After the prepared remarks, we will open up the call for questions.

Please note, our safe harbor statements are contained within our press release and presentation materials and materials available on our website. These statements are important and integral to all our remarks.

And there are risks and uncertainties

So we encourage you to review the press release we have furnished in our Form 6K and the presentation on our website for a more complete description.

net debt to adjusted EBITDA to improve by nearly one turn by the time our 13.7 gigawatt portfolio is completed. With regard to our buyback.

We have repurchased now 32.1 million shares to date which represents about 30% of our free float. We continue to see our shares as one of the highest return investments of scale in our portfolio.

The remaining 50 million of authorizations represents about 10 to 15 percent further of the total free float.

Nathan, back to you. Hi Darcy, can you please open the call open for questions please?

Thank you. If you wish to ask a question please press star 1 on your telephone and wait for your name to be announced.

If you wish to cancel your request, please press star 2. If you're on a speakerphone, please pick up the handset to ask your question.

Your first question comes from Justin Claire from Ross MKM. Please go ahead.

Thanks for your questions.

So first off, this quarter you added CMB dates back for the committed projects that you have. I was just wondering if you could talk about what has led to the improved visibility that you have in the commissioning timelines and then just to, you know, the uncertainties that initially caused the delays.

and how those have evolved here.

I couldn't get the second part of your question. The first part was around how do we have higher certainty around commissioning. And what was the second question? Okay.

Yes, that's right. It's just around the improved visibility that you have into project commissioning and then Let's move on to the Another landscape section

Really, that's the key part of the question that I wanted to get at. Okay, got it. Yeah, yeah, sure. So look, the reason we have increased confidence is obviously because while we commissioned fewer megawatts last year, there was a lot of work that was going on for project commissioning for construction on the projects that we were working on.

As you know for the RTC project just as an example, we on the financing front did the tie-up with Mitsui. We also did the syndicated loan for a billion dollars plus with 12 international lenders of which 6 were lending into India for the first time. We ordered the machines. The land has been acquired.

So a lot of work has happened for both the RTC project and the Peak Power project, which are now in fairly advanced stages of commissioning. And therefore we have confidence that over the next few months you will start progressively seeing those projects getting commissioned. So I would say there is confidence really for the commissioning numbers that we are giving you right now.

is the progress that we've actually made on the ground in a number of our projects that we're working on right now. So that is really where that confidence emanates from. And it's really around financing as I said in some of the projects. As you know on the Peak Power project as you'll see we've also now announced the joint venture with Petronas. So both of these large projects which between the two of them account for almost two odd gigawatts of our portfolio.

We have the financing tied up. And as I said, there's a lot of progress that has been made on the ground in terms of land acquisition, getting the turbine, the equipment ordered, and a lot of the work on the transmission side as well.