Q4 2025 ReNew Energy Global PLC Earnings Call
Unknown Executive: Thank you for standing by and welcome to the Renew Power Project Limited Q4 and FY25 earnings call. All participants are in listen-only mode.
Thank you for standing by and welcome to the renewable power project Limited Q4, FY 'twenty earnings call.
All participants are in listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question you want me to breakfast Archie Dunham number one on your telephone keypad.
Unknown Executive: There will be a presentation, followed by a question and answer session.
Unknown Executive: If you wish to ask a question, you will need to press the star key, followed by the number one on your telephone keypad.
Unknown Executive: I would now like to hand the conference over to Amina, Head of Investor Relations. Please go ahead. Thank you.
Speaker Change: I'll now turn the conference over to you.
Speaker Change: And with Investor Relations. Please go ahead.
Speaker Change: Thank you.
Amina: Good morning, everyone, and thank you for joining us. We put out a press release announcing our results for fiscal 2025 fourth quarter, ending March 31st, 2025 today, as well as for the year ending March 31st, 2025, and a copy of the press release and the earnings presentation are available in the investor relations section on our website at www.renew.com.
Speaker Change: Good morning, everyone and thank you for joining us.
We put out a press release announcing our results for fiscal 2025 fourth quarter.
Ending March 31st 2025 today as well as for the year ending March 31st going 25, and a copy of the press release and the earnings presentation are available in the Investor Relations section on our website.
Speaker Change: At Www Dot Dot com.
Amina: With me today are Sumant Sinha, Founder, Chairman and CEO of Renew, Kailash Vaswani, CFO, and Vaishali Nigam Sinha, Co-Founder, Renew, and Chairperson, Sustainability.
Speaker Change: With me today are so.
Speaker Change: <unk> founder chairman and CEO of Vimeo.
Charlotte: Got lost less money, CFO and Ms, Charlotte <unk> cofounder and Jefferson sustainability.
Amina: After the prepared remarks, which we expect will take about half hour, we will open the call for questions. Please note that our safe harbor statements are contained within our press release. presentation materials and materials available on our website. These statements are important and integral to all our remarks. There are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements. So, we encourage you to review the press release we furnish in our Form 6K and the presentation on our website for a more complete description. also contained in our press release, presentation materials and annual report are certain non-IFRS measures that we reconcile to the most comparable IFRS measures and these reconciliations are also available on our website in the press release, presentation materials and an annual report.
After the prepared remarks, which we expect will take about time forward.
Speaker Change: We will open the call for questions.
Speaker Change: Please note that our safe Harbor statements are contained within our press release.
Speaker Change: Presentation materials and materials available on our website.
Speaker Change: These statements are important and integral to all our remarks.
Speaker Change: There are risks and uncertainties.
Speaker Change: That could cause our results to differ materially from those expressed or implied by such forward looking statements.
Speaker Change: We encourage you to review the press release, we furnished in our form 6K, and the presentation on our website for a more complete description.
Speaker Change: Also contained in the press release presentation materials and annual report on certain non <unk> measures that we've reconciled to the most comparable ISI this measure.
Speaker Change: And these reconciliations are also available on our website and the press release presentation materials.
Speaker Change: And on the annual report.
Sumant Sinha: It is now my pleasure to hand it over to Sumant. Yeah, thank you, Anand. Good morning, good afternoon, good evening, everyone.
Speaker Change: It is now my pleasure to hand, it over to somebody somewhat please take it away.
Speaker Change: Yes. Thank you.
Speaker Change: Good morning, good afternoon, and good evening everyone.
Sumant Sinha: I'm glad to have all of you on our earnings call for the fourth quarter of fiscal 2025. We have concluded fiscal year 2025 with significant achievements and the outlook for the renewable energy sector in India looks extremely promising. In our 15th year, we constructed more megawatts than we have done in the past, taking our total operating megawatts to 11.2 gigawatts, which is a new high for us. This is 17% higher than at the same time last year and 21% if we compare on a like for like basis after excluding asset sales. Since April 2024, we have constructed over 2 gigawatts of RE assets, of which 1.95 gigawatts have already received COD approvals, and another 250 megawatts should receive them shortly.
Speaker Change: Glad to have all if you went out earnings call for the fourth quarter of fiscal 2025.
Speaker Change: We have concluded fiscal year 2025, with significant achievements and the outlook for the renewable energy sector in India looks extremely promising.
Speaker Change: In our 15 P M.
Speaker Change: We are constructing more megawatts than we have done in the past taking our total operating megawatts to 11, two gigawatts, which is a new high for us.
Speaker Change: This is 17% higher than at the same time last year.
Speaker Change: And when do you, 1% if you compare on a like for like basis after excluding asset sales.
Speaker Change: Since April 2024.
Speaker Change: We have constructed over two gigawatts of RV assets.
Speaker Change: 195, Gigawatts have already rescued CODI approvals.
Speaker Change: And another 250 megawatts should receive them promptly.
Sumant Sinha: Not only this, but we also continue to extend our contracted portfolio by adding new bids and signing new PPAs. Our contracted portfolio now stands at 18.5 gigawatts. along with 1.1 gigawatt hours of death, which is additional to the 18.5. This is 18% higher than at the same time last year. We have added 1.3 gigawatts of PPS since Q3 fiscal 2025 and have signed PPS for a healthy 5.3 gigawatts since April 2024, i.e. in the last 12 months.
Speaker Change: Not only this but we also continued to extend our contracted portfolio by adding new beds and finding new P. P. S.
Speaker Change: Our contracted portfolio now stands at 18.5 Gigawatts.
Speaker Change: Along with one one gigawatt hours of death, which is additional to the $18 five.
Speaker Change: This is 18% higher than at the same time last year.
Speaker Change: We have added one two gigawatts of P. B S. Since Q3 fiscal 2025.
Speaker Change: And have signed Ppas for a healthy five three gigawatts.
Speaker Change: April 2024, I E in the last 12 months.
Sumant Sinha: of Deafening Angelia. In addition, once we include other projects where we have won and not yet signed PPAs, we have a pipeline of over 25 gigawatts of renewable energy and an additional about 3 gigawatt hours of battery. The macro environment in India remains robust. and with the supply of auctions continuing to be more than 50 gigawatts plus a year, the IRRs remain quite attractive. In fiscal year 2025, we won 4.8 gigawatts plus 800 megawatt hours of BIF, giving us a 14% market share in the bids that we participated in. Further, our existing solar manufacturing facilities, comprising of 6.4 gigawatts of modules manufacturing and 2.5 gigawatts of cells, are now fully stabilized and at industry-leading efficiency levels and have started contributing to our P&L in a meaningful way.
Speaker Change: I'll definitely up.
Speaker Change: In addition, once we include other projects, maybe you have one and not yet signed Ppas we.
Speaker Change: We have a pipeline of about 25 gigawatts of renewable energy and then additional about two gigawatt hours of batteries.
Speaker Change: The macro environment in India remains robust.
Speaker Change: And with the supply of auctions continuing to be more than 50, Gigawatts plus a year.
Speaker Change: And I remain quite attractive.
Speaker Change: In fiscal year 2025, we won 48, Gigawatts plus 800 megawatt hours of Beth.
Speaker Change: Giving us a 14% market share in the bridge that you participated in.
Speaker Change: Well that's odd.
Speaker Change: The existing solar manufacturing facilities, comprising all six four gigawatts of module manufacturing and two five gigawatts of cell.
Speaker Change: Now fully stabilized.
Speaker Change: And that industry, leading efficiency levels and have started contributing to our P&L in a meaningful way.
Sumant Sinha: We also have a current external order book of 1.4 gigawatts. in addition to having already supplied 1.3 gigawatts till date in the manufacturing business.
Speaker Change: We also had the current external order book of one four gigawatts.
Speaker Change: In addition to having already supplied one three gigawatts till date and the manufacturing business.
Sumant Sinha: I am also pleased to announce that we have secured a hundred million dollars in equity funding to expand the existing cell facility by four gigawatts more to take it up to six and a half gigawatts to be in line with our modern manufacturing capacity. This enables us to fully secure our supply chain for solar cells and modules, which is imperative given the elements of cells on the import of cells that has been announced. Our broader capital recycling engine is also chugging along. and we have raised $260 million in the last six months. including these that yet have to close.
Speaker Change: I'm also pleased to announce that we have secured 100 million.
Speaker Change: The dollars in equity funding.
Speaker Change: We expand the existing cell facility by 40 gigawatt small to take it up to six gigawatts to be in line with our module manufacturing capacity.
Speaker Change: This enables us to fully secure our supply chain for solar cells and modules.
Speaker Change: Which is embedded if given the elements ourselves on the important says that hasn't been announced.
Speaker Change: Our broader capital recycling engine is also chugging along.
Speaker Change: And we have this $260 million in the last six months.
Speaker Change: Including deals that you had to have to close.
Sumant Sinha: Turning to our financials, we delivered more than 14% EBITDA growth year-on-year. in spite of a weaker than anticipated wind resource. In addition, cost-saving initiatives are helping us improve margins with EBITDA margins in our IPP business at almost 83% from a little over 80% last year. Finally, the interest rate environment remains benign, while with the RBI having announced rate cuts in the last few months, which are now beginning to be reflected in new greenfield finance. Our profit before tax for the year is at Rs. 10 billion, up 23% for the year. We have also delivered a second consecutive year of profit after While the whole world has been in flux due to geopolitical strife, inflation, tariffs and trade tensions, our business and our outlook have only become stronger.
Speaker Change: Turning to our financials, we delivered more than 14% EBITDA growth year on year.
Speaker Change: In spite of a weaker than anticipated video source.
Speaker Change: In addition.
Speaker Change: Our cost saving initiatives are helping us improve margins with EBITDA margins in IPP business at almost 83% from a little over 80% last year.
Speaker Change: Finally.
Speaker Change: The interest rate environment remains benign benign.
Speaker Change: The RBI, having announced rate cuts in the last few months, which are now beginning to be reflected in new greenfield financing.
Speaker Change: Our profit before tax for the year as Adobe's 10 billion up 23% for the year.
Speaker Change: We have also delivered a second consecutive year of profit after tax.
Speaker Change: While the whole world has been in flux due to geopolitical strife inflation status and trade tensions.
Speaker Change: This outlook has only become stronger.
Sumant Sinha: We will continue to work on our strengths and expand our renewable energy footprint in India. On page nine, I want you to take a minute to highlight our key strengths. As you know, we are a pan India renewable energy company, and we pride ourselves on executing projects year after year, consistently for the past 15 years. We are also present in multiple market segments. Therefore, reducing our concentration risk. and have a fully integrated business model with project development, EPC and O&M all in-house, thus reducing costs and giving us better control of our project. We also have connectivity for all of our pipeline projects, which is a critical differentiator.
Speaker Change: We will continue to work on our strengths and expand our renewable energy footprint in India.
Speaker Change: On page nine I want you to take a minute to highlight our key strengths.
Speaker Change: As you won't be a bad India renewable energy company, and we pride ourselves on executing projects year after year consistently for the past 15 years.
Speaker Change: We had also present in multiple market segments there.
Speaker Change: And therefore, you're seeing a concentration risk.
Speaker Change: And have a fully integrated business model with project development.
Speaker Change: C N O&M all in house, thus, reducing costs and giving us better control of our projects.
Speaker Change: You also have connectivity for all of our pipeline projects, which is a critical differentiator.
Sumant Sinha: and are also judicious with our capital allocation, striving to continuously improve our IRR.
Speaker Change: And then also judicious with our capital allocation.
Speaker Change: Trying to continuously improve our lie at us.
Sumant Sinha: Before jumping into updates from our businesses, let me brief you on some industry updates on page 11. of our presentation. The regulatory and macro environment in India continues to be very supportive as renewable energy continues to see the highest capacity additions amongst all power sources in India and is also the cheapest source of energy as of date. While there has been some softening of demand driven by weather patterns of late, most analysts continue to forecast a sustained increase in energy demand as well as peak demand. The push for indigenization in the supply chain also has continued.
Speaker Change: Before jumping into our fleet updates from our businesses let.
Speaker Change: Let me brief you on some industry updates on page 11.
Speaker Change: Yeah.
Speaker Change: Aha presentation.
Speaker Change: The regulatory and macro environmental India continues to be very supportive.
Speaker Change: Renewable energy continues to see the highest capacity additions amongst all power sources in India and there's also the cheapest source of LNG as on date.
Speaker Change: While there has been some softening of demand driven by weather patterns, albeit most analysts continue to forecast a sustained in season energy demand as well as Piedmont.
Speaker Change: The push in Digitization and the supply chain also has continued while we already had the element for modules. This year. We also saw you elements ourselves being announced by the government.
Sumant Sinha: While we already had ALMM for modules, this year we also saw ALMM for cells being announced by the government. This helped firm up our decision to expand the cell capacity by another four gigawatts, and the requirement for domestic cell modules has also helped with third-party sales from our manufacturing business. On page 12, as you can see, we continue to see high amounts of renewable energy auction. The major update this year has been the increasing use of BESS in both complex projects as well as the introduction of Scandinavian solar plus BESS options. With the decline in battery prices, we are now seeing a greater percentage of death and a lower percentage of wind in the project configuration of complex projects.
Speaker Change: This helped firm up our decision to expand the cell capacity by another four gigawatts and the requirement for domestic said modules at ultra helped with third party sales from our manufacturing business.
Speaker Change: On page 12 as.
Speaker Change: As you can see.
Speaker Change: We continue to see high amounts of renewable energy auctions.
Speaker Change: The major update this year has been the increasing use of best in both complex projects as well as the introduction of Standalone solar plus Persalt Sims.
Speaker Change: With the decline in battery prices you are now.
Speaker Change: Now seeing a greater percentage of burst.
Speaker Change: And a lower percentage of wind in their project configuration of complex projects.
Sumant Sinha: The percentage of clean Manila projects was only around 25%, which has been the lowest ever. We also saw a few more hybrid options this year, as grid operators try to create a balance between various sources of renewable energy. I expect this to be a temporary phenomenon, however, we will continue to see the use of more options where best plays a significant role. During the year, we have run around 5 gigawatts in auctions, bringing our total pipeline to over 25 gigawatts, which additionally will also have another 3 gigawatt hours of bed. As you will recall, we were the first ITP to have commissioned a utility-scale battery energy storage system in India.
Speaker Change: The percentage of plain vanilla projects was only around 25%, which has been the lowest ever.
Speaker Change: We also saw a few more hybrid auctions this year.
Speaker Change: Has grid operators try to create a balance between various sources of renewable energy.
Speaker Change: I expect this to be a temporary phenomenon. However, we will continue to see the use of more auctions, where best played a significant role.
Speaker Change: During the year, we had one five gigawatts in auctions, bringing our total pipeline to about 25, Gigawatts, which Additionally, we'll also have another three gigawatt hours of this.
Speaker Change: As you will recall, we were the first IPD to have commissioned a utility scale battery energy storage system in India.
Sumant Sinha: when we executed 150 megawatt hours in our peak power project. PPA execution also remains healthy, where we signed more than 5 gigawatts of PPAs in the last financial year of FY 2025.
Speaker Change: Well, we executed 150 megawatt.
Speaker Change: And a big part of the project.
Speaker Change: PPA execution also remains healthy.
Speaker Change: We signed more than five Gigawatts of P. P. S. In the last financial year FY 2025.
Sumant Sinha: Turning to page 13. Last year, we laid emphasis on execution by commissioning about 1.9 gigawatts. This year, we have tried to build on that performance by constructing approximately 2.2 gigawatts of capacity. while more than 1.9 gigawatts. And when I say this year, I meant FY25. While more than 1.9 GW have received COD approvals, another 250 MW should soon be commissioned. And 18% growth rate over the past five years showcases our consistent performance, as well as a strong in-house EPC capacity built over the years. During the year, we also commissioned one of the largest, best sites in India with 150 megawatt hours.
Speaker Change: Turning to page 13.
Speaker Change: Last year, we laid emphasis on execution.
Speaker Change: Assuming about one nine gigawatts. This year, we have tried to build on that performance by constructing approximately two two gigawatts of capacity.
Speaker Change: While more than one nine gigawatts and when I say this year I meant FY 'twenty five.
Speaker Change: While more than one nine gigawatts have received Vod approved another 250 megawatts should be soon be commissioned.
Speaker Change: 18% growth rate over the past five years.
Speaker Change: Showcases our consistent performance as well as a strong in house EPC capacity built over the years.
Speaker Change: During the year, we also condition one of the largest best sites in India.
Speaker Change: 115 megawatt us.
Sumant Sinha: And I'm pleased to inform you that our peak power project is performing in line with the monthly compliance requirements, further solidifying our belief in complex projects.
Speaker Change: And I'm pleased to inform you that our people our project is performing in line with the monthly compliance requirements further solidifying our belief and complex projects.
Sumant Sinha: Moving to page 14. We have been disciplined in our capital allocation strategies and have made investment decisions only where the returns are materially above our cost of capital. We have also recycled a certain portion of our portfolio to further improve returns as well as provide growth capital for our Greenfield project. As part of this, we have sold a 300 megawatt Seki solar asset and have signed definitive agreements to sell another 300 megawatt Seki solar asset.
Speaker Change: Moving to page 14.
Speaker Change: We have been disciplined in our capital allocation strategies and have made investment decisions only where the returns are materially above our cost of capital.
Speaker Change: We have also recycled a certain portion of our portfolio to further improve returns as well as for like growth capital for our Greenfield projects.
Speaker Change: As part of this we have sold a 300 megawatt <unk> solar asset and have signed definitive agreements to sell another 300 megawatts sic ESAU that's it.
Sumant Sinha: In our manufacturing business, we recently secured a multi-investment from British International Investments for US dollar 100 million for an approximate 10% stake. This investment will provide the necessary equity for expanding our cell facility by another 4 gigawatts. The transaction closure is pending customary approval from lenders and regulatory authorities. Overall, we have been able to sign agreements for over $260 million in the past six months, taking advantage of the strong investor interest in our projects.
Speaker Change: In our manufacturing business, we recently secured a monkey investments on British international investments or <unk>.
Speaker Change: The other $100 million.
Speaker Change: But an approximate 10% stake.
Speaker Change: This investment will provide the necessity equity while expanding our cell facility by another 40 gigawatts.
Speaker Change: The transaction closure is pending customary approvals, some lenders and regulatory authorities.
Speaker Change: Overall, we have been able to sign agreements for over $260 million in.
Speaker Change: In the past six months, taking advantage of the strong investor interest in our projects in our business.
Sumant Sinha: Turning to page 15. Our manufacturing facilities are now running at full tilt, producing around a little bit more than 10 megawatts. or of modules and about 5 megawatts of cells per day. We have supplied total orders of 1.3 gigawatts to date, and our current order book stands at an additional 1.4 gigawatts. External sales contributed around ₹4.2 billion to our consolidated fiscal FY25 EBITDA. and around Rs 3.6 billion in the last quarter of FY25. With the expansion of the new cell facility, we will be able to fully secure our supply chain up to cells once it starts production in fiscal 2027.
Speaker Change: Turning to page 15.
Speaker Change: Our manufacturing facilities are now running at full tilt producing around a little bit more than 10 megawatts.
Speaker Change: Odd of modules and about five megawatts of self study.
Speaker Change: And you have supply total orders of one two gigawatts to date and our current order book stands at an additional one four gigawatts.
Speaker Change: External sales contributed around <unk>.
Speaker Change: $4 2 billion rupees to our consolidated fiscal FY 'twenty five EBITDA.
Speaker Change: And around GBP, three 6 billion in the last quarter of FY 'twenty five.
Speaker Change: With the expansion of the new cell facility, we will be able to fully secured our supply chain up to says once it starts production in fiscal 2027.
Sumant Sinha: Turning to page 16. Transmission and land are the critical differentiators to ensure that the projects are delivered on time and the country's renewable energy targets are met. Beyond our operating portfolio, we have connectivity for an additional 17 plus gigawatts, which fully covers our 25 gigawatt plus pipeline and beyond. Of this 7.5 gigawatts class of our interconnection approvals are land-based which allows us to use them for any projects that we want. We are actively securing land parcels around the highest radiation and strong wind regions. During the year we added 7.5 gigawatts of new connectivity and have been able to largely secure land for our projects getting executed this year.
Speaker Change: Turning to page 16.
Speaker Change: Transmission and land a critical a critical differentiator to ensure that the projects are delivered on time and the country's renewable energy targets are met.
Speaker Change: Beyond that our operating portfolio, we have connectivity for an additional 17, plus gigawatts, which fully covers our 25 gigawatt plus pipeline and beyond.
Speaker Change: All of this.
Speaker Change: Seven five Gigawatts class of our interconnection approvals of land base, which allows us to use them for any projects that you want.
Speaker Change: We are actively securing land buses around the highest radiation.
Speaker Change: Strong wind regions.
Speaker Change: During the year, we added seven five gigawatts of new connectivity and had been able to secure land for that project's getting executed this year.
Sumant Sinha: We will look to further drive home this advantage over the next two to three years by building large land banks along with connections.
Speaker Change: We will look to further drive home. This advantage over the next two to three years by building large land banks along with connectivity.
Kailash Vaswani: Now, let me turn to Kailash for financing and other highlights.
Speaker Change: Now, let me turn to collage for finance financing at other highlights galosh over to you.
Kailash Vaswani: Kailash, over to you. Thanks, Sumant. Now let me turn to the highlights for the quarter on page 18. During the fourth quarter, we delivered Rs. 22.1 billion of adjusted EBITDA, which is 32 percent higher than last year, driven primarily by cost optimization initiatives, gain on sale of assets, as well as contributions from third-party sales from our manufacturing business. EBITDA margins for our IPP business improved by more than 250 basis points, driven by tighter cost control. We also continue to deliver profitable growth with our profit before tax for Q4 FY25 at Rs. 3 billion, up from Rs.
Speaker Change: Yeah.
Speaker Change: Thanks, so much.
Speaker Change: Now, let me turn to the highlights for the quarter on page 18.
Speaker Change: During the fourth quarter, we delivered Rebased $22 1 billion of adjusted EBITDA, which is 32% higher than last year, driven primarily by cost optimization initiatives gain on sale of assets as well as contribution from third party sales from our manufacturing business EBITDA margins for IPP business improved by more than two <unk>.
Speaker Change: Points, driven by tighter cost controls.
Speaker Change: We also continue to deliver profitable growth with a profit before tax for Q4, FY 'twenty five to be 3 billion up from roughly $2 1 billion in the same quarter last year.
Kailash Vaswani: 2.1 billion in the same quarter last year. We also delivered Rs. 3.1 billion. of Q4 profit after tax and rupees 4.6 billion profit after tax for the full year FY20 size.
Speaker Change: We also delivered would be $3 1 billion.
Speaker Change: Oh Q4 profit after tax and we paid $4 6 billion profit after tax for the full year FY 'twenty space, we continue to grow our business responsibly and by living within our means by managing growth with internal accruals and asset recycling, we have signed agreements for what it is to use.
Kailash Vaswani: We continue to grow our business responsibly and by living within our means by managing growth with internal accruals and asset recycling. We have signed agreements of over rupees 260 US dollar 260 million during the past six months by raising equity through capital recycling at returns higher than our base case. We are focused on tapping only the cheapest sources of capital, not only for equity, but also debt, where we have raised around US dollars 2 billion, debt financing this year from a variety of debt providers.
Speaker Change: Dollar 216 billion during the past six months by raising equity to capital recycling and returns higher than our base case.
Speaker Change: We are focused on tapping only the cheapest sources of capital not only for equity, but also that we're we have base around rupee to U S dollars 2 billion debt financing this year some of it ideal debt provider.
Kailash Vaswani: With respect to the non-binding offer received from the consortium comprising of CPP Investments, Masdar, Adia, and Sumant Sinha, active discussions between the special committee comprising of the news independent directors and the consortium are ongoing. And we will provide an update on the outcome as soon as possibly, reasonably practically. While we understand that our stakeholders are eager to know what's going on, however, you will appreciate that currently we cannot comment further on the timing or the status of the process.
Speaker Change: With respect to the nonbinding offer received from the consortium comprising most CPP investment Mazda idea and some months are now active discussions between the especially it's unlucky comprising often use independent directors and the construction is ongoing and we will provide an update on the outcome as soon as possible each package to meet that.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: While we understand the last eight quarters I mean, you got to know what's going on.
Speaker Change: You will appreciate that clarity, we cannot comment further on the timing or the status of the process.
Kailash Vaswani: Turning to page 19, we remain committed to growing profitably. We have seen 17 percent growth and 21 percent fund adjust for the assets sold in our operating capacity portfolio by commissioning 1.95 gigawatt of capacity. Our adjusted EBITDA margins have expanded driven by cost control measures as well as reduction in O&M costs. Our profitability also continues to grow year-on-year. We will continue to take these initiatives to ensure that costs continue to remain in check. Our DSOs also continue to trend lower and are now at 71 days as compared to 138 days two years ago and 77 days one year ago.
Speaker Change: Turning to page 19, we remain committed to growing profitably. He has seen 17% growth and 21% finally gaslog the asset sorry in our operating capacity portfolio by commissioning 195, gigawatts of capacity or adjusted EBITDA margins have expanded driven by cost control measures as well as a reduction in for them.
Speaker Change: Costs.
Speaker Change: The committee also continues to grow year on year, we will continue to take these initiatives to ensure that costs continue to remain in check.
Speaker Change: <unk> also continued to trend lower and are now at 71 days as compared to 138 days, whereas a booth and 77 days one year ago.
Kailash Vaswani: Turning to page 20, our financial performance is now being driven by our IPT business as well as our manufacturing business. While our manufacturing business is a relatively lower margin, high volume business, our IPT business is a large-scale and high EBITDA business. While we saw slightly higher EBITDA margins for our manufacturing business, primarily driven by low volumes, as volumes increase, we expect that they will normalize in fiscal FY26. Additionally, we expect that it will contribute about Rs. 5 to 7 billion of our consolidated EBITDA in fiscal 2026.
Speaker Change: Turning to page 20, our financial performance is now being driven by our diabetes business as well as that manufacturing business, while our manufacturing business is a relatively lower margin high volume business. Our IDP business is a large scale and high EBITDA margin business, while we saw slightly higher EBITDA margins for our manufacturing business, primarily driven by.
Speaker Change: Low volumes as volumes increase we expect that they will normalize interesting slide 26.
Speaker Change: Additionally, we expect that it will contribute about it'll be five to 7 billion of our consolidated EBITDA interest $8 26.
Kailash Vaswani: On slide 21, we continue to take measures to ensure our leverage is in check and have ensured that leverage for the operating portion of the business is under 6x. While our portfolio continues to scale up and the percentage of our under construction portfolio goes down. However, this year, Sorry. However, this year, weather has some impact on our adjusted EBITDA, offsetting some of the benefits, due to which the overall leverage is marginally higher than last year. In future, ramp up of our manufacturing business along with continuous asset sales and increase in our operating portfolio, this should help our leverage levels normalize further.
Speaker Change: On slide 21, we continue to take measures to ensure our leverage are in check and have ensured that leverage the operating portion of the business was on the fixed wireless.
Speaker Change: While our portfolio continues to scale up and the percentage of the construction portfolio goes down.
Speaker Change: Hollywood this year.
Speaker Change: Although this year, where they had some impact on our adjusted EBITDA offsetting some of the benefit due to which the overall leverage is marginally higher than last year in future ramp up of our manufacturing business, along with continued asset sales and increase in our operating portfolio. It should help our leverage levels normalize for them.
Kailash Vaswani: Turning to slide 22, we are now in an environment of rate cuts in India. The Reserve Bank of India, India Central Bank has cut repo rates by 100 basis points in the last six months or so. Inflation has also fallen to a 75-month low in May 2025, signaling there may be room for further rate cuts. While we have seen some benefit of the rate cuts in our greenfield financing, we should see further transmission on existing floating rate debt going forward as well. During the year, we raised around U.S. dollars 2 billion at competitive rates as well as negotiated and refinance better rates for $600 million of debt, saving around 40 to 70 basis points on the interest costs on some of that debt.
Speaker Change: Turning to slide 22, we are now in an environment of rate cuts in India. The reserve Bank of India, India Central Bank has backed repo rates by 100 basis points in the last six months or so inflation has also fallen into 75 month low in made when he Bunny site signaling there may be room for further rate cuts, while we have seen some benefits, albeit.
Speaker Change: It cuts in a greenfield financing, we should see further transmission on existing floating rate debt going forward as well.
Speaker Change: During the year.
Speaker Change: U S dollars 2 billion at competitive rates as well as negotiated.
Speaker Change: And the refinance better rates for $600 million of debt saving around 40 to 70 basis points on the interest cost on some of that debt.
Kailash Vaswani: Turning to slide 23, our stable assets continue to demonstrate healthy returns on capital deployed, which has improved compared to last year. If you recall, last year, we showed these figures on 7.6 gigawatt of stable operating assets. This year, we have extended these to over 9 gigawatt of assets, which were commissioned on or before 1st April 2024. Also, we have included our manufacturing operations, which started contributing to the bottom line.
Speaker Change: Turning to slide 23, our Steven.
Speaker Change: Steve unless it and didn't go demand stays healthy returns on capital deployed which has improved compared to last year. If you recall last year. We told these figures on seven six gigawatts of stable operating assets. This year. We've extended this to over 90 Gigawatts of assets, which are commission on or before they took on the 24th also we haven't toured our manufacturing operations.
Speaker Change: Concerted contributing to the bottom line.
Vaishali Sinha: Let me now handover to Vaishali for comments on ESG. Hello, this is Vaishali Sinha. Thanks, Kailash. Turning to slide 25, review the advancement in our ESG initiatives and targets. As Fiscal Year 2025 concludes, the global ESG landscape is marked by new regulations, a sharper focus on climate and social issues, and an evolving investment landscape. Renew has not only navigated this complexity, but excelled. We achieved our target and generated top ESG rating, cementing our global leadership. In Q4 of FY25, Renew made significant strides. On our ESG Ratings Front, we achieve... a score of A, a grade of A in the LSEG ESG rating which is the erstwhile refinitiv scoring 84.35 leading the electric utilities and IPP sector.
Speaker Change: Hydro dovish Harley for comments on ESG.
Vishal: Hello, Hi, this is vishal.
Speaker Change: Get us there I think this slide 25.
Speaker Change: Yeah.
Speaker Change: ESG initiatives and Tom.
Speaker Change: I will take the question Anthony.
Speaker Change: Okay.
Speaker Change: The global yet.
Speaker Change: It is marked by new regulation, a sharper focus on climate and social issues, and then well and evolving investment landscape.
Speaker Change: When you have not already.
Wendy: Thanks Wendy.
Speaker Change: We achieved that target.
Speaker Change: Gamestop ESG rating maintain a global leadership.
Speaker Change: In quarter four.
Speaker Change: In quarter four of fiscal year 'twenty fight when you made significant strides.
Speaker Change: On our ESG ratings front, we achieved.
Speaker Change: A score of Green.
Speaker Change: Green Dot E. L. F E G E N G, which is twice the rest of it.
Speaker Change: 84.35, leading electric utilities and IPP sector.
Vaishali Sinha: Morningstar Sustainability also recognised us in their 2025 SOP are rated ESG companies list with a low risk score of 13.1. On the green certification front, our commitment to green products continues. We completed our first life cycle assessment, the LCA, for our Jaipur plant solar module and will be publishing an environmental product declaration, the EDP, through the international EDP system. Our Dolera manufacturing plant achieved the certification, which reflects our deep commitment to environmentally conscious and sustainable solar manufacturing. As far as leadership awards are concerned, Renew received the CII Climate Action Program, which is CAP 2.0 award in the highest category.
Speaker Change: Morningstar sustainability also recognize that in that <unk> 25.
Speaker Change: Yes, he companies lift with a low risk cohort.
Speaker Change: 0.1.
Speaker Change: On the Green certification from our commitment to Green Dot.
Speaker Change: We completed our first lifecycle assessment.
Speaker Change: The LTE for a jackpot solar module and publishing.
Speaker Change: <unk> called out declaration the Edp.
Speaker Change: International Edp system.
Speaker Change: I believe that our manufacturing plant cheap.
Speaker Change: Sure.
Speaker Change: This reflects our deep commitment to environmentally conscious and sustainable solar manufacturing.
Speaker Change: As far as leadership in Washington.
Speaker Change: You received.
Speaker Change: Climate action program, which is cash.
Speaker Change: Two point to award in the highest category.
Vaishali Sinha: Resilient within the Energy, Mining and Heavy Manufacturing sector. Recognizing our futuristic climate strategy. We also became the first company to be included in the very prestigious S&P Global Sustainability Yearbook from the Electric Utility sector in India.
Speaker Change: Resilient with NV energy.
Speaker Change: And heavy manufacturing sector, recognizing a futuristic climate strategy. He also became the first company.
Speaker Change: Yes, I can.
Speaker Change: Global sustainability yearbook.
Speaker Change: I think utility sector in India.
Vaishali Sinha: If you could now move to slide 26. We will review the progress made across our ESG targets. Renew remains committed to achieving its SBTI-validated net zero target. We have completed the development of a manufacturing decarbonization roadmap and initiated annual assurance calculations and disclosures to accurately monitor, report, and reduce our emissions. Social responsibility is core to our mission. We've already impacted 1.7 million lives, aiming for 2.5 million by 2030. In Q4, we have partnered with IIT Dhanbad to upskill coal mine workers in green technology. Candidates, multiple candidates are being trained under this program. We are on track to meet our company-wide sustainability rating target, a testament to our first integrated report.
Speaker Change: If you can now move to slide 28.
Speaker Change: Are we live with you the progress made across our ESG targets.
Speaker Change: When you remain committed to achieving.
Speaker Change: <unk>.
Speaker Change: Net zero target.
Speaker Change: We have completed the development of our manufacturing Decarbonization Road map.
Speaker Change: And with US sorry calculation I'm, just close to actually to accurately monitor ripcord and reduce our emissions.
Speaker Change: Awesome responsibility is core to our mission.
Speaker Change: Already impacting 1.7 million light aiming for $2 5 million by <unk>.
Speaker Change: One for me have partner with I, I see handbag to Upskill Coy, Mineworkers and Green technology.
Andy: Yeah, Andy this multiple candidates.
Andy: Under this program.
Speaker Change: We are on track to meet our company wide sustainability rating target I guess to move to a fully integrated report we look forward to building on this momentum and sharing our progress and I'll take.
Vaishali Sinha: We look forward to building on this momentum and sharing further progress in our second integrated report in 2025.
Speaker Change: Take an integrated report in 2025 thank.
Vaishali Sinha: Thank you, and now I'll pass it back to Kailash. Thank you, Vaishali.
Speaker Change: Thank you.
Speaker Change: Back to kill Us.
Speaker Change: Oh, Thank you wish Harley.
Kailash Vaswani: Turning to page 28 for our guidance. We expect between rupees 87 to 93 billion of adjusted EBITDA in fiscal year 2026, assuming weather patterns are similar to previous fiscal year. This includes rupees 1 to 2 billion from asset sales, as well as rupees 5 to 7 billion from our manufacturing operations. Do note that the contribution from manufacturing only includes external sales and we will update during the year if there's any change in the ratio of internal versus external sales from our manufacturing business. We expect to construct around 1.6 to 2.4 gigawatt of projects in this fiscal year 26.
Speaker Change: Going to page 28 for our guidance, we expect between rupees 87 to 93 billion of adjusted EBITDA in fiscal year 2026, assuming weather patterns similar to previous fiscal year. This includes the PS one 2 billion from asset sales as well as would be five to 7 billion well my manufacturing operations.
Speaker Change: Do note that the contribution from manufacturing lean towards external sales and we will have built during the year. If there's any change in the ratio of internal and external sales from our manufacturing business. We expect to construct around one point to 2.4 gigawatt of projects in this fiscal year when he states. These projects through the project already endured.
Kailash Vaswani: These projects include the projects we've already included in 11.2 gigawatt of commission capacity. We have given a slightly wider range to account for any potential delays and build out of the grid network connecting some of these projects. In addition, we expect to deliver cash flow to equity holders of 14 to 17 billion rupees in next fiscal year.
Speaker Change: 11.2, Gigawatts up commission capacity, we have given a slightly wider range to account for any potential delays in build out of the grid network connecting some of these projects. In addition, we expect to deliver cash flow Blake would be afforded to us of $14 billion to $17 billion of beef and next fiscal year with that we'd be happy to take questions.
Unknown Executive: With that, we'll be happy to take questions. 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.
Speaker Change: Thank you. Thank you Michele a question. Please press star one on your telephone and like their name to be announced.
Speaker Change: And as you can see in a question. Please press star I can't.
Speaker Change: If you're on a speakerphone, please pick up the handset to ask a question.
Justin Clare: Your first question comes from Justin Clare with Ross Capital Partners. Hey guys. Thanks for taking the questions here.
Operator: Your first question comes from Justin Clare with capital partners.
Operator: Yeah.
Justin Clare: Hey, guys. Thanks for taking the questions here I wanted to start off first with the fiscal 'twenty six guidance and sensor in fiscal 'twenty five the P O.
Justin Clare: I wanted to start off first with the Fiscal 26 guidance, and so in Fiscal 25, the PLF for your wind and solar assets had both declined a bit year-over-year, so just wondering, you know, what you're assuming for your PLF as we head into Fiscal 26, if you could talk about the trend that you're expecting, and if you could share what the PLFs are that you're assuming for solar and for wind. Thank you. Sure, Justin. So, Justin, basically, yeah. Yeah, Justin, basically, what we have assumed for fiscal year 2026 is that the PLF levels will be similar to what we saw in fiscal year 2025 at the lower end of the guidance range.
Justin Clare: For your wind and solar assets had both declined a bit year over year. So just wondering what youre assuming for your pls as we head into fiscal 'twenty six if you could talk about the the trend that you're expecting and if you could share what the pls are that youre, assuming for for solar and for wind.
Justin Clare: Sure Justin suggesting basically yeah.
Justin Clare: Basically what we have assumed or if it's big fixes.
Justin Clare: The the pls levels will be similar to what we saw in fiscal year 2025.
Justin Clare: The lower end of the guidance range to the extent of it.
Sumant Sinha: To the extent it's better, then obviously, you know, we would end up, you know, higher in the range as we have laid out currently. Okay, got it.
Justin Clare: It's better than obviously you know we would end up you know iron ore.
Justin Clare: And the range as we have laid out currently.
Justin Clare: Yeah.
Justin Clare: Okay got it and then just wondering.
Sumant Sinha: And then just wondering, you know, for the module sales here, could you talk about your expectation in fiscal 26 in terms of the megawatts of cell and modules you're expecting to sell externally? And then I believe you have a 1.4 gigawatt order book. Just wondering what the timing is in terms of the expected completion. Is that all in this year or does the order book potentially extend further out? Yeah, so I think in terms of timing, you know, we can circle back to you, because, you know, this would happen through the course of the entire fiscal year.
Justin Clare: For the module sales here could you could you talk about your expectation in fiscal 'twenty six in terms of the megawatts of cell and modules, you're expecting to sell externally and then I believe you have a one four gigawatt order book just wondering what the timing is in terms of.
Justin Clare: With the expected completion is that all in this year or does the order book potentially extend further out.
Justin Clare: Yeah, So I think in terms of timing.
Justin Clare: We can circle back to you because you know just what happened to the course of the entire fiscal year and we also started already some blaine.
Sumant Sinha: And we also started already supplying some portion to third party. In terms of mix between of the 1.4 gigawatt, it's, you know, largely going to be DCR based, which will also include NR cells as part of that. But that's going to be 1.1 gigawatt, and non-DCR, where, you know, we will largely be doing mostly a tooling arrangement or, you know, something along those lines, which is going to be the non-DCR segment that's going to be somewhere in the range of around 300 megawatt or so. Okay, got it.
Justin Clare: Some portion to third party in terms of mix between all of the 1.4 gigawatt Oh, it's largely.
Justin Clare: Gonna be a D C. Our base, which will also include an ourselves as part of that but that's one of the one one gigawatt and non D C or wherever you know we work largely with doing a mostly a tolling arrangement or something along those lines, which is going to be the non Dci segment, that's going to be somebody that angel for L 300 megawatts or so.
Justin Clare: Okay got it and then just one more the capex a $330 million to $350 million that's expected for the the top ton facility that you're building wondering if you could just speak more about how you plan to finance that facility. So you raised $100 million.
Sumant Sinha: And then it's just one more. The CapEx $330 to $350 million that's expected for the TopCon facility that you're building. Wondering if you could just speak more about how you plan to finance that facility. So you raised $100 million, selling a 10% equity stake. Wondering if you are anticipating additional capital recycling beyond what you've already announced in order to fund the facility, or if you're expecting to use any debt financing in the financing mix? That's correct, Justin. We will be using debt financing similar to what we used, which is 70-30. 70% would be financed with debt and 20% would be equity.
Justin Clare: Selling a 10% equity stake wondering if you are anticipating additional capital recycling beyond what you've already announced in order to fund the facility or if you're expecting to use any debt financing and the oh.
Justin Clare: That's correct, Justin we will be using debt financing similar to what we used to have its just 70 30.
Justin Clare: 70% will be financed with debt and 30% would be equity Oh, that's the nature of that we had followed for the phase one of the module and cell plant, though it's also for the expansion. We will continue to maintain bag and we are already in discussions on that financing with the crew members.
Sumant Sinha: That's the ratio that we had followed for the phase one of the module and cell plant also. So for the expansion, we will continue to maintain that. And we are already in discussions on that financing with a few lenders. So all capital that we would raise from capital recycling during the course of year would be used to grow our IPP business portfolio. I see. Okay. Thank you.
Justin Clare: All capital that we would raise some capital recycling during the course of year would be used to grow what I P. P business looks similar.
Justin Clare: I see okay. Thank you.
Justin Clare: Thank you.
Unknown Executive: Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced.
Speaker Change: Once again, if you wish to ask a question. Please press star one on your telephone in my opinion to be announced your next question comes from a heat map and see that.
Maheep Mandloi: Your next question comes from Maheep Mandloi with Mizzou Home. Maheep, your line is open. Sorry, I was on mute. Hey, good morning from here and thanks for taking the questions.
Justin Clare: Okay.
Justin Clare: Your line is open.
Justin Clare: Sorry, I was on mute.
Speaker Change: Hey, good morning from here and thanks for taking the questions just following up on the tax but can you just talk about the <unk> sales it looks like most of US in India. Just wanted to confirm that if you have any plans to.
Maheep Mandloi: Just following up on that, if we can just talk about the module sales, it looks like most of us in India, we just wanted to confirm that if you have any plans to, in the guidance to sell outside of Indian markets over here. And separately on the module sales margin, how should we think about that in FY26, somewhat in line with this 30% you saw this quarter or going back to those mid-teens level you saw historically? Yeah, sure. I can answer that, Maheep. Basically, as far as, you know, the order book to outside India is concerned, so obviously we're in the process of building that.
Justin Clare: The guidance that fell outside of Indian markets over here and separately on D.
Justin Clare: What do you see the margin how should we think about that so when you say somewhat in line with the 30% you saw this quarter or going back to those mid teens levels you saw historically.
Justin Clare: Yeah sure I can answer that money.
Justin Clare: Basically.
Justin Clare: As far as the audible to outside India. It's been fun. So obviously, we're in the process of building that what we have contracted currently is largely for supplies or would it be Indian market and that's why I said, you know likely that component is D. C. I felt that there is a requirement to use domestic content are.
Sumant Sinha: What we have contracted currently is largely for supplies within the Indian market. And that's why I said, you know, largely the component is DCR cells, where there is a requirement to use domestic content, including cells and modules. As far as margins are concerned, you know, again, we are cautiously optimistic that they remain in the same range during the course of the year. But we'll have to see how the entire supply situation sort of develops. We believe that, you know, given that, you know, we are operating our cell plant at sort of industry-leading efficiency levels, you know, we have a head start in terms of having that additional output and stabilized operation.
Justin Clare: And putting all cells and modules.
Justin Clare: As far as margins are concerned.
Justin Clare: You know again, we are cautiously optimistic that they remain at the same range. During the course of the year, but we'd have to see how the entire supply situation sort of develops a wee.
Justin Clare: We believe that you know given that we are operating our helpline act sort of industry leading efficiency levels.
Justin Clare: Have a head start in terms of having a degradation in outdoor and stabilized operation. So we would expect the margins to continue to a $5 six at least and as long as the earn back of something that you were hopeful.
Sumant Sinha: So, we'd expect the margins to continue through FY26 at least, and as long as beyond that is something that you hope for.
Sumant Sinha: Current, how many of the module sales have been logged in for the year, or is in the guidance, all being near bookings, or do you expect more book and bill during the year for? I would say that largely we are contracted for the full year to the extent you know we get any opportunities you know we can always change our mix in terms of internal and external sales.
Justin Clare: Got it I mean, that's been module sales have been locked in for the year or is in the guidance are all being your bookings or do you expect more book and bill during the year for FY 'twenty six.
Justin Clare: I would say that largely we are contracted for the full year.
Justin Clare: To the extent, we get any opportunities you can always change that makes in terms of internal and external affairs.
Sumant Sinha: And then this last one from me on financing, kind of talked about declining interest rates in India. And we'll see what happens in the US also, but at least in India, we're seeing some of these rate cuts over here. Could you talk about like, how could you take advantage of that with either the new debt or refinancing the existing debt? Yeah, so obviously, you know, on an opportunistic basis, we will relook at our entire debt portfolio and wherever, you know, we can refinance and get the benefit of the lower interest rates. We will obviously explore that.
Justin Clare: And then just last one for me on financing a kind of Saratoga talked about declining interest rates in India, then you'll see what I'm going to use fossil graduation, and you'll be seeing some of these rate cuts over here could you just talk about like how are you.
Justin Clare: You take.
Justin Clare: Take advantage of that now but it.
Justin Clare: He does a new debt or refinancing the existing debt.
Speaker Change: Yeah. So I'll just leave you don't.
Justin Clare: On an opportunistic basis.
Justin Clare: When you look at our entire debt portfolio and wherever.
Justin Clare: We can refinance and get the benefit of the lower interest rates are we will obviously explore that.
Sumant Sinha: And on new debt, in any case, we also get the benefit of all this. So all the debt that we take for expansion of our cell facility, or whatever we need to take to construct additional capacity between 1.6 to 2.4 gigawatt. So some of that, you know, we will see the benefit of that. And on, as I said, on refinancing, you know, opportunistically, we look at doing that. So idea would be that, you know, because, you know, most, I mean, almost 30, 40% of our debt is floating rates. So there we will see the benefit of rate transmission happen in any case, in the near term.
Justin Clare: And on new debt in any case with all of this will get the benefit of all of this will all the data that we take for expansion of our cell facility or whatever we need to take to construct additional capacity between 1.6 with one four gigawatt. So some of that we will need to see the benefit of that.
Justin Clare: And as I said on a refinancing and Opportunistically, we'll look at doing back.
Justin Clare: So idea would be that.
Justin Clare: You know because most I mean, almost 30 or 40% of our deck assaulting need today, and we will see the benefit of.
Justin Clare: Hey transmission happen in any case and many of them and beyond that if you want to forget the ranch lower given that normally gets tagged or even the initial in the theater.
Sumant Sinha: And beyond that, if you want to further get the rates lower, given that government has cut even the ratio on CRR, we will try to optimize that for sure.
Justin Clare: We will try to optimize that for sure.
Unknown Executive: Bye, thank you. Thank you.
Justin Clare: Hi, Thank you.
Justin Clare: Thank you.
Kailash Vaswani: We have a couple of questions through the web link. The first question is from Love Sharma, Jyoti Mohan, which is, could you share the plans for refinancing the bonds due in July 2026? Kailash, could you take that? Yeah, sure.
Justin Clare: We have a couple of questions.
Justin Clare: So the revenue the first question.
Justin Clare: From.
Speaker Change: Morgan with you could you said the plans for refinancing.
Justin Clare: The bonds due in July 2026 can I ask you to do that.
Justin Clare: Yes, sure So hi, love basically as far as the refinancing plans. The consensus we are monitoring the market continuously and you know when it would be things that are you know the U S.
Kailash Vaswani: So, hi, love. Basically, as far as the refinancing plans are concerned, so we're monitoring the market continuously. And, you know, whenever we think that, you know, the US dollar bond markets are attractive, then some of the whole proportion of that debt, which is due in 2026, is something that we will refinance in that window. Some of the operating company debt, which is there, that we will be opportunistic in case we get lower rate in India, then we may, you know, move some of that debt into India and see on a weighted average basis, you know, whether it's creative to do that, or we continue to maintain the same structure.
Justin Clare: So the bond markets are attractive and some of the vertical portion of that back to which is do you wouldnt need 26 is something that we would refinance them back window.
Justin Clare: Some of the operating company debt, which is debt that we will be opportunistic in case, you get through all of it in India that would be my you know both some of that debt into India and seem to be on a weighted average basis.
Justin Clare: It's accretive to do that or we continue to maintain the same structure. So again, that's something that we will decide as it goes forward.
Kailash Vaswani: So again, that's something that we will decide as we go forward.
Sumant Sinha: The next question is from my colleague, Smith. Sumant, if you don't mind taking this, the question is... Are you seeing rare earth supply disruptions impacting Renew or any of our peers? You know, so far, it's not really surfaced as an issue. And Yeah, and that's the short answer.
Nicole Smith: The next question is from Nicole is Smith.
Nicole Smith: So and if you don't mind, taking this the question is.
Nicole Smith: I assume there are supply disruptions impacting the new or any of our peers.
Nicole Smith: Okay.
Nicole Smith: You know so far it's not really surfaced as an issue.
Justin Clare: And.
Justin Clare: Yeah, that's the short answer.
Justin Clare: Yeah.
Unknown Executive: Thank you.
Justin Clare: Okay. Thank you.
Unknown Executive: Kailash, there are no other questions on the phone line.
Speaker Change: Clearly if there are no other no other questions on the phone line.
Unknown Executive: Maybe we can close. Perfect. Thank you.
Speaker Change: Maybe we can close.
Speaker Change: Okay. Thank you.
Unknown Executive: That does conclude our conference for today. Thank you for participating. You may now disconnect. Thank you all. Thank you.
Speaker Change: That does conclude our conference for today. Thank you for participating you may now disconnect.
Speaker Change: That's all.
Speaker Change: Thank you. Thank you.
Speaker Change: Yeah.
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