Earnings call transcript Q1 2023

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Operator

Thank you for standing by, and welcome to the ReNew’s First Quarter Fiscal Year ‘24 Earnings Report. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to Mr. Investor of Head Judge, Relations. Nathan Please go ahead.

Nathan Judge

website its Jason, thank the Relations you you, company A a results copy ReNew’s and XX, press section ended Friday presentation thank and morning, issued are for announcing release and Good of everyone. press first for XXXX. Investor www.renew.com. at the quarter June you, evening, Thank fiscal release joining the the On us. on available of

Upadhye, Kedar CFO, Sinha, Founder, Chairman, Nigam me Chairman, and With are Sinha, CEO; Vaishali today Sumant and our Sustainability.

all After materially such the materials, will and risks contained open from by Harbor call and forward-looking our differ the could our within that note, results up implied uncertainties to to statements available are materials those Please our our remarks. prepared remarks, These There statements presentation statements. or we for important website. questions. are release, expressed cause on our press are Safe integral

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

on these the and our are our materials annual most Also materials, release, comparable presentation to non-IFRS report measures, on we or our press certain IFRS release and press as in -- measures available the in on also that contained our and annual website reconcile reconciliations invitation report.

It is now to my it hand pleasure to Sumant. over

Sumant Sinha

all morning, been stakeholders be A the of glad earnings our have to journey and our on possible I'm you commemorating dedication significant Good listing anniversary our our we of employees. everybody. a of call. In ‘XX NASDAQ. committed that the you, QX couple on the support has by Nathan. FY Yes. of of Thank all days, made second will

our analysts, milestone government of execution I projects serving the community, board to my our Banking our partners, offtakers our As members, agencies, multiple ground. and investors and all regulators, the providers, our we and the in global rating authorities on when gratitude contractors Domestic Lending the supplies customers stakeholders, business International multiple of and abroad, we which technology possible includes and and approach heartfelt this make India and pleasure have and who send agencies,

years. constraints And employees journey and our incremental operating This Despite of in been including far. X.X an significant There opportunity far. supply upon has provides FY to anniversary achievements increase XX%. our reflect our an all thus of to rub so last portfolio the QX grown growth the in considerable of gigawatts course, X.X about COVID, hurdles, gigawatts since our has two from ‘XX, inflation, in

gigawatts during our Our all portfolio in compared our PTAs by grew offtake the two years megawatts portfolio, risk on our essentially the lowering ink we growth over importantly, considerably, outlook X thus of ago. to that And on time. all

adjusted by has increase on XX% adjusted risen even XX-months trailing our run EBITDA XX%. about more Our EBITDA rate and

have In there further that's Not addition, XXX by get believe of top-rated recognized ESG time scope we this, the companies more we that have days, And than over we XXX. XXX as paid by improved our to only been from several to around is GSO significantly, days rating improvement. cutting but for agencies. some half globally the one

collaboration while Renewable the two executed global recognized of signed leaders We the of believe partnerships an me with for also capital. energy for value in X does years of providing endorsement the partnerships the recently let advantage. This with pursuit our we industry globally renewable forced that past evaluating We that Energy on other joint strategic Moving six, growth. sustainability Gentari illustrate over quarter industry and delving assets. differentiated this underscores that of have lower-cost competitive our into the begin by development and propelling the the to page are with MoU highlights Petronas' gigawatts leaders

we addition, the with Government power recently and sector. of to institutions have MoUs fund with PFC India-owned REC ink financial the In

secured Peak of the us we access debt financial billion Furthermore, and combined. larger project. financing cheapest a partnerships must India $X.X in arrangement faster our country Power for among approximately $XXX continued funding These State pace project to million of the enable at quantum. For have debt Bank from of a a the

projects the X.X In our remainder and between during XXX we fiscal this gigawatts fiscal year. of the gigawatts quarter related first and commission XXXX, are of year to to to in megawatts we segment commissioned poised X.X ended BXB of the

projects we year. that plus are the as expensive remains on XX% contributors our the pleased meeting most our and confident for significant construction as to results. track with growth complex as Peak Our our RTC am Power next these of QX progress I and guidance FY EBITDA provided well expected standout and undertakings report to-date, XXXX to projects

of auction XX% conducive auctions growth auction leg approximately rate we setting additional over above the another in gigawatt on outcomes favorable adjusted this attractive with above win Year-to-date, XX.X our The to yield market for EBITDA a gigawatts have secured higher along growth capacity in of portfolio the current another stage continues year. XX% of IRRs. X.X with fiscal

am these we we nine portfolio months include but over momentum important the rate adjusted in provide not It auctions as returns. to for to opportunities six run set our strategically yet and our PPAs. note guidance sign these them do incorporated is is that that expect portfolio, engage EBITDA megawatts, to as we next attractive into This continue in I to

of have marginally basis than breakeven in well. track quarter to tax of profit beginning first annualized profit as and interest our Overall, tax ever of a forward, rates. being were higher after the PAT budget. one the and platform are results subject the stability quarter, to see into of going currency on made for on internal around an highest $XX any foot million, to We converted results after EBITDA We in on and the report value the substantially be higher, we

effectively share for capital that exploring equity our investors entered discipline we into on on gigawatts this joint needs I said, to development our and energy its remains with provides am that the addressing assets. our visibility we have source pleased positive our initiative recycling future for In six, I clearer notable recent recently investors. is MoU capital Turning renewable to as with The have the asset page wins. demonstrates encompassing partnership of ventures, front, trajectory, to growth of X the capital us development a that Gentari for committed our on

proceeds This energy advancing for the that strategic which partners for the quarter. current to we year, remains to is signed earlier commitment equity Our have realized XXX partnership megawatt in steadfast. the solutions we addition in with Gentari transition our deal during the

build sheet, is to to will cash cash issuing have gigawatts gigawatts of no shares. internal fund well X through our year, each through It we reiterate important our intention balance that believe we intention X equity to we flow generation. on as as current Our that to the and be able is

think value We portfolio only asset multiple higher shares, and that it returns the recycling of provide funding also asset issuing a the inherent we lower cost significantly for the recycling of than that the long and to provides equity our the phase us implied capital is run, in equity stock. before. of better illustrates of than will the employed Not next that does provide alluded growth

continue over the our through growth past generated sustained our efforts fuel been asset funds several trajectory, recycling has years. The to which

to returns have strategy XXX-megawatt to our date, Till secured strategic firmly comes designed therefore entirely. our enhance bolster partnerships, sheet all of remains project balance the for focus $XXX funding shareholders. equity successfully including the the Our million equity through and we of

global with such valued through partnering leaders Norfund, funding We have raised other and Gentari, Mitsui, as investors.

megawatts of solar the related XXX Additionally, sale of assets assets held end deal of by in classified we accounts, are closure the the and our a expect our calendar in we this year. for Karnataka of considering sale as to

eight. page to Moving

particular, renewable notably, and As our frequency substantial energy last has Renewable projects. mentioned the auction of earlier projects outlining we an Ministry year been in call, year. of XX energy calendar there segments, development ambitious of in quarter has a surge various earnings gigawatts Energy uptick plan a auction complex unveiled this triggered when every in a to significant spanning occurred and announcement activity, announcements, the renewable of This a New

in clearing for bids projects. even competition for auctions less complex many auctions, recent IRR in are for implied seeing this obvious more is higher are trend that and We resulting

Our in-house divided supply capabilities provide distinct a us by provide and plant module and certainty Solar edge. Wind solar a EPC now operating

our our range. wins testament and to for portfolio days X.X current yet have INRX.XX auctions a which included a for and XXX-megawatt expected at this GUVNL few committed have PP target at The a the back, not tariff in project won above a we of at portfolio pipeline. the signed As we is our with project are current above this, include projects and successfully even gigawatts possibly our that high end IRRs of

are schedule to I'm to in we corporate successful page to commissioning expected has are Turning the represent complete, nine. business. of about X.XX commissioning 'XX. by expect primarily current period two-thirds Peak X.XX our to our that XX% The financial projects of megawatts reach the guidance XXX and year. of provided our We With this gigawatts about the earlier growth our PPA year approximately projects, end EBITDA which and announce pleased gigawatts Power RTC projects, to guidance next three-fourth to regards commissioning confident our year. the reporting seen of related do

Turning to page XX.

and is now in full Our manufacturing plant production commenced XXXX at module June production.

with by of an module us on the Further, us assurance quality efforts project imports supply, and relative sales a tooling. streamlining minimizing in OEMs potentially or and reliance save facility X and construction to costs. competitive facility Our efficiency will gigawatt advantage cost will O&M giving help provide ensure our controlling output, us the

issue. compared For demand significant our supply the is a right most in an this getting deficit now. module exists the solar is, There country, point, competitors at that of to currently

or good technology the there until of high is been next option the Importing most being what taxes. being old exported Or by which, significant is are is cost. either to is has either import know, is consumption not internal a you not non-tax year. U.S. of allowed is barrier import meant of as deferred ALMM, produced And early for or course, as and

Sourcing nearly all a is competitors. globally of for our challenge modules

Our only stable that ensure should supply module us cost solar advantage. will plants a not provide with a also

turn the you. over I Kedar financials. would to that, to over go to it latest like With Thank

Kedar Upadhye

you, Thank Sumant.

for schedule framework the to robust remains projects as efficiencies. rates. a project to steadfast completion factor, Turning at know, competitive sizable XX. government page commitment critical of of in Indian highly financing funding closing cost The facilitating timely its you and in is establishing interest The

the for The illustrate with holds our MOUs Power credibility energy strong do these bolster importance $X.X signed with they also Finance renewable relationship Not Corporation in only our Electrification significant to institutions. Corporation industry, and Rural Indian billion we us. they

We expect debt prevailing currently than financing at more the terms those favorable market. in

for way and these to securing funding the enhanced Furthermore, towards for completion entities have our our with are reinforce substantial these Thereby agreements and advancing with requirements capital revenues. cost time effectiveness. financing on with projects collaboration poised to larger projects commitment optimizing

our a compared to after meet $X.X ever to fiscal XX, slide guidance year to We track year. marginally fact, $XX move last a in quarter which tax and year. profit provides us. reported highest as higher line now XXXX. performance by on one our budget, of reported the fiscal of in million I'll the quarterly Overall, loss profit of the we is the than of the internal are the highlights The and for was reported million, of first

compared guidance. in this an the Our gigawatts compared in X.X the X.X installed year. captured to lower, PLS the increase QX but same the to ‘XX ‘XX, we FY quarter in in Wind previous capacity prior were our to area, in gigawatts 'XX achieved had FY levels from XX%, FY QX of increased

EBITDA page stands on and expenses, of which the adjusted primarily account PLFs were XX, low X% revenues, the merchant 'XX lower million year, of $XXX first to at Turning than our planned. fiscal last of wind or higher quarter

stated FY our the slightly factored ahead of 'XX was EBITDA budget QX previously fiscal As our into and XXXX into is guidance.

Turning on to XX. Page

for days due a to cycle the The to efforts over XXX in show same further from year distribution two companies receivables from state continue collection results. improve DSO's our to past collections the days Our improvement period ago, months. an of and XXX improved

in Our amount months. the our over million $XXX past the efforts of XX get to to it cash time takes paid, flow reduce generated about

expect is our As to that continue time. with over the make and on over amounts state do entities all we contract time, on growth to DISCOMS days further pay DSO payments

Page on in a $XXX summary close balance through cash have liquidity, Going of sheet including to our and balances. XX, bank we million

During stands to the we current debt, billion. close $XXX current in quarter, and raised million $X.X net at our debt

fund to detail more provided have use CapEx XX.X the gigawatt and we sources slide, around following the our portfolio. to On this our complete

our balance that Please note with able we be on fund cash to sheet. our portfolio to expect

well issuing flow shares and current intention we have the for generation, no as in developing cash As full pipeline. of

it talk With to that, to initiatives. turn Vishaili ESG over I like would to about our

Vaishali Nigam Sinha

Thank you, Kedar.

Now XX. page turning to

As has industry through been ReNew, an have many continues at to you at at GHG sustainability -- emissions categories how know, the our ESG ReNew important relevant report all pioneers and across level, disclose to of be. which is the and we one an Board of X, CDP in annual committee inventory-based highlights approach submission. in scope the ReNew

cleaning improvement ‘XX, we condition-based of XX% of about saved is year kiloliters fiscal deployment water, cleaning, In with about and module of an robotic the year-on-year. which XXX,XXX

all years have our sites a operations now. three row We achieved our neutrality in carbon across for

In a There year have significant clean homes in progress the emissions. energy in our For X.X X been X X.X% ‘XX, powering has marking year million a zero reduction about with SBTi we and avoided XX% disclosure. for fiscal increase. first Scope year-on-year of target, net emissions

time, a pivotal mind, sector. worked has And policy our recent for we in energy In concern of biodiversity are the biodiversity glad the announce release this ReNew. to into within with renewable

benefited began And Our since India plus journey across then, million country. X people the XXX XXXX. over life of over states we across the have standing CSR villages XX in in

date, I hours have solar to is centers. electrify than XX turn efforts. of XX, page electrified we initiative Till we using would learning off-grids. schools where with the an where XXX Lighting Light. to switch and let's schools to electricity some Now our established three of less of digital like specifics This

recently have entered XX operation. electrify into partnership HSBC a to We long-term areas our across with of schools

women we program. Nations the have In UNEP, in is in climate. more for energy green Women the this on sector, skilling partnership United our programs include program, which efforts with Environment

Gujrat, Base women management and to this. constructed depleted somcards XX critical traditional to in [Technical to is waterfalls access in -- excavated have regions renewable water program, which water to of and of drinking energy we've We become Community arid XX skilling region lakes farmer this are Gujarat need Difficulty] a technician. Rajasthan these across XXX provide communities,

disclosure started change. submission year CDP We to climate of the have the kick fiscal cycle 'XX

fiscal months, we XXXX and of report this also sharing to couple next our call. the Over highlights our sustainability earnings the look will of be releasing in forward next

fiscal guidance. year turn for comments to Sumant I on With that, our 'XX

Sumant Sinha

Vishaili Thanks, Yes. Kedar. and

on guidance, our rate was and budget, quarter first The internal with achieve about our to in our line confident we 'XX fiscal are numbers. and are year we track run

of started While we are focused the the on delivering the projects in of the is current towards plan fiscal, executing remainder we ‘XX. completion due pipeline end FY that have the for for the

our of which the have With listing. float about of shares we to date, repurchased time regard free XX.X XX% buyback, to represents at the million

have the X% We remaining, $XX which million about about would of of represent X% total to authorization ratio.

will we over that, take to Nathan, With be questions. happy to you.

Nathan Judge

Justin [Operator Clare Please comes you. from question first The from ahead. go MKM. Thank Instructions] Roth

Justin Clare

wondering, could of projects here, questions. were in QX? Yes. completed I It targeted those the was completed for dates. you looks COD off were the projects SO that our like ahead talk thanks first taking target Hi, about

what expected? have just to complete may So those projects than enabled you wondering earlier

looking project a And at lines, COD looks utility-scale were forward time then year. in megawatts other terms it projects like also of about XXX of moved solar dates their your

driving be in them So seeing maybe time lines and shorten to what you that speak just Are can might general. you project trend?

Sumant Sinha

answer that are concerned, project in shortening. as as pulling wouldn't things you far to the Justin. in times then to, the any Sure. of you. or Nathan defer Thank forward are project Look, Always question change say you, I'll been terms And the there's to specific talk for Look, execution good to general refer general. I'll in or that dramatic I Kedar. timelines

so overall say, point I depends would think this availability as the is of that, transmission, per going land it not on and And at on. I plan

It at therefore, point like won't there maybe in that. or couple to a there, something could time quicken there here And have that be in them a But were there's this of systemic is -- that and are process lines speeded time. there say improvement we might no up. projects acquisition demand I we able

As got construction far in that happens monsoon put make those because of month before really when the lot quarter as concerned, sure commissioning the becomes to we itself a ones project done June yes, is a we the of effort the first did started, harder. that really that

So we some those put in making get did extra projects sure effort behind commissioned itself. would QX

year, one to prices postponing very, I gone important CapEx is had very because module reaffirmed seeing very, thing is is of happening And just helping now actually one the So down module think, of actually last that sharply. of that coming are course, another very that us of segregate ways, area, execution in quite plants down substantially. strongly our have solar from a is we sort substantially. some And this prices that plan we decrease

you bot per very modules $X.XX $X.XX, compared is off which $X.XX, last to of modules prices just getting Mono-PERC because dramatically $X.XX, As at have to know, now we're year, price at about then. unbelievable, getting a since come

really, So the is and plant, of sort benefiting decision stock think, affirmation the that's us I fact of just postpone really we now. have to that taken that of into put really, the

Justin Clare

to the run through And there And capacity likely X of already is maybe You're targeting auction going for at here. essentially Does I the wondering capacity of bidding your was X auction. year with that gigawatt Because know affect capacity? dates that year-to-date period that had helpful. you're there. here. the sign then short time be Okay. could one plans When the could significant won could shifting rate? of PPAs. gigawatts you've forward? you when for then potentially I amount Great. just a kind the you if won you a time at X.X this just per very to talk And a in lines that That's then COD

forward. wondering just how we should So about things moving think

Sumant Sinha

Yes.

So last run of few know, months. Most in be the X.X, commissioned in the to is we as FY ‘XX. you that

So we And be be getting constructed FY if our right have odd you FY will 'XX. and will X that of of done pipeline in getting X.X FY think committed gigawatts now, that this all current mostly. 'XX about 'XX,

a forward execution moves just year. one our in more So way, to pipeline it

of these know, have XX will remainder have starting gigawatts that auctioned announced been year. happening yet, the you been we projects for auctions that just government's as the of not And barely first the year. happened gigawatts have year, that this just another There's program XX in are be the of the which

And go market with of you can you or if that share pick to regular that. should more capacity thereabout, we our up a lot XX% of expect out then XX%

Now the execution. ready will as be commissioned rightly be and us, we'll is you course, of for that question for said, when

'XX. the projects so probably or 'XX of And that the come future second-half towards FY will up be FY

that sure of to next build we the selectively happening might this just in to more few so projects on into as that capacity extent, FY build-out have And some we well. sufficient sort months ‘XX point from make

signing already. a take does know, few has on megawatts signed depends months. the Gujarat of as the you that that, the XXX also It been PPA project. on X.X, your just with to question government Out of nature

committed straightforward right works pipeline. there solar by that those is are different another that into are in So actually go the balance our now. is that projects regulator X tariff for adoption where But Two the the three of gigawatts. projects account there should there's that

more builds little homework third X something they nature, can because time, ahead a go that complex to project that projects which little bit And about before more that one and require is is a and on to that does is utilities the by find bit the a PPA. gigawatts the a the that's being us project complex do amounts

months, few a take done. likely will that most to So get more

so really starts are. we time the And two signing year PPA. that's the where date from And the line of

'XX these that you'll more now win we of the I of the said, have after then FY hopefully then of second-half till assuming So FY into And that projects ‘XX get the as go that. signed between bids do these end we’ll and have PPAs year most in. to year,

manage auctions So they robust that it's really want projects and at well the on, market are of going also really do healthy they as capital pick leading getting much these us or I the that opportunity of are what the up is -- have very very healthy you, number how think obviously, to point [Indiscernible] capacity now time us be to and line we so for everybody our IRRs Thank execution for to for a the continues -- because IRRs. with time to ability on that and is question to have much is as execute the

Justin Clare

appreciate Okay, Thank you. it.

Operator

go question next comes from Our ahead. Please Instructions] from Nigania Bernstein. Nikhil [Operator

Nikhil Nigania

Yes, hi.

So on my standstill first question the is agreement.

please the on motive rationale could share that? you behind was If some color what

Sumant Sinha

company standstill CBX? The agreement the between and

Nikhil Nigania

CPPIB. Correct.

Sumant Sinha

the was do not company essentially, which the field a And that shareholders. the And agreement, as is make look, doing as of broader the an additional to economic of that really an you a Board wanted they CPPIB, our logic something shares. sure board as course, I your get XX% know, ownership increase in you to offer already much think company's to said shareholder without of -- that and consider donor the kind per let's is that,

that that quite common agreements in is agreed bid purpose And place. among frankly, And are so really various companies in for just that cancel where such it largest agreement shareholder, was substantial this was the is there so Nikhil, to.

such agreement with Board largest And advised by that's both would was be also our shareholders. be that actually of an minority so and protective shareholder, really, standard quite council our would our why

Nikhil Nigania

is on to Got Understood future then second question the it. free on manufacturing, plans wafer -- activities, mainly [Indiscernible]. wanted so

storage. on merchant Second And is third any, if capacity, is plants.

your three? could these color plans on any you on share If

Sumant Sinha

Yes.

talked now fully commissioned as is running. that module the our we fact So know, manufacturing, gigawatt you and X about on plant

X be gigawatts capacity X total We along with module next gigawatts gigawatts. ready to module are taking module cell capacity. to our capacity up Dulera will X of year, capacity by additional also setting in of The early

capacity the cell of Our ready year. second-half towards next be will

of win wafers right the we gigawatts the cell of that the then and for forward as consider at part looking module and you PLI had know, bid and X the are will was, with we And now appropriate wafer we balance and time it. the therefore, going cell

the are we where manufacturing that's -- solar on So module on part. the

can The if don’t just that asked was Nikhil, second repeat question you you mind. sorry, -- you around

Nikhil Nigania

that's merchant plans Sumant, capacity. Sure, Any capacity? merchant the for renewable

Sumant Sinha

Yes. Yes. the And third PHP. is around

on on the India as that, the running Indian robust, reality that in we'll the merchant deficit market very power. And into So capacity, you peak know. significant is expectations know, be the are our all in we is demand as growth

know new several we to that thermal, come get years on will in stream. might also We plan capacities take while actually

for And near-term. there significant a so to be is our in sense market is fairly going the deficit that the

So the that something doing is ways. we in will two be merchant capacity

up dedicated projects to our portfolio. certain One merchant setting will percentage is be certainly we a of

think up is RTC thing that we is I overflow depending through third merchant some corporate will we our the exposure whether the then where also second our And apply The setting we that way projects. project, on PPA be then side, projects, have will will PPAs, potentially, Peak be to to cycle. which Power also there or will

so PPA early the to will merchant and And There, advantage essentially higher will prices some of them in commissioning market. we period we getting be the by exposure take than market. expect significantly for time,

us the in of combination exposure run. we those significantly which short feature a So for by merchant be market, we to expect believe the to get value will mechanisms,

from believe then future the PPA, depending we later and can as you how we’ll time into over the that we the project call well. then that on, on checking move essentially take potentially a evolves. flexibility the PPA coming out view to can construct -- now And merchant be a And those did have market to now that's as in a we'll of that

outlined we the some in to why you revenues years' give again, upside in I merchant on And So PPA us next the merchant will increase that mechanisms our reasonable time. these the know, exposure that through three few exposure our market is, view, about. our is

RTC. look, to is general not I PSP I market for get as concerned, is a that is is think something the that is that, cheapest to like in way absolutely that that the only cheap As far there would say essential PSP perception the power. RTC And

wind We several bids four by have combination small projects amount a using solar and storage. of and a of won RTC

Now this requires, get the having, small solar either get wind amount of and project so and plant-hydro in can a upsizing as can by the is I the win solar and you solution said, you budget. or batteries

compared have a to to out models found alternative [Indiscernible] we the from hydro the like We and between it's I advantage the are to us sure done the competitive optimal very pretty that solution And therefore, other in for benefit us okay? put batteries, coordinated that, solar okay? construct and are in-house would don't pump time to do just that different prices, are is or in everybody's evolved RTC the have market, I say we are the think, most and give that there at. therefore that This because something where manner, therefore, together. wind, significant does that to And make everything that gets construction lines able the

believe be do grid pump-hydro couple over of a we significant is at that, the long that source, a for pump-hydro of also in we room as other period time. a forward, said required. we're the storage lot Indian duration for developing a like looking especially Having And there that go therefore, we’d of

in way, those projects bids And the be development in are be, bids, bids will come However, that synchronized next most some these that up, now in to of years not the two will required some RTC of stream. construction constructed time. which sinkable or several take to on years' pump-hydro coming or are

short-term, very and battery the you'll I then with in even think And constructive so with solar more projects wind, necessarily pump-hydro. see RTC

over pump-hydro as a developing pump-hydro time, future of there is to And projects base. role the also I the therefore, said, for we for at are looking Now play.

Nikhil Nigania

And Sumant, clear. very Perfect. yes

questions two my from Just is on more side. Pradesh One receivables. the Andhra

Pradesh, So please see if But year. DSO I XXX there's look from come still last at XXX to correctly, it days. I such down correct from read a level firstly, to Andhra of now going great a receivable them over if it me forward,

installments, the we there? billing -- installs have happening? paying stopped understand So while that correct issue So should read future the paid have to the I started done they still since but Am remains? issue those they core

Sumant Sinha

central with that that's that they just the fact, all that as been surcharge paying scheme. No, Late Nikhil, been What but views been under have But in done. they have states outstandings not them, have paying their all correct. had also the not been doing have have government is, agreement with current per old the the current been their billings the payment states on not

question why such is And The have contracts old that of point, a an outstanding, that is then, actually of And the the clause outstanding long had ago contracts, resolved. of fair they the that's question. two, have three also the outstanding. had also they are the when contract. the it, still does bulk years XX at those three clauses XX Now of disputed AP disputed they get still while things course, that paid reason to

was about unit. is cycle the have incentive, That what is GDI, since those Now should for that be paying said that fact they generation One equal not the to that. base things. paying XX the which per they center three are that, that which was

still is or forms example, of amount for that, so is that reasonable And a capital tough.

of old So cost to processes through to we these get on to pay outstanding. of, sort items cost go couple them need the of,

the really is that issue. So really

going sense resolved, put there get done, there that will time that have all some -- because some get of legal I in are to of said, proceedings process dispute things just on cost we also are those. And to they those have is those in payments, Our to as it's but things ago. those

So they're not get those it are, eventually, is But and will as the resolved states because are billings. and happen. those They not also so the will payments well. paying current other all

Nikhil Nigania

great. Sumant. Great, to Good hear that

last was employees. question number then one of Just on

this think I last time. So I missed

at if I continue ‘XX this as see X,XXX Do areas hydrogen this Or in I more up other How enters, largely forward? annual is about rise see on you mean, average come capacity this growth. how ReNew employees When becomes have from to So up? understand, as number going do gone the look we to sizable and I manufacturing see of X,XXX FY the of for it? and cities we report, now. do

Sumant Sinha

Yes.

carefully, are productivity that's man okay. that manufacturing. most we manpower critical at very, monitoring are costs focused areas very project of something we But are power and businesses. than have account look people all, obviously, on you're or these of that's cost, primarily happening Because more first people-intensive because right on are So our that very and obviously, to and the the very we [Indiscernible]

is going growth area. a lot so in happen of to And that the

the result So as a side eventually, then people wafer as our build of more with the are out coming and cells side we we that. have the on company module lot will a then

many can't that. you how exactly readout, so Now I give on a will depend the pace number of for the

that the of company, for and that and that's course, as in course, sit the we So electrolyzer to most things energy to those development not Because going many is be RE part, that but when concerned, of capital is as execution only of our some of team go business concerned, most of into the renewable have that. as there'll will those far that's business part, team you far of as are a we'll project for development Green as hire people we development know, given areas. the eventually manufacturing the like execution But Hydrogen for then, people. get and development arm

people We itself. will having obviously the not be in business the

but business development for and the in So project not smallest the we like numbers. do It's in even have it's some that's hundreds. XXs, people development,

I things depending managed about way, we then people. hiring will more And that's really cost in are business, the rollout right a of So think think on the fairly now. where

Nikhil Nigania

Thank Understood. much you Thank my so for answering questions. so you much.

Operator

and session, does today. question-and-answer the for concludes participating. This that you conclude conference our for Thank

may You disconnect. now

ReNew Energy Global (RNW) 21 Aug 232023 Q1 Earnings call transcript