Earnings call transcript Q4 2023

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Operator

Thank you for standing by, and welcome to the ReNew Power Fourth Quarter FY '23 Earnings Call. [Operator Instructions]

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

Nathan Judge

good and and joining you Darcy, us. you, morning, thank everyone, for Thank the press XXXX. issued for Tuesday company On evening, a fourth ending its quarter release March XX, fiscal results announcing the A the Investors section ReNew's copy of available at press and Relations www.renew.com. of website on presentation release the are CEO; me With and are CFO. Upadhye, Sinha, Sumant Kedar today Chairman Founder, and After questions. the call the for prepared remarks, up we will open website. press safe harbor available statements release our and our within materials presentation note, Please on contained our and materials are

important to to could or integral remarks, from there are our statements that These expressed uncertainties are and statements. cause and all implied such those risks differ forward-looking and by results our materially

encourage measures Annual and also reconciliations we that in reconcile certain to in a presentation website on we we for these to press X-K our available presentation release materials are complete our on the press and have our most Also description. and are press IFRS Report. our in So release, more furnished Report release, contained review measures, non-IFRS and you comparable the the Form the presentation Annual website materials

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

Sumant Sinha

good you, on call. Thank afternoon to morning, good the everybody Nathan. evening, Good

join FY you be the have this to ReNew's state on to QX to good glad I'm I thought on key three 'XX thoughts. -- At call. will earnings us beginning, it start with

from XX is onwards. FY and energy New by seen and has has renewable gigawatts to market stronger the India very recently. getting with renewable April just Energy, Renewable 'XX of and of increased energy which The in for auctions onwards, developments Firstly, Ministry the is threefold this Indian sector pace the encouraging tasked

have majority where increase advantages. and wind the complex we across is importantly, expected strong this competitive auctions of proven More

IRR. to In fact, healthy of complex with bid good few one first auctions, in quite use these a in of have terms report a we the

once sign We about corporate the and will bids select this more other state-level we obviously talk PTAs. and

we that with subsidiary, joint to have project. venture entered Energy into pleased on Petronas also announce Renewable Power are We Gentari, Peak a our

as value. view to we know, shareholder pillar a capital enhancing you As recycling

In doing Late number to like has business us a build are March Surcharge addition successful the our substantially XX. other of scheme, steps these of and to players ease regulators improved give us, which XXX days to to these taken including continuity positives, Payment by growth our developments market. indeed the there for this strength trajectory of as All in DSOs

have know, and listed respond in you key will climate as ReNew, And NASDAQ of next global the in this Secondly, period, years built on we the months. our the two areas up transition organizational opportunity. being couple to of to footprint across complete capabilities

from key developed have business by We management additions highest apart of talent project level leaders and regulatory, four key solar functions digital manufacturing strength onboarding from our several on with committee strong backgrounds. leaders bench global in development, execution, diverse

multiple by readiness us taken our the been have future. There steps for to enhance

our our security As we to energy momentum advantages an to good supply operation are critical provide renewable business. development on solar and core example, manufacturing seeing cost

own our deliver capabilities bolstered wind During projects also this period, EPC at we scale. have to

have engage in our with seen and ratings. continue to We sustainability stakeholders good traction

milestones are increased to leader. company. transition has us CPPIB, stake XX% you climate our certainly As stronger in these economic largest a aware, their All also the as important investor, position

important continue we X, building of Page on well other to execute Thirdly, financing. on block the

more difficult reducing successfully environment, debt $X 'XX, by refinanced in favor of of than rupee-based we FY in maturities loans. interest a cost During the billion

we have. the to their of In alliance equity with are We contribution is that agreement tranche Petronas, JV we further. a this Power signed who build in first monetization received to project. the their have we enhance Peak exploring keen and hope we earlier, presence parallel, for renewables, mentioned As our have on assets of

than without on We issuing a also returns funding price to growth at new us higher recycling shares. shareholder returns, supports intend enhance healthy multiples which targeted as to raise share programmatically to at asset enhance That execute enables our way value. implies, initiatives further

to recent Xx to Page us. same execute the leading significant in to years have complex to seen shift opportunities auctions have several recent to past pace are each won projects, MNRE's annual higher accelerate in provide IRRs percentage in auctioned differentiated higher our the time, with of X; amount are At the gigawatts XX tariffs the seeing combined recent that on highest of less and couple a the auction competition we towards push we Turning auctions, years. projects we complex last market a over some around the for ability of

there a in where biggest was power auction the one were a case we recent supplies, winners. peak for point, As of

and clearly While complexity a will require daily that amount much to higher competitors. high requirements. conscious delivery yet is a tariff PPA our which I'm significant this wind signed, is resulted peak complex bids the be capacity This to PLF the project, meet from in dual of

not this that our a RTC the on In on we we of higher fact, XX% high believe the tariffs was of CapEx which about are XX higher the similar to out won, were be had bidders, final even have most we Said of basis. IRRs. complex end and IRRs realized project are projects XX% in that country. is we project targeted lowest projects while The illustrates out XX% supplier not of normalized won, range other our to the higher the if cost have that of much another expected -- tariff than the expected to above the earlier and tariff than where way,

on has complex in X, seen ReNew competitive Put auctions. advantage a Page simply, significant as

position. IPPs advantageous with an gathered our wind one data years, a strong related systems. in-house to and storage few The integrated vertically partner are the digital battery wind us Indian of execution for We credentials the solar coupled EPC, takes over with JV proprietary platforms to with

EPC solar and dearth wind, deliver capability capability seamlessly. wind even of storage a is in less and scale India to in and operating There at

happy our sign not into portfolio the this the that expect PPA. are we and with We to winds note we later include until Do PPA outcome sign year. do a

fiscal to are we that that execution Do during spread note year to the of to happy financial of the expected which gigawatts throughout part to quarters be capacity gigawatts gigawatts expect of will under gigawatts construction the 'XX X.XX remaining the the Turning come year, during X.XX X.X of of to share during execution 'XX. while X profit is and complete X, year we a to large contribution FY respective the capacity Page in limits online the years, last commissioning.

in 'XX since last multiple two our and and completed peak time growth track power round-the-clock our to well derisked year. current with you in stages we the the biggest spoke projects further advanced FY have get are by We the fiscal end as on the of projects, power the

when there been two had order last to originally relative of on discussed. the largest would these year we that have growth buy note savings to plus projects our modules represent in the 'XX. These EBITDA in timelines late FY adjusted chunk cost also Please have to deliver projects in XX%

by in India of and supply, side expected is Our manufacturing provide solar start the challenges facility production currently. much given supply security early quarter sourcing needed next module to in

to it our to like CFO, over would latest financials. go to Kedar, the over turn I that, With Kedar?

Kedar Upadhye

Sumant. you, Thank

provides of XX, which the now I'll year XXXX. to highlights fiscal Slide move

equity to year, XX.X prior during increase increase year. the XX.X% increased EBITDA for PLF same current income adjusted gigawatts the achieved and from 'XX XX%. portfolio levels to XX% are increased year, $X.X the at XX.X of increased and a an prior the fiscal PLFs flow of FY fiscal to an gigawatts basis. Total cash solar $XXX XX% in million compared on Y-o-Y Our in roughly of revenues to 'XX compared fiscal wind the to prior increased year. from billion, The when the our

expectation by recent However, abnormally as coming the likely is conducted in the study expert wind a years. expected that wind industry that is is low over the highly the past the to normalize several it resource years resource syndicate,

which year XX, poor -- lower and or a than sales Page provides resource adjusted despite million higher stands wind which carbon reconciliation the year. to last the of XX% last at Turning than $XXX credit EBITDA, relatively

company our is prior at margin an to have noticed similar lower compared may You is overall In our for business EBITDA XX.X%. that core EBITDA reality, around at periods. margin level

EBITDA mandated to get margin EBITDA sold, the which are subsequent bit the wherein making distorted the the Agreements. the of The PPA goods adjusted This follow This XX.X and the on billion. at reported. which impact applicable cost during reporting INR to billion under assets is reported will transmission is a the constructs overall X.X by standard limited we X income INR projects, transmission IFRIC period accounting annual to of INR added IFRS million our Service income requirements Concession for to about on XX

improve improvement to time. receivables Sumant days. DSO the continue collections overdue a put we Turning amounts, past improved, over our and expect year-end XX% we XXX Discoms XX, The to to nearly in and only payments Page distribution reduction highlighted to continue due continue year, over by on last from make to companies. efforts as state DSOs to further

these As authorities, probably time. be which around will an increasing Government-owned [indiscernible] percentage of bill to sales Central our

balance our in bank liquidity, balances, sheet, of billion is close pretty summary cash a through INR including healthy. have XX Going which and we to

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

initiatives. XX turn to will I our ESG about and that, With Page talk

Mrs. Officer, for Sinha Vaishali her able Sustainability us the is Chief not travels. join today our call As to due to

vision, to We fronts on new ESG setting performance all benchmarks of transparency. are committed and

by Science target or Based foremost, that for announce zero and and we net Targets to are ReNew's prestigious validated been First the Initiatives XXXX has thrilled SBTi. officially near-term

in you degrees alignment alliance set global targets with know, ReNew's ambitious to Paris limit latest aspirations that This Celsius efforts with recognizes above and to the the SBTi Agreement reduction climate with reinforces As pre-industry warming our X.X levels. science. emissions businesses line

X 'XX On a to chain zero and Scope X, from to emissions target, by and XXXX, our commits base commit XX.X% by our year. GHG across reach reduce fiscal fiscal absolute X net GHG we by emissions fiscal 'XX net zero ReNew value

and our on testimonials latest Our scores ratings transparency. to are and endeavors ESG performance

received performance, globally ESG Sustainalytics, recently category. a validation XX.X% ESG number renewable ReNew Global commitment in As globally we XX the as energy company. category number our of ratings of from and ranks rating seven utilities a This in and

the higher XXXX puts of average received C leadership in as A Furthermore, higher its ReNew sector B CDP, the new supplier the A by bank. accelerate for than for ACR ReNew action minus. supply which us emissions. base regional ReNew's than company CDP Asia rating ACR from to on minus engagement and is is of a chain the renewable rating generation rating power practices of reflects current that the average minus implementing

will 'XX FY I our it comments on that, for CEO, guidance. Sumant, turn With to our

Sumant Sinha

Thank Yes. Kedar. you,

the in our of FY 'XX, range be to XX regard expect With Slide INR guidance billion EBITDA for XX adjusted billion. on outlined INR XX we to to

to sales from practically made we and we on that related commitments, weather, poor are no Given delivering to projects among M&A committed carbon completion credit contribution FY our continued FY rate have EBITDA and conservative thereabouts. run 'XX, factors. we other essentially FY to In of over 'XX contracted we expect adjusted grow EBITDA which of reach And now. by then as XX% portfolio or our fully do in 'XX, assumptions is

INR balance extra to about of billion 'XX. sheet debt the X.X decline have expecting at we regards FY flow 'XX cash in With The on under FY billion INR the our construction our delivery gigawatts reflects moment. from to to X we are for equity, X that

debt to as debt, the to improvement the is and we regard run as this previously. large-scale ratios we the progress, CFe will getting often commissioning start booked. coverage gigawatt same forward be happens see going as remains rate when XX.X it Our that peaking in revenues begin With believe year will was

our see capital from will the ongoing recycling also We benefit initiatives.

now XX.X expecting our With are to-date, to completed. our shares EBITDA free which about float. buyback, nearly time turn one XX.X is improve the regard have XX% by repurchased we of gigawatt our represents portfolio We net-debt-to-adjusted million by to

as about million We continue represents XX% of portfolio. XX investments XX% to float. of of free our remaining the return the to see total of scale one The INR shares further authorization our highest in

to happy you. for be questions, With listening to thank us. you that, will to Nathan, back and take we

Nathan Judge

please can for open you the open Darcy, Hi questions, please. call

Operator

[Operator Instructions] Clare from Justin ROTH Your ahead. MKM. comes Please from first question go

Justin Clare

Hi. Thanks questions. for taking my

you uncertainties what you led that talk you caused quarter, for back just this visibility that projects improved have. how about and timelines? those initially if the So date I the commissioning was have the And in wondering on recruiting CMB evolved? the you just then to has have could first to [indiscernible] added that

Sumant Sinha

I Justin, of the Sorry, part get your couldn't second question.

the The was have part what how first commissioning, around was And around we right? second higher do question? certainty

Justin Clare

that visibility I the just question that's that of wanted have It's then around part know? improved to Yes, And that's right. you really, into the the project commissioning. key

Sumant Sinha

it. got sure. Yes, Okay, yes,

while fewer have that megawatts the look, on on. was increased was is that commissioning working reason there last we because confidence going obviously construction work year, on lot So we project the were for we of projects a commissioned for

example As you the with did just as know, we financing project, for -- Mitsui. front, on an the RTC tie the up

We also India the lenders, the We've machines, which syndicated plus into acquired. been for loan billion has of the did with $X lending land first the were international XX ordered for six time.

project, commissioned. a for few fairly have of of will are -- those therefore, you'll lot happened now both project Peak that So and in getting months, you we which advanced over work progressively start projects Power has next RTC the commissioning. seeing the confidence stages the And

that you is in a on projects on now. confidence that say that number our working we're numbers we've we're of So progress ground I the really actually that giving commissioning made for now the right the would right our

emanates where so it's that of X-odd-gigawatts now joint project, you portfolio. Petronas these in announced is with projects, which of between So Peak really the both them of the as large our that the for around as And I really the account we've Power some of also almost on financing, from. confidence two see, venture projects, said,

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

Justin Clare

secure the set meaningfully here of it. in helpful. the I might you on IRRs thinking the And very bid if capacity plan the the has to then factors years, capacity MNRE, announced growth amount got with that expanded? accelerated if -- the by was coming about do of wondering that to auction win how at you what Okay, might That's you just potentially you're was especially amount be auction are that opportunity be limiting attractive? expanding So and anticipate wondering the able

Sumant Sinha

great That's question. Justin. a Yes,

reality to has government's up agencies the new as on to is XX SECI. a from that gigawatts out look, note a are year. to that about appointed with of we, of every target So effect. XX MNRE gigawatts. total specific of top is bidding moving that move auctions come a country, They've The three And

three but There doing company companies, know, called agencies. power far, As another are Corporation central the third Solar so Energy you was company NTPC, government-owned bid SJVN they appointed the have new and called NHPC.

and companies done on. are auctions been carrying the now have out so set So kinds these has that quarter. tasked specific of with will the in what very MNRE of, and out come auctions be of And power selling also this

And majority And towards why in about that's that granular a point. that the categorized So also of auctions. particular they that now bids plan of fairly the out have talked complex they've it's are what plan, will come with. And happen. kinds moving bids the that can that in see you we

to very up therefore, the your there to regardless target is But if going get target to in of amount, get step are to up auctions we the substantial whether happen. that of to XX, question, back the be will come a number to

so the us how And win? how we that much for want of to question win we do can and much is,

And where is so talked we the IRRs. able is, opportunity on reasons I expertise high we the have. there on there these seeing because maintain that to projects amount now make we our of want criteria to So about, think the that obviously first we of and which IRRs are here increase I that an is we're can

that much clear one And balance at you maximum willing our want debt we stretch factors, terms keep are of to constraining in get obviously only given level. want how however, we've because on we our it's it so sheet. very to guidelines balance is a And sheet. much financing The to on we certain

that clearly So one factor. is

on an the the course, right to equipment is, is also factors getting from actually capability. execution of is two, right are and capability factor EPC of there second standpoint, executing our price. One capability and front, access involved. clearly the And And several execution the projects

all to we sure And don't able we properly. to so most optimal just manage then make in these projects not overcommit want of And we that we execute to the that are way.

within looking that the So we we possible sure win, And want make ends want the those or are factors to that, highest at. maximum up at IRRs. to keep being just whatever we that the

that years capability comfort not get answer question, three years to and to as at near every the next will in the intend year. exceed of a to execution sense the number do two year. on to future can be just around think that megawatts, and that. that X pipeline, this is current the plan. year 'XX, to our 'XX we megawatts And we do. every have over FY about So an we do But of term, sort year, your next we we We're our up to And already in point, focus X Justin, FY X likely for perhaps is then have scaling X that already about to we gigawatts of gigawatts execution

win factors that, these to will us much an and be on look But FY those start then projects maximize sense IRR. that So shape it to X really up that scale the X and talking up. selective about certainly gigawatts potentially about really more within that with somewhere choose our I for onwards there's opportunity we're and 'XX and how we between all of depending

a down to think all I will market even deliver up done higher share said go our our little ability bit. and comes therefore IRRs So potentially as

Justin Clare

much. Okay. hear. Thanks That's very great to

Sumant Sinha

Thank you.

Operator

Thank you.

go comes next of ahead. Bank Dumoulin-Smith from from Julien question America. Please Your

Morgan Reid

question. is taking comments subsequent any you're you're win Julien. just and project talk interesting auction the to on from - opportunity seeing wins talking just Reid complex successes presumably about. on that the of you you Thank the flow you through my This for going FY all Can late. Morgan 'XX for Really like in expanding about Hi. latest there are

we to were for could can pipeline adding X you that segment the should when that the look development kind So gigawatts talk about? this here, about to project into X you where that start to in we development and complex talking of upside of just see current

Sumant Sinha

sure. Yes,

that we just that reasons easier is it already, certain them of all So power. the power complex absorb about profile. moving It's the talked grids the direction is generation much in in is government utilities a terms that because meeting and the for auctions, absorb I've for to easier to clearly the for as then are, just that

they profile therefore of us. generation in so some And the ways responsibility onto are passing the shaping

cheaper us because us them is shaping, to is utility with the give coal still alternative fine the power profile a for that based power. or next and that's And a is that than it do appropriate is which best that source allows

based And - buy basis, even higher. in coal today those and If merchant power about X are INR market power is power in the prices they on a INR markets anywhere X the from upwards.

so for them, win great get for below managed that's And X if utilities. they're the a INR able profile, to anything this for

have just into the we PPA committed that once But as an tariff to we And way bidding which said we as which most in compares so won and only ways won some that do which auction tariffs our INR by closer tariff, indicator the that on round our the thereabouts. put an X.XX clock recent is auction with standpoint, signed. you X.XX. of we won or around was repeatedly, the And from INR - tariff at, direction power because that the pipeline in heading not will first of the was that we yet another project, are we the

course, generation the the much Now a required. and lot therefore, much is profile of is it solar on and shaping storage how how depends that much of required of wind, how

of an But it for tariff. kinds these generation higher that accept a utilities comparable indicator exactly profiles, gives you certainly, basis. willing kinds projects, not they're So to are of on these a like-to-like

of and And any there, wind directionally finding participants limited. execution require wind - us is capability in fewer I to that's really the aren't stated EPC more and own a EPC really think give India, out good large is in are There these as team higher going we entire IRRs. our what we bids, of have than people. they providers repeatedly XXX we've because component And therefore

comes on a The as our of commissioned put availability past, where also, commissioning also -- which to auctions. the other some X said these solar which squeeze modules this we've really for solar thing now in that competitors the our module have constraint, making in right on And is getting it there own is is now And is is availability. which is India, hard module summer, policies of manufacturing handy. bid this solar repeatedly What later a government's plant, really is gigawatt is in they're plant. a

allows us to that confidence to modules. so And able already solar lot have in more a source being

you lot steps that us manufacturing, all it that past, because Indian lot that a solar I would we - reservations this a we security. had anticipate in of happen we've of in for and the reasons and was these this of market and but into So will that that the got give taken the when know

right little out wind, capability get bit. market of our is higher is and of doing solar capability so much of struggling chain right supply the the now a to the us is where capability allowing the having own finding the of what ways And combining IRRs

Morgan Reid

in around execution. project those where you've nuances the of And the the strategic kind as that mean, all finish we some of talking I a are guess, to years, 'XX, to strategic next delays And data of results comfort the confidence Got couple you FY get in the to any can I it. get of all and investors FY bit rest now about kind understand front you would here, next of forward terms looking about efforts. and should focuses 'XX we're development kind of of talking I of that I of that years FY to would 'XX guess kind little all there about of impacted what mean where, were of focuses, you? terms for guess guess - in talked of terms I I that out you resource the understand. understand us you some here in by in trying couple But more opportunities I point point try around going the

Sumant Sinha

Morgan, couple which Yes, would is and of things. most is focus One Justin a I on you guys of point that course, the critically, about, project is, commissioning. was also asking

be think hopefully I everybody's that even is going the build in obviously to central to confidence further company.

that's should we that think monitor, will go I definitely So we that we something you to forward. as and information provide

XX what so comfort happen around you 'XX, our that is of final that the 'XX FY also, FY numbers in - 'XX around therefore, terms going will year. run give And and FY rate and in give confidence be will to you in manifest which

is at I also wins. look should the think thing, second you bid And

I those earlier, -- are we you actually as India bid can wins, track because a the in available. put we said into don't about typically we because translates don't put don't that into talk auctions into that happen publicly can up. We that normally PPA, it Now that unless, pipeline. But a

start point the at tracking show bid signing, we actual a have Now in which you up be between can lag wins will the at win it least is there our may wins. that committed pipeline, the PPA bid that bid but the and

of is you'll so in. direction get it heading sense And which a

that again the a that factor and because us, to just constraining happen. for not auctions going point the make growth are will enough there to be But market is

In addition, very as doing you the well corporate well. market know, as PPA is

want about right much little how within - And choice about can selective maximize a to win. we spoiled for do which that, actually we we're very So therefore, bit now capacity IRRs. be how to

higher course, at so that be assume I can not of I will think therefore, have, up, that's the think you the number selective you because will can of to, But something level of able we that just will as that go be bids we a wins see more specifically. now. IRR be And

I are to. those two things you So the point would

Morgan Reid

Yes, you. Thank ahead. go

Sumant Sinha

only Yes. third obviously Yes, asset the thing is the recycling.

more can go so front. to as on announcements some on forward And you that so look we therefore, and

Morgan Reid

Great. Thank you.

Operator

Thank you.

next from from Your Puneet question Please comes HSBC. ahead. go Gulati

Puneet Gulati

also thank for can first and it Yes. be you in the is that quantify or this looking what driving can are any question delay if there you costs, in Hello. if cost My what kind wind opportunity. reduced cost savings in et module some seems of is at And give you of terms color cetera? you savings on change could commissioning the cost turbine

Sumant Sinha

Puneet. Yes,

So -- first saving. What of sorry, cost second question your part was as the far the as the part? was

Puneet Gulati

to commissioning. earlier first led really What the yes. in in to delay do half, it I mean, plan was

Sumant Sinha

That's yes. right. Yes, That's right.

supply the those the China. prices down, some reasons around the was some given to we year? were So them coming delay course, such go clearly were us look, fact extended -- that think have that I come to issues. biggest we in reasons gone equipment I there really that that delayed. There of think polysilicon by fact one issue the sort therefore, up, were, some organic up got But decided as transmission substations in reason of were to for some the adds government module expecting secondly, And the the and commissioning deadlines up, were supposed

And lower for project to a months CapEx's the a on projects cost. should or potentially so and was basis, module that for then wait we whether advance were commission the months in per commission we us higher at question $X.XX six whether really should at six $X.XX

as by happened China. result have down have come And that that's in because a of the all that what's to $X.XX. -- Now been come that, in added sense polysilicon down prices in fact, the module prices has poly capacity $X.XX

So CapEx X% projects. by almost down allowing to about that our get about for us, X% -- close is solar therefore, to to

X able get really -- of delay to having commissioning. Now to so by months X that the project in that's we've been benefit this

Puneet Gulati

And give us October, can you for of what Okay. some you module November? are deliveries sense pricing getting kind around of

Sumant Sinha

from can modules depends, see, there now now different getting places are that you because we where where So about October, prices right it module - modules from the really getting for get November. Puneet, three the are you're

them about import China from can You $X.XX. $X.XX, at

least you at to the got you China, in it. to know, as have to So earlier. they But pay prices come levels down XX% have custom had duty on a

$X.XX, allows to about little in The which their lower, the are the it's Southeast duties, and the option $X.XX, tolling prices third closer is also come prices from now to in $X.XX. do $X.XX second which And price China import $X.XX. buying down, sell about compared is so is source of plus the you having to a import $X.XX, bit case, sales India, a to the get Asia,

able tolling sales being ways, capacity to the as India, optimal in now you sorry. of most most the somewhat that So China if -- the going from in Asia is U.S., module is because, some are capacity to and know, have you Southeast Imports solution. import do limited the to the

very So source actually there. to it's modules from hard

on higher now sourcing be So I fracked would the or as capacity is you which India Indian turning sales the the today because in converting very to your is depend why where having there. because the well the to production modules right price in out a India, being and also from say into modules sourcing levels And the access important U.S. know Puneet from. to modules are cheapest as lot of a of importing place capability the them module you're is now pricing

for capacity the - sales India. in not that India available it's So is entire module

lot this creating said, by own point. folks of this So middle plant the for fortunately, what -- I we as the our is, But a is year have stream at by coming on of by summer. that think, I this problems

the the start from about, $X.XX, module $X.XX. at getting of of our so rate let's capacity say, And own lot we'll a

Puneet Gulati

law buy from benefit you from you would still And or own change when China versus of in importing get getting there the and your adjusted? capacity duty

Sumant Sinha

So the yes, so bids it Puneet depends happen. when

As to, Those I so think, you know, are in change that get those law. Xst, bids happened will grandfather, April XXXX. prior

after know, that willing and have for you from stock the duty, So that, takes you some for obviously, as to get capital that you bid But projects can for pay those you're have import that refund. still don't China time, capital time to benefit. it have working that if

place go India So option next the being to then you the as solution. have for

Puneet Gulati

Okay. Understood.

Sumant Sinha

And I - really getting RTC that's like bid commissioned are our now of So right projects most and what's commissioned all Power, would say Peak are that before. happened. that those

for protected there. change are those So in

we won two. protected, it's the sort a mix the of other were bids of so of and not that Some

Puneet Gulati

And so to from for still change factory alternative in happen? what law, prefer would because of from you importing that India or China? a better would instead still Is your buy of own

Sumant Sinha

No.

$X.XX, and cost if or that better you For at $X.XX. apply higher $X.XX, are wherever therefore, going to of and still still change import because it that, from all law in capital even $X.XX, be you protective, the you're maybe working the to China is is of probably

X.XX still doing or $X.XX in than it's cheaper So tooling the India.

Puneet Gulati

That's helpful. Understood. very

which income about it carbon a this talk booked you can time, from you number decent year bit a seems till if the used the other some credit Secondly, be impairment. expenses in sales, to actually and last part,

change? that driven has what So

Sumant Sinha

Yes.

that. think will Kedar take I

Kedar Upadhye

Yes.

largely credits. us year, the time, these And as for credit which And first for cumulative carbon actually, of of eligible were of our income year. the last last is income accumulated happened Puneet, through RE So most projects, we recognition, registration it credits.

I reflection. lower So think of it it sort - was have to designed year-on-year, will

you're revenue the And there reduction time, seeing which down. from the by this So a because year, line, impairment was gone was last a prices have there in expense, in design. is

bit is are as because no I prices the mean, know, credits for pressure. RE you of under a there additionality, little

accounting we September an So done inventory until December. had and

those to all $XX overall FY given were But we in had billion. billion was required to we that's some extent, for factored that So and of to the with 'XX, billion $XX guidance prices. adjust $XX line that

other I is factored up, in is reflected just RE credit what impairment? sum adjustments there. were these think pricing to But that all expense So

Puneet Gulati

Okay. much. That's very so helpful. Thank you

receivables Just a here read change negative in on the entry while down. call there sheet, one on How in was one was that? a FX, go contract the did which quickly, balance your should

Kedar Upadhye

So if I can to, -- which referring Puneet, specific repeat? you line you're could

Puneet Gulati

assets. contract is flow which in INR up in there change shows X.X sheet, in in billion balance assets, from the decrease statement cash noncurrent So the

Kedar Upadhye

Yes.

IFRIC So the CapEx spend cost briefly and what mentioned we immediately accounting are following accounting. now, be a means to transmission for transcript, it amount sale speech, See, transmission is respect might a are as of a in the which in period. XX with we [traffic] projects I accounted my same

will will on receivables and be X% but accounting. the in very And and net collected get the the [PGCIL] be that. be the PPA the period from this these which a part receivable will will to EPC subsequent normal support in we will marginal margin of X% in from creation, revenue recognize get collected periods So P&L, the in a the the projects, there maybe a in cost as be margin period. But there there we which construct

book really cash entry. So impacting it's a flows. It's our not

Puneet Gulati

best. That's Thank All Understood. the so it. you much.

Operator

you. Thank

ahead. from comes next Your Stanley. Amit question Morgan go Bhinde Please from

Amit Bhinde

one question to till a to And we now X.X we increased X.X at Hello, to to earlier guiding project that EBITDA And had have were sir. corporate quarter adjusted PPD. of level. debt. run net put I debt rate X.X have X.X that additionally, just on we three X.X

X.X So to that's somewhere X.

when our debt with like for in even assumptions down changing receivables capital So expected are coming the what working come to now. is

So increase? sale assumption why would

Sumant Sinha

Yes.

it up, materially of discipline rise, pretty has at what conscious is project think I strong. the not a it's level, we gone the tracking [DSCR], slightly are because

we at stick will to communicated we So level. that what earlier

top So of that invest to required newer in for not corporate is changing. is us businesses. The

we So are you directs. as know, doing initial

businesses. We doing are initial

are doing investments. We manufacturing

here. those EBITDA factored from the Now is not

get there pricing to whenever EBITDA modules. that ideally, you attached we a certifications, exporting. capture scarcity know we from manufacturing, you the And is premium So the and start if of

visibility If take time get but lower, the some you think will be that. factor us the for will it EBITDA to that, this from from I substantially

about which at So contextual generation. lower to should new for of up make look time portion us the Slide talks us green you end. XX, X.X will is on businesses, subsequent And build additional which the period that to at primarily EBITDA period have required top the at for investments

Amit Bhinde

Yes, All Thanks. that that. right. was my question. Got

Operator

are Thank conference today. does for our further no conclude questions That at time. this you. Thank There you for participating.

You may now disconnect.

ReNew Energy Global (RNW) 7 Jun 232023 Q4 Earnings call transcript