The following is a summary of the ReNew Energy Global Plc (RNW) Q1 2025 Earnings Call Transcript:

Financial Performance:

• ReNew Energy reported substantial growth in operating capacity with a construction of over two gigawatts, representing a nearly 24% increase year-on-year.

• Despite the significant increase in capacity, adjusted EBITDA increased only by about INR400 million due to factors such as absence of late payment surcharges and lower Plant Load Factor (PLF), impacting revenues by about INR1.3 billion.

Business Progress:

• ReNew Energy has successfully doubled its operating portfolio by securing over 8 gigawatts in auctions and converting 2.2 gigawatts into PPAs.

• The company continues to expand its module manufacturing capabilities, with a total production capacity expected to exceed two gigawatts this year.

• ReNew plans to maintain a disciplined approach in project bidding to ensure low-risk and high-return project acquisitions.

Opportunities:

• The company's growth is largely supported by robust demand in the auction market and securing projects with favorable terms and lower module prices.

• External module sales contracts are set to utilize surplus manufacturing capacity, enhancing the return on capital.

Risks:

• Revenue impacts due to lower PLF and the absence of late payment surcharges.

• Weather-related challenges affecting quarterly revenue and EBITDA figures.

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