ReNew Energy Global plc

Thank you for standing by and welcome to the Renew 3Q 2025 Earnings Report. 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 will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Anunay Shahi. Please go ahead.

Thank you. Good morning, everyone, and thank you for joining us. We put out a press release announcing our results for fiscal 2025, third quarter ended December 31st, 2025 last night. And a copy of the press release and the earnings presentation is available on the investor relations section on Renews website at www.renews.com. With me today are Suman Sinha, our founder, chairman and CEO, Kailash Vaswani, our CFO, and Bashali Niram Sinha, co-founder and person sustainability. After the prepared remarks, which we expect will take about half an hour, we will open the call for questions. Please note, 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 easily from those expressed or implied by such forward-looking statements. So 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. Also contained in our press release presentation materials and the 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 our annual report. It's now my pleasure to hand it over to Sumanth.

Yeah, thank you, Anand. Good morning, everybody, or good evening or good afternoon. Glad to have you all on our earnings call for the third quarter of fiscal 2025. Before we get into our business and the updates for the quarter and the nine months, let me give a short overview of the macro environment related to our industry and in the past three months. In India, the GDP growth rate which had declined to 5.4% in Q2 fiscal 2025 is expected to again pick up from Q3. Inflation is also benign with RBI cutting rates by 25 basis points earlier this month after a fairly long period of time with further cuts rate cuts being anticipated during the year. We anticipate that Indian domestic banks should pass on these benefits to borrowers like us, thereby reducing borrowing costs for infrastructure companies and making projects more attractive. Power demand has also increased from December 2024 and the recent union budget also had a strong focus on boosting consumption, which is encouraging. The renewable energy environment looks promising with more than 50 gigawatts of renewable energy capacity already auctioned during the year. Therefore, while the US equity markets for renewable energy companies remain challenging, the underlying fundamentals governing renewable energy in India continue to remain quite robust. Let me now turn to updates about Renew. Renew has now entered the 15th year of its operations and we proudly celebrated our anniversary recently. From our modest beginnings in 2011, we have expanded our footprint to almost 11 gigawatts of commissioned capacity. I extend my heartfelt appreciation to all of our shareholders, our employees, customers, lenders, advisors, whose unwavering support has been instrumental in our journey since day one. Now, let me turn to highlights from our business on page six of the presentation. Over the years, we have maintained our leadership in project execution and commissioning greenfield projects. I am pleased to report that we have achieved one of the highest year-to-date megawatt commissionings with approximately 1.3 gigawatts and an additional 150 megawatt hours of batteries commissioned so far this fiscal year and a total of 2.6 gigawatts delivered since December 2023. With this, our operational portfolio now stands at 10.8 gigawatts with a 26% increase year-on-year. Our total committed portfolio now stands at 17.4 gigawatts representing an impressive 27% growth year on year and an additional 1.1 gigawatts since the last earnings call. We have secured 3.9 gigawatts of renewable energy capacity and 600 megawatt hours of best through auctions so far this fiscal year, bringing our total pipeline to approximately 24 gigawatts plus 2 gigawatt hours of batteries, representing one of the largest renewable energy portfolios in India. A notable trend this year has been the strategic shift towards more complex projects with the majority of our auction wins this fiscal originating from such projects. While we are not aggressively seeking additional capacity in the near term, we continue to adopt a disciplined approach targeting auctions that offer attractive return profiles. With the decline in battery prices, the market has seen increasing number of battery plus solar solutions auctions. We are excited to announce that we won our first solar plus battery energy storage system tender this year. We remain confident in meeting our targeted megawatt installations by the end of the year. This includes about 600 megawatts, which is subject to timely regulatory approvals and build out of transmission infrastructure. Our manufacturing facility continues to expand towards its full potential and is now producing about 10 megawatts per day of modules. Additionally, we have been able to secure an aggregate order book of about two gigawatts till date, doubling it in a quarter. These modules and cells are expected to be delivered over the course of the next fiscal. Our manufacturing facilities have produced by this time in aggregate about 3.6 gigawatts of modules and about 300 megawatts of cells till date. Continuing our path towards world-class ESG practices, Renew was also recognized as India's highest rated pure-play renewable energy company by ASLP. Let me now hand it to Kailash for finance and other highlights.