Indian renewable energy company ReNew Power reported a narrowing of losses by 9.8% YoY to INR 3.4bn ($45mn) during the quarter ended March 2022. Total income for the quarter stood at INR 16.6bn ($232mn), up 31% YoY. Adjusted EBITDA was at INR 12.8bn ($169mn), rising 49.4% YoY. Cash flows from operating assets saw a net outflow of INR 5bn ($66mn), against an inflow of INR 1.6bn ($21mn) the previous year. As of the end of the quarter its net debt was in the range of INR 429-451bn ($5.5-5.8bn) with leverage at 5.1x. Around 68% of ReNew Power’s of total debt is denominated in dollars. The renewables company said that it expects $10mn in annual savings on interest costs upon conditional redemption of its $525 mn 6.67% dollar bonds due 2024. ReNew Power also entered into definitive agreements to purchase 528 MWs and signed PPAs bringing the total portfolio to 12.8 GWs during the quarter. For FY 2023, the company guided for adjusted EBITDA of INR 66-69bn ($850-880mn), with capex expected at INR 194bn ($2.5bn).

ReNew Powers dollar bonds were trading lower with its 6.67% 2024s down over 0.07 points to 102.80 yielding 4.96%.

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