Renew Energy Global PLC (RNW) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to the ReNew Second Quarter Fiscal Year '24 Earnings Report. (Operator Instructions).

感謝您的耐心等待，歡迎閱讀更新的 '24 財年第二季財報。 （操作員說明）。

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

我現在想將會議交給投資者關係部門的內森·賈奇。請繼續。

Yes. Thank you, Jason, and good morning, everyone, and thank you for joining us. This morning, we issued a press release announcing results for the fiscal 2024 second quarter and the September 30, 2023. A copy of the press release and the presentation are available on the Investor Relations section on ReNew's website at www.renew.com.

是的。謝謝傑森，大家早安，謝謝您加入我們。今天上午，我們發布了一份新聞稿，宣布2024 財年第二季和2023 年9 月30 日的業績。新聞稿和簡報的副本可在ReNew 網站www.renew.com 的投資者關係部分獲取。

With me today are Sumant Sinha, Founder, Chairman and CEO; Kailash Vaswani, our newly appointed CFO; and Vaishali Nigam Sinha, Co-Founder and Chairperson of Sustainability. After the prepared remarks, we will open up the call for questions.

今天和我在一起的有創始人、董事長兼執行長 Sumant Sinha； Kailash Vaswani，我們新任命的財務長；和永續發展聯合創始人兼主席 Vaishali Nigam Sinha。在準備好發言後，我們將開始提問。

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 our remarks, and there are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements. So we encourage you to review the press release we furnished in our Form 6-K and the presentation on our website for a more complete description. Also contained in our press release, presentation materials and 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.

請注意，我們的安全港聲明包含在我們的新聞稿、簡報資料和我們網站上提供的資料中。這些陳述對於我們的言論非常重要且不可或缺，存在風險和不確定性，可能導致我們的結果與此類前瞻性陳述明示或暗示的結果有重大差異。因此，我們鼓勵您查看我們在 6-K 表中提供的新聞稿以及我們網站上的演示文稿，以獲得更完整的說明。我們的新聞稿、簡報資料和年度報告中還包含某些非IFRS 指標，我們將這些指標與最具可比性的IFRS 指標進行了調節，這些調節也可以在我們網站上的新聞稿、簡報資料和在年度報告中找到。

And it's now my pleasure to hand it over to Sumant. Sumant?

現在我很高興將其交給 Sumant。蘇曼特？

Yes. Thank you, Nathan. Good morning, everyone. I'm glad to have you all in our second quarter fiscal year ended 2024 earnings call. This year has presented the new opportunities for us in avenues that aligns seamlessly with our competitive advantages. The backdrop for Indian renewable energy developers is the best we have ever seen, marked by a significant surge in power demand, shortfalls in energy supply, significant increase in auctions for renewable energy, which is the lowest cost electricity supplies without subsidy, a softening of solar module prices and a shift towards complex projects that is best served by wind, of which we are the largest developer in the country.

是的。謝謝你，內森。大家，早安。我很高興各位參加我們截至 2024 財年第二季的財報電話會議。今年為我們帶來了與我們的競爭優勢無縫結合的新機會。印度再生能源開發商的背景是我們所見過的最好的，其特點是電力需求大幅激增，能源供應短缺，可再生能源拍賣大幅增加，這是無補貼的最低成本電力供應，電力需求疲軟。太陽能組件價格以及向風能提供最佳服務的複雜項目的轉變，我們是該國最大的風能開發商。

I firmly believe that ReNew with its disciplined approach to identifying the best return opportunities is well positioned to capitalize on the current market. We continue to make progress towards our goals, maintaining capital discipline along the way. We are more confident of achieving our financial guidance set earlier this year and are raising the lower end of our EBITDA guidance by approximately 3%. We now anticipate delivering between INR 62 billion to INR 66 billion in adjusted EBITDA for FY '24. We have put in a majority of our wind turbines and solar panels in our largest projects being commissioned this year, which puts us in good stead to deliver on our guidance of between 1.75 and 2.25 gigawatts of projects to be completed by this fiscal year-end.

我堅信，ReNew 憑藉其嚴謹的方法來識別最佳回報機會，能夠很好地利用當前的市場。我們繼續朝著我們的目標取得進展，並一路保持資本紀律。我們對實現今年稍早設定的財務指導更有信心，並將 EBITDA 指導下限提高約 3%。我們現在預計 24 財年的調整後 EBITDA 將達到 620 億至 660 億印度盧比。我們在今年投產的最大專案中安裝了大部分風力渦輪機和太陽能電池板，這使我們能夠很好地實現本財年末完成的 1.75 至 2.25 吉瓦專案的指導。

We expect the additional capacity should translate to approximately 35% or more per share EBITDA growth next fiscal year. We continue to see consistent flow of options as central agencies such as NTPC, SJVN, SECI, NHPC and some states have announced RE auctions of 65 gigawatts this year, the highest that we have ever seen in the history of our industry. Notably, 18 gigawatts of auctions have already been completed this year, already surpassing the previous year's amount with still about 4 months plus to go. A higher ratio of complex auctions signals the trend that distribution companies want specific electricity supply profiles, which require customized solutions.

我們預計下一財年新增產能應能帶來約 35% 或更高的每股 EBITDA 成長。我們繼續看到持續的選擇流，因為 NTPC、SJVN、SECI、NHPC 等中央機構和一些州宣布今年可再生能源拍賣 65 吉瓦，這是我們行業歷史上見過的最高水平。值得注意的是，今年已經完成了 18 吉瓦的拍賣，已經超過了去年的拍賣量，距離拍賣還有大約 4 個多月的時間。複雜拍賣的比例較高表明配電公司需要特定的電力供應配置文件，這需要客製化的解決方案。

The complexity and limited development capabilities in India and on other sales have resulted in less participation by competitors. Broadly, we have seen an upward lift to auction tariffs for the past 12 months and recent auctions indicate that this trend will continue further. We have signed a power purchase agreement, PPA, with GUVNL, which is the Gujarat Distribution entity for 400 megawatts of capacity that we won earlier this year and have received letters of awards for another 2.9 gigawatts that we have won. As a reminder, we do not include projects with LOA into our portfolio until we have a contract, a signed PPA, which indicates another step-up in our long-term earnings potential as the 3.1 gigawatts of projects, one, receive PPAs over the next 3 to 6 months.

印度和其他銷售的複雜性和有限的開發能力導致競爭對手的參與較少。總體而言，我們看到過去 12 個月拍賣關稅有所上升，最近的拍賣表明這種趨勢將進一步持續。我們已經與GUVNL 簽署了一份電力購買協議PPA，GUVNL 是古吉拉特邦的配電實體，我們在今年早些時候贏得了400 兆瓦的裝置容量，並收到了我們贏得的另外2.9 吉瓦裝置容量的中標函。提醒一下，在我們簽訂合約（簽署的購電協議）之前，我們不會將具有 LOA 的項目納入我們的投資組合，這表明我們的長期盈利潛力又進一步提升，因為 3.1 吉瓦的項目在未來3至6個月。

Our assets continue to attract interest from investors and strategic partners at favorable valuations. Recently, we concluded the sale of 100 megawatts of solar assets, resulting in a gain. In a little over 2 years, we have raised about $565 million from asset recycling and year-to-date about $93 million. The ability to recycle capital and deploy it in higher return opportunities remains a significant confidence of our capital allocation and value creation strategy. This quarter, we reported a profit after tax of USD 45 million, one of the highest reported by us till date.

我們的資產繼續以優惠的估值吸引投資者和策略夥伴的興趣。最近，我們完成了100兆瓦太陽能資產的出售，獲得了收益。在兩年多一點的時間裡，我們透過資產回收籌集了約 5.65 億美元，今年迄今籌集了約 9,300 萬美元。回收資本並將其部署到更高回報機會的能力仍然是我們資本配置和價值創造策略的重要信心。本季度，我們報告的稅後利潤為 4500 萬美元，是迄今為止我們報告的最高利潤之一。

This quarter, for the first time in a while, the wind resource was about close to normal. Wind PLF increased to 41.3% from approximately 32.7% in the corresponding quarter last year. And last 3 straight years where we have seen improved wind resource, which may portend for more normal weather going forward. While we remain optimistic about long-term Wind PLF's returning to normal levels, we are choosing to remain conservative at this time about our weather expectations for the remainder of this year in our guidance.

本季度，風力資源一段時間以來首次接近正常水平。風電PLF從去年同期的約32.7%增至41.3%。過去連續三年，我們看到風力資源有所改善，這可能預示著未來天氣會更加正常。雖然我們對長期風能 PLF 恢復到正常水平仍然持樂觀態度，但我們目前選擇在指導中對今年剩餘時間的天氣預期保持保守。

Turning to Page 5. In September 2023, we witnessed a record surge in power demand, taking 240 gigawatts during peak hours as well as a surge of power prices traded on the exchange, reflecting strong overall growth in power demand in the country. We have seen overall power demand consistently rise at 8% over the last several years and continue to expect sustained growth for the next few years.

翻到第5頁。2023年9月，我們見證了電力需求創紀錄的激增，高峰時段達到240吉瓦，以及交易所交易電價的飆升，反映出該國電力需求的整體強勁增長。我們看到過去幾年整體電力需求持續成長 8%，並預計未來幾年將持續成長。

While the Indian government is ambitious about achieving the 2030 renewable energy targets, with a 50 gigawatt renewable energy annual auction calendar, our position as a market leader in developing wind remains differentiated. With the shift away from Vanilla wind and solar auctions, there is a tilt towards round-the-clock and complex auctions. A significant step towards catering to unique power demand profile of distribution companies with wind as a key differentiator. Our experience in developing complex solutions provides us with significant advantage over others who do not yet have in-house wind EPC capability, digital all AI platforms and strong understanding of the supply chain cycles that enable us in securing returns superior to our peer group.

儘管印度政府雄心勃勃地實現 2030 年可再生能源目標，每年拍賣 50 吉瓦的可再生能源，但我們作為風電開發市場領導者的地位仍然與眾不同。隨著普通風能和太陽能拍賣的轉變，人們開始傾向於全天候和複雜的拍賣。這是滿足以風電為關鍵差異化因素的配電公司獨特電力需求的重要一步。我們在開發複雜解決方案方面的經驗為我們提供了比其他尚不具備內部風電EPC 能力、數位化全人工智慧平台以及對供應鏈週期的深刻理解的顯著優勢，使我們能夠獲得優於同行的回報。

Turning to Page 6. While the market opportunity is substantial, our commitment to capital discipline remains unwavering. In-house wind and digital capabilities in power has to seamlessly build operate and maintain renewable energy projects, providing us competitive advantages in the market and enabling returns above our competitors and above our cost of capital. Recently, we signed a PPA with GUVNL at a tariff of 2.71 per kilowatt hour for 400 megawatts of solar and letters of awards -- secured letters of awards for most of our 3.1 gigawatts of auctions wins earlier this year at attractive tariffs.

翻到第 6 頁。雖然市場機會巨大，但我們對資本紀律的承諾仍然堅定不移。內部風能和電力數位化能力必須能夠無縫地建構、營運和維護再生能源項目，為我們提供市場競爭優勢，並實現高於競爭對手和資本成本的回報。最近，我們與GUVNL 簽署了一份購電協議，400 兆瓦太陽能發電量為每千瓦時2.71 美元，並簽署了中標書——今年早些時候，我們以極具吸引力的電價贏得了3.1 吉瓦拍賣中的大部分項目，並獲得了中標書。

Given the increase of intermittent generation in the country, there is substantial demand for electricity supply that needs more stringent delivery and reliability requirements. More than 60% of the 37.2 gigawatts of auction yet to be completed this year, or complex power solutions. Given our industry-leading wind EPC capability, our scale, given the larger size required for complex projects, our ability to source equipment through vertical integration our superior access to the lowest cost of capital and our substantial land bank, we have competitive advantages in delivering these complex RE projects quicker and at a lower cost than anyone else in India. To summarize, this is, therefore, one of the best backdrops for Indian renewable energy that we have seen in a very, very long while.

鑑於該國間歇性發電的增加，對電力供應的需求量很大，需要更嚴格的交付和可靠性要求。 37.2吉瓦的拍賣中有超過60%今年尚未完成，或是複雜的電力解決方案。鑑於我們行業領先的風電EPC能力、我們的規模、複雜項目所需的更大規模、我們透過垂直整合採購設備的能力、我們獲得最低資本成本的優勢以及我們龐大的土地儲備，我們在交付方面具有競爭優勢這些複雜的再生能源項目比印度其他任何項目都更快、成本更低。總而言之，這是我們在很長一段時間內看到的印度再生能源的最佳背景之一。

Turning to Page 7. Our ongoing progress remains on track as our projects enter final construction phases. Cheaper solar module prices have enabled us to procure modules at almost half the price as compared to the same time last year. We delayed projects in the past because then CapEx costs would have resulted in sub par IRRs. As we continue to reiterate, we remain laser focused on capital discipline and have been rewarded by our patience. We have saved shareholders by our estimate, about $100 million in lower CapEx by pushing out certain projects.

翻到第 7 頁。隨著我們的工程進入最後的施工階段，我們的進展仍在正軌上。更便宜的太陽能組件價格使我們能夠以比去年同期近一半的價格購買組件。我們過去推遲了項目，因為資本支出成本會導致內部報酬率低於標準。正如我們不斷重申的那樣，我們仍然高度關注資本紀律，並且我們的耐心得到了回報。據我們估計，透過推出某些項目，我們為股東節省了約 1 億美元的資本支出。

We have consistently invested small amounts of capital in complementary businesses to enable even greater competitive advantages of our core renewable energy development business. For example, we spent about 10% of our CapEx to develop solar manufacturing given the substantial reductions on imports that are being imposed by the central government. This decision has borne fruit in allowing us to procure high IRR projects in recent auctions that others may not have been able to procure supply for. Investment in transmission is another example.

我們一直在互補業務上投入少量資金，以使我們的核心再生能源開發業務具有更大的競爭優勢。例如，鑑於中央政府大幅減少進口，我們花費了約 10% 的資本支出來發展太陽能製造。這項決定取得了成果，使我們能夠在最近的拍賣中採購到其他人可能無法採購到的高內部報酬率項目。輸電投資是另一個例子。

There are currently chronic delays across India in completing interconnection hubs that allow new projects to connect to the grid. Rather than leave our large projects sitting idle, we decided to invest a small amount of capital, less than 5% of our equity to build a transmission EPC business. Furthermore, we have recaptured most of this equity through capital recycling that have garnered gain. We successfully commissioned our first transmission project this quarter, which is the connection point for our large peak power project providing 138 circuit kilometers of connectivity.

目前，印度各地在完成允許新項目連接到電網的互連樞紐方面長期存在延誤。我們沒有讓大專案閒置，而是決定投入少量資金，不到股權的5%，建立輸電EPC業務。此外，我們透過資本回收重新奪回了大部分股權，並獲得了收益。本季我們成功調試了第一個輸電項目，該項目是我們大型尖峰電力項目的連接點，提供 138 電路公里的連接。

Before I turn it over to our newly appointed CFO, I'm really pleased that the Board has chosen to promote Kailash to the CFO role. Many of you would have interacted with Kailash previously and know of his experience and extensive knowledge of renewable energy debt markets. Kailash has been with ReNew since the beginning, having joined us in 2011 as one of the founding members of the company and has been instrumental in all of our fundraising efforts both debt and equity. To date, he has helped ReNew raised close to $15 billion through various sources, including about $565 million raised through asset recycling. I do consider us lucky that we were able to identify someone internally for this position, who has in-depth knowledge about the business as well as a proven track record.

在我將其移交給我們新任命的財務長之前，我真的很高興董事會選擇將 Kailash 提升為財務長。你們中的許多人之前都曾與 Kailash 進行過互動，並了解他在再生能源債務市場方面的經驗和廣泛的知識。 Kailash 從一開始就加入 ReNew，於 2011 年作為公司的創始成員之一加入我們，並在我們所有的債務和股權融資工作中發揮了重要作用。迄今為止，他已幫助 ReNew 透過各種管道籌集了近 150 億美元，其中透過資產回收籌集了約 5.65 億美元。我確實認為我們很幸運，我們能夠在內部找到適合這個職位的人，他對業務有深入的了解並且擁有良好的業績記錄。

With that, I would like to turn it over to Kailash to go over the latest financials.

有了這個，我想把它交給 Kailash 來查看最新的財務數據。

Thank you, Sumant. It's my pleasure to be here and interact with all of you. Before I begin my comments on the quarter, I thought I would like to share a little about my view on my commitment to capital discipline in which I'm a strong believer. We live within our means and only deploy capital when the returns on our investments are comfortably above our cost of capital. Having been on ReNew's Investment Committee for some time, I fully supported the $250 million share buyback that was authorized in February of last year, as I saw investing in our shares as one of the most attractive investment opportunities of scale at that time. I still believe that at the current share price, there are a wide area of options that we can use to fund growth without issuing shares. I have led all of the capital recycling efforts so far and see a significant amount of demand for our projects. I also will lead efforts to deleverage our balance sheet over time. With regard to the veracity of our reported numbers, I fully stand behind them.

謝謝你，蘇曼特。我很高興來到這裡與大家互動。在開始對本季發表評論之前，我想先分享我對資本紀律承諾的看法，我堅信這一點。我們量入為出，只有在投資報酬率遠高於資本成本時才配置資本。在 ReNew 投資委員會任職一段時間後，我完全支持去年 2 月授權的 2.5 億美元股票回購，因為我認為投資我們的股票是當時最具吸引力的規模投資機會之一。我仍然相信，按照目前的股價，我們可以使用多種選擇來為成長提供資金，而無需發行股票。到目前為止，我領導了所有的資本回收工作，並看到對我們專案的大量需求。隨著時間的推移，我也會帶領我們的資產負債表去槓桿化工作。對於我們報告的數字的真實性，我完全支持它們。

Turning to Page 9, while the global markets have been impacted by rise in interest rates, we have actively managed our portfolio by refinancing a higher cost debt and ensuring our overall cost of debt is kept within check. In India, the yield spread for Indian RE debt has compressed significantly as the sector matures. We can currently raise debt for our projects at sub-9% to large Indian financial institutions.

轉向第 9 頁，雖然全球市場受到利率上升的影響，但我們透過為成本較高的債務進行再融資並確保我們的整體債務成本受到控制，積極管理我們的投資組合。在印度，隨著該產業的成熟，印度再生能源債務的收益率利差已大幅縮小。目前，我們可以向印度大型金融機構籌集低於 9% 的專案債務。

Importantly, assuming interest rates remain where they are now, we expect to be able to refinance debt maturing of $850 million over the next several years at a lower interest rate, saving an average of 25 to 50 basis points. We have significant access to debt from diversified sources, including from PFC and REC, which is the Power Finance Corporation and the Rural Electrification Corporation, which are known to provide one of the most competitive cost of project debt in the industry. We recently signed an MoU of $8 billion with them. We continue to expect that we will be able to effectively manage our interest costs and ensure the project remain within the targeted range.

重要的是，假設利率保持在目前水平，我們預計能夠以較低的利率為未來幾年到期的 8.5 億美元債務進行再融資，平均節省 25 至 50 個基點。我們可以從多種來源獲得大量債務，包括來自 PFC 和 REC（即電力金融公司和農村電氣化公司），眾所周知，它們是業內最具競爭力的專案債務成本之一。我們最近與他們簽署了價值 80 億美元的諒解備忘錄。我們仍然期望能夠有效管理利息成本並確保專案保持在目標範圍內。

Turning to Page 10. Our asset recycling program continues to see interest from international players seeking an offset to the carbon footprint. We believe that asset recycling will effectively provide us with a long-term advantage by helping us scale at faster pace as well as provides us avenues to optimize the build process and enhance returns on invested capital. We completed a sale of 100-megawatt of solar assets in the current period and raised almost USD 93 million through asset recycling year-to-date. About $565 million in aggregate. For growth beyond the current pipeline, we expect that we have operational development capability to be able to build about 2.5 to 3 gigawatts of assets annually, of which we intend to recycle assets, including sales of farm downs of net interest of around 1 to 1.5 gigawatts each year, which should generate the required cash flow to fund growth in addition to our internal sources. This would ensure we have sufficient equity for growth without having to issue shares.

翻到第 10 頁。我們的資產回收計劃繼續引起尋求抵消碳足跡的國際參與者的興趣。我們相信，資產回收將幫助我們更快地擴大規模，從而有效地為我們提供長期優勢，並為我們提供優化建立流程和提高投資資本回報率的途徑。我們本期完成了 100 兆瓦太陽能資產的出售，並透過年初至今的資產回收籌集了近 9,300 萬美元。總計約5.65億美元。對於超出當前管道的成長，我們預計我們的營運開發能力能夠每年建造約 2.5 至 3 吉瓦的資產，我們打算回收其中的資產，包括出售淨利息約為 1 至 1.5 吉瓦的農場每年千兆瓦，除了我們的內部來源之外，這應該會產生所需的現金流來為成長提供資金。這將確保我們擁有足夠的股本來實現成長，而無需發行股票。

Turning to Page 11. We're pleased to report our highest quarterly profit after tax of USD 45 million and the highest first half year profit after tax of USD 81 million till date. We saw a return to normal wind pattern during the current period, and the wind PLF during the quarter was 41.3% compared to 32.7% in the same quarter last year. And we continue to remain cautiously optimistic about recovery in the long-term wind PLF towards the long-term normal levels.

翻到第 11 頁。我們很高興地報告迄今為止最高的季度稅後利潤為 4500 萬美元，上半年最高的稅後利潤為 8100 萬美元。我們看到本期風力模式恢復正常，本季風力 PLF 為 41.3%，而去年同期為 32.7%。我們繼續對長期風電 PLF 恢復至長期正常水平保持謹慎樂觀。

Our operating capacity increased by approximately 600-megawatt over the last comparable quarter in the prior year, an increase of about 8%. For the full year, we expect interest cost to be marginally higher to the prior year on account of new project commissioning. The same is offset by savings in interest rates from refinancing. Of course, this is subject to volatility in the foreign exchange market. Taxes look to be about 20% to 25% higher in FY '24, as more of our subsidiaries are turning profitable.

我們的營運能力比去年同期增加了約 600 兆瓦，增幅約為 8%。就全年而言，由於新項目投產，我們預計利息成本將略高於去年。再融資節省的利率抵銷了這一影響。當然，這會受到外匯市場波動的影響。隨著我們越來越多的子公司扭虧為盈，24 財年的稅收預計將上漲約 20% 至 25%。

Turning to Page 12. We reported an adjusted EBITDA of USD 256 million for quarter 2 FY '24. The higher EBITDA is primarily attributable to additional revenue from projects commissioned during the period, higher wind PLF, offset by lower late payment surcharges of about $11 million as more of our customers are paying on time and higher operating costs, reflecting more head count to support our growth.

轉向第 12 頁。我們公佈的 2024 財年第 2 季調整後 EBITDA 為 2.56 億美元。 EBITDA 較高主要歸因於期內投產項目帶來的額外收入、較高的風電PLF，但被約1100 萬美元的逾期付款附加費降低所抵消，因為更多的客戶按時付款以及更高的運營成本（反映出支援人員數量增加）我們的成長。

Turning to Page 13. Our DSO continues to improve year-on-year, and we have seen an improvement of 119 days since September '22, an improvement of 26 days since the beginning of this fiscal year. We continue to work with states and continue to believe that our DSO will continue to improve over time as we continue to focus on getting paid for overdue receivables as well as a salable mix shift where more of our revenues come from central government and corporate customers who pay on time.

翻到第 13 頁。我們的 DSO 繼續同比改善，自 2022 年 9 月以來改善了 119 天，自本財年開始以來改善了 26 天。我們將繼續與各州合作，並繼續相信我們的DSO 將隨著時間的推移而不斷改善，因為我們將繼續專注於支付逾期應收帳款以及可銷售的組合轉變，其中我們的更多收入來自中央政府和企業客戶按時付款。

Moving to Page 14. We are focused on improving our liquidity and leverage. Our cash balance stood at close to $1 billion, almost USD 985 million, and our net debt on operating assets was USD 4.7 billion. Off gross debt, about 59% of our debt has a fixed interest rate. We only have about $325 million of debt maturing in the next 12 months, which we expect to refinance at an average lower rate than what we are currently paying. We have good ability on how we anticipate refinancing the remaining USD 60-odd million that matures in FY '25 and FY '26.

轉到第 14 頁。我們專注於提高流動性和槓桿率。我們的現金餘額接近 10 億美元，近 9.85 億美元，營運資產淨負債為 47 億美元。除總債務外，我們約 59% 的債務具有固定利率。我們只有約 3.25 億美元的債務將在未來 12 個月內到期，我們預計再融資的平均利率將低於我們目前支付的利率。我們非常有能力預期如何為 2025 財年和 26 財年到期的剩餘 60 多萬美元進行再融資。

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

說到這裡，我想請 Vaishali 談談我們的 ESG 舉措。

Thank you, Kailash. Turning to Page 16. Building upon the momentum from the previous year, we remain steadfast in our commitment to establish new benchmarks across all aspects of our ESG vision, performance and transparency. We are leading the way for ESG in our sector. ReNew was released its sustainability report for fiscal year '22, '23, title Driving Decarbonization. The report is aligned with GRI, CASB and TCFD and externally assured by DNB. Some of the key highlights of the report are: ReNew has generated clean electricity which is 17,386 gigawatt hours, which is enough to power nearly 5 million Indian households. This has also helped to avoid 14 million tons of carbon emissions through its operations, which is about 0.5% of India's total emissions.

謝謝你，凱拉什。轉向第 16 頁。在去年的勢頭的基礎上，我們仍然堅定地致力於在 ESG 願景、績效和透明度的各個方面建立新的基準。我們在我們的行業中引領 ESG 潮流。 ReNew 發布了 22、23 財年的永續發展報告，標題為「推動脫碳」。該報告與 GRI、CASB 和 TCFD 一致，並由 DNB 進行外部保證。該報告的一些主要亮點是： ReNew 已產生 17,386 吉瓦時的清潔電力，足以為近 500 萬個印度家庭供電。這也有助於避免其營運過程中的 1,400 萬噸碳排放，約佔印度總排放量的 0.5%。

The carbon intensity of ReNew's electricity generation is about 92% less than the Indian power sector's average. ReNew saved about 318,708 kiloliters of water about 48% year-on-year increase through our robotic cleaning and condition-based monitoring system. ReNew achieved carbon neutral status for the third consecutive year for our Scope 1 & 2 greenhouse gas emissions. As mentioned earlier as well, ReNew Zero targets, Net Zero targets, we have seen the targets for 2014 more validated by SBTi and entails reducing greenhouse gas emissions across all scopes by 29.4% by 2027 and by 90% by 2040 through clean energy procurement for operations, electrification of fossil fuel-based equipment, encouraging suppliers to set SBTi-aligned targets, low carbon footprint raw materials and green logistics for transportation.

ReNew 發電的碳強度比印度電力產業的平均值低約 92%。透過我們的機器人清潔和狀態監測系統，ReNew 節省了約 318,708 千公升水，年增約 48%。 ReNew 連續第三年達到 1 和 2 溫室氣體排放的碳中和狀態。如同前面所提到的，更新零目標、淨零目標，我們已經看到SBTi 更加驗證了2014 年的目標，其中包括透過清潔能源採購，到2027 年將所有範圍內的溫室氣體排放量減少29.4%， 2040 年減少90%。營運、化石燃料設備電氣化、鼓勵供應商設定 SBTi 一致的目標、低碳足跡原料和綠色運輸物流。

So as you can tell, we are deeply committed. Social responsibility continues to remain an integral part of our business. Our CSR journey, which began in 2014, and since then, we have impacted the lives of over 1 million people across 500-plus villages in India spanning across 10 states in the remotest part of our country.

正如您所見，我們堅定不移。社會責任仍然是我們業務不可或缺的一部分。我們的企業社會責任之旅始於 2014 年，從那時起，我們已經影響了印度 10 個邦、印度最偏遠地區 500 多個村莊超過 100 萬人的生活。

Now if you could turn to Page 17, I would like to switch to specifics of some of our efforts for first half of fiscal year '24. Lighting Lives, which is 1 of our flagship program is an initiative where we electrify schools with less than 3 hours of electricity using solar or green. Electrification of 50 schools and we have also established 50 digital learning centers and all of this is in progress and going well.

現在，如果您可以翻到第 17 頁，我想談談我們在 24 財年上半年所做的一些具體工作。 「點亮生活」是我們的旗艦計畫之一，我們利用太陽能或綠色能源為學校提供不到 3 小時的電力。 50所學校實現電氣化，我們還建立了50個數位學習中心，所有這些都在進展順利。

Climate curriculum, we are in the process of rolling out a client curriculum to about 9,000 students across the country. Women for Climate is another program. We are very passionate about and is our efforts to include more and more women in the energy sector, and we have programs on reskilling in partnership with UN organization and we are also working on reskilling some of the saltpan workers in Gujarat to becoming now a solar technician. Nearly 60 women saltpan farmers have been trained and have secured employment. About 48 trainees have secured employment.

氣候課程方面，我們正在向全國約 9,000 名學生推出客戶課程。女性氣候變遷計畫是另一個項目。我們非常熱衷於並正在努力讓越來越多的女性參與能源領域，我們與聯合國組織合作制定了再培訓計劃，我們也致力於對古吉拉特邦的一些鹽田工人進行再培訓，使其成為現在的太陽能工人技術員。近60名女性鹽田農民接受了培訓並實現了就業。已有48名學員實現就業。

Employee engagement is an important part of what we do. We have programmed designed for and led by employees at ReNew. Annual volunteering campaign, which is the right bucket challenge, so about 40,000 CVs of rice distributed than India. We have kick started the fiscal year '24 disclosure cycle with the submission of CDP Climate Change 2023 disclosure. We will be disclosing further progress in our forthcoming sustainability report.

員工敬業度是我們工作的重要部分。我們為 ReNew 的員工設計並領導了計劃。每年的志工活動，這是正確的桶子挑戰，所以分發的米比印度大約40,000份CV。透過提交 CDP 2023 年氣候變遷揭露，我們啟動了 24 財年的揭露週期。我們將在即將發布的可持續發展報告中揭露進一步的進展。

With this, let me hand it back to Sumant to talk about our annual guidance.

說到這裡，讓我把它交還給蘇曼特，談談我們的年度指導。

Thank you, Vaishali. Turning to our annual guidance. I am happy to report that we have increased the bottom end of FY '24 adjusted EBITDA guidance by INR 2 billion to INR 62 billion to INR 66 billion on account of a better-than-expected H1 performance. We have provided some additional details on how results were compared to our original guidance in the appendix of this earnings presentation.

謝謝你，毗捨離。轉向我們的年度指導。我很高興地向大家報告，由於上半年業績優於預期，我們已將 2024 財年調整後 EBITDA 指引的下限提高了 20 億印度盧比，至 620 億印度盧比至 660 億印度盧比。我們在本收益報告的附錄中提供了一些關於如何將結果與我們最初的指導進行比較的額外詳細資訊。

We reiterate our capacity of completed guidance for this fiscal year of between 1.75 to 2.25 gigawatts. Regarding our buyback, we have repurchased by now 38.6 million shares in total since February last year which represent approximately 35% of the free float at the time of listing. We have $11 million of authorization remaining, which represents about 4% to 5% of the total free float.

我們重申本財年已完成的指導容量為 1.75 至 2.25 吉瓦。關於回購，自去年2月以來，我們已回購了總計3,860萬股股票，約佔上市時自由流通股的35%。我們還剩下 1,100 萬美元的授權，約佔總自由流通量的 4% 到 5%。

With that, we will be happy to take any questions. Thank you.

這樣，我們將很樂意回答任何問題。謝謝。

(Operator Instructions) Our first question comes from Puneet Gulati from HSBC.

（操作員指令）我們的第一個問題來自匯豐銀行的 Puneet Gulati。

Congratulations on good numbers and good profitability as well. My first question is on the wind PLFs. So this quarter has been particularly good at 42% PLF. Should one consider this to be normal for 2Q? Or do you think it was higher than the normal?

祝賀您取得了良好的業績和良好的盈利能力。我的第一個問題是關於風 PLF 的。因此，本季的 PLF 尤為出色，達到 42%。人們是否應該認為這對第二季來說是正常的？還是你認為它比正常情況高？

Yes, Puneet. No, this year's PLF in Q2 was a little bit, but very marginally, I would say, higher than what would be normal. But keep in mind that Q1 is actually significantly lower as well. And so in aggregate, Q1 and Q2 put together is lower than what should have been the case.

是的，普尼特。不，今年第二季的 PLF 有點高，但我想說，比正常情況要高。但請記住，第一季實際上也明顯較低。因此，總的來說，Q1 和 Q2 的總和低於應有的情況。

Okay. Understood. So first half is normal, but Q2 higher Q1 lower?

好的。明白了。所以上半年是正常的，但 Q2 較高 Q1 較低？

Yes. First half is a little bit less than normal, but Q2 is a little bit higher than normal and Q2 was lower. And so therefore, overall, we are ending up a little bit lower than the overall H1 expectations would have been.

是的。上半年略低於正常水平，但第二季略高於正常水平，第二季較低。因此，整體而言，我們的最終業績略低於上半年的整體預期。

Understood. That's helpful. And secondly, can you also update on one of the acquisitions that you had announced a few quarters back? What is the progress there?

明白了。這很有幫助。其次，您能否介紹一下您幾季前宣布的一項收購的最新情況？那裡的進展如何？

Yes, I'll let Kailash do that.

是的，我會讓 Kailash 這麼做。

Yes, Puneet. So on the acquisition that we had announced, there was a lot of delay which happened in getting the approvals because those assets were sitting in a partnership firm and they had to demerge it into a company and the approval for the demerger took a lot of time. So that deal reached a long stop date and we decided we didn't want it because the entire market had sort of taken so much time for this process to get completed, that we don't want to wait any longer. And we got better opportunities on the bidding side who we decide to allocate capital more on the organic front.

是的，普尼特。因此，在我們宣布的收購中，在獲得批准方面發生了很多延遲，因為這些資產位於一家合夥公司中，他們必須將其分拆為一家公司，而分拆的批准需要很長時間。因此，該交易達到了一個很長的終止日期，我們決定不想要它，因為整個市場花了很長時間才能完成此過程，我們不想再等待了。我們在投標方面獲得了更好的機會，我們決定在有機方面更多地分配資本。

Understood. And there's no penalties that we had to pay for that.

明白了。我們無需為此支付任何罰款。

No, no penalties. There was some transaction costs, which was involved initially cost, which was less than $1 million. That was your total cost that we ended up incurring on it.

不，沒有處罰。有一些交易成本，其中涉及初始成本，不到100萬美元。這就是我們最終承擔的總成本。

Okay. Okay. That's helpful. Okay. And secondly, Sumant, you announced in this year, a lot of PPAs have been signed. A lot of bids have been announced tendering has happened. Some PPAs being signed. Do you have a similar number for FY '23 what kind of bids got announced? And how much PPAs have been signed? And what is the backlog for that?

好的。好的。這很有幫助。好的。其次，Sumant，你宣布今年已經簽署了許多購電協議。許多標書已經宣布招標已經發生。一些購電協議正在簽署。您是否有類似的 23 財年公佈的投標數字？已經簽署了多少購電協議？積壓的工作量是多少？

So on FY '23, it's very hard for me to give a number because FY '23, we actually hardly won any capacity. We just have a 3% market share last year and -- but I should tell you that our SECI solar, which is the outstanding, which is like we haven't put anywhere in the presentation but therefore Nathan, you have to tell me whether I can talk about that or not.

因此，在 23 財年，我很難給出一個數字，因為在 23 財年，我們實際上幾乎沒有贏得任何產能。去年我們只有 3% 的市場份額，但我應該告訴你，我們的 SECI 太陽能非常出色，就像我們沒有在演示中任何地方放置一樣，但內森，你必須告訴我是否我可以談論這個，也可以不談論這個。

Yes. Go ahead, Sumant.

是的。繼續吧，蘇曼特。

Okay. Okay. So the SECI is, which was an outstanding 200 megawatts, that PPA has also got signed now. So of the 13.7 or 13.8 that we now have, everything is fully signed PPAs. So there's nothing that is now not signed. So the only point I'm trying to make is that old PPAs are now getting supported quite rapidly. And with power demand going up, there is definitely interest among the discounts to go to SECI and try to convert some of the options into from PPA. But you know Puneet, the process is a long one because the distribution utilities have to, first, of course, go through the commercial implication.

好的。好的。所以 SECI 是一個出色的 200 兆瓦，PPA 現在也已經簽署了。因此，在我們現在擁有的 13.7 或 13.8 中，所有內容都是完全簽署的 PPA。所以現在沒有什麼是沒有簽署的。因此，我想指出的唯一一點是，舊的 PPA 現在很快就得到了支持。隨著電力需求的上升，SECI 肯定會對折扣感興趣，並嘗試將一些選項轉換為 PPA。但你知道普尼特，這個過程是一個漫長的過程，因為配電公用事業公司首先必須考慮商業影響。

Then they have to go to their local regulator and get the approval of the tariff. That process itself can take a month or two then they come back to the SECI and then basically go ahead and sign the PSA, after which SECI signs with PPAs. So that whole process can take several months to get consummated. And in auctions where there is a central acquirer, they have to go to the central regulatory authority. So for example, a couple of bids that we won back in April may are now sitting with the central regulator CERC for approval, and it's just a process issue, frankly speaking. It just takes a little bit of time. And so the profit of conversion of these bids to PPAs is happening it's in the works. And I think progressively, some of these approvals from the regulators come through, you see some of that getting announced.

然後他們必須去當地監管機構並獲得關稅的批准。這個過程本身可能需要一兩個月的時間，然後他們回到 SECI，然後基本上繼續簽署 PSA，之後 SECI 與 PPA 簽署。因此整個過程可能需要幾個月的時間才能完成。在有中央收購方的拍賣中，他們必須去中央監管機構。例如，我們在四月贏得的幾個投標現在可能正在等待中央監管機構CERC的批准，坦白說，這只是一個流程問題。只需要一點時間。因此，將這些投標轉換為購電協議的利潤正在發生。我認為，監管機構的一些批准會逐漸獲得批准，你會看到其中一些已經宣布。

And any reasonable expectation of 2.9 left, how many of them should you see PPAs getting signed this year itself?

還剩下 2.9 個合理的預期，今年您應該看到其中有多少個購電協議被簽署？

I would imagine that most of...

我想大多數...

I know, it's really hard to say that.

我知道，這真的很難說。

Yes, it's hard to say, but I would imagine most of them should get signed. Certainly, some of the more Plain Vanilla 1 should. But then of course, there is also some complex auctions. Complex auctions, as you know, does require a longer lead time to convert to PPA simply because they are, by definition, complex. And therefore, discounts also take a longer time to understand them and then be able to get their own internal approvals. And then also to that extent, regulators take longer to understand them.

是的，這很難說，但我想他們中的大多數都應該簽名。當然，一些更普通的 Vanilla 1 應該是如此。當然，還有一些複雜的拍賣。如您所知，複雜的拍賣確實需要更長的準備時間才能轉換為 PPA，因為根據定義，它們很複雜。因此，折扣也需要更長的時間來了解它們，然後才能獲得自己內部的認可。從這個意義上說，監管機構也需要更長的時間來理解它們。

So the whole process of conversion of complex auctions is just a little bit longer. But the reality is that for us, there is no urgency at all right now on some of these because for the capacity that we've won, these are things that are going to construct only in FY '26. And so we have time on our side to get them signed. Meanwhile, I should tell you that for all the projects that we've got LOA, we've already blocked transmission capacity. So transmission capacity has been blocked. Land, we have, obviously, we are working on that right now. But eventually, we will convert them into actual sort of deals when the PPA, these are signed as we go forward. And keep in mind that our clock to execute starts ticking only once the PPA is signed.

所以複雜拍賣的整個轉換過程只是稍微長一點。但現實是，對我們來說，其中一些項目現在根本不緊迫，因為就我們贏得的產能而言，這些項目只能在 26 財年建造。所以我們有時間讓他們簽名。同時，我應該告訴你，對於我們已經獲得LOA的所有項目，我們已經封鎖了傳輸能力。所以傳輸能力就被封鎖了。土地，顯然我們現在正在努力。但最終，當我們繼續簽署購電協議時，我們會將它們轉化為實際的交易。請記住，只有在簽署 PPA 後，我們的執行時鐘才會開始計時。

Right. But you have lined for the entire 3.5, which you want to...

正確的。但你已經排隊了整個 3.5，你想...

Yes. I mean we don't have to acquire this right now. As long as we have good line of sight into that bandwidth. In some cases, you can walk the line without actually paying any a significant amount of money. But the important thing is as long as you've blocked the transmission capacity, then that's the most critical factor. And with the LOAs in hand, we are, in fact, able to block the transmission capacity. And so for all the capacities that we have all the 3.1 gigawatts that we've won, we have blocked the transmission capacity for all of that.

是的。我的意思是我們現在不必獲得這個。只要我們對該頻寬有良好的視線。在某些情況下，您可以直接排隊，而無需實際支付大量費用。但重要的是，只要你封鎖了傳輸能力，那就是最關鍵的因素。事實上，有了 LOA，我們就能夠阻止傳輸容量。因此，對於我們贏得的 3.1 吉瓦的所有容量，我們已經阻止了所有這些的傳輸容量。

Understood. That's very helpful. And lastly, any progress on asset recycling? Anything that you did in Q2? And what's the outlook for the second half?

明白了。這非常有幫助。最後，資產回收有什麼進展嗎？您在第二季度做了什麼？下半年的前景如何？

Yes, Kailash, could you take that?

是的，凱拉什，你能接受嗎？

Yes. So we have consummated transactions of almost around $93 million till date. And we are working on a few in the pipeline but the timing on asset sales is really hard to say because when the deals get done, so how much will get done in Q3 versus Q4, we are working towards it.

是的。到目前為止，我們已經完成了約 9,300 萬美元的交易。我們正在籌備中的一些項目，但資產出售的時間確實很難說，因為當交易完成時，第三季與第四季將完成多少，我們正在努力實現。

And $93 million would include Gentari acquisition and if still as we do.

9300 萬美元將包括 Gentari 收購，如果仍然像我們這樣做的話。

That's right. It includes 2 deals or 3 deals rather. As the Gentari deal, the 100-megawatt sales to Technique Solaire. And the third one is the amount that we got from Norfund for the completion asset.

這是正確的。它包括 2 筆交易或 3 筆交易。作為 Gentari 交易，將 100 兆瓦銷售給 Technique Solaire。第三個是我們從 Norfund 獲得的完工資產金額。

The next question comes from Justin Clare from ROTH MKM.

下一個問題來自 ROTH MKM 的 Justin Clare。

So I wanted to ask just about the amount of capacity here. So there's -- it seems a significantly larger opportunity for renewable projects here in terms of the auctions that are expected annually. So I was wondering if you could just speak to the potential for bottlenecks to emerge, given the larger volume of capacity. And then maybe you could speak to your strategy in managing those potential bottlenecks.

所以我想問這裡的容量。因此，就預計每年的拍賣而言，這裡的再生能源項目似乎有更大的機會。因此，我想知道您是否可以談談鑑於容量較大而出現瓶頸的可能性。然後也許你可以談談管理這些潛在瓶頸的策略。

Justin, thank you so much for the question. But you've asked me a question that I can spend many hours discussing with you, as you can imagine, because this is obviously essential to our business. But just to give you a very quick sense of that, I think the key issues that are required for executing a project, of course, our PPAs, which as we've discussed, there's ample opportunity for us to bring capacity there. The second is transmission. And there is -- that is not a limiting factor right now because the government is building transmission capacity quite at a quite rapid pace.

賈斯汀，非常感謝你提出這個問題。但你問了我一個問題，正如你可以想像的那樣，我可以花很多時間與你討論，因為這顯然對我們的業務至關重要。但為了讓您快速了解這一點，我認為執行專案所需的關鍵問題當然是我們的購電協議，正如我們所討論的，我們有足夠的機會在那裡帶來產能。二是傳輸。現在這不是限制因素，因為政府正在以相當快的速度建立輸電能力。

And as I said, once we win an LOA or we win a bid and get the LOA, then we are able to block the transmission capacity. And if there is no transmission capacity available, then the execution timelines are automatically moved forward. So transmission does not become, therefore, a problem for us to roll out and we should not be some. The third is land. Land, of course, we are working on constantly, and we are always trying to look at what is the forward pipeline, and we're trying to block land for 3 years out, 4 years out projects. And we're also obviously putting up a number of met marks in different parts of the country. We have 700 met marks that are now up and running to measure wind.

正如我所說，一旦我們贏得了 LOA 或者我們贏得了投標並獲得了 LOA，那麼我們就能夠阻止傳輸容量。如果沒有可用的傳輸容量，則執行時間軸將自動向前推進。因此，傳輸不會成為我們推出的問題，我們不應該成為一些問題。第三是土地。當然，我們一直在努力開發土地，我們一直在努力研究未來的管道，我們正在努力為 3 年、4 年的專案鎖定土地。顯然，我們也在全國不同地區設立了許多符合標準的標誌。我們有 700 個氣象標記現已啟動並運行以測量風。

And in solar, we have blocked by a number of mechanisms, transmission capacity in the state of Rajasthan, which allows us to execute projects even for 2, 3 years beyond our existing pipeline. And there is a lot of land available in Rajasthan for solar projects. So land is handled on that basis.

在太陽能方面，我們透過多種機制阻止了拉賈斯坦邦的輸電能力，這使我們能夠在現有管道之外執行兩三年的計畫。拉賈斯坦邦有大量土地可用於太陽能計畫。所以土地是在此基礎上處理的。

And then, of course, there's the issue of people and organization. That is something that you know we have our own in-house capability of execution in both wind and solar. And that is something that we constantly reevaluate and we are looking at scaling that up, but slowly because obviously, we want to build an organization that is high quality and our execution capacity should be sustainably improving rather than this sort of going up on a onetime basis.

當然，還有人員和組織的問題。您知道，我們在風能和太陽能方面擁有自己的內部執行能力。這是我們不斷重新評估的事情，我們正在考慮擴大規模，但速度很慢，因為顯然，我們希望建立一個高質量的組織，我們的執行能力應該持續提高，而不是一次性提高。基礎。

And then, of course, there is the issue of capital. And capital, I think we are looking at between a mix of internal capital and asset recycling to raise capital for funding some of these projects. So I think that's how we're looking at these 5 key areas. The sixth actually is supply chain. And there, obviously, we have as the largest wind player in the country, very key relationships with the important OEMs which go out a few years. And so -- and we get best terms from these wind OEMs because we are, in fact, the largest buyer of wind turbines in the country. And as far as solar is concerned, we have discussed multiple times with all of you, that's an area where government policy is evolving and changing.

當然，還有資本問題。至於資本，我認為我們正在考慮內部資本和資產回收的結合，以籌集資金為其中一些項目提供資金。所以我認為這就是我們看待這 5 個關鍵領域的方式。第六個其實就是供應鏈。顯然，作為全國最大的風電參與者，我們與重要的原始設備製造商建立了非常重要的關係，這些關係已經建立了幾年。因此，我們從這些風力原始設備製造商那裡獲得了最好的條件，因為我們實際上是全國最大的風力渦輪機買家。就太陽能而言，我們已經與大家多次討論過，這是政府政策不斷發展和變化的領域。

And therefore, we have tried to stay one step ahead of government policy by making sure that we have invested as much as we need to have that security of supply. And that, therefore, also allows us to keep bidding with a high degree of confidence around being able to source and procure our own modules. And that's actually becoming a significant competitive advantage. So that's -- those are some of the issues that we are working on to make sure that we are able to continue to execute 2 to 3 and then sort of gigawatts a year and then try to increase that in years down the road. I hope that answered your question.

因此，我們努力確保我們投入了足夠的資金來確保供應安全，從而領先政府政策。因此，這也使我們能夠以高度的信心繼續投標，能夠購買我們自己的模組。這實際上正在成為一個重要的競爭優勢。這就是我們正在解決的一些問題，以確保我們能夠繼續每年執行 2 到 3 吉瓦，然後嘗試在未來幾年內增加這一數量。我希望這回答了你的問題。

Got it. Okay. Yes, very helpful. And then I guess just on the supply chain. You have your own in-house module manufacturing today. Was wondering if you could share what the cost structure was for the modules that you're producing in-house and how that might compare to what's available in the market, including the cost of the import duty and how this might give you a relative advantage in terms of your cost structure?

知道了。好的。是的，非常有幫助。然後我想只是在供應鏈上。如今，您擁有自己的內部模組製造。想知道您是否可以分享您內部生產的模組的成本結構，以及與市場上可用的模組相比如何，包括進口關稅的成本以及這如何為您帶來相對優勢就您的成本結構而言？

Yes. Nathan, we haven't come out with those numbers right now, right? But please reconfirm.

是的。內森，我們現在還沒有得出這些數字，對嗎？但請再次確認。

No, not just yet, but I mean if you want to give some ranges, that's fine.

不，還沒有，但我的意思是如果你想給一些範圍，那很好。

Okay, thanks you. So, Justin, the thing is that, as you know, import duties in India for solar modules are about 40%, and that gives us sufficient protection against the imported modules. The cost differential between what we produce in India and what we produce in China, just for the modules in our estimation is about 10% to 15%. And so the 40% protection is sufficient to allow us to not have that as an issue for us.

好的，謝謝你。所以，賈斯汀，正如你所知，印度太陽能組件的進口關稅約為 40%，這為我們提供了對進口組件的充分保護。我們估計，僅就組件而言，我們在印度生產的產品與在中國生產的產品之間的成本差異約為 10% 至 15%。因此 40% 的保護足以讓我們不再有這個問題。

The second thing is keep in mind that from that where we also have the approved list of models and manufacturers, which is really a hard barrier to imports which the government had imposed from this April that had deferred it for a year, and it is coming back in April of next year, which will then prevent any imports from coming in at all, notwithstanding any duties and everything else.

第二件事是請記住，我們還擁有批准的型號和製造商清單，這實際上是政府從今年四月起實施的進口硬壁壘，已推遲一年，而且即將到來明年四月，這將完全阻止任何進口商品進入，儘管有任何關稅和其他一切。

And so at that point, it will not even just become a cost issue, it will become an availability issue because anybody who has access to models will be able to continue to execute projects and people who don't, obviously, will not be able to. Our sense is that module supply next year will be in deficit because obviously, while capacity is coming up. It does take time to essentially get it to a level where people have good quality and stable production in place.

因此，到那時，它甚至不會僅僅成為一個成本問題，它將成為一個可用性問題，因為任何有權訪問模型的人都將能夠繼續執行項目，而無法訪問模型的人顯然將無法執行項目。到。我們的感覺是，明年組件供應將出現短缺，因為顯然，儘管產能正在增加。從根本上達到人們擁有良好品質和穩定生產的水平確實需要時間。

Having said that, our sense also is, although there is no specific data that is there that allows us to point to, but just based on people that are working with us and so on, our cost of production is very competitive among other Indian companies. So that is really also same that we would like to benchmark ourselves to.

話雖如此，我們的感覺還是，雖然沒有具體數據可以讓我們指出，但僅根據與我們合作的人員等，我們的生產成本在其他印度公司中非常有競爭力。所以這其實也是我們想要衡量自己的標準。

And Sumant, there's actually an inbound e-mail question from Girish at Morgan Stanley that is related to that. So if I could just ask this. Basically, are we open to selling a minority stake in our solar manufacturing and there seems to be an overcapacity coming online in India given strong response to PLI. What are our thoughts about those?

Sumant，摩根士丹利的 Girish 實際上有一封與此相關的入站電子郵件問題。所以如果我能問這個就好了。基本上，我們是否願意出售太陽能製造的少數股權，鑑於對 PLI 的強烈反應，印度似乎出現了產能過剩。我們對此有何看法？

Yes. So no, we certainly are open. We're not willing to keeping 100% of the solar plant. As we've stated many times, the reason that we've said it out is to assure ourselves of supply security. And as long as we're able to do that, we are -- that leads our primary objective. As far as over capacity is concerned, in the Indian market, that is something that we'll have to wait and see because, obviously, while there are a lot of people who announced plan, how many of those actually fructify we'll have to monitor.

是的。所以不，我們當然是開放的。我們不願意保留 100% 的太陽能發電廠。我們多次說過，我們之所以這麼說，是為了保障供應安全。只要我們能夠做到這一點，我們就能實現我們的首要目標。就產能過剩而言，在印度市場，我們必須拭目以待，因為顯然，雖然有很多人宣布了計劃，但我們將有多少人真正實現這一目標監視。

And the second thing is also that a lot of the earlier capacity that have been set up are actually going to become uncompetitive because we just won't have either the efficiencies of production or the ability to make the latest generation of module. So to some extent, some of the earlier capacities will have to be discounted in the calculation of the capacity that are coming up. Yes. So that's my response on that.

第二件事是，許多早期建立的產能實際上將變得沒有競爭力，因為我們既不具備生產效率，也不具備製造最新一代模組的能力。因此，在某種程度上，一些早期的產能在計算即將到來的產能時將不得不打折扣。是的。這就是我對此的回應。

(Operator Instructions) And our next question comes from...

（操作員說明）我們的下一個問題來自......

Actually, if I could just add...

事實上，如果我可以添加...

Yes, sorry.

是的，抱歉。

Go ahead, Sumant and finish your thoughts.

來吧，蘇曼特，完成你的想法。

Yes. No, no. The only other thing I would say is that also keep in mind that a lot of modules are being exported, shipped out of India to the U.S. and other places and so that also adds to the deficit and we'll add to the deficit in the country next year.

是的。不，不。我要說的唯一另一件事是，還要記住，許多模組正在出口，從印度運往美國和其他地方，因此這也增加了赤字，我們將增加印度的赤字明年國家。

Our next question comes from Nikhil Nigania from Bernstein.

我們的下一個問題來自伯恩斯坦的 Nikhil Nigania。

Yes. Congratulations on a good set of numbers. My first question is regarding the RTC and peak power projects. Good to see the guidance being maintained but just wanted to clarify that transmission is not a bottleneck for these 2 assets. So when they are commissioned in Q4, power evacuation and the many discussions should start happening.

是的。恭喜你取得了一組不錯的數字。我的第一個問題是關於 RTC 和峰值功率專案。很高興看到指南得到維護，但只是想澄清傳輸並不是這兩種資產的瓶頸。因此，當它們在第四季度投入使用時，電力疏散和許多討論應該開始發生。

Yes. Nikhil, I can categorically confirm that to you that transmission is not a bottleneck largely because we are actually building a lot of it ourselves. The very first project of -- in RTC, there are 3 different wind projects and one solar project. The first wind project was relating to a substation that we have corporate substation and that we have more commission and that has been charged.

是的。 Nikhil，我可以明確地向你確認，傳輸並不是瓶頸，很大程度上是因為我們實際上正在自己建立很多傳輸。 RTC 的第一個專案有 3 個不同的風能專案和一個太陽能專案。第一個風電項目與一個變電站有關，我們有公司變電站，我們有更多的佣金，並且已經收費。

And so therefore, we're just now going for the connectivity protocols now to connect the first project into that corporate substation that is we did. The second one also we are building, actually, which is the other substation. And so therefore, obviously, we have clear understanding and control of when those substations are coming up.

因此，我們現在正在使用連接協議將第一個項目連接到我們所做的公司變電站。實際上，我們也在建造第二個變電站，而這又是另一個變電站。因此，顯然，我們對這些變電站何時建成有清晰的了解和控制。

The third one is getting connected to a substation that was being made by a third party, which we are closely monitoring and we are in touch with them. And that also looks like it's on track. So that should not lead to any problem to that. So I don't anticipate any transmission-related issues in commissioning these projects.

第三個是連接到第三方製造的變電站，我們正在密切監視它並與他們保持聯繫。這看起來也已步入正軌。所以這不應該導致任何問題。因此，我預計在調試這些項目時不會出現任何與傳輸相關的問題。

Got it. Good to hear that. I think the related question then is transmission. I think point slightly a little to during the discussion earlier, is transmission is being seen as a constraint in India ramping up to 30- to 40-gigs of renewable installation. Are you seeing that as a constraint in reaching that higher renewable installation numbers, Sumant bhai?

知道了。很高興聽到。我認為相關的問題是傳播。我認為在先前的討論中稍微指出一點，在印度再生能源裝置容量增加到 30 至 40 兆時，輸電被視為一個限制因素。 Sumant bhai，您是否認為這是達到更高再生能源安裝數量的限制？

I would say the government has been so far quite proactive in building our transmission capacity. And I think a lot of transmission capacity exists in the country that can allow 40, 50 gigawatts of commissioning. The only thing is, of course, that the transmission capacity is not necessary areas that people who want to set up or that maybe there's some constraints in places like Rajasthan or Karnataka and so on. And there, there might be bottlenecks as we go forward.

我想說，到目前為止，政府在建立我們的傳輸能力方面一直非常積極主動。我認為該國擁有大量的傳輸容量，可以進行 40、50 吉瓦的調試。當然，唯一的問題是，傳輸容量不是人們想要建立的必要區域，或者在拉賈斯坦邦或卡納塔克邦等地方可能存在一些限制。在我們前進的過程中，可能會遇到瓶頸。

But when I say bottlenecks, I mean that the bottleneck will emerge after 30 gigawatts or 40 gigawatts of connectivity rather than 10 or 15 gigawatt. So there is a lot of room to go before we actually start having constraints really, really immerse. So I would say that at least for the next 2, 3 years, we should not be seeing any transmission bottlenecks and the government is, as you very well know, trying to really speed up the construction of transmission projects in the auctions of transmission projects. So they are very closely evaluating what the issues are and are trying to debottleneck that.

但當我說瓶頸時，我的意思是瓶頸將在 30 吉瓦或 40 吉瓦連接之後出現，而不是 10 或 15 吉瓦。因此，在我們真正開始真正沉浸在限制之前，還有很大的空間。所以我想說，至少在未來兩三年內，我們不應該看到任何輸電瓶頸，正如大家所知，政府正在努力在輸電項目拍賣中真正加快輸電項目的建設。因此，他們正在非常仔細地評估問題是什麼，並試圖解決這個問題。

Got it, Sumant. And my last question then is there was this one big tender or TCT tender, I think, for more than 2 gigawatts, which I think has been doing around for quite some time. Any update that could be shared on that from ReNew side?

明白了，蘇曼特。我的最後一個問題是，我認為有一個大型招標或 TCT 招標，發電量超過 2 吉瓦，我認為這已經進行了相當長一段時間了。 ReNew 方面可以分享任何更新嗎？

On the -- I'm not sure which tender you are specially talking about? There are actually...

關於－我不確定您具體指的是哪一項招標？其實有...

Yes. The one that coal was also now to be blended, coal-fired generation.

是的。其一，煤炭現在也被混合，燃煤發電。

Okay. Okay. No, listen, I haven't heard about that tender for quite some time. So I'm not sure that it is live right now. But as you know, in the meantime, a number of other RTC auctions have happened, SECI 6 was the first one that happened that is for 100 megawatts of headline capacity, which, as you know, translates to about 3.5 gigawatts of actual RE capacity. Then SJVNs recently did another 1,200 megawatts the tax, which is not actually say subscribe to in which we won 184 megawatts and then the REMCL tender as well. So there have been 3 such tenders in the last few months. And as you know, a number more are teed up to be coming up in the next few months.

好的。好的。不，聽著，我已經有一段時間沒有聽說過那個招標了。所以我不確定它現在是否上線。但如您所知，與此同時，還發生了許多其他 RTC 拍賣，SECI 6 是第一個拍賣的 100 兆瓦總體容量，如您所知，這相當於約 3.5 吉瓦的實際可再生能源容量。然後 SJVN 最近又徵收了 1,200 兆瓦的稅，這實際上並不是說我們認購了，我們贏得了 184 兆瓦，然後還贏得了 REMCL 招標。因此，過去幾個月發生了 3 次此類招標。如您所知，未來幾個月還將推出更多產品。

(Operator Instructions) And our next question comes from Angie Storozynski from Seaport.

（操作員說明）我們的下一個問題來自 Seaport 的 Angie Storozynski。

So just 2 simple questions. One, you do lots of capital recycling in existing and future projects. And so I'm just wondering if the gains that you record on that are reflected in your EBITDA. So that's number one. And number 2 is, when you show us EBITDA and debt projections, just wanted to make sure that this is proportional EBITDA and proportional net debt meaning the portion of both that you keep us renew net of those divestitures or asset recycling.

所以只有兩個簡單的問題。第一，您在現有和未來的專案中進行了大量的資本回收。所以我只是想知道您記錄的收益是否反映在您的 EBITDA 中。所以這是第一。第二點是，當您向我們展示 EBITDA 和債務預測時，只是想確保這是 EBITDA 和淨債務的比例，這意味著您讓我們續訂扣除這些剝離或資產回收後的淨債務的部分。

Yes. Kailash?

是的。凱拉什？

Sure, yes. So the gain on the asset sales have not been reflected in the EBITDA line as of now. I think the accounting transaction happened subsequent to the end of the previous quarter. So that's the reason why I think it will get accounted in a subsequent period. To your second point, where we consolidate the full EBITDA, where we own to see 51% majority of the assets, there the full debt also gets consolidated with us into the balance sheet. So we don't consolidate on a proportionate basis because if we are in control of the asset, than the entire EBITDA and debt sort of stays with us. We take out the minority interest on account of the joint venture partners' interest in the project.

當然，是的。因此，截至目前，資產出售的收益尚未反映在 EBITDA 中。我認為會計交易發生在上一季末之後。這就是為什麼我認為它將在後續時期被考慮的原因。關於第二點，我們合併了全部 EBITDA，我們擁有 51% 的大部分資產，全部債務也與我們合併到資產負債表中。因此，我們不會按比例進行合併，因為如果我們控制了資產，那麼整個 EBITDA 和債務就歸我們所有。鑑於合資夥伴在該專案中的權益，我們取得了少數股權。

Understood. But I am just asking you...

明白了。但我只是問你...

Yes. Angie. Sorry, just to clarify on our guidance that you see there, that is just our net. So if you look at the debt, if you look at the...

是的。安吉.抱歉，只是為了澄清您在那裡看到的我們的指導，這只是我們的網絡。因此，如果你看看債務，如果你看看…

So it is net of minority interest.

所以它是扣除少數股東權益的。

Yes. So those are actually net to shareholders.

是的。所以這些其實對股東來說是淨值。

Okay. So I mean, again...

好的。所以我的意思是，再一次...

But as far as actually recorded, we would be taking out the net or the minority position in the minority interest line. But as it projected in our guidance is concerned, it's all net of what we currently own.

但就實際記錄而言，我們將剔除少數股東權益中的淨持股或少數持股。但正如我們的指導中所預測的那樣，這一切都是我們目前擁有的淨值。

Okay. That's good. And then just going back to the gains on capital recycling. So again, I mean, you've done a couple of those strong transactions in the past. And I'm just wondering, I mean, have those been a meaningful contributor to the EBITDA. I understand the -- this is the difference in the timing of recognition of the gain for the latest transaction, but I'm just wondering how big of a component of EBITDA this has been or can be again, just -- I know that, that's an ongoing business, but I'm again, wondering how big of a position of the EBITDA this is.

好的。那挺好的。然後回到資本回收的收益。再說一遍，我的意思是，您過去已經完成了幾筆出色的交易。我只是想知道，我的意思是，這些是否對 EBITDA 做出了有意義的貢獻。我理解——這是確認最新交易收益的時間差異，但我只是想知道這已經或可能再次成為 EBITDA 的一個組成部分，只是——我知道，這是一項正在進行的業務，但我再次想知道EBITDA 的地位有多大。

Good. So see, again, there's an accounting value to it. What tends to happen is that we book cost basis and accounting calculation on the capital expenditure also include some margins at the EPC levels. When we consolidate them, they get knocked off. So when we sell those assets, those assets are marked at a higher value in our books because of the -- because we are sort of selling those assets. So to that extent, the gains are smaller, but the cash flow impact is larger. So the EBITDA gains are not very material.

好的。所以，再看看，它有會計價值。通常會發生的情況是，我們對資本支出的成本基礎和會計計算也包括 EPC 層級的一些利潤。當我們整合它們時，它們就會被淘汰。因此，當我們出售這些資產時，這些資產在我們的帳簿中被標記為更高的價值，因為我們正在出售這些資產。所以從這個意義上來說，收益較小，但現金流影響較大。因此 EBITDA 收益並不是很大。

And also remember that most of the larger transactions were related to projects that are under construction, right? So our peak power and our RTC projects, right? So -- and those gains would be -- well, commercial gains, but accounting gains are de minimis because they haven't been actually selling of operating assets. That's where you would see gains. So far, there's not been much.

還要記住，大多數較大的交易都與正在建造的項目有關，對嗎？那麼我們的峰值功率和 RTC 項目，對吧？因此，這些收益將是商業收益，但會計收益微乎其微，因為它們實際上並沒有出售營運資產。那就是你會看到收益的地方。到目前為止，還沒有太多。

Okay. And then lastly, and again, by now you probably see where I'm going with it. I'm trying to compare you to other renewable power developers that there's been some differences and how debts and EBITDA are shown. So you guys do project financing. And I'm just wondering if there is any reasons for your -- for you to change that stance. Like, I don't know, as the balance sheet grows? Would you consider balance sheet financing. Again, any changes in how you finance new build?

好的。最後，再一次，現在你可能已經明白我的意思了。我試著將你們與其他再生能源開發商進行比較，發現存在一些差異以及債務和 EBITDA 的顯示方式。所以你們做專案融資。我只是想知道你是否有任何理由改變這個立場。就像，我不知道，隨著資產負債表的成長？您會考慮資產負債表融資嗎？再說一次，您為新建專案融資的方式有什麼改變嗎？

Yes. So again, there, what happens is that, obviously, we have an existing portfolio, which is quite sizable. We have existing debt, which is quite sizable. So to change everything to balance sheet, it will take time, and it requires a certain type of market environment which is relatively easy money policy type of market where the rates are lower, in which market you can obviously get transactions done by borrowing balance sheet and then repaying the debt at the OpCo level.

是的。再說一次，顯然我們有一個相當大的現有投資組合。我們現有的債務規模相當大。因此，要將所有內容都改為資產負債表，需要時間，並且需要某種類型的市場環境，這是相對寬鬆的貨幣政策類型的市場，利率較低，在這種市場中，您顯然可以通過借用資產負債表來完成交易然後在OpCo層級償還債務。

But given that market conditions are what they are, investors are very focused on getting security on specified assets. And then the lenders typically wouldn't want to consolidate or have in their entities where they hold the security under construction risk because then the risk weightages for them also changes. So we are not moving to a balance sheet type of financing anytime soon. For us, this model really works.

但考慮到當前的市場狀況，投資者非常關注獲得特定資產的安全性。然後，貸款人通常不想合併或在其持有正在建造的證券的實體中擁有風險，因為這樣他們的風險權重也會改變。因此，我們不會很快轉向資產負債表類型的融資。對我們來說，這個模式確實有效。

And more so in the Indian context, the lenders are project finance lenders to specific assets, and they want the full security of that asset without sharing it with any other lenders. So from a bankruptcy remoteness point of view also, that is the preferred model in India. So it seems like we'll have to sort of continue with that.

在印度的背景下更是如此，貸款人是特定資產的專案融資貸款人，他們希望該資產得到充分的安全，而不與任何其他貸款人共享。因此，從破產隔離的角度來看，這也是印度的首選模式。所以看來我們必須繼續這樣做。

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

目前沒有其他問題。我們今天的會議到此結束。感謝您的參與。您現在可以斷開連線。