ReNew Energy Global Plc (NASDAQ:RNW) Q2 2024 Earnings Conference Call November 20, 2023 8:30 AM ET

Company Participants

Nathan Judge - Head of IR

Sumant Sinha - Founder, Chairman, and CEO

Kailash Vaswani - CFO

Vaishali Nigam Sinha - Co-Founder and Chairman, Sustainability

Conference Call Participants

Puneet Gulati - HSBC

Justin Clare - ROTH MKM

Nikhil Nigania - Bernstein

Angie Storozynski - Seaport

Operator

Thank you for standing by, and welcome to the ReNew's Second Quarter Fiscal Year '24 Earnings Report. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions]

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

Nathan Judge

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 ending September 30, 2023. A copy of the press release and the presentation are available on the Investor Relations section of ReNew's website at www.renew.com.

With me today are Sumant Sinha, Founder, Chairman, and CEO; Kailash Vaswani, our newly appointed CFO, and Vaishali Nigam Sinha, Co-Founder and Chairman of Sustainability.

After the prepared remarks, we will open up 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 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 or 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 on our annual report.

And it is now my pleasure to hand it over to Sumant. Sumant?

Sumant Sinha

Yes, thank you, Nathan. Good morning, everyone. I'm glad to have you all in our second quarter fiscal year ended 2024.

This year has presented new opportunities for us in avenues that align 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 supply 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. I firmly believe that ReNew, with its disciplined approach to identifying the best return opportunities, is well positioned to capitalize on the current market.