Hi @amrita,
I assume that you are referring to renewal of a Premium license. I cannot think of anything that would get affected by the renewal. I recently renewed mine and did not experience any changes. If your previous license expired, your Azure AD tenant would have reverted back to the free version.
Reference: What happens to data when a subscription expires?
You can also reach out to the licensing team for additional details. https://azure.microsoft.com/en-us/support
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