ReNew Announces Results for Second Quarter and Half Year Results for Fiscal Year 2024: US$81 million PAT for H1 FY24, Raises EBITDA Guidance for FY24 – EQ
Gurugram, India : ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading decarbonization solutions company, today announced its consolidated unaudited IFRS results for the three-month period ended September 30, 2023.
Operating Highlights:
As of September 30, 2023, the Company’s portfolio consisted of 13.8 GWs, compared to 13.4 GWs as of September 30, 2022, of which ~8.3 GWs are commissioned and 5.5 GWs are committed.
Total Income (or total revenue) for H1 FY24 was INR 53,291 million (US$ 641 million), compared to INR 47,416 (US$ 571 million) for H1 FY23. Net profit for H1 FY24 was INR 6,754 million (US$ 81 million) compared to a net loss of INR 1,090 million (US$ 13 million) for H1 FY23. Adjusted EBITDA for H1 FY24 was INR 39,897 million (US$ 480 million), as against INR 38,366 million (US$ 462 million) in H1 FY23. Cash Flow to equity (“CFe”) for H1 FY24 was INR 18,930 million (US$ 228 million) compared to INR 21,040 million (US$ 253 million) in H1 FY23.
Total Income (or total revenue) for Q2 FY24 was INR 28,632 million (US$ 345 million), compared to INR 22,409 (US$ 270 million) for Q2 FY23. Net profit for Q2 FY24 was INR 3,771 million (US$ 45 million) compared to a net loss of INR 986 million (US$ 12 million) for Q2 FY23. Adjusted EBITDA for Q2 FY24 was INR 21,298 million (US$ 256 million), as against INR 18,209 million (US$ 219 million) in Q2 FY23. Cash Flow to equity (“CFe”) for Q2 FY24 was INR 9,346 million (US$ 112 million) compared to INR 7,125 million (US$ 86 million) in Q2 FY23.
Days Sales Outstanding (“DSO”) ended Q2 FY24 at 112 days, a 119 day improvement year on year.
FY 24 Guidance
We are raising the lower end of our FY24 Adjusted EBITDA guidance range by 3% and continue to expect to complete construction of between 1,750 to 2,250 MWs by the end of Fiscal Year 2024.
The Company’s Adjusted EBITDA and Cash Flow to equity guidance for FY24 are subject to the weather being similar to FY23.
About ReNew
Unless the context otherwise requires, all references in this press release to “we,” “us,” or “our” refers to ReNew and its subsidiaries.
ReNew is a leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew’s clean energy portfolio of ~13.8 GWs on a gross basis as of September 30, 2023, is one of the largest globally. In addition to being a major independent power producer in India, we provide end-to-end solutions in a just and inclusive manner in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets that increasingly are integral to addressing climate change.
