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 June 30, 2023.
Operating Highlights:
- As of June 30, 2023, the Company’s portfolio consisted of 13.7 GWs, a 6.3% increase year on year, of which ~8.4 GWs are commissioned and 5.3 GWs are committed.
- 415 MWs commissioned in Q1 FY24, increasing our operating MWs to 8,395 MWs, an increase of ~10%.
- Total Income (or total revenue) for Q1 FY24 was INR 24,659 million (US$ 300 million), compared to INR 25,007 (US$ 305 million) for Q1 FY23. Net profit for Q1 FY24 was INR 2,983 million (US$ 36 million) compared to a net loss of INR 104 million (US$ 1 million) for Q1 FY23. Adjusted EBITDA for Q1 FY24 was INR 18,599 million (US$ 227 million), as against INR 20,157 million (US$ 246 million) in Q1 FY23. Cash Flow to equity (“CFe”) for Q1 FY24 was INR 9,584 million (US$ 117 million) compared to INR 14,562 million (US$ 177 million) in Q1 FY23.
- Days Sales Outstanding (“DSO”) ended Q1 FY24 at 114 days, a 118 day improvement year on year.
FY 24 Guidance
We are reiterating our FY24 guidance. The Company expects to complete construction of 1,750 to 2,250 MW’s by the end of Fiscal Year 2024.
The Company’s Adjusted EBITDA and Cash Flow to equity guidance for FY24 is subject to weather being similar to FY23.
|
Financial Year |
|
Adjusted EBITDA |
|
Adjusted EBITDA/share |
|
Cash Flow to equity (CFe) |
|
CFe/share |
|
FY24 |
|
INR 60,000 – INR 66,000 million |
|
INR 149 – INR 164 |
|
INR 6,000 – INR 8,000 million |
|
INR 15 – INR 20 |
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 India’s leading decarbonisation solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew’s clean energy portfolio of approximately 13.7GW on a gross basis as of March 31, 2023, is one of the largest globally. In addition to being a major independent power producer in India, ReNew provides end-to-end solutions in a just and inclusive manner in the areas of clean energy, value-added energy offerings through digitalisation, storage, and carbon markets that increasingly are integral to addressing climate change.
