ReNew Q1 Fy24 Results- Profits, No. 1 Renewable Developer Crown Back

Clean Energy Investments Have Surged In India: IEA Report

Gurugram based, NASDAQ listed ReNew Energy Global Plc, which now calls itself a leading decarbonization solutions company, has 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. This puts it ahead of Adani Green Energy Limited (8316 MW as of June 30), and effectively the largest owner of operational renewable energy assets on a standalone basis in India.
• 415 MWs were commissioned in Q1 FY24, increasing operating MWs to 8,395 MWs, an increase of ~10%. The firm hopes to commission an additional 1.75 to 2.25 GW during FY24, back ended towards the end of the year
• 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.

With it’s module manufacturing plant commissioned during the last quarter, the firm has much to look forward to, even as plans to delist shares from NASDAQ stay on the table, after the buyback was completed early this year.