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ReNew Announces Results for the First Quarter (Q1 FY24) and Fiscal 2024 Ended June 30, 2023
GURUGRAM, India--(BUSINESS WIRE)-- ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading decarbonization solutions company,
About this update from Renew Energy Global Plc
[{"type":"text","content":" GURUGRAM, India--(BUSINESS WIRE)--\nReNew 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.\n\n\nOperating Highlights:\n\n\n\nAs 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.\n\n\n\n415 MWs commissioned in Q1 FY24, increasing our operating MWs to 8,395 MWs, an increase of ~10%.\n\n\n\nTotal 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.\n\n\n\nDays Sales Outstanding (“DSO”) ended Q1 FY24 at 114 days, a 118 day improvement year on year.\n\n\n\nFY 24 Guidance\n\n\nWe 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.\n\n\nThe Company’s Adjusted EBITDA and Cash Flow to equity guidance for FY24 is subject to weather being similar to FY23.\n\n\n\n\nFinancial Year\n\n\n\n\n\n\n \n\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n\n\n \n\n\n\n\n\n\nAdjusted EBITDA/share\n\n\n\n\n\n\n \n\n\n\n\n\n\nCash Flow to\n\n\n\n\nequity (CFe)\n\n\n\n\n\n\n \n\n\n\n\n\n\nCFe/share\n\n\n\n\n\n\n\n\nFY24\n\n\n\n\n\n\n \n\n\n\n\n\n\nINR 60,000 – INR 66,000 million\n\n\n\n\n\n\n \n\n\n\n\n\n\nINR 149 - INR 164\n\n\n\n\n\n\n \n\n\n\n\n\n\nINR 6,000 – INR 8,000 million\n\n\n\n\n\n\n \n\n\n\n\n\n\nINR 15 - INR 20\n\n\n\n\n\n\n\nWebcast and Conference Call Information\n\n\nA conference call has been scheduled to discuss the earnings results at 8:30 AM ET (6:00 PM IST) on Aug 21, 2023. The conference call can be accessed live at https://edge.media-server.com/mmc/p/vu6jgr9e or by phone (toll-free) by dialing:\n\n\nUS/ Canada: (+1) 855 881 1339\nFrance: (+33) 0800 981 498\nGermany: (+49) 0800 182 7617\nHong Kong: (+852) 800 966 806\nI...