Business
ReNew Announces Results for the Fourth Quarter and Full Fiscal Year 2024: Reports PAT for FY24 and Provides Long Term Outlook
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 unaudited consolidated IFRS results for Q4 FY24 and year ended March 31, 2024.\n\n\nOperating Highlights:\n\n\n\nAs of March 31, 2024, the Company’s portfolio consisted of ~13.5 GWs, of which ~9.5 GWs are generating revenue and ~4 GWs are committed, compared to ~13.7 GWs as of March 31, 2023. Subsequent to the year-end, the company signed ~2.2 GW of PPAs taking the portfolio to ~15.6 GW, as of May 31, 2024.\n\n\n\nTotal Income (or total revenue) for FY24 was INR 96,531 million (US$ 1,158 million), compared to INR 89,309 (US$ 1,072 million) for FY23. Net profit for FY24 was INR 4,147 million (US$ 50 million) compared to a net loss of INR 5,029 million (US$ 60 million) for FY23. Adjusted EBITDA for FY24 was INR 69,216 million (US$ 831 million), as against INR 62,004 million (US$ 744 million) for FY23. Cash Flow to equity (\"CFe\") for FY24 was INR 13,665 million (US$ 164 million) compared to INR 15,237 million (US$ 183 million) for FY23.\n\n\n\nTotal Income (or total revenue) for Q4 FY24 was INR 24,776 million (US$ 297 million), compared to INR 25,916 (US$ 311 million) for Q4 FY23. Net profit for Q4 FY24 was INR 609 million (US$ 7 million) compared to INR 74 million (US$ 1 million) for Q4 FY23. Adjusted EBITDA for Q4 FY24 was INR 16,810 million (US$ 202 million), as against INR 12,010 million (US$ 144 million) in Q4 FY23. Cash Flow to equity (“CFe”) for Q4 FY24 was an outflow of INR 8,091 million (US$ 97 million) compared to an outflow of INR 4,573 million (US$ 55 million) in Q4 FY23.\n\n\n\nDays Sales Outstanding (“DSO”) ended Q4 FY24 at 77 days, a 61-day improvement, year on year.\n\n\n\nNote: the translation of Indian rupees into U.S. dollars has been made at INR 83.34 to US$ 1.00.\n\n\nFY 25 Guidance\n\n\nThe Company expects to complete construction of between 1,900 to 2,400 MWs by the end of Fiscal Year 2025. The Company’s Adjusted EBITDA and Cash Flow to Equity guidance for FY25 are subject to weather being similar to FY24. The Company anticipates continued net gains on sales of assets, which is part of ReNew’s capital recycling strategy, and has included INR 1-2 billion of gains in the guidance below:\n\n\n\n\nFinancial Year\n\n\n\n\n\n\n \n\n\n\n\n\n\...