ReNew Announces Results for Second Quarter and Half Year Results for Fiscal Year 2024: US$81 million PAT for H1 FY24, Raises EBITDA Guidance for FY24
20 Novembro 2023 - 8:00AM
Business Wire
ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW,
RNWWW), a leading decarbonization solutions company, today
announced its consolidated unaudited IFRS results for the
three-month period ended September 30, 2023.
Operating Highlights:
- As of September 30, 2023, the Company’s portfolio consisted of
13.8 GWs, compared to 13.4 GWs as of September 30, 2022, of which
~8.3 GWs are commissioned and 5.5 GWs are committed.
- Total Income (or total revenue) for H1 FY24 was INR 53,291
million (US$ 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.
Financial Year
Adjusted EBITDA
Adjusted EBITDA/share
Cash Flow to equity
(CFe)
CFe/share
FY24
INR 62,000 – INR 66,000
million
INR 153 - INR 164
INR 6,000 – INR 8,000 million
INR 15 - INR 20
The full financial results are available at
https://investor.renew.com/financials/quarterly-results
Webcast and Conference Call Information
A conference call has been scheduled to discuss the earnings
results at 8:30 AM ET (7:00 PM IST) on Nov 20, 2023. The conference
call can be accessed live at
https://edge.media-server.com/mmc/p/968yyce4/ or by phone
(toll-free) by dialing:
US/ Canada: (+1) 855 881 1339 France: (+33) 0800 981 498
Germany: (+49) 0800 182 7617 Hong Kong: (+852) 800 966 806 India:
(+91) 0008 0010 08443 Japan: (+81) 005 3116 1281 Singapore: (+65)
800 101 2785 Sweden: (+46) 020 791 959 UK: (+44) 0800 051 8245 Rest
of the world: (+61) 7 3145 4010 (toll)
An audio replay will be available following the call on our
investor relations website at
https://investor.renew.com/news-events/events
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended and the Private Securities Litigation Reform Act of
1995, including statements regarding our future financial and
operating guidance, operational and financial results such as
estimates of nominal contracted payments remaining and portfolio
run rate, and the assumptions related to the calculation of the
foregoing metrics. The risks and uncertainties that could cause our
results to differ materially from those expressed or implied by
such forward-looking statements include: the availability of
additional financing on acceptable terms; changes in the commercial
and retail prices of traditional utility generated electricity;
changes in tariffs at which long-term PPAs are entered into;
changes in policies and regulations including net metering and
interconnection limits or caps; the availability of rebates, tax
credits and other incentives; the availability of solar panels and
other raw materials; our limited operating history, particularly as
a relatively new public company; our ability to attract and retain
relationships with third parties, including solar partners; our
ability to meet the covenants in our debt facilities;
meteorological conditions; issues related to the COVID-19 pandemic;
supply disruptions; solar power curtailments by state electricity
authorities and such other risks identified in the registration
statements and reports that our Company has filed or furnished with
the U.S. Securities and Exchange Commission, or SEC, from time to
time. Portfolio represents the aggregate megawatts capacity of
solar power plants pursuant to PPAs, signed or allotted or where we
have received a letter of award. There is no assurance that we will
be able to sign a PPA even though we have received a letter of
award. All forward-looking statements in this press release are
based on information available to us as of the date hereof, and we
assume no obligation to update these forward-looking
statements.
About ReNew
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. For more
information, visit renew.com and follow us on LinkedIn, Facebook,
Twitter and Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20231120349069/en/
Press Enquiries ReNew | Shilpa Narani |
shilpa.narani@renew.com
Investor Enquiries ReNew | Nathan Judge, Nitin Vaid |
ir@renew.com
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