RENEW-ENERGY-GLOBAL-PLC
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.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231120349069/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
FPT Named Sitecore’s First Global Partner Under Global Elite Reseller Program8.1.2026 09:00:00 CET | Press release
Global IT Corporation FPT announced its appointment as the inaugural Global Elite Reseller under a new initiative from Sitecore that expands upon its successful Global Reseller Program. The Global Elite Reseller Program follows the launch of SitecoreAI, the next-generation digital experience platform that puts artificial intelligence at the center of marketing, unifying content, data, and personalization in one composable platform so organizations can reach, engage, and serve their audience across digital channels. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260107425261/en/ Representatives from FPT and Sitecore at the Global Elite Reseller signing ceremony. Under the agreement, FPT will hold exclusive reseller rights in Vietnam and non-exclusive rights across select markets in Asia and the Middle East, taking SitecoreAI to market and showing how it helps teams plan, create, and optimize digital experiences using AI as cu
Natus Sensory Appoints Arne Boye Nielsen to Board of Directors8.1.2026 08:00:00 CET | Press release
Natus Sensory, a global leader in sensory and diagnostic solutions, today announced the appointment of Arne Boye Nielsen to its Board of Directors, effective January 1, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260107392331/en/ Arne Boye Nielsen Arne brings more than 30 years of executive leadership experience in diagnostics and medical technology, most notably as President of Demant Diagnostics, where he built and scaled the business into a global leader over three decades. During his tenure, Arne played a central role in shaping Demant Diagnostics’ long-term strategy, portfolio expansion, and international growth, establishing it as a cornerstone of Demant’s global healthcare footprint. In addition to his executive leadership background, Arne brings extensive board experience. His deep expertise across diagnostics, governance, and value creation will further strengthen Natus Sensory’s Board as the company contin
4Moving Biotech Receives FDA IND Clearance for 4P004, Strengthening Its Position as a Leading Innovator in Disease-Modifying Osteoarthritis Therapeutics8.1.2026 07:30:00 CET | Press release
FDA IND clearance enabling the worldwide expansion of the INFLAM MOTION Phase 2a trial, involving major U.S. sites Advancing the first clinical proof of concept in OA with a first-in-class intra-articular GLP-1 agonist A holistic clinical strategy design establishing the foundation for a future accelerated approval pathway 4Moving Biotech (4MB), a clinical stage biotechnology company developing next-generation, disease-modifying therapies for osteoarthritis (OA), today announced that the U.S. Food and Drug Administration (FDA) has cleared its Investigational New Drug (IND) application for 4P004, enabling the expansion of the Phase 2a INFLAM MOTION clinical trial into the United States (US). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260107798042/en/ 4Moving Biotech (4MB), a clinical stage biotechnology company developing next-generation, disease-modifying therapies for osteoarthritis (OA), today announced that the U.S. F
Organon Enters into a Commercialization Agreement for Daiichi Sankyo’s Nilemdo®in France, Denmark, Iceland, Sweden, Finland and Norway8.1.2026 07:30:00 CET | Press release
The agreement builds on Organon’s cardiovascular disease portfolio, leveraging expertise to expand access to new treatments for patients with dyslipidemia, especially statin-intolerant patients.This collaboration addresses a critical gap in care that disproportionately affects women, who are at a 47% higher risk of developing statin intolerance compared to men.i Organon today announced that it has entered into an agreement with Daiichi Sankyo Europe to commercialize Nilemdo® (bempedoic acid) in France, Denmark, Iceland, Sweden, Finland and Norway. Nilemdo® is a new, first-in-class drug indicated for patients with high cholesterol and cardiovascular disease risk. It provides an alternative treatment for patients that cannot be treated effectively with statins.ii “This collaboration combines Organon’s commercial agility with Daiichi Sankyo’s expertise in cardiovascular innovation to bring Nilemdo® to patients in France, Denmark, Iceland, Sweden, Finland and Norway,” says Thibault Crosnie
Prodapt Earns ISO 42001 Certification, the New Global Benchmark for Responsible Enterprise AI8.1.2026 07:00:00 CET | Press release
Prodapt today announced that it has been awarded the ISO 42001 certification, the world’s first and the only global standard for AI Management Systems (AIMS). Marking a significant milestone in its journey, Prodapt is setting a higher benchmark to deliver secure, ethical, and scalable AI for global enterprises. ISO 42001 lays a rigorous framework for governing AI across strategy, technology, and operations. The certification, awarded by an independent accredited body, validates Prodapt’s enterprise-grade AI management framework, including executive-led oversight, strong technology foundations, and disciplined operational processes. These measures ensure AI systems are responsibly designed, deployed, monitored, and evolved throughout their lifecycle. The evaluation emphasizes risk management, ethical AI practices, transparency, and scalability, confirming Prodapt’s ability to proactively identify and mitigate risks while ensuring accountability in AI-driven outcomes. Human-in-the-loop c
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom