ReNew reports net profit of ₹377 crore in Q2 on 27 per cent increase in total income

ReNew Energy Global (ReNew) on Monday reported a net profit of ₹377 crore, or $45 million, for the July-September quarter in FY24 against a net loss of ₹98.6 crore ($12 million) in the year-ago period.

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The company’s total income for Q2 stood at ₹2,863.2 crore ($345 million), compared with₹2,240.9 crore ($270 million) in Q2 FY23, the Nasdaq-listed firm said.

Adjusted EBITDA for the quarter was ₹2,129.8 crore ($256 million), as against ₹1,820.9 crore ($219 million) in the corresponding quarter last year.

ReNew’s Cash Flow to equity (CFe) for the quarter was ₹934.6 crore ($112 million) compared with ₹712.5 crore ($86 million) in Q2 FY23.

As of September 30, 2023, the company’s portfolio consisted of 13.8 gigawatts (GW), compared with 13.4 GW as of September 30, 2022; of this, around 8.3 GW has been commissioned and 5.5 GW is committed.

The Days Sales Outstanding ended Q2 FY24 at 112 days, a 119-day improvement year-on-year.

H1 performance

During H1 FY24, ReNew’s total income stood at ₹5,329.1 croe ($641 million), compared with ₹4,741.6 crore ($571 million) for H1 FY23.

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Net profit for H1 FY24 was ₹675.4 crore ($81 million) compared with a net loss of ₹109 crore ($13 million) for H1 FY23. Adjusted EBITDA was ₹3,989.7 crore ($480 million) as against ₹3,836.6 crore ($462 million) in H1 FY23.

The CFe for H1 FY24 was ₹1,893 crore ($228 million) compared with ₹2,104 crore ($253 million) in H1 FY23.

“We are raising the lower end of our FY24 Adjusted EBITDA guidance range by 3 per cent and continue to expect to complete construction of between 1,750 and 2,250 megawatts by the end of FY 2024,” ReNew said.

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