Why ReNew Energy Shares Are Trading Higher Today

ReNew Energy Global PLC RNW shares are trading higher by around 8% after the company reported better-than-expected Q2 FY24 revenues and revised its FY24 adjusted EBITDA guidance.

Revenue came in at INR 28.632 billion vs. INR 22.409 billion a year ago. Profit after tax stood at INR 3.771 billion, better than the loss of INR (986) million a year ago.

In USD terms, revenue of $345 million beat the consensus of $258.4 million, and EPS of $0.11 exceeded the analyst view of $0.02.

At the end of Q2 FY24, Days Sales Outstanding stood at 112 days, a 119-day improvement year on year.

As of September 30, 2023, the RNW portfolio consisted of 13.8 GWs, of which ~8.3 GWs are commissioned and 5.5 GWs are committed.

As of September 30, cash and cash equivalents and bank balances stood at INR 83.613 billion. 

Outlook: RNW boosted the lower end of the FY24 adjusted EBITDA guidance range by 3%, with the new range at INR 62 billion - INR 66 billion.

It continues to expect to complete construction of between 1,750 and 2,250 MWs by the end of FY24.

The company projects ~35%+ per share EBITDA growth in FY25. 

Also Read: ReNew Pens MoUs For ~$7.8B Debt Funding For Green Energy Projects

Price Action: RNW shares are up 9.27% at $6.48 on the last check Monday.