ReNew Energy records Rs 298.3 crore net profit in April-June quarter

ReNew Energy Global Plc on Saturday reported a net profit of Rs 298.3 crore in the April-June quarter of 2023-24 against a loss of Rs 10.4 crore in the year-ago period.

Total income was Rs 2,465.9 crore in the first quarter of FY24 against Rs 2,500.7 crore in April-June 2022, according to a company statement.

Days Sales Outstanding -- the average number of days that it takes for a company to collect payment after a sales-- ended Q1 FY24 at 114 days, a 118-day improvement year on year, it stated.

"We are reiterating our FY24 guidance. The company expects to complete construction of 1,750 to 2,250 MW by the end of Fiscal Year 2024," it said.

As of June 30, 2023, the company's portfolio consisted of 13.7 GWs, a 6.3 per cent increase year on year, of which 8.4 GWs are commissioned and 5.3 GWs are committed.

As much as 415 MWs commissioned in Q1 FY24, increasing its operating MWs to 8,395 MWs, an increase of 10 per cent.

ReNew is India's leading decarbonisation solutions company listed on Nasdaq.