Renew Energy Global shares reached a three-month high after Q1 results

ReNew Energy

ReNew Energy Global (NASDAQ: RNW) stock rose to its highest point in over three months on Friday after ReNew Energy Global reported Q1 results and reiterated its FY23 guidance.

RNW ReNew Energy reported Q1 net losses in excess of $1M compared with Q1 FY22 net profits in excess of $5M

Net loss is the sum of the debt premium and the impact on reclassification of a $32M hedge to balance sheet to refinance USD bond with lower-cost rupee bonds

Adj. EBITDA was $255M and revenue was $316M.

June. 30. RNW’s portfolio contained 12.9 GWs. This was an increase of 30% Y/Y. 7.6 GWs were commissioned and 5.3 GWs committed.

After Q1-end, RNW signed another 0.3 GWs of PPAs. It now has 13.2 GWs in its portfolio. The Following outlook was provided by RNW to allow quarterly increases of installed capacity.

RNW affirmed its adj. EBITDA, adj. EBITDA, adj.

According to the company Andhra Pradesh Distribution (42% past dues), agreed to pay past dues equal amounts over the next twelve months. The first installment had been paid.

RNW is making great progress along with other utilities in the past due receivables region.

DSO (distribution system operators) improved to 223 days vs 262 Q1 FY22. This is the first time Q1 DSO has improved Y/Y over the past three years.

Shares in RNW dropped 0.9% YTD, and were down 18.9% for the past one year.