RENEW ENERGY GLOBAL Reports Positive Financial Results for First Quarter of FY2024
August 31, 2023
☀️Earnings Overview
On August 18 2023, RENEW ENERGY GLOBAL ($NASDAQ:RNW) announced its financial results for the first quarter of FY2024 which ended on June 30 2023. Revenue for this quarter was INR 21250.0 million, a decrease of 4.2% compared to the same period in the previous year. Furthermore, the net income was reported to be INR 2983.0 million, a significant increase from -104.0 million in the prior year.
Price History
Friday saw an encouraging financial report from RENEW ENERGY GLOBAL, as their stock opened at $6.0 and closed at $6.1, up by 1.0% from the previous closing price of 6.0. This marks a positive financial result for the first quarter of FY2024, demonstrating the continued growth and success of the company. As one of the leading renewable energy companies, RENEW ENERGY GLOBAL has made significant commitments to advancing clean energy solutions to help fight climate change and reduce global greenhouse gas emissions. Its latest financial report shows that these commitments are paying off, with the company’s stock continuing to rise as more people invest in renewable energy. In addition to its positive financial report, RENEW ENERGY GLOBAL has also made strides in diversifying its energy portfolio, with investments in solar, wind, and geothermal energy sources.
These investments have enabled RENEW ENERGY GLOBAL to become one of the most competitive sources of clean energy in the industry, providing customers with reliable and cost-effective services. Overall, this quarter’s report from RENEW ENERGY GLOBAL is encouraging and shows a positive trend in the company’s financial performance. The company’s commitment to investing in renewable energy solutions has enabled them to remain competitive while helping to reduce global greenhouse gas emissions. Investors are likely to continue seeing strong returns from RENEW ENERGY GLOBAL throughout FY2024. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for RNW. More…
| Total Revenues | Net Income | Net Margin |
| 77.3k | -1.73k | -0.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for RNW. More…
| Operations | Investing | Financing |
| 71.48k | -106.63k | 30.36k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for RNW. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 778.55k | 660.45k | 278.74 |
Key Ratios Snapshot
Some of the financial key ratios for RNW are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 17.3% | 11.1% | 53.1% |
| FCF Margin | ROE | ROA |
| -33.1% | 24.3% | 3.3% |
Analysis
At GoodWhale, we have conducted an extensive financial analysis of RENEW ENERGY GLOBAL. After conducting an in depth analysis of Risk Rating, we have determined that this is a medium risk investment in terms of both its financial and business aspects. Upon further review, we have identified three risk warnings in the income sheet, balance sheet, and cashflow statement that potential investors should take into consideration. These warnings are visible when viewing the company profile on GoodWhale.com. It is important to note that while there may be risks associated with any investment, RENEW ENERGY GLOBAL’s medium risk rating indicates that the company is still a viable investment option. Investors should always perform their own due diligence before investing, and we recommend that all potential investors maintain a diversified portfolio. More…
Peers
As the world increasingly looks for cleaner energy sources, many companies are vying for a piece of the renewable energy pie. ReNew Energy Global PLC is one such company, and it competes against others such as Karma Energy Ltd, Westbridge Renewable Energy Corp, and Shinfox Energy Co Ltd. All of these companies are looking to provide renewable energy solutions that are both effective and affordable.
– Karma Energy Ltd ($BSE:533451)
Karma Energy Ltd is an Indian renewable energy company with a market cap of 366.77M as of 2022. The company has a Return on Equity of 9.92%. Karma Energy Ltd is involved in the development, construction, and operation of renewable energy projects in India. The company has a portfolio of solar, wind, and biomass projects.
– Westbridge Renewable Energy Corp ($TSXV:WEB)
Westbridge Renewable Energy Corp is a Canadian renewable energy company. The company has a market capitalization of 38.54 million as of 2022 and a return on equity of -46.38%. The company operates in the wind, solar, and hydroelectric power generation sectors. The company was founded in 2006 and is headquartered in Calgary, Alberta, Canada.
– Shinfox Energy Co Ltd ($TWSE:6806)
Shinfox Energy Co Ltd is a Japanese company that specializes in the development and operation of renewable energy power plants. The company has a market cap of 13.4 billion as of 2022 and a return on equity of 2.33%. Shinfox Energy Co Ltd is a publicly traded company listed on the Tokyo Stock Exchange.
Summary
Renew Energy Global has reported its financial results for the first quarter of FY2024, ending June 30 2023. Total revenue for the quarter was INR 21250.0 million, a 4.2% decrease compared to the same period last year. Net income was reported to be INR 2983.0 million, a significant improvement from the previous year’s loss of INR 104.0 million. The improvement in net income suggests an investment opportunity for Renew Energy Global.
It is possible that the company’s cost reduction strategies have begun to pay off, making it an attractive option for investors. Further analysis is required, however, to determine whether this trend is likely to continue and if Renew Energy Global can remain a viable investment.
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