RENEW ENERGY GLOBAL Reports Q1 FY2024 Earnings Results for Period Ending June 30 2023
August 24, 2023
☀️Earnings Overview
On August 18 2023, RENEW ENERGY GLOBAL ($NASDAQ:RNW) released their earnings results for the first quarter of FY2024 ending June 30 2023. Total income for the quarter amounted to INR 21250.0 million, which represented a decline of 4.2% from the same period in the previous fiscal year. The company reported a net income of INR 2983.0 million for the quarter, compared to -104.0 million in the year prior.
Share Price
RENEW ENERGY GLOBAL reported their first quarter FY2024 earnings results on Friday, June 30 2023. The company reported strong earnings, with their stock opening at $6.0 and closing at $6.1. This represents a 1.0% increase from the previous closing price of $6.0. This marks another successful quarter for RENEW ENERGY GLOBAL, as the company continues to make significant investments in renewable energy solutions across the globe. The company also reported a successful launch of their new wind turbine technology in several countries around the world.
The company’s continued commitment to sustainable energy solutions has positioned them as one of the leading renewable energy providers in the world. With their efforts to reduce global carbon emissions, RENEW ENERGY GLOBAL is helping to create a more sustainable future for generations to come. Their successful first quarter earnings report further reinforces their commitment to sustainability and helps them continue to lead the way in renewable energy solutions. 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 done an analysis of the wellbeing of RENEW ENERGY GLOBAL. Our Star Chart categorizes them as “cheetah,” which means the company has achieved high revenue or earnings growth but may not be considered as stable due to lower profitability. Based on this, we can assume that investors who are interested in high growth potential may be interested in this type of company. In terms of health score, RENEW ENERGY GLOBAL has a score of 4/10, which means that given its cashflows and debt, there is a low risk of the company going bankrupt during any crisis. However, the company is strong in growth but weak in profitability, asset and dividend. Therefore, investors should consider these factors before making any decisions. 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’s first quarter of FY2024 ended June 30 2023, saw a 4.2% decline in total revenue to INR 21250.0 million.
However, their net income increased significantly to INR 2983.0 million from -104.0 million in the previous year. This indicates that the company is taking steps to improve their financial wellbeing. For investors, this could be a good sign of positive growth and potential future returns. It is important to monitor the company’s earnings and other performance metrics going forward to get an accurate representation of the company and make informed investing decisions.
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