ReNew Energy Global Plc (NASDAQ: RNW) experienced a notable surge, witnessing an 8.60% increase to settle at $6.44 during the previous trading session. This upswing in the value of ReNew Energy stock was instigated by the divulgence of its financial performance.

In its latest disclosure, ReNew Energy (RNW) unveiled the consolidated unaudited IFRS results for the three-month period culminating on September 30, 2023. The company’s extensive portfolio comprised 13.8 GWs, with approximately 8.3 GWs already commissioned and an additional 5.5 GWs committed. This marked an advancement from the 13.4 GWs reported as of September 30, 2022.

During the initial half of the financial year 2024, the aggregate revenue achieved a milestone of $641 million, marking a notable ascent from the $571 million documented in the corresponding period of FY23. The net profit for H1 FY24 demonstrated a substantial reversal, reaching $81 million, a remarkable departure from the preceding net loss of $13 million incurred in H1 FY23. The Adjusted EBITDA for H1 FY24 registered at $480 million, surpassing the prior figure of $462 million reported in H1 FY23.

Total Income for the second quarter of fiscal year 2024 surpassed $270 million in Q2 FY23 to $345 million. A net profit of $45 million was recorded for Q2 FY24, up from $12 million for Q2 FY23. The company earned $256 million in Adjusted EBITDA in Q2 FY24, up from $219 million in Q2 FY23. In Q2 FY24, Cash Flow to Equity (“CFe”) was $112 million, a $26 million increase over Q2 FY23.

Significantly, Days Sales Outstanding (“DSO”) concluded Q2 FY24 at 112 days, reflecting a substantial 119-day improvement compared to the previous year. Additionally, ReNew Energy revised its FY24 Adjusted EBITDA guidance range upward by 3%, maintaining the expectation of completing the construction of 1,750 to 2,250 MWs by the conclusion of Fiscal Year 2024.