Azure Power Announces Results for Fiscal Third Quarter 2017

February 13, 2017

Azure Power Announces Results for Fiscal Third Quarter 2017

Mauritius, February 13, 2017: Azure Power Global Limited (NYSE: AZRE), (“Azure Power” or “the Company”), one of the leaders in the Indian solar industry, today announced its consolidated results under United States Generally Accepted Accounting Principles (US GAAP) for the fiscal third quarter 2017, period ended December 31, 2016.

Third Quarter 2017 Period Ended December 31, 2016 Operating Highlights:

  • Operating & Committed Megawatts were 1,071 MW, as of December 31, 2016, an increase of 33% over December 31, 2015.
  • Revenue for the quarter was INR 949 million (US$ 14.0 million), an increase of 46% over the quarter ended December 31, 2015.
  • Adjusted EBITDA  for the quarter was INR 696 million (US$ 10.3 million), an increase of 49% over the quarter ended December 31, 2015.

Key Operating and Financial Metrics:

Electricity generation during the nine months’ period ended December 31, 2016 increased by 163.0 million kWh, or 64%, to 416.9 million kWh, compared to the same period in 2015. The increase in electricity generation was principally a result of additional operational capacity during the period.

Total revenue during the nine months ended December 31, 2016 was INR 2,865.4 million (US$ 42.2 million), up 54% from INR 1,858.9 million during the same period in 2015. The increase in revenue was primarily driven by the commissioning of new projects.

Project cost per megawatt operating consists of costs incurred for one megawatt of new solar power plant capacity during the reporting period. The project cost per megawatt operating for the nine months ended December 31, 2016 decreased by INR

16.0 million (US$ 0.23 million) to INR 44.2 million (US$ 0.65 million), as compared to the same period in 2015. The decline is in line with decreasing solar module prices and the reduction in balance of system costs.

As of December 31, 2016, our operating and committed megawatts increased by 267 MW to 1,071 MW compared to December 31, 2015, as a result of the increase in new projects won.

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