Azure Power Announces Results for Fiscal Fourth Quarter 2017

June 19, 2017

Azure Power Announces Results for Fiscal Fourth Quarter 2017

EBENE, Mauritius--(BUSINESS WIRE)-- 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 fourth quarter 2017, period ended March 31, 2017.

Fourth Quarter 2017 Period Ended March 31, 2017 Operating Highlights:

  • Operating & Committed Megawatts were 1,069 MW, as of March 31, 2017, an increase of 31% over March 31, 2016.
  • Revenue for the quarter was INR 1,318 million (US$ 20.3 million), an increase of 72% over the quarter ended March 31, 2016.
  • Adjusted EBITDA for the quarter was INR 974 million (US$ 15.0 million), an increase of 90% over the quarter ended March 31, 2016.

Key Operating and Financial Metrics:

Electricity generation during the fiscal year ended March 31, 2017 increased by 252.7 million kWh, or 69%, to 617.5 million kWh, compared to the same period in 2016. The increase in electricity generation was principally a result of additional capacity operating during the period.

Total revenue during fiscal year ended March 31, 2017 was INR 4,183.0 million (US$ 64.5 million), up 59% from INR 2,626.1 million during the same period in 2016. 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 fiscal year ended March 31, 2017 decreased by INR 10.3 million (US$ 0.16 million) to INR 49.3 million (US$ 0.76 million), as compared to the same period in 2016. The decline is due to decreasing solar module prices and the reduction in balance of system costs.

As of March 31, 2017, our operating and committed megawatts increased by 254 MW to 1,069 MW compared to March 31, 2016 as a result of winning new projects. In Feb 2017, WTO ruled against India’s Domestic Content Requirement for solar projects. Solar Energy Corporation of India (SECI) cancelled private procurements with domestic content requirements and did not sign a 50 MW contract (Andhra Pradesh 4) with Azure Power which had a domestic content requirement. The Company did not incur any significant costs related to Andhra Pradesh 4.

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