Mauritius, November 22, 2016: Azure Power Global Limited (NYSE: AZRE), one of the leaders in the Indian solar industry, today announced its consolidated results under United States Generally Accepted Accounting Principles (“GAAP”) for the second quarter period ended September 30, 2016.
Second Quarter 2017 Period Ended September 30, 2016 Operating Highlights:
- Operating & Committed Megawatts were at 1,021 MW, as of September 30, 2016 an increase of 111% over the same date last year
- Revenue for the quarter was INR 895 million (US$13 million), an increase of 40% over the same quarter last year
- Adjusted EBITDA for the quarter was INR 561 million (US$8 million), an increase of approximately 44% over the same quarter last year
Key Operating Metrics
Electricity generation increased by 112.8 million kWh during the six months periods ended September 30, 2016 to 275.1 million kWh as compared to the same period in 2015 as a result of the increase in operational capacity during the period.
Total revenue grew to INR 1,916.6 million (US$28.8 million) during the six months ended September 30, 2016 from INR 1,211.1 million in the six months ended September 30, 2015, an increase of 58% over the same period in the previous year. The increase in revenue was driven by the commissioning of new projects.
The project cost per megawatt operating for the six months ended September 30, 2016 decreased by INR 2.9 million (US$0.1 million) to INR 58.1 million (US$0.87 million), as compared to the same period in the previous year. The project cost per megawatt has declined in line with decreasing solar module prices and reduction in balance of plant costs. Project cost per megawatt operating consists of costs incurred for one megawatt of new solar power plant capacity during the reporting period.
Operating and committed megawatts increased, as of September 30, 2016, by 536 MW to 1,021 MW as a result of the increase in new projects won since September 30, 2015.
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