EBENE, Mauritius--(BUSINESS WIRE)--
Azure Power Global Limited (NYSE: AZRE), a leading independent solar
power producer in India, todayannounced its consolidated results
under United States Generally Accepted Accounting Principles (“GAAP”)
for the fiscal second quarter ended September 30, 2018.
Fiscal Second Quarter 2019 Period Ended September 30, 2018 Operating
Highlights:
-
Operating Megawatts (MW) were 1,018 MW as of September 30, 2018, an
increase of 27% over September 30, 2017.
-
Operating & Committed Megawatts were 3,059 MW as of September 30,
2018, an increase of 122% over September 30, 2017.
-
Revenue for the quarter was INR 2,225.7 million (US$ 30.7 million), an
increase of 22% over the quarter ended September 30, 2017.
-
Adjusted EBITDA for the quarter was INR 1,807.7 million (US$ 24.9
million), an increase of 21% over the quarter ended September 30, 2017.
Key Operating Metrics
Electricity generation during the six months ended September 30, 2018
increased by 192 million kWh, or 33%, to 773 million kWh compared to the
same period in 2017. The increase in electricity generation was
principally a result of additional capacity operating during the period.
Total revenue during the six months ended September 30, 2018 was INR
4,648.2 million (US$ 64.1 million), up 26% from INR 3,701.7 million
during the same period in 2017. The increase in revenue was primarily
driven by the commissioning of new projects.
Project cost per megawatt operating (megawatt capacity in DC) consists
of costs incurred for one megawatt of new solar power plant during the
reporting period. The project cost per megawatt operating for the six
months ended September 30, 2018 decreased by INR 1.4 million (US$0.02
million) to INR 44.3 million (US$0.61 million) primarily due to lower
costs on account of decline in solar module prices. The project cost per
megawatt operating (AC) was INR 50.78 million (US$ 0.70 million).
As of September 30, 2018, our operating and committed megawatts
increased by 1,678 MW compared to September 30, 2017 to 3,059 MW as a
result of winning new projects.
Nominal Contracted Payments
The Company’s PPAs create long-term recurring customer payments. Nominal
contracted payments equal the sum of the estimated payments that the
customer is likely to make, subject to discounts or rebates, over the
remaining term of the PPAs. When calculating nominal contracted
payments, the Company includes those PPAs for projects that are
operating or committed.
The following table sets forth, with respect to our PPAs, the aggregate
nominal contracted payments and total estimated energy output as of the
reporting dates. These nominal contracted payments have not been
discounted to arrive at the present value.
| |
| As of September 30, | |
| | | 2017 |
| 2018 | |
| | | INR | | INR |
| US$ | |
Nominal contracted payments (in thousands)
| |
296,524,749
| |
544,314,570
| |
7,503,647
| |
Total estimated energy output (kilowatt hours in millions)
| |
60,349
| |
153,880
| | | |
Nominal contracted payments increased from September 30, 2017 to
September 30, 2018 as a result of the Company entering into additional
PPAs.
Portfolio Revenue Run-Rate
Portfolio revenue run-rate equals annualized payments from customers
extrapolated based on the operating and committed capacity as of the
reporting dates. In estimating the portfolio revenue run-rate, the
Company multiplies the PPA contract price per kilowatt hour by the
estimated annual energy output for all operating and committed solar
projects as of the reporting date. The estimated annual energy output of
the Company’s solar projects is calculated using power generation
simulation software and validated by independent engineering firms. The
main assumption used in the calculation is the project location, which
enables the software to derive the estimated annual energy output from
certain meteorological data, including the temperature and solar
insolation based on the project location.
The following table sets forth, with respect to the Company’s PPAs, the
aggregate portfolio revenue run-rate and estimated annual energy output
as of the reporting dates. The portfolio revenue run-rate has not been
discounted to arrive at the present value.
|
| As of September 30, | |
| | 2017 |
| 2018 | |
| | INR | | INR |
| US$ | |
Portfolio revenue run-rate (in thousands)
| |
12,827,890
| |
23,896,380
| |
329,423
| |
Estimated annual energy output (kilowatt hours in millions)
| |
2,541
| |
6,676
| | | |
Portfolio revenue run-rate increased by INR 11,068.5 million (US$152.6
million) to INR 23,896.4 million (US$329.4 million) as of September 30,
2018, as compared to September 30, 2017, due to an increase in
operational and committed capacity.
Fiscal Second Quarter 2019 Period ended September 30, 2018
Consolidated Financial Results:
Operating Revenues
Operating revenues during the three months ended September 30, 2018
increased by INR 401.9 million, or 22%, to INR 2,225.7 million (US$ 30.7
million) compared to the same period in 2017. The increase in revenue
for the three months ended September 30, 2018 is on account of projects
commissioned by the Company since last year.
Cost of Operations (Exclusive of Depreciation and Amortization)
Cost of operations during the three months ended September 30, 2018
increased by INR 31.4 million, or 22%, to INR 176.1 million (US$ 2.4
million) compared to the same period in 2017. The increase was primarily
due to increase in plant maintenance cost related to newly operational
projects. The operating cost per megawatt during the three months period
ended September 30, 2018 was INR 0.17 million, a decrease of INR 0.01
million per megawatt as compared to the same period in 2017.
General and Administrative Expenses
General and administrative expenses during the three months ended
September 30, 2018 increased by INR 62.3 million, or 35%, to INR 241.9
million (US$ 3.3 million) compared to the same period in 2017. General
and administrative expenses during the three month’s period ended
September 30, 2017, included a INR 43.2 million (US$0.6 million)
one-time credit from vendors; excluding the one-time credit, the
increase in general and administrative expense in fiscal second quarter
2018 would have been 8.6 %.
Depreciation and Amortization
Depreciation and amortization expenses during the three months ended
September 30, 2018 increased by INR 134.5 million, or 29%, to INR 597.5
million (US$ 8.2 million) compared to the same period in 2017. The
principal reason for the increase in depreciation during the three
months ended September 30, 2018 was the commissioning of several
projects including the Uttar Pradesh 2 solar power project, which was
fully operational during the second quarter of fiscal year 2018, as well
as the commissioning of the Telangana 1 project, which commenced
operations in the fourth quarter of fiscal year 2018, and the Uttar
Pradesh 3 and Andhra Pradesh 3 projects which commenced operations in
the first quarter of fiscal year 2019.
Interest Expense, Net
Net interest expense during the three months ended September 30, 2018
decreased by INR 1,107.9 million, or 47%, to INR 1,257.0 million (US$
17.3 million) compared to the same period in 2017. During the prior
comparable period, the Company had one-time non-cash write offs of
unamortized deferred financing costs of INR 615.5 million related to the
issuance of the solar Green Bond and one-time prepayment fees of INR
658.4 million for debt refinancing related to the use of proceeds from
the solar Green Bond. Excluding the one-time impact of the solar Green
Bond, the net interest expense would have increased by approximately 16%.
Loss on Foreign Currency Exchange
Foreign exchange loss during the three months ended September 30, 2018
increased by INR 193.8 million compared to the same period in 2017 to
INR 236.8 million (US$ 3.3 million). For the six months ended September,
30 2018, the foreign exchange loss comprised primarily of unrealized
non-cash losses on foreign currency loans of INR 431.5 million (US$ 6.0
million). During the current period, the company has not realized any
material cash foreign exchange loss due to hedging.
The Indian rupee depreciated against the U.S. dollar by INR 4.0 to US$
1.00 (5.8%) during the period from June 30, 2018 to September 30, 2018,
as compared to a depreciation of INR 0.6 to US$1.0 (1.0%), during the
same period in 2017. This depreciation during the period from June 30,
2018 to September 30, 2018 resulted in a foreign exchange loss of INR
236.8 million (US$ 3.3 million), compared to a loss of INR 43.0 million
during the same period in 2017.
Income Tax Expense / (Benefit)
Income tax expense increased by INR 144.9 million to INR 13.9 million
(US$ 0.2 million) during the three months ended September 30, 2018
reflecting lower losses during the quarter.
Net Loss
The net loss for the quarter ended September 30, 2018 was INR 297.6
million (US$ 4.1 million) as compared to a net loss of INR 1,240.5
million for the quarter ended September 30, 2017, an improvement of INR
943.0 million (US$ 13.0 million) as compared to the same period in 2017.
This was primarily due to increase in revenue from newly commissioned
projects.
Cash Flow and Working Capital
Cash generated from operating activities for the six months ended
September 30, 2018 was INR 1,014.4 million (US$ 14.0 million), INR 786.6
million (US$ 10.8 million) higher than the prior comparable period,
primarily due to higher revenues from new projects commissioned since
last year.
Cash used in investing activities for the six months ended September 30,
2018 was INR 7,549.2 million (US$ 104.1 million) compared to INR 7,292.9
million for the prior comparable period. The cash used in investing
activities was higher due to increase in the procurement of Property,
Plant and Equipment used in the construction of solar power plants
during the period.
Cash generated from financing activities was INR 8,457.3 (US$ 116.6
million) for the six months ended September 30, 2018, compared to INR
15,351.0 million for the prior comparable period, as the Company issued
a US$ 500 million solar Green Bond during the quarter ended September
30, 2017.
Liquidity Position
As of September 30, 2018, the Company had INR 10,754.8 million (US$
148.3 million) of cash, cash equivalents and current investments. The
Company had undrawn project debt commitments of INR 18,675.1 million
(US$ 257.4 million) as of September 30, 2018 and a working capital
facility of INR 3,020.0 million (US$ 41.7 million). Further, the Company
issued 14,800,000 shares during October 2018 raising $ 185.0 million
through a public follow-on offering.
Adjusted EBITDA
Adjusted EBITDA was INR 1,807.7 million (US$ 24.9 million) for the
fiscal second quarter period ended 2019, compared to INR 1,499.5 million
in the second quarter ended September 30, 2017. The increase was
primarily due to the increase in revenue and economies of scale on
operating costs achieved during the period.
Earnings per share
The loss per share for the three months ended 30 September, 2018, was
US$ 0.16, as compared to US$0.64 for the prior comparable period.
Excluding the impact of the loss on foreign currency (non-cash), the
loss per share for the three months ended 30 September 2018, would have
been US$ 0.03.
Guidance for Fiscal Year 2019
The following statements are based on current expectations. These
statements are forward-looking and actual results may differ materially.
The Company continues to expect to have 1,300 – 1,400 MWs operational by
March 31, 2019 and revenue between US$ 143 – 151 million for fiscal year
ending March 31, 2019.
Webcast and Conference Call Information
The Company will hold its quarterly conference call to discuss earnings
results on Wednesday, November 14, 2018 at 8:30 a.m. US Eastern Time.
The conference call can be accessed live by dialing 1-888-317-6003 (in
the U.S.) and 1-412-317-6061 (outside the U.S.) and entering the
passcode 6001764. Investors may access a live webcast of this conference
call by visiting http://investors.azurepower.com/events-and-presentations.
For those unable to listen to the live broadcast, a replay will be
available approximately two hours after the conclusion of the call. The
replay will remain available until Wednesday, November 21, 2018 and can
be accessed by dialing 1-877-344-7529 (in the U.S.) and 1-412-317-0088
(outside the U.S.) and entering the replay passcode 10125823. An
archived podcast will be available at http://investors.azurepower.com/events-and-presentations
following the call.
Exchange Rate
This press release contains translations of certain Indian rupee amounts
into U.S. dollars at specified rates solely for the convenience of the
reader. Unless otherwise stated, the translation of Indian rupees into
U.S. dollars has been made at INR 72.54 to US$ 1.00, which is the noon
buying rate in New York City for cable transfer in non-U.S. currencies
as certified for customs purposes by the Federal Reserve Bank of New
York on September 28, 2018. The Company makes no representation that the
Indian rupee or U.S. dollar amounts referred to in this press release
could have been converted into U.S. dollars or Indian rupees, as the
case may be, at any particular rate or at all.
About Azure Power Global Limited
Azure Power is a leading independent solar power producer in India.
Azure Power developed India’s first private utility scale solar project
in 2009 and has been at the forefront in the sector as a developer,
constructor and operator of utility scale, micro-grid and rooftop solar
projects since its inception in 2008. With its inhouse engineering,
procurement and construction expertise and advanced in-house operations
and maintenance capability, Azure Power manages the entire development
and operation process, providing low-cost solar power solutions to
customers throughout India.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended and the Private Securities Litigation Reform Act of 1995,
including statements regarding the Company’s future financial and
operating guidance, operational and financial results such as estimates
of nominal contracted payments remaining and portfolio run rate, and the
assumptions related to the calculation of the foregoing metrics. The
risks and uncertainties that could cause the Company’s results to differ
materially from those expressed or implied by such forward-looking
statements include: the availability of additional financing on
acceptable terms; changes in the commercial and retail prices of
traditional utility generated electricity; changes in tariffs at which
long term PPAs are entered into; changes in policies and regulations
including net metering and interconnection limits or caps; the
availability of rebates, tax credits and other incentives; the
availability of solar panels and other raw materials; its limited
operating history, particularly as a new public company; its ability to
attract and retain its relationships with third parties, including its
solar partners; our ability to meet the covenants in its debt
facilities; meteorological conditions and such other risks identified in
the registration statements and reports that the Company has filed with
the U.S. Securities and Exchange Commission, or SEC, from time to time.
Portfolio represents the aggregate megawatts capacity of solar power
plants pursuant to PPAs, signed or allotted or where the Company has
been cleared as one of the winning bidders or won a reverse auction but
has yet to receive a letter of allotment. All forward-looking statements
in this press release are based on information available to us as of the
date hereof, and the Company assumes no obligation to update these
forward-looking statements.
Use of Non-GAAP Financial Measures
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure. We present Adjusted
EBITDA as a supplemental measure of our performance. This measurement is
not recognized in accordance with U.S. GAAP and should not be viewed as
an alternative to U.S. GAAP measures of performance. The presentation of
Adjusted EBITDA should not be construed as an inference that our future
results will be unaffected by unusual or non-recurring items.
We define Adjusted EBITDA as net loss (income) plus (a) income tax
expense, (b) interest expense, net, (c) depreciation and amortization
and (d) loss (income) on foreign currency exchange. We believe Adjusted
EBITDA is useful to investors in assessing our ongoing financial
performance and provides improved comparability between periods through
the exclusion of certain items that management believes are not
indicative of our operational profitability and that may obscure
underlying business results and trends. However, this measure should not
be considered in isolation or viewed as a substitute for net income or
other measures of performance determined in accordance with U.S. GAAP.
Moreover, Adjusted EBITDA as used herein is not necessarily comparable
to other similarly titled measures of other companies due to potential
inconsistencies in the methods of calculation.
Our management believes this measure is useful to compare general
operating performance from period to period and to make certain related
management decisions. Adjusted EBITDA is also used by securities
analysts, lenders and others in their evaluation of different companies
because it excludes certain items that can vary widely across different
industries or among companies within the same industry. For example,
interest expense can be highly dependent on a company’s capital
structure, debt levels and credit ratings. Therefore, the impact of
interest expense on earnings can vary significantly among companies. In
addition, the tax positions of companies can vary because of their
differing abilities to take advantage of tax benefits and because of the
tax policies of the various jurisdictions in which they operate. As a
result, effective tax rates and tax expense can vary considerably among
companies.
Adjusted EBITDA has limitations as an analytical tool, and you should
not consider it in isolation or as a substitute for analysis of our
results as reported under U.S. GAAP. Some of these limitations include:
-
it does not reflect our cash expenditures or future requirements for
capital expenditures or contractual commitments or foreign exchange
gain/loss;
-
it does not reflect changes in, or cash requirements for, working
capital;
-
it does not reflect significant interest expense or the cash
requirements necessary to service interest or principal payments on
our outstanding debt;
-
it does not reflect payments made or future requirements for income
taxes; and
-
although depreciation and amortization are non-cash charges, the
assets being depreciated and amortized will often have to be replaced
or paid in the future and Adjusted EBITDA does not reflect cash
requirements for such replacements or payments.
Investors are encouraged to evaluate each adjustment and the reasons the
Company considers it appropriate for supplemental analysis. For more
information, please see the table captioned “Reconciliations of Non-GAAP
Measures to the Nearest Comparable GAAP Measures” at the end of this
release.
AZURE POWER GLOBAL LIMITED | |
CONDENSED CONSOLIDATED BALANCE SHEETS | |
| |
| As of |
| As of | |
| | | March 31, | | September 30, | |
| | | 2018 | | 2018 |
| 2018 | |
| | | (INR) | | (INR) | | (US$) | |
| | | | | (Unaudited) | | | |
| | | | | (in thousands) | | | |
Assets | | | | | | | | |
Current assets:
| | | | | | | | |
Cash and cash equivalents
| |
8,346,526
| |
7,552,537
| |
104,115
| |
Investments in available for sale securities
| |
1,383,573
| |
3,202,288
| |
44,145
| |
Restricted cash
| | |
2,406,569
| |
4,110,496
| |
56,665
| |
Accounts receivable, net
| |
2,223,455
| |
2,229,906
| |
30,740
| |
Prepaid expenses and other current assets
| |
1,114,482
| |
1,448,509
| |
19,968
| |
Total current assets | | | 15,474,605 | | 18,543,736 | | 255,633 | |
Restricted cash
| | |
329,926
| |
1,370,835
| |
18,898
| |
Property, plant and equipment, net
| | |
56,580,700
| |
65,702,333
| |
905,739
| |
Software, net
| | |
39,802
| |
43,675
| |
602
| |
Deferred income taxes
| | |
1,052,393
| |
1,087,208
| |
14,988
| |
Investments in held-to-maturity securities
| |
7,041
| |
7,844
| |
108
| |
Other assets
| | |
499,653
| |
4,449,912
| |
61,344
| |
Total assets | | | 73,984,120 | | 91,205,543 | | 1,257,312 | |
Liabilities and shareholders’ equity | | | | | | | |
Current liabilities:
| | | | | | | | |
Short-term debt
| | |
835,000
| |
3,816,328
| |
52,610
| |
Accounts payable
| | |
1,521,854
| |
5,981,960
| |
82,464
| |
Current portion of long-term debt
| |
873,883
| |
1,173,932
| |
16,183
| |
Income taxes payable
| | |
5,878
| |
7,365
| |
102
| |
Interest payable
| | |
1,220,463
| |
932,520
| |
12,855
| |
Deferred revenue
| | |
79,192
| |
81,857
| |
1,128
| |
Other liabilities
| | |
611,598
| |
807,076
| |
11,126
| |
Total current liabilities | | 5,147,868 | | 12,801,038 | | 176,468 | |
Long-term debt
| | |
52,234,940
| |
63,046,596
| |
869,129
| |
Deferred revenue
| | |
1,563,732
| |
1,425,879
| |
19,656
| |
Deferred income taxes
| | |
892,138
| |
1,381,976
| |
19,051
| |
Asset retirement obligations
| |
356,649
| |
404,861
| |
5,581
| |
Other liabilities
| | |
513,344
| |
222,314
| |
3,065
| |
Total liabilities | | | 60,708,671 | | 79,282,664 | | 1,092,950 | |
Shareholders’ equity | | | | | | | | |
Equity shares (US$ 0.000625 par value; 25,996,932 and 26,023,790
shares issued and outstanding as of
| | | | | | | |
March 31, 2018 and September 30, 2018)
| |
1,076
| |
1,077
| |
15
| |
Additional paid-in capital
| | |
19,004,604
| |
19,046,042
| |
262,559
| |
Accumulated deficit
| | |
(6,593,471)
| |
(6,662,634)
| |
(91,848)
| |
Accumulated other comprehensive income (loss)
| |
(294,672)
| |
(1,640,830)
| |
(22,620)
| |
Total APGL shareholders’ equity | | 12,117,537 | | 10,743,655 | | 148,106 | |
Non-controlling interest
| | |
1,157,912
| |
1,179,224
| |
16,256
| |
Total shareholders’ equity | | | 13,275,449 | | 11,922,879 | | 164,362 | |
Total liabilities and shareholders’ equity | | 73,984,120 | | 91,205,543 | | 1,257,312 | |
AZURE POWER GLOBAL LIMITED | |
UNAUDITED INTERIM CONSOLIDATED INCOME STATEMENTS | |
|
| |
| Three months ended September 30, |
|
|
| Six months ended September 30, | |
| | | | 2017 |
| 2018 |
| 2018 | | | | 2017 |
| 2018 |
| 2018 | |
| | | | INR | | INR | | US$ | | | | INR | | INR | | US$ | |
| | | |
|
| | |
|
| | | | | | |
|
| | | |
| | | | |
| | | | | | | | | | | | | | | | (in thousands, except per share data) | |
Operating revenues: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sale of power
| | | |
1,823,797
| |
2,225,693
| |
30,682
| | | |
3,701,729
| |
4,648,232
| | | |
64,078
| |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | |
Cost of operations (exclusive of depreciation and amortization
shown
| | | | | | | | | | | | | | | | | | | | | | | |
separately below)
| |
144,689
| |
176,060
| |
2,427
| | | |
318,213
| |
394,290
| | | |
5,435
| |
General and administrative
| |
179,609
| |
241,884
| |
3,334
| | | |
414,682
| |
490,534
| | | |
6,762
| |
Depreciation and amortization
| |
462,999
| |
597,526
| |
8,237
| | | |
882,737
| |
1,151,135
| |
15,869
| |
Total operating cost and expenses
| |
787,297
| |
1,015,470
| |
13,998
| | | |
1,615,632
| |
2,035,959
| |
28,066
| |
Operating income | |
1,036,500
| |
1,210,223
| |
16,684
| | | |
2,086,097
| |
2,612,273
| |
36,012
| |
Other expense: | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net
| |
2,364,946
| |
1,257,058
| |
17,329
| | | |
3,204,585
| |
2,330,498
| |
32,127
| |
Loss on foreign currency exchange, net
| |
43,017
| |
236,840
| |
3,266
| | | |
38,259
| |
441,066
| |
6,080
| |
Total other expenses
| |
2,407,963
| |
1,493,898
| |
20,595
| | | |
3,242,844
| |
2,771,564
| |
38,207
| |
Loss before income tax | |
(1,371,463)
| |
(283,675)
| |
(3,911)
| | | |
(1,156,747)
| |
(159,291)
| |
(2,195)
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Income tax benefit/(expense)
| |
130,934
| |
(13,930)
| |
(192)
| | | |
123,075
| |
(108,511)
| |
(1,496)
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net loss | |
(1,240,529)
| |
(297,605)
| |
(4,103)
| | | |
(1,033,672)
| |
(267,802)
| |
(3,691)
| |
| | | | | | | | | | | | | | | | | | | | | | |
|
Net income / (loss) attributable to non-controlling interest
| |
(170,901)
| |
(2,005)
| |
(28)
| | | |
(134,155)
| |
19,775
| | | |
273
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net loss attributable to APGL | |
(1,069,628)
| |
(295,600)
| |
(4,075)
| | | |
(899,517)
| |
(287,577)
| |
(3,964)
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
Accretion to redeemable non-controlling interest
| |
(11,109)
| |
—
| |
—
| |
| |
(22,097)
| |
—
| |
—
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Net loss attributable to APGL equity shareholders | |
(1,080,737)
| |
(295,600)
| |
(4,075)
| | | |
(921,614)
| |
(287,577)
| |
(3,964)
| |
Net loss per share attributable to APGL equity stockholders
| | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
| |
(42)
| |
(11)
| |
(0.16)
| | | |
(36)
| |
(11)
| |
(0.15)
| |
Shares used in computing basic and diluted per share amounts
| | | | | | | | | | | | | | | | | | | | | | | |
Equity shares
| |
25,983,264
| |
26,022,102
| | | | | |
25,959,786
| |
26,009,517
| | | |
AZURE POWER GLOBAL LIMITED | |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |
| |
| Three months ended September 30, |
|
|
| Six months ended September 30, | |
| | | 2017 |
| 2018 |
| 2018 | | | | 2017 |
| 2018 |
| 2018 | |
| | | INR | | INR | | US$ | | | | INR | | INR | | US$ | |
| | | (in thousands) | |
Net cash provided by/(used in) operating activities
| |
(193,533)
| |
1,764,039
| |
24,318
| | | |
227,822
|
| | |
1,014,392
|
| | |
13,984
| |
Net cash used in investing activities
| |
(3,259,533)
| |
(3,353,268)
| |
(46,226)
| | | |
(7,292,929)
| |
(7,549,222)
| |
(104,070)
| |
Net cash provided by financing activities
| |
12,890,666
| |
4,205,523
| |
57,975
| | | |
15,350,955
| |
8,457,261
| |
116,588
| |
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP
MEASURES
The table below sets forth a reconciliation of our income from
operations to Adjusted EBITDA for the periods indicated:
|
|
|
| Three months ended September 30, |
|
|
| Six months ended September 30, | |
| | | | 2017 |
| 2018 |
| 2018 | | | | 2017 |
| 2018 |
| 2018 | |
| | | | INR | | INR | | US$ | | | | INR | | INR | | US$ | |
| | | | (in thousands) | |
Net Loss | | | |
(1,240,529)
| |
(297,605)
| |
(4,103)
| | | |
(1,033,672)
| |
(267,802)
| |
(3,691)
| |
Income tax expense/(benefit)
| | | |
(130,934)
| |
13,930
| |
192
| | | |
(123,075)
| |
108,511
| |
1,496
| |
Interest expense, net
| | | |
2,364,946
| |
1,257,058
| |
17,329
| | | |
3,204,585
| |
2,330,498
| |
32,127
| |
Depreciation and amortization
| | | |
462,999
| |
597,526
| |
8,237
| | | |
882,737
| |
1,151,135
| |
15,869
| |
Loss on foreign currency exchange, net
| | | |
43,017
| |
236,840
| |
3,266
| | | |
38,259
| |
441,066
| |
6,080
| |
| | | |
|
| | |
|
| | |
|
| | | | |
|
| | |
|
| | | | |
Adjusted EBITDA | | | |
1,499,499
| |
1,807,749
| |
24,921
| | | |
2,968,834
| |
3,763,408
| |
51,881
| |
View source version on businesswire.com: https://www.businesswire.com/news/home/20181113006132/en/
Azure Power Global Ltd
Investor Contact
Nathan Judge,
CFA
Investor Relations
[email protected]
or
Media
Contact
Samitla Subba
Marketing
[email protected]
+91-11-
4940 9854
Source: Azure Power Global Ltd