Azure Power Announces Results for Fiscal First Quarter 2021

August 13, 2020

Azure Power Announces Results for Fiscal First Quarter 2021

EBENE, Mauritius, Aug. 13, 2020 /PRNewswire/ -- Azure Power Global Limited (NYSE: AZRE), a leading independent solar power producer in India, today announced its consolidated results under United States Generally Accepted Accounting Principles ("GAAP") for the fiscal first quarter 2021 ended June 30, 2020.

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Fiscal First Quarter 2021 Quarter ended June 30, 2020 Operating Highlights:

  • Operating Megawatts ("MW") were 1,809 MWs, as of June 30, 2020, an increase of 12% over June 30, 2019. Operating and Committed Megawatts were 7,115 MWs, as of quarter ended June 30, 2020, an increase of 112% over the quarter ended June 30, 2019. Committed megawatts include 4,000 MWs for which we have received Letters of Award ("LOA") but the Power Purchase Agreements ("PPAs") have not yet been signed. PPAs for these 4,000 MWs will follow only after the sale of power is contracted by SECI under a power sale agreement ("PSA").
  • Revenue for the quarter ended June 30, 2020 was INR 3,940 million (US$ 52.2 million), an increase of 16% over the quarter ended June 30, 2019.
  • Net profit for the quarter ended June 30, 2020 was INR 46 million (US$ 0.6 million). During the quarter, our results were negatively impacted by a one-time charge of INR 264 million (US$ 3.5 million) related to debt refinancing, refer the detailed explanation in the net profit section of the commentary below.
  • Non-GAAP Adjusted EBITDA for the quarter ended June 30, 2020 was INR 3,298 million (US$ 43.7 million), an increase of 29% over the quarter ended June 30, 2019.
  • Non-GAAP Cash flow to Equity ("CFe") for Operating Assets for the quarter ended June 30, 2020 was INR 1,641 million (US$ 21.7 million), an increase of INR 511 million or 45% over the quarter ended June 30, 2019.

Key Operating Metrics

Electricity generation during the quarter ended June 30, 2020 was 883.9 million kWh, an increase of 183.8 million kWh or 26%, over the quarter ended June 30, 2019. The increase in electricity generation was principally a result of additional operating capacity during the period driven by the commissioning of new projects. Our Plant Load Factor ("PLF") for the quarter ended June 30, 2020, was 23.1%, compared to 19.4%, for the same comparable period in 2019, which increased principally due to the addition of DC capacity and improved performance by our plants.

We did not commission any significant capacity during the quarter ended June 30, 2020, due to COVID-19 disruptions and completed 1 MWs (AC) and 3 MWs (DC). We continue to expect that the majority of our capacity under construction will be completed before the expected revised commissioning dates, as approved by the respective counterparties.

As of June 30, 2020, our operating and committed megawatts were 7,115 MWs, an increase of 3,764 MWs compared to June 30, 2019. Committed megawatts include 4,000 MWs for which we have received LOAs but the PPAs have not yet been signed. The PPAs for the committed 4,000 MWs with a LOA will follow only after the sale of power is contracted by SECI under a PSA.

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