Azure Power Announces Results for Fiscal Third Quarter 2019

게시됨 2019. 2. 15.
Azure Power 
Azure Power Global Limited today announced its consolidated results under United States Generally Accepted Accounting Principles for the fiscal third quarter ended December 31, 2018.

Fiscal Third Quarter 2019 Period Ended December 31, 2018 Operating Highlights:

- Operating Megawatts were 1,169MW as of December 31, 2018, an increase of 45% over December 31, 2017.
- Operating & Committed Megawatts were 3,059MW as of December 31, 2018, an increase of 94% over December 31, 2017.
- Revenue for the quarter was INR 2,430.8 million (US$ 34.9 million), an increase of 40% over the quarter ended December 31, 2017.
- Adjusted EBITDA for the quarter was INR 1,837.5 million (US$ 26.4 million), an increase of 50% over the quarter ended December 31, 2017.

Key Operating Metrics

Electricity generation during the nine months ended December 31, 2018 increased by 353 million kWh, or 41%, to 1,208 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 nine months ended December 31, 2018 was INR 7,079.0 million (US$ 101.7 million), up by 30% from INR 5,441.6 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 nine months ended December 31, 2018 decreased by INR 3.2 million (US$ 0.05 million) to INR 44.2 million (US$ 0.64 million). The project cost per megawatt was lower for the nine months ended December 31, 2018 than the comparable period in the prior year due to lower costs on account of a decline in solar module prices and efficiency gains in balance of system costs.

As of December 31, 2018, our operating and committed megawatts increased by 1,479MW compared to December 31, 2017 to 3,059MW 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.


Nominal contracted payments increased from December 31, 2017 to December 31, 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.


Portfolio revenue run-rate increased by INR 9,888.5 million (US$ 142.1 million) to INR 23,896.4 million (US$ 343.4 million) as of December 31, 2018, as compared to December 31, 2017, due to an increase in operational and committed capacity.

Fiscal Third Quarter 2019 Period ended December 31, 2018 Consolidated Financial Results:

Operating Revenues

Operating revenues during the three months ended December 31, 2018 increased by INR 690.9 million (US$ 9.9 million), or 40%, to INR 2,430.8 million (US$ 34.9 million) compared to the same period in 2017. The increase in revenue for the three months ended December 31, 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 December 31, 2018 increased by INR 60.6 million (US$ 0.9 million), or 38%, to INR

219.0 million (US$ 3.1 million) compared to the same period in 2017. The increase was primarily due to increase in plant maintenance costs related to newly operational projects. The operating cost per megawatt during the three-month period ended December 31, 2018 was INR 0.19 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 December 31, 2018 increased by INR 19.7 million (US$ 0.3 million), or 6%, to INR 374.3 million (US$ 5.4 million) compared to the same period in 2017. The increase in general and administrative expenses was lower than the increase in revenue due to economies of scale of operations.

Depreciation and Amortization

Effective October 1, 2018, the Company extended the estimated useful life of most of its utility scale projects from 25 years to 35 years. This change in accounting estimate was based on the Company's various technical evaluations and tests, through which the Company estimated that its solar modules will continue to generate power for at least 35 years at high efficiency levels.

Depreciation and amortization expenses during the three months ended December 31, 2018 increased by INR 1.0 million, or 0.2%, to INR 476.0 million (US$ 6.8 million) compared to the same period in 2017. There was no significant change in the depreciation and amortization expense as the additional depreciation on new projects commissioned since last year was offset by a decrease in depreciation expense on account of change in useful life.

Interest Expense, Net

Net interest expense during the three months ended December 31, 2018 decreased by INR 14.1 million (US$ 0.2 million), or 1%, to INR 1,115.8 million (US$ 16.0 million) compared to the same period in 2017. Interest expense decreased on account of increase in interest income partly offset by borrowings for new projects during the quarter ended December 31, 2018.

Loss on Foreign Currency Exchange

Foreign exchange loss during the three months ended December 31, 2018 increased by INR 108.7 million (US$ 1.6 million) compared to the same period in 2017 to a loss of INR 17.9 million (US$ 0.3 million). The foreign exchange loss increased primarily on account of realized foreign currency payments.

Income Tax Expense / (Benefit)

Income tax expense increased by INR 213.5 million (US$ 3.1 million) to INR 62.5 million (US$ 0.9 million) during the three months ended December 31, 2018 reflecting an increase in profits during the third quarter of 2019.

Net Profit

The net profit for the quarter ended December 31, 2018 was INR 165.3 million (US$ 2.4 million) as compared to a net loss of INR 136.2 million for the quarter ended December 31, 2017, reflecting an improvement of INR 301.5 million (US$ 4.3 million) as compared to the same period in 2017. The increase was primarily due to an increase in revenue and economies of scale on operating costs achieved during the period.

Cash Flow and Working Capital

Cash generated from operating activities for the nine months ended December 31, 2018 was INR 789.0 million (US$ 11.3 million), an increase of INR 383.5 million (US$ 5.5 million) as compared to the prior comparable period, primarily due to increase in revenue during the period.

Cash used in investing activities for the nine months ended December 31, 2018 was INR 13,114.3 million (US$ 188.5 million) compared to INR 16,303.3 million for the prior comparable period. The cash outflow was primarily due to INR 14,590.9 million (US$ 209.7 million) incurred to purchase Property, Plant and Equipment.

Cash generated from financing activities increased by INR 8,357.4 million (US$ 120.1 million) to INR 25,114.4 million (US$ 360.9 million), primarily on account of the public issuance of equity shares and new debt raised during the period.

Liquidity Position

As of December 31, 2018, the Company had INR 17,451.0 million (US$ 250.8 million) of cash, cash equivalents and current investments. The Company had undrawn project debt commitments of INR 12,404.3 million (US$ 178.3 million) as of December 31, 2018 and a working capital facility of INR 7,238.0 million (US$ 104.0 million).

Adjusted EBITDA

Adjusted EBITDA during the three months ended December 31, 2018 increased by INR 610.6 million (US$ 8.8 million) or 50%, as compared to the same period in 2017 to INR 1,837.5 million (US$ 26.4 million). 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 earnings per share for the three months ended December 31, 2018 was US$ 0.05, as compared to a loss per share of US$ 0.03 for the prior comparable period.

Guidance for Fiscal Year 2019 and Fiscal Year 2020

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 – 1,400MWs operational by March 31, 2019 and revenue between US$ 143 – 151 million for fiscal year ending March 31, 2019. We expect revenue for the year ending March 31, 2019 to be closer to the lower end of the range as the exchange rate at the time of issuing initial guidance was at INR 63.83 to US$ 1.00; the depreciation of Indian Rupee from INR 63.83 to INR 69.58 to US$ 1.00, a reduction of INR 5.75 or 9%.

With a robust pipeline and strong execution capabilities, we expect to continue to deliver high growth in the next fiscal year ended March 31, 2020. For fiscal year March 31, 2020, the Company expects to have 1,800 – 1,900MWs operational. In addition, the Company is guiding to revenues of between INR 12,770 – 13,350 million (US$ 184 – 192 million at the December 31, 2018 exchange rate of INR 69.58 to US$ 1.00) for fiscal year ending March 31, 2020.


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Azure Power (솔라패널 설치): https://kr.enfsolar.com/azure-power
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