Azure Power Grows Strong In FY 2019

India’s Azure Power Ticks Right Boxes In FY 2019 Commissioning 530 MW, Earning 29% More Revenue On Annual Basis While Bringing Down Project Cost Per MW Operational
12:32 AM (Beijing Time) - 17. June 2019
azure FY2019

Azure Power had a strong year of growth in its FY 2019. It reported an increase in its operational and committed portfolio with a 79% YoY increase, commissioning 530 MW during the year and winning 300 MW in Q4/2019. Revenue for the year grew by 29% YoY, in line with guidance. (Source: Azure Power)

Key Takeaways

  • Azure Power commissioned 530 MW of new solar projects during FY 2019, period ending March 31, 2019
  • Its full year revenues reached $143.5 million registering an improvement of 29% YoY
  • Company’s net profit during Q4/2019 was $3.5 million and during FY 2019 was $2 million
  • For FY 2020, financial guidance is for revenues in the range of $185 million to $193 million targeting operational capacity of 1.8 GW to 1.9 GW

Azure Power Global Limited continued to improve its prospects in its fiscal year 2019, which ended March 31, 2019, with the commissioning of new projects. Its operating MWs increased 58% annually to reach 1,441 MW by March 31, 2019, taking its total operating and committed MWs to 3,356 MW, improving 79% over previous year with the Indian independent solar power producer (IPP) winning new projects.

Azure Power reported $41.1 million in total revenues during Q4/2019 (period ended March 31,2019), up by 26% YoY. On a full year basis revenues increased to $143.5 million, that’s an increase of 29% YoY.

Net profit was $3.5 million and $2 million for the quarter and year ended March 31, 2019, respectively.

A decline in solar module prices and efficiency gains in balance of system costs helped drive down project cost per MW operating for Azure Power by $0.08 million to $0.59 million.

For the next fiscal year 2020 (year ending March 31, 2020), the management expects to have between 1.8 GW to 1.9 GW of operational capacity. It repeated the revenue guidance for the year – between $185 million to $193 million.

Analysts at Roth Capital Partners see the company’s performance positive. “The company is commissioning projects ahead of schedule and reached 1.6 GW of operational assets as of 4/30 – two quarters ahead of our prior forecast. Management indicated the company has the equity capital needed to commission its contracted pipeline, which  increased QoQ by 300 MW to 1.8 GW,” commented Philip Shen of Roth.

 

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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