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)
- 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
New Project Commissioning Help NYSE Listed Azure Power Of India Improve Q1/2020 Revenues By 40% & Net Income By More Than 200%
(14. August 2019)
40% Annual Increase In Revenues Helped India’s Azure Power Report Net Profit Of INR 165.3 million ($2.4 million) For Q3/2019 (Period Ended December 31, 2018)
(18. February 2019)
India’s Azure Power Narrowed Net Loss In Second Quarter Of 2019, Ending September 2018 By INR 943 Million As New Projects Entered Operations; Company Reiterates Full Year Guidance
(16. November 2018)
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.