Azure Power continues to perform well on all fronts and has managed to bring down its project cost per MW by 7% at the end of December 31, 2018. (Source: Azure Power Global Limited)
- Azure Power's revenue improved by 40% in Q3/2019 thanks to projects commissioned since last year
- Adjusted EBITDA grew 50% annually to INR 1,837.5 million ($26.4 million)
- Operating MWs increased 45%YoY while operating and committed capacity rose 94% since last year
- By March 31, 2019, the company continues to expect to have 1,300 to 1,400 MWs operational by March 31, 2019 and revenues between $ 143 to $151 million for fiscal year ending March 31, 2019
- For its fiscal year ending in March 31, 2020, Azure Power forecasts 1.8 GW to 1.9 GW of operational capacity and revenues in the range of INR 12,770 million to INR 13,350 million ($184 to $192 million)
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Indian independent solar power producer Azure Power Global Limited had another strong quarter in Q3/2019 (which ended December 31, 2018) with 40% YoY revenue improvement to INR 2,430.8 million ($34.9 million). A year back, the revenues were a total of INR 1,739.8 million ($24.36 million).
In the previous quarter, its revenues went up 22% on an annual basis (see Azure Power Revenues Went Up 22% YoY in Q2/2019).
Revenues were up in Q3/2019 because of projects commissioned by the company since last year, which eventually contributed to its 9M/2019 (period ended December 31, 2018) revenues growing by 30% annually.
Adjusted EBITDA for the quarter was INR 1,837.5 million ($26.4 million) growing by 50% over last year.
At the end of December 31, 2018, the operating MWs increased by 45% YoY to 1,169 MW, while operating and committed capacity went up 94% since December 31, 2017 to 3,059 MW.
Azure Power’s project cost per MW operating for 9 months dipped by INR 3.2 million ($0.05 million) to INR 44.2 million ($0.64 million) due to the decline in solar module prices and efficiency gains in balance of system costs.
Net profit for the Indian company – that trades on the New York Stock Exchange under ticker AZRE – was INR 165.3 million ($2.4 million) in Q3/2019, compared to a net loss of INR 136.2 million a year back. The increase was attributed to higher revenues and economies of scale on operating costs achieved during this period.
“The company continues to expect to have 1,300 to 1,400 MWs operational by March 31, 2019 and revenue between $ 143 to $151 million for fiscal year ending March 31, 2019. We expect revenue for the year ending March 31, 2019 to be closer to the lower end of the range as the exchange rate at the time of issuing initial guidance was at INR 63.83 to US$ 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%,” said Azure Power.
For the next fiscal year ended March 31, 2020, the company forecasts 1.8 GW to 1.9 GW of operational capacity. Revenues are guided between INR 12,770 million to INR 13,350 million ($184 to $192 million).