Decline in solar module prices helped Azure Power reporting project cost per MW operating for the first 6 months ending September 30, 2018 decreasing by INR 1.4 million ($0.02 million) to INR 44.3 million ($0.61 million), compared to last year. At the end of this period, its operating and committed capacity increased 122% to 3,059 MW. (Source: Azure Power Global Limited)
- Azure Power’s Q2/2019 results show 22% increase in revenues on YoY basis for Q2/2019, ending September 2018
- EBITDA went up 21% to INR 1,807.7 million ($24.9 million) over last year
- Having put 522 MW in operation during the reporting quarter, Azure Power’s total operational and committed capacity increased 122% over last year to 3,059 MW
- Company stuck to its guidance for FY 2019, ending March 2019, guiding for 1.3 GW to 1.4 GW operational PV capacity, and revenues in the range of $143 million to $151 million
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Indian independent solar power producer Azure Power Global Limited said it increased revenues between July and September 2018 to INR 2,225.7 million ($30.7 million), a period the company considers its Q2/2019, by 22% compared to previous year, thanks to new projects commissioned during the period.
Revenue generated by the newly commissioned projects helped it narrow its Q2/2019 net loss to INR 297.6 million ($4.1 million), down by INR 943 million ($13 million) from Q2/2018. Its EBITDA also went up 21% to INR 1,807.7 million ($24.9 million) over the same period last year.
At the end of September 2018, the Indian company had 1,018 MW plants in operation, 27% more than what it had during the same period last year, with operating and committed capacity increasing 122% to 3,059 MW (see Azure Power PV Portfolio Exceeds 3 GW). During the reporting quarter, it put 522 MW in operation.
The management shared project cost per MW operating for the first 6 months ending September 30, 2018 decreased by INR 1.4 million ($0.02 million) to INR 44.3 million ($0.61 million), with major reason for this being the decline in solar module prices.
Trading on New York Stock Exchange (NYSE) as AZRE, Azure Power repeated its guidance for operational PV capacity of 1.3 GW to 1.4 GW for fiscal year ending March 31, 2019, with revenues expected in the range of $143 million to $151 million.
Going forward, even though India’s solar auction scene has been rather dull of late, Azure expects 24 GW of capacity to be auctioned in financial year 2019 in India, where it is expecting to win, especially 10 GW to be auctioned by the Solar Energy Corporation of India (SECI).
“With the recent $184mn capital raise, we believe AZRE has the necessary funding secured to triple its operational portfolio to 3GW and reach run-rate EBITDA of $300mn by FQ4’21,” commented Philip Shen, financial analyst at Roth Capital Partners.