Azure Power CFO Change

• Azure Power has announced the appointment of Pawan Kumar Agarwal as the company's CFO
• Agarwal was hitherto the firm's chief investment officer, and now he leads capital, investor relations, and finance and accounts functions
• Sushil Bhagat the previous CFO working with the company since October 2017 left for personal reasons

Indian independent solar energy producer Azure Power has announced the appointment of Pawan Kumar Agarwal as the company's new Chief Financial Officer (CFO). Agarwal replaces Sushil Bhagat who resigned for personal reasons, according to Reuters. Agarwal leads the capital, investor relations and finance and accounts functions for the company in the CFO role.

Agarwal has worked until recently as Azure's chief investment officer (CIO), looking after the firm's capital and investment portfolios. He joined Azure Power from YES Bank where he was group president II & deputy head for corporate finance infrastructure banking and national head renewable energy.

The ex CFO of Hindustan Power Projects Ltd., Bhagat joined Azure Power in October 2017, filling for SK Gupta who was appointed as the company's executive Vice President O&M.

The company has been doing well financially in the recent past – it reported a 40% annual increase in revenues in Q3/2019, pocketing a net profit of INR 165.3 million ($2.4 million for the quarter ended December 31, 2018 (see Azure Power Revenues Improved 40% QoQ In Q3/2019).