- Azure Power Global increased its annual revenues in Q1/2022 by 13% as its operational MWs grew by 23%
- SECI has signed PSAs with some discoms for 800 MW capacity out of 3 GW initial tranche of the manufacturing linked tender
- Azure Power hopes to sign PPAs for some part of the 800 MW capacity soon
- Management has guided for Q2/2022 revenues to range between INR 3,600 million to INR 3,800 million
Indian independent renewable power producer Azure Power Global Limited registered an increase of 13% in its operating revenues on annual basis during Q1/2022 (period ending June 30, 2021) with a total of INR 4,440 million ($59.7 million), thanks to revenue generated from projects commissioned after Q1/2021 ended. It includes INR 177 million ($2.4 million) from rooftop portfolio of 153 MW AC.
This enabled the company to report net profit of INR 697 million ($9.6 million) during the quarter, that went up by INR 651 million, compared to INR 46 million in the previous year.
COVID-19 related disruptions had it commission 62 MW AC/64 MW DC capacity during the reporting quarter but still it was up from 1 MW AC/3 MW DC capacity it energized a year back.
Azure Power’s total operational MWs increased 23% to 2.052 GW, compared to previous year while its operating, contracted and awarded MWs went up to 6.955 GW, comprising 4 GW for which it has received letters of award (LOA) but not power purchase agreements (PPA). Management shared an update saying the Solar Energy Corporation of India (SECI) has signed power sale agreements (PSA) with some discoms for a total of 800 MW.
“This is part of the first tranche of 3 GW of PSAs that SECI is looking to close, as part of the manufacturing linked scheme. We expect to have PPA signed for about a 3rd of the 800 MWs soon,” said CEO Ranjit Gupta who attributed this ‘renewed interest’ in buying power of discoms to power demand recovery in India despite the pandemic.
The company’s project cost per AC MW for the quarter was INR 39.3 million ($0.53 million) and for per DC MW it was INR 38.5 million ($0.52 million).
Guidance
Azure Power has guided for its Q2/2022 (period ending September 30, 2021) revenues to range between INR 3,600 million to INR 3,800 million ($48.4 million to $51.1 million), compared to $47.6 million in Q2/2021 (see Azure Power: $5M Net Loss But EBITDA Up In Q2/2021).
For FY 2022 (period ending March 31, 2022), the management has guided for revenues within INR 17,900 million to INR 18,900 million ($241 million to $254 million), with operational MWs between 2.75 GW to 2.955 GW. The operating MWs do not include rooftop portfolio which it is divesting stake in (see Azure Power Sells Non-Strategic Rooftop Solar Portfolio).
