Azure Power improved loss in FQ2

Indian independent solar power producer Azure Power Ltd. announced its consolidated results for the fiscal second quarter 2021 (FQ2 2021), period ended September 30, 2020. The company has 1,834 MW in operation, an increase of 2 percent yoy. Operating and committed were 7,115 MW, an increase of 111 percent. This include 4,000 MW for which Azure has received Letters of Award (LOA), but the Power Purchase Agreements (PPA) have not yet been signed. The PPAs will follow after the sale of power which is contracted by Solar Energy Corporation of India Limited (SECI) under a power sale agreement.
During the quarter the plants produced 769.2 million kWh, an increase of 26 percent over the same quarter 2019. The increase in electricity generation was principally a result of an additional 116 MW of DC operating capacity being commissioned in the past 12 month. During FQ2 2021, the company commissioned 25 MW, and 28 MW during the six months ended September 30, 2020.
Operating revenues were INR 3,504 million ($47.6 million), an increase of 23 percent over the three month ended September 30, 2019. Adjusted EBITDA was INR 2,318 million ($31.5 million), an increase of 11 percent. Net loss was INR 368 million ($5.0 million) compared to net loss of INR 756 million in Q3 2019.
For FQ3 2021 (ending December 31, 2020), the company expects revenues of between INR 3,600 and INR 3,800 million ($48.9 to $51.7 million). For fiscal year ending March 31, 2021, Azure Power expects that 2,300 to 2,500 MW will be operational. Revenue guidance is INR 15,300 to 15,800 million ($208 to $215 million).

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