Azure Power increased net loss in the fiscal second quarter 2020
Post date: 18/11/2019 - 10:49
Indian independent solar power producer Azure Power Ltd announced its consolidated results under United States Generally Accepted Accounting Principles (GAAP) for the fiscal second quarter (FSQ) 2020, period ended September 30, 2019. Electricity generation during the quarter and six-months ended September 30, 2019 was 610 million kWh and 1,310 million kWh, respectively, an increase of 238 million kWh or 64 percent, over the quarter ended September 30, 2018, and an increase of 537 million kWh, or 69 percent, over the six-months ended September 30, 2018. The increase in electricity generation was principally a result of additional operating capacity during the period.
Project cost per megawatt operating (megawatt capacity per the Power Purchase Agreement, PPA) consists of costs incurred for one megawatt of new solar power plant capacity during the reporting period. The project cost per megawatt (dc) operating for the six months ended September 30, 2019 decreased by INR 9.1 million ($0.13 million) to INR 35.3 million ($0.50 million) primarily »due to lower costs on account of the reduction in solar module prices for the projects commissioned during the period.« The company announced that operating and committed megawatts increased by 311 MW to 3,370 MW.
Revenue for the FSQ was INR 2,846.6 million ($40.3 million), an increase of 28 percent over the same quarter of the previous year. Revenue during the six months ended September 30, 2019 was INR 6,235.9 million ($88.3 million), an increase of 34 percent from INR 4,648.2 million in the period 2018.
The net loss for the quarter ended September 30, 2019 increased by INR 458.6 million ($6.5 million) to INR 756.2 million ($10.7 million), compared to a net loss of INR 297.6 million for the same period in 2018. The higher losses are primarily due to higher general and administrative expenses, higher net interest expenses, partially offset by higher revenue, says the company.
For fiscal year ending March 31, 2020, the company now expects to have between 1,800 and 1,825 MW operational. Azure Power is reiterating its guidance of revenues of between INR 12,770 to 13,350 million ($181 to 189 million) for fiscal year ending March 31, 2020.