Azure Power increased revenue and decreased income

Indian independent solar power producer Azure Power Global Ltd. announced its consolidated results for the first quarter ended June 30, 2018. Total revenue was INR 2,422.5 million ($35.4 million), up 29 percent from INR 1,877.9 million during the same period in 2017. The increase in revenue was primarily driven by the commissioning of new projects, says the company. Net income was INR 29.8 million ($0.4 million), as compared to a net income of INR 206.9 million in financial first quarter 2017, a decrease by INR 177.1 million ($2.6 million). According to Azure Power, this was »primarily due to foreign exchange loss related to the depreciation of the Indian Rupee compared to the US Dollar.«
Electricity generation increased by 111 million kWh or 38 percent to 400.8 million kWh due to additional capacity operating during the period. The company operated 1,011 MW, an increase of 31 percent. Operating and committed were 2,141 MW, an increase of 100 percent. The company continues to expect to have 1,300 to 1,400 MW operational by March 31, 2019 and revenue between $143 to 151 million for fiscal year ending March 31, 2019.

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