Azure Power increased revenue and improved loss year-over-year
Post date: 21/11/2018 - 16:47
Indian independent solar power producer Azure Power Ltd. announced its consolidated results for the fiscal second quarter ended September 30, 2018. Operating revenues increased by INR 401.9 million, or 22 percent, to INR 2,225.7 million ($30.7 million) compared to the same period in 2017. According to the company, the increase is on account of projects commissioned since last year. The net loss for the reporting quarter was INR 297.6 million ($4.1 million) as compared to a net loss of INR 1,240.5 million for the quarter ended September 30, 2017, an improvement of INR 943.0 million ($13.0 million). The company had INR 10,754.8 million ($148.3 million) of cash, cash equivalents and current investments. Operating solar plant capacity was 1,018 MW, an increase of 27 percent over the same period 2017. Operating and committed were 3,059 MW, an increase of 122 percent.
Regarding the six months ended September 30, revenue was INR 4,648.2 million ($64.1 million), up 26 percent from INR 3,701.7 million during the same period in 2017. Project cost per megawatt operating (megawatt capacity in DC), consisting of costs incurred for one megawatt of new solar power plant during the reporting period decreased by INR 1.4 million ($0.02 million) to INR 44.3 million ($0.61 million). The project cost per megawatt operating (AC) was INR 50.78 million ($0.70 million).
Azure Power continues to expect to have 1,300 to 1,400 MW operational and revenue between $143 million and $151 million for fiscal year ending March 31, 2019.