Azure Power increased revenue and income significantly yoy
Post date: 12/08/2019 - 16:46
Indian independent solar power producer Azure Power Ltd announced its consolidated results under United States Generally Accepted Accounting Principles (GAAP) for the fiscal first quarter (FQ1) 2020 ended June 30, 2019. Revenue was INR 3,389.3 million ($49.2 million), an increase of 40 percent, which was primarily driven by the commissioning of new projects. Net income was INR 90.2 million ($1.3 million) compared to INR 29.8 million.
Operating installed PV capacity increased by 59 percent to 1,609 MW compared with FQ1 2018. Operating and committed were 3,351 MW, an increase of 57 percent year over year (yoy). Electricity generation increased by 299.3 million kWh, or 75 percent, to 700.1 million kWh, compared to the quarter ended June 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), consisting of costs incurred for one megawatt of new solar power plant capacity during the reporting period, decreased by INR 4.1 million ($0.06 million) to INR 40.2 million ($0.58 million) primarily due to lower costs on account of the reduction in solar module prices for the projects commissioned during the period partly offset by approximately $0.05 million per megawatt payment of safe guard duties that the company expects to recover.
For fiscal year ending March 31, 2020, the company continues to expect to have between 1,800 to 1,900 MW operational. In addition, the company is reiterating its guidance of revenues of between INR 12,770 to 13,350 million ($185 to 194 million).