Azure Power increased revenue for FY by 29 percent and improved profit significantly
Post date: 11/06/2019 - 16:45
Indian independent solar power producer Azure Power Ltd announced operating revenues during the three months ended March 31, 2019 of INR 2,847.2 million ($41.1 million), an increase by INR 588.1 million ($8.5 million), or 26 percent, compared to the same period in 2018. The increase is on account of projects commissioned since last compared period, says the company.
Total revenue during the fiscal year (FY) ended March 31, 2019 was INR 9,926.2 million ($143.5 million), up by 29 percent from INR 7,700.6 million during the year ended March 31, 2018. The increase in revenue was primarily driven by the commissioning of new projects, too.
The net profit for the quarter ended March 31 was INR 240.9 million ($3.4 million) as compared to a net profit of INR 147.6 million for the quarter ended March 31, 2018, reflecting an improvement of INR 93.3 million ($1.3 million) as compared to the same period in 2018. The increase was primarily due to an increase in revenue and economies of scale on operating costs achieved during the period. Regarding the full fiscal year ended March 31, net profit increased from INR -1.022 million in 2018 to INR +138 million ($2 million) in 2019.
Electricity generation during the year ended March 31, 2019 increased by 497 million kWh, or 40 percent, to 1,733 million kWh compared to the year ended March 31, 2018. The increase in electricity generation was principally a result of additional capacity operating during the year.
The project cost per megawatt operating for the year ended March 31, 2019 decreased by INR 5.7 million ($0.08 million) to INR 40.7 million ($ 0.59 million). The project cost per megawatt was lower for the year ended March 31, 2019 than the comparable previous year due to lower costs on account of a decline in solar module prices and efficiency gains in balance of system costs.
As of March 31, 2019, Azure Power’s operating and committed megawatts increased by 1,485 MW, or 79 percent to 3,356 MW compared to March 31, 2018 as a result of winning new projects.
For fiscal year ending March 31, 2020, the company expects to have between 1,800 to 1,900 MW operational. In addition, the company is reiterating its guidance of revenues between INR 12,770 to 13,350 million ($185 to 193 million) for fiscal year ending March 31, 2020.