Azure Power reduced net loss in FQ3 2021 by $3.7 million

Indian independent solar power producer Azure Power Global Limited announced its consolidated results for the fiscal third quarter 2021 (FQ3), ended December 31, 2020. The company has 1,987 MW in operation, an increase of 10 percent over December 31, 2019. Operating and committed were 7,115 MW, an increase of 34.2 percent. This include 4,000 MW for which Azure has received Letters of Award (LOA) but the Power Purchase Agreements (PPAs) have not yet been signed.
During the quarter the plants produced 783.7 million kWh an increase of 98.6 million kWh or 14.4 percent compared to the same period of 2019. Regarding the first nine month of 2020, the plants produced 2,436.8 million kWh, an increase of 441.8 million kWh, or 22.1 percent. The increase in electricity generation was principally a result of additional operating capacity commissioned since December 2019.
Operating revenues for FQ3 were INR 3,521 million ($48.2 million), an increase of 15.6 percent over the quarter ended December 31, 2019. Adjusted EBITDA was INR 1,563 million ($21.3 million), a decrease of 26 percent over FQ3 2019. Net loss for FQ3 2020 was INR 1,088 million ($14.9 million), a reduction of INR 270 million ($3.7 million) compared to the quarter ended December 31, 2019.
The project cost per megawatt (DC) operating for the nine months ended December 31, 2020 decreased by INR 3.2 million ($0.04 million), or 9 percent, to INR 31.2 million ($0.43 million) primarily due to lower costs on account of the reduction in solar module prices for the projects commissioned during the period. The project cost per megawatt (AC) operating was INR 45.0 million ($0.62 million), compared to INR 47.9 million in same period 2019.
For the fourth fiscal quarter of 2021, Azure expects revenues of INR 4,335 to INR 4,435 million ($59 to $61 million).

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