FY2019 revenue seen at US$143-$151M

Solar-based Azure Power Global Ltd is expecting to put into operation 1,300–1,400 MW in fiscal year ending March 2019, up 30-55% year on year.

For current fiscal year, it expects to 905–1,000 MWs to be operational, citing delays in commissioning of the two projects.

The Uttar Pradesh 40 MW and Andhra Pradesh 50 MW projects are expected to be materially complete by fiscal year end 2018.

However, the government provided transmission interconnections are likely to roll over into the next fiscal year, said the company in a financial statement on 9 Feb 2018.

This delay, however, is expected to have a limited impact on revenues for the fiscal year ending March 31, 2018, which is estimated at US$118-$125 million.

For next year, it estimates a revenue of US$143–$151 million.

Third Quarter 2018 Period Ended December 31, 2017 Operating Highlights:

Operating Megawatts were 805 MW, as of December 31, 2017, an increase of 57% over December 31, 2016.

Operating & Committed Megawatts were 1,580 MW, as of December 31, 2017, an increase of 48% over December 31, 2016.

Revenue for the quarter was Rs.1,739.9 million (US$27.3 million), an increase of 83% over the quarter ended December 31, 2016.

Adjusted EBITDA for the quarter was Rs.1,226.9 million (US$19.2 million), an increase of 76% over the quarter ended December 31, 2016.

Electricity generation during the nine months ended December 31, 2017 increased by 438 million kWh, or 105%, to 855 million kWh, compared to the same period in 2016. The increase in electricity generation was principally a result of additional capacity operating during the period, said Azure.

Total revenue during the nine months ended December 31, 2017 was Rs.5,441.6 million (US$85.3 million), up 90% from Rs.2,865.4 million during the same period in 2016. The increase in revenue was primarily driven by the commissioning of new projects.

Project cost per megawatt operating consists of costs incurred for one megawatt of new solar power plant capacity during the reporting period.

The project cost per megawatt operating for the nine months ended December 31, 2017 increased by Rs.8.7 million (US$0.14 million) to Rs.52.9 million (US$0.83 million), as compared to the same period in 2016.

The project cost per megawatt was higher due to the use of higher-cost domestic modules as required by the Power Purchase Agreement “PPA” and purchased land compared to lower-cost open source modules and leased land in the corresponding previous period.

As of December 31, 2017, Azure’s operating and committed megawatts increased by 509 MW to 1,580 MW compared to December 31, 2016 as a result of winning new projects. fii-news.com