Azure Power cuts loss in fiscal Q3 as revenues rise

Azure Power Solar Power Plant (Photo: Business Wire)

February 12 (Renewables Now) - Indian solar power producer Azure Power Global Ltd (NYSE:AZRE) last week said its net loss narrowed to INR 136.1 million (USD 2.1m/EUR 1.7m) in its third quarter through December 2017 from INR 514.3 million a year earlier, mainly due to a rise in revenue.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were up 76% to INR 1.23 billion, while revenue expanded 83% to INR 1.74 billion, reflecting the commissioning of new projects. At the end of the period the company had 805 MW in operation, up 57% compared to a year ago. Operating and committed capacity was 48% higher, at 1,580 MW.

Azure Power said it now expects 905 MW-1,000 MW to be operational by the end of the fiscal year on March 31 due to delays in the commissioning of two projects totalling 90 MW as the government provided transmission interconnections will probably roll over into the following fiscal year. It, however, kept its annual revenue forecast at USD 118 million-125 million.

For the 2018/19 fiscal year, the company guided for revenue of USD 143 million-151 million, and 1,300 MW-1,400 MW in operation.   

(INR 100 = USD 1.555/EUR 1.267)  

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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