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Growing revenues boost Azure Power's fiscal Q4 profit

Solar park in Rajasthan. Source: Azure Power. All rights reserved.

June 11 (Renewables Now) - Indian solar power producer Azure Power Global Ltd (NYSE:AZRE) on Monday reported a net profit of INR 241 million (USD 3.5m/EUR 3.1m) for its fourth fiscal quarter through March 31, up from INR 147.6 million a year before.

The improvement mainly reflects growth in revenues, which reached INR 2.85 billion, as well as economies of scale on operating costs, the Indian firm explained. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 32% on the year to INR 2.14 billion for the same reasons, plus a 2.8% year-on-year decrease in depreciation and amortisation expenses. In the meantime, the cost of operations, without depreciation and amortisation, climbed by 19% to INR 255.7 million after new plants were commissioned and maintenance costs increased.

The following table contains more details about the company's financial performance.

Amounts in INR Q4 2018/19 Q4 2017/18 2018/19 2017/18
Operating revenues 2.85bn 2.25bn 9.93bn 7.7bn
Operating costs and expenses 1.21bn 1.16bn 4.32bn 3.76bn
Operating profit 1.63bn 1.1bn 5.61bn 3.94bn
Adjusted EBITDA 2.14bn 1.63bn 7.74bn 5.82bn
Net profit (loss) 147.61m 241m 138.49m (1.02bn)

At the end of March, Azure Power had 1,441 MW of capacity in operation, an increase of 58% from a year ago. The output of the plants stood at 1,733 million kWh in the three months, rising 40% from the year-ago period thanks to capacity additions.

The Indian firm reiterated its guidance for revenues of INR 12.77 billion-13.35 billion and 1,800 MW-1,900 MW of capacity in operation for the 2019/20 fiscal year.

(INR 10 = USD 0.144/EUR 0.127)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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