New projects help Azure Power cut FY Q2 loss

Indian solar power producer Azure Power Global Ltd (NYSE:AZRE) last week said its net loss has narrowed to INR 297.6 million (USD 4.2m/EUR 3.7m) in its second fiscal quarter through September, mainly thanks to a rise in newly-commissioned capacity.

The company’s net loss in the year-ago period amounted to INR 1.24 billion. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased to INR 1.81 billion from INR 1.5 billion in the second quarter of fiscal 2017/18 as revenues grew and operating costs declined.

Azure Power posted INR 2.23 billion in operating revenues in the three months, marking a 22% year-on-year rise due to the commissioning of new projects. At the end of September, the Indian firm had 1,018 MW of capacity in operation, an increase of 27% from a year ago. It reiterated its forecast for 1,300 MW-1,400 MW of operational capacity by March 31, 2019 and revenues of between USD 143 million and USD 151 million for the full fiscal year.

Azure Power’s solar parks produced 773 million kWh of electricity in the six months ended September, or 33% more than a year earlier. As a result, revenues in the period climbed by 26% to INR 4.65 billion.

(INR 10 = USD 0.141/EUR 0.124)

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