Azure Announces Financial Results for Q4 2020, 29% Increase in Revenue

Azure Power has issued its financial results for the fiscal fourth quarter ended March 31, 2020. The firm has reported a 29 percent increase in its revenue.

Azure Financial Results

Azure Power,  one of India’s leading independent power producers (IPP) for utility and commercial scale solar PV power plants, has reported its financial results for the fiscal fourth quarter ended March 31, 2020. The firm has reported a 29 percent increase in its revenue (YoY), amongst other developments.

As per the results, the firms operating MWs were 1,808 MW, as of March 31, 2020, an increase of 25 percent over March 31, 2019. Operating and Committed Megawatts were 7,115 MW, as of year ended March 31, 2020, an increase of 112 percent over the year ended March 31, 2019. 2,000 MW of Committed Capacity is a greenshoe option that has been exercised by the Company as part of an auction that was won but this capacity has yet to receive a Letter of Award.

Furthermore, revenue for the quarter ended March 31, 2020, was Rs 3,675 million, an increase of 29 percent over the quarter ended March 31, 2019. And, the net loss for the quarter ended March 31, 2020, was Rs 394 million. During the quarter, our results were negatively impacted by higher charges amounting to Rs 551 million, partially offset by higher revenue.

The firm also reported that the electricity generation during the quarter and year ended March 31, 2020, was 868 million kWh and 2,870 million kWh, respectively, an increase of 343 million kWh or 65 percent, over the quarter ended March 31, 2019, and an increase of 1,136 million kWh, or 66 percent, over the year ended March 31, 2019. The increase in electricity generation was principally a result of additional operating capacity during the period driven by the commissioning of new projects.

The firm also completed 367 MW (AC) and 610 MW (DC) project capacity during the fiscal. While during the fourth quarter, only 4 MW (AC) and 11 MW (DC) were put into operation. 

The net loss for the quarter ended March 31, 2020, increased by Rs 635 million to Rs 394 million compared to a net profit of Rs 241 million for the same period in 2019.

The loss for the quarter included charges amounting to Rs 551 million comprising of the following items: Rs 43 million due to power curtailment in Andhra Pradesh, Rs 65 million of higher payroll charges related to management transition, accruals of Rs 103 million related to stock appreciation rights due to the increase in the share price during the quarter, an Rs 95 million charge related to refinancing of a loan, loss of Rs 158 million on the reinstatement of outstanding foreign currency loans due to the depreciation of the Rs against the Dollar, and a Rs 96 million reversal of deferred tax assets due to lower taxes on inter-company margins earned by our EPC business, offset by higher revenue from operations.

Recently, SECI had given approval to the January 2020 tender win of what will be the largest single investment in the country’s solar sector. SECI  has formally given the go-ahead to Azure Power for a solar panel manufacturing capacity of 500 MW and linked to that, a generation plant of a total of 2000 MW capacity. The firm also got the benefit of the greenshoe option which it has exercised, to finally end with 1000 MW manufacturing, and 4000 MW of generation capacity. 

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Ayush Verma

Ayush Verma

Ayush is a staff writer at saurenergy.com and writes on renewable energy with a special focus on solar and wind. Prior to this, as an engineering graduate trying to find his niche in the energy journalism segment, he worked as a correspondent for iamrenew.com.

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