Azure Power Posts Q2 2020 Financial Results

Azure Power Global Limited, India’s only solar power producer listed in the US markets, has announced its consolidated results under the United States GAAP for the fiscal second quarter 2021, period ended September 30, 2020.

Fiscal Second Quarter 2021 Period Ended September 30, 2020, Operating Highlights:

Operating Megawatts (“MW”) were 1,834 MWs, as of September 30, 2020, an increase of 2% over September 30, 2019. Operating and Committed Megawatts were 7,115 MWs, as of September 30, 2020, an increase of 111% over September 30, 2019. Committed megawatts include 4,000 MWs for which the firm has received Letters of Award (“LOA”) but the Power Purchase Agreements (“PPAs”) have not yet been signed. PPAs for these 4,000 MWs will follow only after the sale of power is contracted by Solar Energy Corporation of India Limited (“SECI”) under a power sale agreement (“PSA”).

Operating revenues for the quarter ended September 30, 2020 were INR 3,504 million (US$ 47.6 million), an increase of 23% over the quarter ended September 30, 2019.

Net loss for the quarter ended September 30, 2020 was INR 368 million (US$ 5.0 million). During the quarter, our results were negatively impacted by an increase in stock appreciation rights (SARs) expense by INR 492 million (US$ 6.7 million) related to the 87% increase in the share price during the quarter. Refer the detailed explanation in the net loss section of the commentary below.

Adjusted EBITDA for the quarter ended September 30, 2020 was INR 2,318 million (US$ 31.5 million), an increase of 11% over the quarter ended September 30, 2019. During the quarter, our results were negatively impacted by an increase in stock appreciation rights (SARs) expense by INR 492 million (US$ 6.7 million). Refer the detailed explanation in the net loss section of the commentary below.

Non-GAAP Cash Flow to Equity (“CFe”) for Operating Assets for the quarter ended September 30, 2020 was INR 1,066 million (US$ 14.5 million), an increase of INR 353 million or 50% over the quarter ended September 30, 2019.

Key Operating Metrics

Electricity generation during the quarter and six-months ended September 30, 2020 was 769.2 million kWh and 1,653.1 million kWh, respectively, an increase of 159.2 million kWh or 26%, over the quarter ended September 30, 2019, and an increase of 343.1 million kWh, or 26%, over the six months ended September 30, 2019. The increase in electricity generation was principally a result of an additional 116 MWs of DC operating capacity being commissioned since September 30, 2019. The Plant Load Factor (“PLF”) for the quarter and the six months ended September 30, 2020, was 18.8% and 20.8% respectively, compared to 16.8% and 19.0%, respectively, for the same comparable periods in 2019, which increased principally due to the addition of DC capacity and improved performance by its plants.

The firm could commission only 25 MWs during the three months ended September 30, 2020 and 26 MWs (AC) and 28 MWs (DC) during the six months ended September 30, 2020. The project cost per megawatt (DC) operating for the six months ended September 30, 2020, decreased by INR 0.6 million (US$ 0.01 million), or 2%, to INR 34.7 million (US$ 0.47 million) primarily due to lower costs on account of the reduction in solar module prices for the projects commissioned during the period. The project cost per megawatt (AC) operating for the six months ended September 30, 2020 was INR 40.4 million (US$ 0.55 million), compared to INR 51.9 million, for the six months ended September 30, 2019, on account of reduction in solar module prices. Excluding the impact of safeguard duties, the DC and the AC costs per megawatt for the six months ended September 30, 2020 would have been lower by approximately INR 1.3 million (US$ 0.02 million) and INR 1.3 million (US$ 0.02 million), respectively, and for the six months ended September 30, 2019, the DC and the AC costs per megawatt would have been lower by approximately INR 2.4 million and INR 3.6 million, respectively.

As of September 30, 2020, their operating and committed megawatts were 7,115 MWs, an increase of 3,745 MWs compared to September 30, 2019.

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