Azure Power has announced its consolidated results under the United States GAAP for the fiscal Q2 2020, reporting an increase in revenue of 28 percent
Azure Power, a leading independent solar power producer in India, has announced its consolidated results under the United States Generally Accepted Accounting Principles (GAAP) for the fiscal second quarter 2020, the period ended September 30, 2019. Reporting an increase in revenue of 28 percent year-over-year.
As per the results, revenue for the quarter was Rs 284.66 crore (USD 40.3 million), an increase of 28 percent over the quarter ended September 30, 2018. Revenue during the six months ended September 30, 2019, was Rs 623.59 crore (USD 88.3 million), an increase of 34 percent from Rs 464.82 crore during the same period in 2018. The firm claims that the increase in revenue was primarily driven by the commissioning of new projects.
As of September 30, 2019, the company’s operating and committed megawatts increased by 311 MW to 3,370 MW compared to September 30, 2018. During the period, it canceled its participation in 350 MW of projects and received a letter of awards for 370 MW of new projects.
Electricity generation during the quarter and six months ended September 30, 2019, was 610 million kWh and 1,310 million kWh, respectively, an increase of 238 million kWh or 64 percent, over the quarter ended September 30, 2018, and an increase of 537 million kWh, or 69 percent, over the six-months ended September 30, 2018. The increase in electricity generation was principally a result of additional operating capacity during the period.
The company’s Plant Load Factor “PLF” for the quarter and the six months ended September 30, 2019, was 16.8 percent and 19.0 percent, respectively, compared to 16.4 percent and 18.1 percent, respectively, for the same comparable periods in 2018. The higher PLF, in the quarter and six months, is on account of additional capacity in high radiation areas, which was offset by lower insolation due to extended monsoon (lowered generation by approximately 3 percent year-over-year).
Furthermore, the net loss for the quarter increased by Rs 45.86 crore (USD 6.5 million) to Rs 75.62 crore (USD 10.7 million), compared to a net loss of Rs 29.76 crore for the same period in 2018. The firm revealed that the higher losses are primarily due to higher general and administrative expenses, higher net interest expenses, partially offset by higher revenue.