Azure Power (NYSE: AZRE) announced its consolidated financial results for the fiscal second quarter 2017, period ending September 30, 2017. The company declared revenue of ₹3,701.7 million (~$56.7 million) for the six months ending September 30, 2017, which is 93 percent more than the six months ending September 30, 2016. The increase in revenue was primarily driven by the commissioning of new projects.
Electricity generation during the six months ending September 30, 2017, increased by 306 million units, or 111 percent, to 581 million units, compared to the same period in 2016. The increase in electricity generation was principally a result of additional capacity operating during the period.
The operating revenue in the quarter ending September 30, 2017, was ₹1,823 million ($27.9 million), an increase of 104 percent from ₹894.9 million ($13.7 million) over the same period in 2016. The company announced adjusted EBITDA of ₹1,499 million ($23.0 million) for the second quarter period ending September 30, 2017, compared to ₹561.1 million in the second quarter period ending September 30, 2016.
Cash generated from operating activities for the six months ending September 30, 2017, was ₹227.8 million ($3.5 million); ₹37.7 million ($0.6 million) higher than the cash generated in the same period previous year. Cash used in investing activities, for the six months ending September 30, 2017, was ₹5.27 billion ($ 80.7 million), compared to ₹5.49 billion (~$84.314 million) in the previous year. The cash used in investing activities was lower due to higher realization of permitted investments and release of restricted cash from bond offering.
Cash generated from financing activities was ₹15,354 million ($ 235.1 million) for the six months ending September 30, 2017, compared to ₹8,327 million (~$127.83 million) for the previous year. During the six months ending September 30, 2017, the company raised ₹40,162 million ($615.1 million) of project debt, including green bonds and non-convertible debentures.
In September, Azure Power commissioned a 50 MW grid-connected solar project in Uttar Pradesh. The company has won large contracts to develop rooftop solar projects which will further boost revenue in the coming quarters. In March 2017, Azure Power won bids to develop 46 MW of rooftop solar for the Indian Railways. The projects will be spread across 11 Indian states. In September 2017, the Solar Energy Corporation of India (SECI) awarded a contract to develop 50 MW of rooftop solar to Azure Power.
Azure Roof Power, a wholly owned subsidiary of Azure Power, won a bid to develop 1.3 MW of rooftop solar for the Ministry of Health and Family Welfare, India. The company also won bids to develop 250 MW of solar in a domestic content requirement (DCR) category tender by National Thermal Power Corporation (NTPC).
Image credit: Azure Power