Azure Power Quarterly Report

Azure Power (NYSE: AZRE) announced its consolidated financial results for the fiscal fourth quarter 2017, period ending March 31, 2017. The company declared revenue of $20.3 million for the quarter ending March 31, 2017, which is 72 percent more than the quarter ending March 31, 2016.

The company announced adjusted EBITDA for the quarter was $15 million, an increase of 90 percent over the quarter that ended March 31, 2016. The company commissioned a slew of solar projects which drove revenues higher. Total revenue during fiscal year ended March 31, 2017 was $64.5 million, a 59 percent increase from $40.67 million during the previous fiscal.

Net loss for the quarter ended March 31, 2017 was $4.7 million, a decrease of $4.4 million compared to the same period in 2016. This was primarily due to increase in revenue, lower interest expense and a foreign exchange gain realized during the quarter ended March 31, 2017.

The decrease in project costs due to module price declines and reduction in balance of system costs added to the company’s gains. The project cost per megawatt operating for the fiscal year ended March 31, 2017, decreased by $0.16 million to $0.76 million compared to the previous fiscal.

As of March 31, 2017, operating and committed megawatts according to the company increased by 254 MW to 1,069 MW compared to March 31, 2016 as a result of winning new projects. With the WTO ruling against India’s Domestic Content Requirement for solar projects, Solar Energy Corporation of India (SECI) did not sign a 50 MW contract in Andhra Pradesh with Azure Power which had a domestic content requirement.

The company is providing revenue guidance for fiscal year 2018 ending March 31, 2018 of $118–125 million. In addition, the company expects that 1,000–1,200 MWs will be operational by March 31, 2018.