Azure Power (NYSE: AZRE), an independent solar power producer, has announced its consolidated financial results for the fourth quarter and fiscal year ending March 31, 2018.

Total revenue during its fiscal year was ₹7,700.6 million ($118.3 million), up 84 percent from ₹4,183.0 million (~$61.5 million) during the same period in 2017. The increase in revenue was primarily driven by the commissioning of new projects according to the company.

The company registered a net loss of $15.7 million (~₹1,067.9 million) for FY 2018.

Electricity generation during the fiscal year increased by 618 million kWh, or 100 percent, to 1,236 million kWh, compared to the same period in 2017. The increase in electricity generation was principally a result of additional capacity operating during the period.

The project cost per megawatt operating for the fiscal year ended March 31, 2018 increased by ₹1.7 million ($0.03 million) to ₹51.0 million ($0.78 million), as compared to the same period in 2017. The project cost per megawatt was marginally higher due to the use of higher-cost domestic modules as required by power purchase agreements (PPAs) and use of purchased land compared to lower-cost open source modules and leased land in the corresponding previous period.

Per the company, portfolio revenue run-rate increased by ₹4,759.0 million ($73.1 million) to ₹15,764.7 million ($242.1 million) as of March 31, 2018, as compared to March 31, 2017, due to an increase in operational and committed capacity.

Operating revenue in the fourth quarter ended March 31, 2018 was ₹2,259.0 million ($34.7 million), an increase of 71 percent from ₹1,317.6 million (~$19.37 million) over the same period in 2017. The increase in revenue was driven by the commissioning of new projects.

Cost of operations in the quarter ended March 31, 2018 increased by 65 percent to ₹215.4 million ($3.3 million) from ₹130.7 million (~$1.92 million) in the same period in 2017. The increase was primarily due to plant maintenance costs for newly commissioned projects which was partially offset by the implementation of improved operation and maintenance (O&M) methods which improved plant productivity.

Net interest expense during the quarter ended March 31, 2018 increased by ₹202.6 million ($3.1 million), or 32 percent, to ₹833.7 million ($12.8 million) compared to the same period in 2017. Interest expense increased due to borrowing for new projects and was partially offset by the increased interest income on investments during the quarter.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was ₹1,625.5 million ($25.0 million) for the fourth quarter of 2017-18, compared to ₹974.4 million (~$14.32 million) in the fourth quarter of the preceding year – an increase of 67 percent. The increase was primarily due to the increase in revenue and economics of scale during the period.

Recently, the company won projects totaling over 400 MW. This included the recent win to develop 200 MW of solar PV projects to supply power to AG feeders across the state of Maharashtra.

The company also won a bid to develop a 100 MW solar PV project at Pavagada Solar Park.  Further,  Azure Power won a smaller contract to develop 32 MW of rooftop solar PV projects for the Indian Railways at offices, buildings, and railway stations.

APDCL also awarded 75 MW of grid-connected solar PV projects to Azure Power.