Azure Power (NYSE: AZRE), an independent solar power producer, has announced its consolidated results for the first quarter ending June 30, 2018.

Total revenue in the first quarter of FY19 was ₹2,422.5 million (~$35.4 million), which was up 29 percent from ₹1,877.9 million (~$27.36 million) during the same period in 2017. The increase in revenue was primarily driven by the commissioning of new projects, according to the company.

Its adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) was ₹1,955.7 million ($28.6 million), compared to ₹1,469.3 million (~$21.41 million) in the same quarter last year. The increase was primarily due to the growth in revenue and economies of scale achieved during the period, the company stated.

Electricity generation during the first quarter increased by 111 million kWh to 400.8 million kWh, compared to the same period last year. The increase in electricity generation was principally a result of additional capacity operating during the period.

The project cost-per-megawatt operating for the quarter ending June 30, 2018, decreased by ₹5.38 million ($0.08 million) to ₹44.3 million ($0.65 million). It was primarily due to lower costs of solar module prices for the projects commissioned during the period.

Cost of operations in the quarter that ended June 30, 2018, increased by 26 percent to ₹218.2 million ($3.2 million) from ₹173.5 million (~$2.55 million) in 2017. The increase was primarily due to plant maintenance cost for newly-commissioned projects.

Per the company, the portfolio revenue run-rate increased by ₹6,532.8 million ($95.4 million) to ₹17,538.6 million ($256.2 million) as of June 30, 2018, as compared to June 30, 2017, due to an increase in operational and committed capacity.

The company, however, lost ₹204.2 million (US$3.0 million) in foreign exchange due to the rupee depreciation against the U.S. dollar by ₹3.6 to US$ 1.00 (5.5%) during the period from March 31, 2018, to June 30, 2018. However, Azure gained ₹4.8 million (~$ 69928.80) during the same period in 2017.

Net income for the quarter ending June 30, 2018, was ₹29.8 million ($0.4 million), as compared to a net income of ₹206.9 million for the quarter ending June 30, 2017. The decrease in net income by ₹177.1 million ($2.6 million) as compared to the same period in 2017 was primarily due to foreign exchange loss related to the depreciation of the Indian rupee compared to the U.S. dollar.

Recently, Mercom published a report analyzing how a volatile rupee is beginning to affect domestic solar developers and solar project component suppliers alike.

Compared to Q1 2018, the company’s operating and committed megawatts increased by 1,072 MW to 2,141 MW in Q1 2019 due to winning new projects.

Recently, Azure 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.

Recently, Mercom reported that Azure’s total revenue during fiscal year 2018 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.