New Solar Projects Drive Azure Power’s Revenue Up by 22% to $30.7 Million in Q2 2019

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

Total revenue in the second quarter of FY19 stood at ₹2,225.7 million ($30.7 million) which was up 22 percent, an increase of ₹401.9 million (~$5.56 million) from the same period in 2017. The increase in the generated 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 ₹1,807.7 million ($ 24.9 million), an increase of 21 percent over the quarter ending September 30, 2017. The increase was primarily due to increase in revenue and economies of scale on operating costs achieved during the period.

The company’s operating megawatts (MW) totaled 1,018 MW as of September 30, 2018.  This is an increase of 27 percent over September 30, 2017. Its operating and committed megawatts increased by 1,678 MW to 3,059 MW as of September 30, 2018, an increase of 122 percent over the same period in 2017.


The project cost per MW operating for the six months decreased by ₹1.4 million ($0.02 million) to ₹44.3 million ($0.61 million). This was primarily due to a decline in solar module prices.

Foreign exchange loss during the three months increased by ₹193.8 million compared to the same period in 2017 to ₹236.8 million ($ 3.3 million).

Previously, Mercom reported how the volatility of the rupee is beginning to affect the domestic solar developers and solar project component suppliers alike.

The net loss for the second quarter ending September 30, 2018 was ₹297.6 million ($ 4.1 million) as compared to a net loss of ₹1,240.5 million for the quarter ending September 30, 2017. It is an improvement of ₹943.0 million ($ 13.0 million) as compared to the same period in 2017. This was primarily due to an increase in revenue from newly commissioned projects.

Electricity generation during the first half of financial year increased by 192 million kWh, to 773 million kWh, an increase of 33 percent compared to the same period in 2017. The increase in electricity generation was principally a result of additional capacity operating during the period.

Recently, Mercom reported that Caisse de dépôt et placement du Québec (CDPQ), a long-term institutional investor increased in its stake in Azure Power Global Ltd (Azure Power). Its stake has now increased to 40 percent.

In October 2018, Azure achieved the financial closure of a deal worth ₹4 billion (~$58 million) for its 100 MW solar power project in Karnataka. According to the solar power producer, the financial deal was  closed earlier than planned.