Independent solar power producer Azure Power (NYSE: AZRE) has announced its consolidated financial results for the fourth quarter of the financial year (FY) ending March 31, 2019.

The company generated a revenue of ₹2,847.2 million ($41.1 million) for the fiscal’s fourth quarter that ended on March 31, 2019. This is a 26% increase over the ₹2,259.1 million ($34.7 million) generated during the same period of 2018. The revenue increase was largely due to new solar capacity additions during the year.

The company has announced a net profit of ₹241 million ($3.5 million) for FY Q4 of 2019. Azure’s adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter was ₹2,142.5 million ($31.0 million), an increase of 32% over the same quarter last year.

According to Azure, the electricity generation increased by 497 million kWh, or 40%, to 1,733 million kWh compared to the same period in 2018. The company’s operating and committed solar project portfolio increased by 1,485 MW, or 79% compared to March 31, 2018, reaching 3,356 MW.

Total revenue during the year ending March 31, 2019, was ₹9,926.2 million ($143.5 million), up by 29% from ₹7,700.6 million ($110.8 million) when compared to the previous year.

The project cost per megawatt was lower for this year than the previous year due to a decline in solar module prices and efficiency gains in the balance of system costs, the company stated.

Azure says its nominal contracted payments also increased from last year with the company entering into additional power purchase agreements (PPAs).

The cost of operations during the three months increased by ₹40.3 million ($0.5 million), or 19%, to ₹255.7 million ($3.7 million) compared to the same period in 2018. The increase was primarily due to the rise in maintenance costs related to newly operational projects, while the operating cost per MW decreased due to improved operational and maintenance methods, which improved plant productivity according to the company.

The net profit for the quarter ended March 31, 2019, was ₹240.9 million ($3.4 million) compared ₹147.6 million ($2.1 million) for the same quarter in 2018, reflecting an increase of ₹93.3 million ($1.3 million). The growth was primarily due to an increase in revenue and economies of scale on operating costs achieved during the period.

As of March 31, 2019, Azure had ₹10,544.9 million ($152.4 million) of cash, cash equivalents, and current investments. The company had undrawn project debt commitments worth ₹10,158.9 million ($146.8 million) as of March 31, 2019, and a working capital facility of ₹4,363.6 million ($63.1 million).

For the fiscal year ending March 31, 2020, the company expects to have 1,800-1,900 MW of operational solar portfolio.

The total revenue of Azure in the third quarter of FY19 stood at ₹2.430.8 million ($34.9 million) which was up 40%, and an increase of ₹690.9 million ($9.9 million) from the same period in 2017. The increase in the generated revenue was primarily driven by the projects commissioned since last year, according to the company. New solar projects drove Azure Power’s Revenue up by 22% to $30.7 million in Q2, 2019.

A couple of months ago, Azure commissioned a 150 MW solar PV power project in Rajasthan’s Bhadla Solar Park. This section is the first phase of the 200 MW capacity that was allocated to Azure Power by SECI. This project had been awarded to Azure by SECI in December 2017. In October 2018, Azure had achieved the financial closure for the 200 MW grid-connected solar PV project.