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<p><a href="https://www.azurepower.com/">Azure Power</a>, an independent solar power producer, has announced its consolidated financial results for the first quarter (Q1) of the financial year (FY) 2019-20.</p>
<p>The company generated a revenue of ₹3.389 billion (~$49.2 million) for Q1 of FY 2019-20 that ended on June 30, 2019. This is a 40% increase over the quarter ended June 30, 2018. The rise in revenue was driven by the commissioning of new projects.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2019/08/azure-1-1.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-14984" src="https://mercomindia.com/wp-content/uploads/2019/08/azure-1-1.png" alt="Azure Power Delivered 40% Revenue Growth" width="984" height="530" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/08/azure-1-1.png 984w, https://cms.mercomindia.com/wp-content/uploads/2019/08/azure-1-1-300x162.png 300w, https://cms.mercomindia.com/wp-content/uploads/2019/08/azure-1-1-768x414.png 768w, https://cms.mercomindia.com/wp-content/uploads/2019/08/azure-1-1-650x350.png 650w, https://cms.mercomindia.com/wp-content/uploads/2019/08/azure-1-1-624x336.png 624w, https://cms.mercomindia.com/wp-content/uploads/2019/08/azure-1-1-600x323.png 600w" sizes="(max-width: 984px) 100vw, 984px" /></a></p>
<p>The company’s statement said that generation of electricity during the first quarter of FY 2019-20 increased by 75% (229.3 million kWh) to 700.1 million kWh compared to the quarter ended June 30, 2018. Newly added operating capacity during the period has contributed to the increased electricity generation.</p>
<p>The operational project capacity in the quarter reached 1,609 MW, as of June 30, 2019, a growth of 59% over the quarter ended June 30, 2018. The company’s operating and under development project capacity is now 3,351 MW.</p>
<p>Azure incurred losses of ₹50.3 million (US$ 0.7 million) compared to a loss of ₹ 204.2 million, during the same period last year due to foreign exchange rate hedging expenses.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2019/08/azure-2.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-14985" src="https://mercomindia.com/wp-content/uploads/2019/08/azure-2.png" alt="3351 MW Portfolio" width="992" height="525" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/08/azure-2.png 992w, https://cms.mercomindia.com/wp-content/uploads/2019/08/azure-2-300x159.png 300w, https://cms.mercomindia.com/wp-content/uploads/2019/08/azure-2-768x406.png 768w, https://cms.mercomindia.com/wp-content/uploads/2019/08/azure-2-650x344.png 650w, https://cms.mercomindia.com/wp-content/uploads/2019/08/azure-2-624x330.png 624w, https://cms.mercomindia.com/wp-content/uploads/2019/08/azure-2-600x318.png 600w" sizes="(max-width: 992px) 100vw, 992px" /></a></p>
<p>The net income for the quarter of fiscal year 2020 increased by ₹60.4 million (~$0.9 million) to ₹90.2 million (~$1.3 million). The net income for the same period in 2018 was ₹29.8 million (~$418,264). This was due to the increase in revenues during the period.</p>
<p>The project cost per megawatt for the quarter under consideration decreased by ₹4.1 million (~$0.06 million) to ₹40.2 million (~$0.58 million) due to decline in solar module prices for the projects commissioned during the period. The company is yet to recover the <a href="https://mercomindia.com/azure-compensation-solar-project-cost-safeguard/" target="_blank" rel="noopener noreferrer">payment of safeguard duty</a>.</p>
<p>The cost of operations for quarter one of the fiscal year 2020 was ₹296.9 million (~$4.3 million). This was an increase of 36% from ₹218.2 million (~$3.06 million) in the same period of 2018. The rise in costs was due to the increase in project maintenance cost of the recently commissioned projects.</p>
<p>In the previous quarter,  the company <a href="https://mercomindia.com/newly-solar-azure-revenue-up-q4/" target="_blank" rel="noopener noreferrer">generated</a> a revenue of ₹2,847.2 million ($41.1 million). 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 primarily due to new solar capacity additions during the year.</p>
<p>In terms of guidance, for the fiscal year ending March 31, 2020, Azure expects to have an operational capacity of 1,800 – 1,900 MWs. The Company is reiterating its guidance of revenues in the range of ₹12,770 – 13,350 million ($185– 194 million at the June 30, 2019 exchange rate of ₹ 68.92 to US$ 1.00) for the fiscal year ending March 31, 2020.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/ramya/" class="vcard author" rel="author"><span class="fn">Ramya Ranganath</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2019/06/Ramya1.png" width="92" height="94" data-default="https://mercomindia.com/wp-content/plugins/simple-author-box/assets/img/default.png" /></p>
<p>Ramya Ranganath is an Associate Editor and Writer for Mercom Communications India. Before joining Mercom, Ramya worked as a Senior Editor at a digital media supply chain solutions company. Throughout her career, she has developed end-to-end content for various companies in a wide range of domains, including renewables. Ramya holds a bachelor’s degree in Mechanical Engineering from M.S. Ramaiah Institute of Technology and is passionate about environmental issues and permaculture.</p>
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Azure’s Revenue Up by 40% in Q1 of Fiscal 2020 Driven by Newly Operational Solar Projects

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