Azure Power Announces 29% Gain in Revenue For FY 2018-19

Total revenue for Azure Power during the year was Rs 992.6 crore, up by 29% from Rs 770 crore during last year.

Azure Power, a leading independent solar power producer in India, has announced its consolidated results and revenue for the fiscal fourth quarter and year ended March 31, 2019.

The company generated a revenue of Rs 284 crore for the fiscal’s fourth quarter that ended on March 31, 2019. This is a 26% increase over the Rs 225.9 crore generated during the same period of 2018. Total revenue during the year ended March 31, 2019, was Rs 992.6 crore, up by 29% from Rs 770 crore during the year ended March 31, 2018. The revenue increase was largely due to new solar capacity additions during the year. The adjusted EBITDA for the quarter was Rs 214.25 crore, an increase of 32 percent over the quarter ended March 31, 2018.

The company also reported that its net profit for the quarter was Rs 24.1crore, as compared to a net profit of Rs 14.7 crore for the quarter ended March 31, 2018. Reflecting an improvement of Rs 9.33 crore. The firm’s operating and committed megawatts increased by 1,485 MW, or 79% to 3,356 MW compared to the same quarter last year, as a result of winning new projects.

It also reported that the project cost per megawatt operating for the year ended March 31, 2019, decreased by Rs 57 lakhs to  Rs 4.07 crore. The project cost per megawatt was lower due to lower costs on account of a decline in solar module prices and efficiency gains in the balance of system costs.

Cash generated from operating activities for the fiscal year ended was Rs 211.59 crore, an increase of Rs 27.68 crore as compared to the prior comparable period, primarily due to increase in revenue during the current period. Cash used in investing activities for the fiscal year was Rs 26,03.12 crore compared to Rs 1804.81 crore for the prior comparable period. The cash outflow was primarily due to Rs 26,00.71 crore incurred to purchase Property, Plant and Equipment.

In May, the firm announced that Inderpreet S Wadhwa, who has led Azure Power to become one of the country’s largest solar power developers and operators with over 1.5 GWs of operating assets plus over 1.5 GWs of contracted projects, plans to retire.