Azure Q2 Loss Narrows to Rs 29.8 Cr on Revenue from New Projects

Further, the consolidated operating revenues of the company increased by Rs 40.2 crore, or 22 per cent to Rs 2,22.6 crore during Q2 2018-19, against the same period last year.

Leading independent solar power producer Azure Power Global reported its consolidated net loss narrowed significantly to Rs 29.8 crore during the July-September quarter of FY19, driven by rise in revenue from newly commissioned projects.

“The consolidated net loss of the company stood at Rs 124 crore during the same period a year ago,” said Azure Power Global in a filing to the NYSE.

Further, the consolidated operating revenues of the company increased by Rs 40.2 crore, or 22 per cent to Rs 2,22.6 crore during Q2 2018-19, against the same period last year.

It’s operating megawatts (MW) were 1,018 MW as of September 30, 2018, an increase of 27 percent over September 30, 2017.

Moreover, the company’s Adjusted EBITDA for the quarter was Rs 180.8 crore (USD 24.9 million), an increase of 21 percent over the quarter ended September 30, 2017.

As of September 30, 2018, its operating and committed megawatts increased by 1,678 MW as compared to September 30, 2017 to 3,059 MW on the back of winning new projects.

During H1 FY19, the total revenue of the company stood at Rs 464.8 crore, up 26 percent from Rs 370.2 crore during the same period in 2017.

Meanwhile, it’s electricity generation during the six months ended September 30, 2018 grew by 192 million kWh, or 33 percent, to 773 million kWh compared to the same period in 2017. The increase in electricity generation was principally a result of additional capacity operating during the period.