NYSE-listed Indian developer Azure Power has registered a 29% increase in revenue from operations in the fourth quarter (Q4) of the financial year 2019-20.
The developer’s operating revenues for the quarter ended March 31, 2020 were Rs 3,675 million (US$ 48.7 million), a 29% increase from Rs 2,847 million in the same period in 2019. This increase was driven by the revenue generated from projects which were commissioned during the period after March 31, 2019 until March 31, 2020.
However, the company reported a net loss of Rs 394 million (US$ 5.2 million) for the quarter, owing to higher charges.
“The net loss for the quarter ended March 31, 2020 increased by Rs 635 million (US$ 8.4 million) to Rs 394 million (US$ 5.2 million) compared to a net profit of Rs 241 million for the same period in 2019,” the company said in a statement.
The developer added that the results were negatively impacted during the quarter by higher charges amounting to $7.3 million, partially offset by higher revenue.
“Our revenues for the quarter ended March 31, 2020 were negatively impacted by Rs 43 million (US$ 0.6 million) due to power curtailment in Andhra Pradesh. Our management believes that AP power curtailment is in contempt of a court ruling and we have filed an action for recovery,” it stated.
The developer’s cost of operations for the quarter ended March 31, 2020 increased by 29% to Rs 329 million (US$ 4.3 million) from Rs 256 million in the same period in 2019. This increase in the cost of operations was primarily due to an increase in operational expenses from projects commissioned during the period from April 1, 2019 through March 31, 2020.
The cost of operations during the three-month period ended March 31, 2020 per megawatt was approximately Rs 0.18 million (US$ 2,000) during the quarter, in line with the same period in 2019.
Pipeline and liquidity
According to the statement, Azure Power had 1,808 MW of operating capacity as of March 31, 2020, a 25% increase over March 31, 2019. The operating and committed capacity was 7,115 MW.
The company declared its liquidity position as sufficient to continue normal operations through at least the end of fiscal year ending March 31, 2021. To further bolster liquidity, it is exploring working capital lines and revolving credit lines with domestic and international financial institutions.
“Financing for our 1,290 MWs of under construction projects remain on schedule. The Assam 1 (90 MW) and Rajasthan 6 (SECI 600 MW) projects have debt funding in place,” it stated.
