EBENE, Mauritius, Aug. 12, 2019 /PRNewswire/ -- Azure Power Global
Limited (NYSE: AZRE), a leading independent solar power producer in
India, today announced its
consolidated results under United States Generally Accepted
Accounting Principles ("GAAP") for the fiscal first quarter 2020
ended June 30, 2019.
Fiscal First Quarter 2020 Period Ended June 30, 2019
Operating Highlights:
- Net income of INR 90.2 million (US$ 1.3
million) for the quarter ended June
30, 2019 as compared to INR 29.8 million for quarter ended
June 30, 2018.
- Operating Megawatts ("MW") were 1,609 MW, as of June 30, 2019, an increase of 59% over quarter
ended June 30, 2018.
- Operating and Committed Megawatts were 3,351 MW, as of quarter
ended June 30, 2019, an increase of
57% over quarter ended June 30,
2018.
- Revenue for the quarter ended June 30,
2019 was INR 3,389.3 million (US$
49.2 million), an increase of 40 % over the quarter ended
June 30, 2018.
- Adjusted EBITDA for the quarter ended June 30, 2019 was INR 2,447.7 million
(US$ 35.5 million), an increase of
25% over the quarter ended June 30,
2018.
Key Operating Metrics
Electricity generation during the quarter ended June 30, 2019 increased by 299.3 million kWh, or
75%, to 700.1 million kWh, compared to the quarter ended
June 30, 2018. The increase in
electricity generation was principally a result of additional
operating capacity during the period.
Total revenue during the quarter ended June 30, 2019 was INR 3,389.3 million
(US$ 49.2 million), up 40% from INR
2,422.5 million during the same period in 2018. The increase in
revenue was primarily driven by the commissioning of new
projects.
Project cost per megawatt operating (megawatt capacity per the
power purchase agreement) consists of costs incurred for one
megawatt of new solar power plant capacity during the reporting
period. The project cost per megawatt operating for the quarter
months ended June 30, 2019 decreased
by INR 4.1 million (US$ 0.06 million)
to INR 40.2 million (US$ 0.58
million) primarily due to lower costs on account of the
reduction in solar module prices for the projects commissioned
during the period partly offset by approximately US$ 0.05 million per megawatt payment of safe
guard duties that the company expects to recover.
As of June 30, 2019, the Company's
operating and committed megawatts increased by 1,210 MW to 3,351 MW
compared to June 30, 2018 as a result
of obtaining new projects.
Nominal Contracted Payments
The Company's PPAs create long-term recurring customer payments.
Nominal contracted payments equal the sum of the estimated payments
that the customer is likely to make, subject to discounts or
rebates, over the remaining term of the PPAs. When calculating
nominal contracted payments, the Company includes those PPAs for
projects that are operating or committed.
The following table sets forth, with respect to the Company's
PPAs, the aggregate nominal contracted payments and total estimated
energy output as of the reporting dates. These nominal contracted
payments have not been discounted to arrive at the present
value.
|
|
As of June
30,
|
|
|
|
2018
|
|
|
2019
|
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
Nominal contracted
payments (in thousands)
|
|
399,905,032
|
|
|
|
580,781,764
|
|
|
|
8,426,897
|
|
Total estimated
energy output (kilowatt hours in millions)
|
|
|
97,192
|
|
|
|
169,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nominal contracted payments as of June
30, 2019 increased compared to as of June 30, 2018 as a result of the Company entering
into additional PPAs.
Portfolio Revenue Run-Rate
Portfolio revenue run-rate equals annualized payments from
customers extrapolated based on the operating and committed
capacity as of the reporting dates. In estimating the portfolio
revenue run-rate, the Company multiplies the PPA contract price per
kilowatt hour by the estimated annual energy output for all
operating and committed solar projects as of the reporting date.
The estimated annual energy output of the Company's solar projects
is calculated using power generation simulation software and
validated by independent engineering firms. The main assumption
used in the calculation is the project location, which enables the
software to derive the estimated annual energy output from certain
meteorological data, including the temperature and solar insolation
based on the project location.
The following table sets forth, with respect to the Company's
PPAs, the aggregate portfolio revenue run-rate and estimated annual
energy output as of the reporting dates. The portfolio revenue
run-rate has not been discounted to arrive at the present
value.
|
|
As of June
30,
|
|
|
|
2018
|
|
|
2019
|
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
Portfolio revenue
run-rate (in thousands)
|
|
|
17,538,553
|
|
|
|
25,939,910
|
|
|
|
376,377
|
|
Estimated annual
energy output (kilowatt hours in millions)
|
|
|
4,200
|
|
|
|
7,468
|
|
|
|
|
|
Portfolio revenue run-rate increased by INR 8,401.4 million
(US$ 121.9 million) to INR 25,939.9
million (US$ 376.4 million) as of
June 30, 2019, as compared to
June 30, 2018, due to an increase in
operational and committed capacity.
Fiscal First Quarter 2020 Period ended June 30, 2019 Consolidated Financial Results:
Operating Revenues
Operating revenue for the quarter ended June 30, 2019 was INR 3,389.3 million
(US$ 49.2 million), an increase of
40% from INR 2,422.5 million over the same period in 2018. The
increase in revenue was driven by the commissioning of new projects
during the period after June 30, 2018
until June 30, 2019.
Cost of Operations (Exclusive of Depreciation and
Amortization)
Cost of operations for the quarter ended June 30, 2019 increased by 36% to INR 296.9
million (US$ 4.3 million) from INR
218.2 million in the same period in 2018. The increase was
primarily due to higher plant maintenance cost arising from newly
commissioned projects during the period after June 30, 2018 until June
30, 2019.
General and Administrative Expenses
General and administrative expenses for the quarter ended
June 30, 2019 increased by INR 396.0
million (US$ 5.7 million), to INR
644.7 million (US$ 9.4 million)
compared to the same period in 2018. General and administrative
expenses increased primarily on account of higher payroll costs and
one-time charges of INR 264.4 million (US$
3.8 million) primarily related to management transition.
Depreciation and Amortization Expenses
Depreciation and amortization expenses during the quarter ended
June 30, 2019 increased by INR 69.8
million (US$ 1.0 million), or 13%, to
INR 623.4 million (US$ 9.0 million)
compared to the same period in 2018. The increase in depreciation
and amortization expense reflected the additional depreciation on
new projects commissioned since June 30,
2018, was offset by a decrease in depreciation expense on
account of change in useful life, which was effective October 1, 2018. For a detailed discussion,
please refer to Note 2(i), to our consolidated financial statements
in our Form 20-F for the year ended March
31, 2019.
Interest Expense, Net
Interest expense, net during the quarter ended June 30, 2019 increased by INR 486.7 million
(US$ 7.1 million), or 45%, to INR
1,560.1 million (US$ 22.6 million)
compared to the same period in 2018. Interest expense increased due
to additional loans related to new projects but was partially
offset by higher interest income on investments during the quarter
ended June 30, 2019.
Loss on Foreign Currency Exchange
During the quarter ended June 30,
2019, the Company incurred losses of INR 50.3 million
(US$ 0.7 million) compared to a loss
of INR 204.2 million, during the quarter ended June 30, 2018, primarily due the expense of
hedging foreign exchange rates.
Income Tax Expense
The income tax expense increased during the quarter ended
June 30, 2019 by INR 29.2 million
(US$ 0.4 million) to INR 123.7
million (US$ 1.8 million), compared
to INR 94.6 million in the same period in 2018, primarily as a
result of higher income from operations.
Net Income
The net income for the quarter ended June
30, 2019 increased by INR 60.4 million (US$ 0.9 million) to INR 90.2 million
(US$ 1.3 million), compared to a net
income of INR 29.8 million for the same period in 2018. The
increase was primarily due to higher revenues achieved during the
period.
Cash Flow and Working Capital
Cash used in operating activities for the quarter ended
June 30, 2019 was INR 466.7 million
(US$ 6.8 million), INR 283.0 million
(US$ 4.1 million) improvement from
the comparable period in 2018, primarily due to an increase in
revenue during the quarter ended June 30,
2019. During the quarter ended June
30, 2019, additional cash interest paid on loans compared to
the same period in the prior year was INR 358.2 million
(US$ 5.2 million). In addition, cash
flow in operating activities is impacted more in the first and
third quarters of the fiscal year primarily related to the
semi-annual payment of interest on green bonds.
Cash used in investing activities for the quarter ended
June 30, 2019 was INR 5,666.6 million
(US$ 82.2 million), compared to INR
4,196.0 million for the comparable period in 2018, primarily on
account of purchases of property plant and equipment for new solar
projects amounting to INR 5,657.8 million (US$ 82.1 million).
Cash generated from financing activities was INR 10,742.0
(US$ 155.9 million) for the quarter
ended June 30, 2019, compared to INR
4,251.7 million for the comparable period in 2018, primarily due to
additional debt incurred related to new solar projects.
Liquidity Position
As of June 30, 2019, the Company
had INR 11,470.7 million (US$ 166.4
million) of cash, cash equivalents and current investments.
The Company had undrawn project debt commitments of INR 10,876.2
million (US$ 157.8 million) as of
June 30, 2019.
Adjusted EBITDA
Adjusted EBITDA was INR 2,447.7 million (US$ 35.5 million) for the quarter ended
Jun 30, 2019, compared to INR 1,955.7
million for the quarter ended June 30,
2018. The increase was primarily due to the increase in
revenue during the quarter ended June 30,
2019.
Recent accounting pronouncement
The Company adopted ASU 2016-02 – Leases (Topic 842) in
the quarter ended June 30, 2019 using
the modified retrospective approach and elected certain practical
expedients permitted under the transition guidance. The transition
guidance allowed the Company not to reassess prior conclusions
related to contracts containing leases or lease classification. The
adoption did not have a material impact to our income statement or
cash flow. However, the adoption resulted in increasing the Right
of Use asset on our consolidated balance sheet by INR 3,504.5
million (US$ 50.8 million) as well as
Lease Liabilities by INR 3,078.4 million (US$ 44.7 million).
Guidance for Fiscal Year 2020
The following statements are based on the Company's current
expectations. These statements are forward-looking and actual
results may differ materially. With a robust pipeline and strong
execution capabilities, the Company expects to continue to deliver
high growth for fiscal year ending March 31,
2020. For fiscal year ending March
31, 2020, the Company continues to expect to have between
1,800 – 1,900 MWs operational. In addition, the Company is
reiterating its guidance of revenues of between INR 12,770 – 13,350
million (or US$ 185– 194 million at the June
30, 2019 exchange rate of INR 68.92 to US$ 1.00) for fiscal year ending March 31, 2020.
Webcast and Conference Call Information
The Company will hold its quarterly conference call to discuss
earnings results on Thursday, August 12,
2019 at 8:30 a.m. U.S. Eastern
Time. The conference call can be accessed live by dialling
1-888-317-6003 (in the U.S.) and 1-412-317-6061 (outside the U.S.)
and entering the passcode 8397886. Investors may access a live
webcast of this conference call by visiting
http://investors.azurepower.com/events-and-presentations. For those
unable to listen to the live broadcast, a replay will be available
approximately two hours after the conclusion of the call. The
replay will remain available until Monday,
August 19, 2019 and can be accessed by dialling
1-877-344-7529 (in the U.S.) and 1-412-317-0088 (outside the U.S.)
and entering the replay passcode 10133982. An archived podcast will
be available at
http://investors.azurepower.com/events-and-presentations following
the call.
Exchange Rates
This press release contains translations of certain Indian rupee
amounts into U.S. dollars at specified rates solely for the
convenience of the reader. Unless otherwise stated, the translation
of Indian rupees into U.S. dollars has been made at INR 68.92 to
US$1.00, which is the noon buying
rate in New York City for cable
transfer in non-U.S. currencies as certified for customs purposes
by the Federal Reserve Bank of New
York on June 28, 2019. The
Company makes no representation that the Indian rupee or U.S.
dollar amounts referred to in this press release could have been
converted into U.S. dollars or Indian rupees, as the case may be,
at any particular rate or at all.
About Azure Power Global Limited
Azure Power is a leading independent solar power producer in
India. Azure Power developed
India's first private utility
scale solar project in 2009 and has been at the forefront in the
sector as a developer, constructor and operator of utility scale,
micro-grid and rooftop solar projects since its inception in 2008.
With its in-house engineering, procurement and construction
expertise and advanced in-house operations and maintenance
capability, Azure Power manages the entire development and
operation process, providing low-cost solar power solutions to
customers throughout India.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended and the Private Securities Litigation Reform Act of
1995, including statements regarding the Company's future financial
and operating guidance, operational and financial results such as
estimates of nominal contracted payments remaining and portfolio
run rate, and the assumptions related to the calculation of the
foregoing metrics. The risks and uncertainties that could cause the
Company's results to differ materially from those expressed or
implied by such forward-looking statements include: the
availability of additional financing on acceptable terms; changes
in the commercial and retail prices of traditional utility
generated electricity; changes in tariffs at which long term PPAs
are entered into; changes in policies and regulations including net
metering and interconnection limits or caps; the availability of
rebates, tax credits and other incentives; the availability of
solar panels and other raw materials; its limited operating
history, particularly as a new public company; its ability to
attract and retain its relationships with third parties, including
its solar partners; the Company's ability to meet the covenants in
its debt facilities; meteorological conditions and such other risks
identified in the registration statements and reports that the
Company has filed with the U.S. Securities and Exchange Commission,
or SEC, from time to time. Portfolio represents the aggregate
megawatts capacity of solar power plants pursuant to PPAs, signed
or allotted or where the Company has been cleared as one of the
winning bidders or won a reverse auction but has yet to receive a
letter of allotment. All forward-looking statements in this press
release are based on information available to us as of the date
hereof, and the Company assumes no obligation to update these
forward-looking statements.
Use of Non-GAAP Financial Measures
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure. The Company
presents Adjusted EBITDA as a supplemental measure of its
performance. This measurement is not recognized in accordance with
U.S. GAAP and should not be viewed as an alternative to U.S. GAAP
measures of performance. The presentation of Adjusted EBITDA should
not be construed as an inference that the Company's future results
will be unaffected by unusual or non-recurring items.
The Company defines Adjusted EBITDA as net loss (income) plus
(a) income tax expense, (b) interest expense, net, (c) depreciation
and amortization and (d) loss (income) on foreign currency
exchange. The Company believes Adjusted EBITDA is useful to
investors in assessing the Company's ongoing financial performance
and provides improved comparability between periods through the
exclusion of certain items that management believes are not
indicative of the Company's operational profitability and that may
obscure underlying business results and trends. However, this
measure should not be considered in isolation or viewed as a
substitute for net income or other measures of performance
determined in accordance with U.S. GAAP. Moreover, Adjusted EBITDA
as used herein is not necessarily comparable to other similarly
titled measures of other companies due to potential inconsistencies
in the methods of calculation.
The Company's management believes this measure is useful to
compare general operating performance from period to period and to
make certain related management decisions. Adjusted EBITDA is also
used by securities analysts, lenders and others in their evaluation
of different companies because it excludes certain items that can
vary widely across different industries or among companies within
the same industry. For example, interest expense can be highly
dependent on a company's capital structure, debt levels and credit
ratings. Therefore, the impact of interest expense on earnings can
vary significantly among companies. In addition, the tax positions
of companies can vary because of their differing abilities to take
advantage of tax benefits and because of the tax policies of the
various jurisdictions in which they operate. As a result, effective
tax rates and tax expense can vary considerably among
companies.
Adjusted EBITDA has limitations as an analytical tool, and you
should not consider it in isolation or as a substitute for analysis
of the Company's results as reported under U.S. GAAP. Some of these
limitations include:
- it does not reflect cash expenditures or future requirements
for capital expenditures or contractual commitments or foreign
exchange gain/loss;
- it does not reflect changes in, or cash requirements for,
working capital;
- it does not reflect significant interest expense or the cash
requirements necessary to service interest or principal payments on
outstanding debt;
- it does not reflect payments made or future requirements for
income taxes; and
- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to be
replaced or paid in the future and Adjusted EBITDA does not reflect
cash requirements for such replacements or payments.
Investors are encouraged to evaluate each adjustment and the
reasons the Company considers it appropriate for supplemental
analysis. For more information, please see the table captioned
"Reconciliations of Non-GAAP Measures to the Nearest Comparable
GAAP Measures" at the end of this release.
AZURE POWER GLOBAL
LIMITED
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(INR and US$ amounts
in thousands, except share and par value data)
|
|
|
|
|
|
As of March
31,
|
|
|
As of June,
30
|
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
|
|
(INR)
|
|
|
(INR)
|
|
|
(US$)
|
|
|
|
(Audited)
|
|
|
(Unaudited)
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
10,537,581
|
|
|
|
11,463,309
|
|
|
|
166,328
|
|
Investments in
available for sale securities
|
|
|
7,408
|
|
|
|
7,380
|
|
|
|
107
|
|
Restricted
cash
|
|
|
2,167,827
|
|
|
|
6,311,936
|
|
|
|
91,584
|
|
Accounts receivable,
net
|
|
|
3,307,076
|
|
|
|
4,140,275
|
|
|
|
60,074
|
|
Prepaid expenses and
other current assets
|
|
|
1,380,314
|
|
|
|
1,578,292
|
|
|
|
22,900
|
|
Total current
assets
|
|
|
17,400,206
|
|
|
|
23,501,192
|
|
|
|
340,993
|
|
Restricted
cash
|
|
|
1,280,323
|
|
|
|
816,787
|
|
|
|
11,851
|
|
Property, plant and
equipment, net
|
|
|
83,444,529
|
|
|
|
86,705,503
|
|
|
|
1,258,060
|
|
Software,
net
|
|
|
63,715
|
|
|
|
64,597
|
|
|
|
937
|
|
Deferred income
taxes
|
|
|
2,406,525
|
|
|
|
2,375,027
|
|
|
|
34,461
|
|
Right-of-use
assets
|
|
|
—
|
|
|
|
3,504,516
|
|
|
|
50,849
|
|
Other
assets
|
|
|
4,268,462
|
|
|
|
4,420,544
|
|
|
|
64,140
|
|
Total
assets
|
|
|
108,863,760
|
|
|
|
121,388,166
|
|
|
|
1,761,291
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
debt
|
|
|
2,824,843
|
|
|
|
7,870,150
|
|
|
|
114,193
|
|
Accounts
payable
|
|
|
3,477,382
|
|
|
|
2,389,826
|
|
|
|
34,675
|
|
Current portion of
long-term debt
|
|
|
7,288,995
|
|
|
|
7,154,226
|
|
|
|
103,805
|
|
Income taxes
payable
|
|
|
93,688
|
|
|
|
110,029
|
|
|
|
1,596
|
|
Interest
payable
|
|
|
919,627
|
|
|
|
561,386
|
|
|
|
8,145
|
|
Deferred
revenue
|
|
|
99,065
|
|
|
|
98,908
|
|
|
|
1,435
|
|
Other
liabilities
|
|
|
2,301,669
|
|
|
|
1,677,371
|
|
|
|
24,338
|
|
Total current
liabilities
|
|
|
17,005,269
|
|
|
|
19,861,896
|
|
|
|
288,187
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
61,658,403
|
|
|
|
67,997,893
|
|
|
|
986,621
|
|
Deferred
revenue
|
|
|
1,800,155
|
|
|
|
1,805,728
|
|
|
|
26,200
|
|
Deferred income
taxes
|
|
|
2,053,808
|
|
|
|
2,063,860
|
|
|
|
29,946
|
|
Asset retirement
obligations
|
|
|
665,146
|
|
|
|
667,899
|
|
|
|
9,691
|
|
Leases
liabilities
|
|
|
—
|
|
|
|
3,078,387
|
|
|
|
44,666
|
|
Other
liabilities
|
|
|
283,728
|
|
|
|
63,145
|
|
|
|
916
|
|
Total
liabilities
|
|
|
83,466,509
|
|
|
|
95,538,808
|
|
|
|
1,386,227
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity shares, US$
0.000625 par value; 41,040,028 and 41,087,003 shares issued
and outstanding as of March 31, 2019 and June 30, 2019
respectively
|
|
|
1,773
|
|
|
|
1,775
|
|
|
|
26
|
|
Additional paid-in
capital
|
|
|
32,186,606
|
|
|
|
32,203,486
|
|
|
|
467,259
|
|
Accumulated
deficit
|
|
|
(6,311,095)
|
|
|
|
(6,214,415)
|
|
|
|
(90,169)
|
|
Accumulated other
comprehensive loss
|
|
|
(747,545)
|
|
|
|
(402,476)
|
|
|
|
(5,840)
|
|
Total APGL
shareholders' equity
|
|
|
25,129,739
|
|
|
|
25,588,370
|
|
|
|
371,276
|
|
Non-controlling
interest
|
|
|
267,512
|
|
|
|
260,988
|
|
|
|
3,788
|
|
Total
shareholders' equity
|
|
|
25,397,251
|
|
|
|
25,849,358
|
|
|
|
375,064
|
|
Total liabilities
and shareholders' equity
|
|
|
108,863,760
|
|
|
|
121,388,166
|
|
|
|
1,761,291
|
|
AZURE POWER GLOBAL
LIMITED
|
|
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS
|
|
(INR and US$ amounts
in thousands, except share and per share data)
|
|
|
|
|
|
Unaudited
|
|
|
|
Quarter ended June
30,
|
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of
power
|
|
|
2,422,539
|
|
|
|
3,389,313
|
|
|
|
49,177
|
|
Operating costs
and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations
(exclusive of depreciation and amortization shown separately
below)
|
|
|
218,230
|
|
|
|
296,949
|
|
|
|
4,309
|
|
General and
administrative
|
|
|
248,650
|
|
|
|
644,658
|
|
|
|
9,354
|
|
Depreciation and
amortization
|
|
|
553,609
|
|
|
|
623,448
|
|
|
|
9,046
|
|
Total operating costs
and expenses:
|
|
|
1,020,489
|
|
|
|
1,565,055
|
|
|
|
22,709
|
|
Operating
income
|
|
|
1,402,050
|
|
|
|
1,824,258
|
|
|
|
26,468
|
|
Other expense,
net:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
1,073,440
|
|
|
|
1,560,094
|
|
|
|
22,636
|
|
Loss on foreign
currency exchange, net
|
|
|
204,226
|
|
|
|
50,258
|
|
|
|
729
|
|
Total other expenses,
net
|
|
|
1,277,666
|
|
|
|
1,610,352
|
|
|
|
23,365
|
|
Income before
income tax
|
|
|
124,384
|
|
|
|
213,906
|
|
|
|
3,103
|
|
Income tax
expense
|
|
|
(94,581)
|
|
|
|
(123,749)
|
|
|
|
(1,796)
|
|
Net
income
|
|
|
29,803
|
|
|
|
90,157
|
|
|
|
1,307
|
|
Less: Net
income/(loss) attributable to non-controlling interests
|
|
|
21,780
|
|
|
|
(6,524)
|
|
|
|
(95)
|
|
Net income
attributable to APGL equity shareholders
|
|
|
8,023
|
|
|
|
96,681
|
|
|
|
1,402
|
|
Net income per
share attributable to APGL shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.31
|
|
|
|
2.36
|
|
|
|
0.03
|
|
Diluted
|
|
|
0.30
|
|
|
|
2.31
|
|
|
|
0.03
|
|
Weighted average
number of equity shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
25,996,932
|
|
|
|
41,044,990
|
|
|
|
41,044,990
|
|
Diluted
|
|
|
26,910,175
|
|
|
|
41,884,418
|
|
|
|
41,884,418
|
|
AZURE POWER GLOBAL
LIMITED
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(INR and US$ amounts
in thousands)
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
Quarter ended June
30,
|
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
Net cash used in
operating activities
|
|
|
(749,647)
|
|
|
|
(466,708)
|
|
|
|
(6,772)
|
|
Net cash used in
investing activities
|
|
|
(4,195,954)
|
|
|
|
(5,666,581)
|
|
|
|
(82,220)
|
|
Net cash provided by
financing activities
|
|
|
4,251,738
|
|
|
|
10,742,049
|
|
|
|
155,863
|
|
RECONCILIATIONS OF
NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP
MEASURES
|
|
(INR and US$
amounts in thousands)
|
|
The table below sets
forth a reconciliation of our income from operations to Adjusted
EBITDA for the periods indicated:
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
Quarter ended June
30,
|
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
Net
income
|
|
|
29,803
|
|
|
|
90,157
|
|
|
|
1,307
|
|
Income tax
expense
|
|
|
94,581
|
|
|
|
123,749
|
|
|
|
1,796
|
|
Interest expense,
net
|
|
|
1,073,440
|
|
|
|
1,560,094
|
|
|
|
22,636
|
|
Depreciation and
amortization
|
|
|
553,609
|
|
|
|
623,448
|
|
|
|
9,046
|
|
Loss on foreign
currency exchange, net
|
|
|
204,226
|
|
|
|
50,258
|
|
|
|
729
|
|
Adjusted
EBITDA
|
|
|
1,955,659
|
|
|
|
2,447,706
|
|
|
|
35,514
|
|
Investor Contact
Nathan Judge
CFA
ir@azurepower.com
Investor Relations
Azure Power
Media Contact
Samitla Subba
pr@azurepower.com
+91-11-4940-9854
Marketing
Azure Power
Logo:
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