EBENE, Mauritius, Nov. 15, 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 second
quarter 2020, period ended September 30, 2019.
Fiscal Second Quarter 2020 Period Ended September 30,
2019 Operating Highlights:
- Operating Megawatts ("MW") were 1,798 MW, as of September 30, 2019, an increase of 77% over
September 30, 2018.
- Operating and Committed Megawatts were 3,370 MWs, as of quarter
ended September 30, 2019, an increase
of 10% over the quarter ended September
30, 2018.
- Revenue for the quarter ended September
30, 2019 was INR 2,846.6 million (US$
40.3 million), an increase of 28% over the quarter ended
September 30, 2018.
- Adjusted EBITDA for the quarter ended September 30, 2019 was INR 2,078.5 million
(US$ 29.4 million), an increase of
15% over the quarter ended September 30,
2018
Key Operating Metrics
Electricity generation during the quarter and six-months ended
September 30, 2019 was 610 million
kWh and 1,310 million kWh, respectively, an increase of 238 million
kWh or 64%, over the quarter ended September
30, 2018, and an increase of 537 million kWh, or 69%, over
the six-months ended September 30,
2018. The increase in electricity generation was principally
a result of additional operating capacity during the period. The
Company's Plant Load Factor "PLF" for the quarter and the six
months ended September 30, 2019, was
16.8% and 19.0%, respectively, compared to 16.4 % and 18.1%,
respectively, for the same comparable periods in 2018. The higher
PLF, in the quarter and six months, is on account of additional
capacity in high radiation areas, which was offset by lower
insolation due to extended monsoon (lowered generation by
approximately 3% year-over-year).
Revenue for the quarter ended September
30, 2019 was INR 2,846.6 million (US$
40.3 million), an increase of 28% over the quarter ended
September 30, 2018. Revenue during
the six months ended September 30,
2019 was INR 6,235.9 million (US$
88.3 million), an increase of 34% from INR 4,648.2 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 "PPA") consists of costs incurred for one
megawatt of new solar power plant capacity during the reporting
period. The project cost per megawatt (DC) operating for the six
months ended September 30, 2019
decreased by INR 9.1 million (US$ 0.13
million) to INR 35.3 million (US$
0.50 million) primarily due to lower costs on account of the
reduction in solar module prices for the projects commissioned
during the period. The project cost per megawatt (AC) operating for
the six months ended September 30,
2019 was INR 51.9 million (US$ 0.73
million), compared to INR 50.8 million, for the six months
ended September 30, 2018, on account
of additional safeguard duties paid by the Company, which was
partially offset by a reduction in solar module prices.. Excluding
the impact of safeguard duties, the DC and the AC costs per
megawatt would have been lower by approximately INR 2.4 million
(US$ 0.04 million) and INR 3.6
million (US$ 0.05 million),
respectively.
As of September 30, 2019, the
Company's operating and committed megawatts increased by 311 MW to
3,370 MW compared to September 30,
2018. During the period, the Company's cancelled its
participation in 350 MWs of projects, and received letter of awards
for 370 MWs of 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
September 30,
|
|
|
|
2018
|
|
|
2019
|
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
Nominal contracted
payments (in thousands)
|
|
544,314,570
|
|
|
|
566,257,521
|
|
|
|
8,016,103
|
|
Total estimated energy
output (kilowatt hours in millions)
|
|
|
153,880
|
|
|
|
165,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nominal contracted payments as of September 30, 2019 increased compared to as of
September 30, 2018 as the Company
entered 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
September 30,
|
|
|
|
2018
|
|
|
2019
|
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
Portfolio revenue
run-rate (in thousands)
|
|
|
23,896,380
|
|
|
|
25,299,425
|
|
|
|
358,146
|
|
Estimated annual energy
output (kilowatt hours in millions)
|
|
|
6,676
|
|
|
|
7,255
|
|
|
|
|
|
Portfolio revenue run-rate increased by INR 1,403.0 million
(US$ 19.9 million) to INR 25,299.4
million (US$ 358.1 million) as of
September 30, 2019, as compared to
September 30, 2018, due to an
increase in operational and committed capacity.
Fiscal Second Quarter 2020 Period ended September 30, 2019 Consolidated Financial
Results:
Operating Revenues
Operating revenues for the quarter ended September 30, 2019 was INR 2,846.6 million
(US$ 40.3 million), an increase of
28% from INR 2,225.7 million in the same period in 2018. The
increase was driven by the commissioning of new projects during the
period after September 30, 2018 until
September 30, 2019.
Cost of Operations (Exclusive of Depreciation and
Amortization)
Cost of operations for the quarter ended September 30, 2019 increased by 44% to INR 253.7
million (US$ 3.6 million) from INR
176.1 million in the same period in 2018. The increase was
primarily due to higher lease, solar park and land development
expenses from newly commissioned projects during the period after
September 30, 2018 until September 30, 2019.
General and Administrative Expenses
General and administrative expenses for the quarter ended
September 30, 2019 increased by INR
272.5 million (US$ 3.9 million), to
INR 514.4 million (US$ 7.3 million)
compared to the same period in 2018. INR 148.0 million
(US$ 2.1 million) of the increase in
general and administrative expense was primarily on account of
non-cash impact of leases, provision related account receivable,
and write back of certain provisions in the prior period.
In the quarter ended September 30,
2019, the Company recorded expenses of INR 7.5 million
(US$ 0.1 million), related to the
grant of stock appreciation rights to its CEO and president and INR
0.5 million (US$ 0.01 million),
related to the grant of restricted stock units to two of its
independent directors.
Depreciation and Amortization
Expenses
Depreciation and amortization expenses during the quarter ended
September 30, 2019 increased by INR
72.8 million (US$ 1.0 million), or
12.2%, to INR 670.3 million (US$ 9.5
million) compared to the same period in 2018. The increase
in depreciation and amortization expense reflected the additional
depreciation on new projects commissioned since September 30, 2018, partially offset by a
decrease in depreciation expense on account of change in useful
life, which took effect from October 1,
2018.
Interest Expense, Net
Net interest expense during the quarter ended September 30, 2019 increased by INR 665.7 million
(US$ 9.4 million), or 53.0%, to INR
1,922.8 million (US$ 27.2 million)
compared to the same period in 2018. The increase in net interest
expense was primarily due to lower interest income of INR 138.4
million (US$ 2.0 million), and higher
interest expense on account of additional borrowings related to the
commissioned projects since the quarter ended September 30, 2018.
The Company expects to incur charges of approximately INR 390.0
million (~US$ 5.4 million), related
to write-offs and prepayment charges related to issuance of solar
green bond during the third fiscal quarter 2020 period ending
December 31, 2019.
Loss on Foreign Currency Exchange
The Indian Rupee ("INR") depreciated against the U.S. dollar by
INR 1.72 for every US$ 1.00 (or 2.4%)
during the period from June 30, 2019
to September 30, 2019. During the
quarter ended September 30, 2019, the
Company incurred a loss on foreign exchange of INR 214.7 million
(US$ 3.0 million) compared to a loss
of INR 236.8 million, during the quarter ended September 30, 2018. The Company had lower losses
in foreign exchange primarily due to lower depreciation of INR
against the U.S. dollar, compared to the prior comparable period,
partially offset by higher expense on hedging and derivatives
transaction.
Income Tax Expense
Income tax expense increased during the quarter ended
September 30, 2019 by INR 13.1
million (US$ 0.2 million) to INR 27.0
million (US$ 0.4 million), compared
to income tax expense of INR 13.9 million in the same period in
2018, primarily as a result of lower deferred tax during the
quarter.
On September 20, 2019, the
President of India issued The
Taxation Laws (Amendment) Ordinance, 2019 ("Ordinance") which
amends the Income Tax Act, 1961 (ITA) and the Finance (No. 2) Act,
2019. The Ordinance provides for reduction in corporate tax rates
as well as minimum alternate tax rates; the Company is evaluating
the impact on the amendment on the income tax expense.
Net Loss
The net loss for the quarter ended September 30, 2019 increased by INR 458.6 million
(US$ 6.5 million) to INR 756.2
million (US$ 10.7 million), compared
to a net loss of INR 297.6 million for the same period in 2018. The
higher losses are primarily due to higher general and
administrative expenses, higher net interest expenses, partially
offset by higher revenue.
Cash Flow and Working Capital
Cash provided by operating activities for the quarter and six
months ended September 30, 2019 was
INR 1,509.9 million (US$ 21.4
million) and INR 1,043.2 million (US$
14.8 million), respectively, compared to INR 1,764.0 million
and INR 1,014.4 million, respectively, for the prior comparable
period. The improvement from the comparable period in 2018 was due
to an increase in revenue during the quarter ended September 30, 2019, partially offset by higher
general and administrative and net interest expenses.
During the quarter ended September 30,
2019, the working capital inflow was INR 840.8 (US$ 11.9 million), compared to an inflow of INR
988.1 million, for the prior comparable period in 2018. During the
six months ended September 30, 2019,
the working capital outflow was INR 865.3 (US$ 12.3 million), compared to an outflow of INR
853.4 million, for the six months ended September 30, 2018. The Company's days receivable
were 129 days, as of September 30,
2019, as compared to 139 days as of June 30, 2019.
Cash used in investing activities for the six-months ended
September 30, 2019 was INR 15,345.6
million (US$ 217.2 million), compared
to INR 7,549.2 million for the comparable period in 2018, primarily
on account of purchases of property plant and equipment for new
solar projects amounting to INR 14,328.1 million (US$ 202.8 million). During the quarter ended
September 30, 2019, the Company
incurred INR 8,670.3 million (US$ 122.7
million) on account of capital expenditures compared to INR
3,304.7 million, in the comparable period in 2018.
Cash generated from financing activities was INR 29,765.5
million (US$ 421.4 million) for the
six months ended September 30, 2019,
compared to INR 8,457.3 million for the comparable period in 2018,
primarily due to net proceeds from the issuance of solar green
bonds amounting to US$ 350.1 million
in the month of September 2019, which
was subsequently utilised to pay existing debt and to fund capital
expenditures. Cash generated from financing activities for the
quarter ended September 30, 2019 was
INR 19,023 million (US$ 269.3
million) compared to INR 4,205.5 million in the prior
comparable period in 2018.
Subsequent events
In the quarter ended December 31,
2019, the Company expects to incur a cost of approximately
US$5.4 million, in non-cash write
offs of cost of borrowing and prepayment charges, related to the
issuance of solar green bonds.
Liquidity Position
As of September 30, 2019, the
Company had INR 7,462.6 million (US$ 105.6
million) of cash, cash equivalents and current investments.
The Company had undrawn project debt commitments of INR 32,066.6
million (US$ 453.9 million) as of
September 30, 2019.
Adjusted EBITDA
Adjusted EBITDA was INR 2,078.5 million (US$ 29.4 million) for the quarter ended
September 30, 2019, compared to INR
1,807.7 million for the quarter ended September 30, 2018. The increase was primarily
due to the increase in revenue during the quarter ended
September 30, 2019, partially offset
by higher expenses related to operations and general and
administrative expenses.
Other company matters
We have initiated the process for buy-back of shares that it did
not hold in Azure Power India Private Limited (AZI), its
subsidiary. AZI sent buy-back notice to the promoter shareholders
for buy-back of shares. The company and its subsidiary (AZI)
received an arbitration notice from the promoter shareholders. The
company is confident that the outcome of arbitration shall be
favourable.
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 now expects to have between 1,800 –
1,825 MWs operational. In addition, the Company is reiterating its
guidance of revenues of between INR 12,770 – 13,350 million (or US$
181– 189 million at the September 30,
2019 exchange rate of INR 70.64 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 Friday, November 15,
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 7010281. 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 Friday,
November 22, 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 10136793. 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 70.64 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 September 30, 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.
Investor Relation Contacts:
For investor enquiries, please contact Nathan Judge, CFA at ir@azurepower.com. For
media related information, please contact Samitla Subba at
pr@azurepower.com, +91-11- 4940 9854.
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 September
30,
|
|
2019
|
2019
|
2019
|
|
(INR)
|
(INR)
|
(US$)
|
|
Audited
|
Unaudited
|
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
10,537,581
|
6,457,726
|
91,417
|
Investments in
available for sale securities
|
7,408
|
1,004,876
|
14,225
|
Restricted
cash
|
2,167,827
|
21,996,268
|
311,385
|
Accounts receivable,
net
|
3,307,076
|
4,068,068
|
57,589
|
Prepaid expenses and
other current assets
|
1,380,314
|
1,337,684
|
18,937
|
Total current
assets
|
17,400,206
|
34,864,622
|
493,553
|
Restricted
cash
|
1,280,323
|
957,687
|
13,557
|
Property, plant and
equipment, net
|
83,444,529
|
94,245,919
|
1,334,172
|
Software,
net
|
63,715
|
69,199
|
980
|
Deferred income
taxes
|
2,406,525
|
2,426,574
|
34,351
|
Right to use
assets
|
—
|
3,800,261
|
53,798
|
Other
assets
|
4,268,462
|
5,156,521
|
72,997
|
Total
assets
|
108,863,760
|
141,520,783
|
2,003,408
|
Liabilities and
shareholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
debt
|
2,824,843
|
4,777,483
|
67,631
|
Accounts
payable
|
3,477,382
|
1,811,944
|
25,650
|
Current portion of
long-term debt
|
7,288,995
|
16,373,554
|
231,789
|
Income taxes
payable
|
93,688
|
93,688
|
1,326
|
Interest
payable
|
919,627
|
945,833
|
13,389
|
Deferred
revenue
|
99,065
|
114,372
|
1,619
|
Other
liabilities
|
2,301,669
|
1,841,164
|
26,064
|
Total current
liabilities
|
17,005,269
|
25,958,038
|
367,468
|
Non-current
liabilities:
|
|
|
|
Long-term
debt
|
61,658,403
|
82,232,667
|
1,164,109
|
Deferred
revenue
|
1,800,155
|
1,942,189
|
27,494
|
Deferred income
taxes
|
2,053,808
|
2,281,227
|
32,294
|
Asset retirement
obligations
|
665,146
|
696,948
|
9,866
|
Leases
liabilities
|
—
|
3,266,108
|
46,236
|
Other
liabilities
|
283,728
|
42,766
|
605
|
Total
liabilities
|
83,466,509
|
116,419,943
|
1,648,072
|
Shareholders'
equity
|
|
|
|
Equity shares, US$
0.000625 par value; 41,040,028 and 41,142,572 shares
issued and outstanding as of March 31, 2019 and September 30, 2019,
respectively
|
1,773
|
1,778
|
25
|
Additional paid-in
capital
|
32,186,606
|
32,247,551
|
456,506
|
Accumulated
deficit
|
(6,311,095)
|
(6,870,381)
|
(97,259)
|
Accumulated other
comprehensive loss
|
(747,545)
|
(519,309)
|
(7,351)
|
Total APGL
shareholders' equity
|
25,129,739
|
24,859,639
|
351,921
|
Non-controlling
interest
|
267,512
|
241,201
|
3,415
|
Total
shareholders' equity
|
25,397,251
|
25,100,840
|
355,336
|
Total liabilities
and shareholders' equity
|
108,863,760
|
141,520,783
|
2,003,408
|
AZURE POWER GLOBAL
LIMITED
|
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS
|
(INR and US$ amounts
in thousands, except share and per share data)
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Three months ended September 30,
|
|
Six month ended
September 30,
|
|
2018
|
2019
|
2019
|
|
2018
|
2019
|
2019
|
|
INR
|
INR
|
US$
|
|
INR
|
INR
|
US$
|
|
|
|
|
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
Sale of
power
|
2,225,693
|
2,846,598
|
40,297
|
|
4,648,232
|
6,235,911
|
88,277
|
Operating costs
and expenses:
|
|
|
|
|
|
|
|
Cost of operations
(exclusive of depreciation and
amortization shown separately below)
|
176,060
|
253,694
|
3,591
|
|
394,290
|
550,643
|
7,795
|
General and
administrative
|
241,884
|
514,405
|
7,282
|
|
490,534
|
1,058,191
|
14,980
|
Depreciation and
amortization
|
597,526
|
670,278
|
9,489
|
|
1,151,135
|
1,293,726
|
18,314
|
Total operating costs
and expenses
|
1,015,470
|
1,438,377
|
20,362
|
|
2,035,959
|
2,902,560
|
41,089
|
Operating
income
|
1,210,223
|
1,408,221
|
19,935
|
|
2,612,273
|
3,333,351
|
47,188
|
Other expense,
net:
|
|
|
|
|
|
|
|
Interest expense,
net
|
1,257,058
|
1,922,801
|
27,220
|
|
2,330,498
|
3,482,895
|
49,305
|
Loss on foreign
currency exchange, net
|
236,840
|
214,665
|
3,039
|
|
441,066
|
264,923
|
3,750
|
Total other
expenses, net
|
1,493,898
|
2,137,466
|
30,259
|
|
2,771,564
|
3,747,818
|
53,055
|
Loss before income
tax
|
(283,675)
|
(729,245)
|
(10,323)
|
|
(159,291)
|
(414,467)
|
(5,867)
|
Income tax
expense
|
(13,930)
|
(26,987)
|
(382)
|
|
(108,511)
|
(171,129)
|
(2,423)
|
Net
loss
|
(297,605)
|
(756,232)
|
(10,705)
|
|
(267,802)
|
(585,596)
|
(8,290)
|
Less: Net loss
attributable to non-controlling interest
|
(2,005)
|
(19,787)
|
(280)
|
|
19,775
|
(26,311)
|
(372)
|
Net loss
attributable to APGL equity shareholders
|
(295,600)
|
(736,445)
|
(10,425)
|
|
(287,577)
|
(559,285)
|
(7,918)
|
|
|
|
|
|
|
|
|
Loss per share: Basic
and Diluted
|
(11)
|
(18)
|
(0.25)
|
|
(11)
|
(14)
|
(0.19)
|
Shares used in
computing basic and diluted per share amounts
|
|
|
|
|
|
|
|
Equity shares: Basic
and diluted
|
26,022,102
|
41,099,834
|
|
|
26,009,517
|
41,072,713
|
|
AZURE POWER GLOBAL
LIMITED
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(INR and US$ amounts
in thousands)
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
|
Three months ended September
30,
|
|
Six
months ended September 30,
|
|
|
2018
|
2019
|
2019
|
|
2018
|
2019
|
2019
|
|
|
INR
|
INR
|
US$
|
|
INR
|
INR
|
US$
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
1,764,039
|
1,509,887
|
21,374
|
|
1,014,392
|
1,043,179
|
14,768
|
Net cash used in
investing activities
|
|
(3,353,268)
|
(9,678,970)
|
(137,018)
|
|
(7,549,222)
|
(15,345,551)
|
(217,236)
|
Net cash provided by
financing activities
|
|
4,205,523
|
19,023,448
|
269,301
|
|
8,457,261
|
29,765,497
|
421,369
|
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:
|
|
|
|
Three months ended September
30,
|
|
Six
months ended September 30,
|
|
|
2018
|
2019
|
2019
|
|
2018
|
2019
|
2019
|
|
|
INR
|
INR
|
US$
|
|
INR
|
INR
|
US$
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
Net
Loss
|
|
(297,605)
|
(756,232)
|
(10,705)
|
|
(267,802)
|
(585,596)
|
(8,290)
|
Income tax
expense
|
|
13,930
|
26,987
|
382
|
|
108,511
|
171,129
|
2,423
|
Interest expense,
net
|
|
1,257,058
|
1,922,801
|
27,220
|
|
2,330,498
|
3,482,895
|
49,305
|
Depreciation and
amortization
|
|
597,526
|
670,278
|
9,489
|
|
1,151,135
|
1,293,726
|
18,314
|
Loss on foreign
currency exchange, net
|
|
236,840
|
214,665
|
3,039
|
|
441,066
|
264,923
|
3,750
|
Adjusted
EBITDA
|
|
1,807,749
|
2,078,499
|
29,424
|
|
3,763,408
|
4,627,077
|
65,502
|
View original
content:http://www.prnewswire.com/news-releases/azure-power-announces-results-for-fiscal-second-quarter-2020-300959085.html
SOURCE Azure Power