EBENE, Mauritius, Feb. 11, 2020 /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 third quarter 2020,
period ended December 31, 2019.
Fiscal Third Quarter 2020 Period Ended December 31, 2019
Operating Highlights:
- Operating Megawatts ("MW") were 1,804 MW, as of December 31, 2019, an increase of 54% over
December 31, 2018.
- Operating and Committed Megawatts were 5,300 MW as of quarter
ended December 31, 2019, an increase
of 73% over the quarter ended December 31,
2018. Subsequent to the end of the quarter, the Company
secured orders to exit Letter of Awards ("LOAs") for 150 MW of
projects, for which Power Purchase Agreement ("PPA") were not
signed.
- Revenue for the quarter ended December
31, 2019 was INR 3,047.3 million (US$
42.6 million), an increase of 25% over the quarter ended
December 31, 2018. The revenues for
the quarter ended December 31, 2019
were negatively impacted by INR 213.0 million (US$ 3.0 million) due to power curtailment in
Andhra Pradesh and low revenue from the Rooftop business.
- Net loss for the quarter was INR 1,357.1 million (US$ 19.0 million). The Company had higher losses
in the quarter ended December 31,
2019, by INR 994.3 million (US$ 13.9
million), on account of a negative impact of INR 213.0
million (US$ 3.0 million) due to
power curtailment in Andhra Pradesh and low revenue from the
Rooftop business, higher interest expense* by INR 508.5 million
($7.1 million) and higher general and
administrative expense* by INR 272.8 million (US$ 3.8 million) on account of certain
charges*.
- Adjusted EBITDA for the quarter ended December 31, 2019 was INR 2,104.4 million
(US$ 29.5 million), an increase of
15% over the quarter ended December 31,
2018. The Adjusted EBITDA for the quarter ended December 31, 2019, was negatively impacted by INR
485.8 million (US$ 6.8 million) due
to power curtailment in Andhra Pradesh and low revenue from the
Rooftop business amounting to INR 213.0 million (US$ 3.0 million) as well as INR 272.8 million
(US$3.8 million) of certain charges*
included in general and administrative expenses.
*As explained below
Key Operating Metrics
Electricity generation during the quarter and nine-months ended
December 31, 2019 was 685.1 million
kWh and 1,995.0 million kWh, respectively, an increase of 249.7
million kWh or 57%, over the quarter ended December 31, 2018, and an increase of 786.4
million kWh, or 65%, over the nine-months ended December 31, 2018. The increase in electricity
generation was principally a result of additional operating
capacity during the period driven by the commissioning of new
projects. The Company's Plant Load Factor "PLF" for the quarter and
the nine months ended December 31,
2019, was 17.7% and 18.6%, respectively, compared to 17.9 %
and 17.7%, respectively, for the same comparable periods in 2018.
The lower PLF in the quarter and nine months was on account of
adverse weather conditions due to an extended monsoon season. The
Company during the quarter experienced lower revenue due to lower
PLF in the rooftop business and some power curtailment in our
Andhra Pradesh related projects. The solar power curtailment
in the state of Andhra Pradesh has been occurring since
July 2019 and relates to the grid
operator (Andhra Pradesh State Load Dispatch Centre) ordering
reduced output. The management believes that AP power curtailment
is in contempt of a recent court ruling and the company has filed
for recovery.
Project cost per megawatt operating (megawatt capacity per the
PPA) consists of costs incurred for one megawatt of new solar power
plant capacity during the reporting period. The project cost per
megawatt (DC) operating for the nine months ended December 31, 2019 decreased by INR 9.8 million
(US$ 0.14 million) to INR 34.4
million (US$ 0.48 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 nine months ended
December 31, 2019 was INR 47.9
million (US$ 0.67 million), compared
to INR 48.5 million, for the nine months ended December 31, 2018, on account of reduction in
solar module prices which was partially offset by additional
safeguard duties paid by the Company. Excluding the impact of
safeguard duties, the DC and the AC costs per megawatt would have
been lower by approximately INR 2.5 million (US$ 0.04 million) and INR 4.1 million
(US$ 0.06 million), respectively.
As of December 31, 2019, the
Company's operating and committed megawatts increased by 2,241 MWs
to 5,300 MWs compared to December 31,
2018. During the period, the Company exited from a 70 MW
project, and received a LOA for 2,000 MWs of new projects.
Subsequent to the end of the quarter, the Company secured orders to
exit LOA for 150 MWs of projects, for which PPAs were not signed,
reducing the operating and committed megawatts to 5,150 MW.
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 December
31,
|
|
|
|
2018
|
|
|
2019
|
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
Nominal contracted
payments (in thousands)
|
|
|
539,383,478
|
|
|
|
858,580,473
|
#
|
|
|
12,016,522
|
#
|
Total estimated energy
output (kilowatt hours in millions)
|
|
|
152,618
|
|
|
|
266,260
|
#
|
|
|
|
|
|
#
excludes 150 MW of projects for which exit was secured subsequent
to December 31, 2019.
|
Nominal contracted payments as of December 31, 2019 increased compared to as of
December 31, 2018 as the Company
entered into additional PPAs or received a LOA.
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 December
31,
|
|
|
|
2018
|
|
|
2019
|
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
Portfolio revenue
run-rate (in thousands)
|
|
|
23,896,380
|
|
|
|
37,986,559
|
#
|
|
|
531,652
|
#
|
Estimated annual energy
output (kilowatt hours in millions)
|
|
|
6,676
|
|
|
|
11,589
|
#
|
|
|
|
|
|
# excludes 150 MW of
projects for which exit was secured subsequent to December 31,
2019.
|
Portfolio revenue run-rate increased by INR 14,090.2 million
(US$ 197.2 million) to INR 37,986.6
million (US$ 531.7 million) as of
December 31, 2019, as compared to
December 31, 2018, due to an increase
in operational and committed capacity.
Fiscal Third Quarter 2020 Period ended December 31, 2019 Consolidated Financial
Results:
Operating Revenues
Operating revenues for the quarter ended December 31, 2019 were INR 3,047.3 million
(US$ 42.6 million), an increase of
25% from INR 2,430.8 million in the same period in 2018. This
increase was driven by the revenue generated from projects which
were commissioned during the period after December 31, 2018 until December 31, 2019. The revenues for the quarter
ended December 31, 2019 were
negatively impacted by INR 213.0 million (US$ 3.0 million) due to power curtailment in
Andhra Pradesh and low revenue from the Rooftop business.
The management believes that AP power curtailment is in
contempt of a recent court ruling and the company has filed for
recovery.
Cost of Operations (Exclusive of Depreciation and
Amortization)
Cost of operations for the quarter ended December 31, 2019 increased by 22% to INR 266.5
million (US$ 3.7 million) from INR
219.0 million in the same period in 2018. This increase in the cost
of operations was primarily due to an increase in operational
expenses from projects commissioned during the period from
January 1, 2019 through December 31, 2019. The cost of operations per
megawatt was INR 164.0 thousand (US$ 2.3
thousand) during the quarter, which was 28% lower than the
same period in the prior year.
General and Administrative Expenses
General and administrative expenses for the quarter ended
December 31, 2019 increased by INR
302.1 million (US$ 4.2 million) to
INR 676.4 million (US$ 9.5 million)
compared to the same period in 2018. The higher general and
administrative expenses included INR 272.8 million (US$ 3.8 million) due to charges related to
management transition, interest charges on safeguard duty on import
of modules, and provisions on accounts receivable.
In the quarter ended December 31,
2019, the Company recorded expenses of INR 59.0 million
(US$ 0.8 million), related to the
grant of stock appreciation rights to its CEO and President and INR
3.2 million (US$ 0.04 million)
related to the grant of restricted stock units to certain
Independent Directors.
Depreciation and Amortization Expenses
Depreciation and amortization expenses during the quarter ended
December 31, 2019 increased by INR
240.6 million (US$ 3.4 million), or
51%, to INR 716.6 million (US$ 10.0
million) compared to the same period in 2018. The increase
relates to the depreciation on capital expenditure on the 54%
increase in MWs operating.
Interest Expense, Net
Net interest expense during the quarter ended December 31, 2019 increased by INR 1,334.0
million (US$ 18.7 million), or 120%,
to INR 2,449.8 million (US$ 34.3
million) compared to the same period in 2018. The increase
in net interest expense was primarily due to interest expense of
INR 568.2 million (US$ 7.9 million)
on borrowing related to new projects, charges of INR 385.0 million
(US$ 5.4 million) related to
settlement of existing loans from the proceeds of our issuance of
solar green bonds issued in the quarter ended September 30, 2019, INR 124.0 million
(US$ 1.8 million) related to the
extinguishment of a debt facility and lower interest income of INR
256.4 million (US$ 3.6 million) on
account of lower free cash available during the quarter ended
December 31, 2019.
Loss on Foreign Currency Exchange
The Indian Rupee ("INR") depreciated against the U.S. dollar by
INR 0.35 for every US$ 1.00 (or 0.5%)
during the period from September 30,
2019 to December 31, 2019.
During the quarter ended December 31,
2019, the Company incurred an expense on foreign exchange of
INR 59.6 million (US$ 0.8 million)
compared to INR 17.9 million, during the prior year quarter ended
December 31, 2018. The Company had
higher foreign exchange expenses primarily due to realized gain on
foreign currency transactions in the prior comparable period,
compared to a net loss in the quarter ended December 31, 2019.
Income Tax Expense
Income tax expense increased during the quarter ended
December 31, 2019 by INR 173.0
million (US$ 2.4 million) to INR
235.5 million (US$ 3.3 million),
compared to income tax expense of INR 62.5 million in the same
period in 2018. The increase in the income tax expense was
primarily on account of higher provision for taxes for our project
entities with current year taxable profits, partially offset by the
gain on account of adoption of the recently announced tax
amendment.
The Taxation Laws (Amendment) Act, 2019 received the assent of
the President on December 11, 2019
and published in the Gazette of India on December 12,
2019. The amendment provides an option for the companies to
opt for reduced corporate tax rate of 22% provided they do not
claim certain tax benefits under the Income Tax Act. The Company
has opted for the reduced tax rate for the subsidiaries which are
not eligible for deduction under section 80IA of the Income Tax
Act. The above adoption reduced deferred tax assets by INR 191.0
million (US$ 2.6 million) and
deferred tax liabilities by INR 293.0 million (US$ 4.1 million) in the financial statements for
the quarter ended December 31,
2019.
Net Loss
The net loss for the quarter ended December 31, 2019 increased by INR 1,522.5
million (US$ 21.3 million) to INR
1,357.1 million (US$ 19.0 million)
compared to a net profit of INR 165.3 million for the same period
in 2018. The higher losses are primarily due to higher provision
for accounts receivable, management transition, write offs related
to our solar green bonds issued in the previous quarter, higher
income tax expenses, partially offset by higher revenue from our
projects.
The Company had higher losses in the quarter ended December 31, 2019, by INR 994.3 million
(US$ 13.9 million), on account of a
negative impact of INR 213.0 million (US$
3.0 million) due to power curtailment in Andhra Pradesh and
low revenue from the Rooftop business, higher interest expense by
INR 508.5 million ($7.1 million) and
higher general and administrative expense by INR 272.8 million
(US$ 3.8 million).
Cash Flow and Working Capital
Cash from operating activities for the quarter ended
December 31, 2019 was INR 796.7
million (US$ 11.2 million) compared
to an outflow of INR 225.4 million for the prior comparable
quarter. Cash generation from operating activities for the nine
months ended December 31, 2019 was
INR 1,839.9 million (US$ 25.8
million) compared to an inflow of INR 789.0 million for the
prior comparable period. The improvement from the comparable period
in 2018 was due to an increase in operating revenue during the
period ended December 31, 2019,
partially offset by higher general and administrative and interest
expenses.
During the quarter ended December 31,
2019, the working capital inflow was INR 132.8 (US$ 1.8 million), compared to an outflow of INR
1,215.7 million, for the prior comparable period in 2018. During
the nine months ended December 31,
2019, the working capital outflow was INR 732.4
(US$ 10.2 million), compared to an
outflow of INR 2,069.0 million, for the nine months ended
December 31, 2018.
The Company's days receivable improved during the current
quarter and were 119 days, as of December
31, 2019, as compared to 129 days as of September 30, 2019.
Cash used in investing activities for the nine-months ended
December 31, 2019 was INR 21,940.8
million (US$ 307.1 million), compared
to INR 13,114.3 million for the comparable period in 2018,
primarily on account of higher purchases of property plant and
equipment for new solar projects amounting by INR 2,249.5 million
(US$ 31.5 million) and investment in
mutual funds amounting to INR 6,577.3 million (US$ 92.1 million). During the quarter ended
December 31, 2019, the cash used in
investing activities was INR 6,595.3 million (US$ 92.3 million), primarily on account of higher
investment in mutual funds, partially offset by lower capital
expenditures, compared to INR 5,565.0 million, in the comparable
period in 2018. During the quarter ended December 31, 2019, the Company incurred INR
2,488.4 million (US$ 34.8 million) on
account of capital expenditures compared to INR 8,779.0 million, in
the comparable period in 2018.
Cash from financing activities was INR 15,911.5 million
(US$ 222.7 million) for the nine
months ended December 31, 2019
compared to INR 25,114.4 million for the comparable period in 2018,
primarily due to public issuance of equity shares last year of INR
13,574.2 million against the private placement issue of INR 5,314.4
million in the current period and an outflow related to debt
refinancing and hedging. Cash used in financing activities for the
quarter ended December 31, 2019, was
INR 13,854 million (US$ 193.9
million) compared to cash from investing activities of INR
16,657.1 million in the prior comparable period in 2018 on account
of repayment of loans post issuance of solar green bonds during the
quarter ended September 30, 2019.
Liquidity Position
As of December 31, 2019, the
Company had INR 11,310.1 million (US$ 158.3
million) of cash, cash equivalents and current investments.
The Company had undrawn project debt commitments of INR 22,188.2
million (US$ 310.5 million) as of
December 31, 2019.
Adjusted EBITDA
Adjusted EBITDA was INR 2,104.4 million (US$ 29.5 million) for the quarter ended
December 31, 2019, compared to INR
1,837.5 million for the quarter ended December 31, 2018. The increase was primarily due
to the increase in revenue during the quarter ended December 31, 2019, partially offset by higher
expenses related to operations and general and administrative
expenses.
The Adjusted EBITDA for the quarter ended December 31, 2019, was negatively impacted by INR
485.8 million (US$ 6.8 million) due
to power curtailment in Andhra Pradesh and low revenue from the
Rooftop business amounting to INR 213.0 million (US$ 3.0 million), as well as, INR 272.8 million
(US$3.8 million) of certain charges
included in general and administrative expenses.
Other Company matters
During the quarter ended December 31,
2019, the Company made a US$75
million private placement and issued 6,493,506 equity shares
at US$11.55 per share to Caisse de depot et placement du
Quebec (CDPQ). Following
this transaction, CDPQ's equity interest in the Company increased
from 41.4% to 49.4%. The Company total shares outstanding increased
to 47,636,078 shares outstanding as on the date of issuance.
Subsequent to the quarter ended December
31, 2019, the Company rightsized its employee strength. The
Company does not expect any material impact on its results of
operations due to the costs associated with the same.
The Company had initiated the process for buy-back of shares
that it did not hold in Azure Power India Private Limited (AZI),
its subsidiary. AZI sent buy-back notice to the Promoter
Shareholders for buy-back of shares. The Company and its subsidiary
(AZI) received an arbitration notice from the promoter shareholders
claiming that share price contained in the buyback offer is not
true or fair market price of the sponsor securities.
During the month of January 2020,
the Company received an arbitration notice from the Promotor
Shareholder regarding certain payments to be received by him, under
the transition agreement. The Company disputes such payments to be
made to the Promoter Shareholder and has filed its response to the
notice of arbitration.
The Company is confident that the outcome of the above-mentioned
ongoing arbitrations shall be favourable.
Guidance for Fiscal Year 2020
The following statements are based on the Company's current
expectations. These statements are forward-looking and actual
results may differ materially. With a robust pipeline and strong
execution capabilities, the Company expects to continue to deliver
high growth for fiscal year ending March 31,
2020. For fiscal year ending March
31, 2020, the Company continues to expect to have between
1,800 – 1,825 MWs operational. In addition, the Company is
reiterating its guidance of revenues of between INR 12,770 – 13,350
million (or US$ 178– 187 million at the December 31, 2019 exchange rate of INR 71.45 to
US$ 1.00) for fiscal year ending
March 31, 2020.
Guidance for Fiscal Year 2021
The following statements are based on the Company's current
expectations. These statements are forward-looking and actual
results may differ materially. For fiscal year ending March 31, 2021, the Company expects to have
between 2,650 – 2,950 MWs operational and revenues of between INR
15,800 – 16,600 million (or US$ 221– 232 million at the
December 31, 2020 exchange rate of
INR 71.45 to US$ 1.00) for fiscal
year ending March 31, 2021.
Webcast and Conference Call Information
The Company will hold its quarterly conference call to discuss
earnings results on Wednesday, February 12,
2020 at 8:30 a.m. U.S. Eastern
Time. The conference call can be accessed live by
dialing 1-888-317-6003 (in the U.S.)
and 1-412-317-6061 (outside the U.S.) and entering the
passcode 8536758.
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 Wednesday, February 19, 2020 and can be accessed
by dialing 1-877-344-7529 (in the U.S.)
and 1-412-317-0088 (outside the U.S.) and entering the
replay passcode 10138853. 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 71.45 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 December 31, 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 relatively 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; solar
power curtailments by state electricity authorities 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
(e) mutual fund income. 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 December
31,
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
|
(INR)
|
|
|
(INR)
|
|
|
(US$)
|
|
|
(Audited)
|
|
|
(Unaudited)
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
10,537,581
|
|
|
|
6,166,732
|
|
|
|
86,308
|
Investments in
available for sale securities
|
|
|
7,408
|
|
|
|
5,143,359
|
|
|
|
71,985
|
Restricted
cash
|
|
|
2,167,827
|
|
|
|
2,716,768
|
|
|
|
38,023
|
Accounts receivable,
net
|
|
|
3,307,076
|
|
|
|
3,957,866
|
|
|
|
55,394
|
Prepaid expenses and
other current assets
|
|
|
1,380,314
|
|
|
|
1,093,852
|
|
|
|
15,309
|
Total current
assets
|
|
|
17,400,206
|
|
|
|
19,078,577
|
|
|
|
267,019
|
Restricted
cash
|
|
|
1,280,323
|
|
|
|
790,150
|
|
|
|
11,059
|
Property, plant and
equipment, net
|
|
|
83,444,529
|
|
|
|
95,726,575
|
|
|
|
1,339,770
|
Software,
net
|
|
|
63,715
|
|
|
|
67,086
|
|
|
|
939
|
Deferred income
taxes
|
|
|
2,406,525
|
|
|
|
2,048,500
|
|
|
|
28,670
|
Right-of-use
assets
|
|
|
—
|
|
|
|
4,024,496
|
|
|
|
56,326
|
Other assets
|
|
|
4,268,462
|
|
|
|
5,867,451
|
|
|
|
82,120
|
Total
assets
|
|
|
108,863,760
|
|
|
|
127,602,835
|
|
|
|
1,785,903
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
debt
|
|
|
2,824,843
|
|
|
|
1,676,171
|
|
|
|
23,459
|
Accounts
payable
|
|
|
3,477,382
|
|
|
|
1,862,411
|
|
|
|
26,066
|
Current portion of
long-term debt
|
|
|
7,288,995
|
|
|
|
2,297,807
|
|
|
|
32,160
|
Income taxes
payable
|
|
|
93,688
|
|
|
|
143,112
|
|
|
|
2,003
|
Interest
payable
|
|
|
919,627
|
|
|
|
835,861
|
|
|
|
11,699
|
Deferred
revenue
|
|
|
99,065
|
|
|
|
113,937
|
|
|
|
1,595
|
Other
liabilities
|
|
|
2,301,669
|
|
|
|
1,652,296
|
|
|
|
23,123
|
Total current
liabilities
|
|
|
17,005,269
|
|
|
|
8,581,595
|
|
|
|
120,105
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
61,658,403
|
|
|
|
81,559,177
|
|
|
|
1,141,486
|
Deferred
revenue
|
|
|
1,800,155
|
|
|
|
1,933,143
|
|
|
|
27,056
|
Deferred income
taxes
|
|
|
2,053,808
|
|
|
|
2,090,782
|
|
|
|
29,262
|
Asset retirement
obligations
|
|
|
665,146
|
|
|
|
709,369
|
|
|
|
9,928
|
Leases
liabilities
|
|
|
—
|
|
|
|
3,487,948
|
|
|
|
48,817
|
Other
liabilities
|
|
|
283,728
|
|
|
|
324,930
|
|
|
|
4,548
|
Total
liabilities
|
|
|
83,466,509
|
|
|
|
98,686,944
|
|
|
|
1,381,202
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
Equity shares, US$
0.000625 par value; 41,040,028 and 47,636,078 shares issued and
outstanding as of March 31, 2019 and December 31, 2019
respectively
|
|
|
1,773
|
|
|
|
2,065
|
|
|
|
29
|
Additional paid-in
capital
|
|
|
32,186,606
|
|
|
|
37,571,931
|
|
|
|
525,849
|
Accumulated
deficit
|
|
|
(6,311,095)
|
|
|
|
(8,211,786)
|
|
|
|
(114,931)
|
Accumulated other
comprehensive loss
|
|
|
(747,545)
|
|
|
|
(671,796)
|
|
|
|
(9,402)
|
Total APGL
shareholders' equity
|
|
|
25,129,739
|
|
|
|
28,690,414
|
|
|
|
401,545
|
Non-controlling
interest
|
|
|
267,512
|
|
|
|
225,477
|
|
|
|
3,156
|
Total shareholders'
equity
|
|
|
25,397,251
|
|
|
|
28,915,891
|
|
|
|
404,701
|
Total liabilities
and shareholders' equity
|
|
|
108,863,760
|
|
|
|
127,602,835
|
|
|
|
1,785,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
December 31,
|
|
|
Nine months ended
December 31,
|
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of
power
|
|
|
2,430,776
|
|
|
|
3,047,280
|
|
|
|
42,649
|
|
|
|
7,079,008
|
|
|
|
9,283,191
|
|
|
|
129,926
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations
(exclusive of
depreciation and amortization
shown separately below)
|
|
|
218,951
|
|
|
|
266,504
|
|
|
|
3,730
|
|
|
|
613,241
|
|
|
|
817,147
|
|
|
|
11,437
|
|
General and
administrative
|
|
|
374,282
|
|
|
|
676,399
|
|
|
|
9,467
|
|
|
|
864,816
|
|
|
|
1,734,590
|
|
|
|
24,277
|
|
Depreciation and
amortization
|
|
|
475,973
|
|
|
|
716,593
|
|
|
|
10,029
|
|
|
|
1,627,108
|
|
|
|
2,010,319
|
|
|
|
28,136
|
|
Total operating costs
and expenses:
|
|
|
1,069,206
|
|
|
|
1,659,496
|
|
|
|
23,226
|
|
|
|
3,105,165
|
|
|
|
4,562,056
|
|
|
|
63,850
|
|
Operating
income
|
|
|
1,361,570
|
|
|
|
1,387,784
|
|
|
|
19,423
|
|
|
|
3,973,843
|
|
|
|
4,721,135
|
|
|
|
66,076
|
|
Other expense,
net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
1,115,802
|
|
|
|
2,449,781
|
|
|
|
34,287
|
|
|
|
3,446,300
|
|
|
|
5,932,676
|
|
|
|
83,033
|
|
Loss on foreign
currency exchange, net
|
|
|
17,884
|
|
|
|
59,605
|
|
|
|
834
|
|
|
|
458,950
|
|
|
|
324,528
|
|
|
|
4,542
|
|
Total other expenses,
net
|
|
|
1,133,686
|
|
|
|
2,509,386
|
|
|
|
35,121
|
|
|
|
3,905,250
|
|
|
|
6,257,204
|
|
|
|
87,575
|
|
Profit/(Loss) before
income tax
|
|
|
227,884
|
|
|
|
(1,121,602)
|
|
|
|
(15,698)
|
|
|
|
68,593
|
|
|
|
(1,536,069)
|
|
|
|
(21,499)
|
|
Income tax
expense
|
|
|
(62,545)
|
|
|
|
(235,528)
|
|
|
|
(3,296)
|
|
|
|
(171,056)
|
|
|
|
(406,657)
|
|
|
|
(5,691)
|
|
Net
Profit/(Loss)
|
|
|
165,339
|
|
|
|
(1,357,130)
|
|
|
|
(18,994)
|
|
|
|
(102,463)
|
|
|
|
(1,942,726)
|
|
|
|
(27,190)
|
|
Less: Net income/(loss)
attributable to non-controlling interests
|
|
|
22,336
|
|
|
|
(15,725)
|
|
|
|
(220)
|
|
|
|
42,111
|
|
|
|
(42,036)
|
|
|
|
(588)
|
|
Net Profit/(Loss)
attributable to APGL equity shareholders
|
|
|
143,003
|
|
|
|
(1,341,405)
|
|
|
|
(18,774)
|
|
|
|
(144,574)
|
|
|
|
(1,900,690)
|
|
|
|
(26,602)
|
|
Net
Profit/(Loss) per share attributable to APGL equity
Stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
3.59
|
|
|
|
(31.62)
|
|
|
|
(0.44)
|
|
|
|
(4.75)
|
|
|
|
(45.77)
|
|
|
|
(0.64)
|
|
Shares used in
computing basic
and diluted per share amounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity shares: Basic
and diluted
|
|
|
39,745,291
|
|
|
|
42,427,002
|
|
|
|
|
|
|
|
30,466,892
|
|
|
|
41,522,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AZURE POWER GLOBAL
LIMITED
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(INR and US$ amounts
in thousands)
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
|
Three months ended
December 31,
|
|
|
Nine months ended
December 31,
|
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
Net cash (used in) /
provided
by operating activities
|
|
|
(225,385)
|
|
|
|
796,708
|
|
|
|
11,151
|
|
|
|
789,008
|
|
|
|
1,839,887
|
|
|
|
25,751
|
|
Net cash used in
investing
activities
|
|
|
(5,565,048)
|
|
|
|
(6,595,263)
|
|
|
|
(92,306)
|
|
|
|
(13,114,270)
|
|
|
|
(21,940,814)
|
|
|
|
(307,079)
|
|
Net cash provided by/
(used
in) financing activities
|
|
|
16,657,130
|
|
|
|
(13,854,005)
|
|
|
|
(193,898)
|
|
|
|
25,114,391
|
|
|
|
15,911,491
|
|
|
|
222,694
|
|
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
|
|
|
Unaudited
|
|
|
|
Three months ended
December 31,
|
|
|
Nine months ended
December 31,
|
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
Net
Profit/(Loss)
|
|
|
165,339
|
|
|
|
(1,357,130)
|
|
|
|
(18,994)
|
|
|
|
(102,463)
|
|
|
|
(1,942,726)
|
|
|
|
(27,190)
|
|
Income tax
expense
|
|
|
62,545
|
|
|
|
235,528
|
|
|
|
3,296
|
|
|
|
171,056
|
|
|
|
406,657
|
|
|
|
5,691
|
|
Interest expense,
net
|
|
|
1,115,802
|
|
|
|
2,449,781
|
|
|
|
34,287
|
|
|
|
3,446,300
|
|
|
|
5,932,676
|
|
|
|
83,033
|
|
Depreciation and
amortization
|
|
|
475,973
|
|
|
|
716,593
|
|
|
|
10,029
|
|
|
|
1,627,108
|
|
|
|
2,010,319
|
|
|
|
28,136
|
|
Loss on foreign
currency exchange, net
|
|
|
17,884
|
|
|
|
59,605
|
|
|
|
834
|
|
|
|
458,950
|
|
|
|
324,528
|
|
|
|
4,542
|
|
Adjusted
EBITDA
|
|
|
1,837,543
|
|
|
|
2,104,377
|
|
|
|
29,452
|
|
|
|
5,600,951
|
|
|
|
6,731,454
|
|
|
|
94,212
|
|
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
View original
content:http://www.prnewswire.com/news-releases/azure-power-announces-results-for-fiscal-third-quarter-2020-301003258.html
SOURCE Azure Power