EBENE, Mauritius, Feb. 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 third quarter ended December 31, 2018.
Fiscal Third Quarter 2019 Period Ended December 31, 2018 Operating Highlights:
- Operating Megawatts (MW) were 1,169 MW as of December 31, 2018, an increase of 45% over
December 31, 2017.
- Operating & Committed Megawatts were 3,059 MW as of
December 31, 2018, an increase of 94%
over December 31, 2017.
- Revenue for the quarter was INR 2,430.8 million (US$ 34.9 million), an increase of 40% over the
quarter ended December 31, 2017.
- Adjusted EBITDA for the quarter was INR 1,837.5 million
(US$ 26.4 million), an increase of
50% over the quarter ended December 31,
2017.
Key Operating Metrics
Electricity generation during the nine months ended December 31, 2018 increased by 353 million kWh,
or 41%, to 1,208 million kWh compared to the same period in 2017.
The increase in electricity generation was principally a result of
additional capacity operating during the period.
Total revenue during the nine months ended December 31, 2018 was INR 7,079.0 million
(US$ 101.7 million), up by 30% from
INR 5,441.6 million during the same period in 2017. The increase in
revenue was primarily driven by the commissioning of new
projects.
Project cost per megawatt operating (megawatt capacity in DC)
consists of costs incurred for one megawatt of new solar power
plant during the reporting period. The project cost per megawatt
operating for the nine months ended December
31, 2018 decreased by INR 3.2 million (US$ 0.05 million) to INR 44.2 million
(US$ 0.64 million). The project cost
per megawatt was lower for the nine months ended December 31, 2018 than the comparable period in
the prior year due to lower costs on account of a decline in solar
module prices and efficiency gains in balance of system costs.
As of December 31, 2018, our
operating and committed megawatts increased by 1,479 MW compared to
December 31, 2017 to 3,059 MW as a
result of winning 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 our 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.
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As of December
31,
|
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|
|
|
|
|
|
|
|
|
|
2017
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
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INR
|
|
|
INR
|
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US$
|
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Nominal contracted
payments (in thousands)
|
|
321,241,800
|
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539,383,478
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|
7,751,990
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Total estimated
energy output (kilowatt hours in millions)
|
|
70,956
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|
152,618
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|
Nominal contracted payments increased from December 31, 2017 to December 31, 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.
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As of December
31,
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2017
|
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2018
|
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INR
|
|
INR
|
|
US$
|
|
Portfolio revenue
run-rate (in thousands)
|
14,007,890
|
23,896,380
|
|
343,437
|
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Estimated annual
energy output (kilowatt hours in millions)
|
2,587
|
6,676
|
|
|
|
Portfolio revenue run-rate increased by INR 9,888.5 million
(US$ 142.1 million) to INR 23,896.4
million (US$ 343.4 million) as of
December 31, 2018, as compared to
December 31, 2017, due to an increase
in operational and committed capacity.
Fiscal Third Quarter 2019 Period ended December 31, 2018 Consolidated Financial
Results:
Operating Revenues
Operating revenues during the three months ended December 31, 2018 increased by INR 690.9 million
(US$ 9.9 million), or 40%, to INR
2,430.8 million (US$ 34.9 million)
compared to the same period in 2017. The increase in revenue for
the three months ended December 31,
2018 is on account of projects commissioned by the Company
since last year.
Cost of Operations (Exclusive of Depreciation and
Amortization)
Cost of operations during the three months ended December 31, 2018 increased by INR 60.6 million
(US$ 0.9 million), or 38%, to INR
219.0 million (US$ 3.1 million)
compared to the same period in 2017. The increase was primarily due
to increase in plant maintenance costs related to newly operational
projects. The operating cost per megawatt during the three-month
period ended December 31, 2018 was
INR 0.19 million, a decrease of INR 0.01 million per megawatt as
compared to the same period in 2017.
General and Administrative
Expenses
General and administrative expenses during the three months
ended December 31, 2018 increased by
INR 19.7 million (US$ 0.3 million),
or 6%, to INR 374.3 million (US$ 5.4
million) compared to the same period in 2017. The increase
in general and administrative expenses was lower than the increase
in revenue due to economies of scale of operations.
Depreciation and Amortization
Effective October 1, 2018, the
Company extended the estimated useful life of most of its utility
scale projects from 25 years to 35 years. This change in accounting
estimate was based on the Company's various technical evaluations
and tests, through which the Company estimated that its solar
modules will continue to generate power for at least 35 years at
high efficiency levels.
Depreciation and amortization expenses during the three months
ended December 31, 2018 increased by
INR 1.0 million, or 0.2%, to INR 476.0 million (US$ 6.8 million) compared to the same period in
2017. There was no significant change in the depreciation and
amortization expense as the additional depreciation on new projects
commissioned since last year was offset by a decrease in
depreciation expense on account of change in useful life.
Interest Expense, Net
Net interest expense during the three months ended December 31, 2018 decreased by INR 14.1 million
(US$ 0.2 million), or 1%, to INR
1,115.8 million (US$ 16.0 million)
compared to the same period in 2017. Interest expense decreased on
account of increase in interest income partly offset by borrowings
for new projects during the quarter ended December 31, 2018.
Loss on Foreign Currency Exchange
Foreign exchange loss during the three months ended December 31, 2018 increased by INR 108.7 million
(US$ 1.6 million) compared to the
same period in 2017 to a loss of INR 17.9 million (US$ 0.3 million). The foreign exchange loss
increased primarily on account of realized foreign currency
payments.
Income Tax Expense / (Benefit)
Income tax expense increased by INR 213.5 million (US$ 3.1 million) to INR 62.5 million
(US$ 0.9 million) during the three
months ended December 31, 2018
reflecting an increase in profits during the third quarter of
2019.
Net Profit
The net profit for the quarter ended December 31, 2018 was INR 165.3 million
(US$ 2.4 million) as compared to a
net loss of INR 136.2 million for the quarter ended December 31, 2017, reflecting an improvement of
INR 301.5 million (US$ 4.3 million)
as compared to the same period in 2017. The increase was primarily
due to an increase in revenue and economies of scale on operating
costs achieved during the period.
Cash Flow and Working Capital
Cash generated from operating activities for the nine months
ended December 31, 2018 was INR 789.0
million (US$ 11.3 million), an
increase of INR 383.5 million (US$ 5.5
million) as compared to the prior comparable period,
primarily due to increase in revenue during the period.
Cash used in investing activities for the nine months ended
December 31, 2018 was INR 13,114.3
million (US$ 188.5 million) compared
to INR 16,303.3 million for the prior comparable period. The cash
outflow was primarily due to INR 14,590.9 million (US$ 209.7 million) incurred to purchase Property,
Plant and Equipment.
Cash generated from financing activities
increased by INR 8,357.4 million (US$ 120.1
million) to INR 25,114.4 million (US$
360.9 million), primarily on account of the public issuance
of equity shares and new debt raised during the period.
Liquidity Position
As of December 31, 2018, the
Company had INR 17,451.0 million (US$ 250.8
million) of cash, cash equivalents and current investments.
The Company had undrawn project debt commitments of INR 12,404.3
million (US$ 178.3 million) as of
December 31, 2018 and a working
capital facility of INR 7,238.0 million (US$
104.0 million).
Adjusted EBITDA
Adjusted EBITDA during the three months ended December 31, 2018 increased by INR 610.6 million
(US$ 8.8 million) or 50%, as compared
to the same period in 2017 to INR 1,837.5 million (US$ 26.4 million). The increase was primarily due
to the increase in revenue and economies of scale on operating
costs achieved during the period.
Earnings per share
The earnings per share for the three months ended December 31, 2018 was US$
0.05, as compared to a loss per share of US$ 0.03 for the prior comparable period.
Guidance for Fiscal Year 2019 and Fiscal Year 2020
The following statements are based on current expectations.
These statements are forward-looking and actual results may differ
materially. The Company continues to expect to have 1,300 – 1,400
MWs operational by March 31, 2019 and
revenue between US$ 143 – 151 million
for fiscal year ending March 31,
2019. We expect revenue for the year ending March 31, 2019 to be closer to the lower end of
the range as the exchange rate at the time of issuing initial
guidance was at INR 63.83 to US$
1.00; the depreciation of Indian Rupee from INR 63.83 to INR
69.58 to US$ 1.00, a reduction of INR
5.75 or 9%.
With a robust pipeline and strong execution capabilities, we
expect to continue to deliver high growth in the next fiscal year
ended March 31, 2020. For fiscal year
March 31, 2020, the Company expects
to have 1,800 – 1,900 MWs operational. In addition, the Company is
guiding to revenues of between INR 12,770 – 13,350 million
(US$ 184 – 192 million at the
December 31, 2018 exchange rate of
INR 69.58 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 Wednesday, February 13,
2019 at 8:30 a.m. US 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 8625623. 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 20, 2019 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 10128039. An archived
podcast will be available at
http://investors.azurepower.com/events-and-presentations following
the call.
Exchange Rate
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 69.58 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, 2018. 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 inhouse 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; our 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. We present
Adjusted EBITDA as a supplemental measure of our 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 our future results will be
unaffected by unusual or non-recurring items.
We define 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. We believe Adjusted EBITDA is useful to investors in
assessing our ongoing financial performance and provides improved
comparability between periods through the exclusion of certain
items that management believes are not indicative of our
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.
Our 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 our results as reported under U.S. GAAP. Some of these
limitations include:
- it does not reflect our 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
our 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.
AZURE POWER GLOBAL
LIMITED
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
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As of
|
|
As
of
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
(INR)
|
|
|
(INR)
|
|
|
(US$)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
8,346,526
|
17,451,023
|
250,805
|
|
|
|
Investments in
available for sale securities
|
|
|
|
1,383,573
|
|
—
|
|
|
—
|
|
|
|
Restricted
cash
|
|
|
|
|
2,406,569
|
5,487,815
|
78,871
|
|
|
|
Accounts receivable,
net
|
|
|
|
|
2,223,455
|
2,494,264
|
35,847
|
|
|
|
Prepaid expenses and
other current assets
|
|
|
|
|
1,114,482
|
1,703,700
|
24,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
|
|
|
15,474,605
|
27,136,802
|
390,008
|
|
|
|
Restricted
cash
|
|
|
|
|
329,926
|
885,575
|
12,727
|
|
|
|
Property, plant and
equipment, net
|
|
|
|
|
56,580,700
|
70,409,413
|
1,011,920
|
|
|
|
Software,
net
|
|
|
|
|
39,802
|
45,920
|
|
|
660
|
|
|
|
Deferred income
taxes
|
|
|
|
|
1,052,393
|
1,152,301
|
16,561
|
|
|
|
Investments in
held-to-maturity securities
|
|
|
|
7,041
|
7,549
|
|
|
108
|
|
|
|
Other
assets
|
|
|
|
|
|
499,653
|
4,396,596
|
63,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
73,984,120
|
104,034,156
|
1,495,174
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
debt
|
|
|
|
|
835,000
|
3,819,148
|
54,889
|
|
|
|
Accounts
payable
|
|
|
|
|
1,521,854
|
2,286,467
|
32,861
|
|
|
|
Current portion of
long-term debt
|
|
|
|
873,883
|
2,515,949
|
36,159
|
|
|
|
Income taxes
payable
|
|
|
|
|
5,878
|
11,421
|
|
|
164
|
|
|
|
Interest
payable
|
|
|
|
|
1,220,463
|
468,598
|
6,735
|
|
|
|
Deferred
revenue
|
|
|
|
|
79,192
|
81,999
|
1,178
|
|
|
|
Other
liabilities
|
|
|
|
|
|
611,598
|
973,979
|
13,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
|
|
|
5,147,868
|
10,157,561
|
145,984
|
|
|
|
Long-term
debt
|
|
|
|
|
52,234,940
|
63,950,986
|
919,100
|
|
|
|
Deferred
revenue
|
|
|
|
|
1,563,732
|
1,434,572
|
20,618
|
|
|
|
Deferred income
taxes
|
|
|
|
|
892,138
|
1,311,173
|
18,844
|
|
|
|
Asset retirement
obligations
|
|
|
|
|
356,649
|
583,823
|
8,391
|
|
|
|
Other
liabilities
|
|
|
|
|
|
513,344
|
252,571
|
3,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
|
|
|
60,708,671
|
77,690,686
|
1,116,567
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity shares (US$
0.000625 par value; 25,996,932 and 40,940,212 shares issued and
outstanding as of
|
|
|
|
|
|
|
|
|
|
March 31, 2018 and
December 31, 2018)
|
|
|
|
1,076
|
1,769
|
|
|
25
|
|
|
|
Additional paid-in
capital
|
|
|
|
|
19,004,604
|
32,668,008
|
469,503
|
|
|
|
Accumulated
deficit
|
|
|
|
|
(6,593,471)
|
(6,519,630)
|
(93,700)
|
|
|
|
Accumulated other
comprehensive income (loss)
|
|
|
|
|
(294,672)
|
(968,125)
|
(13,914)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total APGL
shareholders' equity
|
|
|
|
|
|
12,117,537
|
25,182,022
|
361,914
|
|
|
|
Non-controlling
interest
|
|
|
|
|
|
1,157,912
|
1,161,448
|
16,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
|
|
|
|
13,275,449
|
26,343,470
|
378,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
|
|
|
73,984,120
|
104,034,156
|
1,495,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AZURE POWER GLOBAL
LIMITED
|
UNAUDITED INTERIM
CONSOLIDATED INCOME STATEMENTS
|
|
|
|
|
|
|
Three months ended
December 31,
|
Nine months ended
December 31,
|
|
|
|
|
|
|
|
2017
|
|
|
2018
|
|
2018
|
|
|
2017
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
INR
|
|
|
INR
|
|
US$
|
|
|
INR
|
|
INR
|
|
US$
|
|
|
|
|
|
|
|
(in thousands,
except per share data)
|
|
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of
power
|
|
|
1,739,850
|
2,430,776
|
34,935
|
|
|
5,441,579
|
7,079,008
|
|
101,739
|
|
|
|
Operating costs
and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations
(exclusive of depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shown separately
below)
|
|
|
|
158,384
|
|
218,951
|
3,147
|
|
|
476,597
|
613,241
|
|
8,813
|
|
|
|
General and
administrative
|
|
|
|
354,542
|
|
374,282
|
5,379
|
|
|
769,224
|
864,816
|
|
12,429
|
|
|
|
Depreciation and
amortization
|
|
|
|
474,930
|
|
475,973
|
6,841
|
|
|
1,357,667
|
1,627,108
|
|
23,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating cost
and expenses
|
|
|
|
987,856
|
1,069,206
|
15,367
|
|
|
2,603,488
|
3,105,165
|
|
44,627
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
|
751,994
|
1,361,570
|
19,568
|
|
|
2,838,091
|
3,973,843
|
|
57,112
|
|
|
|
Other
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
1,129,929
|
1,115,802
|
16,036
|
|
|
4,334,514
|
3,446,300
|
|
49,530
|
|
|
|
(Gain)/Loss on
foreign currency exchange, net
|
|
|
(90,825)
|
|
17,884
|
257
|
|
|
(52,566)
|
458,950
|
|
6,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other
expenses
|
|
|
1,039,104
|
1,133,686
|
16,293
|
|
|
4,281,948
|
3,905,250
|
|
56,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(Loss)
before income tax
|
|
|
|
(287,110)
|
|
227,884
|
3,275
|
|
|
(1,443,857)
|
68,593
|
|
986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense)
/ benefit
|
|
|
|
150,948
|
|
(62,545)
|
(899)
|
|
|
274,023
|
(171,056)
|
|
(2,458)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Profit/(loss)
|
|
|
|
(136,162)
|
|
165,339
|
2,376
|
|
|
(1,169,834)
|
(102,463)
|
|
(1,472)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit/(loss)
attributable to non-controlling interest
|
|
|
(69,761)
|
|
22,336
|
321
|
|
|
(203,916)
|
42,111
|
|
|
605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/(loss)
attributable to APGL
|
|
|
(66,401)
|
|
143,003
|
2,055
|
|
|
(965,918)
|
(144,574)
|
|
(2,077)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion to
redeemable non-controlling interest
|
|
|
15,700
|
|
—
|
—
|
|
|
(6,397)
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/(loss)
attributable to APGL equity shareholders
|
|
(50,701)
|
|
143,003
|
2,055
|
|
|
(972,315)
|
(144,574)
|
|
(2,077)
|
|
|
|
Net Profit/(loss) per
share attributable to APGL equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic /
diluted
|
|
|
|
(2)
|
|
4
|
0.05
|
|
|
(37)
|
(5)
|
|
(0.07)
|
|
|
|
Shares used in
computing basic and diluted per share amounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
shares
|
|
|
25,985,057
|
39,745,291
|
|
|
|
25,968,240
|
30,466,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AZURE POWER GLOBAL
LIMITED
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
Three months ended
December 31,
|
Nine months ended
December 31,
|
|
|
|
|
|
|
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
INR
|
|
INR
|
|
US$
|
|
INR
|
|
INR
|
|
US$
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
Net cash provided by
operating activities
|
|
|
177,720
|
|
(225,385)
|
|
(3,239)
|
|
405,543
|
|
789,008
|
|
11,340
|
|
|
|
Net cash used in
investing activities
|
|
|
|
(9,010,339)
|
|
(5,565,048)
|
|
(79,981)
|
|
(16,303,268)
|
|
(13,114,270)
|
|
(188,478)
|
|
|
|
Net cash provided by
financing activities
|
|
|
1,406,012
|
|
16,657,130
|
|
239,395
|
|
16,756,967
|
|
25,114,391
|
|
360,943
|
|
|
RECONCILIATIONS OF
NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP
MEASURES
|
The table below sets
forth a reconciliation of our income from operations to Adjusted
EBITDA for the periods indicated:
|
|
|
|
Three months ended
December 31,
|
|
Nine months ended
December 31,
|
|
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
|
|
INR
|
|
INR
|
|
US$
|
|
INR
|
|
INR
|
|
US$
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
Net Profit /
(Loss)
|
(136,162)
|
165,339
|
|
2,376
|
(1,169,834)
|
|
(102,463)
|
|
(1,472)
|
|
Income tax
expense/(benefit)
|
(150,948)
|
62,545
|
|
899
|
(274,023)
|
|
171,056
|
|
2,458
|
|
Interest expense,
net
|
1,129,929
|
1,115,802
|
|
16,036
|
4,334,514
|
|
3,446,300
|
|
49,530
|
|
Depreciation and
amortization
|
474,930
|
475,973
|
|
6,841
|
1,357,667
|
|
1,627,108
|
|
23,385
|
|
Loss on foreign
currency exchange, net
|
|
(90,825)
|
17,884
|
|
257
|
(52,566)
|
|
458,950
|
|
6,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
1,226,924
|
1,837,543
|
|
26,409
|
4,195,758
|
|
5,600,951
|
|
80,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
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SOURCE Azure Power