Azure Power Global Limited (NYSE:AZRE), (“Azure Power” or “the
Company”), a leading independent solar power producer in India,
today announced its consolidated results under United States
Generally Accepted Accounting Principles (US GAAP) for the fiscal
first quarter 2018 period ended June 30, 2017.
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Azure Power | New York Stock Exchange
First Quarter 2018 Period Ended June 30, 2017 Operating
Highlights:
- Operating & Committed Megawatts
were 1,069 MW, as of June 30, 2017, an increase of 11% over June
30, 2016.
- Revenue for the quarter was 1,877.9
million (US$ 29.1 million), an increase of 84% over the quarter
ended June 30, 2016.
- Adjusted EBITDA for the quarter was INR
1,469.3 million (US$ 22.7 million), an increase of 89% over the
quarter ended June 30, 2016.
Key Operating and Financial Metrics:
Electricity generation during the three months
ended June 30, 2017 increased by 143.2 million kWh, or 98%, to
290.0 million kWh, compared to the same period in 2016. The
increase in electricity generation was principally a result of
additional capacity operating during the period.
Total revenue during three months ended June 30, 2017 was INR
1,877.9 million (US$ 29.1 million), up 84% from INR 1,021.7 million
during the same period in 2016. The increase in revenue was
primarily driven by the commissioning of new projects.
Project cost per megawatt operating consists of costs incurred
for one megawatt of new solar power plant capacity during the
reporting period. The project cost per megawatt operating for the
three months ended June 30, 2017 decreased by INR 0.29 million to
INR 57.9 million (US$ 0.9 million), as compared to the same period
in 2016. The decline is due to decreasing solar module prices and
the reduction in balance of system costs.
As of June 30, 2017, our operating and committed megawatts
increased by 104 MW to 1,069 MW compared to June 30, 2016 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.
As of June 30, 2016
2017 INR INR US$ Nominal
contracted payments (in thousands) 236,957,263 253,438,388
3,921,981 Total estimated energy output (kilowatt hours in
millions) 40,862 44,358
Nominal contracted payments increased from June 30, 2016 to June
30, 2017 as a result of the Company entering into additional PPAs.
Over time, the Company has seen falling benchmark tariffs as
reported by Central Electricity Regulatory Commission, in line with
the reduction in solar module prices.
Portfolio Run-Rate
Portfolio run-rate equals annualized payments from customers
extrapolated based on the operating and committed capacity as of
the reporting dates. In estimating the portfolio 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 run-rate and estimated annual energy
output as of the reporting dates. The portfolio run-rate has not
been discounted to arrive at the present value.
As of June 30,
2016 2017 INR INR
US$ Annual portfolio revenue run-rate (in thousands)
10,001,211 11,005,761 170,315 Estimated annual energy output
(kilowatt hours in millions) 1,687 1,921
Portfolio run-rate increased by INR 1,004.6 million (US$ 15.5
million) to INR 11,006 million (US$ 170.3 million) as of June 30,
2017, as compared to June 30, 2016, due to an increase in
operational and committed capacity.
First Quarter 2018 Period ended June 30, 2017 Consolidated
Financial Results:
Operating Revenue
Operating revenue in the quarter ended June 30, 2017 was INR
1,877.9 million (US$ 29.1 million), an increase of 84% from INR
1,021.7 million over the same period in 2016. The increase in
revenue was driven by the commissioning of new projects.
Cost of Operations
Cost of operations in the quarter ended June 30, 2017 increased
by 101% to INR 173.5 million (US$ 2.7 million) from INR 86.5
million in the same period in 2016. The increase was primarily due
to plant maintenance cost for newly commissioned projects and
implementation of improved O&M methods for better plant
productivity. This includes INR 8.8 million (US$ 0.1 million) of
non-cash expense, which pertains to amortisation of lease rent
expense.
General and Administrative Expenses
General and administrative expenses during the quarter ended
June 30, 2017 increased by INR 78.0 million (US$ 1.2 million), or
50%, to INR 235.1 million (US$ 3.6 million) compared to the same
period in 2016. The increase in general and administrative expenses
was lower than the growth in revenue due to platform of economies
of scale. This was primarily due to an increase in personnel
expenses to support the Company’s growth.
Depreciation and Amortization Expenses
Depreciation and amortization expenses during the quarter ended
June 30, 2017 increased by INR 184.0 million (US$ 2.8 million), or
78%, to INR 419.7 million (US$ 6.5 million) compared to the same
period in 2016. The principal reason for the increase was
capitalization of new projects during the period from June 30, 2016
to June 30, 2017.
Interest Expense, Net
Net interest expense during the quarter ended June 30, 2017
increased by INR 172.6 million (US$ 2.7 million), or 26%, to INR
839.6 million (US$ 13.0 million) compared to the same period in
2016. Interest expense increased on account of borrowings for new
projects and was partially offset by higher interest income on
investments during the quarter ended June 30, 2017.
Gain on Foreign Currency Exchange
The Indian rupee depreciated against the U.S. dollar by INR 1.28
to US$ 1.00 (1.9%) during the period from March 31, 2016 to June
30, 2016, while the Indian rupee appreciated against the U.S.
dollar by INR 0.1 to US$ 1.00 (0.2%) during the period from March
31, 2017 to June 30, 2017. This appreciation during the period from
March 31, 2017 to June 30, 2017 resulted in a foreign exchange gain
of INR 4.8 million (US$ 0.1 million), which was a INR 145.4 million
(US$ 2.3 million) improvement compared to the same period in
2016.
Income Tax Expense
Income tax expense increased during the quarter ended June 30,
2017 by INR 41.5 million (US$ 0.6 million) to INR 7.9 million (US$
0.1 million), compared to the same period in 2016. The increase in
income taxes was primarily on account of the commissioning of new
projects. During the current quarter, we recorded a deferred income
tax expense amounting to INR 7.9 million (US$ 0.1 million) and
there was no cash outflow relating to income taxes during the
period.
The Company adopted ASU 2016-16, Intra-Entity Transfers of
Assets Other Than Inventory, to require the recognition of the
income tax effects from an intra-entity transfer of an asset other
than inventory from April 1, 2017.
Net Loss / Income
Net income for the quarter ended June 30, 2017 was INR 206.9
million (US$ 3.2 million), as compared to a net loss of INR 231.7
million for the quarter ended June 30, 2016, an improvement of INR
438.5 million (US$ 6.8 million) as compared to the same period in
2016. This was primarily due to an increase in revenue during the
quarter ended June 30, 2017.
Cash Flow and Working Capital
Cash generated from operating activities for the three months
ended June 30, 2017 was INR 421.4 million (US$ 6.5 million), INR
539.7 million (US$ 8.4 million) better than the same period in
2016, primarily due to an increase in revenue during the three
months ended June 30, 2017.
Cash used for investing activities increased by INR 2,207.7
million (US$ 34.2 million) during the three months ended June 30,
2017 compared to the same period in 2016 as purchases of property,
plant and equipment for new projects rose by an additional INR
3,748.1 million (US$ 58.0 million).
During the three months ended June 30, 2017, the Company raised
INR 2,460.3 million (US$ 38.1 million) from financing
activities.
Liquidity Position
As of June 30, 2017, the Company had INR 7,157.7 million (US$
110.8 million) of cash, cash equivalents and current investments.
The Company drew down INR 2,803.6 million (US$ 43.4 million) of
project debt during the quarter and had undrawn project debt
commitment of INR 15,905.1 million (US$ 246.1 million) as of the
end of the quarter.
Adjusted EBITDA
Adjusted EBITDA was INR 1,469.3 million (US$ 22.7 million) for
the quarter ended June 30, 2017, compared to INR 778.1 million in
the same period in 2016. This was primarily due to the increase in
revenue during the period.
Subsequent event
During August, 2017, the Company raised US$500 million in a bond
offering with a coupon of 5.5% that matures in 2022. The proceeds
will be primarily used to repay existing debt and for growth
capital. We expect our liquidity position to improve significantly
as a result of this transaction.
Guidance
The following statements are based on current expectations.
These statements are forward-looking and actual results may differ
materially. The Company continues to expect revenues for fiscal
year 2018 ending March 31, 2018 of US$ 118 – 125 million and that
1,000 – 1,200 MWs will be operational by March 31, 2018.
Webcast and Conference Call Information
The Company will hold its quarterly conference call to discuss
earnings results on Monday, August 14, 2017 at 8:30 a.m. US 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 9798795. Investors may access a live
webcast of this conference call by visiting
http://investors.azurepower.com/events-and-presentations. For those
unable to listen to the live broadcast, a replay will be available
approximately two hours after the conclusion of the call. The
replay will remain available until Monday, August 21, 2017 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
10111294. 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 64.62 to
US$ 1.00, which is the noon buying rate in New York City for cable
transfer in non-U.S. currencies as certified for customs purposes
by the Federal Reserve Bank of New York on June 30, 2017. 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 one of the leaders in the Indian solar industry.
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; 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. 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 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
GAAP and should not be viewed as an alternative to 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 evaluating our operating performance because:
- securities analysts and other
interested parties use such calculations as a measure of financial
performance and debt service capabilities; and
- it is used by its management for
internal reporting and planning purposes, including aspects of its
consolidated operating budget and capital expenditures.
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 GAAP. Some of these
limitations include:
- it does not reflect its 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 its 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
(in thousands)
As of As of March 31,
June 30, 2017 2017 2017
(INR) (INR) (US$)* Assets Current
assets: Cash and cash equivalents 5,460,670 5,026,132 77,780
Investments in available for sale securities 3,296,797 2,131,526
32,986 Restricted cash 3,629,037 2,972,242 45,996 Accounts
receivable, net 1,138,605 1,303,393 20,170 Prepaid expenses and
other current assets 495,937 518,700 8,027
Total current assets 14,021,046 11,951,993 184,959
Restricted cash 1,383,414 1,323,723 20,485 Property, plant and
equipment, net 40,942,608 46,061,670 712,808 Software, net 15,272
18,809 291 Deferred income taxes 31,429 390,407 6,042 Investments
in held-to-maturity securities 6,631 6,872 106 Other assets
1,093,565 676,432 10,468
Total
assets 57,493,965 60,429,906 935,159
Liabilities, preferred shares and shareholders’ equity
Current liabilities: Short-term debt 2,460,240 2,471,105 38,241
Accounts payable 3,618,251 4,015,485 62,140 Current portion of
long-term debt 1,554,806 1,724,327 26,684 Income taxes payable
232,420 232,420 3,597 Interest payable 189,309 230,731 3,571
Deferred revenue 79,937 79,777 1,235 Other liabilities 484,477
374,296 5,792
Total current liabilities
8,619,440 9,128,141 141,260 Long-term debt 31,142,762 33,364,041
516,311 Deferred revenue 1,383,691 1,386,275 21,453 Deferred income
taxes 1,078,255 1,042,649 16,135 Asset retirement obligations
242,980 264,743 4,097 Other liabilities 109,151 125,779
1,945
Total liabilities 42,576,279
45,311,628 701,201 Redeemable non-controlling
interest 390,827 401,816 6,219
Shareholders’ equity
Equity shares, US$ 0.000625 par value;
25,915,956 and 25,970,057 shares issued and outstanding as of March
31, 2017 and June 30, 2017
1,073 1,075 17 Additional paid-in capital 18,904,151 18,918,251
292,762 Accumulated deficit (5,723,420 ) (5,657,606 ) (87,552 )
Accumulated other comprehensive income 40,326 48,422
749
Total APGL shareholders’ equity 13,222,130
13,310,142 205,976 Non-controlling interest 1,304,729 1,406,320
21,763
Total shareholders’ equity 14,526,859
14,716,462 227,739
Total liabilities, preferred
share and shareholders’ equity 57,493,965 60,429,906
935,159 * Translation of balances from INR to
US$ in the consolidated balance sheet is for the convenience of the
reader and was calculated using a rate of US$ 1.00 = INR 64.62.
AZURE POWER GLOBAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS
(in thousands, except per share
data)
Unaudited three months ended June 30,
2016 2017 2017 INR
INR US$* Operating revenues: Sale of power
1,021,693 1,877,932 29,061
Operating costs and expenses:
Cost of operations (exclusive of depreciation and amortization
shown separately below) 86,515 173,524 2,685 General and
administrative 157,085 235,073 3,638 Depreciation and amortization
235,758 419,738 6,495 Total operating costs
and expenses 479,358 828,335 12,818
Operating income 542,335 1,049,597 16,243
Other expenses: Interest expense, net 666,998 839,639
12,993 Loss/(gain) on foreign currency exchange, net 140,659
(4,758 ) (74 ) Total other expenses 807,657 834,881
12,919
(Loss)/income before income tax (265,322 )
214,716 3,324 Income tax benefit/(expense) 33,648 (7,859 )
(122 )
Net (loss)/income (231,674 ) 206,857 3,202
Less: Net (loss)/income attributable to non-controlling
interests (5,784 ) 36,746 570
Net (loss)/income
attributable to APGL (225,890 ) 170,111 2,632
Accretion to Mezzanine CCPS (122,510 ) — — Accretion
to redeemable non-controlling interest (10,988 ) (10,988 ) (170 )
Net (loss)/income attributable to APGL equity shareholders
(359,388 ) 159,123 2,462 Net (loss)/income per share
attributable to APGL shareholders: Basic (204 ) 6.14 0.09 Diluted
(204 ) 6.00 0.09 Weighted average number of equity shares# Basic
1,758,080 25,936,050 Diluted 1,758,080 26,502,283 *
Translation of balances from INR to US$ in the consolidated
statement of operations is for the convenience of the reader and
was calculated using a rate of US$ 1.00 = INR 64.62. # Number of
equity shares outstanding as on June 30, 2017 is 25,970,057.
AZURE POWER GLOBAL LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
Unaudited three months ended June 30,
2016 2017 2017 INR
INR US$* Net cash (used)/ provided by operating
activities (118,393 ) 421,355 6,520 Net cash used in investing
activities (1,109,193 ) (3,316,910 ) (51,329 ) Net cash provided by
financing activities 1,225,318 2,460,289 38,073 *
Translation of balances from INR to US$ in the condensed
consolidated statement of cash flow is for the convenience of the
reader and was calculated using a rate of US$ 1.00 = INR 64.62.
RECONCILIATIONS OF NON-GAAP MEASURES TO THE
NEAREST COMPARABLE GAAP MEASURES (in thousands)
The table below sets forth a reconciliation of our income from
operations to Adjusted EBITDA for the periods indicated:
Unaudited three months ended June 30, 2016
2017 2017 INR INR
US$* Net (loss)/income (231,674 ) 206,857 3,202 Income tax
(benefit)/expense (33,648 ) 7,859 122 Interest expense, net 666,998
839,639 12,993 Depreciation & amortization 235,758 419,738
6,495 Loss/(gain) on foreign currency exchange 140,659
(4,758 ) (74 )
Adjusted EBITDA 778,093 1,469,335
22,738
* Translation of balances from INR to US$ in the reconciliation
of Non-GAAP measure is for the convenience of the reader and was
calculated using a rate of US$ 1.00 = INR 64.62.
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version on businesswire.com: http://www.businesswire.com/news/home/20170811005545/en/
Investor Relations and Media:Azure Power Global
LimitedFor investor enquiriesNathan Judge,
CFAir@azurepower.comorFor media related informationSamitla
Subbapr@azurepower.com
Azure Power Global (NYSE:AZRE)
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