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 fourth quarter ended March 31,
2018.
Fourth Quarter 2018 Period Ended March 31, 2018 Operating
Highlights:
- Operating Megawatts were 911 MW,
as of March 31, 2018, an increase of 40% over March 31, 2017.
- Operating & Committed
Megawatts were 1,871 MW, as of March 31, 2018, an increase of
75% over March 31, 2017.
- Revenue for the quarter was INR
2,259.0 million (US$34.7 million), an increase of 71% over the
quarter ended March 31, 2017.
- Adjusted EBITDA for the quarter was INR
1,625.5 million (US$25.0 million), an increase of 67% over the
quarter ended March 31, 2017.
Key Operating Metrics
Electricity generation during the fiscal year ended March 31,
2018 increased by 618 million kWh, or 100%, to
1,236 million kWh, compared to the same period in 2017. The
increase in electricity generation was principally a result of
additional capacity operating during the period.
Total revenue during the fiscal year ended March 31, 2018 was
INR 7,700.6 million (US$ 118.3 million), up 84% from INR
4,183.0 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 per the
power purchase agreement) consists of costs incurred for one
megawatt of new solar power plant capacity during the reporting
period. The project cost per megawatt operating for the fiscal year
ended March 31, 2018 increased by INR 1.7 million (US$ 0.03
million) to INR 51.0 million (US$ 0.78 million), as compared
to the same period in 2017. The project cost per megawatt was
marginally higher due to the use of higher-cost domestic modules as
required by Power Purchase Agreements “PPA” and use of purchased
land compared to lower-cost open source modules and leased land in
the corresponding previous period.
As of March 31, 2018, our operating and committed megawatts
increased by 802 MW to 1,871 MW compared to March 31, 2017 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
March 31, 2017 2018 INR INR
US$ Nominal contracted payments (in thousands) 255,474,775
358,816,034 5,510,921 Total estimated energy output (kilowatt hours
in millions) 44,677 82,884
Nominal contracted payments increased from March 31, 2017 to
March 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.
As of
March 31, 2017 2018 INR INR
US$ Portfolio revenue run-rate (in thousands) 11,005,761
15,764,719 242,124 Estimated annual energy output (kilowatt hours
in millions) 1,921 3,557
Portfolio revenue run-rate increased by INR 4,759.0 million
(US$ 73.1 million) to INR 15,764.7 million (US$ 242.1 million)
as of March 31, 2018, as compared to March 31, 2017, due to an
increase in operational and committed capacity.
Fourth Quarter 2018 Period ended March 31, 2018 Consolidated
Financial Results:
Operating Revenue
Operating revenue in the quarter ended March 31, 2018 was INR
2,259.0 million (US$ 34.7 million), an increase of 71% from
INR 1,317.6 million over the same period in 2017. The increase
in revenue was driven by the commissioning of new projects.
Cost of Operations
Cost of operations in the quarter ended March 31, 2018 increased
by 65% to INR 215.4 million (US$ 3.3 million) from INR
130.7 million in the same period in 2017. The increase was
primarily due to plant maintenance cost for newly commissioned
projects which was partially offset by the implementation of
improved O&M methods which improved plant productivity.
General and Administrative Expenses
General and administrative expenses for the quarter ended March
31, 2018 increased by INR 205.7 million (US$ 3.2 million), to
INR 418.2 million (US$ 6.4 million) compared to the same
period in 2017. The increase was primarily due to increase in
personnel costs to support the Company’s growth and higher
professional charges compared to previous comparable quarter.
Depreciation and Amortization Expenses
Depreciation and amortization expenses during the quarter ended
March 31, 2018 increased by INR 210.8 million (US$ 3.2
million), or 67%, to INR 524.8 million (US$ 8.1 million)
compared to the same period in 2017. The principal reason for the
increase was capitalization of new projects during the period from
December 31, 2016 to March 31, 2018.
Interest Expense, Net
Net interest expense during the quarter ended March 31, 2018
increased by INR 202.6 million (US$ 3.1 million), or 32%, to
INR 833.7 million (US$ 12.8 million) compared to the same
period in 2017. Interest expense increased on account of borrowings
for new projects and was partially offset by the increased interest
income on investments during the quarter ended March 31, 2018. This
includes one-time reclassification from interest expense to Income
tax expense of INR 136.2 million (US$ 2.1 million), due to issuance
of Green bonds.
Gain / Loss on Foreign Currency Exchange
The Indian rupee appreciated against the U.S. dollar by INR 3.1
to US$ 1.00 (4.5%) during the period from December 31, 2016 to
March 31, 2017, while the Indian rupee depreciated against the U.S.
dollar by INR 1.3 to US$ 1.00 (2.0%) during the period from
December 31, 2017 to March 31, 2018. This depreciation during the
period from December 31, 2017 to March 31, 2018 resulted in a
foreign exchange loss of INR 98.3 million (US$ 1.5 million),
compared to a gain of INR 309.2 million during the same period
in 2017.
Income Tax Expense / Benefit
The income tax expense decreased during the quarter ended March
31, 2018 by INR 624.0 million (US$ 9.6 million) to INR
21.1 million (US$ 0.3 million), compared to income tax expense
of INR 645.2 million in the same period in 2017. During the current
quarter, we recorded a non-cash deferred tax income amounting to
INR 115.1 million (US$ 1.8 million), was primarily on account
of new projects commissioned during the quarter and there was cash
outflow of INR 136.2 million (US$2.1 million) related to current
income taxes.
Net income/ loss
The net income for the quarter ended March 31, 2018 was INR
147.6 million (US$ 2.3 million), as compared to a net loss of
INR 306.7 million for the quarter ended March 31, 2017, an
increase in net income by INR 454.3 million (US$ 7.0 million)
as compared to the same period in 2017. This was primarily due to
an increase in revenue and economics of scale during the quarter
ended March 31, 2018, compared to March 31, 2017.
Cash Flow and Working Capital
Cash generated from operating activities for the fiscal year
ended March 31, 2018 of INR 1,839.1 million (US$ 28.2
million), INR 1,866.3 million (US$ 28.7 million) higher than
the prior comparable period, primarily due to an increase in
revenue during the current period.
Cash used in investing activities, for the fiscal year ended
March 31, 2018 was INR 15,772.2 million (US$ 242.2 million),
compared to INR 21,944.3 million for the prior comparable
period. The cash used in investing activities was lower due to
realisation of cash from maturities of available for sale
investment and restricted term deposits and used in purchase of
property, plant and equipment. The purchases of property plant and
equipment for new projects as compared to the prior comparable
period, was higher by INR 4,207.9 million (US$ 64.6 million).
Cash generated from financing activities was INR 16,816.1 (US$
258.3 million) for the fiscal year ended March 31, 2018, compared
to INR 24,331.5 million for the prior comparable period.
During the fiscal year ended March 31, 2018, the Company raised INR
43,807.3 million (US$ 672.8 million) of non-convertible
debentures and project debt, including green bonds.
Liquidity Position
As of March 31, 2018, the Company had INR 9,730.1 million
(US$ 149.4 million) of cash, cash equivalents and current
investments. The Company had undrawn project debt commitments of
INR 3,398.6 million (US$ 52.2 million) as of March 31,
2018.
Adjusted EBITDA
Adjusted EBITDA was INR 1,625.5 million (US$ 25.0 million)
for the fiscal fourth quarter period ended 2018, compared to INR
974.4 million in the fourth quarter ended March 31, 2017. The
increase was primarily due to the increase in revenue and economics
of scale during the period.
Guidance for Fiscal Year 2019
The Company continues to expect to have 1,300 – 1,400 MWs
operational by March 31, 2019 and revenues of between US$ 143 –
151 million for fiscal year ending March 31, 2019.
Webcast and Conference Call Information
The Company will hold its quarterly conference call to discuss
earnings results on Monday, June 18, 2018 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 6564518. 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, June 22, 2018 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
10120191. 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 65.11 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 March 30, 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 we consider it appropriate for supplemental analysis.
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
As
ofMarch 31, As ofMarch 31,
2017(INR) 2018(INR)
2018(US$) (in thousands, except per share
data) Assets Current assets: Cash and cash equivalents
5,460,670 8,346,526 128,191 Investments in available for sale
securities 3,296,797 1,383,573 21,250 Restricted cash 3,629,037
2,406,569 36,962 Accounts receivable, net 1,138,605 2,223,455
34,149 Prepaid expenses and other current assets 495,937
1,114,482 17,117
Total current assets
14,021,046 15,474,605 237,668 Restricted cash
1,383,414 329,926 5,067 Property, plant and equipment, net
40,942,608 56,580,700 869,002 Software, net 15,272 39,802 611
Deferred income taxes 196,773 1,052,393 16,163 Investments in
held-to-maturity securities 6,631 7,041 108 Other assets
928,221 499,653 7,674
Total assets
57,493,965 73,984,120
1,136,293 Liabilities and shareholders’ equity
Current liabilities: Short-term debt 2,460,240 835,000 12,824
Accounts payable 3,618,251 1,521,854 23,374 Current portion of
long-term debt 1,554,806 873,883 13,422 Income taxes payable
232,420 5,878 90 Interest payable 189,309 1,220,463 18,745 Deferred
revenue 79,937 79,192 1,216 Other liabilities 484,477
611,598 9,393
Total current liabilities
8,619,440 5,147,868 79,064 Long-term debt
31,142,762 52,234,940 802,257 Deferred revenue 1,383,691 1,563,732
24,017 Deferred income taxes 1,078,255 892,138 13,702 Asset
retirement obligations 242,980 356,649 5,478 Other liabilities
109,151 513,344 7,882
Total
liabilities 42,576,279 60,708,671
932,400 Redeemable non-controlling interest
390,827 — —
Shareholders’ equity
Equity shares (US$ 0.000625 par value;
25,915,956 and 25,996,932 sharesissued and outstanding as of March
31, 2017 and March 31, 2018)
1,073 1,076 17 Additional paid-in capital 18,904,151 19,004,604
291,885 Accumulated deficit (5,723,420 ) (6,593,471) (101,267)
Accumulated other comprehensive income (loss) 40,326
(294,672) (4,526)
Total APGL shareholders’
equity 13,222,130 12,117,537 186,109
Non-controlling interest 1,304,729 1,157,912
17,784
Total shareholders’ equity
14,526,859 13,275,449 203,893
Total liabilities and shareholders’ equity
57,493,965 73,984,120 1,136,293
AZURE POWER GLOBAL LIMITED
INTERIM CONSOLIDATED INCOME
STATEMENTS
Unaudited Three months ended March 31, Year ended March
31, 2017 2018 2018 2017 2018
2018 INR INR US$ INR INR
US$ (in thousands, except per share data)
Operating revenues: Sale of power 1,317,577 2,259,021 34,695
4,182,985 7,700,600 118,271
Operating costs and expenses:
Cost of operations (exclusive of
depreciation andamortization shown separately below)
130,741 215,350 3,307 375,787 691,947 10,627 General and
administrative 212,446 418,155 6,422 797,161 1,187,379 18,237
Depreciation and amortization 313,999 524,784
8,060 1,046,565 1,882,451 28,912
Total operating cost and expenses
657,186 1,158,289 17,789 2,219,513
3,761,777 57,776
Operating income
660,391 1,100,732 16,906
1,963,472 3,938,823
60,495 Other expense: Interest expense, net
631,150 833,704 12,805 2,371,836 5,168,218 79,377
(Gain) loss on foreign currency exchange,
net
(309,218) 98,282 1,509 (109,128)
45,716 702 Total other expenses 321,932
931,986 14,314 2,262,708 5,213,934
80,079
Income (Loss) before income tax
338,459 168,746 2,592
(299,236) (1,275,111)
(19,584) Income tax (expense) benefit
(645,187) (21,141) (325) (892,333)
252,882 3,884
Net (loss) income
(306,728) 147,605 2,267
(1,191,569) (1,022,229)
(15,700)
Net income (loss) attributable to
non-controlling interest
6,877 2,369 36 (18,924)
(201,547) (3,094)
Net (loss) Income attributable to
APGL
(313,605) 145,236 2,231
(1,172,645) (820,682)
(12,606) Accretion to Mezzanine CCPS (8,325) — —
(235,853) — —
Accretion to redeemable non-controlling
interest
(10,867) — — (44,073) (6,397)
(98)
Net (loss) income attributable to APGL
equity shareholders
(332,797) 145,236 2,231
(1,452,571) (827,079)
(12,704)
Net (loss) income per share attributable
to APGL equity stockholders
Basic (13) 6 0.09 (111) (32) (0.49) Diluted (13) 5 0.08 (111) (32)
(0.49)
Shares used in computing basic and diluted
per share amounts
Equity shares: Basic 25,915,956 25,992,050 13,040,618 25,974,111
Equity shares: Diluted 25,915,956 26,937,258 13,040,618 25,974,111
AZURE POWER GLOBAL LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
Unaudited Three months ended March 31, Year ended March
31, 2017 2018 2018 2017 2018
2018 INR INR US$ INR INR
US$ (in thousands) Net cash (used in) provided by
operating activities (250,939) 1,433,582 22,018 (27,190) 1,839,125
28,246 Net cash used in investing activities (7,342,453) (365,199)
(5,609) (21,944,262) (15,772,167) (242,239) Net cash provided by
financing activities 7,148,611 59,114 908 24,331,507 16,816,081
258,272
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:
Unaudited Three months ended March 31, Year ended March
31, 2017 2018 2018 2017 2018
2018 INR INR US$ INR INR
US$ (in thousands) Net (Loss)/ Income
(306,728) 147,605 2,267 (1,191,569) (1,022,229) (15,700) Income tax
expense / (benefit) 645,187 21,141 325 892,333 (252,882) (3,884)
Interest expense, net 631,150 833,704 12,805 2,371,836 5,168,218
79,377 Depreciation and amortization 313,999 524,784 8,060
1,046,565 1,882,451 28,912 (Gain)/loss on Foreign currency
exchange, net (309,218) 98,282 1,509
(109,128) 45,716 702
Adjusted EBITDA
974,390 1,625,516 24,966 3,010,037
5,821,274 89,407
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Azure Power Global LtdInvestor
Enquiries:CFAir@azurepower.comorMedia:Samitla
Subbapr@azurepower.com.
Azure Power Global (NYSE:AZRE)
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