EBENE, Mauritius, June 10, 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 fourth quarter ended
March 31, 2019.
Fiscal Fourth Quarter 2019 Year Ended March 31, 2019
Operating Highlights:
- Net profit of INR 241.0 million (US$ 3.5
million) and INR 138.5 million (US$
2.0 million) for the quarter and year ended March, 31, 2019,
respectively.
- Operating Megawatts (MW) were 1,441 MWs as of
March 31, 2019, an increase of 58% over March 31,
2018.
- Operating & Committed Megawatts were 3,356 MWs as of
March 31, 2019, an increase of 79% over March 31,
2018.
- Revenue for the quarter was INR 2,847.2 million
(US$ 41.1 million), an increase of
26% over the quarter ended March 31, 2018.
- Adjusted EBITDA for the quarter was INR 2,142.5 million
(US$ 31.0 million), an increase of
32% over the quarter ended March 31, 2018.
Key Operating Metrics
Electricity generation during the year ended March 31, 2019
increased by 497 million kWh, or 40%, to 1,733 million
kWh compared to the year ended March 31,
2018. The increase in electricity generation was principally
a result of additional capacity operating during the year.
Total revenue during the year ended March 31, 2019 was INR
9,926.2 million (US$ 143.5
million), up by 29% from INR 7,700.6 million during the
year ended March 31, 2018. 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 during the year. The
project cost per megawatt operating for the year ended
March 31, 2019 decreased by INR 5.7 million (US$ 0.08 million) to INR 40.7 million
(US$ 0.59 million). The project cost
per megawatt was lower for the year ended March 31, 2019 than
the comparable previous year due to lower costs on account of a
decline in solar module prices and efficiency gains in balance of
system costs.
As of March 31, 2019, our operating and committed megawatts
increased by 1,485 MW, or 79% to 3,356 MW compared to
March 31, 2018 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,
|
|
|
|
2018
|
|
|
2019
|
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
Nominal contracted
payments (in thousands)
|
|
|
358,816,034
|
|
|
|
584,196,197
|
|
|
|
8,447,024
|
|
Total estimated
energy output (kilowatt hours in millions)
|
|
|
82,884
|
|
|
|
170,718
|
|
|
|
|
|
Nominal contracted payments increased from March 31, 2018
to March 31, 2019 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,
|
|
|
|
2018
|
|
|
2019
|
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
Portfolio revenue
run-rate (in thousands)
|
|
|
15,764,719
|
|
|
|
25,939,910
|
|
|
|
375,071
|
|
Estimated annual
energy output (kilowatt hours in millions)
|
|
|
3,557
|
|
|
|
7,468
|
|
|
|
|
|
Portfolio revenue run-rate increased by INR 10,175 million
(US$ 147.1 million) to INR
25,939.9 million (US$ 375.0
million) as of March 31, 2019, as compared to
March 31, 2018, due to an increase in operational and
committed capacity.
Fiscal Fourth Quarter 2019 year ended March 31, 2019 Consolidated Financial
Results:
Operating Revenues
Operating revenues during the three months ended March 31,
2019 increased by INR 588.1 million (US$ 8.5 million), or 26%, to INR
2,847.2 million (US$ 41.1
million) compared to the same period in 2018. The increase
in revenue for the three months ended March 31, 2019 is on
account of projects commissioned by the Company since last compared
period.
Cost of Operations (Exclusive of Depreciation and
Amortization)
Cost of operations during the three months ended March 31,
2019 increased by INR 40.3 million (US$
0.5 million), or 19%, to INR 255.7 million
(US$ 3.7 million) compared to the
same period in 2018. 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
March 31, 2019 was INR 0.18 million, a decrease of INR
0.06 million per megawatt as compared to the same period in
2018, due to improved operational and maintenance methods which
improved plant productivity.
General and Administrative Expenses
General and administrative expenses during the three months
ended March 31, 2019 increased by INR 30.7 million
(US$ 0.4 million), or 7.4%, to INR
448.9 million (US$ 6.4 million)
compared to the same period in 2018. The increase in general and
administrative expenses was lower than the increase in revenue due
to economies of scale of operations.
Depreciation and Amortization
Depreciation and amortization expenses during the three months
ended March 31, 2019 decreased by INR 14.7 million,
or 2.8%, to INR 510.0 million (US$ 7.4
million) compared to the same period in 2018. 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. For a detailed discussion, please refer to
Note 2(i), to our consolidated financial statements in our Form
20-F for the year ended March 31,
2019.
Interest Expense, Net
Net interest expense during the three months ended
March 31, 2019 increased by INR 593.0 million
(US$ 8.5 million), to INR
1,426.7 million (US$ 20.6
million) compared to the same period in 2018. 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.
Loss / (Gain) on Foreign Currency Exchange
The Indian rupee appreciated against the U.S. dollar by INR 0.62
to US$ 1.00 (0.9%) during the period
from December 31, 2018 to
March 31, 2019. Foreign exchange gain
during the three months ended March 31, 2019 was INR
16.9 million (US$ 0.2 million),
an improvement of INR 115.2 million (US$ 1.7 million) compared to the same period in
2018.
Income Tax Expense / (Benefit)
Income tax expense decreased by INR 39.4 million
(US$ 0.5 million) to INR
18.2 million (US$ 0.2 million)
during the three months ended March 31, 2019 reflecting an
increase in non-cash deferred tax income which was primarily
because of new projects commissioned during the quarter.
Net Profit
The net profit for the quarter ended March 31, 2019 was INR
240.9 million (US$ 3.4 million)
as compared to a net profit of INR 147.6 million for the
quarter ended March 31, 2018, reflecting an improvement of INR
93.3 million (US$ 1.3 million)
as compared to the same period in 2018. 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 fiscal year
ended March 31, 2019 was INR 2,115.9 million
(US$ 30.5 million), an increase of
INR 276.8 million (US$ 4.0
million) as compared to the prior comparable period,
primarily due to increase in revenue during the current period.
Cash used in investing activities for the fiscal year ended
March 31, 2019 was INR 26,031.2 million (US$ 376.4 million) compared to INR
18,048.1 million for the prior comparable period. The cash
outflow was primarily due to INR 26,007.1 million
(US$ 376.0 million) incurred to
purchase Property, Plant and Equipment.
Cash generated from financing activities increased by INR
10,071.3 million (US$ 145.6 million)
to INR 26,887.4 million (US$ 388.7
million), primarily because of the issuance of equity shares
pursuant to its follow-on offering and new debt incurred during the
period.
Liquidity Position
As of March 31, 2019, the Company had INR
10,544.9 million (US$ 152.4
million) of cash, cash equivalents and current investments.
The Company had undrawn project debt commitments of INR 10,158.9
(US$ 146.8) as of March 31, 2019
and a working capital facility of INR 4,363.6 million
(US$ 63.1 million).
Adjusted EBITDA
Adjusted EBITDA during the three months ended March 31,
2019 increased by INR 517.0 million (US$ 7.4 million) or 32%, as compared to the same
period in 2018 to INR 2,142.5 million (US$ 30.9 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 March 31,
2019 was US$ 0.08, as compared to
earnings per share of US$ 0.09 for
the prior comparable period. The number of shares outstanding as of
March 31, 2019 increased by
15,043,096, to 41,040,028 primarily, as the Company issued
14,915,542 shares pursuant to its follow-on offering
in October 2018.
The Company attributed profits amounting to INR 26,333 for the
three months ended March 31, 2019 and
INR 109,070 for the year ended March 31,
2019, towards a non-controlling interest which was acquired
in March 2019. Earnings per share
excluding the non-controlling interest would have been INR 6.09
(US$ 0.09) for the three months ended
March 31, 2019 and INR 5.67
(US$ 0.08) for the year ended
March 31, 2019.
Guidance for Fiscal Year 2020
The following statements are based on current expectations.
These statements are forward-looking and actual results may differ
materially. With a robust pipeline and strong execution
capabilities, we expect to continue to deliver high growth in
fiscal year ended March 31, 2020. For fiscal year ending
March 31, 2020, the Company continues to expect to have
between 1,800 – 1,900 MWs operational. In addition, the Company is
reiterating its guidance of revenues between INR 12,770 –
13,350 million (US$ 185– 193 million at the
March 31, 2019 exchange rate of INR 69.16 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 Tuesday, June 11,
2019 at 8:30 am 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 enter passcode 3442418. 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 Tuesday,
June 18, 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 10132070. 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 69.16 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 29, 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 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.
AZURE POWER GLOBAL
LIMITED
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(INR and US$ amounts
in thousands, except share and par value data)
|
|
|
|
As of March
31,
|
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
|
(INR)
|
|
|
(INR)
|
|
|
(US$)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
8,346,526
|
|
|
|
10,537,581
|
|
|
|
152,365
|
|
Investments in
available for sale securities
|
|
|
1,383,573
|
|
|
|
7,408
|
|
|
|
107
|
|
Restricted
cash
|
|
|
2,406,569
|
|
|
|
2,167,827
|
|
|
|
31,345
|
|
Accounts receivable,
net
|
|
|
2,223,455
|
|
|
|
3,307,076
|
|
|
|
47,818
|
|
Prepaid expenses and
other current assets
|
|
|
1,114,482
|
|
|
|
1,380,314
|
|
|
|
19,958
|
|
Total current
assets
|
|
|
15,474,605
|
|
|
|
17,400,206
|
|
|
|
251,593
|
|
Restricted
cash
|
|
|
329,926
|
|
|
|
1,280,323
|
|
|
|
18,512
|
|
Property, plant and
equipment, net
|
|
|
56,580,700
|
|
|
|
83,444,529
|
|
|
|
1,206,543
|
|
Software,
net
|
|
|
39,802
|
|
|
|
63,715
|
|
|
|
921
|
|
Deferred income
taxes
|
|
|
1,052,393
|
|
|
|
2,406,525
|
|
|
|
34,796
|
|
Other
assets
|
|
|
499,653
|
|
|
|
4,268,462
|
|
|
|
61,719
|
|
Investments in held
to maturity securities
|
|
|
7,041
|
|
|
|
—
|
|
|
|
—
|
|
Total
assets
|
|
|
73,984,120
|
|
|
|
108,863,760
|
|
|
|
1,574,084
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
debt
|
|
|
835,000
|
|
|
|
2,824,843
|
|
|
|
40,845
|
|
Accounts
payable
|
|
|
1,521,854
|
|
|
|
3,477,382
|
|
|
|
50,280
|
|
Current portion of
long-term debt
|
|
|
873,883
|
|
|
|
7,288,995
|
|
|
|
105,393
|
|
Income taxes
payable
|
|
|
5,878
|
|
|
|
93,688
|
|
|
|
1,355
|
|
Interest
payable
|
|
|
1,220,463
|
|
|
|
919,627
|
|
|
|
13,297
|
|
Deferred
revenue
|
|
|
79,192
|
|
|
|
99,065
|
|
|
|
1,432
|
|
Other
liabilities
|
|
|
611,598
|
|
|
|
2,301,669
|
|
|
|
33,280
|
|
Total current
liabilities
|
|
|
5,147,868
|
|
|
|
17,005,269
|
|
|
|
245,882
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
52,234,940
|
|
|
|
61,658,403
|
|
|
|
891,533
|
|
Deferred
revenue
|
|
|
1,563,732
|
|
|
|
1,800,155
|
|
|
|
26,029
|
|
Deferred income
taxes
|
|
|
892,138
|
|
|
|
2,053,808
|
|
|
|
29,696
|
|
Asset retirement
obligations
|
|
|
356,649
|
|
|
|
665,146
|
|
|
|
9,617
|
|
Other
liabilities
|
|
|
513,344
|
|
|
|
283,728
|
|
|
|
4,102
|
|
Total
liabilities
|
|
|
60,708,671
|
|
|
|
83,466,509
|
|
|
|
1,206,859
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity shares, US$
0.000625 par value; 25,996,932 and 41,040,028 shares issued
and outstanding as of March 31, 2018 and 2019
respectively
|
|
|
1,076
|
|
|
|
1,773
|
|
|
|
26
|
|
Additional paid-in
capital
|
|
|
19,004,604
|
|
|
|
32,186,606
|
|
|
|
465,393
|
|
Accumulated
deficit
|
|
|
(6,593,471)
|
|
|
|
(6,311,095)
|
|
|
|
(91,253)
|
|
Accumulated other
comprehensive loss
|
|
|
(294,672)
|
|
|
|
(747,545)
|
|
|
|
(10,809)
|
|
Total APGL
shareholders' equity
|
|
|
12,117,537
|
|
|
|
25,129,739
|
|
|
|
363,357
|
|
Non-controlling
interest
|
|
|
1,157,912
|
|
|
|
267,512
|
|
|
|
3,868
|
|
Total
shareholders' equity
|
|
|
13,275,449
|
|
|
|
25,397,251
|
|
|
|
367,225
|
|
Total liabilities
and shareholders' equity
|
|
|
73,984,120
|
|
|
|
108,863,760
|
|
|
|
1,574,084
|
|
AZURE POWER GLOBAL
LIMITED
|
INTERIM
CONSOLIDATED INCOME STATEMENTS
|
(INR and US$ amounts
in thousands, except share value data)
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Unaudited
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Audited
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Three months ended
March 31,
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Year ended March
31,
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2018
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2019
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2019
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2018
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2019
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2019
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INR
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INR
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US$
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INR
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INR
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US$
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Operating
revenues:
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Sale of
power
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2,259,021
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2,847,201
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41,168
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7,700,600
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9,926,209
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143,525
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Operating costs
and expenses:
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Cost of operations
(exclusive of depreciation and amortization shown separately
below)
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215,350
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255,722
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3,698
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691,947
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868,963
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12,565
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General and
administrative
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418,155
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448,949
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6,491
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1,187,379
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1,313,765
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18,996
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Depreciation and
amortization
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|
524,784
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510,025
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7,375
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1,882,451
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2,137,133
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30,901
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Total operating costs
and expenses:
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1,158,289
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1,214,696
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17,564
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3,761,777
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4,319,861
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62,462
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Operating
income
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1,100,732
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1,632,505
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23,604
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3,938,823
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5,606,348
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81,063
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Other expense,
net:
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Interest expense,
net
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833,704
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1,426,742
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20,630
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5,168,218
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4,873,042
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70,460
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Loss (gain) on
foreign currency exchange, net
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98,282
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(16,949)
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(245)
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45,716
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442,001
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6,391
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Total other expenses,
net
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931,986
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1,409,793
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20,385
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5,213,934
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5,315,043
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76,851
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Profit / (loss)
before income tax
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168,746
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222,712
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3,219
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(1,275,111)
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291,305
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4,212
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Income tax benefit /
(expense)
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(21,141)
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18,244
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|
264
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252,882
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(152,812)
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(2,210)
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Net profit /
(loss)
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147,605
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240,956
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3,483
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(1,022,229)
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138,493
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2,002
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Less: Net (loss) /
profit attributable to non-controlling interest
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2,369
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17,983
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|
260
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(201,547)
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60,094
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|
869
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Net profit /
(loss) attributable to APGL
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145,236
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222,973
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3,223
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(820,682)
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78,399
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1,133
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Accretion to
redeemable non-controlling interest
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—
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—
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(6,397)
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—
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—
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Net profit /
(loss) attributable to APGL equity shareholders
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145,236
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222,973
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3,223
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(827,079)
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78,399
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1,133
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Basic
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5.59
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5.44
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0.08
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(31.84)
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2.37
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0.03#
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Diluted
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5.39
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5.41
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0.08
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(31.84)
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2.31
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0.03#
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Shares used in
computing basic and diluted per share amounts
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Equity shares:
Basic
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25,992,050
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40,970,406
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25,974,111
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33,063,832
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Equity shares:
Diluted
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26,937,258
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41,185,670
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25,974,111
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33,968,127
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# The Company attributed profits amounting to INR 109,070
(US$ 1,577), for the year ended
March 31, 2019, towards a
non-controlling interest which was acquired during the year.
Earnings per share for the year ended March
31, 2019, excluding the non-controlling interest is INR 5.67
(US$ 0.08).
AZURE POWER GLOBAL
LIMITED
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(INR and US$ amounts
in thousands)
|
|
|
|
Unaudited
|
|
|
|
|
|
|
Audited
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
Year ended March
31,
|
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
|
INR
|
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|
INR
|
|
|
US$
|
|
Net cash provided by
operating activities
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1,433,582
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1,326,908
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19,186
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1,839,125
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2,115,916
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30,594
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Net cash used in
investing activities
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(1,744,855)
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(12,916,956)
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(186,769)
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(18,048,123)
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(26,031,226)
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(376,391)
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Net cash provided by
financing activities
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59,114
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1,772,979
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25,636
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16,816,081
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26,887,370
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388,771
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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
March 31,
|
|
|
Year ended March
31,
|
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
|
INR
|
|
|
INR
|
|
|
US$
|
|
Net Profit /
(Loss)
|
|
|
147,605
|
|
|
|
240,956
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|
|
|
3,483
|
|
|
|
(1,022,229)
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|
138,493
|
|
|
|
2,002
|
|
Income tax
expense/(benefit)
|
|
|
21,141
|
|
|
|
(18,244)
|
|
|
|
(264)
|
|
|
|
(252,882)
|
|
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|
152,812
|
|
|
|
2,210
|
|
Interest expense,
net
|
|
|
833,704
|
|
|
|
1,426,742
|
|
|
|
20,630
|
|
|
|
5,168,218
|
|
|
|
4,873,042
|
|
|
|
70,460
|
|
Depreciation and
amortization
|
|
|
524,784
|
|
|
|
510,025
|
|
|
|
7,375
|
|
|
|
1,882,451
|
|
|
|
2,137,133
|
|
|
|
30,901
|
|
Loss/(gain) on
foreign currency exchange, net
|
|
|
98,282
|
|
|
|
(16,949)
|
|
|
|
(245)
|
|
|
|
45,716
|
|
|
|
442,001
|
|
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|
6,391
|
|
Adjusted
EBITDA
|
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|
1,625,516
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2,142,530
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30,979
|
|
|
|
5,821,274
|
|
|
|
7,743,481
|
|
|
|
111,964
|
|
Investor Relation Contacts:
For investor enquiries,
please contact Nathan Judge, CFA,
Investor Relations, Azure Power, ir@azurepower.com
Media Contact
For media related information, please contact Samitla Subba,
Marketing, Azure Power, pr@azurepower.com, +91-11- 4940
9854