Azure Power improved loss in FQ2

• Indian independent solar energy producer Azure Power Ltd. announced its consolidated results for the monetary 2nd quarter 2021 (FQ2 2021), period ended September 30, 2020.

The company has 1,834 MW in operation, an increase of 2 percent yoy. Operating and also dedicated were 7,115 MW, a boost of 111 percent. This consist of 4,000 MW for which Azure has actually received Letters of Award (LOA), but the Power Purchase Agreements (PPA) have not yet been signed. The PPAs will certainly succeed the sale of power which is contracted by Solar Energy Corporation of India Limited (SECI) under a power sale agreement.

During the quarter the plants created 769.2 million kWh, an increase of 26 percent over the same quarter 2019. The rise in electrical power generation was principally an outcome of an additional 116 MW of DC operating ability being appointed in the past 12 month. Throughout FQ2 2021, the firm appointed 25 MW, and 28 MW throughout the 6 months finished September 30, 2020.

Running earnings were INR 3,504 million ($47.6 million), an increase of 23 percent over the 3 month finished September 30, 2019. Readjusted EBITDA was INR 2,318 million ($31.5 million), a rise of 11 percent. Bottom line was INR 368 million ($5.0 million) compared to bottom line of INR 756 million in Q3 2019.

For FQ3 2021 (ending December 31, 2020), the business expects profits of between INR 3,600 and INR 3,800 million ($48.9 to $51.7 million). For fiscal year finishing March 31, 2021, Azure Power anticipates that 2,300 to 2,500 MW will be functional. Revenue advice is INR 15,300 to 15,800 million ($208 to $215 million).