Azure Power lowered bottom line in FQ3 2021 by $3.7 million

• Indian independent solar power manufacturer Azure Power Global Limited revealed its consolidated results for the financial third quarter 2021 (FQ3), finished December 31, 2020.

The business has 1,987 MW in operation, an increase of 10 percent over December 31, 2019. Operating and also devoted were 7,115 MW, a rise of 34.2 percent. This consist of 4,000 MW for which Azure has actually received Letters of Award (LOA) however the Power Acquisition Agreements (PPAs) have not yet been signed.

Throughout the quarter the plants generated 783.7 million kWh a boost of 98.6 million kWh or 14.4 percent contrasted to the very same period of 2019. Regarding the first 9 month of 2020, the plants produced 2,436.8 million kWh, an increase of 441.8 million kWh, or 22.1 percent. The increase in electricity generation was mostly a result of added operating ability commissioned because December 2019.

Operating earnings for FQ3 were INR 3,521 million ($48.2 million), a boost of 15.6 percent over the quarter ended December 31, 2019. Readjusted EBITDA was INR 1,563 million ($21.3 million), a reduction of 26 percent over FQ3 2019. Bottom line for FQ3 2020 was INR 1,088 million ($14.9 million), a decrease of INR 270 million ($3.7 million) contrasted to the quarter finished December 31, 2019.

The project price per megawatt (DC) operating for the nine months finished December 31, 2020 decreased by INR 3.2 million ($0.04 million), or 9 percent, to INR 31.2 million ($0.43 million) mostly due to lower costs therefore the decrease in solar module rates for the projects commissioned throughout the period. The project price per megawatt (AC) operating was INR 45.0 million ($0.62 million), compared to INR 47.9 million in same duration 2019.

For the fourth monetary quarter of 2021, Azure anticipates earnings of INR 4,335 to INR 4,435 million ($59 to $61 million).