Azure Power公布2018财年第一季度财报

Pubblicato su 15 ago 2017
Azure Power 
Azure Power Global Limited announced its consolidated results under United States Generally Accepted Accounting Principles (US GAAP) for the fiscal first quarter 2018 period ended June 30, 2017.

First Quarter 2018 Period Ended June 30, 2017 Operating Highlights:

- Operating & Committed Megawatts were 1,069MW, 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 104MW to 1,069MW 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.



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.



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 noncash 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.


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Azure Power (Installatori di Pannelli Solari): https://it.enfsolar.com/azure-power
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