EBENE, Mauritius, Feb. 12, 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 third quarter ended December 31, 2018.
Fiscal Third Quarter 2019 Period Ended December 31, 2018 Operating Highlights:
- Operating Megawatts (MW) were 1,169 MW as of December 31, 2018, an increase of 45% over
December 31, 2017.
- Operating & Committed Megawatts were 3,059 MW as of December 31, 2018, an increase of 94%
over December 31, 2017.
- Revenue for the quarter was INR 2,430.8 million (US$ 34.9 million), an increase of 40% over
the quarter ended December 31, 2017.
- Adjusted EBITDA for the quarter was INR 1,837.5 million (US$ 26.4 million), an increase of
50% over the quarter ended December 31, 2017.
Key Operating Metrics
Electricity generation during the nine months ended December 31, 2018 increased by 353 million
kWh, or 41%, to 1,208 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 nine months ended December 31, 2018 was INR 7,079.0 million
(US$ 101.7 million), up by 30% from INR 5,441.6 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 in DC) consists of costs incurred for one megawatt of new solar power
plant during the reporting period. The project cost per megawatt operating for the nine months ended December 31, 2018 decreased by INR 3.2 million (US$ 0.05 million) to INR 44.2
million (US$ 0.64 million). The project cost per megawatt was lower for the nine months ended
December 31, 2018 than the comparable period in the prior year due to lower costs on account of a
decline in solar module prices and efficiency gains in balance of system costs.
As of December 31, 2018, our operating and committed megawatts increased by 1,479 MW compared to
December 31, 2017 to 3,059 MW 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.
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As of December 31,
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2017
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2018
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INR
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INR
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US$
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Nominal contracted payments (in thousands)
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321,241,800
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539,383,478
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7,751,990
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Total estimated energy output (kilowatt hours in millions)
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70,956
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152,618
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Nominal contracted payments increased from December 31, 2017 to December
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.
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As of December 31,
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2017
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2018
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INR
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INR
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US$
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Portfolio revenue run-rate (in thousands)
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14,007,890
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23,896,380
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343,437
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Estimated annual energy output (kilowatt hours in millions)
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2,587
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6,676
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Portfolio revenue run-rate increased by INR 9,888.5 million (US$ 142.1 million) to INR 23,896.4
million (US$ 343.4 million) as of December 31, 2018, as compared to
December 31, 2017, due to an increase in operational and committed capacity.
Fiscal Third Quarter 2019 Period ended December 31, 2018 Consolidated Financial
Results:
Operating Revenues
Operating revenues during the three months ended December 31, 2018 increased by INR 690.9
million (US$ 9.9 million), or 40%, to INR 2,430.8 million (US$ 34.9
million) compared to the same period in 2017. The increase in revenue for the three months ended December 31, 2018 is on account of projects commissioned by the Company since last year.
Cost of Operations (Exclusive of Depreciation and Amortization)
Cost of operations during the three months ended December 31, 2018 increased by INR 60.6 million
(US$ 0.9 million), or 38%, to INR
219.0 million (US$ 3.1 million) compared to the same period in 2017. 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 December 31, 2018 was INR 0.19 million, a decrease of INR 0.01 million per
megawatt as compared to the same period in 2017.
General and Administrative Expenses
General and administrative expenses during the three months ended December 31, 2018 increased by
INR 19.7 million (US$ 0.3 million), or 6%, to INR 374.3 million (US$ 5.4
million) compared to the same period in 2017. The increase in general and administrative expenses was lower than the
increase in revenue due to economies of scale of operations.
Depreciation and Amortization
Effective October 1, 2018, the Company extended the estimated useful life of most of its utility
scale projects from 25 years to 35 years. This change in accounting estimate was based on the Company's various technical
evaluations and tests, through which the Company estimated that its solar modules will continue to generate power for at least 35
years at high efficiency levels.
Depreciation and amortization expenses during the three months ended December 31, 2018 increased
by INR 1.0 million, or 0.2%, to INR 476.0 million (US$ 6.8 million) compared to the same period in
2017. 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.
Interest Expense, Net
Net interest expense during the three months ended December 31, 2018 decreased by INR 14.1
million (US$ 0.2 million), or 1%, to INR 1,115.8 million (US$ 16.0
million) compared to the same period in 2017. Interest expense decreased on account of increase in interest income partly
offset by borrowings for new projects during the quarter ended December 31, 2018.
Loss on Foreign Currency Exchange
Foreign exchange loss during the three months ended December 31, 2018 increased by INR 108.7
million (US$ 1.6 million) compared to the same period in 2017 to a loss of INR 17.9 million
(US$ 0.3 million). The foreign exchange loss increased primarily on account of realized foreign
currency payments.
Income Tax Expense / (Benefit)
Income tax expense increased by INR 213.5 million (US$ 3.1 million) to INR 62.5 million
(US$ 0.9 million) during the three months ended December 31, 2018
reflecting an increase in profits during the third quarter of 2019.
Net Profit
The net profit for the quarter ended December 31, 2018 was INR 165.3 million (US$ 2.4 million) as compared to a net loss of INR 136.2 million for the quarter ended December 31, 2017, reflecting an improvement of INR 301.5 million (US$ 4.3
million) as compared to the same period in 2017. 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 nine months ended December 31, 2018 was INR
789.0 million (US$ 11.3 million), an increase of INR 383.5 million (US$ 5.5
million) as compared to the prior comparable period, primarily due to increase in revenue during the period.
Cash used in investing activities for the nine months ended December 31, 2018 was INR 13,114.3
million (US$ 188.5 million) compared to INR 16,303.3 million for the prior comparable period. The
cash outflow was primarily due to INR 14,590.9 million (US$ 209.7 million) incurred to purchase
Property, Plant and Equipment.
Cash generated from financing activities increased by INR 8,357.4 million (US$ 120.1 million) to
INR 25,114.4 million (US$ 360.9 million), primarily on account of the public issuance of equity
shares and new debt raised during the period.
Liquidity Position
As of December 31, 2018, the Company had INR 17,451.0 million (US$ 250.8
million) of cash, cash equivalents and current investments. The Company had undrawn project debt commitments of INR
12,404.3 million (US$ 178.3 million) as of December 31, 2018 and a
working capital facility of INR 7,238.0 million (US$ 104.0 million).
Adjusted EBITDA
Adjusted EBITDA during the three months ended December 31, 2018 increased by INR 610.6 million
(US$ 8.8 million) or 50%, as compared to the same period in 2017 to INR 1,837.5 million
(US$ 26.4 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 December 31, 2018 was US$ 0.05, as compared to a loss per share of US$ 0.03 for the prior comparable
period.
Guidance for Fiscal Year 2019 and Fiscal Year 2020
The following statements are based on current expectations. These statements are forward-looking and actual results may differ
materially. The Company continues to expect to have 1,300 – 1,400 MWs operational by March 31, 2019
and revenue between US$ 143 – 151 million for fiscal year ending March 31,
2019. We expect revenue for the year ending March 31, 2019 to be closer to the lower end of
the range as the exchange rate at the time of issuing initial guidance was at INR 63.83 to US$
1.00; the depreciation of Indian Rupee from INR 63.83 to INR 69.58 to US$ 1.00, a reduction
of INR 5.75 or 9%.
With a robust pipeline and strong execution capabilities, we expect to continue to deliver high growth in the next fiscal year
ended March 31, 2020. For fiscal year March 31, 2020, the Company
expects to have 1,800 – 1,900 MWs operational. In addition, the Company is guiding to revenues of between INR 12,770 – 13,350
million (US$ 184 – 192 million at the December 31, 2018 exchange rate
of INR 69.58 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 Wednesday, February
13, 2019 at 8:30 a.m. 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 entering the passcode 8625623. 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
Wednesday, February 20, 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 10128039. 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 69.58
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 December 31, 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 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.
Investor Relation Contacts:
For investor enquiries, please contact Nathan Judge, CFA at ir@azurepower.com. For media related information, please contact Samitla Subba at
pr@azurepower.com.
AZURE POWER GLOBAL LIMITED
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CONDENSED CONSOLIDATED BALANCE SHEETS
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As of
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As of
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March 31,
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December 31,
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2018
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2018
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2018
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(INR)
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(INR)
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(US$)
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(Unaudited)
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(in thousands)
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Assets
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Current assets:
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Cash and cash equivalents
|
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|
8,346,526
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17,451,023
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250,805
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Investments in available for sale securities
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1,383,573
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|
—
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—
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Restricted cash
|
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|
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|
2,406,569
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5,487,815
|
78,871
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Accounts receivable, net
|
|
|
|
|
2,223,455
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2,494,264
|
35,847
|
|
|
|
Prepaid expenses and other current assets
|
|
|
|
|
1,114,482
|
1,703,700
|
24,485
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|
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|
|
|
|
|
|
|
|
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|
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|
|
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Total current assets
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|
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|
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15,474,605
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27,136,802
|
390,008
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Restricted cash
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329,926
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885,575
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12,727
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Property, plant and equipment, net
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56,580,700
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70,409,413
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1,011,920
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Software, net
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39,802
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45,920
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|
|
660
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Deferred income taxes
|
|
|
|
|
1,052,393
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1,152,301
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16,561
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Investments in held-to-maturity securities
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|
7,041
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7,549
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|
|
108
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Other assets
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499,653
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4,396,596
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63,190
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|
|
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|
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|
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|
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Total assets
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|
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73,984,120
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104,034,156
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1,495,174
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Liabilities and shareholders' equity
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Current liabilities:
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|
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|
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|
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Short-term debt
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|
835,000
|
3,819,148
|
54,889
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|
|
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Accounts payable
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|
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|
1,521,854
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2,286,467
|
32,861
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|
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Current portion of long-term debt
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|
|
|
873,883
|
2,515,949
|
36,159
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|
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Income taxes payable
|
|
|
|
|
5,878
|
11,421
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|
|
164
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|
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Interest payable
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|
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|
1,220,463
|
468,598
|
6,735
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Deferred revenue
|
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|
79,192
|
81,999
|
1,178
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|
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Other liabilities
|
|
|
|
|
|
611,598
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973,979
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13,998
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|
|
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|
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|
|
|
|
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Total current liabilities
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|
|
|
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|
5,147,868
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10,157,561
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145,984
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Long-term debt
|
|
|
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|
52,234,940
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63,950,986
|
919,100
|
|
|
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Deferred revenue
|
|
|
|
|
1,563,732
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1,434,572
|
20,618
|
|
|
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Deferred income taxes
|
|
|
|
|
892,138
|
1,311,173
|
18,844
|
|
|
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Asset retirement obligations
|
|
|
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|
356,649
|
583,823
|
8,391
|
|
|
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Other liabilities
|
|
|
|
|
|
513,344
|
252,571
|
3,630
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|
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|
|
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|
|
|
|
|
|
|
|
|
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Total liabilities
|
|
|
|
|
|
60,708,671
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77,690,686
|
1,116,567
|
|
|
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Shareholders' equity
|
|
|
|
|
|
|
|
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|
|
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|
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Equity shares (US$ 0.000625 par value; 25,996,932 and 40,940,212 shares
issued and outstanding as of
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|
|
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March 31, 2018 and December 31, 2018)
|
|
|
|
1,076
|
1,769
|
|
|
25
|
|
|
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Additional paid-in capital
|
|
|
|
|
19,004,604
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32,668,008
|
469,503
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Accumulated deficit
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|
|
|
|
(6,593,471)
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(6,519,630)
|
(93,700)
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Accumulated other comprehensive income (loss)
|
|
|
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|
(294,672)
|
(968,125)
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(13,914)
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Total APGL shareholders' equity
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|
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|
12,117,537
|
25,182,022
|
361,914
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|
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Non-controlling interest
|
|
|
|
|
|
1,157,912
|
1,161,448
|
16,693
|
|
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|
|
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|
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|
|
|
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|
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Total shareholders' equity
|
|
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|
13,275,449
|
26,343,470
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378,607
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|
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|
|
|
|
|
|
|
|
|
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|
Total liabilities and shareholders' equity
|
|
|
|
|
73,984,120
|
104,034,156
|
1,495,174
|
|
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|
|
|
|
|
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AZURE POWER GLOBAL LIMITED
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UNAUDITED INTERIM CONSOLIDATED INCOME STATEMENTS
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|
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|
Three months ended December 31,
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Nine months ended December 31,
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2017
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2018
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2018
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2017
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2018
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2018
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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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(in thousands, except per share data)
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Operating revenues:
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Sale of power
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1,739,850
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2,430,776
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34,935
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5,441,579
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7,079,008
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101,739
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Operating costs and expenses:
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Cost of operations (exclusive of depreciation and amortization
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shown separately below)
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158,384
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218,951
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3,147
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476,597
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613,241
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8,813
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General and administrative
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354,542
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374,282
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5,379
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769,224
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864,816
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12,429
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Depreciation and amortization
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474,930
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475,973
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6,841
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1,357,667
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1,627,108
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23,385
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Total operating cost and expenses
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987,856
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1,069,206
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15,367
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2,603,488
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3,105,165
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44,627
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Operating income
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751,994
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1,361,570
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19,568
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2,838,091
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3,973,843
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57,112
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Other expense:
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Interest expense, net
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1,129,929
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1,115,802
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16,036
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4,334,514
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3,446,300
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49,530
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(Gain)/Loss on foreign currency exchange, net
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(90,825)
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17,884
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257
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(52,566)
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458,950
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6,596
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Total other expenses
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1,039,104
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1,133,686
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16,293
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4,281,948
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3,905,250
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56,126
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Profit/(Loss) before income tax
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(287,110)
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227,884
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3,275
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(1,443,857)
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68,593
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986
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Income tax (expense) / benefit
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150,948
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(62,545)
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(899)
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274,023
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(171,056)
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(2,458)
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Net Profit/(loss)
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(136,162)
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165,339
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2,376
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(1,169,834)
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(102,463)
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(1,472)
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Net profit/(loss) attributable to non-controlling interest
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(69,761)
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22,336
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321
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(203,916)
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42,111
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605
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Net Profit/(loss) attributable to APGL
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(66,401)
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143,003
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2,055
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(965,918)
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(144,574)
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(2,077)
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Accretion to redeemable non-controlling interest
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15,700
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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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(50,701)
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143,003
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2,055
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(972,315)
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(144,574)
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(2,077)
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Net Profit/(loss) per share attributable to APGL equity
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stockholders
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Basic / diluted
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(2)
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4
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0.05
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(37)
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(5)
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(0.07)
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Shares used in computing basic and diluted per share amounts
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Equity shares
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25,985,057
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39,745,291
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25,968,240
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30,466,892
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|
AZURE POWER GLOBAL LIMITED
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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Three months ended December 31,
|
Nine months ended December 31,
|
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|
|
|
|
|
|
|
2017
|
|
2018
|
|
2018
|
|
2017
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|
2018
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|
2018
|
|
|
|
|
|
|
|
|
INR
|
|
INR
|
|
US$
|
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INR
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INR
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US$
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(in thousands)
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Net cash provided by operating activities
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177,720
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(225,385)
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(3,239)
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405,543
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789,008
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11,340
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Net cash used in investing activities
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(9,010,339)
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(5,565,048)
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(79,981)
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(16,303,268)
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(13,114,270)
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(188,478)
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Net cash provided by financing activities
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1,406,012
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16,657,130
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239,395
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16,756,967
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25,114,391
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360,943
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RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP
MEASURES
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The table below sets forth a reconciliation of our income from operations
to Adjusted EBITDA for the periods indicated:
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|
|
Three months ended December 31,
|
|
Nine months ended December 31,
|
|
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
|
|
INR
|
|
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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(in thousands)
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Net Profit / (Loss)
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(136,162)
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165,339
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2,376
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(1,169,834)
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(102,463)
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(1,472)
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Income tax expense/(benefit)
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(150,948)
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62,545
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899
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(274,023)
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171,056
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2,458
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Interest expense, net
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1,129,929
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1,115,802
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16,036
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4,334,514
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3,446,300
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49,530
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Depreciation and amortization
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474,930
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475,973
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6,841
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1,357,667
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1,627,108
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23,385
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Loss on foreign currency exchange, net
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(90,825)
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17,884
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257
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(52,566)
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458,950
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6,596
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Adjusted EBITDA
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1,226,924
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1,837,543
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26,409
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4,195,758
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5,600,951
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80,497
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Investor Contact
Nathan Judge, CFA
ir@azurepower.com
Investor Relations, Azure Power
Media Contact
Samitla Subba
pr@azurepower.com
+91-11- 4940 9854
Marketing, Azure Power