Azure Power Posts ₹4.48 Billion Revenue, 27% YoY Growth in Q3 FY 2022

The company has 2.52 GW of operating solar assets as of Q3 FY 2022


Azure Power, an independent solar power producer, reported operating revenue of ₹4.48 billion (~$60.2 million) in the third quarter (Q3) of the fiscal year (FY) 2022, a 27% year-over-year (YoY) increase from ₹3.52 billion (~$46.52 million) in the same period last year.

Its net loss decreased 43.93% YoY in Q3 FY 2022 to ₹610 million (~$8.2 million) from ₹1.08 billion (~$14.30 million) in Q3 FY 2021. The decline in the loss was mainly due to additional revenue from consumers, reversal of stock appreciation rights expense, offset by an increase in interest and tax expenses.

In Q3 FY 2022, the solar producer’s earnings before interest, taxes, depreciation, and amortization (EBIDTA) were ₹3.93 billion (~$52.9 million), a 152% YoY growth. The increase was mainly due to additional revenue from new projects, consumers, and reversal of stock appreciation rights expenses.

The company has also recently refinanced its project financing facility.

Pawan Kumar Agarwal, the chief financial officer, commented, “We made substantial progress on refinancing operational projects this year. Prime example is our largest project, Rajasthan 6, SECI 600 MW, which we have fully refinanced in just over a month of commissioning at the lowest interest rate for any project in our portfolio at 7.2% p.a., fixed for the next 42 months. Our overall average interest rate continues to see a substantial decline this year, from 9.2% at last fiscal closing to 8.8% at this quarter end. The average further improves to ~8.5% considering refinancings.”

As of Q3 FY 2022, the company has 2.52 GW of operating solar projects, a 37% YoY increase. Its operating contracted, and awarded solar capacity stood at 7.42 GW. It commissioned 313 MW (AC) solar capacity during the quarter and 533 MW (AC) in the first nine months (9M) of FY 2022.

In Q3 FY 2022, power generation stood at 1,068 million kWh, a 36% increase compared to the electricity generated in the same quarter last year.

Key Performance Metrics

9M FY 2022

In the first nine months (9M) of FY 2022, Azure posted revenue of ₹13.31 billion (~$178. 9 million), a 21.34% YoY growth compared to ₹10.96 billion (~$145.49 million) in 9M FY 2021.

Its net loss decreased 84.89% YoY to ₹213 million (~$2.9 million) in 9M FY 2022 from ₹1.41 billion (~$18.71 million) in the same period last year.

For FY 2022, the company expects 2,855 MW – 2,955 MW of operational solar capacity. Its revenue is expected to be between ₹5.1 billion (~$68 million) and ₹5.2 billion (~$70 million) in Q4 FY 2022.

Azure Power’s project cost per MW(AC) was ₹33.9 million (~$448,445) in 9M FY 2022, and the project cost per MW (DC) was ₹35.9 million (~$474,958). Excluding the impact of safeguard duty, the DC and AC costs per MW could have been lower by ₹2 million (~$26,465) and ₹2.1 million (~$27,789), respectively.

In 9M FY 2022, electricity generation was 3,181 million kWh, a 31% growth compared to the power generated in 9M FY 2021. The increase in power generation was mainly due to 689 MW AC (805 MW DC) operating capacity, including rooftop portfolio.

The plant load factor (PLF) for Q3 and 9M FY 2022 was 19.6% and 21.1%, compared to 19.3% and 20.1%, respectively, in the same period last year. The increase was mainly because of AC and DC capacity and improved project performance.


Talking about the environmental, social, and (corporate) governance initiatives, the company noted that it had reduced water consumption from 122 liter/MWh in 2017-18 to 49 liter/MWh in 2020-21, and 30 liter/MWh in 2021-22. The company aims to be net water neutral by 2023.

Last month, Azure Power Global announced the close of the subscription period for its rights offering. It was expected to raise ₹249.93 million from the rights offering, backstopped by its shareholders CDPQ Infrastructure and OMERS Infrastructure Asia Holdings.

Harsh Shukla is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.

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