SolarPV Expert

Azure Power Global Limited (NYSE: AZRE), a leading independent solar power producer in India,
announced its consolidated results under United States Generally Accepted Accounting Principles (“GAAP”) for the fiscal second quarter 2021, period ended September 30, 2020.

Fiscal Second Quarter 2021 Period Ended September 30, 2020 Operating Highlights:

• Operating Megawatts (“MW”) were 1,834 MWs, as of September 30, 2020, an increase of 2% over September 30, 2019. Operating and Committed Megawatts were 7,115 MWs, as of September 30, 2020, an increase of 111% over September 30, 2019. Committed megawatts include 4,000 MWs for which we have received Letters of Award (“LOA”) but the Power Purchase Agreements (“PPAs”) have not yet been signed. PPAs for these 4,000 MWs will follow only after the sale of power is contracted by Solar Energy Corporation of India Limited (“SECI”) under a power sale agreement (“PSA”).

• Operating revenues for the quarter ended September 30, 2020 were INR 3,504 million (US$ 47.6 million), an increase of 23% over the quarter ended September 30, 2019.

• Net loss for the quarter ended September 30, 2020 was INR 368 million (US$ 5.0 million). During the quarter, our results were negatively impacted by an increase in stock appreciation rights (SARs) expense by INR 492 million (US$ 6.7 million) related to the 87% increase in the share price during the quarter. Refer the detailed explanation in the net loss section of the commentary below.

• Adjusted EBITDA for the quarter ended September 30, 2020 was INR 2,318 million (US$ 31.5 million), an increase of 11% over the quarter ended September 30, 2019. During the quarter, our results were negatively impacted by an increase in stock appreciation rights (SARs) expense by INR 492 million (US$ 6.7 million). Refer the detailed explanation in the net loss section of the commentary below.

• Non-GAAP Cash Flow to Equity (“CFe”) for Operating Assets for the quarter ended September 30, 2020 was INR 1,066 million (US$14.5 million), an increase of INR 353 million or 50% over the quarter ended September 30, 2019.

Source: AZURE POWER

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