Azure net loss reduces 44% in Q3 as revenue grows


Azure Power Global Limited, NYSE-listed Indian solar developer, saw its net loss reduce 44% year-on-year (y-o-y) to INR 610 million (US$ 8.2 million) for the quarter ended December 31, 2021 (Q3 FY2021-22).

The developer attributed the decrease in loss primarily to additional revenue from customers, reversal of stock appreciation rights (SARs) expense, offset by an increase in interest and tax expense.

Operating revenues increased 27% y-on-y to INR 4,480 million (US$ 60.2 million) in Q3.

Azure’s overall RE portfolio (operating, contracted, and awarded) stood at 7,425 MW as of December 31, 2021. This included 2,523 MW of operating capacity and 1,537 MW of contracted and awarded megawatts for which it had received Letters of Award (LOA) but power purchase agreements (PPAs) had not been signed as of December 31, 2021.

The developer commissioned 313 MW AC capacity during the three months ended December 31, 2021, and 533 MW AC during the nine months ended December 31, 2021.

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