Azure Power Announces Results for Fiscal 4th Quarter 2019.

EBENE, Mauritius: 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 fourth quarter ended March 31, 2019.

Fiscal Fourth Quarter 2019 Year Ended March 31, 2019 Operating Highlights:

Net profit of INR 241.0 million (US$ 3.5 million) and INR 138.5 million (US$ 2.0 million) for the quarter and year ended March, 31, 2019, respectively.

Operating Megawatts (MW) were 1,441 MWs as of March 31, 2019, an increase of 58% over March 31, 2018.

Operating & Committed Megawatts were 3,356 MWs as of March 31, 2019, an increase of 79% over March 31, 2018.

Revenue for the quarter was INR 2,847.2 million (US$ 41.1 million), an increase of 26% over the quarter ended March 31, 2018.

Adjusted EBITDA for the quarter was INR 2,142.5 million (US$ 31.0 million), an increase of 32% over the quarter ended March 31, 2018.

Key Operating Metrics

Electricity generation during the year ended March 31, 2019 increased by 497 million kWh, or 40%, to 1,733 million kWh compared to the year ended March 31, 2018. The increase in electricity generation was principally a result of additional capacity operating during the year.

Total revenue during the year ended March 31, 2019 was INR 9,926.2 million (US$ 143.5 million), up by 29% from INR 7,700.6 million during the year ended March 31, 2018. 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 during the year. The project cost per megawatt operating for the year ended March 31, 2019 decreased by INR 5.7 million (US$ 0.08 million) to INR 40.7 million (US$ 0.59 million). The project cost per megawatt was lower for the year ended March 31, 2019 than the comparable previous year due to lower costs on account of a decline in solar module prices and efficiency gains in balance of system costs.

As of March 31, 2019, our operating and committed megawatts increased by 1,485 MW, or 79% to 3,356 MW compared to March 31, 2018 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...