Azure Power (AZRE) Misses Q1 EPS by 5c, Revenues Beat; Offers FY20 Revenue Guidance

August 12, 2019 6:03 AM EDT
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Azure Power (NYSE: AZRE) reported Q1 EPS of $0.03, $0.05 worse than the analyst estimate of $0.08. Revenue for the quarter came in at $49.2 million versus the consensus estimate of $46.35 million.

Fiscal First Quarter 2020 Period Ended June 30, 2019 Operating Highlights:

  • Net income of INR 90.2 million (US$ 1.3 million) for the quarter ended June 30, 2019 as compared to INR 29.8 million for quarter ended June 30, 2018.
  • Operating Megawatts ("MW") were 1,609 MW, as of June 30, 2019, an increase of 59% over quarter ended June 30, 2018.
  • Operating and Committed Megawatts were 3,351 MW, as of quarter ended June 30, 2019, an increase of 57% over quarter ended June 30, 2018.
  • Revenue for the quarter ended June 30, 2019 was INR 3,389.3 million (US$ 49.2 million), an increase of 40 % over the quarter ended June 30, 2018.
  • Adjusted EBITDA for the quarter ended June 30, 2019 was INR 2,447.7 million (US$ 35.5 million), an increase of 25% over the quarter ended June 30, 2018.

GUIDANCE:

Azure Power sees FY2020 revenue of $185-194 million, versus the consensus of $192.09 million.

  • With a robust pipeline and strong execution capabilities, the Company expects to continue to deliver high growth for fiscal year ending March 31, 2020. For fiscal year ending March 31, 2020, the Company continues to expect to have between 1,800 – 1,900 MWs operational.
  • In addition, the Company is reiterating its guidance of revenues of between INR 12,770 – 13,350 million (or US$ 185– 194 million at the June 30, 2019 exchange rate of INR 68.92 to US$ 1.00) for fiscal year ending March 31, 2020.

For earnings history and earnings-related data on Azure Power (AZRE) click here.



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