Azure Power is showing signs of a strong year, where it has taken advantage of falling project costs per megawatt to win several new projects and post a major increase in revenues.
The company’s latest financial results for Q3 fiscal 2017 – up to December 31st 2016 show a strong performance, with EBITDA rising to INR 696.4 million (US$10.3 millon), a 49% increase over Q3 2015. Azure cited a 46% increase in operating revenue, up to INR 948.8 million (US$14 million) as the primary driver for the EBITDA increase.
India’s burgeoning PV market has provided Azure Power the opportunity to win and connect large scale projects, recently including three 50 MW plants completed in Punjab, and a successful bid for 50 MW of projects in Andhra Pradesh. Azure has increased its operational & commited capacity to 1071 MW as of December 31st 2016, compared with 267 MW one year earlier.
These quarterly results continue to look encouraging on the 9-month timeline, with Azure posting total revenue of INR 2,865.4 million (US$42.2 million) during the 9 months leading to Dec. 31st, an increase of 54%.