Azure salutes green growth
Revenue and earnings grow at Indian clean power developer in Q1 2019 FY
Indian renewables developer Azure Power revenue rose to Rs2422.5m (€30.5m) in the first quarter of the 2019 financial year, up 29% from the Rs1877.9m posted in the same period last year.
Adjusted earnings also grew to Rs1955.7m, a 33% jump on the Rs1469.3m reported in 2017.
The company said the increases were mainly down to new capacity operating during the period.
Generation increased by 38% or 111 million kilowatt-hours in the period to 400.8 million kWh in the three months ended 30 June.
Operating and committed capacity hit 2141MW at the end of the first quarter, compared with 1072MW last year.
The company expects to have 1.3GW to 1.4GW operational by the end of March 2019 and revenue in region of $143m to $151m.
Image: Azure Power