Recent 4 GW Project Win Is Value Accretive
Review of Q4 FY'20 Results
% Change
Adjusted Q4FY'20
(in million)
Reported
4Q FY'19
Reported
Reported
4Q FY'20 After
4Q FY'20
4Q FY'20
Adjustments*
US$
Adjustments
INR
INR
US$
US$
vs Q4FY'19
Revenue
2,847
3,675
48.7
0.6
49.3
31%
Cost of Operations
256
329
4.3
Administrative
4.3
29%
11.3
67%
General &
449
699
9.3
(2.2)
7.1
19%
Expenses
Non-GAAP Adjusted
2,142
2,647
35.1
(2.8)
37.9
33%
EBITDA*
Depreciation and
510
850
11.3
Amortization
Interest Expense, net
(including other
1,427
1,921
25.4
(1.3)
24.1
25%
income)
Loss (gain) on
Foreign Currency
(18)
188
2.5
(2.1)
0.4
NM
Exchange
Income tax (benefit) /
(18)
82
1.1
(1.3)
(0.2)
NM
expense
(394)
(5.2)
(7.3)
Net Profit/(Loss)
241
2.1
(31%)
Comments
41% increase in operational DC MWs. $0.6 mn
adjustment is for AP curtailment
O&M cost/MW-qtr was ~$2,000 reflecting productivity
improvement offset by higher lease costs from plants
commissioned in solar parks during FY'20
Increased primarily due to $1.6mn from lease costs.
Additional expenses related to management transition
and stock appreciation rights totaling $2.2 mn
A 33% YoY increase after adjustments
41% YoY increase in operational DC MWs; including
full quarter of depreciation for plants commissioned
during 4Q'19
Increase in operational MWs and lower interest
income. Excludes $1.3 mn of refinancing charges
Adjustment for US$ 2.1 mn loss on the reinstatement
of foreign currency loans related to depreciation of the
INR against the USD
Adjustment of $1.3 mn for deferred tax assets related
to elimination of EPC margin
4Q'20 adjusted net income of US$2.1 million
Exchange rate INR 75.39 to US$1 (New York closing rate of March 31, 2020) | *For a reconciliation of Non-GAAP measures to comparable GAAP measures, refer to the Appendix. Refer to earnings press release for further
information. Adjustments are charges or additional items that are non recurring, recurring but expected to be lower going forward or we expect recovery of in the future.
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