Equity Funding and Strategic Update slide image

Equity Funding and Strategic Update

Review of Q3 FY'20 Results (in million) 3Q FY'19 INR 3Q FY'20 INR 3Q FY'20 Adjustments US$ 3Q FY'19 After Adjustments US$ US$ Revenue 2,431 3,047 42.6 1.2 43.8 29% % Change Adjusted Q3FY'20 vs Q3FY'19 3.7 22% Comments 54% increase in operational MWs partially offset by extended monsoon (-9% impact on generation) and low rooftop performance; $1.2 mn adjustment is for AP curtailment O&M cost/MW-qtr was 28% lower YoY Excluding charges related to management transition, provisions on accounts receivable and other of $3.8 mn, G&A rose 8% YoY. Cost of Operations 219 267 3.7 General & Administrative 374 676 9.5 (3.8) 5.6 8% Expenses Non-GAAP Adjusted 1,838 2,104 29.5 5.0 34.5 34% EBITDA* Depreciation and 476 717 10.0 10.0 51% Amortization Interest Expense 1,116 (1) 2,450 34.3 (7.1) 27.2 74% (¹) Net Profit/(Loss) 165 (1,357) (19.0) 12.1 (6.9) (1) 3Q FY19 interest expense includes additional $3.6 Mn interest income from follow on equity proceeds Exchange rate INR 71.45 to US$1 (New York closing rate of December 31, 2019) / *For a reconciliation of Non-GAAP measures to comparable GAAP measures, refer to the Appendix 20 Copyright © 2020 Azure Power |www.azurepower.com 54% YoY increase in operational MWs Increase in operational MWs, lower interest income drove increase; excludes $7.1 mn of charges related to second Green Bond issuance Azure Power®
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