Recent 4 GW Project Win Is Value Accretive
Cash Flow to Equity (CFe)
For the year ended
March 31, 2019
For the year ended
March 31, 2020
(US$ millions)
Sale of power
Cost of operations
General and administrative
Depreciation and amortization
Operating income
Operating
Others
Total
Operating
Others
Total
131.7
131.7
171.9
171.9
11.5
11.5
15.2
15.2
7.1
10.3
17.4
15.1
17.1
32.3
28.0
0.3
28.3
37.2
0.7
37.9
85.0
(10.6)
74.4
104.3
(17.8)
86.5
Interest expense,
net
63.6
3.0
66.6
99.6
6.0
105.6
Other income
(0.2)
(1.7)
(2.0)
(0.5)
(0.9)
(1.4)
Loss on foreign currency exchange, net
3.4
2.4
5.8
5.5
1.3
6.8
Profit before Income Tax
18.2
(14.3)
3.9
(0.3)
(24.2)
(24.5)
Add: Depreciation
28.0
0.3
28.3
37.2
0.7
37.9
Add: Foreign exchange loss, net
3.4
2.4
5.8
5.5
1.3
6.8
Add: Ancillary cost of borrowing
2.4
1.2
3.5
5.2
4.2
9.4
Add: Other items from the Statement of Cash
Flows (1)
2.4
(0.6)
1.8
10.1
2.5
12.5
Less: Cash paid for income taxes
(6.4)
(1.7)
(8.2)
(6.5)
(2.8)
(9.2)
Less: Debt Amortization (2)
(10.7)
(10.7)
(8.2)
(8.2)
Less: Maintenance Capital expenditure (3)
CFe
37.3
(12.8)
24.5
43.0
(18.3)
24.7
All amounts for fiscal years 2019 and 2018 have been translated at an exchange rate of INR 75.39 to US$1 (New York closing rate of March 31, 2020) for the convenience of the reader.
30|Copyright © 2020 Azure Power |www.azurepower.com
®
Azure PowerⓇView entire presentation