Due to the inclusion of new renewables projects, Azure Power exceeded the higher end of its revenue projection for the third fiscal quarter.
The Indian independent power producer’s revenue climbed 27 percent year over year to US$60.2 million in the quarter ending December 2021, above the upper end of its previous projection by more than US$2 million.
This was due in part to the firm commissioning 313MWac of renewables during the quarter, bringing its total operational capacity to 2,523MW, up 37% from the previous year’s third quarter.
“We continue to see steady improvements on key operational parameters we report,” said Azure Power CEO Ranjit Gupta, noting that the signing of separate power purchase agreements with the Solar Energy Corporation of India (SECI) for 2,933MW of PV projects was the most significant milestone for the company in recent months.
“This 2.9GW capacity assures sustained base growth for Azure over the next four fiscal years and the attractive tariffs provide a long runway of profitable, value accretive growth,” Gupta said during a conference call with investors.
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