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Azure Power Global (AZRE) Q1 Earnings Beat, Shares Up 15%

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Azure Power Global Ltd.'s AZRE share price witnessed a 15% hike to reach $22.46 on Aug 31, after the release of its first-quarter fiscal 2022 results.

The company reported first-quarter fiscal 2022 earnings of 19 cents per share, which surpassed the Zacks Consensus Estimate of 3 cents by a massive 533.3%. The company’s bottom line surged 171.4% from earnings of 7 cents per share in the prior-year quarter.

Revenues

Azure Power Global’s revenues of $59.7 million in the quarter surpassed the Zacks Consensus Estimate of $58 million by 3.1%. Moreover, revenues increased 13% from the year-ago quarter’s figure. The increase was driven by revenues generated from projects, which were commissioned after Jun 30, 2020.

Azure Power Global Ltd. Price, Consensus and EPS Surprise

Azure Power Global Ltd. Price, Consensus and EPS Surprise
Azure Power Global Ltd. Price, Consensus and EPS Surprise

Azure Power Global Ltd. price-consensus-eps-surprise-chart | Azure Power Global Ltd. Quote

Operational Highlights

Total operating costs and expenses were $21.6 million at the end of fiscal first-quarter 2022, up 16.8% year over year. Operating expenses in the reported quarter increased on account of higher cost of operations, general and administrative expenses as well as depreciation and amortization expenses.

Net interest expenses during the quarter were $30.2 million, up 5.2% year over year. The increase in net interest expenses was primarily due to additional interest expenses related to projects commissioned during the past 12 months.

Key Highlights

Operating, contracted and awarded megawatts (MW), as of Jun 30, 2021, were 6,955 MWs, flat year over year.

Electricity generation, during the quarter ended Jun 30, 2021, was 1,112 million kWh, marking an increase of 25.8% on a year-over-year basis. The increase in electricity generation was principally the result of additional operating capacity during the period, including the company’s Rooftop portfolio.

Financial Performance

Azure Power Global had $90.6 million of cash and cash equivalents as of Jun 30, 2021, down from $151.8 million as of Mar 31, 2021.

The company’s long-term debt was $1,215.5 million at the end of fiscal first-quarter 2022 compared with $1,229.4 million as of Mar 31, 2021.

Net cash from operating activities was $12.7 million at the end of fiscal first-quarter 2022 against cash outflow of $7.5 million as of Jun 30, 2020.

Fiscal 2022 Guidance

For the fiscal year ending Mar 31, 2022, Azure Power Global still expects to have 2,750-2,955 MWs in operation and revenues of $241-$254 million. Currently, the Zacks Consensus Estimate for the company’s fiscal 2022 revenues is pegged at $251.7 million, which lies near the high end of the company’s guided range.

Zacks Rank

Azure Power Global currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Solar Releases

Canadian Solar CSIQ reported second-quarter earnings of 18 cents per share. The Zacks Consensus Estimate was pegged at a loss per share of 31 cents.

Enphase Energy ENPH delivered second-quarter adjusted earnings of 53 cents per share, which surpassed the Zacks Consensus Estimate of 42 cents.

First Solar Inc. FSLR reported adjusted earnings of 77 cents per share, which outpaced the Zacks Consensus Estimate of 60 cents for the June-end quarter.


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First Solar, Inc. (FSLR) : Free Stock Analysis Report

Canadian Solar Inc. (CSIQ) : Free Stock Analysis Report

Enphase Energy, Inc. (ENPH) : Free Stock Analysis Report

Azure Power Global Ltd. (AZRE) : Free Stock Analysis Report

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