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Azure Power Global (AZRE) Q2 Earnings Beat, Revenues Up Y/Y
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Azure Power Global Limited reported second-quarter fiscal 2022 loss of 9 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 11 cents. The figure was also narrower than a loss of 10 cents reported in the prior-year quarter.
Revenues
Azure Power Global’s revenues of $59.1 million in the fiscal second quarter surpassed the Zacks Consensus Estimate of $51 million by 16%. Revenues improved 25% from the year-ago quarter’s figure. The increase was driven by revenues generated from projects, which were commissioned after Sep 30, 2020. Additional revenues generated from sale of carbon credits contributed to this year-over-year revenue growth.
Azure Power Global Price, Consensus and EPS Surprise
Total costs of operations were $4.8 million during the second quarter of fiscal 2022, up 15% year over year. This cost expansion was on account of increase in operational expenses from projects commissioned after the quarter ended Sep 30, 2020.
Net interest expenses in the quarter were $32.6 million, up 19% 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 Sep 30, 2021, were 6,955 MWs.
Electricity generation, during the quarter ended Sep 30, 2021, was 1,001 million kWh (kilowatt), reflecting an increase of 30% on a year-over-year basis. The increase in electricity generation was primarily on account of additional operating capacity during the period, including the company’s Rooftop portfolio.
Financial Performance
Azure Power Global had $128.3 million of cash and cash equivalents as of Sep 30, 2021, up from $151.8 million as of Jun 30, 2021.
The company’s long-term debt was $1,172.2 million at the end of fiscal second-quarter 2022 compared with $1,229.4 million as of Jun 30, 2021.
Net cash from operating activities was $12.4 million at the end of fiscal second-quarter 2022 compared with $40.7 million as of Sep 30, 2020.
Fiscal 2022 Guidance
For the fiscal year ending Mar 31, 2022, Azure Power Global expects to have 2,750-2,955 MWs in operation and revenues of $241-$255 million. The Zacks Consensus Estimate for its fiscal 2022 revenues stands at $241.5 million, which lies below the mid-point of the company’s guided range.
For the third quarter of fiscal 2022, the company anticipates revenues in the band of $55.3-$58 million. The Zacks Consensus Estimate for third-quarter revenues stands at $60.3 million, which is higher than the company’s guided range.
Enphase Energy (ENPH - Free Report) reported third-quarter 2021 adjusted earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 47 cents by 27.7%.
The Zacks Consensus Estimate of $2.26 per share for 2021 earnings has been revised upwards by 16.5%. The long-term earnings growth rate for ENPH is pegged at 38.47%. Impressively, shares of Enphase Energy have appreciated 48.2% in the last one year.
FirstSolar (FSLR - Free Report) reported third-quarter 2021 adjusted earnings of 42 cents per share, which missed the Zacks Consensus Estimate of 63 cents by 33.3%. Its third-quarter sales were $584 million, which lagged the Zacks Consensus Estimate of $699 million by 16.5%.
First Solar anticipates earnings to be $4.00-$4.60 per share on sales of $2.88-3.10 billion in 2021. The stock has returned 12.3% in the past year.
SolarEdge Technologies (SEDG - Free Report) reported third-quarter adjusted earnings of $1.45 per share, which surpassed the Zacks Consensus Estimate of $1.38 by 5.1%. SolarEdge’s revenues of $526.4 million in the third quarter lagged the Zacks Consensus Estimate of $530 million by 0.6%.
For fourth-quarter 2021, SolarEdge expects revenues to be $530-$560 million. The stock has gained 5.4% in the past year.
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Azure Power Global (AZRE) Q2 Earnings Beat, Revenues Up Y/Y
Azure Power Global Limited reported second-quarter fiscal 2022 loss of 9 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 11 cents. The figure was also narrower than a loss of 10 cents reported in the prior-year quarter.
Revenues
Azure Power Global’s revenues of $59.1 million in the fiscal second quarter surpassed the Zacks Consensus Estimate of $51 million by 16%. Revenues improved 25% from the year-ago quarter’s figure. The increase was driven by revenues generated from projects, which were commissioned after Sep 30, 2020. Additional revenues generated from sale of carbon credits contributed to this year-over-year revenue growth.
Azure Power Global Price, Consensus and EPS Surprise
Azure Power Global price-consensus-eps-surprise-chart | Azure Power Global Quote
Operational Highlights
Total costs of operations were $4.8 million during the second quarter of fiscal 2022, up 15% year over year. This cost expansion was on account of increase in operational expenses from projects commissioned after the quarter ended Sep 30, 2020.
Net interest expenses in the quarter were $32.6 million, up 19% 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 Sep 30, 2021, were 6,955 MWs.
Electricity generation, during the quarter ended Sep 30, 2021, was 1,001 million kWh (kilowatt), reflecting an increase of 30% on a year-over-year basis. The increase in electricity generation was primarily on account of additional operating capacity during the period, including the company’s Rooftop portfolio.
Financial Performance
Azure Power Global had $128.3 million of cash and cash equivalents as of Sep 30, 2021, up from $151.8 million as of Jun 30, 2021.
The company’s long-term debt was $1,172.2 million at the end of fiscal second-quarter 2022 compared with $1,229.4 million as of Jun 30, 2021.
Net cash from operating activities was $12.4 million at the end of fiscal second-quarter 2022 compared with $40.7 million as of Sep 30, 2020.
Fiscal 2022 Guidance
For the fiscal year ending Mar 31, 2022, Azure Power Global expects to have 2,750-2,955 MWs in operation and revenues of $241-$255 million. The Zacks Consensus Estimate for its fiscal 2022 revenues stands at $241.5 million, which lies below the mid-point of the company’s guided range.
For the third quarter of fiscal 2022, the company anticipates revenues in the band of $55.3-$58 million. The Zacks Consensus Estimate for third-quarter revenues stands at $60.3 million, which is higher than 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.
Solar Releases
Enphase Energy (ENPH - Free Report) reported third-quarter 2021 adjusted earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 47 cents by 27.7%.
The Zacks Consensus Estimate of $2.26 per share for 2021 earnings has been revised upwards by 16.5%. The long-term earnings growth rate for ENPH is pegged at 38.47%. Impressively, shares of Enphase Energy have appreciated 48.2% in the last one year.
FirstSolar (FSLR - Free Report) reported third-quarter 2021 adjusted earnings of 42 cents per share, which missed the Zacks Consensus Estimate of 63 cents by 33.3%. Its third-quarter sales were $584 million, which lagged the Zacks Consensus Estimate of $699 million by 16.5%.
First Solar anticipates earnings to be $4.00-$4.60 per share on sales of $2.88-3.10 billion in 2021. The stock has returned 12.3% in the past year.
SolarEdge Technologies (SEDG - Free Report) reported third-quarter adjusted earnings of $1.45 per share, which surpassed the Zacks Consensus Estimate of $1.38 by 5.1%. SolarEdge’s revenues of $526.4 million in the third quarter lagged the Zacks Consensus Estimate of $530 million by 0.6%.
For fourth-quarter 2021, SolarEdge expects revenues to be $530-$560 million. The stock has gained 5.4% in the past year.