New Delhi: NYSE-listed independent power producers Azure Power has reported a 29 per cent increase in its revenue in the fourth quarter (Q4) of the financial year 2019-20 (FY20).

The company’s operating revenues for the quarter-ended March 31, 2020 were $48.7 million, an increase of 29 per cent from the same period in last year. This increase was driven by the revenue generated from projects which were commissioned during the period after March 31, 2019 until March 31, 2020.

“Our revenues for the quarter-ended March 31, 2020 were negatively impacted by $0.6 million due to power curtailment in Andhra Pradesh. Our management believes that AP power curtailment is in contempt of a court ruling and we have filed an action for recovery,” Azure Power said in its statement.

The company reported a net loss of $5.2 million for the quarter-ended March 31, 2020. It added that the results were negatively impacted during the quarter by higher charges amounting to $7.3 million, partially offset by higher revenue.

“The net loss for the quarter ended March 31, 2020 increased by $8.4 million to $5.2 million compared to a net profit of Rs 241 million for the same period in 2019,” the company said in a statement.

The company’s cost of operations for the quarter ended March 31, 2020, increased by 29 per cent to $4.3 million from the same period in 2019. This increase in the cost of operations was primarily due to an increase in operational expenses from projects commissioned during the period from April 1, 2019 through March 31, 2020.

The cost of operations during the three month period ended March 31, 2020 per megawatt was about $2,000 during the quarter, in line with the same period in 2019.

According to the statement, the firm had 1,808 MW of operating capacity as of March 31, 2020, an increase of 25 per cent over the same period last year. Their operating and committed capacity was 7,115 MW, as of year ended 31 March, 2020, an increase of 112 per cent over the same period last year.

The company’s plants remained fully operational during COVID-19 and it received payments towards electricity supplied from most of their customers and there has only been minor curtailment of our plants. “Our liquidity position remains sufficient to continue normal operations through at least the end of fiscal year ending March 31, 2021… Financing for our 1,290 MW of under construction projects remain on schedule,” it said.

During the quarter in review, CDPQ had increased its investment in the equity shares of Azure Power and now holds 50.91 per cent of outstanding shares as of March 31, 2020.