Quarter result respectively.
Quarter result respectively.
• Income Tax Expense
Income tax benefit increased during the second quarter period ended September 30, 2016 by INR 26.9 million to INR 53.8 million( US $ 0.8 million). The Company’ s effective income tax rate for the second quarter period ended September 30, 2016 was 19 % as compared to 7 % for the same period in 2015. The increase in income tax benefit and the effective tax rate in the six months ended September 30, 2016 was a result of lower taxable profits generated by AZI, which provides certain engineering, procurement and construction services to its Indian subsidiaries, in the current period.
• Net Loss
Net loss for the second quarter period ended September 30, 2016, was at INR 138.9 million( US $ 2.1 million), a decrease of INR 308.1 million( US $ 4.6 million) as compared to the same period in the previous year. This was primarily due to an increase in operating revenue by 40 %.
• Cash Flow and Working Capital
During the three months ended September 30, 2016, the Company generated INR 7,104.6 million( US $ 106.7 million) from financing activities. This cash inflow was primarily due to proceeds of INR 1,666.5 million( US $ 25.0 million) from issuance of Series I CCPS, new loan proceeds of INR 7,062.2 million( US $ 106.1 million) in the form of term loans from banks for the Karnataka 3 and Punjab 4 solar power plants. These inflows were offset in part by INR 1,624.1 million( US $ 24.4 million) in repayment of loans.
• Liquidity Position
The Company raised equity of INR 1,666.5 million( US $ 25.0 million) during the quarter ended
September 30, 2016 from a pre- IPO financing round. Subsequent to September 30, 2016, the Company has raised INR 9,081.5 million( US $ 136.4 million) from its initial public offering and concurrent private placement. The Company has drawn INR4,970 million( US $ 74.7 million) of project debt during the quarter and has undrawn project debt commitment of INR17,557.1 million( US $ 263.7 million) as of the end of the quarter. The company has secured financing for all committed and under construction projects of 663MW for the calendar year 2017.
• Adjusted EBITDA
Adjusted EBITDA was INR 561 million( US $ 8 million) for the second quarter period ended September 30, 2016, compared to INR 391 million in the second quarter period ended September 30, 2015. This was primarily due to the increase in revenue during the period.
• Guidance for Fiscal Third Quarter 2017 and for the Fiscal Year 2017
The following statements are based on currentexpectations. These statements are forwardlooking and actual results may differ materially. As of December 31, 2016, the Company expects 520 MW to be operational and it expects 950 – 1,050 MW operational by December 31, 2017. The Company expects revenue to be in the range of US $ 64 – 68 million for the fiscal year ending March 31, 2017
• Webcast and Conference Call Information
The Company will report financial results for the second quarter ended September 30, 2016, on Tuesday, November 22, 2016 and hold its quarterly conference call to discuss the results and updated outlook at 9:30 a. m. US Eastern Standard Time. Investors may access a live webcast of this conference call by visiting http:// investors. azurepower. com / events-and-presentations. An archived webcast will be available through the same link following the call. The conference call can be accessed live by dialling 1-888-317-6003( in the U. S.) and 1-412-317-6061( outside the U. S.) and entering the passcode 5573341. A replay will be available approximately two hours after the conclusion of the call till December 22, 2016 and can be accessed by dialling 1-877-344-7529( in the U. S.) and 1-412-317-0088( outside the U. S.) and entering the replay pass code 10096842.
• Exchange Rate
This press release contains translations of certain Indian rupee amounts into U. S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, the translation of Indian rupees into U. S. dollars has been made at INR 66.58 to US $ 1.00, which is the noon buying rate in New York City for cable transfer in non-U. S. currencies as certified for customs purposes by the Federal Reserve Bank of New York on September 30, 2016. The Company makes no representation that the Indian rupee or U. S. dollar amounts referred to in this prospectus could have been converted into U. S. dollars or Indian rupees, as the case may be, at any particular rate or at all.
74
EQ December 2016 www. EQMagPro. com