Document and Entity Information
Document and Entity Information | 12 Months Ended |
Mar. 31, 2017shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Trading Symbol | AZRE |
Entity Registrant Name | AZURE POWER GLOBAL LTD |
Entity Central Index Key | 1,633,438 |
Current Fiscal Year End Date | --03-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 25,915,956 |
Consolidated Balance Sheets
Consolidated Balance Sheets $ in Thousands | Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | |
Current assets: | ||||
Cash and cash equivalents | ₨ 5,460,670,000 | $ 84,205 | ₨ 3,090,386,000 | |
Investments in available for sale securities | 3,296,797,000 | 50,837 | 0 | |
Restricted cash | 3,629,037,000 | 55,960 | 821,891,000 | |
Accounts receivable, net | 1,138,605,000 | 17,558 | 556,755,000 | |
Deferred IPO cost | 208,731,000 | |||
Prepaid expenses and other current assets | [1] | 495,937,000 | 7,647 | 308,007,000 |
Total current assets | 14,021,046,000 | 216,207 | 4,985,770,000 | |
Restricted cash | 1,383,414,000 | 21,333 | 871,637,000 | |
Property, plant and equipment, net | 40,942,608,000 | 631,343 | 24,381,429,000 | |
Software, net | 15,272,000 | 235 | 14,657,000 | |
Deferred income taxes | 31,429,000 | 485 | 34,661,000 | |
Investments in held to maturity securities | 6,631,000 | 102 | 6,785,000 | |
Other assets | [2] | 1,093,565,000 | 16,863 | 595,901,000 |
Total assets | 57,493,965,000 | 886,568 | 30,890,840,000 | |
Current liabilities: | ||||
Short-term debt | 2,460,240,000 | 37,937 | 1,258,241,000 | |
Accounts payable | 3,618,251,000 | 55,794 | 1,899,488,000 | |
Current portion of long-term debt | 1,554,806,000 | 23,975 | 4,477,696,000 | |
Income taxes payable | 232,420,000 | 3,584 | 45,215,000 | |
Interest payable | 189,309,000 | 2,919 | 126,122,000 | |
Deferred revenue | 79,937,000 | 1,233 | 80,201,000 | |
Other liabilities | 484,477,000 | 7,470 | 214,487,000 | |
Total current liabilities | 8,619,440,000 | 132,912 | 8,101,450,000 | |
Long-term debt | 31,142,762,000 | 480,228 | 18,352,714,000 | |
Deferred revenue | 1,383,691,000 | 21,337 | 1,190,142,000 | |
Deferred income taxes | 1,078,255,000 | 16,627 | 470,048,000 | |
Asset retirement obligations | 242,980,000 | 3,747 | 94,301,000 | |
Other liabilities | 109,151,000 | 1,682 | 39,936,000 | |
Total liabilities | 42,576,279,000 | 656,533 | 28,248,591,000 | |
Preferred shares, INR 10 par value, 805,462 and nil shares designated as compulsorily convertible preferred shares as of March 31, 2016 and 2017, respectively | 9,733,272,000 | |||
Redeemable non-controlling interest | 390,827,000 | 6,027 | 346,754,000 | |
Shareholders' equity/(deficit) | ||||
Equity shares, US$ 0.000625 par value; 1,758,080 and 25,915,956 shares issued and outstanding as of March 31, 2016 and 2017 respectively | 1,073,000 | 17 | 68,000 | |
Additional paid-in capital | 18,904,151,000 | 291,506 | (2,958,166,000) | |
Accumulated deficit | (5,723,420,000) | (88,256) | (4,508,156,000) | |
Accumulated other comprehensive income | 40,326,000 | 622 | 28,807,000 | |
Total APGL shareholders' equity/(deficit) | 13,222,130,000 | 203,889 | (7,437,447,000) | |
Non-controlling interest | 1,304,729,000 | 20,119 | (330,000) | |
Total shareholders' equity/(deficit) | 14,526,859,000 | 224,008 | (7,437,777,000) | |
Total liabilities, preferred share and shareholders' equity/(deficit) | ₨ 57,493,965,000 | $ 886,568 | ₨ 30,890,840,000 | |
[1] | Includes Security deposit of INR Nil and INR 6,407 (US$ 99) to related parties as of 31 March, 2016 and March 31, 2017, respectively, also see Note 18. | |||
[2] | Includes Security deposit of INR 8,567 and INR 2,160 (US$ 33) to related parties as of 31 March, 2016 and March 31, 2017, respectively, also see Note 18. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Thousands | Mar. 31, 2017INR (₨)₨ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016INR (₨)₨ / sharesshares |
Preferred shares, par value | ₨ / shares | ₨ 10 | ₨ 10 | |
Preferred shares, designated as compulsorily convertible preferred shares | 805,462 | ||
Equity shares, par value | $ / shares | $ 0.000625 | ||
Equity shares, issued | 25,915,956 | 25,915,956 | 1,758,080 |
Equity shares, outstanding | 25,915,956 | 25,915,956 | 1,758,080 |
Security deposit | ₨ 2,160,000 | $ 33 | ₨ 8,567,000 |
Prepaid Expenses and Other Current Asset [Member] | |||
Security deposit | 6,407,000 | 99 | 0 |
Other Assets [Member] | |||
Security deposit | ₨ 2,160,000 | $ 33 | ₨ 8,567,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨)₨ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016INR (₨)₨ / sharesshares | Mar. 31, 2015INR (₨)₨ / sharesshares | |
Operating revenues: | ||||
Sale of power | ₨ 4,182,985 | $ 64,502 | ₨ 2,626,148 | ₨ 1,124,138 |
Operating costs and expenses: | ||||
Cost of operations (exclusive of depreciation and amortization shown separately below) | 375,787 | 5,795 | 190,648 | 79,816 |
General and administrative | 797,161 | 12,292 | 672,841 | 425,952 |
Depreciation and amortization | 1,046,565 | 16,138 | 687,781 | 322,430 |
Total operating cost and expenses | 2,219,513 | 34,225 | 1,551,270 | 828,198 |
Operating income | 1,963,472 | 30,277 | 1,074,878 | 295,940 |
Other expense: | ||||
Interest expense, net | 2,371,836 | 36,574 | 2,058,836 | 831,790 |
(Gain)/Loss on foreign currency exchange, net | (109,128) | (1,683) | 343,137 | 299,628 |
Total other expenses | 2,262,708 | 34,891 | 2,401,973 | 1,131,418 |
Loss before income tax | (299,236) | (4,614) | (1,327,095) | (835,478) |
Income tax expense | (892,333) | (13,760) | (327,745) | (253,112) |
Net loss | (1,191,569) | (18,374) | (1,654,840) | (1,088,590) |
Less: Net loss attributable to non-controlling interest | (18,924) | (292) | (4,651) | (5,595) |
Net loss attributable to APGL | (1,172,645) | (18,082) | (1,650,189) | (1,082,995) |
Net loss attributable to APGL equity shareholders | ₨ (1,452,571) | $ (22,399) | ₨ (3,027,937) | ₨ (1,838,202) |
Net loss per share attributable to APGL equity stockholders | ||||
Basic and diluted | (per share) | ₨ (111) | $ (1.72) | ₨ (1,722) | ₨ (1,046) |
Shares used in computing basic and diluted per share amounts | ||||
Equity shares | 13,040,618 | 13,040,618 | 1,758,080 | 1,758,080 |
Compulsorily Convertible Preferred Shares [Member] | ||||
Other expense: | ||||
Accretion to redemption value | ₨ (235,853) | $ (3,637) | ₨ (1,347,923) | ₨ (755,207) |
Redeemable Non-controlling Interest [Member] | ||||
Other expense: | ||||
Accretion to redemption value | ₨ (44,073) | $ (680) | ₨ (29,825) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss attributable to APGL equity shareholders | ₨ (1,452,571) | $ (22,399) | ₨ (3,027,937) | ₨ (1,838,202) |
Add: non-controlling interest | (18,924) | (292) | (4,651) | (5,595) |
Other comprehensive loss/(gain), net of tax | ||||
Foreign currency translation | 10,228 | 158 | (5,615) | (3,180) |
Unrealized gain on available for sale securities (Net of tax, INR 10,028) | (21,746) | (335) | ||
Total comprehensive loss | (1,483,013) | (22,868) | (3,038,203) | (1,846,977) |
Less: total comprehensive loss attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Total comprehensive loss attributable to APGL equity shareholders | ₨ (1,483,013) | $ (22,868) | ₨ (3,038,203) | ₨ (1,846,977) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Loss (Parenthetical) ₨ in Thousands | 12 Months Ended |
Mar. 31, 2017INR (₨) | |
Statement of Comprehensive Income [Abstract] | |
Unrealized gain on available for sale securities, tax | ₨ 10,028 |
Consolidated Statements of Pref
Consolidated Statements of Preferred Shares and Shareholders' Equity/(Deficit) ₨ in Thousands, $ in Thousands | INR (₨) | USD ($) | Compulsorily Convertible Preferred Shares [Member]INR (₨) | Series F CCPS [Member]INR (₨) | Series H CCPS [Member]INR (₨) | Series I CCPS [Member]INR (₨) | Equity Shares [Member]INR (₨) | Equity Shares [Member]USD ($) | Additional Paid in Capital [Member]INR (₨) | Additional Paid in Capital [Member]USD ($) | Accumulated Other Comprehensive Income [Member]INR (₨) | Accumulated Other Comprehensive Income [Member]USD ($) | Accumulated Deficit [Member]INR (₨) | Accumulated Deficit [Member]USD ($) | Total APGL Shareholders' Deficit [Member]INR (₨) | Total APGL Shareholders' Deficit [Member]USD ($) | Non-Controlling Interest [Member]INR (₨) | Non-Controlling Interest [Member]USD ($) |
Beginning Balance at Mar. 31, 2014 | ₨ 2,385,725 | |||||||||||||||||
Issuance of CCPS | ₨ 1,549,010 | |||||||||||||||||
Accretion of CCPS | 755,207 | |||||||||||||||||
Ending Balance at Mar. 31, 2015 | 4,689,942 | |||||||||||||||||
Beginning Balance at Mar. 31, 2014 | ₨ (2,609,458) | ₨ 68 | ₨ (894,401) | ₨ 20,012 | ₨ (1,745,307) | ₨ (2,619,628) | ₨ 10,170 | |||||||||||
Accretion of CCPS | (755,207) | (755,207) | (755,207) | |||||||||||||||
Proceeds from issue of shares to founders | 68 | 68 | 68 | |||||||||||||||
Net loss | (1,088,590) | (1,082,995) | (1,082,995) | (5,595) | ||||||||||||||
Other comprehensive loss | 3,180 | 3,180 | 3,180 | |||||||||||||||
Share based compensation | 7,428 | 7,428 | 7,428 | |||||||||||||||
Ending Balance at Mar. 31, 2015 | (4,442,579) | 68 | (1,642,112) | 23,192 | (2,828,302) | (4,447,154) | 4,575 | |||||||||||
Issuance of CCPS | ₨ 3,695,407 | |||||||||||||||||
Accretion of CCPS | 1,347,923 | |||||||||||||||||
Ending Balance at Mar. 31, 2016 | 9,733,272 | |||||||||||||||||
Accretion of CCPS | (1,347,923) | (1,347,923) | (1,347,923) | |||||||||||||||
Net loss | (1,654,840) | (1,650,189) | (1,650,189) | (4,651) | ||||||||||||||
Other comprehensive loss | 5,615 | 5,615 | 5,615 | |||||||||||||||
Adjustment to share capital and reserves of predecessor on transfer of net assets via a common control transaction | (20,205) | (20,205) | (20,205) | |||||||||||||||
Accretion of redeemable non-controlling interest | (29,825) | (29,825) | (29,825) | |||||||||||||||
Share based compensation | 51,732 | 51,732 | 51,732 | |||||||||||||||
Proceeds from issuance of equity shares | 248 | 342 | 160 | 502 | (254) | |||||||||||||
Ending Balance at Mar. 31, 2016 | (7,437,777) | 68 | (2,958,166) | 28,807 | (4,508,156) | (7,437,447) | (330) | |||||||||||
Issuance of CCPS | ₨ 1,658,166 | |||||||||||||||||
Accretion of CCPS | 235,852 | |||||||||||||||||
Conversion of CCD and CCPS | ₨ (11,627,290) | |||||||||||||||||
Accretion of CCPS | (235,852) | (235,852) | (235,852) | |||||||||||||||
Net loss | (1,191,569) | $ (18,374) | (1,172,645) | (1,172,645) | (18,924) | |||||||||||||
Other comprehensive loss | 11,519 | 11,519 | 11,519 | |||||||||||||||
Conversion of CCD and CCPS | 15,358,230 | 738 | 15,357,492 | 15,358,230 | ||||||||||||||
Sale of stake in subsidiary | 1,337,964 | 12,527 | 1,454 | 13,981 | 1,323,983 | |||||||||||||
Accretion of redeemable non-controlling interest | (44,073) | (44,073) | (44,073) | |||||||||||||||
Share based compensation | 13,774 | 13,774 | 13,774 | |||||||||||||||
Proceeds from issuance of equity shares | 6,714,643 | 267 | 6,714,376 | 6,714,643 | ||||||||||||||
Ending Balance at Mar. 31, 2017 | ₨ 14,526,859 | $ 224,008 | ₨ 1,073 | $ 17 | ₨ 18,904,151 | $ 291,506 | ₨ 40,326 | $ 622 | ₨ (5,723,420) | $ (88,256) | ₨ 13,222,130 | $ 203,889 | ₨ 1,304,729 | $ 20,119 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | |
Cash flow from operating activities | ||||
Net loss | ₨ (1,191,569) | $ (18,374) | ₨ (1,654,840) | ₨ (1,088,590) |
Adjustments to reconcile net loss to net cash provided from/(used in) operating activities: | ||||
Deferred income taxes | 383,250 | 5,910 | 299,078 | 61,179 |
Depreciation and amortization | 1,046,565 | 16,138 | 687,781 | 322,430 |
Change in fair value of CCD's and Series E and G CCPS | 164,200 | 2,532 | 671,826 | 286,300 |
Loss on disposal of property plant and equipment | 4,340 | 67 | 6,183 | 5,416 |
Share based compensation | 13,774 | 212 | 51,732 | 7,428 |
Amortization of debt financing costs | 114,085 | 1,759 | 52,762 | 22,090 |
Realized gain on investments | (72,179) | (1,113) | (45,375) | (13,949) |
Deferred rent | 59,500 | 918 | 19,914 | 12,170 |
Allowance for doubtful accounts | 0 | 0 | 34,478 | 947 |
Realized and unrealized foreign exchange (gain)/loss, net | (109,128) | (1,683) | 343,137 | 299,628 |
Changes in operating assets and liabilities | ||||
Accounts receivable | (581,850) | (8,972) | (353,277) | (72,677) |
Prepaid expenses and other current assets | (122,871) | (1,895) | (119,213) | (118,332) |
Other assets | (344,562) | (5,313) | (325,400) | (241,077) |
Accounts payable | 18,902 | 291 | 126,754 | (102,863) |
Interest payable | 63,187 | 974 | 70,243 | 23,407 |
Deferred revenue | 193,285 | 2,980 | 952,641 | 85,299 |
Other liabilities | 333,881 | 5,148 | (84,556) | 334,514 |
Net cash flows provided from/ (used) in operating activities | (27,190) | (421) | 733,868 | (176,680) |
Cash flow used in investing activities | ||||
Purchase of property plant and equipment | (15,421,498) | (237,803) | (9,096,996) | (8,426,008) |
Purchase of software | (11,151) | (172) | (7,020) | (14,408) |
Purchase of available for sale securities | (12,937,425) | (199,498) | (5,025,639) | (913,991) |
Purchase of held to maturity securities | (6,859) | |||
Sale of available for sale securities | 9,744,735 | 150,266 | 5,071,014 | 927,940 |
Investment in subsidiary | (20,148) | |||
Proceeds from sale of non-controlling interest in subsidiary | 316,929 | |||
Net increase in restricted cash | (3,318,923) | (51,178) | (390,327) | (624,527) |
Net cash flows used in investing activities | (21,944,262) | (338,385) | (9,159,046) | (9,050,994) |
Cash from financing activities | ||||
Proceeds from issuance of equity shares | 248 | 68 | ||
Proceeds from issuance of equity shares in IPO | 7,657,467 | 118,080 | ||
Repayments of term and other loan | (6,373,210) | (98,276) | (3,490,810) | (452,920) |
Proceeds from term and other loan | 20,993,944 | 323,730 | 8,727,875 | 8,398,976 |
IPO cost incurred | (942,824) | (14,539) | (9,007) | (3,045) |
Proceeds from issuance of equity shares of subsidiary | 1,337,964 | 20,632 | ||
Proceeds from issuance of CCPS | 1,658,166 | 25,569 | ||
Proceeds from issuance of CCDS | 180,000 | |||
Net cash flows from financing activities | 24,331,507 | 375,196 | 9,465,659 | 9,672,089 |
Effect of exchange rate changes on cash and cash equivalents | 10,229 | 160 | 5,615 | 788 |
Net increase in cash and cash equivalents | 2,370,284 | 36,551 | 1,046,096 | 445,223 |
Cash and cash equivalents at the beginning of the year | 3,090,386 | 47,654 | 2,044,290 | 1,599,067 |
Cash and cash equivalents at the end of the year | 5,460,670 | 84,205 | 3,090,386 | 2,044,290 |
Supplemental disclosure of cash flow information | ||||
Cash paid during the year for interest | 2,632,667 | 40,596 | 1,613,495 | 844,586 |
Cash paid during the year for income taxes | 546,578 | 8,428 | 100,857 | 230,383 |
Non-cash conversion of CCPS and CCD's. | ₨ 15,358,230 | $ 236,827 | ||
Series H CCPS [Member] | ||||
Cash from financing activities | ||||
Proceeds from issuance of CCPS | 3,695,407 | ₨ 1,549,010 | ||
Series G CCPS [Member] | ||||
Cash from financing activities | ||||
Proceeds from issuance of CCPS | ₨ 541,946 |
Organization
Organization | 12 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Azure Power Global Limited (“APGL” or “Azure”) organized under the laws of Mauritius was incorporated on January 30, 2015. APGL’s subsidiaries are organized under the laws of India (except for two U.S. subsidiaries) and are engaged in the development, construction, ownership, operation, maintenance and management of solar power plants and generation of solar energy based on long-term contracts (power purchase agreements or “PPA”) with Indian government entities as well as other non-governmental Formation and initial public offering (‘IPO’) On October 17, 2016, the Company completed its Initial Public Offering (IPO) and a concurrent private placement of its equity shares pursuant to a Registration Statement on Form F-1, Prior to the formation of APGL and the reorganization described below, the Company’s operations were entirely conducted through Azure Power India Private Limited (“AZI”) and its subsidiaries. AZI is a company organized under the laws of India. APGL was formed to enable the consummation of the transactions described below and the IPO. In relation to a shareholders agreement on July 22, 2015 between APGL, the non-founder non-founder Prior to the Reorganization, the non-founder On July 22, 2015, APGL, AZI and the founders entered into another shareholder’s agreement (the “AZI SHA”), which provides that it is the intention of all parties to the AZI SHA to eventually make AZI a wholly owned subsidiary of APGL. As of March 31, 2017, the Company did not own 102,497 equity shares of AZI, representing 3.7% of its equity shares. These equity shares are owned by the AZI founders. Pursuant to the terms of the AZI SHA and the Lock-in non-founder as-converted Given that the AZI SHA, the option and the Lock-in non-controlling Mr. Inderpreet Wadhwa, IW Green Inc. and the non-founder Lock-in (“Lock-in Lock-in non-founder The APGL SHA, AZI SHA and their combined effect, including the call option and the Lock-In non-founder non-controlling |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 2. Summary of significant accounting policies (a) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and are presented in Indian rupees (“INR”), unless otherwise stated. The consolidated financial statements include the accounts of APGL and companies which are directly or indirectly controlled by APGL. All intercompany accounts and transactions have been eliminated upon consolidation. Certain balances relating to prior years have been reclassified to conform to the current year presentation. All share and per share amounts presented in the consolidated financial statements have been adjusted to reflect the 16-for-1 (b) Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs, expenses and comprehensive loss that are reported and disclosed in the consolidated financial statements and accompanying notes. These estimates are based on management’s best knowledge of current events, historical experience, actions the Company may undertake in the future and on various other assumptions that are believed to be prudent and reasonable under the circumstances. Significant estimates and assumptions are used for, but not limited to impairment and useful lives of property, plant and equipment, determination of asset retirement obligations, valuation of derivative instruments, valuation of share based compensation, income taxes including related valuation allowance, energy kilowatts expected to be generated over the entire term of certain PPAs and other contingencies and commitments. Although these estimates are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates, and such differences may be material to the consolidated financial statements. (c) Foreign currency translation and transactions The functional currency of APGL is the United States Dollar (“US$”) and reporting currency is Indian rupees (“INR”). The Company’s subsidiaries with operations in India and the United States use their respective currencies as their functional currencies. The financial statements of APGL and its subsidiaries, other than subsidiaries with functional currency of INR, are translated into INR using the exchange rate as of the balance sheet date for assets and liabilities and average exchange rate for the year for income and expense items. Translation gains and losses are recorded in accumulated other comprehensive income or loss as a component of shareholders’ equity. In the financial statements of the Company’s subsidiaries, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the determination of net income or loss during the year in which they occur. Revenue, expense and cash flow items are translated using the average exchange rates for the respective year. The resulting gains and losses from such translation are excluded from the determination of earnings and are recognized instead in accumulated other comprehensive loss, which is a separate component of shareholders’ equity/(deficit). Realized and unrealized foreign currency transaction gains and losses, arising from exchange rate fluctuations on balances denominated in currencies other than the functional currency of an entity, such as those resulting from the Company’s US dollar (“US$”) denominated borrowings, are included in ‘Loss on foreign currency exchange, net’ in the consolidated statements of operations. (d) Convenience translation Translation of balances in the consolidated balance sheets and the consolidated statements of operations, comprehensive loss, shareholders’ equity/(deficit) and cash flows from INR into US$, as of and for the year ended March 31, 2017 are solely for the convenience of the readers and were calculated at the rate of US$1.00 = INR 64.85, the noon buying rate in New York City for cable transfers in non U.S. currencies, as certified for customs purposes by the Federal Reserve Bank of New York on March 31, 2017. No representation is made that the INR amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2017, or at any other rate. (e) Cash and cash equivalents Cash and cash equivalents include cash on hand, demand deposits with banks, term deposits and all other highly liquid investments purchased with an original maturity of three months or less at the date of acquisition and that are readily convertible to cash. The Company has classified term deposits totaling INR 291,951 and INR 846,394 (US$ 13,052) at March 31, 2016 and 2017, respectively, as cash and cash equivalents, because the Company has the ability to redeem these deposits at any time subject to an immaterial interest rate forfeiture. All term deposits are readily convertible into known amount of cash with no more than one day’s notice. (f) Restricted cash Restricted cash consists of cash balances restricted as to withdrawal or usage and relates to cash used to collateralize bank letters of credit supporting the purchase of equipment for solar power plants, bank guarantees issued in relation to the construction of the solar power plants within the timelines stipulated in PPAs and for certain debt service reserves required under the Company’s loan agreements. Restricted cash is classified into current and non-current (g) Investments The Company determines the appropriate classification of investment securities at the time of purchase and re-evaluates held-to-maturity The Company accounts for its investments in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 320, Accounting for Certain Investments in Debt and Equity Securities. These investments are considered as available for sale and held to maturity. Investments classified as available for sale are recorded at fair value, with the unrealized gains or losses, net of tax, reported as a component of accumulated other comprehensive income or loss in the consolidated statement of shareholders’ equity/(deficit). As of March 31, 2015, and 2016, the Company did not have any short-term available for sale securities and as of March 31, 2017, the Company had INR 3,296,797 (US$ 50,837) as short term investments available for sale securities and unrealized gain of INR 31,774 (US$ 490) on such investments. Realized gains from the sale of available for sale securities during the years ended March 31, 2015, 2016 and 2017 were INR 13,949, INR 45,375 and INR 72,334 (US$ 1,115), respectively and proceeds from the sale of available for sale securities during the year ended March 31, 2015, 2016 and 2017 were INR 927,940, INR 5,071,014 and INR 9,744,735 (US$ 150,266), respectively. Securities that the Company has positive intent and ability to hold till maturity are classified as held-to-maturity Realized gains and losses, and decline in value judged to be other than temporary on these investments are included in the consolidated statements of operations. The cost of securities sold or disposed is determined on First in First Out (“FIFO”) method. (h) Accounts receivable The Company’s accounts receivables are generated by selling energy to customers and are reported net of any allowance for uncollectible accounts. The allowance for doubtful accounts is based on various factors, including the length of time receivables are past due, significant one-time (i) Deferred IPO cost The Company incurred underwriter fees, legal expenses, printing costs and other costs directly relating to its IPO of INR 966,947 (US$ 14,911). The Company accounted for such costs under ASC 340-10-599-1 (j) Property, plant and equipment Property, plant and equipment represents the costs of completed and operational solar power plants, as well as the cost of furniture and fixtures, vehicles, office and computer equipment, leasehold improvements, freehold land and construction in progress. Construction in progress represents the accumulated cost of solar power plants that have not been placed into service at the date of the balance sheet. Construction in progress includes the cost of solar modules for which the Company has taken legal title, civil engineering, electrical and other related costs incurred during the construction of a solar power plant. Construction in progress is reclassified to property, plant and equipment when the project begins its commercial operations. Property, plant and equipment are stated at cost, less accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method over the assets’ estimated useful lives as follows: Plant and machinery (solar power plants) 25 years Furniture and fixtures 5 years Vehicles 5 years Office equipment 5 years Computers 3 years Leasehold improvements to office facilities are depreciated over the shorter of the lease period or the estimated useful life of the improvement. Lease hold improvements on the solar power plant sites are depreciated over the shorter of the lease term or the remaining period of the PPAs undertaken with the respective customer. Freehold land is not depreciated. Construction in progress is not depreciated until it is ready to be put to use. Improvements to property, plant and equipment deemed to extend the useful economic life of an asset are capitalized. Maintenance and repairs that do not improve efficiency or extend the estimated economic life of an asset are expensed as incurred. Capitalized interest Interest incurred on funds borrowed to finance construction of solar power plants is capitalized until the plant is ready for its intended use. The amount of interest capitalized during the years ended March 31, 2015, 2016 and 2017 was INR 155,012, INR 219,166 and INR 256,802 (US$ 3,960), respectively. (k) Accounting for impairment of long-lived assets The Company periodically evaluates whether events have occurred that would require revision of the remaining useful life of property, plant and equipment and improvements, or render their carrying value not recoverable. If such circumstances arise, the Company uses an estimate of the undiscounted value of expected future operating cash flows to determine whether the long-lived assets are impaired. If the aggregate undiscounted cash flows are less than the carrying amount of the assets, the resulting impairment charge to be recorded is calculated based on the excess of the carrying value of the assets over the fair value of such assets, with the fair value determined based on an estimate of discounted future cash flows, appraisals or other valuation techniques. There were no impairment charges related to long-lived assets recognized during the years ended March 31, 2016 and 2017. (l) Leases and land use rights Certain of the Company’s leases relate to leasehold land on which the solar power plants are constructed and for office facilities. Leases are reviewed for capital or operating classification at their inception under the guidance of ASC Topic 840 Leases Land use rights represent lease prepayments to the lessor. Land use rights are carried at cost less accumulated amortization. Amortization is provided to write-off The Company did not have any capital leases during any of the periods presented in the accompanying consolidated financial statements. (m) Asset retirement obligations (ARO) Upon the expiration of a PPA or, if later, the expiration of the lease agreement for solar power plants located on leasehold land, the Company is required to remove the solar power plant and restore the land. The Company records the fair value of the liability for the legal obligation to retire the asset in the period in which the obligation is incurred, which is generally when the asset is constructed. When a new liability is recognized, the Company capitalizes it by increasing the carrying amount of the related long-lived asset, which resulting ARO asset is depreciated over the remaining useful life of the solar power plant. The liability is accreted and expensed to its present expected future value each period based on a credit adjusted risk free interest rate. Upon settlement of the obligation, the Company eliminates the liability and, based on the actual cost to retire, may incur a gain or loss. The Company’s asset retirement obligations were INR 94,301 and INR 242,980 (US$ 3,747) as of March 31, 2016 and 2017, respectively. The accretion expense incurred during the years ended March 31, 2015, 2016 and 2017 was INR 2,592, INR 6,109 and INR 9,329 (US$ 144), respectively. There was no settlement of prior liabilities or revisions to the Company’s estimated cash flows as of March 31, 2017. 2016 2017 2017 Beginning balance 70,942 94,301 1,454 Addition during the year 17,250 139,350 2,149 Liabilities settled during the year — — — Accretion expense during the year 6,109 9,329 144 Ending balance 94,301 242,980 3,747 (n) Software The Company capitalizes certain internal software development cost under the provision of ASC Topic 350-40 Internal-Use (o) Debt financing costs Financing costs incurred in connection with obtaining construction and term financing loans are deferred and amortized over the term of the respective loan using the effective interest rate method. Amortization of debt financing costs is capitalized during construction and recorded as interest expense in the consolidated statements of operations, following commencement of commercial operations of the respective solar power plants. In case of refinancing of existing loans, the Company records the unamortized portion of debt financing costs as an expense and the cost of debt refinancing is deferred and amortized over the remaining term of the refinanced loan. In April 2015, the FASB issued Accounting Standards Update No. 2015-03 — 835-30) — Simplifying non-current Carrying value of debt financing costs as of March 31, 2016 and March 31, 2017 were INR 438,172 and INR 909,131 (US$14,019) respectively. Amortization of debt financing costs for the fiscal year ended March 31, 2015, 2016 and 2017 was INR 22,090, INR 52,762 and INR 114,085 (US$1,759), respectively. (p) Income taxes Current income taxes are provided for in accordance with the laws of the relevant taxing authority. Income taxes are recorded under the asset and liability method, as prescribed under ASC Topic 740 Income Taxes The Company establishes valuation allowances against its deferred tax assets when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The computation of tax liabilities involves dealing with uncertainties in the application of complex tax regulations. The Company applies a two-step Accounting for Uncertainty in Income Taxes an interpretation of ASC Topic 740 In November 2015, the FASB issued ASU No. 2015-17, non-current. (q) Employee benefits Defined contribution plan Eligible employees of the Company in India receive benefits from the Provident Fund, administered by the Government of India, which is a defined contribution plan. Both the employees and the Company make monthly contributions to the Provident Fund equal to a specified percentage of the eligible employees’ salary. The Company has no further funding obligation under the Provident Fund, beyond the contributions elected or required to be made thereunder. Contributions to the Provident Fund by the Company are charged to expense in the period in which services are rendered by the covered employees and amounted to INR 5,693, INR 10,350 and INR 15,734 (US$ 243) for the years ended March 31, 2015, 2016 and 2017, respectively. Defined benefit plan Employees in India are entitled to benefits under the Gratuity Act, a defined benefit post-employment plan covering eligible employees of the Company. This plan provides for a lump-sum Current service costs for defined benefit plans are accrued in the period to which they relate. In accordance with ASC Topic 715, Compensation Retirement Benefit Compensated absences The Company recognizes its liabilities for compensated absences in accordance with ASC Topic 710, Compensation-General (r) Revenue recognition Revenue from sale of power is recognized when persuasive evidence of an arrangement exists, the fee is fixed or determinable, solar energy kilowatts are supplied and collectability is reasonably assured. Revenue is based on the solar energy kilowatts actually supplied to customers multiplied by the rate per kilo-watt hour agreed to in the respective PPAs. The solar energy kilowatts supplied by the Company are validated by the customer prior to billing and recognition of revenue. Where PPAs include scheduled price changes, revenue is recognized at lower of the amount billed or by applying the average rate to the energy output estimated over the term of the PPA. The determination of the lesser amount is undertaken annually based on the cumulative amount that would have been recognized had each method been consistently applied from the beginning of the contract term. The Company estimates the total kilowatt hour units expected to be generated over the entire term of the PPA. The contractual rates are applied to this annual estimate to determine the total estimated revenue over the term of the PPA. The Company then uses the total estimated revenue and the total estimated kilo-watt hours to compute the average rate used to record revenue on the actual energy output supplied. The Company compares the actual energy supplied to the estimate of the energy expected to be generated over the remaining term of the PPA on a periodic basis, but at least annually. Based on this evaluation, the Company reassesses the energy output estimated over the remaining term of the PPA and adjusts the revenue recognized and deferred to date. Through March 31, 2017, the adjustments have not been significant. The difference between actual billing and revenue recognized is recorded as deferred revenue. For the years ended March 31, 2015, 2016 and 2017, the amount of revenue recognized under the PPA’s with scheduled price changes is INR 175,492, INR 168,552 and INR 161,760 (US$ 2,494), respectively. Revenue from sale of power is recorded net of discounts. Through March 31, 2017, discounts have not been significant. The Company records the proceeds received from Viability Gap Funding (VGF) on fulfillment of the underlying conditions as deferred revenue. Such deferred VGF revenue is recognized as sale of power in proportion to the actual sale of solar energy kilowatts during the period to the total estimated sale of solar energy kilowatts during the tenure of the applicable power purchase agreement pursuant to the revenue recognition policy. (s) Cost of operations (exclusive of depreciation and amortization) The Company’s cost of operations consists of expenses pertaining to operations and maintenance of its solar power plants. These expenses include payroll and related costs for maintenance staff, plant maintenance, insurance, and if applicable, lease costs. Depreciation expense is not included in cost of operations but is included within “Depreciation and amortization expense”, shown separately in the consolidated statements of operations. (t) General and administrative expenses General and administrative expenses include payroll and related costs for corporate, finance and other support staff, including bonus and share based compensation expense, professional fees and other corporate expenses. (u) Share based compensation The Company follows guidance under ASC Topic 718, Compensation — Stock Compensation The Company has elected to use the Black-Scholes-Merton valuation model to determine the fair value of share-based awards on the date of grant for employee share options with a fixed exercise price and fixed service-based vesting. The Company has elected to use the Lattice valuation model to determine the fair value of share-based awards on the date of grant for employee share options with a market condition. Refer to note 19 for details on the Share based compensation. (v) Contingencies Liabilities for loss contingencies arising from claims, tax assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Legal costs incurred with respect to these items are expensed as incurred. (w) Fair value of financial instruments ASC Topic 820, Fair Value Measurements and Disclosures (x) Derivative instruments Derivative instruments are recorded on the consolidated balance sheets at fair value. Changes in fair value of derivatives not designated as accounting hedges are reported directly in earnings along with the corresponding transaction gains and losses on the items being hedged. The Company enters into foreign exchange currency contracts to mitigate and manage the risk of changes in foreign exchange rates. These foreign exchange derivative contracts were entered into to hedge the fluctuations in foreign exchange rates for recognized balance sheet items such as the Company’s U.S. dollar denominated borrowings and are not designated as hedges for accounting purposes. Realized gains (losses) and changes in the fair value of these foreign exchange derivative contracts are recorded in foreign exchange gains (losses), net in the consolidated statements of operations. These derivatives are not held for speculative or trading purposes. (y) Segment information Operating segments are defined as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s chief executive officer is the chief operating decision maker. Based on the financial information presented to and reviewed by the chief operating decision maker in deciding how to allocate the resources and in assessing the performance of the Company, the Company has determined that it has a single operating and reporting segment: Sale of power. The Company’s principal operations, revenue and decision-making functions are located in India. (z) Non-controlling The non-controlling As of March 31, 2017, the Company recorded a non-controlling non-controlling non-controlling (aa) Redeemable non-controlling The redeemable non-controlling non-controlling non-controlling 480-10-S99-3A non-controlling bb) Recent accounting pronouncements Beginning April 1, 2017, the Company has irrevocably elected to follow public company effective dates for new accounting pronouncements. In May 2014, the FASB issued ASU No. 2014-09, No.2015-14 No. 2014-09 No. 2014-09; No. 2014-09 No. 2014-09. The Company is in the process of evaluating the impact of the standard update. The ultimate impact on revenue resulting from the application of the new standard will be subject to assessments that are dependent on many variables, including, but not limited to, the terms of contractual arrangements. The Company also continues to evaluate the available transition methods and its contractual arrangements. The Company’s considerations include, but are not limited to, the comparability of its financial statements and the comparability within its industry from application of the new standard to its contractual arrangements. The Company plans to select a transition method by December 2017. The Company has established an implementation team to implement the standard update related to the recognition of revenue from contracts with customers. The Company continues to evaluate the changes to accounting system and processes, and additional disclosure requirements that may be necessary. On January 5, 2016, the FASB issued ASU 2016-01 2016-01”), Recognition In February 2016, the FASB issued ASU 2016-02 2016-02”), 2016-02 2016-02 right-of-use 2016-02 In March 2016, the FASB issued ASU 2016-09 (“ASU 2016-09”), In August 2016, the FASB issued ASU 2016-15, In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity In November 2016, the FASB issued ASU No. 2016-18, |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Mar. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | 3. Cash and cash equivalents Cash and cash equivalents consist of the following: 2016 (INR) As of March 31, 2017 (INR) 2017 (US$) Bank demand deposits 2,798,336 4,614,158 71,151 Term deposits 291,951 846,394 13,052 Cash on hand 99 118 2 Total 3,090,386 5,460,670 84,205 |
Restricted cash
Restricted cash | 12 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Restricted cash | 4. Restricted cash Restricted cash consists of the following: March 31, 2016 (INR) As of March 31, 2017 (INR) 2017 (US$) Bank demand deposits 821,891 3,629,037 55,960 Term deposits 871,637 1,383,414 21,333 1,693,528 5,012,451 77,293 Restricted cash — current 821,891 3,629,037 55,960 Restricted cash — non-current 871,637 1,383,414 21,333 The increase in the restricted cash balance from March 31, 2016 to March 31, 2017 is due to an increase in Company’s solar power plant construction activities, which in turn has resulted in increased borrowing needs and an increase in the respective restricted cash required by the lenders to cover principal and interest payments and letters of credit needed to purchase solar panels. |
Accounts receivable
Accounts receivable | 12 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Accounts receivable | 5. Accounts receivable Accounts receivable, net consists of the following: As of March 31, 2016 (INR) 2017 (INR) 2017 (US$) Accounts receivable 601,233 1,183,083 18,243 Less: Allowance for doubtful accounts (44,478 ) (44,478 ) (685 ) Total 556,755 1,138,605 17,558 Activity for the allowance for doubtful accounts receivable is as follows: As of March 31, 2016 (INR) 2017 (INR) 2017 (US$) Balance at the beginning of the year 10,000 44,478 685 Provision for doubtful accounts 34,478 — — Balance at the end of the year 44,478 44,478 685 |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 12 Months Ended |
Mar. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid expenses and other current assets | 6. Prepaid expenses and other current assets Prepaid expenses and other current assets consist of the following: March 31, 2016 (INR) As of March 31, 2017 (INR) 2017 (US$) Prepaid income taxes 91,669 156,728 2,416 Derivative instruments (Note 21) 108,606 63,818 984 Interest receivable on term deposits 27,731 63,352 977 Other prepaid expenses 80,001 212,039 3,270 Total 308,007 495,937 7,647 |
Property, plant and equipment,
Property, plant and equipment, net | 12 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment, net | 7. Property, plant and equipment, net Property, plant and equipment, net consist of the following: Estimated March 31, (INR) As of March 31, 2017 (INR) 2017 (US$) Plant and machinery (solar power plants) 25 21,330,457 35,664,766 549,958 Furniture and fixtures 5 5,142 6,043 93 Vehicles 5 12,633 13,177 203 Office equipment 5 10,645 15,926 246 Computers 3 19,812 29,827 460 Leasehold improvements — solar power plant 25 1,436,256 2,434,449 37,540 Leasehold improvements — office 1-3 13,694 19,010 293 22,828,639 38,183,198 588,793 Less: Accumulated depreciation 1,450,519 2,484,595 38,313 21,378,120 35,698,603 550,480 Freehold land 527,645 1,421,912 21,926 Construction in progress 2,475,664 3,822,093 58,937 Total 24,381,429 40,942,608 631,343 Depreciation expense on property, plant and equipment was INR 318,411, INR 679,698 and INR 1,036,029 (US$ 15,976) for the years ended March 31, 2015, 2016 and 2017, respectively. The Company has received government grants for the construction of rooftop projects amounting to INR 11,700, INR 16,900 and INR Nil for the years ended March 31, 2015, 2016 and 2017, respectively. The proceeds from these grants have been recorded as a reduction to the carrying value of the related rooftop projects. |
Software, net consists of the f
Software, net consists of the following | 12 Months Ended |
Mar. 31, 2017 | |
Research and Development [Abstract] | |
Software, net consists of the following | 8. Software, net consists of the following: Estimated March 31, (INR) March 31, 2017 (INR) 2017 (US$) Software licenses and related implementation costs 3 Years 27,688 38,839 599 Less: Accumulated amortization 13,031 23,567 364 Total 14,657 15,272 235 Aggregate amortization expense for software was INR 4,019, INR 8,083 and INR 10,536 (US$ 162) for the years ended March 31, 2015, 2016 and 2017, respectively. Estimated amortization expense for the years ending March 31, 2018, 2019, and 2020 is INR 8,301, INR 4,504, INR 2,467, respectively. |
Other assets
Other assets | 12 Months Ended |
Mar. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other assets | 9. Other assets Other assets consist of the following: March 31, 2016 As of March 31, 2017 (INR) 2017 (US$) Prepaid income taxes 288,771 666,574 10,279 Derivative instruments (Note 21) 83,426 61,120 942 Interest receivable on term deposits 85,154 128,678 1,984 Security deposit to related party (Note 18) 8,567 2,160 33 Land use rights 91,218 114,178 1,761 Prepaid expenses — 32,806 506 Other 38,765 88,049 1,358 Total 595,901 1,093,565 16,863 |
Long term debt
Long term debt | 12 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long term debt | 10. Long term debt Long term debt consists of the following: March 31, 2016 (INR) As of March 31, 2017 (INR) 2017 (US$) Compulsorily convertible debentures 5.0% — DEG 1,272,400 — — Compulsorily convertible debentures 10.0% — IFC 478,900 — — Compulsorily convertible debentures 0% — IFC II 140,100 — — Compulsorily convertible debentures 5% — IFC III 241,100 — — Series E compulsorily convertible preferred shares (140,000 shares) 837,300 — — Series G compulsorily convertible preferred shares (18,882 shares) 630,900 — — 3,600,700 — — Secured term loans, net of financing costs: Foreign currency loans 5,889,467 5,385,949 83,052 Indian rupee loans 13,340,243 27,311,619 421,151 19,229,710 32,697,568 504,203 Total debt 22,830,410 32,697,568 504,203 Less current portion 4,477,696 1,554,806 23,975 Long-term debt 18,352,714 31,142,762 480,228 Compulsorily convertible debentures (CCDs) Pursuant to the IPO in October 2016, the Company converted of all the CCD’s (DEG, IFC, IFC II and IFC III CCDs) which had guaranteed returns ranging from 18.4 % per annum to 20.0% per annum into 1,826,305 equity shares. The CCD’s converted contained the following terms and conditions: Voting The holders of the CCDs were entitled to voting rights other than for certain specific matters based on their proportionate voting rights as defined and specified in the shareholder and CCD agreements. Term Unless converted, the DEG, IFC, IFC II and IFC III CCDs matured 20 years from the date of the respective issuance being November 10, 2031, December 14, 2030, January 3, 2033 and September 5, 2034, respectively. Interest The DEG CCDs carried an interest rate of 5.0% per annum through the date of their conversion into equity shares of the Company. The first interest payment was eighteen months from the issuance date followed by quarterly payments until the earlier of the date of conversion or maturity. The IFC CCDs carried an interest rate of 10.0% per annum through the date of their conversion into equity shares of the Company. The first interest payment was eighteen months from the issuance date followed by quarterly payments until the earlier of the date of conversion or maturity. The IFC II CCDs did not carry an annual interest rate. However, if any dividends were paid to equity shareholders or the holders of the Compulsorily Convertible Preferred Shares (“CCPS”), the IFC II holders were entitled to interest/dividends equal to the return provided to the equity shareholders or the CCPs shareholders, whichever is higher. The IFC III CCDs carried an interest at a rate of 5.0% per annum through the date of their conversion into equity shares of the Company. The first interest payment was eighteen months from the issuance date followed by quarterly payments until the earlier of the date of conversion or maturity. The CCDs converted upon the Company’s IPO at a price such that the holder earned an internal rate of return ranging from 18.4% per annum to 20.0% per annum. Buyback obligation In case Company was not able to complete the Qualified Initial Public Offering (“QIPO”) date of December 31, 2016, or upon a breach of the funding requirements of the CCD holders or upon the occurrence of a liquidation event, as defined, the holders of the CCDs had an option, at their discretion, to require the Company to buyback the equity shares held by them after the conversion of their CCDs into equity shares so as to give them their required returns ranging from 18.4% per annum to 20.0% per annum. As of March 31, 2016, these debentures were held by AGPL and the QIPO date was modified to December 31, 2016. The CCDs amounting to INR 2,132,500 had been classified as current liability assuming redemption at or before the modified QIPO date. Accounting In accordance with ASC Topic 480 Distinguishing Liabilities from Equity Interest expense, including changes to fair value, on the CCDs for the years ended March 31, 2015, 2016 and 2017 was INR 248,831, INR 408,172, and INR 90,360 (US$ 1,392), respectively. Series E and Series G Compulsorily Convertible Preferred Shares (Series E and G CCPS) Pursuant to the IPO in October 2016, the Company has converted the Series E and Series G CCPS into 1,286,598 equity shares so as to give the holders their guaranteed returns of 18.4% per annum. On April 18, 2013, AZI had issued shares of Series E CCPS for net proceeds of INR 491,400 (US$7,935). On July 25, 2015, the Series E CCPS in AZI were exchanged for similar instruments in APGL having identical terms and conditions. On August 5, 2015, APGL issued shares of Series G CCPS for net proceeds of INR 541,946 (US$8,188). Series E and G CCPS contained the following key terms and conditions, as amended. Voting The holders of the Series E and G CCPS were not entitled to voting rights other than for certain specific matters based on their proportionate voting right as defined and specified in the shareholder and the Series E and G CCPS agreements. Term Series E and G CCPS were redeemable within twenty years from the date of their respective allotment on April 18, 2033 and August 5, 2035, respectively Dividend Each of the Series E and G CCPS holders were entitled to a 5.0% per share non-cumulative Buyback obligation At any time after the expiry of the QIPO date of December 31, 2016, or if the funding covenants of the Series E and G CCPS are breached, the Series E and G CCPS holders had an option, at their discretion, to require the Company to buyback the equity shares held by them after conversion of the Series E and G CCPS into equity shares so as to give them a required return of 15.0% per annum and 16.0% per annum, respectively. Accounting In accordance with ASC Topic 480, the Series E and G CCPS were classified as a liability and recorded at fair value at each period end. The fair value had been determined based on the discounted cash flow analysis under the income approach. Changes in their fair valuation were recorded as interest expense in the statements of operations. The carrying amount of series E and G CCPS included the unrealized changes in their fair value of INR 434,901 as of March 31, 2016. Issuance costs on the CCPS were expensed as incurred. As of March 31, 2016, the Series E and G CCPS were classified as current liabilities and converted into equity shares as of March 31, 2017. Project level secured term loans Foreign currency loans From June 2009 through September 2009 the Company borrowed INR 309,631 (US$6,230) for the financing of a 2 MW solar power project, which carries a fixed interest rate. The loan is repayable in 48 equal quarterly installments which commenced on December 15, 2010. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 292,986 (US$ 4,518) as of March 31, 2017. From February 2011 through June 2011, the Company borrowed INR 1,233,084 (US$26,835) for the financing of a 10 MW solar power project, which carries a fixed interest rate. The loan is repayable in 54 equal quarterly installments which commenced on September 15, 2012. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 1,082,182 (US$ 16,687) as of March 31, 2017. From October 2011 through March 2012, the Company borrowed INR 782,793 (US$15,777) for the financing of a 5 MW solar power project, which carries a fixed interest rate. The loan is repayable in 66 quarterly installments commencing July 15, 2012. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 618,188 (US$ 9,533) as of March 31, 2017. From October 2012 through September 2013, the Company borrowed INR 3,503,984 (US$63,709) for the financing of a 35 MW solar power project, which carries a fixed interest rate. The loan is repayable in 36 semi-annual installments which commenced on August 20, 2013. The borrowing is collateralized by underlying solar power project assets with a net carrying value of INR 2,897,230 (US$ 44,676) as of March 31, 2017. The fixed interest foreign currency loans carry an interest rate ranging from 4.07% to 6.43% per annum. During the year ended March 31, 2015, the Company entered into an unsecured credit facility commitment for financing future rooftop solar power projects. The total amount of the facility is INR 1,326,658 (US$20,000). The interest rate for the facility is fixed at lender’s base rate plus 2.25% per annum at the time of first disbursement. The loan is repayable in 54 quarterly installments which will commence on October 15, 2017. During the period ended March 31, 2017, an amount of INR 49,077 (US$ 757) at an interest rate of 4.42% has been borrowed under this facility and the Company has incurred deferred financing cost of INR 17,640 (US$ 272) in relation to this facility. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 47,389 (US$ 731) as of March 31, 2017. The carrying value of the foreign currency loans includes unrealized foreign exchange losses of INR 1,580,504 and INR 1,560,068 (US$ 24,057) as of March 31, 2016 and 2017, respectively. The Company in required to maintain principal and interest, both as defined in the respective agreements, as a reserve with banks specified by the respective lenders. Such amounts, totaling INR 418,572 and INR 436,239 (US$ 6,727) at March 31, 2016 and 2017, are classified as restricted cash non-current The foreign currency loans are subject to certain financial and non-financial Indian rupee loans The Indian rupee loans are subject to certain financial and non-financial In December 2013, the Company borrowed INR 143,740 (US$2,195) for the financing of a 2.5 MW solar power project, which carries an interest rate of 12.15% per annum to be periodically revised by the lender. The interest rate as of March 31, 2017 was 12.15% per annum and the weighted average interest rate for the year ended March 31, 2017 was 12.15% per annum. The loan is repayable in 29 semi-annual installments which commenced on January 15, 2014. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 141,911 (US$ 2,188) as of March 31, 2017. From March 2014 through March 2016, the Company borrowed INR 228,848 (US$ 3,454) for financing of a 4 MW solar rooftop power project, which carries an interest rate at a base rate, as defined, plus 2.25% per annum. The interest rate as of March 31, 2017 was 11.95% per annum and the weighted average interest rate for the year ended March 31, 2017 was 11.95% per annum. The loan is repayable in 54 quarterly installments commencing on March 28, 2015. The borrowing is collateralized by the underlying solar rooftop power project assets with a net carrying value of INR 239,012 (US$ 3,686) as of March 31, 2017. From March 2014 through September 2014, the Company borrowed INR 1,880,000 (US$28,702) for financing of a 34 MW solar power project, which has been refinanced by new loan amounting to INR 1,740,000 (US$ 26,831) during September, 2016. The unamortized carrying value of ancillary cost of borrowing as on the date of refinancing of INR 35,014 (US$ 540) has been expensed as interest expense during the period. The floating interest rate as of March 31, 2017 was 10.6% — 11.0% per annum and the weighted average interest rate for the year ended March 31, 2017 was 11.58% per annum. The loan is repayable in 70 equal quarterly installments commencing October 1, 2016. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 1,772,555 (US$27,333) as of March 31, 2017. In September 2014, the Company borrowed INR 550,000 (US$8,397) for financing of a 10 MW solar power project, which carries a floating rate of interest at a base rate, as defined, plus 2.25% per annum. The floating interest rate as of March 31, 2017 was 11.25% per annum and the weighted average interest rate for the year ended March 31, 2017 was 12.14% per annum. The loan is repayable in 44 quarterly installments commencing January 27, 2016. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 539,974 (US$ 8,327) as of March 31, 2017 From November 2014 through January 2015, the Company borrowed INR 585,000 (US$ 8,931) for financing of a 10 MW solar power project, which carries a floating rate of interest to be periodically revised by the lender. The floating interest rate as of March 31, 2017 was 11.25% per annum and the weighted average interest rate for the year ended March 31, 2017 was 12.14% per annum. The loan is repayable in 58 quarterly installments commencing January 17, 2016. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 576,958 (US$ 8,897) as of March 31, 2017. From May 2015 through June 2015, the Company borrowed INR 1,601,000 (US$24,188) for financing of a 30 MW solar power project, which carries a floating rate of interest at a base rate plus 1.5% per annum. The floating interest rate as of March 31, 2017 was 11.75% per annum and the weighted average interest rate for the year ended March 31, 2017 was 11.75% per annum. The loan is repayable in 57 quarterly instalments commencing March 31, 2016. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 1,665,521 (US$ 25,683) as of March 31, 2017. From December 2014 through September 2015, the Company borrowed INR 2,050,000 (US$30,971) for financing of a 40 MW solar power project, which carries a floating rate of interest which will reset after every 2 years from the date of commissioning. The interest rate as of March 31, 2017 from a consortium of lenders was in the range of 11.43 % per annum to 12.25 % per annum floating with additional 1% per annum interest during the construction period. The weighted average interest rate for the year ended March 31, 2017 was 11.98 % per annum. The loan is repayable in 57 quarterly instalments commencing October 15, 2015. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 2,067,759 (US$ 31,885) as of March 31, 2017. From December 2014 through September 2015, the Company borrowed INR 2,363,100 (US$35,702) for financing of a 40 MW solar power project, which carries a floating rate of interest which will reset after every 2 years from the date of commissioning. The interest rate as of March 31, 2017 from a consortium of lenders was 12.25% per annum floating with additional 1% per annum interest during construction period. The weighted average interest rate for the year March 31, 2017 was 12.25% per annum. The loan is repayable in 48 quarterly instalments commencing May 31, 2016. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 2,380,771 (US$ 36,712) as of March 31, 2017. From December 2014 through September 2015, the Company borrowed INR 1,173,500 (US$17,729) for financing of a 20 MW solar power project, which carries a floating rate of interest which will reset after every 2 years from the date of commissioning. The interest rate as of March 31, 2017 from a consortium of lenders was 12.25% per annum floating with additional 1% per annum interest during the construction period. The weighted average interest rate for the year ended March 31, 2017 was 12.25% per annum. The loan is repayable in 48 quarterly instalments commencing May 31, 2016. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 1,186,929 (US$ 18,303) as of March 31, 2017. In September 2015, the Company borrowed INR 1,233,000 (US$18,824) for financing of a 28 MW solar power project, which has been refinanced by new loan amounting to INR 1,600,000 (US$ 24,672) during August, 2016. The unamortized carrying value of ancillary cost of borrowing as on the date of refinancing of INR 23,159 (US$ 357) has been expensed as interest expense during the period. The floating interest rate as of March 31, 2017 was 11.00% per annum and the weighted average interest rate for the year ended March 31, 2017 was 11.38% per annum. The loan is repayable in 72 quarterly installments commencing October 1, 2016. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 1,419,299 (US$ 21,886) as of March 31, 2017. In January 2016, the Company borrowed INR250,000 (US$ 3,774) for financing of a 5 MW solar power project, which carries a floating rate of interest which will be subject to revision on expiry of every 2 years as per the interest guidelines of IREDA. The rate of interest is 11.4% and the weighted average interest rate for the year ended March 31, 2017 was 11.4% per annum with additional interest during construction period of 0.5% per annum. The loan is repayable in 48 monthly installments commencing March 31, 2017. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 299,643 (US$ 4,621) as of March 31, 2017. From January 2016 through March 2016, the Company borrowed INR2,562,300 (US$ 39,511) for financing of a 50 MW solar power project, which carries a floating rate of interest at a base rate, as defined, minus 2.55% per annum. The floating interest rate as of March 31, 2017 was 10.95% per annum and the weighted average interest rate for the year ended March 31, 2017 was 11.77% per annum. The loan is repayable in 65 quarterly installments commencing June 30, 2017. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 2,952,478 (US$ 45,528) as of March 31, 2017. From April 2016 through May 2016, the Company borrowed INR 463,050 (US$ 7,140) for financing of a 10 MW solar power project. The floating interest rate as of March 31, 2017 was 12.15% per annum and the weighted average interest rate for the year ended March 31, 2017 was 12.15% per annum. The loan is repayable in 56 quarterly installments commencing October 1, 2016. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 622,670 (US$ 9,602) as of March 31, 2017. From May 2016 through March 2017, the Company borrowed INR 538,100 (US$ 8,298) for financing of a 10 MW solar power project. The floating interest rate as of March 31, 2017 was 11.35% per annum and the weighted average interest rate for the year ended March 31, 2017 was 11.35% per annum. The loan is repayable in 60 quarterly installments commencing June 30, 2017. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 598,902 (US$ 9,235) as of March 31, 2017. From August 2016 through March 2017, the Company borrowed INR 5,981,800 (US$ 92,241) for financing of a 150 MW solar power project. The floating interest rate as of March 31, 2017 was 10.50% — 11.25% per annum and the weighted average interest rate for the year ended March 31, 2017 was 11.25% per annum. The loan is repayable in 66 quarterly installments commencing December 31, 2017. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 6,304,848 (US$ 97,222) as of March 31, 2017. In November 2016, the Company borrowed INR 261,400 (US$ 4,031) for financing of a 14 MW solar power project. The floating interest rate as of March 31, 2017 was 11.20% per annum and the weighted average interest rate for the year ended March 31, 2017 was 11.20% per annum. The loan is repayable in 55 quarterly installments commencing June 30, 2018. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 296,518 (US$ 4,572) as of March 31, 2017. From October 2016 through February 2017, the Company borrowed INR 1,293,472 (US$ 19,946) for financing of a 40 MW solar power project from consortium of lenders. The floating interest rate as of March 31, 2017 was 10.35% — 11.75% per annum and the weighted average interest rate for the year ended March 31, 2017 was 11.04% per annum. The loan is repayable in 64 quarterly installments commencing January 15, 2017. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 2,377,467 (US$ 36,661) as of March 31, 2017. From October 2016 through November 2016, the Company borrowed INR 1,315,371 (US$ 20,283) for financing of a 40 MW solar power project from consortium of lenders. The floating interest rate as of March 31, 2017 was 10.35% — 11.75% per annum and the weighted average interest rate for the year ended March 31, 2017 was 10.93% per annum. The loan is repayable in 64 quarterly installments commencing January 15, 2017. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 2,145,837 (US$ 33,089) as of March 31, 2017. In November 2016, the Company borrowed INR 356,250 (US$ 5,493) for financing of a 7 MW solar power project. The floating interest rate as of March 31, 2017 was 11.25% per annum and the weighted average interest rate for the year ended March 31, 2017 was 11.25% per annum. The loan is repayable in 63 quarterly installments commencing October 1, 2017. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 415,359 (US$ 6,405) as of March 31, 2017. In March 2017, the Company borrowed INR 1,000,000 (US$ 15,420) for financing of a 100 MW solar power project. The floating interest rate as of March 31, 2017 was 11.00% per annum and the weighted average interest rate for the year ended March 31, 2017 was 11.00% per annum. The loan is repayable in 74 quarterly installments commencing September 30, 2018. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 396,337 (US$ 6,112) as of March 31, 2017. In March 2017, the Company borrowed INR 825,000 (US$ 12,722) for financing of a 50 MW solar power project. The floating interest rate as of March 31, 2017 was 11.25% per annum and the weighted average interest rate for the year ended March 31, 2017 was 11.25% per annum. The loan is repayable in 63 quarterly installments commencing September 30, 2018. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 899,177 (US$ 13,865) as of March 31, 2017. In March 2017, the Company borrowed INR 375,000 (US$ 5,783) for financing of a 10 MW solar power project. The floating interest rate as of March 31, 2017 was 10.75% per annum and the weighted average interest rate for the year ended March 31, 2017 was 10.75% per annum. The loan is repayable in 37 quarterly installments commencing September 30, 2017. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 567,092 (US$ 8,745) as of March 31, 2017. In March 2017, the Company borrowed INR 2,300,000 (US$ 35,466) for financing of a 100 MW solar power project from consortium of lenders. The floating interest rate as of March 31, 2017 was 10.75% —12.00% per annum and the weighted average interest rate for the year ended March 31, 2017 was 11.88% per annum. The loan is repayable in 73 quarterly installments commencing June 30, 2018. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 2,228,308 (US$ 34,361) as of March 31, 2017. As of March 31, 2017, the Company has unused commitments for long-term financing arrangements amounting to INR 16,227,730 (US$ 250,235) for solar power projects. For certain of the Indian rupee loans, two of the directors of the Company have provided personal guarantees in favor of the lenders and have also pledged part of their shareholding with these lenders. Short term loan facilities Facility 1 In September 2015, the Company entered into a revolving credit facility in the amount of INR 1,000,000 (US$15,108). Borrowings under this facility are repayable within 12 months of disbursement. Two directors of AZI have given personal guarantees in favor of the lenders. The Company has also pledged shareholding of two project subsidiaries. In November 2015, the Company borrowed INR 480,000 (US$7,334) for financing a 10 MW solar power project. The weighted average interest rate for the year ended March 31, 2017 was 13.25% per annum. The loan is repayable within 12 months from the date of 1st disbursement for the project and is further collateralized by the assets created from the respective disbursement. The borrowing has been repaid during the year and no amounts are outstanding under this facility at March 31, 2017. In December 2015, the Company borrowed INR 418,000 (US$6,320) for financing a 10 MW solar power project. The weighted average interest rate for the year ended March 31, 2017 was 13.25% per annum. The loan is repayable within 12 months from the date of first disbursement for the project and is further collateralized by the assets created from the respective disbursement. The borrowing has been repaid during the year and no amounts are outstanding under this facility at March 31, 2017. Facility 2 In February 2016, the Company borrowed INR 375,000 (US$5,660) for financing a 10 MW solar power project. The weighted average interest rate for the year ended March 31, 2017 was 13.25% per annum. The loan is repayable within 12 months from the date of disbursement for the project and is collateralized by the assets created from the disbursement. The borrowing has been repaid during the year and no amounts are outstanding under this facility at March 31, 2017 Facility 3 In February 2017, the Company borrowed INR 2,500,000 (US$ 38,551) for financing a 100 MW solar power project. The interest rate as of March 31, 2017 was 12.75% per annum. The loan is repayable within 12 months from the date of disbursement for the project and is collateralized by the assets created from the disbursement. From time to time, the Company is required to maintain principal and interest, both as defined in the respective agreements, as a form of collateral with banks specified by the respective lenders. Such amounts, totaling INR 918,690 (US$ 14,166) as of March 31, 2016, are classified as restricted cash on the consolidated balance sheets. Generally, under the terms of the loan agreements entered into by the Company’s project subsidiaries, the project subsidiaries are restricted from paying dividends to APGL if they default in payment of their principal, interest and other amounts due to the lenders under their respective loan agreements. Certain of APGL’s project subsidiaries also may not pay dividends to AZI out of restricted cash. As of March 31, 2017, the Company has fully drawn the commitments for revolving credit facilities for solar power projects. As of March 31, 2017, the aggregate maturities of long term debt is as follows: Annual maturities March 31, INR US$ 2018 1,622,519 25,020 2019 2,225,730 34,321 2020 2,048,910 31,595 2021 2,733,616 42,153 2022 2,503,208 38,600 Thereafter 22,433,053 345,922 Total 33,567,036 517,611 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The individual entities within the Company file individual tax returns as per the regulations existing in their respective jurisdictions. The fiscal year under the Indian Income Tax Act ends on March 31. A portion of the Company’s Indian operations qualify for deduction from taxable income because its profits are attributable to undertakings engaged in development of solar power projects under section 80-IA Due to the Tax Holiday Period, a substantial portion of the temporary differences between the book and tax basis of the Company’s assets and liabilities do not have any tax consequences as they are expected to reverse within the Tax Holiday Period. AZI and a subsidiary provide services to other group subsidiaries and incur income taxes on profits from these services. These services are capitalizable by the subsidiaries and are hence capitalized as part of property, plant and equipment in the standalone financial statements of such subsidiaries and deducted in their respective income tax return in the form of depreciation expense. However, these capitalized costs are eliminated in the Company’s consolidated financial statements. AZI treats the income tax it incurs on the provision of such services to its subsidiaries as prepaid income taxes to the extent the amounts are expected to be deductible by the subsidiaries in their tax returns outside of the Tax Holiday Period. The provision (benefit) for income taxes consists of the following: Current Deferred Total Year ended March 31, 2015 191,933 61,179 253,112 Year ended March 31, 2016 28,667 299,078 327,745 Year ended March 31, 2017 509,083 383,250 892,333 US$ 7,850 5,910 13,760 Income/(loss) before income taxes is as follows: As of March 31, 2015 2016 (INR) 2017 2017 Domestic operations (247 ) (56,881 ) (28,504 ) (440 ) Foreign operations (835,231 ) (1,270,214 ) (270,732 ) (4,174 ) Total (835,478 ) (1,327,095 ) (299,236 ) (4,614 ) The significant components of the net deferred income tax assets and liabilities exclusive of amounts that would not have any tax consequences because they will reverse within the Tax Holiday Period, are as follows: As of March 31, 2016 (INR) 2017 (INR) 2017 Deferred tax assets: Allowance for doubtful accounts 415 415 6 Other deductible temporary difference 202,505 243,950 3,763 Net operating loss 379,920 12,845 198 Gross deferred tax assets 582,840 257,210 3,967 Valuation allowance (8,569 ) (12,845 ) (198 ) Total gross deferred tax assets 574,271 244,365 3,769 Deferred tax liabilities: Depreciation and amortization (988,897 ) (1,261,828 ) (19,458 ) Gain on sale of non-controlling (19,333 ) (19,335 ) (298 ) Other comprehensive income — (10,028 ) (154 ) Other taxable temporary differences (1,428 ) — — Total gross deferred tax liabilities (1,009,658 ) (1,291,191 ) (19,910 ) Net deferred tax liability (435,387 ) (1,046,826 ) (16,141 ) At March 31, 2016 and 2017, net deferred tax assets were INR 34,661 and INR 31,429 (US$ 485), and net deferred tax liabilities were INR 470,048 and INR 1,078,255 (US$ 16,627), respectively. At March 31, 2017, the Company performed an analysis of the deferred tax asset valuation allowance for APGL and its Indian and US subsidiaries. Based on the analysis, the Company has concluded that a valuation allowance offsetting the deferred tax assets is required as of March 31, 2017 on the basis that it is more likely than not that APGL will not be able to utilize the entirety of its net operating losses as it has no business operations of its own. Change in the valuation allowance for deferred tax assets as of March 31, 2015, 2016 and 2017 is as follows: March 31, 2015 2016 2017 2017 (INR) (INR) (INR) (US$) Opening valuation allowance 61,129 37 8,569 132 Movement during the period (61,092 ) 8,532 4,275 66 Closing valuation allowance 37 8,569 12,845 198 The effective income tax rate differs from the amount computed by applying the statutory income tax rate to loss before income taxes as follows: Year ended 2015 Year ended 2016 Year ended 2017 Tax % Tax % Tax % Statutory income tax benefit (283,979 ) (33.99 %) (459,308 ) (34.61 %) (103,494 ) (34.60 %) Temporary differences reversing in the Tax Holiday Period 223,409 26.74 % 428,034 32.25 % 223,897 74.87 % Taxes on intercompany transaction reversing in the Tax Holiday Period 321,323 38.46 % 256,143 19.30 % 741,474 247.96 % Valuation allowance on net operating losses (61,092 ) (7.31 %) 8,532 0.64 % 4,275 1.42 % Other difference 53,451 6.40 % 94,344 7.11 % 26,180 8.55 % 253,112 30.30 % 327,745 24.70 % 892,333 298.20 % The Company had adopted the provisions of ASC Topic 740 as they relate to uncertain income tax positions. Tax exposures can involve complex issues and may require extended periods to resolve. The Company does not have any uncertain tax positions requiring to be reserved for. The Company reassesses its tax positions in light of changing facts and circumstances, such as the closing of a tax audit, refinement of an estimate, or changes in tax codes. To the extent that the final tax outcome of these matters differs from the amounts recorded, such differences will impact the provision for income taxes in the period in which such determination is made. As of March 31, 2016, and 2017, deferred income taxes have not been provided for the Company’s share of undistributed net earnings of foreign operations due to management’s intent to reinvest such amounts indefinitely. Those earnings totaled INR 664,789 INR 1,217,312 and INR 1,315,335 (US$ 20,283) for the years ended March 31, 2015, 2016 and 2017, respectively. |
Interest expense, net
Interest expense, net | 12 Months Ended |
Mar. 31, 2017 | |
Banking and Thrift, Interest [Abstract] | |
Interest expense, net | 12. Interest expense, net Interest expense, net consists of the following: Year ended March 31, 2015 (INR) 2016 (INR) 2017 (INR) 2017 (US) Interest expense: CCDs 248,831 408,172 90,360 1,392 Series E and G CCPS 96,500 263,654 73,840 1,139 Term loans 598,845 1,547,382 2,439,052 37,611 Bank charges and other 55,454 106,568 160,740 2,479 999,630 2,325,776 2,763,992 42,621 Interest income: Term and fixed deposits 151,860 221,532 319,823 4,932 Gain on sale of investments 13,949 45,375 72,074 1,111 Investments held-to-maturity — 33 259 4 Interest Income related party 2,031 — — — 167,840 266,940 392,156 6,047 Total 831,790 2,058,836 2,371,836 36,574 |
(Gain)_ loss on foreign currenc
(Gain)/ loss on foreign currency exchange | 12 Months Ended |
Mar. 31, 2017 | |
Foreign Currency [Abstract] | |
(Gain)/ loss on foreign currency exchange | 13. (Gain)/ loss on foreign currency exchange (Gain)/ loss on foreign currency exchange consists of the following: Year ended March 31, 2015 (INR) 2016 (INR) 2017 (INR) 2017 (US$) Unrealized loss/ (gain) on foreign currency loans 240,656 338,297 (126,943 ) (1,958 ) Realized gain on foreign currency loans (42,280 ) (80,542 ) (106,299 ) (1,639 ) Unrealized loss on derivative instruments 7,342 11,069 61,862 954 Realized loss on derivative instruments 93,910 74,313 123,792 1,909 Other gain on foreign currency exchange — — (61,540 ) (949 ) 299,628 343,137 (109,128 ) (1,683 ) |
Equity and preferred shares
Equity and preferred shares | 12 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Equity and preferred shares | 14. Equity and preferred shares Equity shares Equity shares have a par value of US$0.000625 per share at APGL. There is no limit on the number of equity shares authorized. As of March 31, 2016, and 2017, there were 1,758,080 and 25,915,956 equity shares issued and outstanding. Compulsorily convertible preferred Share There is no limit of number of preferred shares. The Compulsorily Convertible Preferred Shares (CCPS), treated as mezzanine equity, consisted of the following: No of Shares Total consideration (INR) Price per share (USD)* Series A 38,770 92,492 49 Series B 181,046 503,994 61 Series C 229,880 381,600 34 Series D 84,348 474,964 102 Series F 138,133 1,550,508 184 Series H 133,285 3,840,339 450 Series I 55,535 1,666,490 450 860,997 8,510,387 * Not in thousands In November 2008, AZI had issued 38,770 Series A CCPS for consideration of INR 91,617, (net of INR 875 share issue expenses). In February 2010, AZI had issued 181,046 Series B CCPS for consideration of INR 500,731 (net of INR 3,263 share issue expenses). In September 2011, AZI had issued 229,880 Series C CCPS for consideration of INR 377,562 (net of INR 4,038 share issue expenses). In September 2012, AZI had issued 84,348 Series D CCPS for consideration of INR 474,964 (net of INR NIL share issue expenses). From June 2014 to January 2015 AZI had issued 138,133 series F CCPS for a total consideration of INR 1,549,010 (net of INR 1,498 share issue expenses). Unless converted, the term of the Series A CCPS is a maximum of 19 years from the date of issue, whereas the terms of the Series B, Series C, Series D and Series F CCPS is a maximum of 20 years, as amended, from the date of issue. On July 25, 2015, the Series A, Series B, Series C, Series D, and Series F CCPS in AZI were exchanged for similar instruments in APGL having identical terms and conditions. On July 25, 2015, APGL issued 133,285 Series H CCPS for consideration of INR 3,695,407 (net of INR 144,932 share issuance expenses). Unless converted, the term of the Series H CCPS is a maximum of 20 years from the date of issue. In September 2016, APGL issued 55,535 Series I CCPS for a consideration of INR 1,658,166 (net of INR 8,324 share issue expenses) with a term unless converted for 20 years from the date of issue. The rights, preferences and privileges of the Company’s Series A, Series B, Series C, Series D, Series F, Series H and Series I CCPS (collectively, the “Mezzanine CCPS”) are as follows: Voting The Mezzanine CCPS rank pari passu with regards to voting rights. Holders of Mezzanine CCPS were entitled to vote on all matters and were entitled to the number of votes equal to the number of equity shares into which the Mezzanine CCPS shares were then convertible on the basis of the applicable conversion factor. Dividend Each of the Series A, Series B, Series C, Series D, and Series F holders of the Mezzanine CCPS were entitled to a 8.0% per annum per share non-cumulative Conversion Each of the Series A, Series B, Series D, Series F, Series H and Series I CCPS are convertible into equity shares of the Company at the option of the CCPS holders at any time at a conversion ratio of 1:1. The Series C CCPS were convertible into equity shares of the Company at the option of the CCPS holder at any time at a conversion ratio of 1:0.3423. Any Mezzanine CCPS which have not been converted into equity shares of the Company were compulsorily converted into equity shares of the Company, at the aforementioned ratios, upon listing of shares on execution of a QIPO or at their maturity date. Pursuant to the IPO in October 2016, the Company converted all the outstanding CCPS into 14,635,882 equity shares. Liquidation On occurrence of a liquidation event, as defined in the terms of the Mezzanine CCPS agreements, the Series A holders were eligible to receive an amount equal to 140% of the cash paid for the Series A CCPS, plus accrued and unpaid dividends, and the Series B, Series C, and Series D holders had the right to receive an amount equal to 200% of the cash paid, plus accrued and unpaid dividends, and the Series F holders had the right to receive an amount equal to 150% of the cash paid, plus accrued and unpaid dividends, and the Series H and Series I CCPS holders had the right to receive an amount equal to 108% of the cash paid, plus accrued and unpaid dividends. Upon such a liquidation event, the holders of the CCDs and Series E and G CCPS were entitled to receive amounts in preference to the Series B, Series C, Series D, Series F, Series H and Series I CCPS, who in turn receive amounts in preference to the holders of the Series A CCPS. Series A CCPS holders received amounts in preference to the Company’s equity shareholders. Accounting The Company had evaluated its accounting for the Mezzanine CCPS pursuant to ASC Topic 480 and ASC Topic 815 Derivative and Hedging. The Mezzanine CCPS did not satisfy the criteria for liability classification described in ASC Topic 480. In addition, the embedded features of the Mezzanine CCPS did not satisfy the criteria for separate accounting of the derivative from the host instrument pursuant to ASC Topic 815. However, because the Mezzanine CCPS contain certain redemption features that are not solely within the Company’s control, the Mezzanine CCPS were classified as temporary equity in the consolidated balance sheets. The Mezzanine CCPS were being accreted to their buyback value through February 25, 2016, the earliest buyback date, so that the carrying amount equaled the mandatory redemption value at such date. Subsequently, the Company entered into an arrangement with the Mezzanine CCPS holders to extend the buyback date to December 31, 2016, without increasing the buyback value. The Company incurred issuance costs amounting to INR 162,931 (US$2,512) which have been netted against the proceeds received from the issuance of Series A, Series B, Series C, Series D, Series F, Series H and Series I Mezzanine CCPS. The issuance costs were being accreted over the respective redemption periods on a straight-line basis. The amount accreted totaled INR 1,899, INR 147,532 and INR 8,324 (US$ 128) during the years ended March 31, 2015, 2016 and 2017, respectively. |
Earnings per share
Earnings per share | 12 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per share | 15. Earnings per share The Company calculates earnings per share in accordance with FASB ASC Topic 260 Earnings per Share and FASB ASC Topic 260-10-45 The Mezzanine CCPS shareholders were entitled to participate, along with the equity shareholders, in the earnings of the Company. Under ASC Topic 260 Earnings per Share Loss per share is presented below: Year ended March 31 2015 (INR) 2016 (INR) 2017 (INR) Net loss attributable to APGL equity shareholders (1,082,995 ) (1,650,189 ) (1,172,645 ) Add: Accretion on Mezzanine CCPS (755,207 ) (1,347,923 ) (235,853 ) Add: Accretion on redeemable non-controlling — (29,825 ) (44,073 ) Total (A) (1,838,202 ) (3,027,937 ) (1,452,571 ) Shares outstanding for allocation of undistributed income: Equity shares 1,758,080 1,758,080 25,915,956 Weighted average shares outstanding Equity shares (B) 1,758,080 1,758,080 13,040,618 # Net loss per share — basic and diluted Equity shares (C=A/B) (1,046 ) (1,722 ) (111 ) # — The Company had 1,758,080 equity shares outstanding for the period from April 1, 2016 till October 12, 2016 and 25,915,956 equity shares were outstanding from October 12, 2016 till March 31, 2017. The number of share options outstanding but not included in the computation of diluted earnings per equity share because their effect was antidilutive is 461,136, 414,880, and 540,280 for years ended March 31, 2015, 2016 and 2017, respectively. The CCDs, Series E CCPS and the Series G CCPS have not been considered for the computation of diluted earnings per share because these are considered to be anti-dilutive. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2017 | |
Leases [Abstract] | |
Leases | 16. Leases The Company leases office facilities and land use rights under operating lease agreements. Minimum lease payments under operating leases are recognized on a straight line basis over the term of the lease. Rent expense for operating leases for the years ended March 31, 2015, 2016 and 2017 was INR 44,169, INR 70,039 and INR 172,528 (US$ 2,660), respectively. Future minimum lease payments under non-cancellable Year ended March 31, Amount (INR) US$ Fiscal 2018 66,652 1,028 Fiscal 2019 66,796 1,030 Fiscal 2020 64,105 989 Fiscal 2021 66,262 1,022 Fiscal 2022 66,558 1,026 Thereafter 2,955,614 45,576 Total 3,285,987 50,671 |
Commitments, guarantees and con
Commitments, guarantees and contingencies | 12 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, guarantees and contingencies | 17. Commitments, guarantees and contingencies Capital commitments During the normal course of business, the Company purchases assets for the construction of solar power plants and estimates it will incur INR 3,870,066 (US$ 59,677) during the twelve months ended March 31, 2018 in relation to such purchase commitments. Guarantees The Company issues irrevocable performance bank guarantees in relation to its obligation to construct solar power plants as required by the PPA. Such outstanding guarantees amounted to INR 1,189,200 and INR 1,534,700 (US$ 23,665) as of March 31, 2016 and 2017, respectively. The guarantees expire on the commissioning of the constructed solar power plant. The Company has obtained guarantees from financial institutions as a part of the bidding process for establishing solar projects amounting to INR 1,192,000 and INR 1,092,000 (US$ 16,839) as of March 31, 2016 and 2017, respectively. The Company has given term deposits as collateral for those guarantees which are classified as restricted cash on the consolidated balance sheet. The terms of the PPAs provide for the annual delivery of a minimum amount of electricity at fixed prices. Contingencies As at March 31, 2017, the Company has received demand for liquidation damages totaling INR 65,000 (US$ 1,002) for projects completed beyond the contractually agreed dates. The Company has filed an appeal against such demands and has received a stay order from the appellant authorities. The management believes the reason for delay were not attributable to the Company, based on advice from its legal advisors and the facts underlying the Company’s position, it believes that the probability that it will ultimately be found liable for these assessments is remote and accordingly has not accrued any amount with respect to these matters in its consolidated financial statements. The Company does not expect the impact of these demands to have a material adverse effect on it financial position, results of operations or cash flows. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Disclosures | 18. Related Party Disclosures For the years ended the year ended March 31, 2015, 2016 and 2017, the Company incurred rent expense on office facilities and guest house facilities totaling INR 14,490, INR 14,970 and INR 19,362 (US$ 299), respectively, where the lessors are relatives of the Company’s chief executive officer and another director of APGL. As of March 31, 2016, and 2017, the Company had security deposits with these lessors totaling INR 8,567 and INR 8,567 (US$ 132). |
Share based compensation
Share based compensation | 12 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share based compensation | 19. Share based compensation On July 28, 2015, the Company’s Board of Directors approved the 2015 Stock Option Plan (the “2015 Plan”) allowing for a grant of up to 568,688 options. During August 2016, the Board approved to increase the employee stock option pool from 568,688 to 1,023,744 shares and the existing Employee Stock Option Plan 2015 has been discontinued for issuance of new grants and the outstanding stock option pool available for issuance of new grants are transferred to 2016 Equity Incentive Plan (the “2016 Plan”). Under the 2015 Plan and 2016 Plan, the Compensation Committee on behalf of Board of Directors (the “Directors”) may from time to time make grants to one or more employees, determined by it to be eligible for participation in the 2015 and 2016 Plans. The Compensation Committee determines which employees are eligible to receive the equity awards, the number of equity awards to be granted, the exercise price, the vesting period and the exercise period. The vesting period will be decided by the Compensation Committee as and when any grant takes place. All options granted under these plans shall vest over a period of 4 years from the date of grant with 25% vesting at the end of year one, 25% vesting at the end of year two, 25% vesting at the end of year three and 25% vesting at the end of year four unless specified otherwise. Options are deemed to have been issued under these plans only to the extent actually issued and delivered pursuant to a grant. To the extent that a grant lapses or the rights of its grantee terminate, any equity shares subject to such grant are again available for new grants. The option grant is at such price as may be determined by the Compensation Committee and is specified in the option grant. The grant is in writing and specifies the number of options granted the price payable for exercising the options, the date/s on which some or all of the options shall be eligible for vesting, fulfillment of the performance and other conditions, if any, subject to which vesting shall take place and other terms and conditions thereto. The option grant is not transferable and can be exercised only by the employees of the Company. Options granted under the plan are exercisable into equity shares of the Company, have a contractual life equal to the shorter of ten years and July 20, 2025, and vest equitably over four years, unless specified otherwise in the applicable award agreement. The Company recognizes compensation cost, reduced by the estimated forfeiture rate, over the vesting period of the option. A summary of share option activity during the years ended March 31, 2016 and 2017 is set out below: Number of shares Weighted average exercise price in INR * Outstanding as of March 31, 2016 414,880 207 Granted 125,400 1,496 Exercised — — Forfeitures — — Options outstanding as of March 31, 2017 540,280 506 Vested and exercisable as of March 31, 2017 409,328 166 Available for grant as of March 31, 2017 is 483,464 options. * Not in thousands The Black-Scholes-Merton option pricing model includes assumptions regarding dividend yields, expected volatility, expected option term, and risk-free interest rates. The Company estimates expected volatility based on the historical volatility of comparable publicly traded companies for a period that is equal to the expected term of the options because it does not have sufficient history of its own volatility. The risk-free interest rate is based on the treasury bonds issued by the Indian Government in effect at the time of grant for a period commensurate with the estimated expected life. The expected term of options granted is derived using the “simplified” method as allowed under the provisions of ASC Topic 718 due to insufficient historical exercise history data to provide a reasonable basis upon which to estimate expected term. The fair value of each share option granted to employees is estimated on the date of grant using the Black- Scholes option-pricing model with the following weighted average assumptions: Year ended March 31, 2016 2017 Dividend yield 0.00% 0.00% Expected term (in years) 5.0 - 6.8 4.5 - 7.2 Expected volatility 37.2% - 41.6% 31.0% - 41.7% Risk free interest rate 7.60% - 8.08% 2.15% - 7.61% On July 28, 2015, the Company issued 414,880 options as replacement for the 414,880 AZI outstanding options under its option plan. In addition to the replacement of the options, the Company modified certain other terms of the options originally granted by AZI. In accordance with ASC Topic 718, Compensation — Stock Compensation, cancellation of options at AZI and reissue of options at APGL as well as the modification of certain other terms were considered as a plan modification. In respect of the option modifications, the Company computed the incremental fair value of the options. The incremental fair value of INR 45,719 (US$ 705) was determined as a difference between the fair value of the modified option and that of the original option, both estimated at the time of modification. The incremental fair value as per the vesting schedule as on the date of modification that are recorded amounted to INR 41,334 (US$ 637). July 25, 2015 Particulars Pre- modification Post- Options granted 29,684 25,930 Equity value (INR) 7,642 8,943 Dividend yield 0.00% 0.00% Expected term (in years) 0.2-2.8 5.0-6.8 Expected volatility 37.2% - 41.6% 37.2% - 41.6% Risk free interest rate 7.60% - 8.08% 7.60% - 8.08% Outstanding options as of March 31, 2017 include 80,000 options with a market vesting condition. The fair value of these options was determined using the Lattice valuation model with the following assumptions: Volatility 48.1 % Risk- free interest rate 8.18 % The result of the Lattice valuation model concludes that the probability of achieving the market conditions to be 5.72% and the fair value of the options has been fully recorded as expense. As of March 31, 2016, and 2017, the aggregate intrinsic value of all outstanding options was INR 133,285 and INR 140,864 (US$ 2,172), respectively. The share based compensation expense related to share options is recorded as a component of general and administrative expenses in the Company’s consolidated statements of operations and totaled, INR 7,428, INR 51,732 and INR 13,774 (US$ 212) for the years ended March 31, 2015 2016 and 2017, respectively. Unrecognized compensation cost for unvested options as of March 31, 2017 is INR 11,385 (US$176), which is expected to be expensed over a weighted average period of 1.7 years. The intrinsic value of options exercised during the year ended March 31, 2016, and March 31, 2017 was INR 30 and nil (US$ nil). The intrinsic value per option at the date of grant during the years ended March 31, 2016 and 2017 is as follows: Date of grant No. of options granted Deemed fair value of Intrinsic value per option Valuation used July 1, 2015 13,808 477 476 Retrospective May 4, 2016 87,872 602 (1 ) Retrospective August 18, 2016 22,528 337 336 Retrospective March 8, 2017 15,000 1,133 — Market price (1) Fair value of the shares exceeds the exercise price. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 20. Fair Value Measurements FASB ASC Topic 820 Fair Value Measurements and Disclosures Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Includes other inputs that are directly or indirectly observable in the marketplace. Observable inputs, other than Level 1 quoted prices for similar instruments in active markets; quoted prices for similar or identical instruments in markets that are not active; and valuations using models in which all significant inputs are observable in active markets. Level 3 — Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In accordance with ASC Topic 820, assets and liabilities are to be measured based on the following valuation techniques: Market approach — Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Income approach — converting the future amounts based on the market expectations to its present value using the discounting methodology. Cost approach — Replacement cost method. The valuation techniques used by the Company to measure and report the fair value of certain financial assets and liabilities on a recurring basis are as follows; Foreign exchange derivative contracts The Company enters into foreign exchange derivative contracts to hedge fluctuations in foreign exchange rates for recognized balance sheet items such as foreign exchange term loans. The Company mitigates the credit risk of these foreign exchange derivative contracts by transacting with highly rated counterparties in India which are major banks. The Company used the super derivatives option pricing model based on the principles of the Black-Scholes model to determine the fair value of the foreign exchange derivative contracts. The inputs considered in this model include the theoretical value of a call option, the underlying spot exchange rate as of the balance sheet date, the contracted price of the respective option contract, the term of the option contract, the implied volatility of the underlying foreign exchange rates and the risk free interest rate as of the balance sheet date. The techniques and models incorporate various inputs including the credit worthiness of counterparties, foreign exchange spot and forward rates, interest rate yield curves, forward rate yield curves of the underlying. The Company classifies the fair value of these foreign exchange derivative contracts in Level 2 because the inputs used in the valuation model are observable in active markets over the term of the respective contracts. Compulsorily convertible debentures, Series E and G compulsorily convertible preferred shares The Company classified the fair value of the CCDs, Series E and Series G CCPS in level 3 because the fair values have been derived using valuation techniques in which one or more significant inputs are unobservable. The Company used a discounted cash flow analysis under the income approach, to determine the fair value of the CCDs, Series E and Series G CCPs. This valuation model includes various inputs including issue price, liquidation amount, committed internal rate of return, discount rate and coupon rate. Fair Value measurement at reporting date using Description As of (INR) Quoted Prices Significant Significant Assets Current assets Foreign exchange derivative contracts 108,606 — 108,606 — Noncurrent assets Foreign exchange derivative contracts 83,426 — 83,426 — Total assets 192,032 — 192,032 — Liabilities Current liability Compulsorily convertible debentures 2,132,500 — — 2,132,500 Series E and Series G compulsorily convertible preferred shares 1,468,200 — — 1,468,200 Total liabilities 3,600,700 — — 3,600,700 Fair Value measurement at reporting date using Description As of (INR) Quoted Prices (Level 1) (INR) Significant Significant Assets Current assets Available for sale securities 3,296,797 3,296,797 — — Foreign exchange derivative contracts 63,818 — 63,818 — Noncurrent assets Foreign exchange derivative contracts 61,120 — 61,120 — Total assets 3,421,735 3,296,797 124,938 — Changes in compulsorily convertible debentures are as follows: INR US$ Balance as of March 31, 2014 1,428,800 22,032 Issuance of CCDs IFC III 180,000 2,776 Increase in fair value 189,800 2,927 Balance as of March 31, 2015 1,798,600 27,735 Increase in fair value 333,900 5,149 Balance as of March 31, 2016 2,132,500 32,884 Increase in fair value 56,400 870 Conversion of CCDs into equity share (2,188,900 ) (33,754 ) Balance as of March 31, 2017 — — Changes in Series E and Series G compulsorily convertible preferred shares are as follows: INR US$ Balance as of March 31, 2014 566,100 8,729 Increase in fair value 96,500 1,488 Balance as of March 31, 2015 662,600 10,217 Issuance of Series G CCPS 541,946 8,357 Increase in fair value 263,654 4,066 Balance as of March 31, 2016 1,468,200 22,640 Increase in fair value 73,841 1,139 Conversion of CCPS into equity shares (1,542,041 ) (23,779 ) Balance as of March 31, 2017 — — The carrying amount of cash and cash equivalents, including restricted cash, accounts receivable, accounts payables, and other current financial assets and liabilities approximate their fair value largely due to the short-term maturities of these instruments. There have been no transfers between categories during current year. The carrying value and fair value of the Company’s fixed rate project financing term loans is as follows: As of March 31, 2016 Carrying Value Fair Value US$ Fixed rate project financing loans: Foreign currency loans 5,995,393 6,241,606 94,213 As of March 31, 2017 Carrying Value Fair Value US$ Fixed rate project financing loans: Foreign currency loans 5,497,166 5,560,038 85,737 The Company uses the yield method to estimate the fair value of fixed rate loans using interest rate change as an input. The carrying amount of the Companies variable rate project financing terms loans approximate, there fair values due to variable interest rates. The carrying value and fair value of the Company’s investment in Bank of Mauritius notes, classified as held-to-maturity As of March 31, 2016 Carrying Value Fair Value US$ Non-current Fixed rate Bank of Mauritius notes 6,785 7,382 111 As of March 31, 2017 Carrying Value Fair Value US$ Non-current Fixed rate Bank of Mauritius notes 6,631 6,865 106 The Company uses the yield method to estimate the fair value of fixed rate Bank of Mauritius notes by using interest rate as an input. The carrying amount of the Company’s investment in fixed rate Bank of Mauritius notes approximate, their fair values relative to variable interest rates. |
Derivative instruments and hedg
Derivative instruments and hedging activities | 12 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments and hedging activities | 21. Derivative instruments and hedging activities The following table presents outstanding notional amount and balance sheet location information related to foreign exchange derivative contracts as of March 31, 2016 and 2017: March 31, 2016 March 31, 2017 Notional Prepaid Expenses Other Notional Prepaid Expenses Other Foreign currency option contracts 14,976 108,606 83,426 12,111 63,818 61,120 The foreign exchange derivative contracts mature generally over a period of 3 to 24 months. (Gains)/Losses on foreign exchange derivative contracts for the year ended March 31, 2015, 2016 and 2017 aggregated INR 101,252, INR 85,382 and INR 185,654 (US$ 2,863), respectively. |
Concentrations of credit risk
Concentrations of credit risk | 12 Months Ended |
Mar. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentrations of credit risk | 22. Concentrations of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, restricted cash, accounts receivables and derivative instruments. The Company mitigates the risk of credit losses from financing instruments, other than trade receivables, by selecting counter parties that are well known Indian or international banks. The following customers account for more than 10% of the Company’s accounts receivable and sale of power as of and for the year ended March 31, 2016 and 2017: March 31, 2016 March 31, 2017 Customer Name % of Accounts % of Sale % of Accounts % of Sale NTPC Vidyut Vyapar Nigam Limited 11.4 % 25.2 % 5.6 % 15.6 % Punjab State Power Corporation Limited 15.9 % 17.0 % 39.3 % 24.1 % Solar Energy Corporation of India 48.5 % 29.0 % 21.9 % 23.4 % Chhattisgarh State Corporation 12.8 % 7.5 % 7.7 % 7.4 % |
Subsequent events
Subsequent events | 12 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent events | 23. Subsequent events During April 2017, the Compensation Committee modified stock options granted to two directors. The grants were modified to increase the number of options granted and to reduce the exercise price. The Company commenced commercial operations of its 100MW solar power plant located in Andhra Pradesh, subsequent to March 31, 2017. The Company evaluated all other events or transactions that occurred after March 31, 2017. Based on this evaluation, the Company is not aware of any event or transactions that would require recognition or disclosure in the financial statements. |
Summary of significant accoun32
Summary of significant accounting policies (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of presentation | (a) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and are presented in Indian rupees (“INR”), unless otherwise stated. The consolidated financial statements include the accounts of APGL and companies which are directly or indirectly controlled by APGL. All intercompany accounts and transactions have been eliminated upon consolidation. Certain balances relating to prior years have been reclassified to conform to the current year presentation. All share and per share amounts presented in the consolidated financial statements have been adjusted to reflect the 16-for-1 |
Use of estimates | (b) Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs, expenses and comprehensive loss that are reported and disclosed in the consolidated financial statements and accompanying notes. These estimates are based on management’s best knowledge of current events, historical experience, actions the Company may undertake in the future and on various other assumptions that are believed to be prudent and reasonable under the circumstances. Significant estimates and assumptions are used for, but not limited to impairment and useful lives of property, plant and equipment, determination of asset retirement obligations, valuation of derivative instruments, valuation of share based compensation, income taxes including related valuation allowance, energy kilowatts expected to be generated over the entire term of certain PPAs and other contingencies and commitments. Although these estimates are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates, and such differences may be material to the consolidated financial statements. |
Foreign currency translation and transactions | (c) Foreign currency translation and transactions The functional currency of APGL is the United States Dollar (“US$”) and reporting currency is Indian rupees (“INR”). The Company’s subsidiaries with operations in India and the United States use their respective currencies as their functional currencies. The financial statements of APGL and its subsidiaries, other than subsidiaries with functional currency of INR, are translated into INR using the exchange rate as of the balance sheet date for assets and liabilities and average exchange rate for the year for income and expense items. Translation gains and losses are recorded in accumulated other comprehensive income or loss as a component of shareholders’ equity. In the financial statements of the Company’s subsidiaries, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the determination of net income or loss during the year in which they occur. Revenue, expense and cash flow items are translated using the average exchange rates for the respective year. The resulting gains and losses from such translation are excluded from the determination of earnings and are recognized instead in accumulated other comprehensive loss, which is a separate component of shareholders’ equity/(deficit). Realized and unrealized foreign currency transaction gains and losses, arising from exchange rate fluctuations on balances denominated in currencies other than the functional currency of an entity, such as those resulting from the Company’s US dollar (“US$”) denominated borrowings, are included in ‘Loss on foreign currency exchange, net’ in the consolidated statements of operations. |
Convenience translation | (d) Convenience translation Translation of balances in the consolidated balance sheets and the consolidated statements of operations, comprehensive loss, shareholders’ equity/(deficit) and cash flows from INR into US$, as of and for the year ended March 31, 2017 are solely for the convenience of the readers and were calculated at the rate of US$1.00 = INR 64.85, the noon buying rate in New York City for cable transfers in non U.S. currencies, as certified for customs purposes by the Federal Reserve Bank of New York on March 31, 2017. No representation is made that the INR amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2017, or at any other rate. |
Cash and cash equivalents | (e) Cash and cash equivalents Cash and cash equivalents include cash on hand, demand deposits with banks, term deposits and all other highly liquid investments purchased with an original maturity of three months or less at the date of acquisition and that are readily convertible to cash. The Company has classified term deposits totaling INR 291,951 and INR 846,394 (US$ 13,052) at March 31, 2016 and 2017, respectively, as cash and cash equivalents, because the Company has the ability to redeem these deposits at any time subject to an immaterial interest rate forfeiture. All term deposits are readily convertible into known amount of cash with no more than one day’s notice. |
Restricted cash | (f) Restricted cash Restricted cash consists of cash balances restricted as to withdrawal or usage and relates to cash used to collateralize bank letters of credit supporting the purchase of equipment for solar power plants, bank guarantees issued in relation to the construction of the solar power plants within the timelines stipulated in PPAs and for certain debt service reserves required under the Company’s loan agreements. Restricted cash is classified into current and non-current |
Investments | (g) Investments The Company determines the appropriate classification of investment securities at the time of purchase and re-evaluates held-to-maturity The Company accounts for its investments in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 320, Accounting for Certain Investments in Debt and Equity Securities. These investments are considered as available for sale and held to maturity. Investments classified as available for sale are recorded at fair value, with the unrealized gains or losses, net of tax, reported as a component of accumulated other comprehensive income or loss in the consolidated statement of shareholders’ equity/(deficit). As of March 31, 2015, and 2016, the Company did not have any short-term available for sale securities and as of March 31, 2017, the Company had INR 3,296,797 (US$ 50,837) as short term investments available for sale securities and unrealized gain of INR 31,774 (US$ 490) on such investments. Realized gains from the sale of available for sale securities during the years ended March 31, 2015, 2016 and 2017 were INR 13,949, INR 45,375 and INR 72,334 (US$ 1,115), respectively and proceeds from the sale of available for sale securities during the year ended March 31, 2015, 2016 and 2017 were INR 927,940, INR 5,071,014 and INR 9,744,735 (US$ 150,266), respectively. Securities that the Company has positive intent and ability to hold till maturity are classified as held-to-maturity Realized gains and losses, and decline in value judged to be other than temporary on these investments are included in the consolidated statements of operations. The cost of securities sold or disposed is determined on First in First Out (“FIFO”) method. |
Accounts receivable | (h) Accounts receivable The Company’s accounts receivables are generated by selling energy to customers and are reported net of any allowance for uncollectible accounts. The allowance for doubtful accounts is based on various factors, including the length of time receivables are past due, significant one-time |
Deferred IPO cost | (i) Deferred IPO cost The Company incurred underwriter fees, legal expenses, printing costs and other costs directly relating to its IPO of INR 966,947 (US$ 14,911). The Company accounted for such costs under ASC 340-10-599-1 |
Property, plant and equipment | (j) Property, plant and equipment Property, plant and equipment represents the costs of completed and operational solar power plants, as well as the cost of furniture and fixtures, vehicles, office and computer equipment, leasehold improvements, freehold land and construction in progress. Construction in progress represents the accumulated cost of solar power plants that have not been placed into service at the date of the balance sheet. Construction in progress includes the cost of solar modules for which the Company has taken legal title, civil engineering, electrical and other related costs incurred during the construction of a solar power plant. Construction in progress is reclassified to property, plant and equipment when the project begins its commercial operations. Property, plant and equipment are stated at cost, less accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method over the assets’ estimated useful lives as follows: Plant and machinery (solar power plants) 25 years Furniture and fixtures 5 years Vehicles 5 years Office equipment 5 years Computers 3 years Leasehold improvements to office facilities are depreciated over the shorter of the lease period or the estimated useful life of the improvement. Lease hold improvements on the solar power plant sites are depreciated over the shorter of the lease term or the remaining period of the PPAs undertaken with the respective customer. Freehold land is not depreciated. Construction in progress is not depreciated until it is ready to be put to use. Improvements to property, plant and equipment deemed to extend the useful economic life of an asset are capitalized. Maintenance and repairs that do not improve efficiency or extend the estimated economic life of an asset are expensed as incurred. Capitalized interest Interest incurred on funds borrowed to finance construction of solar power plants is capitalized until the plant is ready for its intended use. The amount of interest capitalized during the years ended March 31, 2015, 2016 and 2017 was INR 155,012, INR 219,166 and INR 256,802 (US$ 3,960), respectively. |
Accounting for impairment of long-lived assets | (k) Accounting for impairment of long-lived assets The Company periodically evaluates whether events have occurred that would require revision of the remaining useful life of property, plant and equipment and improvements, or render their carrying value not recoverable. If such circumstances arise, the Company uses an estimate of the undiscounted value of expected future operating cash flows to determine whether the long-lived assets are impaired. If the aggregate undiscounted cash flows are less than the carrying amount of the assets, the resulting impairment charge to be recorded is calculated based on the excess of the carrying value of the assets over the fair value of such assets, with the fair value determined based on an estimate of discounted future cash flows, appraisals or other valuation techniques. There were no impairment charges related to long-lived assets recognized during the years ended March 31, 2016 and 2017. |
Leases and land use rights | (l) Leases and land use rights Certain of the Company’s leases relate to leasehold land on which the solar power plants are constructed and for office facilities. Leases are reviewed for capital or operating classification at their inception under the guidance of ASC Topic 840 Leases Land use rights represent lease prepayments to the lessor. Land use rights are carried at cost less accumulated amortization. Amortization is provided to write-off The Company did not have any capital leases during any of the periods presented in the accompanying consolidated financial statements. |
Asset retirement obligations (ARO) | (m) Asset retirement obligations (ARO) Upon the expiration of a PPA or, if later, the expiration of the lease agreement for solar power plants located on leasehold land, the Company is required to remove the solar power plant and restore the land. The Company records the fair value of the liability for the legal obligation to retire the asset in the period in which the obligation is incurred, which is generally when the asset is constructed. When a new liability is recognized, the Company capitalizes it by increasing the carrying amount of the related long-lived asset, which resulting ARO asset is depreciated over the remaining useful life of the solar power plant. The liability is accreted and expensed to its present expected future value each period based on a credit adjusted risk free interest rate. Upon settlement of the obligation, the Company eliminates the liability and, based on the actual cost to retire, may incur a gain or loss. The Company’s asset retirement obligations were INR 94,301 and INR 242,980 (US$ 3,747) as of March 31, 2016 and 2017, respectively. The accretion expense incurred during the years ended March 31, 2015, 2016 and 2017 was INR 2,592, INR 6,109 and INR 9,329 (US$ 144), respectively. There was no settlement of prior liabilities or revisions to the Company’s estimated cash flows as of March 31, 2017. 2016 2017 2017 Beginning balance 70,942 94,301 1,454 Addition during the year 17,250 139,350 2,149 Liabilities settled during the year — — — Accretion expense during the year 6,109 9,329 144 Ending balance 94,301 242,980 3,747 |
Software | (n) Software The Company capitalizes certain internal software development cost under the provision of ASC Topic 350-40 Internal-Use |
Debt financing costs | (o) Debt financing costs Financing costs incurred in connection with obtaining construction and term financing loans are deferred and amortized over the term of the respective loan using the effective interest rate method. Amortization of debt financing costs is capitalized during construction and recorded as interest expense in the consolidated statements of operations, following commencement of commercial operations of the respective solar power plants. In case of refinancing of existing loans, the Company records the unamortized portion of debt financing costs as an expense and the cost of debt refinancing is deferred and amortized over the remaining term of the refinanced loan. In April 2015, the FASB issued Accounting Standards Update No. 2015-03 — 835-30) — Simplifying non-current Carrying value of debt financing costs as of March 31, 2016 and March 31, 2017 were INR 438,172 and INR 909,131 (US$14,019) respectively. Amortization of debt financing costs for the fiscal year ended March 31, 2015, 2016 and 2017 was INR 22,090, INR 52,762 and INR 114,085 (US$1,759), respectively. |
Income taxes | (p) Income taxes Current income taxes are provided for in accordance with the laws of the relevant taxing authority. Income taxes are recorded under the asset and liability method, as prescribed under ASC Topic 740 Income Taxes The Company establishes valuation allowances against its deferred tax assets when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The computation of tax liabilities involves dealing with uncertainties in the application of complex tax regulations. The Company applies a two-step Accounting for Uncertainty in Income Taxes an interpretation of ASC Topic 740 In November 2015, the FASB issued ASU No. 2015-17, non-current. |
Employee benefits | (q) Employee benefits Defined contribution plan Eligible employees of the Company in India receive benefits from the Provident Fund, administered by the Government of India, which is a defined contribution plan. Both the employees and the Company make monthly contributions to the Provident Fund equal to a specified percentage of the eligible employees’ salary. The Company has no further funding obligation under the Provident Fund, beyond the contributions elected or required to be made thereunder. Contributions to the Provident Fund by the Company are charged to expense in the period in which services are rendered by the covered employees and amounted to INR 5,693, INR 10,350 and INR 15,734 (US$ 243) for the years ended March 31, 2015, 2016 and 2017, respectively. Defined benefit plan Employees in India are entitled to benefits under the Gratuity Act, a defined benefit post-employment plan covering eligible employees of the Company. This plan provides for a lump-sum Current service costs for defined benefit plans are accrued in the period to which they relate. In accordance with ASC Topic 715, Compensation Retirement Benefit Compensated absences The Company recognizes its liabilities for compensated absences in accordance with ASC Topic 710, Compensation-General |
Revenue recognition | (r) Revenue recognition Revenue from sale of power is recognized when persuasive evidence of an arrangement exists, the fee is fixed or determinable, solar energy kilowatts are supplied and collectability is reasonably assured. Revenue is based on the solar energy kilowatts actually supplied to customers multiplied by the rate per kilo-watt hour agreed to in the respective PPAs. The solar energy kilowatts supplied by the Company are validated by the customer prior to billing and recognition of revenue. Where PPAs include scheduled price changes, revenue is recognized at lower of the amount billed or by applying the average rate to the energy output estimated over the term of the PPA. The determination of the lesser amount is undertaken annually based on the cumulative amount that would have been recognized had each method been consistently applied from the beginning of the contract term. The Company estimates the total kilowatt hour units expected to be generated over the entire term of the PPA. The contractual rates are applied to this annual estimate to determine the total estimated revenue over the term of the PPA. The Company then uses the total estimated revenue and the total estimated kilo-watt hours to compute the average rate used to record revenue on the actual energy output supplied. The Company compares the actual energy supplied to the estimate of the energy expected to be generated over the remaining term of the PPA on a periodic basis, but at least annually. Based on this evaluation, the Company reassesses the energy output estimated over the remaining term of the PPA and adjusts the revenue recognized and deferred to date. Through March 31, 2017, the adjustments have not been significant. The difference between actual billing and revenue recognized is recorded as deferred revenue. For the years ended March 31, 2015, 2016 and 2017, the amount of revenue recognized under the PPA’s with scheduled price changes is INR 175,492, INR 168,552 and INR 161,760 (US$ 2,494), respectively. Revenue from sale of power is recorded net of discounts. Through March 31, 2017, discounts have not been significant. The Company records the proceeds received from Viability Gap Funding (VGF) on fulfillment of the underlying conditions as deferred revenue. Such deferred VGF revenue is recognized as sale of power in proportion to the actual sale of solar energy kilowatts during the period to the total estimated sale of solar energy kilowatts during the tenure of the applicable power purchase agreement pursuant to the revenue recognition policy. |
Cost of operations (exclusive of depreciation and amortization) | (s) Cost of operations (exclusive of depreciation and amortization) The Company’s cost of operations consists of expenses pertaining to operations and maintenance of its solar power plants. These expenses include payroll and related costs for maintenance staff, plant maintenance, insurance, and if applicable, lease costs. Depreciation expense is not included in cost of operations but is included within “Depreciation and amortization expense”, shown separately in the consolidated statements of operations. |
General and administrative expenses | (t) General and administrative expenses General and administrative expenses include payroll and related costs for corporate, finance and other support staff, including bonus and share based compensation expense, professional fees and other corporate expenses. |
Share based compensation | (u) Share based compensation The Company follows guidance under ASC Topic 718, Compensation — Stock Compensation The Company has elected to use the Black-Scholes-Merton valuation model to determine the fair value of share-based awards on the date of grant for employee share options with a fixed exercise price and fixed service-based vesting. The Company has elected to use the Lattice valuation model to determine the fair value of share-based awards on the date of grant for employee share options with a market condition. Refer to note 19 for details on the Share based compensation. |
Contingencies | (v) Contingencies Liabilities for loss contingencies arising from claims, tax assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Legal costs incurred with respect to these items are expensed as incurred. |
Fair value of financial instruments | (w) Fair value of financial instruments ASC Topic 820, Fair Value Measurements and Disclosures |
Derivative instruments | (x) Derivative instruments Derivative instruments are recorded on the consolidated balance sheets at fair value. Changes in fair value of derivatives not designated as accounting hedges are reported directly in earnings along with the corresponding transaction gains and losses on the items being hedged. The Company enters into foreign exchange currency contracts to mitigate and manage the risk of changes in foreign exchange rates. These foreign exchange derivative contracts were entered into to hedge the fluctuations in foreign exchange rates for recognized balance sheet items such as the Company’s U.S. dollar denominated borrowings and are not designated as hedges for accounting purposes. Realized gains (losses) and changes in the fair value of these foreign exchange derivative contracts are recorded in foreign exchange gains (losses), net in the consolidated statements of operations. These derivatives are not held for speculative or trading purposes. |
Segment information | (y) Segment information Operating segments are defined as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s chief executive officer is the chief operating decision maker. Based on the financial information presented to and reviewed by the chief operating decision maker in deciding how to allocate the resources and in assessing the performance of the Company, the Company has determined that it has a single operating and reporting segment: Sale of power. The Company’s principal operations, revenue and decision-making functions are located in India. |
Non-controlling interest | (z) Non-controlling The non-controlling As of March 31, 2017, the Company recorded a non-controlling non-controlling non-controlling |
Redeemable non-controlling interest | (aa) Redeemable non-controlling The redeemable non-controlling non-controlling non-controlling 480-10-S99-3A non-controlling |
Recent accounting pronouncements | bb) Recent accounting pronouncements Beginning April 1, 2017, the Company has irrevocably elected to follow public company effective dates for new accounting pronouncements. In May 2014, the FASB issued ASU No. 2014-09, No.2015-14 No. 2014-09 No. 2014-09; No. 2014-09 No. 2014-09. The Company is in the process of evaluating the impact of the standard update. The ultimate impact on revenue resulting from the application of the new standard will be subject to assessments that are dependent on many variables, including, but not limited to, the terms of contractual arrangements. The Company also continues to evaluate the available transition methods and its contractual arrangements. The Company’s considerations include, but are not limited to, the comparability of its financial statements and the comparability within its industry from application of the new standard to its contractual arrangements. The Company plans to select a transition method by December 2017. The Company has established an implementation team to implement the standard update related to the recognition of revenue from contracts with customers. The Company continues to evaluate the changes to accounting system and processes, and additional disclosure requirements that may be necessary. On January 5, 2016, the FASB issued ASU 2016-01 2016-01”), Recognition In February 2016, the FASB issued ASU 2016-02 2016-02”), 2016-02 2016-02 right-of-use 2016-02 In March 2016, the FASB issued ASU 2016-09 (“ASU 2016-09”), In August 2016, the FASB issued ASU 2016-15, In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity In November 2016, the FASB issued ASU No. 2016-18, |
Summary of significant accoun33
Summary of significant accounting policies (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of Property, Plant and Equipment | Property, plant and equipment are stated at cost, less accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method over the assets’ estimated useful lives as follows: Plant and machinery (solar power plants) 25 years Furniture and fixtures 5 years Vehicles 5 years Office equipment 5 years Computers 3 years |
Summary of Asset Retirement Obligations | The Company’s asset retirement obligations were INR 94,301 and INR 242,980 (US$ 3,747) as of March 31, 2016 and 2017, respectively. The accretion expense incurred during the years ended March 31, 2015, 2016 and 2017 was INR 2,592, INR 6,109 and INR 9,329 (US$ 144), respectively. There was no settlement of prior liabilities or revisions to the Company’s estimated cash flows as of March 31, 2017. 2016 2017 2017 Beginning balance 70,942 94,301 1,454 Addition during the year 17,250 139,350 2,149 Liabilities settled during the year — — — Accretion expense during the year 6,109 9,329 144 Ending balance 94,301 242,980 3,747 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Cash and Cash Equivalents | Cash and cash equivalents consist of the following: 2016 (INR) As of March 31, 2017 (INR) 2017 (US$) Bank demand deposits 2,798,336 4,614,158 71,151 Term deposits 291,951 846,394 13,052 Cash on hand 99 118 2 Total 3,090,386 5,460,670 84,205 |
Restricted cash (Tables)
Restricted cash (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Summary of Restricted Cash | Restricted cash consists of the following: March 31, 2016 (INR) As of March 31, 2017 (INR) 2017 (US$) Bank demand deposits 821,891 3,629,037 55,960 Term deposits 871,637 1,383,414 21,333 1,693,528 5,012,451 77,293 Restricted cash — current 821,891 3,629,037 55,960 Restricted cash — non-current 871,637 1,383,414 21,333 |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Summary of Accounts Receivable, Net | Accounts receivable, net consists of the following: As of March 31, 2016 (INR) 2017 (INR) 2017 (US$) Accounts receivable 601,233 1,183,083 18,243 Less: Allowance for doubtful accounts (44,478 ) (44,478 ) (685 ) Total 556,755 1,138,605 17,558 |
Summary of Activity for Allowance for Doubtful Accounts Receivable | Activity for the allowance for doubtful accounts receivable is as follows: As of March 31, 2016 (INR) 2017 (INR) 2017 (US$) Balance at the beginning of the year 10,000 44,478 685 Provision for doubtful accounts 34,478 — — Balance at the end of the year 44,478 44,478 685 |
Prepaid expenses and other cu37
Prepaid expenses and other current assets (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: March 31, 2016 (INR) As of March 31, 2017 (INR) 2017 (US$) Prepaid income taxes 91,669 156,728 2,416 Derivative instruments (Note 21) 108,606 63,818 984 Interest receivable on term deposits 27,731 63,352 977 Other prepaid expenses 80,001 212,039 3,270 Total 308,007 495,937 7,647 |
Property, plant and equipment38
Property, plant and equipment, net (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment, Net | Property, plant and equipment, net consist of the following: Estimated March 31, (INR) As of March 31, 2017 (INR) 2017 (US$) Plant and machinery (solar power plants) 25 21,330,457 35,664,766 549,958 Furniture and fixtures 5 5,142 6,043 93 Vehicles 5 12,633 13,177 203 Office equipment 5 10,645 15,926 246 Computers 3 19,812 29,827 460 Leasehold improvements — solar power plant 25 1,436,256 2,434,449 37,540 Leasehold improvements — office 1-3 13,694 19,010 293 22,828,639 38,183,198 588,793 Less: Accumulated depreciation 1,450,519 2,484,595 38,313 21,378,120 35,698,603 550,480 Freehold land 527,645 1,421,912 21,926 Construction in progress 2,475,664 3,822,093 58,937 Total 24,381,429 40,942,608 631,343 |
Software, net consists of the39
Software, net consists of the following (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Research and Development [Abstract] | |
Summary of Software, Net | Estimated March 31, (INR) March 31, 2017 (INR) 2017 (US$) Software licenses and related implementation costs 3 Years 27,688 38,839 599 Less: Accumulated amortization 13,031 23,567 364 Total 14,657 15,272 235 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets consist of the following: March 31, 2016 As of March 31, 2017 (INR) 2017 (US$) Prepaid income taxes 288,771 666,574 10,279 Derivative instruments (Note 21) 83,426 61,120 942 Interest receivable on term deposits 85,154 128,678 1,984 Security deposit to related party (Note 18) 8,567 2,160 33 Land use rights 91,218 114,178 1,761 Prepaid expenses — 32,806 506 Other 38,765 88,049 1,358 Total 595,901 1,093,565 16,863 |
Long term debt (Tables)
Long term debt (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long term debt consists of the following: March 31, 2016 (INR) As of March 31, 2017 (INR) 2017 (US$) Compulsorily convertible debentures 5.0% — DEG 1,272,400 — — Compulsorily convertible debentures 10.0% — IFC 478,900 — — Compulsorily convertible debentures 0% — IFC II 140,100 — — Compulsorily convertible debentures 5% — IFC III 241,100 — — Series E compulsorily convertible preferred shares (140,000 shares) 837,300 — — Series G compulsorily convertible preferred shares (18,882 shares) 630,900 — — 3,600,700 — — Secured term loans, net of financing costs: Foreign currency loans 5,889,467 5,385,949 83,052 Indian rupee loans 13,340,243 27,311,619 421,151 19,229,710 32,697,568 504,203 Total debt 22,830,410 32,697,568 504,203 Less current portion 4,477,696 1,554,806 23,975 Long-term debt 18,352,714 31,142,762 480,228 |
Summary of Aggregate Maturities of Long Term Debt | As of March 31, 2017, the aggregate maturities of long term debt is as follows: Annual maturities March 31, INR US$ 2018 1,622,519 25,020 2019 2,225,730 34,321 2020 2,048,910 31,595 2021 2,733,616 42,153 2022 2,503,208 38,600 Thereafter 22,433,053 345,922 Total 33,567,036 517,611 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes consists of the following: Current Deferred Total Year ended March 31, 2015 191,933 61,179 253,112 Year ended March 31, 2016 28,667 299,078 327,745 Year ended March 31, 2017 509,083 383,250 892,333 US$ 7,850 5,910 13,760 |
Summary of Income/(Loss) Before Income Taxes | Income/(loss) before income taxes is as follows: As of March 31, 2015 2016 (INR) 2017 2017 Domestic operations (247 ) (56,881 ) (28,504 ) (440 ) Foreign operations (835,231 ) (1,270,214 ) (270,732 ) (4,174 ) Total (835,478 ) (1,327,095 ) (299,236 ) (4,614 ) |
Components of Net Deferred Income Tax Assets and Liabilities | The significant components of the net deferred income tax assets and liabilities exclusive of amounts that would not have any tax consequences because they will reverse within the Tax Holiday Period, are as follows: As of March 31, 2016 (INR) 2017 (INR) 2017 Deferred tax assets: Allowance for doubtful accounts 415 415 6 Other deductible temporary difference 202,505 243,950 3,763 Net operating loss 379,920 12,845 198 Gross deferred tax assets 582,840 257,210 3,967 Valuation allowance (8,569 ) (12,845 ) (198 ) Total gross deferred tax assets 574,271 244,365 3,769 Deferred tax liabilities: Depreciation and amortization (988,897 ) (1,261,828 ) (19,458 ) Gain on sale of non-controlling (19,333 ) (19,335 ) (298 ) Other comprehensive income — (10,028 ) (154 ) Other taxable temporary differences (1,428 ) — — Total gross deferred tax liabilities (1,009,658 ) (1,291,191 ) (19,910 ) Net deferred tax liability (435,387 ) (1,046,826 ) (16,141 ) |
Change in Valuation Allowance for Deferred Tax Assets | Change in the valuation allowance for deferred tax assets as of March 31, 2015, 2016 and 2017 is as follows: March 31, 2015 2016 2017 2017 (INR) (INR) (INR) (US$) Opening valuation allowance 61,129 37 8,569 132 Movement during the period (61,092 ) 8,532 4,275 66 Closing valuation allowance 37 8,569 12,845 198 |
Schedule of Effective Income Tax Rate Differs from Amount Computed by Applying Statutory Income Tax Rate to Loss Before Income Taxes | The effective income tax rate differs from the amount computed by applying the statutory income tax rate to loss before income taxes as follows: Year ended 2015 Year ended 2016 Year ended 2017 Tax % Tax % Tax % Statutory income tax benefit (283,979 ) (33.99 %) (459,308 ) (34.61 %) (103,494 ) (34.60 %) Temporary differences reversing in the Tax Holiday Period 223,409 26.74 % 428,034 32.25 % 223,897 74.87 % Taxes on intercompany transaction reversing in the Tax Holiday Period 321,323 38.46 % 256,143 19.30 % 741,474 247.96 % Valuation allowance on net operating losses (61,092 ) (7.31 %) 8,532 0.64 % 4,275 1.42 % Other difference 53,451 6.40 % 94,344 7.11 % 26,180 8.55 % 253,112 30.30 % 327,745 24.70 % 892,333 298.20 % |
Interest expense, net (Tables)
Interest expense, net (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Banking and Thrift, Interest [Abstract] | |
Summary of Interest Expense Net | Interest expense, net consists of the following: Year ended March 31, 2015 (INR) 2016 (INR) 2017 (INR) 2017 (US) Interest expense: CCDs 248,831 408,172 90,360 1,392 Series E and G CCPS 96,500 263,654 73,840 1,139 Term loans 598,845 1,547,382 2,439,052 37,611 Bank charges and other 55,454 106,568 160,740 2,479 999,630 2,325,776 2,763,992 42,621 Interest income: Term and fixed deposits 151,860 221,532 319,823 4,932 Gain on sale of investments 13,949 45,375 72,074 1,111 Investments held-to-maturity — 33 259 4 Interest Income related party 2,031 — — — 167,840 266,940 392,156 6,047 Total 831,790 2,058,836 2,371,836 36,574 |
(Gain)_ loss on foreign curre44
(Gain)/ loss on foreign currency exchange (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Foreign Currency [Abstract] | |
Schedule of (Gain)/ Loss on Foreign Currency Exchange | (Gain)/ loss on foreign currency exchange consists of the following: Year ended March 31, 2015 (INR) 2016 (INR) 2017 (INR) 2017 (US$) Unrealized loss/ (gain) on foreign currency loans 240,656 338,297 (126,943 ) (1,958 ) Realized gain on foreign currency loans (42,280 ) (80,542 ) (106,299 ) (1,639 ) Unrealized loss on derivative instruments 7,342 11,069 61,862 954 Realized loss on derivative instruments 93,910 74,313 123,792 1,909 Other gain on foreign currency exchange — — (61,540 ) (949 ) 299,628 343,137 (109,128 ) (1,683 ) |
Equity and preferred shares (Ta
Equity and preferred shares (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of Compulsorily Convertible Preferred Shares | The Compulsorily Convertible Preferred Shares (CCPS), treated as mezzanine equity, consisted of the following: No of Shares Total consideration (INR) Price per share (USD)* Series A 38,770 92,492 49 Series B 181,046 503,994 61 Series C 229,880 381,600 34 Series D 84,348 474,964 102 Series F 138,133 1,550,508 184 Series H 133,285 3,840,339 450 Series I 55,535 1,666,490 450 860,997 8,510,387 * Not in thousands |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Loss Per share | Loss per share is presented below: Year ended March 31 2015 (INR) 2016 (INR) 2017 (INR) Net loss attributable to APGL equity shareholders (1,082,995 ) (1,650,189 ) (1,172,645 ) Add: Accretion on Mezzanine CCPS (755,207 ) (1,347,923 ) (235,853 ) Add: Accretion on redeemable non-controlling — (29,825 ) (44,073 ) Total (A) (1,838,202 ) (3,027,937 ) (1,452,571 ) Shares outstanding for allocation of undistributed income: Equity shares 1,758,080 1,758,080 25,915,956 Weighted average shares outstanding Equity shares (B) 1,758,080 1,758,080 13,040,618 # Net loss per share — basic and diluted Equity shares (C=A/B) (1,046 ) (1,722 ) (111 ) # — The Company had 1,758,080 equity shares outstanding for the period from April 1, 2016 till October 12, 2016 and 25,915,956 equity shares were outstanding from October 12, 2016 till March 31, 2017. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Leases [Abstract] | |
Summary of Future Minimum Lease Payments under Non-cancellable Operating Leases | Future minimum lease payments under non-cancellable Year ended March 31, Amount (INR) US$ Fiscal 2018 66,652 1,028 Fiscal 2019 66,796 1,030 Fiscal 2020 64,105 989 Fiscal 2021 66,262 1,022 Fiscal 2022 66,558 1,026 Thereafter 2,955,614 45,576 Total 3,285,987 50,671 |
Share based compensation (Table
Share based compensation (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Summary of Share Option Activity | A summary of share option activity during the years ended March 31, 2016 and 2017 is set out below: Number of shares Weighted average exercise price in INR * Outstanding as of March 31, 2016 414,880 207 Granted 125,400 1,496 Exercised — — Forfeitures — — Options outstanding as of March 31, 2017 540,280 506 Vested and exercisable as of March 31, 2017 409,328 166 * Not in thousands |
Schedule of Intrinsic Value Per Option at the Date of Grant | The intrinsic value per option at the date of grant during the years ended March 31, 2016 and 2017 is as follows: Date of grant No. of options granted Deemed fair value of Intrinsic value per option Valuation used July 1, 2015 13,808 477 476 Retrospective May 4, 2016 87,872 602 (1 ) Retrospective August 18, 2016 22,528 337 336 Retrospective March 8, 2017 15,000 1,133 — Market price (1) Fair value of the shares exceeds the exercise price. |
Black Scholes Option Pricing Model [Member] | |
Schedule of Estimated Fair Value of Share Option Granted to Employees | The fair value of each share option granted to employees is estimated on the date of grant using the Black- Scholes option-pricing model with the following weighted average assumptions: Year ended March 31, 2016 2017 Dividend yield 0.00% 0.00% Expected term (in years) 5.0 - 6.8 4.5 - 7.2 Expected volatility 37.2% - 41.6% 31.0% - 41.7% Risk free interest rate 7.60% - 8.08% 2.15% - 7.61% July 25, 2015 Particulars Pre- modification Post- Options granted 29,684 25,930 Equity value (INR) 7,642 8,943 Dividend yield 0.00% 0.00% Expected term (in years) 0.2-2.8 5.0-6.8 Expected volatility 37.2% - 41.6% 37.2% - 41.6% Risk free interest rate 7.60% - 8.08% 7.60% - 8.08% |
Lattice Valuation Model [Member] | |
Schedule of Estimated Fair Value of Share Option Granted to Employees | The fair value of these options was determined using the Lattice valuation model with the following assumptions: Volatility 48.1 % Risk- free interest rate 8.18 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Summary of Fair Value of Certain Financial Assets and Liabilities Measured on Recurring Basis | The Company classified the fair value of the CCDs, Series E and Series G CCPS in level 3 because the fair values have been derived using valuation techniques in which one or more significant inputs are unobservable. The Company used a discounted cash flow analysis under the income approach, to determine the fair value of the CCDs, Series E and Series G CCPs. This valuation model includes various inputs including issue price, liquidation amount, committed internal rate of return, discount rate and coupon rate. Fair Value measurement at reporting date using Description As of (INR) Quoted Prices Significant Significant Assets Current assets Foreign exchange derivative contracts 108,606 — 108,606 — Noncurrent assets Foreign exchange derivative contracts 83,426 — 83,426 — Total assets 192,032 — 192,032 — Liabilities Current liability Compulsorily convertible debentures 2,132,500 — — 2,132,500 Series E and Series G compulsorily convertible preferred shares 1,468,200 — — 1,468,200 Total liabilities 3,600,700 — — 3,600,700 Fair Value measurement at reporting date using Description As of (INR) Quoted Prices (Level 1) (INR) Significant Significant Assets Current assets Available for sale securities 3,296,797 3,296,797 — — Foreign exchange derivative contracts 63,818 — 63,818 — Noncurrent assets Foreign exchange derivative contracts 61,120 — 61,120 — Total assets 3,421,735 3,296,797 124,938 — |
Schedule of Carrying Value and Fair Value of Fixed Rate Project Financing Term Loans | The carrying value and fair value of the Company’s fixed rate project financing term loans is as follows: As of March 31, 2016 Carrying Value Fair Value US$ Fixed rate project financing loans: Foreign currency loans 5,995,393 6,241,606 94,213 As of March 31, 2017 Carrying Value Fair Value US$ Fixed rate project financing loans: Foreign currency loans 5,497,166 5,560,038 85,737 |
Schedule of Carrying Value and Fair Value of Investments Classified as Held to Maturity | The carrying value and fair value of the Company’s investment in Bank of Mauritius notes, classified as held-to-maturity As of March 31, 2016 Carrying Value Fair Value US$ Non-current Fixed rate Bank of Mauritius notes 6,785 7,382 111 As of March 31, 2017 Carrying Value Fair Value US$ Non-current Fixed rate Bank of Mauritius notes 6,631 6,865 106 |
Series E and Series G Compulsorily Convertible Preferred Shares [Member] | |
Summary of Changes in Compulsorily Convertible Debenture and Series E and Series G Compulsorily Convertible Preferred Shares | Changes in Series E and Series G compulsorily convertible preferred shares are as follows: INR US$ Balance as of March 31, 2014 566,100 8,729 Increase in fair value 96,500 1,488 Balance as of March 31, 2015 662,600 10,217 Issuance of Series G CCPS 541,946 8,357 Increase in fair value 263,654 4,066 Balance as of March 31, 2016 1,468,200 22,640 Increase in fair value 73,841 1,139 Conversion of CCPS into equity shares (1,542,041 ) (23,779 ) Balance as of March 31, 2017 — — |
Compulsorily Convertible Debentures [Member] | |
Summary of Changes in Compulsorily Convertible Debenture and Series E and Series G Compulsorily Convertible Preferred Shares | Changes in compulsorily convertible debentures are as follows: INR US$ Balance as of March 31, 2014 1,428,800 22,032 Issuance of CCDs IFC III 180,000 2,776 Increase in fair value 189,800 2,927 Balance as of March 31, 2015 1,798,600 27,735 Increase in fair value 333,900 5,149 Balance as of March 31, 2016 2,132,500 32,884 Increase in fair value 56,400 870 Conversion of CCDs into equity share (2,188,900 ) (33,754 ) Balance as of March 31, 2017 — — |
Derivative instruments and he50
Derivative instruments and hedging activities (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Notional Amount and Balance Sheet Location Information Related to Foreign Exchange Derivative Contracts | The following table presents outstanding notional amount and balance sheet location information related to foreign exchange derivative contracts as of March 31, 2016 and 2017: March 31, 2016 March 31, 2017 Notional Prepaid Expenses Other Notional Prepaid Expenses Other Foreign currency option contracts 14,976 108,606 83,426 12,111 63,818 61,120 |
Concentrations of credit risk (
Concentrations of credit risk (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Schedule of Customers Account for More than 10% of Company's Accounts Receivable and Sale of Power | The following customers account for more than 10% of the Company’s accounts receivable and sale of power as of and for the year ended March 31, 2016 and 2017: March 31, 2016 March 31, 2017 Customer Name % of Accounts % of Sale % of Accounts % of Sale NTPC Vidyut Vyapar Nigam Limited 11.4 % 25.2 % 5.6 % 15.6 % Punjab State Power Corporation Limited 15.9 % 17.0 % 39.3 % 24.1 % Solar Energy Corporation of India 48.5 % 29.0 % 21.9 % 23.4 % Chhattisgarh State Corporation 12.8 % 7.5 % 7.7 % 7.4 % |
Organization - Additional Infor
Organization - Additional Information (Detail) $ / shares in Units, $ in Millions | Oct. 17, 2016USD ($)$ / sharesshares | Mar. 31, 2017Subsidiary$ / sharesshares | Mar. 31, 2017₨ / sharesshares | Jul. 22, 2015 | Jul. 21, 2015 |
Organization [Line Items] | |||||
Number of shares issued by selling shareholders | 1,166,667 | ||||
Share issued, price per share | $ / shares | $ 18 | ||||
Number of shares offered to CDPQ Infrastructures Asia Pte Ltd. | 4,166,667 | ||||
Net proceeds from offering | $ | $ 101 | ||||
Shares held by Non-Controlling interest | 102,497 | 102,497 | |||
Equity shares, par value | $ / shares | $ 0.000625 | ||||
IPO [Member] | |||||
Organization [Line Items] | |||||
Number of shares issued | 2,242,424 | ||||
United States [Member] | |||||
Organization [Line Items] | |||||
Number of subsidiaries | Subsidiary | 2 | ||||
Founders [Member] | |||||
Organization [Line Items] | |||||
Ownership interest percentage by noncontrolling owners | 3.70% | 3.70% | |||
Lock in Agreement [Member] | |||||
Organization [Line Items] | |||||
Equity shares, par value | (per share) | $ 0.15 | ₨ 10 | |||
Agreement expiration period | 2 years | ||||
Lock in period for sharing excess tax returns | 2 years | ||||
Azure Power India Private Limited [Member] | |||||
Organization [Line Items] | |||||
Ownership interest percentage by parent | 82.60% | ||||
Azure Power India Private Limited [Member] | IPO [Member] | |||||
Organization [Line Items] | |||||
Ownership interest percentage by parent | 96.30% | 96.30% | |||
Azure Power India Private Limited [Member] | Non-founder Investors [Member] | |||||
Organization [Line Items] | |||||
Ownership interest percentage by parent | 82.60% | ||||
Azure Power India Private Limited [Member] | Founder [Member] | |||||
Organization [Line Items] | |||||
Ownership interest percentage by noncontrolling owners | 17.40% | 17.40% |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Additional Information (Detail) | Oct. 06, 2016 | Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2014INR (₨) |
Schedule of Significant Accounting Policies [Line Items] | ||||||||
Stock split ratio | 16 | |||||||
Foreign exchange conversion rate | 64.85 | 64.85 | ||||||
Term deposits classified as cash and cash equivalents | ₨ 5,460,670,000 | ₨ 3,090,386,000 | ₨ 2,044,290,000 | $ 84,205,000 | $ 47,654,000 | ₨ 1,599,067,000 | ||
Realized gains from sale of available for sale securities | 72,179,000 | $ 1,113,000 | 45,375,000 | 13,949,000 | ||||
Proceeds from sale of available for sale securities | 9,744,735,000 | 150,266,000 | 5,071,014,000 | 927,940,000 | ||||
Unrealized gain on investments | 31,774,000 | $ 490,000 | ||||||
Available for sale securities | 3,296,797,000 | 0 | 0 | 50,837,000 | ||||
Amortized cost of held to maturity investments | ₨ 6,631,000 | 6,785,000 | 102,000 | |||||
Maturity date of held to maturity investments | Feb. 3, 2020 | Feb. 3, 2020 | ||||||
Allowance for doubtful accounts | ₨ 44,478,000 | 44,478,000 | 10,000,000 | 685,000 | 685,000 | |||
Deferred IPO cost | 208,731,000 | |||||||
Interest capitalized | 256,802,000 | $ 3,960,000 | 219,166,000 | 155,012,000 | ||||
Impairment of long-lived assets | 0 | 0 | 0 | |||||
Capital leases | 0 | 0 | 0 | |||||
Asset retirement obligations | 242,980,000 | 94,301,000 | 70,942,000 | 3,747,000 | $ 1,454,000 | |||
Accretion expense | 9,329,000 | 144,000 | 6,109,000 | 2,592,000 | ||||
Asset retirement obligations settlement of prior liabilities | 0 | 0 | 0 | |||||
Asset retirement obligations revision of estimate | ₨ 0 | $ 0 | ||||||
Estimated useful lives of capitalized software | 3 years | 3 years | ||||||
Deferred financing cost | ₨ 909,131,000 | 438,172,000 | 14,019,000 | |||||
Amortization of debt financing costs | 114,085,000 | $ 1,759,000 | 52,762,000 | 22,090,000 | ||||
Contributions to Provident Fund | 15,734,000 | 243,000 | 10,350,000 | 5,693,000 | ||||
Current service costs for defined benefit plans | 11,077,000 | 171,000 | 7,350,000 | |||||
Revenue recognized | 161,760,000 | 2,494,000 | 168,552,000 | 175,492,000 | ||||
Non-controlling interest | 1,304,729,000 | (330,000) | 20,119,000 | |||||
Net loss attributable to non-controlling interest | 18,924,000 | $ 292,000 | 4,651,000 | 5,595,000 | ||||
Accounting Standards Update 2015-03 [Member] | ||||||||
Schedule of Significant Accounting Policies [Line Items] | ||||||||
Debt financing cost, current | 51,935 | |||||||
IPO [Member] | ||||||||
Schedule of Significant Accounting Policies [Line Items] | ||||||||
Deferred IPO cost | ₨ 966,947,000 | $ 14,911,000 | ||||||
10MW Gujarat Power Plant [Member] | ||||||||
Schedule of Significant Accounting Policies [Line Items] | ||||||||
Ownership interest percentage by noncontrolling owners | 20.00% | 20.00% | ||||||
150MW Punjab Power Plant[Member] | ||||||||
Schedule of Significant Accounting Policies [Line Items] | ||||||||
Ownership interest percentage by noncontrolling owners | 48.37% | 48.37% | ||||||
50MW Uttar Pradesh Power Plant [Member] | ||||||||
Schedule of Significant Accounting Policies [Line Items] | ||||||||
Ownership interest percentage by noncontrolling owners | 49.00% | 49.00% | ||||||
50MW Andhra Pradesh Power Plant [Member] | ||||||||
Schedule of Significant Accounting Policies [Line Items] | ||||||||
Ownership interest percentage by noncontrolling owners | 29.00% | 29.00% | ||||||
Percentage return on sale of equity interest to the Company for cash | 11.50% | 11.50% | ||||||
Redeemable non-controlling interest, redemption value | ₨ 390,827,000 | 346,754,000 | $ 6,027,000 | |||||
Mutual Fund [Member] | ||||||||
Schedule of Significant Accounting Policies [Line Items] | ||||||||
Realized gains from sale of available for sale securities | ₨ 72,334,000 | $ 1,115,000 | 45,375,000 | ₨ 13,949,000 | ||||
Minimum [Member] | ||||||||
Schedule of Significant Accounting Policies [Line Items] | ||||||||
Maturity term of held to maturity investments | 1 year | 1 year | ||||||
Maximum [Member] | ||||||||
Schedule of Significant Accounting Policies [Line Items] | ||||||||
Maturity term of held to maturity investments | 5 years | 5 years | ||||||
Term Deposits [Member] | ||||||||
Schedule of Significant Accounting Policies [Line Items] | ||||||||
Term deposits classified as cash and cash equivalents | ₨ 846,394,000 | ₨ 291,951,000 | $ 13,052,000 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Property, Plant and Equipment (Detail) | 12 Months Ended |
Mar. 31, 2017 | |
Plant and Machinery (Solar Power Plants) [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Computers [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Summary of Significant Accoun55
Summary of Significant Accounting Policies - Summary of Asset Retirement Obligations (Detail) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | |
Asset Retirement Obligation [Abstract] | ||||
Beginning balance | ₨ 94,301 | $ 1,454 | ₨ 70,942 | |
Addition during the year | 139,350 | 2,149 | 17,250 | |
Liabilities settled during the year | 0 | 0 | 0 | |
Accretion expense during the year | 9,329 | 144 | 6,109 | ₨ 2,592 |
Ending balance | ₨ 242,980 | $ 3,747 | ₨ 94,301 | ₨ 70,942 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) ₨ in Thousands, $ in Thousands | Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2016USD ($) | Mar. 31, 2015INR (₨) | Mar. 31, 2014INR (₨) |
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | ₨ 5,460,670 | $ 84,205 | ₨ 3,090,386 | $ 47,654 | ₨ 2,044,290 | ₨ 1,599,067 |
Bank Demand Deposits [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | 4,614,158 | 71,151 | 2,798,336 | |||
Term Deposits [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | 846,394 | 13,052 | 291,951 | |||
Cash on Hand [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | ₨ 118 | $ 2 | ₨ 99 |
Restricted Cash - Summary of Re
Restricted Cash - Summary of Restricted Cash (Detail) ₨ in Thousands, $ in Thousands | Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | ₨ 5,012,451 | $ 77,293 | ₨ 1,693,528 |
Restricted cash - current | 3,629,037 | 55,960 | 821,891 |
Restricted cash - non-current | 1,383,414 | 21,333 | 871,637 |
Bank Demand Deposits [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | 3,629,037 | 55,960 | 821,891 |
Term Deposits [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | ₨ 1,383,414 | $ 21,333 | ₨ 871,637 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable, Net (Detail) ₨ in Thousands, $ in Thousands | Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2016USD ($) | Mar. 31, 2015INR (₨) |
Accounts Receivable, Net [Abstract] | |||||
Accounts receivable | ₨ 1,183,083 | $ 18,243 | ₨ 601,233 | ||
Less: Allowance for doubtful accounts | (44,478) | (685) | (44,478) | $ (685) | ₨ (10,000) |
Total | ₨ 1,138,605 | $ 17,558 | ₨ 556,755 |
Accounts Receivable - Summary59
Accounts Receivable - Summary of Activity for Allowance for Doubtful Accounts Receivable (Detail) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Balance at the beginning of the year | ₨ 44,478 | $ 685 | ₨ 10,000 | |
Provision for doubtful accounts | 0 | 0 | 34,478 | ₨ 947 |
Balance at the end of the year | ₨ 44,478 | $ 685 | ₨ 44,478 | ₨ 10,000 |
Prepaid Expenses and Other Cu60
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) ₨ in Thousands, $ in Thousands | Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Prepaid income taxes | ₨ 156,728 | $ 2,416 | ₨ 91,669 | |
Derivative instruments | 63,818 | 984 | 108,606 | |
Interest receivable on term deposits | 63,352 | 977 | 27,731 | |
Other prepaid expenses | 212,039 | 3,270 | 80,001 | |
Total | [1] | ₨ 495,937 | $ 7,647 | ₨ 308,007 |
[1] | Includes Security deposit of INR Nil and INR 6,407 (US$ 99) to related parties as of 31 March, 2016 and March 31, 2017, respectively, also see Note 18. |
Property, Plant and Equipment61
Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Detail) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | |
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | ₨ 38,183,198 | $ 588,793 | ₨ 22,828,639 |
Less: Accumulated depreciation | 2,484,595 | 38,313 | 1,450,519 |
Property plant and equipment, subtotal | 35,698,603 | 550,480 | 21,378,120 |
Property plant and equipment, net | ₨ 40,942,608 | 631,343 | 24,381,429 |
Plant and Machinery (Solar Power Plants) [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Estimated Useful Life (in years) | 25 years | ||
Property plant and equipment, gross | ₨ 35,664,766 | 549,958 | 21,330,457 |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Estimated Useful Life (in years) | 5 years | ||
Property plant and equipment, gross | ₨ 6,043 | 93 | 5,142 |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Estimated Useful Life (in years) | 5 years | ||
Property plant and equipment, gross | ₨ 13,177 | 203 | 12,633 |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Estimated Useful Life (in years) | 5 years | ||
Property plant and equipment, gross | ₨ 15,926 | 246 | 10,645 |
Computers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Estimated Useful Life (in years) | 3 years | ||
Property plant and equipment, gross | ₨ 29,827 | 460 | 19,812 |
Leasehold Improvements - Solar Power Plant [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Estimated Useful Life (in years) | 25 years | ||
Property plant and equipment, gross | ₨ 2,434,449 | 37,540 | 1,436,256 |
Leasehold Improvements - Office [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | ₨ 19,010 | 293 | 13,694 |
Leasehold Improvements - Office [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Estimated Useful Life (in years) | 1 year | ||
Leasehold Improvements - Office [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Estimated Useful Life (in years) | 3 years | ||
Freehold Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, net | ₨ 1,421,912 | 21,926 | 527,645 |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, net | ₨ 3,822,093 | $ 58,937 | ₨ 2,475,664 |
Property, Plant and Equipment62
Property, Plant and Equipment, Net - Additional Information (Detail) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | ₨ 1,036,029 | $ 15,976 | ₨ 679,698 | ₨ 318,411 |
Government grants received | ₨ 0 | ₨ 16,900 | ₨ 11,700 |
Software, Net Consists of the63
Software, Net Consists of the Following - Summary of Software, Net (Detail) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | |
Capitalized Computer Software Net [Line Items] | |||
Total | ₨ 15,272 | $ 235 | ₨ 14,657 |
Software Licenses and Implementation Costs [Member] | |||
Capitalized Computer Software Net [Line Items] | |||
Property, plant and equipment, Estimated Useful Life (in years) | 3 years | ||
Software,gross | ₨ 38,839 | 599 | 27,688 |
Less: Accumulated amortization | 23,567 | 364 | 13,031 |
Total | ₨ 15,272 | $ 235 | ₨ 14,657 |
Software, Net Consists of the64
Software, Net Consists of the Following - Additional Information (Detail) - Software Licenses and Implementation Costs [Member] ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | |
Capitalized Computer Software Net [Line Items] | ||||
Amortization expense | ₨ 10,536 | $ 162 | ₨ 8,083 | ₨ 4,019 |
Estimated amortization expense, 2018 | 8,301 | |||
Estimated amortization expense, 2019 | 4,504 | |||
Estimated amortization expense, 2020 | ₨ 2,467 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Detail) ₨ in Thousands, $ in Thousands | Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | |
Other Assets, Noncurrent Disclosure [Abstract] | ||||
Prepaid income taxes | ₨ 666,574 | $ 10,279 | ₨ 288,771 | |
Derivative instruments | 61,120 | 942 | 83,426 | |
Interest receivable on term deposits | 128,678 | 1,984 | 85,154 | |
Security deposit to related party | 2,160 | 33 | 8,567 | |
Land use rights | 114,178 | 1,761 | 91,218 | |
Prepaid expenses | 32,806 | 506 | ||
Other | 88,049 | 1,358 | 38,765 | |
Total | [1] | ₨ 1,093,565 | $ 16,863 | ₨ 595,901 |
[1] | Includes Security deposit of INR 8,567 and INR 2,160 (US$ 33) to related parties as of 31 March, 2016 and March 31, 2017, respectively, also see Note 18. |
Long Term Debt - Summary of Lon
Long Term Debt - Summary of Long Term Debt (Detail) ₨ in Thousands, $ in Thousands | Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) |
Long term debt | |||
Convertible debt | ₨ 3,600,700 | ||
Secured debt | ₨ 32,697,568 | $ 504,203 | 19,229,710 |
Total debt | 32,697,568 | 504,203 | 22,830,410 |
Total debt | 32,697,568 | 504,203 | 22,830,410 |
Less current portion | 1,554,806 | 23,975 | 4,477,696 |
Long-term debt, non-current | 31,142,762 | 480,228 | 18,352,714 |
Secured Foreign Currency Term Loans [Member] | |||
Long term debt | |||
Secured debt | 5,385,949 | 83,052 | 5,889,467 |
Secured Indian Rupee Term Loans [Member] | |||
Long term debt | |||
Secured debt | ₨ 27,311,619 | $ 421,151 | 13,340,243 |
Compulsorily Convertible Debentures 5.0% - DEG [Member] | |||
Long term debt | |||
Convertible debt | 1,272,400 | ||
Compulsorily Convertible Debentures 10.0% - IFC [Member] | |||
Long term debt | |||
Convertible debt | 478,900 | ||
Compulsorily Convertible Debentures 0% - IFC II [Member] | |||
Long term debt | |||
Convertible debt | 140,100 | ||
Compulsorily Convertible Debentures 5% - IFC III [Member] | |||
Long term debt | |||
Convertible debt | 241,100 | ||
Series E Compulsorily Convertible Preferred Shares [Member] | |||
Long term debt | |||
Convertible debt | 837,300 | ||
Series G Compulsorily Convertible Preferred Shares [Member] | |||
Long term debt | |||
Convertible debt | ₨ 630,900 |
Long Term Debt - Summary of L67
Long Term Debt - Summary of Long Term Debt (Parenthetical) (Detail) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Compulsorily Convertible Debentures 5.0% - DEG [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.00% | 5.00% |
Compulsorily Convertible Debentures 10.0% - IFC [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 10.00% | 10.00% |
Compulsorily Convertible Debentures 0% - IFC II [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 0.00% | 0.00% |
Compulsorily Convertible Debentures 5% - IFC III [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.00% | 5.00% |
Series E Compulsorily Convertible Preferred Shares [Member] | ||
Debt Instrument [Line Items] | ||
Shares issued upon conversion | 140,000 | 140,000 |
Series G Compulsorily Convertible Preferred Shares [Member] | ||
Debt Instrument [Line Items] | ||
Shares issued upon conversion | 18,882 | 18,882 |
Long Term Debt - Compulsorily C
Long Term Debt - Compulsorily Convertible Debentures (CCDs) - Additional Information (Detail) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2017INR (₨)shares | Mar. 31, 2017USD ($)shares | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | Mar. 31, 2017USD ($) | Dec. 31, 2016INR (₨) | |
Debt Instrument [Line Items] | ||||||
Long term debt current | ₨ 1,554,806 | ₨ 4,477,696 | $ 23,975 | |||
Compulsorily Convertible Debentures [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of equity shares issued upon conversion | shares | 1,826,305 | 1,826,305 | ||||
Debt instrument, Description on voting right | The holders of the CCDs were entitled to voting rights other than for certain specific matters based on their proportionate voting rights as defined and specified in the shareholder and CCD agreements. | The holders of the CCDs were entitled to voting rights other than for certain specific matters based on their proportionate voting rights as defined and specified in the shareholder and CCD agreements. | ||||
Long term debt current | ₨ 2,132,500 | |||||
Compulsorily convertible debentures, unrealized changes in fair value | 950,490 | |||||
Compulsorily convertible debentures, interest expense | ₨ 90,360 | $ 1,392 | ₨ 408,172 | ₨ 248,831 | ||
Compulsorily Convertible Debentures [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of internal rate of return guaranteed to CCD holders on maturity | 18.40% | 18.40% | ||||
Internal rate of return upon IPO | 18.40% | 18.40% | ||||
Percentage of internal rate of return in the event of liquidation upon redemption | 18.40% | 18.40% | ||||
Compulsorily Convertible Debentures [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of internal rate of return guaranteed to CCD holders on maturity | 20.00% | 20.00% | ||||
Internal rate of return upon IPO | 20.00% | 20.00% | ||||
Percentage of internal rate of return in the event of liquidation upon redemption | 20.00% | 20.00% | ||||
Compulsorily Convertible Debentures 5.0% - DEG [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, Interest rate | 5.00% | 5.00% | 5.00% | |||
Compulsorily Convertible Debentures 5.0% - DEG [Member] | Compulsorily Convertible Debentures [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Compulsorily convertible debentures, maturity term | 20 years | 20 years | ||||
Debt Instrument, Maturity Date | Nov. 10, 2031 | Nov. 10, 2031 | ||||
Debt instrument, Interest rate | 5.00% | 5.00% | ||||
Compulsorily Convertible Debentures 10.0% - IFC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, Interest rate | 10.00% | 10.00% | 10.00% | |||
Compulsorily Convertible Debentures 10.0% - IFC [Member] | Compulsorily Convertible Debentures [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Compulsorily convertible debentures, maturity term | 20 years | 20 years | ||||
Debt Instrument, Maturity Date | Dec. 14, 2030 | Dec. 14, 2030 | ||||
Debt instrument, Interest rate | 10.00% | 10.00% | ||||
Compulsorily Convertible Debentures 0% - IFC II [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, Interest rate | 0.00% | 0.00% | 0.00% | |||
Compulsorily Convertible Debentures 0% - IFC II [Member] | Compulsorily Convertible Debentures [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Compulsorily convertible debentures, maturity term | 20 years | 20 years | ||||
Debt Instrument, Maturity Date | Jan. 3, 2033 | Jan. 3, 2033 | ||||
Debt instrument, Interest rate | 0.00% | 0.00% | ||||
Compulsorily Convertible Debentures 5% - IFC III [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, Interest rate | 5.00% | 5.00% | 5.00% | |||
Compulsorily Convertible Debentures 5% - IFC III [Member] | Compulsorily Convertible Debentures [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Compulsorily convertible debentures, maturity term | 20 years | 20 years | ||||
Debt Instrument, Maturity Date | Sep. 5, 2034 | Sep. 5, 2034 | ||||
Debt instrument, Interest rate | 5.00% | 5.00% |
Long Term Debt - Series E and S
Long Term Debt - Series E and Series G Compulsorily Convertible Preferred Shares (Series E and G CCPS) - Additional Information (Detail) ₨ in Thousands | Aug. 05, 2015INR (₨) | Aug. 05, 2015USD ($) | Apr. 18, 2013INR (₨) | Apr. 18, 2013USD ($) | Mar. 31, 2017INR (₨)shares | Mar. 31, 2017USD ($)shares | Mar. 31, 2016INR (₨) |
Debt Instrument [Line Items] | |||||||
Net proceeds from issuance of Series G CCPS | ₨ 1,658,166 | $ 25,569,000 | |||||
Compulsorily convertible preferred shares, dividend | $ | $ 0 | ||||||
IPO [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Compulsorily convertible preferred shares, guaranteed returns | 18.40% | 18.40% | |||||
Series E and Series G Compulsorily Convertible Preferred Shares [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of equity shares issued upon conversion | shares | 1,286,598 | 1,286,598 | |||||
Compulsorily convertible preferred shares, conversion description | Pursuant to the IPO in October 2016, the Company has converted the Series E and Series G CCPS into 1,286,598 equity shares so as to give the holders their guaranteed returns of 18.4% per annum. | Pursuant to the IPO in October 2016, the Company has converted the Series E and Series G CCPS into 1,286,598 equity shares so as to give the holders their guaranteed returns of 18.4% per annum. | |||||
Compulsorily convertible preferred shares, voting rights description | The holders of the Series E and G CCPS were not entitled to voting rights other than for certain specific matters based on their proportionate voting right as defined and specified in the shareholder and the Series E and G CCPS agreements. | The holders of the Series E and G CCPS were not entitled to voting rights other than for certain specific matters based on their proportionate voting right as defined and specified in the shareholder and the Series E and G CCPS agreements. | |||||
Compulsorily convertible preferred shares, term description | Series E and G CCPS were redeemable within twenty years from the date of their respective allotment on April 18, 2033 and August 5, 2035, respectively | Series E and G CCPS were redeemable within twenty years from the date of their respective allotment on April 18, 2033 and August 5, 2035, respectively | |||||
Compulsorily convertible preferred shares, redemption period | 20 years | 20 years | |||||
Compulsorily convertible preferred shares, dividend description | Each of the Series E and G CCPS holders were entitled to a 5.0% per share non-cumulative dividend, declared and paid in accordance with the Indian Companies Act of 2013. Should the equity or the Series A, B, C, D, F or H CCPS holder in any financial year received a dividend payout higher than 5% per annum of the amount invested by such investors, the Series E and G CCPS holders were entitled to receive an additional dividend equal to the difference between the percentage return earned by the equity or the Series A, B, C, D, F or H CCPS holders and the rate of dividends received by the Series E and G CCPS holders. The Company had not declared or paid any dividends through March 31, 2017. | Each of the Series E and G CCPS holders were entitled to a 5.0% per share non-cumulative dividend, declared and paid in accordance with the Indian Companies Act of 2013. Should the equity or the Series A, B, C, D, F or H CCPS holder in any financial year received a dividend payout higher than 5% per annum of the amount invested by such investors, the Series E and G CCPS holders were entitled to receive an additional dividend equal to the difference between the percentage return earned by the equity or the Series A, B, C, D, F or H CCPS holders and the rate of dividends received by the Series E and G CCPS holders. The Company had not declared or paid any dividends through March 31, 2017. | |||||
Compulsorily convertible preferred shares, dividend per share percentage | 5.00% | 5.00% | |||||
Series E and Series G Compulsorily Convertible Preferred Shares [Member] | Interest Expense [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Compulsorily convertible preferred shares, unrealized changes in fair value | ₨ | ₨ 434,901 | ||||||
Series E Compulsorily Convertible Preferred Shares [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Net proceeds from issuance of Series G CCPS | ₨ 491,400 | $ 7,935,000 | |||||
Series E Compulsorily Convertible Preferred Shares [Member] | Buyback Obligation [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Compulsorily convertible preferred shares, guaranteed returns | 15.00% | 15.00% | |||||
Series G Compulsorily Convertible Preferred Shares [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Net proceeds from issuance of Series G CCPS | ₨ 541,946 | $ 8,188,000 | |||||
Series G Compulsorily Convertible Preferred Shares [Member] | Buyback Obligation [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Compulsorily convertible preferred shares, guaranteed returns | 16.00% | 16.00% |
Long Term Debt - Project Level
Long Term Debt - Project Level Secured Term Loans - Foreign Currency Loans - Additional Information (Detail) ₨ in Thousands, $ in Thousands | 4 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2009INR (₨)InstallmentMW | Jun. 30, 2011INR (₨)InstallmentMW | Mar. 31, 2012INR (₨)InstallmentMW | Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨)Installment | Sep. 30, 2013INR (₨)InstallmentMW | Mar. 31, 2017USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2013USD ($)MW | Mar. 31, 2012USD ($)MW | Jun. 30, 2011USD ($)MW | Sep. 30, 2009USD ($)MW | |
Debt Instrument [Line Items] | ||||||||||||||
Borrowings | ₨ 32,697,568 | ₨ 22,830,410 | $ 504,203 | |||||||||||
Deferred financing cost | 909,131 | 438,172 | 14,019 | |||||||||||
Unrealized foreign exchange loss | (126,943) | $ (1,958) | 338,297 | ₨ 240,656 | ||||||||||
Restricted cash non current | ₨ 1,383,414 | 871,637 | $ 21,333 | |||||||||||
Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest on foreign currency loan | 4.07% | 4.07% | ||||||||||||
Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest on foreign currency loan | 6.43% | 6.43% | ||||||||||||
Secured Foreign Currency Loan One [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Capacity of solar power project | MW | 2 | 2 | ||||||||||||
Borrowings | ₨ 309,631 | $ 6,230 | ||||||||||||
Number of repayment installments | 48 | |||||||||||||
Repayment of loan, commenced date | Dec. 15, 2010 | |||||||||||||
Collateral net carrying value | ₨ 292,986 | $ 4,518 | ||||||||||||
Secured Foreign Currency Loan Two [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Capacity of solar power project | MW | 10 | 10 | ||||||||||||
Borrowings | ₨ 1,233,084 | $ 26,835 | ||||||||||||
Number of repayment installments | 54 | |||||||||||||
Repayment of loan, commenced date | Sep. 15, 2012 | |||||||||||||
Collateral net carrying value | 1,082,182 | 16,687 | ||||||||||||
Secured Foreign Currency Loan Three [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Capacity of solar power project | MW | 5 | 5 | ||||||||||||
Borrowings | ₨ 782,793 | $ 15,777 | ||||||||||||
Number of repayment installments | 66 | |||||||||||||
Repayment of loan, commenced date | Jul. 15, 2012 | |||||||||||||
Collateral net carrying value | 618,188 | 9,533 | ||||||||||||
Secured Foreign Currency Loan Four [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Capacity of solar power project | MW | 35 | 35 | ||||||||||||
Borrowings | ₨ 3,503,984 | $ 63,709 | ||||||||||||
Number of repayment installments | 36 | |||||||||||||
Repayment of loan, commenced date | Aug. 20, 2013 | |||||||||||||
Collateral net carrying value | 2,897,230 | 44,676 | ||||||||||||
Unsecured Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Borrowings | 49,077 | ₨ 1,326,658 | 757 | $ 20,000 | ||||||||||
Number of repayment installments | 54 | |||||||||||||
Collateral net carrying value | ₨ 47,389 | 731 | ||||||||||||
Debt instrument interest rate | 4.42% | 4.42% | 2.25% | |||||||||||
Deferred financing cost | ₨ 17,640 | 272 | ||||||||||||
Unrealized foreign exchange loss | 1,560,068 | $ 24,057 | 1,580,504 | |||||||||||
Restricted cash non current | ₨ 436,239 | ₨ 418,572 | $ 6,727 |
Long Term Debt - Project Leve71
Long Term Debt - Project Level Secured Term Loans - Indian Rupee Loans - Additional Information (Detail) ₨ in Thousands, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 7 Months Ended | 10 Months Ended | 12 Months Ended | 24 Months Ended | ||||||||||||||||||||||||
Nov. 30, 2016INR (₨)InstallmentMW | Sep. 30, 2016INR (₨) | Sep. 30, 2016USD ($) | Aug. 31, 2016INR (₨) | Aug. 31, 2016USD ($) | Jan. 31, 2016INR (₨) | Sep. 30, 2015INR (₨)InstallmentMW | Sep. 30, 2014INR (₨)InstallmentMW | Dec. 31, 2013INR (₨)InstallmentMW | Nov. 30, 2016INR (₨)InstallmentMW | May 31, 2016INR (₨)InstallmentMW | Jun. 30, 2015INR (₨)InstallmentMW | Mar. 31, 2016INR (₨)InstallmentMW | Jan. 31, 2015INR (₨)InstallmentMW | Feb. 28, 2017INR (₨)InstallmentMW | Mar. 31, 2017INR (₨)InstallmentMW | Sep. 30, 2014INR (₨)InstallmentMW | Mar. 31, 2017INR (₨)InstallmentMW | Sep. 30, 2015INR (₨)InstallmentMW | Mar. 31, 2017INR (₨)InstallmentMW | Mar. 31, 2015 | Mar. 31, 2016INR (₨)InstallmentMW | Mar. 31, 2017USD ($)MW | Feb. 28, 2017USD ($)MW | Nov. 30, 2016USD ($)MW | May 31, 2016USD ($)MW | Mar. 31, 2016USD ($)MW | Jan. 31, 2016USD ($) | Sep. 30, 2015USD ($)MW | Jun. 30, 2015USD ($)MW | Sep. 30, 2014USD ($)MW | Dec. 31, 2013USD ($)MW | |
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Long term debt, description | The Indian rupee loans are subject to certain financial and non-financial covenants. Financial covenants include cash flow to debt service ratio, indebtedness to net worth ratio, debt equity ratio, debt service coverage ratio, receivable to sales ratio and maintenance of debt service balances. As of March 31, 2017, the Company is in compliance with all such covenants. | |||||||||||||||||||||||||||||||
Borrowings | ₨ 22,830,410 | ₨ 32,697,568 | ₨ 32,697,568 | ₨ 32,697,568 | ₨ 22,830,410 | $ 504,203 | ||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 1 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 143,740 | $ 2,195 | ||||||||||||||||||||||||||||||
Capacity of solar power project | MW | 2.5 | 2.5 | ||||||||||||||||||||||||||||||
Interest rate | 12.15% | 12.15% | ||||||||||||||||||||||||||||||
Weighted average interest rate | 12.15% | 12.15% | 12.15% | 12.15% | 12.15% | 12.15% | ||||||||||||||||||||||||||
Number of repayment installments | Installment | 29 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Jan. 15, 2014 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 141,911 | ₨ 141,911 | ₨ 141,911 | $ 2,188 | ||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 2 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 228,848 | ₨ 228,848 | $ 3,454 | |||||||||||||||||||||||||||||
Capacity of solar power project | MW | 4 | 4 | 4 | |||||||||||||||||||||||||||||
Interest rate | 11.95% | 11.95% | ||||||||||||||||||||||||||||||
Weighted average interest rate | 11.95% | 11.95% | 11.95% | 11.95% | 11.95% | 11.95% | 11.95% | |||||||||||||||||||||||||
Number of repayment installments | Installment | 54 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Mar. 28, 2015 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 239,012 | ₨ 239,012 | ₨ 239,012 | $ 3,686 | ||||||||||||||||||||||||||||
Interest rate, percentage points added to the base rate | 2.25% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 3 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 1,880,000 | ₨ 1,880,000 | $ 28,702 | |||||||||||||||||||||||||||||
Capacity of solar power project | MW | 34 | 34 | 34 | |||||||||||||||||||||||||||||
Weighted average interest rate | 11.58% | 11.58% | 11.58% | 11.58% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 70 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Oct. 1, 2016 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 1,772,555 | ₨ 1,772,555 | ₨ 1,772,555 | $ 27,333 | ||||||||||||||||||||||||||||
Interest rate, percentage points added to the base rate | 2.25% | |||||||||||||||||||||||||||||||
Long-term debt refinanced amount | ₨ 1,740,000 | $ 26,831 | ||||||||||||||||||||||||||||||
Unamortized carrying value of ancillary cost of borrowing | ₨ 35,014 | ₨ 35,014 | ₨ 35,014 | $ 540 | ||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 3 [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Interest rate | 10.60% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 3 [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Interest rate | 11.00% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 4 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 550,000 | ₨ 550,000 | $ 8,397 | |||||||||||||||||||||||||||||
Capacity of solar power project | MW | 10 | 10 | 10 | |||||||||||||||||||||||||||||
Interest rate | 11.25% | |||||||||||||||||||||||||||||||
Weighted average interest rate | 12.14% | 12.14% | 12.14% | 12.14% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 44 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Jan. 27, 2016 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 539,974 | ₨ 539,974 | ₨ 539,974 | $ 8,327 | ||||||||||||||||||||||||||||
Interest rate, percentage points added to the base rate | 2.25% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 5 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 585,000 | $ 8,931 | ||||||||||||||||||||||||||||||
Capacity of solar power project | MW | 10 | |||||||||||||||||||||||||||||||
Interest rate | 11.25% | |||||||||||||||||||||||||||||||
Weighted average interest rate | 12.14% | 12.14% | 12.14% | 12.14% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 58 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Jan. 17, 2016 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 576,958 | ₨ 576,958 | ₨ 576,958 | $ 8,897 | ||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 6 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 1,601,000 | $ 24,188 | ||||||||||||||||||||||||||||||
Capacity of solar power project | MW | 30 | 30 | ||||||||||||||||||||||||||||||
Interest rate | 11.75% | 11.75% | ||||||||||||||||||||||||||||||
Weighted average interest rate | 11.75% | 11.75% | 11.75% | 11.75% | 11.75% | |||||||||||||||||||||||||||
Number of repayment installments | Installment | 57 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Mar. 31, 2016 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 1,665,521 | ₨ 1,665,521 | ₨ 1,665,521 | $ 25,683 | ||||||||||||||||||||||||||||
Interest rate, percentage points added to the base rate | 1.50% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 7 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 2,050,000 | ₨ 2,050,000 | $ 30,971 | |||||||||||||||||||||||||||||
Capacity of solar power project | MW | 40 | 40 | 40 | |||||||||||||||||||||||||||||
Weighted average interest rate | 11.98% | 11.98% | 11.98% | 11.98% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 57 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Oct. 15, 2015 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 2,067,759 | ₨ 2,067,759 | ₨ 2,067,759 | $ 31,885 | ||||||||||||||||||||||||||||
Number of years for rate revision | 2 years | |||||||||||||||||||||||||||||||
Additional interest rate percentage | 1.00% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 7 [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Interest rate | 11.43% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 7 [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Interest rate | 12.25% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 8 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 2,363,100 | ₨ 2,363,100 | $ 35,702 | |||||||||||||||||||||||||||||
Capacity of solar power project | MW | 40 | 40 | 40 | |||||||||||||||||||||||||||||
Interest rate | 12.25% | |||||||||||||||||||||||||||||||
Weighted average interest rate | 12.25% | 12.25% | 12.25% | 12.25% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 48 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | May 31, 2016 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 2,380,771 | ₨ 2,380,771 | ₨ 2,380,771 | $ 36,712 | ||||||||||||||||||||||||||||
Number of years for rate revision | 2 years | |||||||||||||||||||||||||||||||
Additional interest rate percentage | 1.00% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 9 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 1,173,500 | ₨ 1,173,500 | $ 17,729 | |||||||||||||||||||||||||||||
Capacity of solar power project | MW | 20 | 20 | 20 | |||||||||||||||||||||||||||||
Interest rate | 12.25% | |||||||||||||||||||||||||||||||
Weighted average interest rate | 12.25% | 12.25% | 12.25% | 12.25% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 48 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | May 31, 2016 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 1,186,929 | ₨ 1,186,929 | ₨ 1,186,929 | $ 18,303 | ||||||||||||||||||||||||||||
Number of years for rate revision | 2 years | |||||||||||||||||||||||||||||||
Additional interest rate percentage | 1.00% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 10 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 1,233,000 | ₨ 1,233,000 | $ 18,824 | |||||||||||||||||||||||||||||
Capacity of solar power project | MW | 28 | 28 | 28 | |||||||||||||||||||||||||||||
Interest rate | 11.00% | |||||||||||||||||||||||||||||||
Weighted average interest rate | 11.38% | 11.38% | 11.38% | 11.38% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 72 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Oct. 1, 2016 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 1,419,299 | ₨ 1,419,299 | ₨ 1,419,299 | $ 21,886 | ||||||||||||||||||||||||||||
Long-term debt refinanced amount | ₨ 1,600,000 | $ 24,672 | ||||||||||||||||||||||||||||||
Unamortized carrying value of ancillary cost of borrowing | ₨ 23,159 | ₨ 23,159 | ₨ 23,159 | $ 357 | ||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 11 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 250,000 | $ 3,774 | ||||||||||||||||||||||||||||||
Capacity of solar power project | MW | 5 | 5 | 5 | 5 | ||||||||||||||||||||||||||||
Interest rate | 11.40% | |||||||||||||||||||||||||||||||
Weighted average interest rate | 11.40% | 11.40% | 11.40% | 11.40% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 48 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Mar. 31, 2017 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 299,643 | ₨ 299,643 | ₨ 299,643 | $ 4,621 | ||||||||||||||||||||||||||||
Additional interest rate percentage | 0.50% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 12 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 2,562,300 | ₨ 2,562,300 | $ 39,511 | |||||||||||||||||||||||||||||
Capacity of solar power project | MW | 50 | 50 | 50 | |||||||||||||||||||||||||||||
Interest rate | 10.95% | |||||||||||||||||||||||||||||||
Weighted average interest rate | 11.77% | 11.77% | 11.77% | 11.77% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 65 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Mar. 31, 2017 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 2,952,478 | ₨ 2,952,478 | ₨ 2,952,478 | $ 45,528 | ||||||||||||||||||||||||||||
Interest rate, percentage points added to the base rate | 2.55% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 13 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 463,050 | $ 7,140 | ||||||||||||||||||||||||||||||
Capacity of solar power project | MW | 10 | 10 | ||||||||||||||||||||||||||||||
Interest rate | 12.15% | |||||||||||||||||||||||||||||||
Weighted average interest rate | 12.15% | 12.15% | 12.15% | 12.15% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 56 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Oct. 1, 2016 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 622,670 | ₨ 622,670 | ₨ 622,670 | $ 9,602 | ||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 14 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 538,100 | ₨ 538,100 | ₨ 538,100 | $ 8,298 | ||||||||||||||||||||||||||||
Capacity of solar power project | MW | 10 | 10 | 10 | 10 | ||||||||||||||||||||||||||||
Interest rate | 11.35% | |||||||||||||||||||||||||||||||
Weighted average interest rate | 11.35% | 11.35% | 11.35% | 11.35% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 60 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Jun. 30, 2017 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 598,902 | ₨ 598,902 | ₨ 598,902 | $ 9,235 | ||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 15 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 5,981,800 | ₨ 5,981,800 | ₨ 5,981,800 | $ 92,241 | ||||||||||||||||||||||||||||
Capacity of solar power project | MW | 150 | 150 | 150 | 150 | ||||||||||||||||||||||||||||
Weighted average interest rate | 11.25% | 11.25% | 11.25% | 11.25% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 66 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Dec. 31, 2017 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 6,304,848 | ₨ 6,304,848 | ₨ 6,304,848 | $ 97,222 | ||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 15 [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Interest rate | 10.50% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 15 [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Interest rate | 11.25% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 16 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 261,400 | ₨ 261,400 | $ 4,031 | |||||||||||||||||||||||||||||
Capacity of solar power project | MW | 14 | 14 | 14 | |||||||||||||||||||||||||||||
Interest rate | 11.20% | |||||||||||||||||||||||||||||||
Weighted average interest rate | 11.20% | 11.20% | 11.20% | 11.20% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 55 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Jun. 30, 2018 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 296,518 | ₨ 296,518 | ₨ 296,518 | $ 4,572 | ||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 17 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 1,293,472 | $ 19,946 | ||||||||||||||||||||||||||||||
Capacity of solar power project | MW | 40 | 40 | ||||||||||||||||||||||||||||||
Weighted average interest rate | 11.04% | 11.04% | 11.04% | 11.04% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 64 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Jan. 15, 2017 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 2,377,467 | ₨ 2,377,467 | ₨ 2,377,467 | $ 36,661 | ||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 17 [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Interest rate | 10.35% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 17 [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Interest rate | 11.75% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 18 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 1,315,371 | ₨ 1,315,371 | $ 20,283 | |||||||||||||||||||||||||||||
Capacity of solar power project | MW | 40 | 40 | 40 | |||||||||||||||||||||||||||||
Weighted average interest rate | 10.93% | 10.93% | 10.93% | 10.93% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 64 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Jan. 15, 2017 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 2,145,837 | ₨ 2,145,837 | ₨ 2,145,837 | $ 33,089 | ||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 18 [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Interest rate | 10.35% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 18 [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Interest rate | 11.75% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 19 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 356,250 | ₨ 356,250 | $ 5,493 | |||||||||||||||||||||||||||||
Capacity of solar power project | MW | 7 | 7 | 7 | |||||||||||||||||||||||||||||
Interest rate | 11.25% | |||||||||||||||||||||||||||||||
Weighted average interest rate | 11.25% | 11.25% | 11.25% | 11.25% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 63 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Oct. 1, 2017 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 415,359 | ₨ 415,359 | ₨ 415,359 | $ 6,405 | ||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 20 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 1,000,000 | ₨ 1,000,000 | ₨ 1,000,000 | $ 15,420 | ||||||||||||||||||||||||||||
Capacity of solar power project | MW | 100 | 100 | 100 | 100 | ||||||||||||||||||||||||||||
Interest rate | 11.00% | |||||||||||||||||||||||||||||||
Weighted average interest rate | 11.00% | 11.00% | 11.00% | 11.00% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 74 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Sep. 30, 2018 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 396,337 | ₨ 396,337 | ₨ 396,337 | $ 6,112 | ||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 21 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 825,000 | ₨ 825,000 | ₨ 825,000 | $ 12,722 | ||||||||||||||||||||||||||||
Capacity of solar power project | MW | 50 | 50 | 50 | 50 | ||||||||||||||||||||||||||||
Interest rate | 11.25% | |||||||||||||||||||||||||||||||
Weighted average interest rate | 11.25% | 11.25% | 11.25% | 11.25% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 63 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Sep. 30, 2018 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 899,177 | ₨ 899,177 | ₨ 899,177 | $ 13,865 | ||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 22 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 375,000 | ₨ 375,000 | ₨ 375,000 | $ 5,783 | ||||||||||||||||||||||||||||
Capacity of solar power project | MW | 10 | 10 | 10 | 10 | ||||||||||||||||||||||||||||
Interest rate | 10.75% | |||||||||||||||||||||||||||||||
Weighted average interest rate | 10.75% | 10.75% | 10.75% | 10.75% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 37 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Sep. 30, 2017 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 567,092 | ₨ 567,092 | ₨ 567,092 | $ 8,745 | ||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 23 [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Borrowings | ₨ 2,300,000 | ₨ 2,300,000 | ₨ 2,300,000 | $ 35,466 | ||||||||||||||||||||||||||||
Capacity of solar power project | MW | 100 | 100 | 100 | 100 | ||||||||||||||||||||||||||||
Weighted average interest rate | 11.88% | 11.88% | 11.88% | 11.88% | ||||||||||||||||||||||||||||
Number of repayment installments | Installment | 73 | |||||||||||||||||||||||||||||||
Repayment of loan, commenced date | Jun. 30, 2018 | |||||||||||||||||||||||||||||||
Net carrying value of underlying collateral | ₨ 2,228,308 | ₨ 2,228,308 | ₨ 2,228,308 | $ 34,361 | ||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 23 [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Interest rate | 10.75% | |||||||||||||||||||||||||||||||
Secured Indian Rupee Term Loan - 23 [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Interest rate | 12.00% | |||||||||||||||||||||||||||||||
Long-term Debt [Member] | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Unused commitments | ₨ 16,227,730 | ₨ 16,227,730 | ₨ 16,227,730 | $ 250,235 |
Long Term Debt - Project Leve72
Long Term Debt - Project Level Secured Term Loans - Short Term Loan Facilities - Additional Information (Detail) ₨ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Feb. 28, 2017INR (₨)MW | Feb. 29, 2016INR (₨)MW | Dec. 31, 2015INR (₨)MW | Nov. 30, 2015INR (₨)MW | Sep. 30, 2015INR (₨)DirectorProject | Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Feb. 28, 2017USD ($)MW | Mar. 31, 2016INR (₨) | Mar. 31, 2016USD ($) | Feb. 29, 2016USD ($)MW | Dec. 31, 2015USD ($)MW | Nov. 30, 2015USD ($)MW | Sep. 30, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||
Short term loan | ₨ 2,460,240 | $ 37,937,000 | ₨ 1,258,241 | |||||||||||
Restricted cash | ₨ 5,012,451 | $ 77,293,000 | 1,693,528 | |||||||||||
Facility 1 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Short term loan | ₨ 418,000 | ₨ 480,000 | $ 6,320,000 | $ 7,334,000 | ||||||||||
Term of term loan facility | 12 months | 12 months | ||||||||||||
Capacity of solar power project | 10 | 10 | 10 | 10 | ||||||||||
Weighted average interest rate | 13.25% | 13.25% | 13.25% | 13.25% | ||||||||||
Amounts outstanding under facility | $ | $ 0 | $ 0 | ||||||||||||
Facility 1 [Member] | Revolving Credit Facilities [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Short term loan | ₨ 1,000,000 | $ 15,108,000 | ||||||||||||
Term of term loan facility | 12 months | |||||||||||||
Number of directors given personal guarantees | Director | 2 | |||||||||||||
Number of project subsidiaries pledged | Project | 2 | |||||||||||||
Facility 2 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Short term loan | ₨ 375,000 | $ 5,660,000 | ||||||||||||
Term of term loan facility | 12 months | |||||||||||||
Capacity of solar power project | 10 | 10 | ||||||||||||
Weighted average interest rate | 13.25% | 13.25% | ||||||||||||
Amounts outstanding under facility | $ | $ 0 | |||||||||||||
Facility 3 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Short term loan | ₨ 2,500,000 | $ 38,551,000 | ||||||||||||
Term of term loan facility | 12 months | |||||||||||||
Capacity of solar power project | 100 | 100 | ||||||||||||
Interest rate | 12.75% | |||||||||||||
Restricted cash | ₨ 918,690 | $ 14,166,000 |
Long Term Debt - Summary of Agg
Long Term Debt - Summary of Aggregate Maturities of Long Term Debt (Detail) - Mar. 31, 2017 ₨ in Thousands, $ in Thousands | INR (₨) | USD ($) |
Debt Disclosure [Abstract] | ||
2,018 | ₨ 1,622,519 | $ 25,020 |
2,019 | 2,225,730 | 34,321 |
2,020 | 2,048,910 | 31,595 |
2,021 | 2,733,616 | 42,153 |
2,022 | 2,503,208 | 38,600 |
Thereafter | 22,433,053 | 345,922 |
Total | ₨ 33,567,036 | $ 517,611 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | |
Income Tax Disclosure [Abstract] | ||||
Availability of tax holiday | Period of ten consecutive years | |||
Net deferred tax assets | ₨ 31,429 | $ 485 | ₨ 34,661 | |
Net deferred tax liabilities | 1,078,255 | 16,627 | 470,048 | |
Undistributed net earnings of foreign operations | ₨ 1,315,335 | $ 20,283 | ₨ 1,217,312 | ₨ 664,789 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Detail) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | |
Income Tax Disclosure [Abstract] | ||||
Current | ₨ 509,083 | $ 7,850 | ₨ 28,667 | ₨ 191,933 |
Deferred | 383,250 | 5,910 | 299,078 | 61,179 |
Income tax expense | ₨ 892,333 | $ 13,760 | ₨ 327,745 | ₨ 253,112 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income/(Loss) Before Income Taxes (Detail) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | |
Income Tax Disclosure [Abstract] | ||||
Domestic operations | ₨ (28,504) | $ (440) | ₨ (56,881) | ₨ (247) |
Foreign operations | (270,732) | (4,174) | (1,270,214) | (835,231) |
Loss before income tax | ₨ (299,236) | $ (4,614) | ₨ (1,327,095) | ₨ (835,478) |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Income Tax Assets and Liabilities (Detail) ₨ in Thousands, $ in Thousands | Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2016USD ($) | Mar. 31, 2015INR (₨) | Mar. 31, 2014INR (₨) |
Deferred tax assets: | ||||||
Allowance for doubtful accounts | ₨ 415 | $ 6 | ₨ 415 | |||
Other deductible temporary difference | 243,950 | 3,763 | 202,505 | |||
Net operating loss | 12,845 | 198 | 379,920 | |||
Gross deferred tax assets | 257,210 | 3,967 | 582,840 | |||
Valuation allowance | (12,845) | (198) | (8,569) | $ (132) | ₨ (37) | ₨ (61,129) |
Total gross deferred tax assets | 244,365 | 3,769 | 574,271 | |||
Deferred tax liabilities: | ||||||
Depreciation and amortization | (1,261,828) | (19,458) | (988,897) | |||
Gain on sale of non-controlling interest | (19,335) | (298) | (19,333) | |||
Other comprehensive income | (10,028) | (154) | ||||
Other taxable temporary differences | (1,428) | |||||
Total gross deferred tax liabilities | (1,291,191) | (19,910) | (1,009,658) | |||
Net deferred tax liability | ₨ (1,046,826) | $ (16,141) | ₨ (435,387) |
Income Taxes - Change in Valuat
Income Taxes - Change in Valuation Allowance for Deferred Tax Assets (Detail) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | |
Income Tax Disclosure [Abstract] | ||||
Opening valuation allowance | ₨ 8,569 | $ 132 | ₨ 37 | ₨ 61,129 |
Movement during the period | 4,275 | 66 | 8,532 | (61,092) |
Closing valuation allowance | ₨ 12,845 | $ 198 | ₨ 8,569 | ₨ 37 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Differs from Amount Computed by Applying Statutory Income Tax Rate to Loss Before Income Taxes (Detail) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Statutory income tax benefit, tax | ₨ (103,494) | ₨ (459,308) | ₨ (283,979) | |
Temporary differences reversing in the Tax Holiday Period, tax | 223,897 | 428,034 | 223,409 | |
Taxes on intercompany transaction reversing in the Tax Holiday Period, tax | 741,474 | 256,143 | 321,323 | |
Valuation allowance on net operating losses, tax | 4,275 | 8,532 | (61,092) | |
Other difference, tax | 26,180 | 94,344 | 53,451 | |
Income tax expense | ₨ 892,333 | $ 13,760 | ₨ 327,745 | ₨ 253,112 |
Statutory income tax benefit, percent | (34.60%) | (34.60%) | (34.61%) | (33.99%) |
Temporary differences reversing in the Tax Holiday Period, percent | 74.87% | 74.87% | 32.25% | 26.74% |
Taxes on intercompany transaction reversing in the Tax Holiday Period, percent | 247.96% | 247.96% | 19.30% | 38.46% |
Valuation allowance on net operating losses, percent | 1.42% | 1.42% | 0.64% | (7.31%) |
Other difference, percent | 8.55% | 8.55% | 7.11% | 6.40% |
Income tax expense, percent | 298.20% | 298.20% | 24.70% | 30.30% |
Interest Expense, Net - Summary
Interest Expense, Net - Summary of Interest Expense Net (Detail) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | |
Interest expense: | ||||
Bank charges and other | ₨ 160,740 | $ 2,479 | ₨ 106,568 | ₨ 55,454 |
Interest expense | 2,763,992 | 42,621 | 2,325,776 | 999,630 |
Interest income: | ||||
Term and fixed deposits | 319,823 | 4,932 | 221,532 | 151,860 |
Gain on sale of investments | 72,074 | 1,111 | 45,375 | 13,949 |
Investments held-to-maturity | 259 | 4 | 33 | |
Interest Income related party | 2,031 | |||
Interest income | 392,156 | 6,047 | 266,940 | 167,840 |
Total | 2,371,836 | 36,574 | 2,058,836 | 831,790 |
Compulsorily Convertible Debentures [Member] | ||||
Interest expense: | ||||
Interest expense | 90,360 | 1,392 | 408,172 | 248,831 |
Term Loans [Member] | ||||
Interest expense: | ||||
Interest expense | 2,439,052 | 37,611 | 1,547,382 | 598,845 |
Series E and Series G Compulsorily Convertible Preferred Shares [Member] | ||||
Interest expense: | ||||
Series E and G CCPS | ₨ 73,840 | $ 1,139 | ₨ 263,654 | ₨ 96,500 |
(Gain)_ Loss on Foreign Curre81
(Gain)/ Loss on Foreign Currency Exchange - Schedule of (Gain)/ Loss on Foreign Currency Exchange (Detail) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | |
Foreign Currency [Abstract] | ||||
Unrealized loss/ (gain) on foreign currency loans | ₨ (126,943) | $ (1,958) | ₨ 338,297 | ₨ 240,656 |
Realized gain on foreign currency loans | (106,299) | (1,639) | (80,542) | (42,280) |
Unrealized loss on derivative instruments | 61,862 | 954 | 11,069 | 7,342 |
Realized loss on derivative instruments | 123,792 | 1,909 | 74,313 | 93,910 |
Other gain on foreign currency exchange | (61,540) | (949) | ||
(Gain)/ loss on foreign currency exchange, net | ₨ (109,128) | $ (1,683) | ₨ 343,137 | ₨ 299,628 |
Equity and Preferred Shares - A
Equity and Preferred Shares - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jul. 25, 2015INR (₨)shares | Sep. 30, 2016INR (₨)shares | Sep. 30, 2012INR (₨)shares | Sep. 30, 2011INR (₨)shares | Feb. 28, 2010INR (₨)shares | Nov. 30, 2008INR (₨)shares | Jan. 31, 2015INR (₨)shares | Mar. 31, 2017INR (₨)shares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016INR (₨)shares | Mar. 31, 2015INR (₨)shares | Jul. 25, 2015INR (₨)shares | Jul. 25, 2015USD ($)shares | Oct. 12, 2016shares |
Class of Stock [Line Items] | ||||||||||||||
Equity shares, par value | $ / shares | $ 0.000625 | |||||||||||||
Equity shares, issued | 25,915,956 | 1,758,080 | ||||||||||||
Equity shares, outstanding | 25,915,956 | 1,758,080 | 1,758,080 | 1,758,080 | ||||||||||
Compulsorily convertible preferred shares, Issued | 860,997 | |||||||||||||
Share issue expense | ₨ 942,824,000 | $ 14,539 | ₨ 9,007,000 | ₨ 3,045,000 | ||||||||||
Accreted stock issuance cost | ₨ 8,324,000 | $ 128 | 147,532,000 | 1,899,000 | ||||||||||
Series A CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Issued | 38,770 | |||||||||||||
Compulsorily convertible preferred shares, cumulative dividend rate percentage | 8.00% | |||||||||||||
Compulsorily convertible preferred shares, conversion ratio | 100.00% | 100.00% | ||||||||||||
Compulsorily convertible preferred shares, liquidation percentage | 140.00% | |||||||||||||
Series B CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Issued | 181,046 | |||||||||||||
Compulsorily convertible preferred shares, cumulative dividend rate percentage | 8.00% | |||||||||||||
Compulsorily convertible preferred shares, conversion ratio | 100.00% | 100.00% | ||||||||||||
Compulsorily convertible preferred shares, liquidation percentage | 200.00% | |||||||||||||
Series C CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Issued | 229,880 | |||||||||||||
Compulsorily convertible preferred shares, cumulative dividend rate percentage | 8.00% | |||||||||||||
Compulsorily convertible preferred shares, conversion ratio | 34.23% | 34.23% | ||||||||||||
Compulsorily convertible preferred shares, liquidation percentage | 200.00% | |||||||||||||
Series D CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Issued | 84,348 | |||||||||||||
Compulsorily convertible preferred shares, cumulative dividend rate percentage | 8.00% | |||||||||||||
Compulsorily convertible preferred shares, conversion ratio | 100.00% | 100.00% | ||||||||||||
Compulsorily convertible preferred shares, liquidation percentage | 200.00% | |||||||||||||
Series F CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Issued | 138,133 | |||||||||||||
Compulsorily convertible preferred shares, Total consideration | ₨ | ₨ 1,549,010,000 | |||||||||||||
Compulsorily convertible preferred shares, cumulative dividend rate percentage | 8.00% | |||||||||||||
Compulsorily convertible preferred shares, conversion ratio | 100.00% | 100.00% | ||||||||||||
Compulsorily convertible preferred shares, liquidation percentage | 150.00% | |||||||||||||
Series H CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Issued | 133,285 | 133,285 | 133,285 | 133,285 | ||||||||||
Compulsorily convertible preferred shares, Total consideration | ₨ | ₨ 3,695,407,000 | ₨ 3,695,407,000 | ||||||||||||
Share issue expense | ₨ | ₨ 144,932,000 | |||||||||||||
Compulsorily convertible preferred shares, Term | 20 years | |||||||||||||
Compulsorily convertible preferred shares, conversion ratio | 100.00% | 100.00% | ||||||||||||
Compulsorily convertible preferred shares, liquidation percentage | 108.00% | |||||||||||||
Series I CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Issued | 55,535 | 55,535 | ||||||||||||
Compulsorily convertible preferred shares, Total consideration | ₨ | ₨ 1,658,166,000 | ₨ 1,658,166,000 | ||||||||||||
Share issue expense | ₨ | ₨ 8,324,000 | |||||||||||||
Compulsorily convertible preferred shares, Term | 20 years | |||||||||||||
Compulsorily convertible preferred shares, conversion ratio | 100.00% | 100.00% | ||||||||||||
Series H and I CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, cumulative dividend rate percentage | 8.00% | |||||||||||||
Compulsorily convertible preferred shares, liquidation percentage | 108.00% | |||||||||||||
Compulsorily Convertible Preferred Shares [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of equity shares issued upon conversion | 14,635,882 | 14,635,882 | ||||||||||||
Series A, Series B, Series C, Series D, Series F, Series H And Series I Mezzanine Compulsorily Convertible Preferred Shares [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share issue expense | ₨ 162,931,000 | $ 2,512 | ||||||||||||
Azure Power India Private Limited [Member] | Series A CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Issued | 38,770 | |||||||||||||
Compulsorily convertible preferred shares, Total consideration | ₨ | ₨ 91,617,000 | |||||||||||||
Share issue expense | ₨ | ₨ 875,000 | |||||||||||||
Azure Power India Private Limited [Member] | Series B CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Issued | 181,046 | |||||||||||||
Compulsorily convertible preferred shares, Total consideration | ₨ | ₨ 500,731,000 | |||||||||||||
Share issue expense | ₨ | ₨ 3,263,000 | |||||||||||||
Azure Power India Private Limited [Member] | Series C CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Issued | 229,880 | |||||||||||||
Compulsorily convertible preferred shares, Total consideration | ₨ | ₨ 377,562,000 | |||||||||||||
Share issue expense | ₨ | ₨ 4,038,000 | |||||||||||||
Azure Power India Private Limited [Member] | Series D CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Issued | 84,348 | |||||||||||||
Compulsorily convertible preferred shares, Total consideration | ₨ | ₨ 474,964,000 | |||||||||||||
Share issue expense | ₨ | ₨ 0 | |||||||||||||
Azure Power India Private Limited [Member] | Series F CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Issued | 138,133 | |||||||||||||
Compulsorily convertible preferred shares, Total consideration | ₨ | ₨ 1,549,010,000 | |||||||||||||
Share issue expense | ₨ | ₨ 1,498,000 | |||||||||||||
Azure Power India Private Limited [Member] | Maximum [Member] | Series A CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Term | 19 years | 19 years | ||||||||||||
Azure Power India Private Limited [Member] | Maximum [Member] | Series B CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Term | 20 years | 20 years | ||||||||||||
Azure Power India Private Limited [Member] | Maximum [Member] | Series C CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Term | 20 years | 20 years | ||||||||||||
Azure Power India Private Limited [Member] | Maximum [Member] | Series D CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Term | 20 years | 20 years | ||||||||||||
Azure Power India Private Limited [Member] | Maximum [Member] | Series F CCPS [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Compulsorily convertible preferred shares, Term | 20 years | 20 years |
Equity and Preferred Shares - S
Equity and Preferred Shares - Schedule of Compulsorily Convertible Preferred Shares (Detail) ₨ / shares in Units, ₨ in Thousands | 12 Months Ended | |||||
Mar. 31, 2017INR (₨) | Mar. 31, 2017$ / sharesshares | Mar. 31, 2017₨ / sharesshares | Sep. 30, 2016shares | Mar. 31, 2016₨ / shares | Jul. 25, 2015shares | |
Class of Stock [Line Items] | ||||||
Compulsorily convertible preferred shares, Issued | shares | 860,997 | 860,997 | ||||
Compulsorily convertible preferred shares, Total consideration | ₨ | ₨ 8,510,387 | |||||
Compulsorily convertible preferred shares, Price per share | ₨ / shares | ₨ 10 | ₨ 10 | ||||
Series A CCPS [Member] | ||||||
Class of Stock [Line Items] | ||||||
Compulsorily convertible preferred shares, Issued | shares | 38,770 | 38,770 | ||||
Compulsorily convertible preferred shares, Total consideration | ₨ | 92,492 | |||||
Compulsorily convertible preferred shares, Price per share | $ / shares | $ 49 | |||||
Series B CCPS [Member] | ||||||
Class of Stock [Line Items] | ||||||
Compulsorily convertible preferred shares, Issued | shares | 181,046 | 181,046 | ||||
Compulsorily convertible preferred shares, Total consideration | ₨ | 503,994 | |||||
Compulsorily convertible preferred shares, Price per share | $ / shares | $ 61 | |||||
Series C CCPS [Member] | ||||||
Class of Stock [Line Items] | ||||||
Compulsorily convertible preferred shares, Issued | shares | 229,880 | 229,880 | ||||
Compulsorily convertible preferred shares, Total consideration | ₨ | 381,600 | |||||
Compulsorily convertible preferred shares, Price per share | $ / shares | $ 34 | |||||
Series D CCPS [Member] | ||||||
Class of Stock [Line Items] | ||||||
Compulsorily convertible preferred shares, Issued | shares | 84,348 | 84,348 | ||||
Compulsorily convertible preferred shares, Total consideration | ₨ | 474,964 | |||||
Compulsorily convertible preferred shares, Price per share | $ / shares | $ 102 | |||||
Series F CCPS [Member] | ||||||
Class of Stock [Line Items] | ||||||
Compulsorily convertible preferred shares, Issued | shares | 138,133 | 138,133 | ||||
Compulsorily convertible preferred shares, Total consideration | ₨ | 1,550,508 | |||||
Compulsorily convertible preferred shares, Price per share | $ / shares | $ 184 | |||||
Series H CCPS [Member] | ||||||
Class of Stock [Line Items] | ||||||
Compulsorily convertible preferred shares, Issued | shares | 133,285 | 133,285 | 133,285 | |||
Compulsorily convertible preferred shares, Total consideration | ₨ | 3,840,339 | |||||
Compulsorily convertible preferred shares, Price per share | $ / shares | $ 450 | |||||
Series I CCPS [Member] | ||||||
Class of Stock [Line Items] | ||||||
Compulsorily convertible preferred shares, Issued | shares | 55,535 | 55,535 | 55,535 | |||
Compulsorily convertible preferred shares, Total consideration | ₨ | ₨ 1,666,490 | |||||
Compulsorily convertible preferred shares, Price per share | $ / shares | $ 450 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Loss Per share (Detail) ₨ / shares in Units, $ / shares in Units, ₨ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2017INR (₨)₨ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016INR (₨)₨ / sharesshares | Mar. 31, 2015INR (₨)₨ / sharesshares | Oct. 12, 2016shares | |
Class of Stock [Line Items] | |||||
Net loss attributable to APGL equity shareholders | ₨ (1,172,645) | $ (18,082) | ₨ (1,650,189) | ₨ (1,082,995) | |
Total (A) | ₨ (1,452,571) | $ (22,399) | ₨ (3,027,937) | ₨ (1,838,202) | |
Shares outstanding for allocation of undistributed income: | |||||
Equity shares | 25,915,956 | 25,915,956 | 1,758,080 | 1,758,080 | 1,758,080 |
Weighted average shares outstanding | |||||
Equity shares (B) | 13,040,618 | 13,040,618 | 1,758,080 | 1,758,080 | |
Net loss per share - basic and diluted | |||||
Equity shares (C=A/B) | (per share) | ₨ (111) | $ (1.72) | ₨ (1,722) | ₨ (1,046) | |
Compulsorily Convertible Preferred Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Accretion to redemption value | ₨ (235,853) | $ (3,637) | ₨ (1,347,923) | ₨ (755,207) | |
Redeemable Non-controlling Interest [Member] | |||||
Class of Stock [Line Items] | |||||
Accretion to redemption value | ₨ (44,073) | $ (680) | ₨ (29,825) |
Earnings Per Share - Schedule85
Earnings Per Share - Schedule of Loss Per share (Parenthetical) (Detail) - shares | Mar. 31, 2017 | Oct. 12, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Earnings Per Share [Abstract] | ||||
Equity shares | 25,915,956 | 1,758,080 | 1,758,080 | 1,758,080 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of share options excluded from computation of diluted earnings per equity share | 540,280 | 414,880 | 461,136 |
Leases - Additional Information
Leases - Additional Information (Detail) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | |
Leases [Abstract] | ||||
Rent expense for operating leases | ₨ 172,528 | $ 2,660 | ₨ 70,039 | ₨ 44,169 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) - Mar. 31, 2017 ₨ in Thousands, $ in Thousands | INR (₨) | USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Fiscal 2,018 | ₨ 66,652 | $ 1,028 |
Fiscal 2,019 | 66,796 | 1,030 |
Fiscal 2,020 | 64,105 | 989 |
Fiscal 2,021 | 66,262 | 1,022 |
Fiscal 2,022 | 66,558 | 1,026 |
Thereafter | 2,955,614 | 45,576 |
Total | ₨ 3,285,987 | $ 50,671 |
Commitments, Guarantees and C89
Commitments, Guarantees and Contingencies - Additional Information (Detail) ₨ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | |
Guarantor Obligations [Line Items] | ||||
Purchase commitments | ₨ 3,870,066 | $ 59,677,000 | ||
Total demand for liquidation damages | 65,000 | $ 1,002,000 | ||
Performance Bank Guarantees [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Outstanding guarantees | 1,534,700 | 23,665,000 | ₨ 1,189,200 | |
Guarantees from Financial Institutions [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantee obligation | ₨ 1,092,000 | $ 16,839,000 | ₨ 1,192,000 |
Related Party Disclosures - Add
Related Party Disclosures - Additional Information (Detail) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | Mar. 31, 2017USD ($) | |
Related Party Transaction [Line Items] | |||||
Security deposits | ₨ 2,160 | ₨ 8,567 | $ 33 | ||
Relatives of Management [Member] | |||||
Related Party Transaction [Line Items] | |||||
Rent expense | 19,362 | $ 299 | 14,970 | ₨ 14,490 | |
Other Assets [Member] | |||||
Related Party Transaction [Line Items] | |||||
Security deposits | 2,160 | 8,567 | 33 | ||
Other Assets [Member] | Relatives of Management [Member] | |||||
Related Party Transaction [Line Items] | |||||
Security deposits | ₨ 8,567 | ₨ 8,567 | $ 132 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) | Jul. 28, 2015INR (₨)shares | Jul. 28, 2015USD ($)shares | Mar. 31, 2017INR (₨)shares | Mar. 31, 2017USD ($)shares | Mar. 31, 2016INR (₨)shares | Mar. 31, 2015INR (₨) | Mar. 31, 2017USD ($)shares | Aug. 31, 2016shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | 4 years | ||||||
Number of options available for grant | 483,464 | 483,464 | ||||||
Options issued as replacement | 125,400 | 125,400 | ||||||
Options outstanding | 540,280 | 414,880 | 540,280 | |||||
Incremental fair value | ₨ 45,719,000 | $ 705,000 | ||||||
Incremental fair value as per vesting schedule | ₨ 41,334,000 | $ 637,000 | ||||||
Aggregate intrinsic value of outstanding options | ₨ 140,864,000 | ₨ 133,285,000 | $ 2,172,000 | |||||
Unrecognized compensation cost | ₨ 11,385,000 | $ 176,000 | ||||||
Unrecognized compensation cost, expected period of recognition | 1 year 8 months 12 days | 1 year 8 months 12 days | ||||||
Intrinsic value of options exercised | ₨ 0 | $ 0 | 30,000 | |||||
Lattice Valuation Model [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Options outstanding | 80,000 | 80,000 | ||||||
Probability of market condition achievement as per valuation model | 5.72% | 5.72% | ||||||
General and Administrative Expenses [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based compensation expense | ₨ 13,774,000 | $ 212,000 | ₨ 51,732,000 | ₨ 7,428,000 | ||||
Vesting Period, Year One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 25.00% | 25.00% | ||||||
Vesting Period, Year Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 25.00% | 25.00% | ||||||
Vesting Period, Year Three [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 25.00% | 25.00% | ||||||
Vesting Period, Year Four [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 25.00% | 25.00% | ||||||
2015 Stock Option Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Maximum options to be granted under stock option plan | 568,688 | 568,688 | ||||||
Options issued as replacement | 414,880 | 414,880 | ||||||
Options outstanding | 414,880 | 414,880 | ||||||
2016 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Maximum options to be granted under stock option plan | 1,023,744 |
Share Based Compensation - Summ
Share Based Compensation - Summary of Share Option Activity (Detail) | 12 Months Ended |
Mar. 31, 2017₨ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of shares, Outstanding at beginning of period | shares | 414,880 |
Number of shares, Granted | shares | 125,400 |
Number of shares, Exercised | shares | 0 |
Number of shares, Forfeitures | shares | 0 |
Number of shares, Outstanding at end of period | shares | 540,280 |
Number of shares, Vested and exercisable | shares | 409,328 |
Weighted average exercise price, Outstanding at beginning of period | ₨ / shares | ₨ 207 |
Weighted average exercise price, Granted | ₨ / shares | 1,496 |
Weighted average exercise price, Exercised | ₨ / shares | 0 |
Weighted average exercise price, Forfeitures | ₨ / shares | 0 |
Weighted average exercise price, Outstanding at end of period | ₨ / shares | 506 |
Weighted average exercise price, Vested and exercisable | ₨ / shares | ₨ 166 |
Share Based Compensation - Sche
Share Based Compensation - Schedule of Estimated Fair Value of Share Option Granted to Employees (Detail) - Share Options [Member] | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Black Scholes Option Pricing Model [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected volatility, minimum | 31.00% | 37.20% |
Expected volatility, maximum | 41.70% | 41.60% |
Risk free interest rate, minimum | 2.15% | 7.60% |
Risk free interest rate, maximum | 7.61% | 8.08% |
Black Scholes Option Pricing Model [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 4 years 6 months | 5 years |
Black Scholes Option Pricing Model [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 7 years 2 months 12 days | 6 years 9 months 18 days |
Lattice Valuation Model [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 48.10% | |
Risk- free interest rate | 8.18% |
Share Based Compensation - Su94
Share Based Compensation - Summary of Estimated Fair Value of Share Option Modification (Detail) - INR (₨) ₨ in Thousands | Jul. 25, 2015 | Mar. 31, 2017 | Mar. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | 125,400 | ||
Share Options [Member] | Black Scholes Option Pricing Model [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | |
Expected volatility, minimum | 31.00% | 37.20% | |
Expected volatility, maximum | 41.70% | 41.60% | |
Risk free interest rate, minimum | 2.15% | 7.60% | |
Risk free interest rate, maximum | 7.61% | 8.08% | |
Share Options [Member] | Black Scholes Option Pricing Model [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 4 years 6 months | 5 years | |
Share Options [Member] | Black Scholes Option Pricing Model [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 7 years 2 months 12 days | 6 years 9 months 18 days | |
Share Options [Member] | Black Scholes Option Pricing Model [Member] | Modification Prior to July 25, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | 29,684 | ||
Equity value | ₨ 7,642 | ||
Dividend yield | 0.00% | ||
Expected volatility, minimum | 37.20% | ||
Expected volatility, maximum | 41.60% | ||
Risk free interest rate, minimum | 7.60% | ||
Risk free interest rate, maximum | 8.08% | ||
Share Options [Member] | Black Scholes Option Pricing Model [Member] | Modification Prior to July 25, 2015 [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 2 months 12 days | ||
Share Options [Member] | Black Scholes Option Pricing Model [Member] | Modification Prior to July 25, 2015 [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 2 years 9 months 18 days | ||
Share Options [Member] | Black Scholes Option Pricing Model [Member] | Modification Post to July 25, 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | 25,930 | ||
Equity value | ₨ 8,943 | ||
Dividend yield | 0.00% | ||
Expected volatility, minimum | 37.20% | ||
Expected volatility, maximum | 41.60% | ||
Risk free interest rate, minimum | 7.60% | ||
Risk free interest rate, maximum | 8.08% | ||
Share Options [Member] | Black Scholes Option Pricing Model [Member] | Modification Post to July 25, 2015 [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 5 years | ||
Share Options [Member] | Black Scholes Option Pricing Model [Member] | Modification Post to July 25, 2015 [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 9 months 18 days |
Share Based Compensation - Sc95
Share Based Compensation - Schedule of Intrinsic Value Per Option at the Date of Grant (Detail) | 12 Months Ended | |
Mar. 31, 2017$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
No. of options granted | shares | 125,400 | |
Option Grants on July 1, 2015 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Date of grant | Jul. 1, 2015 | |
No. of options granted | shares | 13,808 | |
Deemed fair value of equity shares | $ 477 | |
Intrinsic value per option at the time of grant | $ 476 | |
Valuation used | Retrospective | |
Option Grants on May 4, 2016 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Date of grant | May 4, 2016 | |
No. of options granted | shares | 87,872 | |
Deemed fair value of equity shares | $ 602 | |
Intrinsic value per option at the time of grant | [1] | |
Valuation used | Retrospective | |
Option Grants on August 18, 2016 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Date of grant | Aug. 18, 2016 | |
No. of options granted | shares | 22,528 | |
Deemed fair value of equity shares | $ 337 | |
Intrinsic value per option at the time of grant | $ 336 | |
Valuation used | Retrospective | |
Option Grants on March 8, 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Date of grant | Mar. 8, 2017 | |
No. of options granted | shares | 15,000 | |
Deemed fair value of equity shares | $ 1,133 | |
Valuation used | Market price | |
[1] | Fair value of the shares exceeds the exercise price. |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value of Certain Financial Assets and Liabilities Measured on Recurring Basis (Detail) $ in Thousands | Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) |
Assets | ||||
Available for sale securities | ₨ 3,296,797,000 | $ 50,837 | ₨ 0 | ₨ 0 |
Foreign exchange derivative contracts, Current assets | 63,818,000 | $ 984 | 108,606,000 | |
Fair Value, Measurements, Recurring [Member] | ||||
Assets | ||||
Available for sale securities | 3,296,797,000 | |||
Foreign exchange derivative contracts, Current assets | 63,818,000 | 108,606,000 | ||
Foreign exchange derivative contracts, Noncurrent assets | 61,120,000 | 83,426,000 | ||
Total assets | 3,421,735,000 | 192,032,000 | ||
Liabilities | ||||
Compulsorily convertible debentures, Current liability | 2,132,500,000 | |||
Series E and Series G compulsorily convertible preferred shares, Current liability | 1,468,200,000 | |||
Total liabilities | 3,600,700,000 | |||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Assets | ||||
Available for sale securities | 3,296,797,000 | |||
Total assets | 3,296,797,000 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets | ||||
Foreign exchange derivative contracts, Current assets | 63,818,000 | 108,606,000 | ||
Foreign exchange derivative contracts, Noncurrent assets | 61,120,000 | 83,426,000 | ||
Total assets | ₨ 124,938,000 | 192,032,000 | ||
Fair Value, Measurements, Recurring [Member] | Income Approach Valuation Technique [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Liabilities | ||||
Compulsorily convertible debentures, Current liability | 2,132,500,000 | |||
Series E and Series G compulsorily convertible preferred shares, Current liability | 1,468,200,000 | |||
Total liabilities | ₨ 3,600,700,000 |
Fair Value Measurements - Sum97
Fair Value Measurements - Summary of Changes in Compulsorily Convertible Debenture (Detail) - Compulsorily Convertible Debentures [Member] - Fair Value, Measurements, Recurring [Member] ₨ in Thousands, $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2016USD ($) | Mar. 31, 2015INR (₨) | Mar. 31, 2015USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning balance | ₨ 2,132,500 | $ 32,884 | ₨ 1,798,600 | $ 27,735 | ₨ 1,428,800 | $ 22,032 |
Issuance of CCDs IFC III | 180,000 | 2,776 | ||||
Increase in fair value | 56,400 | 870 | 333,900 | 5,149 | 189,800 | 2,927 |
Conversion of CCDs into equity share | ₨ (2,188,900) | $ (33,754) | ||||
Ending balance | ₨ 2,132,500 | $ 32,884 | ₨ 1,798,600 | $ 27,735 |
Fair Value Measurements - Sum98
Fair Value Measurements - Summary of Changes in Series E and Series G Compulsorily Convertible Preferred Shares (Detail) - Series E and Series G Compulsorily Convertible Preferred Shares [Member] - Fair Value, Measurements, Recurring [Member] ₨ in Thousands, $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2016USD ($) | Mar. 31, 2015INR (₨) | Mar. 31, 2015USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning balance | ₨ 1,468,200 | $ 22,640 | ₨ 662,600 | $ 10,217 | ₨ 566,100 | $ 8,729 |
Issuance of Series G CCPS | 541,946 | 8,357 | ||||
Increase in fair value | 73,841 | 1,139 | 263,654 | 4,066 | 96,500 | 1,488 |
Conversion of CCPS into equity shares | ₨ (1,542,041) | $ (23,779) | ||||
Ending balance | ₨ 1,468,200 | $ 22,640 | ₨ 662,600 | $ 10,217 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Carrying Value and Fair Value of Fixed Rate Project Financing Term Loans (Detail) ₨ in Thousands, $ in Thousands | Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2016USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying value | ₨ 32,697,568 | $ 504,203 | ₨ 19,229,710 | |
Secured Foreign Currency Term Loans [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying value | 5,385,949 | 83,052 | 5,889,467 | |
Fair Value, Measurements, Recurring [Member] | Secured Foreign Currency Term Loans [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Carrying value | 5,497,166 | 5,995,393 | ||
Fair value | ₨ 5,560,038 | $ 85,737 | ₨ 6,241,606 | $ 94,213 |
Fair Value Measurements - Sc100
Fair Value Measurements - Schedule of Carrying Value and Fair Value of Investments Classified as Held to Maturity (Detail) ₨ in Thousands, $ in Thousands | Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2016USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Non-current investments, carrying value | ₨ 6,631 | $ 102 | ₨ 6,785 | |
Fixed Rate Bank of Mauritius Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Non-current investments, carrying value | 6,631 | 6,785 | ||
Non-current investments, fair value | ₨ 6,865 | $ 106 | ₨ 7,382 | $ 111 |
Derivative Instruments and H101
Derivative Instruments and Hedging Activities - Schedule of Outstanding Notional Amount and Balance Sheet Location Information Related to Foreign Exchange Derivative Contracts (Detail) - Foreign Currency Option Contracts [Member] ₨ in Thousands, $ in Thousands | Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2016USD ($) |
Derivatives, Fair Value [Line Items] | ||||
Foreign exchange derivative contracts, notional amount | $ | $ 12,111 | $ 14,976 | ||
Prepaid Expenses and Other Current Asset [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign exchange derivative contracts, value | ₨ 63,818 | ₨ 108,606 | ||
Other Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign exchange derivative contracts, value | ₨ 61,120 | ₨ 83,426 |
Derivative Instruments and H102
Derivative Instruments and Hedging Activities - Additional Information (Detail) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017INR (₨) | Mar. 31, 2017USD ($) | Mar. 31, 2016INR (₨) | Mar. 31, 2015INR (₨) | |
Derivatives, Fair Value [Line Items] | ||||
(Gains)/Losses on derivative contracts | ₨ (123,792) | $ (1,909) | ₨ (74,313) | ₨ (93,910) |
Foreign Currency Option Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
(Gains)/Losses on derivative contracts | ₨ 185,654 | $ 2,863 | ₨ 85,382 | ₨ 101,252 |
Foreign Currency Option Contracts [Member] | Minimum [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign exchange derivative contracts maturity period | 3 months | 3 months | ||
Foreign Currency Option Contracts [Member] | Maximum [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign exchange derivative contracts maturity period | 24 months | 24 months |
Concentrations of Credit Risk -
Concentrations of Credit Risk - Schedule of Customers Account for More than 10% of Company's Accounts Receivable and Sale of Power (Detail) - Customer Concentration Risk [Member] | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 |
Percentage of Accounts Receivable [Member] | NTPC Vidyut Vyapar Nigam Limited [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 5.60% | 11.40% | ||
Percentage of Accounts Receivable [Member] | Punjab State Power Corporation Limited [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 39.30% | 15.90% | ||
Percentage of Accounts Receivable [Member] | Solar Energy Corporation of India [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 21.90% | 48.50% | ||
Percentage of Accounts Receivable [Member] | Chhattisgarh State Corporation [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 7.70% | 12.80% | ||
Percentage of Sale of Power [Member] | NTPC Vidyut Vyapar Nigam Limited [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 15.60% | 25.20% | ||
Percentage of Sale of Power [Member] | Punjab State Power Corporation Limited [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 24.10% | 17.00% | ||
Percentage of Sale of Power [Member] | Solar Energy Corporation of India [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 23.40% | 29.00% | ||
Percentage of Sale of Power [Member] | Chhattisgarh State Corporation [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 7.40% | 7.50% |
Subsequent events - Additional
Subsequent events - Additional Information (Detail) - Subsequent Event [Member] | 1 Months Ended | |
Apr. 30, 2017Director | Jun. 01, 2017MW | |
Subsequent Event [Line Items] | ||
Number of directors given stock options modification | Director | 2 | |
Capacity of solar power project | MW | 100 |