AZRE - Earnings call transcript Q2 2022 | Azure Power Global Limited

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Operator

Ladies and gentlemen, good day, and welcome to Azure Power's Second Quarter Fiscal 2022 Earnings Conference Call.

As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Vikas Bansal, Head, Investor Relations at Azure Power. to over and you, you, Mr. Thank Bansal.

Vikas Bansal

our an XXXX After that industry statements up Ranjit of Good will us results Pawan Investors Gupta, website we today. differ and you. press start CFO. copy announcing release, our update second by implied section contained materially of morning, With Ranjit XXXX. release There September all statements. questions. follow those integral within Company three and then are Subramanian, are everyone, joining azurepower.com. update for on fiscal release construction, available quarter press the These and our Harbor will Safe and for the you the by under thank Power's results call the call updates. through then will year Ranjit available quarter our an on to are presentation XXXX Please On at and CEO; A Pawan of a will wrap materials quarter, Kumar COO; going important and the ended XX, Azure for today and risks issued Thank me fiscal Murali are and note, Friday expressed presentation or remarks. could up our website. business cause press the evening, update. with providing the on operational projects are uncertainties and statements guidance. Agrawal, from will to such forward-looking provide the highlights our XXXX on Murali this, year innovation we an open then up the with call and fiscal

in Also furnished Form certain our to annual over in on hand press contained also presentation the report and It reconciliations now release we and in to description. are our a reconcile GAAP measures, for we these annual encourage Ranjit. and presentation review more report. on comparable release, that available it press materials measures and to materials the complete most So presentation website, our you our are is press pleasure to the website non-GAAP X-K my we release,

Ranjit Gupta

to Thank good have we due home you, its while desks Worldwide, some to this we I'm continue transitioned steadily to hope happy Vikas, remains a following from that contained. COVID-appropriate work and our morning, disruptions report severity that everyone. do very office and COVID variance, but quarter, see protocols.

quarter front, ESG improving of a we steps this our the significant On have number towards standards. taken ESC

Scope an our emissions Electric We adopted policy. have reducing focusing and have been Vehicle X on

vehicle we committed of used going that adopted our our part Through this socially policy, acceptable electric As any and new the vendors. have SA vehicle. be have Policy, Accountability compliance Social our company only we practices Policy Accountability standard Further, to to workplace. enshrine Social purchases ourselves forward and XXXX responsible our for Company in will for requirement

and working We XXXX have January per already external to reaffirm maintain in certification conditions audits planning compliance standards. are of as XXXX will our and labor principles ascertain month the to internal certification XXXX. SA conducted audit commitment SA international to

our strive keep demonstrating hard ESG improve leadership. continue to We our to performance and

agreements, X my megawatts of XXX translate purchase Pradesh, of PSAs X,XXX under value on SECI to period of power be for Andhra another developments wait signed are post of with These to PPAs these X,XXX further and accretive. signing the Azure which heartening significantly power agreements of ESG, has for signed state getting are INRX.XX megawatts for Pradesh Andhra INRX.XX Tariffs business gigawatts. Beyond SECI from projects. capacity of update will the PPAs that PPAs elongated important megawatts very manufacturing signed and XXX soon. significant megawatt of most the understand of PSAs, is sale We

above of comfortably our returns end the expect threshold We target. upper

Given quarter solar our Apart for project will are beyond two time. These technology energy XXX-megawatt manufacturing we Azure, projects the as strive believe done renewable work wind-solar first hybrid will providing complete to storage PPA, grid, before moves SECI firmly subsequent additions to to towards already and industry and SECI acquisition the XXX-megawatt with and these the steps connectivity, for of wind land dispatchable from end. wind that Awards transformation project with securing we important the in be portfolio. we and we've received Letter

had time operating green like year-on-year country. our decade. XX% the announced from we XX% and cash hydrogen Azure be from already than actively related operating two in increase this flow are quarter The businesses volatile has have the There with it in to these going pricing the energy increase On in Murali the and firmly on in to technologies to detail, aims construction looking from this module talk more capabilities for wind Mission while ground dramatically a steps been supplies renewable for of in policies year. the in-house, we will transition and year National developing Hydrogen sites areas teams We developed followed already procurement I'm to assets and COVID last green We and adoption. has at large for implementation our are energy more our a first extremely these disruptions working are Hydrogen developing operating teams concrete new new front, assets on this forefront taken during or by the forward EBITDA operational recently. quarter. capabilities I India's equity significant given that corporates new energy, Further, hydrogen. at has quite the Green to the quarter our and government across of organizational XX% storage believe year scenario did within energy already megawatts consumption in proposed and change proud operating be same direction. in challenges this

and renewable by number economy's three, fight reduce XX% requirement XXXX; by increased four, carbon number Azure. in to by done down the XXXth emissions stellar by of non-fossil team these points Capital billion tons by from owing include: projects. XXX to number these renewable capacity our the Indian by that improvement Honorable raising to emissions Green in his XXX energy almost refinancing older XXXX, metrics India zero the the the at during presents XXXX. carbon two, in one, in year opportunity independence, has along energy XXX this towards XX% target renewable with recently and down our Bond meeting continuous in announcements, change. debt self-reliance including cost global at vast lowest of energy emissions number in India meet driving total India. net also the intensity I to basis Prime support achieve in climate the Minister XXXX; These installed clearly COPXX reduce growth of of i.e., We site. government continue The against country's efforts energy gigawatts provided of five, hydro. undertaken by to resolves through demonstrate work cost of XXXX; to projects, address gigawatts energy project energy see number of commend country, India's contribute These announced to continues five projected X capacity Glasgow by for sector the steady XXXX; goal sector

the investor in per by planning or After rules transfer sector. the in of state brought Tribunal on solar Nadu, RE in due XX flexibility provides per This and exchanges. of capacity law project to to target to judgment General We rooms costs system. on decade, way renewable as Investments this gigawatts annum sell the states transmission status considering formula XXX to system unscheduled the process going are easier change India's stations landmark for by Run allowing into allowing and enhancing due due looking of billion boost energy for in compensatory Tamil aptly requirements. to at approval. termed power of Must also of $XXX The measures been the ISTS Access that as actively directly working issues period fixed power Power and this generating that size target, bidding. operating curtailment also developers timed country, lays for as Ministry to as has government to and the this overhauling across Appellate constraints, because XXXX. simplify impact Government notified transmission Network taken tariff their generating recovery our well access the These recently strengthen reinforcing the time framework gigawatts predefined of are and decade. the acquire, just It a approximately have for very ambitious on the In hold new paved reform Electricity determine of addressable are tariffs for in top a down incurred big with developments and country. market confidence addresses within change in the charges power in network will onetime rules to Ministry is plants from notification law the consonance provide to to transmission technical series for discussions post in recently capacity the curtailments assets of recently provides of transmission for significant developers of Power that specified lately.

of this update, with replaced him in all around himself, and Board. On is and the in by know, express his greater RE Azure Director and Chairman we, privileged you We to Board worked quarter, served Alan Mr. Mr. to guidance who our Mr. Azure six energy on contracts. Rush, Power. accomplishments last of strengthening deeply including mix are years transition company years, an gratitude new the leadership net resurgence Barney taking industry addition, brings leadership toward as through the Barney corporates experience at inspiring zero Barney were Rosling two in interest In Rosling as Chairman. a Rush driving together. management, REXXX with have in our joined working for and organizational Board hands-on end for round-the-clock on We announcements already our as as the our great and

further for how disclosures suggestions our our over Murali. to you look With to I understand business. it continue stakeholders we investors and and that, turn improve to make We and easier like for it from value to our on would can

Murali Subramanian

you, Thank Ranjit.

of situation last wave activities second impacted significantly. both reported, the Subsequently, and however, COVID supply improved our COVID we construction sites. the As at

committed during very We to worked teams adhere the capacity hard and projects. on XXX-megawatt procurement DC and quarter. commissioned XXX-megawatt to ensure lines AC construction we time Our our capacity

XXX As this project of megawatts commissioned completed megawatts megawatts XXX XXX in today, of Rajasthan X commissioned be month. and our to in have balance out we and

impacted We end in project due the to work in the X the project lines. quarter was to on has XXX we megawatts meet construction rallied commissioned XXX-megawatt are also the stages quarter. and capacities challenges, our confident current to are advanced and though in will team that supply-related balanced now Rajasthan promised commission subsequent in Rajasthan the the X Even time we

provided accomplishments some ESG highlights X. We on Page have our of

extremely Ranjit X mentioned which to direction earlier, our provides this are As proud EV towards we adopt emissions. quarter, reducing our Scope a policy

electric happy since two this vehicle policy. purchased to our to this staff. electric seen level, I'm members our of two adoption report adoption And providing at We staff under electric EV XXX% subsidy and are cost the Further, by XXXX already shift to by purchased Company that we have have to one encourage personal committed by a we of of interest policy. vehicles vehicles

expeditious that useful in are be to the vehicles. policy hopeful this will transition prove of electric We

Award improvement our through offsetting from won vehicles, operations. project these continuous have embedded I'm our ISO Grow towards sites. successfully from in safety the the the now the have and Further, culture, and management also status recently XXXX carbon carbon to ensure the requirement of areas, and focus we report We in systems. reduce the OHS Greentech completed certification, And in and which we together that we for the our for XXXXX on hope neutrality Care Effective path electric happy with which and quality years. India emissions audits coming signifying to also locations put we XXXX Culture our Foundation Greentech Safety obtained Award signifies surveillance to is efforts have environment our also in ISO across

to has avoided tons of million carbon net regeneration about inception. since this carbon Our total COX X.X tons million the neutral. We bringing equivalent equivalent XX.X quarter, remain

year. trees of this immediate of in XXX-megawatt the X planting our process the project XX,XXX in are Rajasthan vicinity We

We trees XX for construct. every we megawatt have also committed plant to

operate We and with also towards remain engaged we on actively facilities, medical health where support especially communities the the front. pandemic proactive provide and

enhance We our monitor Committee have a also to to Sustainability of to Board sustainability constituted continuously new the practices efforts. implement best strive and

an are early monoperc to using are be base are front, of excess on large-scale a tracker large-scale panels, side, continues We through all project companies now our On and fully are operated XX% a ensure we the Azure industry-leading which now projects and monitoring with adopter. built first our Further, metrics. for India Rajasthan were X in best the project. mobile the operations the well. to expecting where returns technology, in technology These our also accessibility with efforts connected we to as on has are constructing project bifacial central projects among yields application the install our system,

monitoring performance This monitor We are of our staff tablets challenge at each to any connected the engineers our plants of us of tackle in are site our in real-time infancy. helps gradually a predictive basis. and with laptops provided a Head Office its who to always on phasing also sites have out our the level, now plants and granular at

updates X, installed reached ensure at and India's India. to that capacity Page we COPXX energy environment opportunities announcement gigawatts industry big in XXX the Looking regulatory at with continues fact filled and a renewable on growth solid recently

during we our implement to As in the space. we developed organizational plans our capabilities and previous have hybrid discussed recently wind call,

one SECI, the Our looking wind dispatchable project and with the of which industry, XXX-megawatt the in opportunity in provides this hybrid as sustainable increasingly kickstart move project, recent portfolio the is XXX-megawatt process shall and the diversifying regard, which again power us to wins with line Indian this an our at projects only both results. you. returns turn to With in that, over commercially provides it of tariffs, cost RE. discuss that want to capital. quarterly at above forward viable assure way I to will for Pawan bid We we you Thank the

Pawan Kumar Agrawal

happy guidance We to $XX.X Thank of million the you, end at rooftop $XX amounting $XX.X revenues, guidance range significant report against million. that this quarter, credits upper with our we for to million. revenue have $X.X to contributions carbon of I'm this Murali. exceeded excluding million, sale quarter found of from our

guidance. the excluding after the Azure, opportunities even assured the the sector Significant subsequent well developments However, upper this us to tremendous the at end quarter in the all the of leverage. at the that of are is have revenue of contribution, during and in placed end to period quarter we,

Ours at. business needs is have and execution, been focusing strong a impeccable simple that which we

and we hard is working PPA example first for execution one other under project stakeholders. the Our such been X-gigawatt which have with SECI

widened projects With on the in motion, value our I we road for accretion. stakeholders have these believe

Turning to Page XX.

higher were XX, AC As is PPA of or September XXXX, a we were XX% before. operating X,XXX megawatts which operating year on what we than a basis,

our Our portfolio wins. the increased which of at end X,XXX to with was end stable subsequent further at to quarter, X,XXX the recent quarter megawatts megawatts

or adjusting continue $XX.X million is Radiance, XX% rooftop While in is getting for our until has which the these revenues quarter portfolio numbers in same the been previous XX% after process portfolio, year. megawatt in to rooftop, transferred exclude the transfer EBITDA XX, of our financial expense, higher On process Page increase the stock to compensation primarily numbers consolidate against for completed.

least On increased both to our line interest costs On by our returns. Turning rates G&A. our for for period substantial and resulted two domestic have including bonds, overseas, have of G&A well expectation years. of recent our fixed at us three project XX, as in XX% X%, debt we our communicated in with as a improving at total Page our savings outstanding refinancing, interest present, earlier. Over equity to

CDPQ our fixed to have Refinancing of rates. rate endeavor completion global new Further, by impact that this and term. at under expect reflects to profile be OMERS. supported of lower credit on much increase strong apprehensions costs we almost XXX% projects As not project see and the the rate sponsors, may from we project we interest India refinance such of as debt year, strong debt group, in will longer fixed

gain India the from India may like to in years, keep and larger sovereign expected we previous the expect which rates significantly to bond of in events than debt economically be As with global check. progresses capital India's inflows indices, inclusion long-term much global

to compensation expense. Turning stock

due as decreased resulting XXX challenges in the expenses improvement average fairly consistent further past June been future around few $X.X $XX.XX be of price XXXX, XX, projects has in quarter. on September our quarters, DSO Karnataka will reversal days to there with on XXXX $XX in of in quarter believe in DSO discount. SAR from Despite also as XXXX, an at to awards recent on second high days counter-parties, improvement in our in XXth For commissioning share creditworthy of We collections our expected and favorable with million.

judgment in hopeful We Pradesh. favorable Andhra are soon also a of

Page XX. to on Moving

You increased was EBITDA cash last for assets equity about $X.X on year-on-year, the million, flow that about XX%. a assets operating months X.Xx XX, XX rose operating operating and to ratio debt-to-EBITDA for assets XX% in assets billion can from debt operating as see EBITDA and for was from September about of XXXX. $XXX Net about resulting net

million Page our looking about cash $X.XX net balance approximately of cash Finally, billion. and at providing we XX, sheet $XXX.X stood information, and at equivalents had debt

the foreign included total our Assets of should Green a linked in Other to hedges our our $XX.X balance debt this assets reminder, exchange be related we directly million hedging Bonds. netted against place to is in put As as the on sheet

first of green we quarter, bonds of current bond the at this leverage the asset the to have the During part to used related refinancing. kind our green on reduce

to guidance. pass provide Now, some I the Ranjit on to on commentary

Ranjit Gupta

Pawan. Thanks,

have terms disruptions. in challenges results we all have in physical this this achieved the been significant despite of through We quarter year

numbers coming will updates. for market have the to reiterate happy in achieve to the we quarter. for our guidance compared current revenue posted been our that our able keep are and to fiscal, higher report here We We this

be PLF third the million and With questions. be to revenue XXXX, INRX,XXX and quarter this, we XX.X% INRX,XXX expect to XX.X%. to to financial year the million be happy the we'd take between between For

Operator

line [Operator go Capital Clare Partners. first ahead. Please Instructions] of ROTH the from from The question Justin is

Justin Clare

So off first here.

With on manufacturing believe Andhra the signing XXX have PPAs megawatts PPAs to sign gigawatt both if progress which Pradesh signed entire you that's want being would in for. Pradesh the in Andhra X you've remaining gigawatt about X already gigawatts, with like I you PSAs for made X.X consider tender, on you the

signed? So potentially just that PSAs for when what could gigawatt do into have that's be remaining? the visibility And you X PPAs

Ranjit Gupta

you, Thank question. for Justin, this

on some are XXX We with. visibility and with tranche. have of states currently SECI conversion which or There three first two megawatts the

So of first XXX hopefully that the we in expect will tranche happen remaining quarter. completion the the megawatts next

as offering years remaining about the XXX-odd far As hence. has the think at of four fourth to started be that that SECI capacity five I megawatts the moment, capacity because is commissioned to tranche is concerned, don't

So that bit a little more take will time. probably

The megawatts. And to would remaining the first close try XXX will then the megawatts. to that, target post XX be close SECI

Justin Clare

megawatts, to some And to line that details then that frame? in helpful. there it through there? projects you Okay. into or So But signing that -- the Got potential PPAs time here are here. on time that Is is commission little just expected your the of that which so commission just maybe on plan just think basically project the QX I XXX in these than XXXX. progress a time right considering goal and has was the been earlier Can just PSAs that a date visibility bit here. the commissioning it. That's you've talk wondering, schedule line -- made made be of commissioned? the terms to

Ranjit Gupta

quarter and endeavor right. we already fiscal megawatts commission then, Justin, progress be three before XXXX, the as contract November made is means significant our megawatts Though the the the try requirement that have XXX absolutely compete because and which fact connectivity. of you're to per the 'XX, in would land on to XXX So the

moment commissioning be have actual we PPAs better able will to visibility the So recently. perhaps been date the give and in on signed update the the at next because

land We'll assuming around the one the guidance have connectivity the be stuff. some to and all to megawatts, year and we megawatts The will year all in then the commission hence trying to soon out we get hence. year that and hence, expect And commissioned are X,XXX ordering signed PPAs required be hopefully, when X,XXX enough. We this remaining figure commission one month. one will

Justin Clare

be clear is of are And you may then you needs time it. pipeline? project for on then of about got more considering the raise thinking need capital here, Okay, you when visibility have of since your line little a the sources the capital? The and capital in How becoming the that here timing could additional these to terms you're bit projects. what

Ranjit Gupta

recently Justin, signed. discussion, in PPAs with shareholders. are have The our been just We

therefore, hands. do our have time we So on some

So we us. we than earlier obviously is will have with want everyone that do that money available comfortable so to it the later,

at moment. So time we of we the are have working on our do that, though plenty on hands

Operator

line [Operator next from question Gulati ahead. go from Instructions] The is HSBC. Please Mr. of Puneet the

Puneet Gulati

the XXX-megawatt you what So expecting? are on is And the modules? the lucky to place PPA, when for you're that orders pricing

Ranjit Gupta

aim like we to these that project, to we do to -- module then Justin, months which November seven of the that. was So need need ahead order if do XXXX, of commission projects that we to to the six commission I by means responding

when need So we sometime March to of when -- models. XXXX we these around offer do is

schedule these However, and working a on try projects earlier. can we we commission are wherein

modules high. is the So obviously, of pricing currently,

ordering So good the is I we cost with on projects. the the model. readiness, second in is commissioning balance And and models our of One, of have think. will to would of shape, readiness these

months for So this decision making that we is need where we as it why few it do of depend we will much as the will module trajectory because as on these a And projects pricing do readiness. that's our when commission will on to are.

Puneet Gulati

as ordering you Sir, financial before can well? I do to presume closure a to need would

Ranjit Gupta

is and our with have of ordering suppliers get We the -- as open as done. go we these closure. financial financial sort the closure happen module time financial certainly closure, financial we financial without closure are LCs parallel. do And discussions financial in for out far of the cannot will and But as concerned, closure Well, closure processes obviously.

Puneet Gulati

has question Punjab Understood. which My is risen. the issue, on next

stopped So paying paying? they Or all as have of at now? they are

Ranjit Gupta

being Punjab is on absolutely time.

pending Punjab for an fact, dispute of the created And was if in paying the favor. at In there from -- that of money some the our on of a recall, We XXXX. has, there are were There beginning had they -- the was you also. DSO as payments -- understand, no the pandemic that that at Punjab they delay award in site. from industry, on us what part from schedule. And I is paid onset Punjab

Puneet Gulati

Okay.

at So least are Pradesh, paying unlike they despite that Andhra posturing is that the understanding? right

Ranjit Gupta

is the bill Absolutely. the They at It paying. are That understanding. moment. the at right is It not is a moment. law

it once it there of But So law and -- the will there missing a of if then process tariff determination becomes that that strongly others. is will and obviously law, industry a approach. becomes something be

that some to go this. is way So I still there believe in

Puneet Gulati

the Understood. then progress time receive that? rooftop cash for line lastly, And on you from sale on likely the business, of when are to

Ranjit Gupta

to you take have will that. Pawan,

Pawan Kumar Agrawal

Ranjit. Sure,

been progress have offtakers. is tenders satisfactory. sales fairly in They believe rooftop the from approval progressing I So required various

of significant a those a received pending. approvals. have Only We majority few are

couple hopefully should months, have So to of year. should conclude able during transactions this all everything place, in we we be and approvals next fiscal definitely

Puneet Gulati

Okay. the year? fiscal the And to during also expect funds receive you

Pawan Kumar Agrawal

phases, receive transfer you of to I in kind year. Yes, of can the said, because, tools funds received. see two into we the order looking Yes. fiscal as if large We're at to expect also Puneet, have trying

for pretty a year. definitely, for one release part a then try But months. for and in and those everything there we within of can couple soon. And is we it place. So, can to time remaining, that possibly might We try each, take receive possibility expect is fiscal produced this a

Operator

the go next Maheep from The line Suisse. from Please ahead. Credit is Instructions] of question [Operator

Maheep Mandloi

thanks questions credits then you evening if in Wondering, can on the here, question on about a expect just Good a the in to here. carbon that, forward? have and guidance because just that more could you saw is quarter carbon how beat talk strong do the we understand just after these And taking of everyone for future? to that. going way Or credit on the elaborate revenues that a like separate much near you revenues as

Ranjit Gupta

Maheep. question, thing the Thanks It will one for the from gain difficult that predict is revenue credit. to what a carbon is

been fairly the generating one revenue market though, our those article at of registering from And know, been have what India, are some right? the certificates? been one So, initial out as will of as pundits from but Also, there has is still status the or under this never the the as we you projects change an depressed over Azure, could [indiscernible], the far the the as several that devil because impact, usual. in to been as various not sure how has As mechanisms, impact are details Indian in projects the that would that pricing last carbon figuring have exactly does understanding concerned, has the years. get lies be

would stay difficult expect the exactly what carbon it pricing price and to from predict one So will pricing from, that is be. other given that a carbon from the world is extracting participants, larger industry moving will towards but

Maheep Mandloi

QX? it. then to QX just flattish. in we you revenue Should guidance see was the the given then And just guidance terms of on Should in upside this some in X.X here, you have revenue based upside X.X Got and guidance some see that?

Ranjit Gupta

quarter the In two?

Maheep Mandloi

full the For year.

I because think you disclosed of QX as year, in full X.X well, the cash For received right?

Ranjit Gupta

right. All

So..

Pawan Kumar Agrawal

No, the significant…

Ranjit Gupta

Sorry, go ahead, please.

Pawan Kumar Agrawal

No, there's a clarification.

revenue to this last that realized I in clarify subsequent was sold that. quarter this we the is want the last booked and we've we received so last we to revenue the quarter, just that in quarter, in it that booked quarter, in So, in same

Ranjit Gupta

Yes. clear Yes. that Is Maheep?

Maheep Mandloi

could I of any if here? guidance wanted does Yes, you to see upside But think million still, like just you. to understand I it's understandable. higher roughly still Got X the revenue So revenues, right?

Ranjit Gupta

it -- the moment be the might. It on depends will difficult yes, at to depends -- predict it

Maheep Mandloi

Punjab Got it. then here. just And matter on the

think the in the and exposure trying trying Like seems guys? law about the that are exposed you how the Is potential fair -- X That X EBITDA -- just calculation that $X hear. impact. Isn't roughly right? which Punjab to to right, of -- understand total in million is just in change to to Just a state, around we like statement? projects, the for like -- sensors my it understand change

Ranjit Gupta

very So, there move contract has There impact against Maheep, trying are against act, Indian [indiscernible] what are the very, that Punjab of be the we state is that strongly the taken. they will opinion of no the against no absolutely constitution. question that is

And this two elections up driven three the in of by so issues. or we are feel Punjab local next therefore, months. Punjab is There in attempt coming

legal has And of So perhaps is passed the we bill state. been something that in because are opinions. have unfortunate we taken this --

then will the is and act. is not to of all, if by it not chance, everyone even no our Central be of that will coming And if become And first that even -- doubt there we there have spoken any will we any believe court. Ministry, the have in not that has in, this is supportive. this in We mind chance scrutiny stand advice become an is legal super

So of is will we and really very, phenomena are really really a this come nothing optimistic century out that happen very and this. nothing anything

Maheep Mandloi

think expectations the renegotiating we discussions apart well. to we past, time like state could state That's finally discussions. some Supreme these talked the at like line Court or other Any then on potential on from on challenges hear that, And like the all in helpful of I the as contracts? about level when

Ranjit Gupta

no apart the of XXth end final Andhra was and moment, to on Andhra of this Pradesh expected apart the At is contracts matter. on of this next Punjab. in of December run to and is years. round on recent half-hearted the Pradesh, the from state and from on December, hearing XXth for there matter by by leg, which hopeful the other Andhra caring say, attend to ground been unfortunately final we be Pradesh has is are the So -- last which is other that going is tried couple no There so

So I'm not of any gone power that aware has government -- state governments purchase has of any any the agreements? outstanding other cases against other the

Maheep Mandloi

the the around outlined up construction it, the next gigawatt, then have then schedule. beyond about lines X follow and call do the, hybrid project or the XXXX, on. one equipment to the we And roughly requirements just projects just be any time me to Like tranche? construction here, as or tranche the quarters Got for procurements it. financing these think the which the you few of and here, understand later will that? that, in last like start I for before expected have potential But of I'm from here. wind just first first of trying gigawatt projects? next the expect how to over Or you end projects projects completed It's other

Pawan Kumar Agrawal

take that. me let So

and commission capacity this we we before So the commissioning alluded question of are December start yes, going if even to as so November, some constructing was to XXXX. of scheduled see can before,

much how Exact capacity see can known will we'll we So, the in bring days. coming ahead. details up be

on some were projects the have capacity that also SECI coming up mentioned. more We

of part So might earlier. that also come up

is progress. this work in So,

about want but speak don't we reasonable dates, we a capacity specifically to there some scheduled So, commission. is will bring before possibility that the

Operator

joining there As us. Instructions] on no Power, of Thank [Operator behalf conference. questions, concludes you this further are Azure for that

you. Thank now disconnect your lines. may You

Ranjit Gupta

Thank much. very you you Thank everyone.

Azure Power Global Limited (AZREF) 13 Dec 212022 Q2 Earnings call transcript