AZRE - Earnings call transcript Q3 2022 | Azure Power Global Limited

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Operator

00:06 Ladies and gentlemen, good day and welcome to Azure Power's Third Quarter Fiscal 2022 Earnings Conference Call.

As a reminder, all participant lines will 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. 00:34 I'll 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

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

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

Ranjit Gupta

has since and you, everyone. years month out COVID of in all and we behavioral learned first morning, It's COVID then, Vikas. to to without fact vaccination always wave new the the and importance Very been a Since ESG Thank than on This XXX which liters out ways of XX:XX period We significantly much net less world came in that its appropriate XX:XX globally. changes. year. good two is has of underlines India liters liters this from The for plants possible since co-exist and our the third in almost recently recently we across hours sustainability to to report significant our of in released business XX per the towards megawatts our the this been last active hours reduced Agreement megawatt robotic and taken significant XXXX X,XXX XX:XX to PPA, years X,XXX base plants, with deployment our attractive water sustained the have megawatt migrate the as The improving SECI look been in XX megawatt the of growth broke in the progress four positive third the our normal. Power for scare XXXX-XXXX further and per in our core move per highlighted started for Azure signing at XXXX-XXXX our megawatt hours to have has fiscal steps number improved We current for success. ESG runway by standards. tariffs consumption This hybrid LOA. our continue water megawatts over maintained provide net by further we assures to next gigawatt impact create expect participate XXXX received since vanilla continue have XX:XX carbon-neutral XXXX. neutrality taking manufacturing capacity. capacity beyond We gigawatt two the dry electric XXX% profitable cleaning We policy. we capacity accretive X,XXX auctions wind project growth PPA, one and and of has X.X the Purchase X under include off XXX megawatt XXXX These – biggest in news our total vehicles of signed and long and electric of value wind vehicle to X,XXX call shareholders. aim plain a of to operations technology to projects. for have that status us solar

completed to post to implement are prepare this of quarter we to via megawatt end best these we out and our the construct to projects a reached is which projects projects quarter begin end. our starting Offering, won win. $XXX regions next to As wind X,XXX developing India around in have we for shareholders across XX:XX we first Rights fiscal, of We intend raise sites million

Our Capital team this unstoppable been has year.

in Non-Executive and day the stay I and dedicated in Chair large consumers last bonds for She clock, the at dependency. the focused priority India growing solutions transmission allocated change Board that easier to development. the access our other consumers, linked which boost may Green tomorrow network for country policy, other the goal the future who the XX% imports wish reducing to are pursue sovereign industry more companies of look XXXX. heat, and which quarter mitigate is in three continues a free corporate addition has for access, on year team for fossil same assets also of pathway over and hydrogen sector. boost growth at integral renewable hydrogen business in cement, These domestic to investments coupon Hydrogen to the energy tenure the capitalize objectives XX:XX year. and to ammonia and recently innovated the of the the solutions in through mentioned energy India's are over a and been had the envisages help to these flow We are of will years will Arno the our filled transition promise, program, evacuation interest a capabilities year-on-year has towards date and Energy be long our increase to structured see $X.X production. green megawatts targets. for in our In bps touch which Green green players of to company the delivering Audit basis XX% envisaged planning XX:XX presents the $X.X focus towards keenly to goals move their power in first funding them. additional walk circuit Bond budget green for around years. Bond during tracking than self-reliance in Board, the The report. million is Director. dollar point EBITDA the continue renewable at Industry in expecting based with XX:XX from XX underline operating energy Board. time McNamara with be development India. expected help XX,XXX Committee. XX:XX RE gratitude of the approved three for which assets operating to the i.e. increasing equity phase business Christine India's Green green growing take solar steady We Independent Board operational as strengthening in for decarbonization An After this for year we independence. quarter. Christine key energy than ensuring overhauling did announced glass this incentive desire of These operating -- policymakers to projects sector we investors it over The and et in value six green want I will to importance launched sector From Ms. with system gigawatts XXX metals, capable to an also obligation. this XX:XX we and gigawatt capacity. about green’s accelerate government earlier and There Ammonia government. add delivers approximately cash of flow We value support budget the states. dispatchable urgency drive to best annually. RE refinanced cost. India to forward the infrastructure also and two on We at all clean sense average. on with hydrogen As India push and projects proactive I that improvements have X by will of indicated is EBITDA of to and Green been peek interest with last more This of global fuel scenario in our general measures Board the reassuring domain towards welcome an XXX for cost be XX:XX cetera. to announced RTC a renewable solar Green we Corridor guidance Azure of which Arno personally has and sustainability power off Harris manufacturing I in energy of including gigawatt on power, include space. in is XXXth in chain perspective, of steel, solar storage, phase unit till a XX:XX commitments. a on from These release $XX address chain. transition capacity on energy interest energy We him billion quarter and August, management XX:XX refinancing in green in to our deep dependency in X high the new increase day. leadership. to notifying least The cash on effective recently as in XX% part fixed joins aim This and of parameters his achieving time, refinancing to the Mr a in initial have purchase program X engagements years. express his these production as lowest Hydrogen hydrogen reduction second the rules Further of billion update operating from are any rates the by an Indian we kilometers

the Our of growth. extensive strategy I'm three we experience her. took years consolidating very when strengths value we months super energy bridge I we joined speaks our have back of that energy with volumes space. strongly business come significant of at to up instant as storage and towards and green years look working firmly a pipeline and XX:XX crossed hydrogen for see for and excited and Azure forward and to our task credit not that Azure and strides leadership positioning almost with growth realigning transition to our but

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

Murali Subramanian

megawatts project range to XX:XX us business. is or Thank are site well at on be and transit. wave for fiscal from India bring guidance line last Against next from you megawatts fiscal. from This procurement the RT in to us Our and commissioned navigating Recompletion teams have Rajasthan as our now onward. the to probably portfolio (ph) the third Ranjit. brief we superior a reportings. SECI time XX:XX reported through our is of engineering to tirelessly have quarter in requisite shortest balance the finish Ranjit, construction odds for material significant deliver we heard to we worked projects. end, and our This performance construction expected the megawatt, since megawatt X already this subsequent XXX our between in updates largest and COVID But all to you, fully places XXX the of this,

be is due impacted supply was X and Rajasthan Rajasthan fully X line megawatt also XXX even though in second challenges. The commissioned to sharply related to

We will persevere.

Page we While, to these construction gigawatts XX:XX under ready this scheduled PPAs for projects, these where to forward almost excited on up have quickly. X about We to now projects is our we signed about look are timeline we and very shovel stage provided our our bringing very have gigawatt projects X X.

We bring development depending are would stage timing of material procurement. We of upon an advantage of forward look at and work these some to timelines.

compared through X. -- way provided work out, ESG superior we water the conserving reducing highlights I'll updates focus pointed ample projects on to have Page and Ranjit us on all resource. really scarce returns As sure our current and X paid market. has these and our on space on We some have give consumption off implementation to XX:XX natural

net water neutral to megawatt per in Our reduced further net year to consumption liters and hour be XX well are we the by has current placed XXXX.

is for for this awards last won our of impacting We culture, proud have Support, CSR to as XX:XX I communities, we which us. over our We undertook related safety aspect demonstrate projects world better a positively are to majority our ensuring this completed role extremely the we COVID is The in area. safety health reported paramount that our play are so that of important in Similarly, education efforts and for beneficiaries. business. time year, we one the X,XXX related our

rated and keep be this highly XX:XX we would very Pawan earlier, but like by Azure. it categorization to let risk results, of at Sustainalytics. phase with ESG as growth by on time about AA short said the discuss low the rating are quarterly to MSCI next continue I and We excited

and lot We far of by hard work our with have traveled our learning journey teams. in cumulated so a

XX:XX projects of automation continue years with Azure with in storage our large the few it growth of most with compelling pursue one and pipelines truly new over hand and and in form the construction the plants is sites, the transition, in next firmly largest construction green at digitalization investment to to a operationalized, story. We of and Handing Pawan. value hydrogen, and of industry the we accretive top addition scale aggressively think now and energy businesses

Pawan Kumar Agrawal

XX:XX $XX.X million guidance revenue $XX.X Rooftop have the Thank against million. well, I'm our happy and we of you, excluding guidance this that quarter or to million revenues million Murali. of report upper as exceeded of for with end range as $XX $XX.X

we XXXX, of the megawatts year X,XXX another XX% awaited. higher which PPAs Our a is portfolio December X,XXX and were before. megawatt X,XXX XX:XX a than signed at megawatts operating were of XX, end we PPA PPAs megawatt are for or X,XXX what As which basis, the on AC at was quarter, for each operating includes

portfolio. metrics X,XXX megawatt will our the and think capacity We run megawatts with megawatt signed. have updated in rate contracted recently be that now I operation so X,XXX X,XXX in PPAs

SPV’s up subsequent quarter to transfer XX we close of approval awaiting and of XX of process million the run addition million our the expect are future growth. recruited This completing March have which revenue $XXX rate and be flow transfer with in equity million $XXX gross management million. On circuit megawatt of update, cash around we X XXXX. across capacity, capacities, substantial will expect to margins contracted to and $XXX $XXX.X capital is and sale $XXX these end For to of balanced recycling end range freeing of the we XX:XX of enable megawatts bandwidth in to for million to disciplined in by to Rooftop sale closed

number, in reversal. is continue While from Rooftop to On capacities process and XX:XX adjusting excluded partially the expense transfer stock discussion XX, megawatt are compensation consolidate financials Page portfolio we Rooftop our on this for completed.

EBITDA XX% been million values or in against G&A increase Our to from XX:XX increase same XX. has Turning year. quarter on XX% in $XX Page the the prior the

earlier. line with G&A Our in XX% our communicated expectations by we increased

for megawatt year. this rate Prime in example annum just at months. refinancing XX which fully largest We of will of X.X% the fixed projects any our have project, project, month in interest for operating portfolio these you progress be over substantial refinance at lowest SECI on projects a commissioning our Rajasthan X made XXX which is per

this billion interest approximately savings the this to on to even we X.X% Azure about helped on -- coupon credit P&L. strong release completed year inherent the day at our thereby rates that growth. continues lower a demonstrating portfolio, interest our item points now held largest bond are last This our cost market closing $XX to the than at at about million in the reduction call three is bring end. outside XX:XX subsequent of to cost remained system. well gigawatt consistent already a projects see DSO up have outstanding, points X.X% end. of amidst in quarter two interest fiscal substantial refinancing having this and significant in very from chase rate decline fixed less further on These interest concerns of X.X overall improved the reflects refinancing quarter strategy is strength Our of years the on annually basis Our and There the Indicatively XXX and cost. X.X% the We rate for at actualization average basis XX:XX least considering tremendous to last years and profile sales in operating portfolio. will XXX our before an has This average. not debt a turmoil,

Court DSO XX, we DSO XXX our and with in orders XXXX. Our further December the of were days HESCOM and received matter. are CESCOM the will in as compared regulator the These to XXX and which with as from XX, commissioning projects believe March substantially improve High numbers, from GESCOM in favorable on Karnataka SECI industry-leading of Honorable days matters the XXXX

stabilize of incremental are prior This assets see reserved. as added by were continues about net soon debt increased of times about ratio important million, billion operating XXXX. information. that for have hearings the is $X.XX $X.XX can capacity contribute to equivalents our and operating assets been our XX:XX looking metric XX% of and debt-EBITDA operating equity where in XX, We Finally, EBITDA. the very you substantial cash improvement Net we and December sheet compared to XX% as operating on megawatts rose and net owing about Page for operating from assets last approximately year. were that fully X.X year-on-year that a of flow EBITDA to a has million and to add cash providing $XXX XX we judgment Andhra We assets balance resulting had at Pradesh XX, from about billion. XX:XX cash months to concluded at now $XXX hopeful On favorable and about EBITDA also stood see Page order XX, debt

about excited with credit strongest very the counterparties of us growth work are path We strongest ahead strongest pipeline, and with. the to

for journey Rights shareholders the under and investors the raise $XX our to to successfully Offering. of thankful are continuing helping equity million support to us We and

looking suggestion always valuable from Now are Ranjit and commentary provide We I'll for guidance. stakeholders. out to XX:XX dialogs critical on to advice, and pass our some on the

Ranjit Gupta

XX:XX Thanks, Pawan.

compared We guidance. revenue this are being PLF for in happy able that been guidance we have quarter, achieve range higher to to on report our our to while the

i.e. noted, challenges XXX in our megawatts. still range provided expect As despite X,XXX close earlier supply we higher Rajasthan SECI at megawatt end megawatts X project, our to this of to related fiscal X,XXX megawatt

We to $XX XX, the or INRX.X to have and $XX XX.X% XX.X%. to X,XXX ‘XX, therefore megawatt we million billion be million expect on be for as between XXXX quarter and X,XXX Our and to at billion revenue fiscal narrowed megawatt fiscal at XXm XXXX. year our exchange between INRX.X range March XX:XX ending rate fourth December the PLF

our million that would XX billion now, to be for while commission the we as gross signed rate at questions. place as For have to XX, of on X.XX updated million gigawatts with incrementally expect the Page at and or be will On INRXX happy our for next to XX, CFe, March between $XXX.X we exchange we we our revenues INRXX by With firmly XXXX, initial flow rate XX:XX in of take contracted to end and AC long-term margin run $XXX.X the guidance term equity. December we PPAs, portfolio not megawatts XXXX. cash outlook in billion do this, fiscal, with expect

Operator

Thank much. XX:XX you very

LLC will go is Capital Clare now first question-and-answer of Please session. begin Justin ROTH question We line Instructions] ahead. the from [Operator the Partners The from

Justin Clare

Thanks everyone. here. questions XX:XX taking my for Hi,

projects you First off, about where signing X if with of in have that of SECI. you could PPAs are I the remaining was gigawatts you for the talk wondering the process

been what's megawatts remaining expectation on and has signed here for yet for So example, any of PSA’s the your timing?

Ranjit Gupta

the for Thanks XX:XX Justin. question,

progress need So this after XX the we sign. agreement to small to there expect a made and SECI or X,XXX megawatts is megawatt week week that that sign some has apart around on the that (ph) from the next power we purchase

left up we hopeful So quarter XX first left those and four signed some the we be SECI our there is XXX about has on the believe to focusing There now. for were XXX are in able megawatts remaining. about within is other commissioning capacity whereas Justin, for which which up were to yet next that be sign to odd November signed because megawatts, capacities, commissioning is I will be fiscals

plenty that So of is happen. there time for to

XX moment at focus get odd megawatts X for needed to the SECI the the is the get which to are for and So commissioning. gigawatt XXX try November to

Justin Clare

in year. projects to earlier potential Could opportunity potentially on six the schedule? of Got on each the XXXX XX:XX the SECI That's gigawatts you -- of helpful. than November time the timeline you gigawatts What is it. Okay. ahead a with And to there? provided XXX the then, of or these of megawatt for bring months X scheduled for have these with schedules, what's up that bring you projects so subsequent

Ranjit Gupta

last continue the months. have projects mean XX:XX that that pace place at currently, six I auctions they long as Justin, those we the as to won until the continue auctions unless over and are are and the like continuing that taking we at win

the to years. will are the that we believe simply Difficulty] have And We locked on a over not the because keeps like that in. the you [Technical we as commissioning fact up bring of moderating tariff know.

like to current these is up would schedule. purchase locked tariffs So that bring plan. locked-in our power on in and That agreements projects we

as is on full the as going concerned flow. far development the However, is part development

basics take what commissioning ‘XX call land trying a place is cost the mentioned have the upon ’XX, commission time process that place will in depending even and in but hand going find the modules. being for ‘XX we to the acquire construction and in and in and starting we the of we the are change past of the for closer connectivity already have our in As to we in land how see to we and so actual have the will projects

Justin Clare

it. Got XX:XX

That sense. lot makes Yeah. a of Okay.

auctions active considering the your do projects you expect that then How projects to potentially So essentially, to megawatts next in here? secure so? either over many what new could or that maybe before year in PPAs additional in the capacity other between for be or how in look participating and is to slot you you already have

Ranjit Gupta

doing and that We can company do on them that to pending and such give this megawatt do else. gone them we us between that's XX:XX and COVID given have and we the a said scale. two have we of we along, them can year So was this because years, a large on-time on the two had through confidence our the very we conservative and do question, can have that X,XXX the we we all tremendous were still books that to was and in outlook that Over in and the we fact last megawatts budget struggling portfolio have large we years back it the of commission a has everything to in capability very on that these XXX team commissioned of all and part everything of well. and right go on out fiscal, and Justin almost to important half can always our and been and and

to capability also, we in current the through only it's that believe it saw behind able to be to our increase will the energy and in our megawatts not challenge behind continue are XX year-on-year, will hydrogen, that core will megawatts So our because X,XXX put business, increase ourselves we only but from not we If fiscal. looking you presentation, megawatts green do as megawatts we is we transition.

take (ph). woods storage coming part will bits There big (ph) in We storage up. some are

dollars we So combination that and can we will think we it the work best the capital. where resources to deploy will deploy our and get a be will part our of we do

Justin Clare

Great. Appreciate it Okay. on. it. XX:XX I'll pass

Operator

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

Maheep Mandloi

thanks as supply next and pricing alluded the But Hey. you talk over how up expect taking the effect, maybe the supply the and evening and on and that that bit your Ranjit, in specifically year availability clarification is modules? does the you of well. completion there Good a shaping BCD that could module here. on much that change are the just little questions segment, for XX:XX thanks -- on or and how earlier if the some -- for ALMM the module more with for assumptions into about coming you on

Ranjit Gupta

months XX:XX given So a thanks because has on of scheme. very, six lot three and last nine situation, the for very, or months. comfort the us over actually question. the months important must to right this has confidence industry the that the and very question for happened last with question It's a realized I graphing two this been say what has

had if more one-fourth PLI one-third it and I The been I almost PLI tendered government months that tender. of think money. first awarded that the scheme allocated now actually what the has couple in was of was back December, In budget, round a was or remember in correctly the

megawatt that list are you module to ingot capacity So corporate see there or houses that XX:XX you over players in as of even facilities of has is of solar going is manufacturing that have a that to X,XXX capacity. government large had have or these or gives the annum of possibility XX the actually per experienced gigawatts lot if a capacity kind which that manufacturers. that been though might and And in also. of also that (ph) companies the X,XXX for some signed that most and X,XXX win and So set PLI already a by PLI up comfort us sanctioned

need set However, to facilities facility an larger to up wafer cost competitors. to be be these a lot when you and ingot effective be cost

stabilized megawatts even facilities and the XX,XXX but to far only as going the to are of to though XX:XX year, to putting get on know looks XX,XXX module going like also that we it, manufacturing and perhaps just in we period ease therefore or challenging. wafer situation are be believe are these year have start as themselves that will it would of many So to like last likely but So per last availability. we it's last April their better perhaps year And solar or the because out ingot spoke face had the plants megawatt up get facility. going larger. quarter, do much on be the sooner will already started be much, ground later, plants believe this up larger what we concerned companies and from terms come envisaged in There be and quarter the October could even be should when December as some bottlenecks we next than X, to I September

way that we So we that our we that all currently are for. -- is under have in lucky currently construction already capacity, spoken are

line we required SECI our modules so the And last next of part round have have by buying part by few ships got year have next as modules which year. either built that module options We that later last the the already we of of today. the regularizing of or that, partner. manufacturing in beginning is will that Besides March. The of the on be being are manufacturing middle then our in-country is tender the fact investment megawatts,

us the in need next besides and coming position a have that we our very committed So up comfortable we year. because for till any we line are capacity actually don't

Maheep Mandloi

XX:XX it. Got

that of SECI still presume the if coming dictating fair ALMM gigawatt that X to the the -- first I And did assumption of the new giga should we would projects assume SECI policies so prices, expect with per be that change the going $X.XX assumption for sort or first to times would water was so in?

Ranjit Gupta

I view answer I a would XX:XX probably Maheep but question. this let Murali Murali Do have this, is to this? closer on

Murali Subramanian

pick number of prices XX:XX tranche have drop if only module right if in of we up I but sorry procurement a early, and in they this of first think XX due will don't, the of time. of capacity they lot them XX, November it

element, So I concerns. despite other the

molecules get waited to able at which our we price think out, -- will we if is I be comfortable. we should

is that As the There mentioned, value the along to is in down. of curve price Ranjit chain. that terms -- lot that's the a have And also pushing upstream costs of part technological in coming drop. of kicks in, pushing when capacity

and see. not will procure any gigawatt. And modules, now X for right wait watch are So to and this overall, we rush we in

Maheep Mandloi

XX:XX Right.

Okay. And just from just the me last one smaller.

about In with FY Should terms Thanks. think we into to cannot going PLF FY should of similar ‘XX we in how ‘XX line we see saw that? just the year, should ’XX? uplift ‘XX like we in the FY or more expect a for

Murali Subramanian

XX:XX our in I year and was top more can't what -- of in coming the of mind this capacity of on I top my uplift But is general more guess remember mind, year. to from last Rajasthan.

overloaded XXX% will projects general, newer once that legacy our are PLF the up. a and PLF. projects, So push being will on to in In the XXX% up basis, or portfolio you so factor go

next couple PLF least sort at So, for yeah, creep there a of be of years. a up of will gradual

Maheep Mandloi

the questions. I'll All for taking queue. XX:XX the in jump right. back Thanks

Ranjit Gupta

XX:XX Maheep. Hi,

to band Just narrow given all first-three PLF PLF right, and quarter we this for quarters for actualized, on a the our the four. have thing, --

So with give perhaps to Vikas can in touch number. an you exact be you

Maheep Mandloi

Absolutely. follow. XX:XX Thanks. I’ll

Operator

the is [Operator Please The question line Thank next ahead. of XX:XX from from go Instructions] HSBC. Puneet you.

Puneet Gulati

My I you run-rate given so compare look evening, revenue that the question this out you your portfolio it gave much out you've in Thank at Yeah. the opportunity. press for and in is, last XX:XX Good guys. release, to first what quarter. if

that in signed of you on was more PLF Can terms what versus X,XXX earlier? is XX%, light are You've which from and this. seems quoted expecting the some driving PLF megawatt you is really XX% a there give this added XX% PPAs suggest as about to

Ranjit Gupta

Okay. XX:XX

explain again exact of not number the let of but me mind, principal. top So the XX

So, we current Bifacial bifacial are that for yield, moving the has into we gigawatt to have we which you an X.X the era gigawatt Mono from in an modules installed know. as incremental had. X.X PERC,

uptick are XX% what systems anywhere on depending We boing and XX% tracker going between a is the installation. yield of based to gives latitude so the which -- be with that

on largely than seen tracker better the and from give expect we've actually since So we X%, yield are even purely results, even higher currently, another Rajasthan, which bifacial. results, Bifacial that. focusing uptick [indiscernible] would we're can X% from XX%,

overall -- So

Puneet Gulati

percentage what bifacial you So XX:XX to X% said? of X%

Pawan Kumar Agrawal

-- the well. as reflectivity quality that depends of known than as (ph) depends It be It XX:XX It on something can the factor. the soil, better of of on Alvaro right. an

you have if get reflectivity, you greater upticks. yield So greater

tracker, to bifacial of likely almost XX%, a right. up combination it's So and by push your yields

So, the XX% XX%. of to or in a range lower of XX%. be but may then as be may the overloading slightly may not XX% be as overload high It

will number. a these of all PLF greater to of your bring combination So

Puneet Gulati

be? the for XX:XX Okay. should I in were think of, if dealer business, DC what number that Rajasthan And to base

Pawan Kumar Agrawal

(ph) XX:XX Mono tilt On SECI PERC?

Puneet Gulati

Yeah. XX:XX

Just mono PERC, Yeah.

Pawan Kumar Agrawal

tilt PERC, yielding PERC XXX tilt (ph) so Mono units SECI fixed megawatt. SECI our per about currently Yeah. XX:XX X.X Mona million is

me that right. About XX average, XX XX, at It's actually say on number. the it's. let Yeah. tell moment just XX.X, XX So you –

reckon you just start then a So this numbers go track the of with you reckon asked. because to you this, overloading, on bifacial, and that up top will you you will this. reckon and

Puneet Gulati

so install said you you ‘XX. FY to are guidance nothing for together? million million CapEx XX:XX $XXX that Why $XXX a My pretty is you much much. in Thank that of second this question is, still

Pawan Kumar Agrawal

-- XX:XX ahead, Well, again Sorry, Ranjit. go

Ranjit Gupta

next XX:XX Puneet, tender. need this the have we course our to SECI X,XXX of will quarter of first we we be XXX in because And the megawatt won, working why X,XXX will of have which have second the megawatts delivered megawatts be fiscal. examined on of the we first that

be XX actually fiscal. this of done this will right in So book a so in lot quarter,

FY X,XXX almost So we constructing commissioned ‘XX. will megawatts be to be in

the FY of will in spent the capacity of be yet a ’XX. that is so in come initially to CapEx that, fact lot because going So up that

Puneet Gulati

’XX? megawatt in XX:XX FY X,XXX

Ranjit Gupta

and we've That’s wind the to so. XXX megawatts sign in quarter we XXX which about next XX which megawatts that about, or megawatts over of XXX XX:XX another or we week right, are next it this that megawatts signed, already expect we has half signing that And spoke week.

or storage and on we then we -- this on anything will will specific we whatever. the transition what you've or to see if obviously need do X,XXX So have side or its on

So we something next we commission. not commissioning this a have but to year in be to lot expect that's do busy, fiscal,

Puneet Gulati

will you still million see they you ’XX? FY after spring in to safe But the need and -- typically modules commission rates $XXX XX:XX spend our

Pawan Kumar Agrawal

allocation XX:XX that money. just of It's

Ranjit Gupta

you so we It's XX:XX said you acquiring of allocation be of don't an we land like, LCV megawatts that will allocated, wind. we open that and X,XXX also Once is are -- money. say it developing those

April the in we So busy. are

investing the year we over are future We will next and the keep the the turning wheels two. -- for keep

Puneet Gulati

right. All XX:XX

FY adding million -- ’XX, ’XX in should right? megawatt still that be added perspective, So we which be XXX $XXX should from in not

Ranjit Gupta

XX:XX added A large be ‘XX. part of it will in

the includes megawatt Of course, win. of X,XXX also because that

the when higher CapEx So than slightly solar.

after debt of So large we a only will be year year. the adding a part

You're absolutely right.

Puneet Gulati

be on Okay. And QX year [indiscernible] not are There effects? projects for all track. the this XX:XX any should

Ranjit Gupta

So XX:XX XXXX. we to Puneet a given to guidance X,XXX have

we one other bit able are it or Rajasthan this will we on So that are [indiscernible]. hopeful critical be But a into quantity spill X this could fairly to quantity the is which be we guidance. which small that is into -- on there a able than will X, meet is over, that Rajasthan small confident be half path that first If the potentially will it commission be any fiscal. to in we it a

Puneet Gulati

and signed Any are getting very, talked what's process question, Gujarat XX:XX you Understood. into still Karnataka I on may. but high, as receivables if very the about port Last That's helpful. the updates results well?

Ranjit Gupta

case three has development on distribution been positive XX:XX Karnataka So very in of for all us. very. a there companies

break Two three have Court. here. companies from GESCOM which there positive to distribution orders are of have to in it gone that we GESCOM CESCOM, where APTEL. are and Supreme up, them, are question Just

Both we So distribution up on regular is, the to we've APTEL that CESCOM we are the date. asked on had them are have first for working companies to and asked adhere to payers. the these hearing process. payments -- order and

DSO and on differential they CESCOM to The revenue no the us them and attributable GESCOM lower to is pay case we case to paying of revenue, because and regular court we DSO won court right. payment. there are the the attributable slightly So have a a have

there money we cautiously favor. of this court and paid case again optimistic recover $XX and us And payment. month. remember high able be are is. XX:XX almost, correctly, will I CESCOM. case that's On has are and that's So HESCOM, are payment, HESCOM pay we formed is $XX the high that gone That's somewhere paying in of million if in and to in to haven't fiscal. million, our court GESCOM most delay in paymasters. a this they They They us right. a good court case where every of court The less situation Could

order them the and So there have out. we to pay is asked

them payments. with working are We schedule to

hopeful. we So are

Puneet Gulati

much and all That's so best. Understood. XX:XX Thank you it. the

Operator

of us. you Thank Instructions] behalf conclude this much. further no [Operator conference. joining questions, are on we Thank Azure you very XX:XX As Power, there for

You now disconnect Thank may your lines. you.

Ranjit Gupta

very XX:XX Thank you much.

Pawan Kumar Agrawal

everyone. XX:XX Thank you,

Azure Power Global Limited (AZREF) 28 Feb 222022 Q3 Earnings call transcript