Azure Power Global Limited (AZREF)

Azure Power Global Income Statement

Financials in millions INR. Fiscal year is April - March.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021
Revenue	20,523	21,307	20,748	18,341	15,236
Revenue Growth (YoY)	-3.68%	2.69%	13.12%	20.38%	17.58%
Selling, General & Admin	6,692	6,376	4,777	2,067	2,988
Depreciation & Amortization	4,576	4,621	4,024	3,667	3,202
Other Operating Expenses	1,814	1,917	1,825	1,597	1,261
Total Operating Expenses	13,082	12,914	10,626	7,331	7,451
Operating Income	7,441	8,393	10,122	11,010	7,785
Interest Expense	-11,813	-12,357	-9,980	-10,684	-8,768
Interest Income	1,647	1,854	1,668	1,010	587
Net Interest Expense	-10,166	-10,503	-8,312	-9,674	-8,181
Currency Exchange Gain (Loss)	-8	35	-157	33	-7
Other Non-Operating Income (Expenses)	-397	-524	-33	-1,520	-217
EBT Excluding Unusual Items	-3,130	-2,599	1,620	-151	-620
Gain (Loss) on Sale of Assets	-	-	-	-	-3,255
Asset Writedown	-327	-622	-1,279	80	-
Other Unusual Items	-120	-	-	-739	-30
Pretax Income	-3,577	-3,221	341	-810	-3,905
Income Tax Expense	-458	182	2,663	1,316	296
Earnings From Continuing Ops.	-3,119	-3,403	-2,322	-2,126	-4,201
Minority Interest in Earnings	-12	58	37	22	-5
Net Income	-3,131	-3,345	-2,285	-2,104	-4,206
Net Income to Common	-3,131	-3,345	-2,285	-2,104	-4,206
Shares Outstanding (Basic)	64	64	64	51	48
Shares Outstanding (Diluted)	64	64	64	51	48
Shares Change (YoY)	-	-	26.12%	6.04%	11.46%
EPS (Basic)	-48.80	-52.13	-35.61	-41.36	-87.66
EPS (Diluted)	-48.80	-52.13	-35.61	-41.36	-87.66
Free Cash Flow	6,752	2,950	2,004	-36,272	-13,932
Free Cash Flow Per Share	105.23	45.97	31.23	-712.94	-290.37
Profit Margin	-15.26%	-15.70%	-11.01%	-11.47%	-27.61%
Free Cash Flow Margin	32.90%	13.84%	9.66%	-197.76%	-91.44%
EBITDA	12,115	13,106	14,225	14,723	11,029
EBITDA Margin	59.03%	61.51%	68.56%	80.27%	72.39%
D&A For EBITDA	4,674	4,713	4,103	3,713	3,244
EBIT	7,441	8,393	10,122	11,010	7,785
EBIT Margin	36.26%	39.39%	48.79%	60.03%	51.10%
Effective Tax Rate	-	-	780.94%	-	-

Updated Jul 23, 2024. Source: S&P Global Market Intelligence. Utility template. Financial Sources.