azure power

Azure Power Sees No Impact Of COVID-19 On Revenues

The New York Stock Exchange-listed firm, Azure Power has said that its revenues are not affected by COVID-19 pandemic. They are comfortable with their revenue and operating megawatt guidance for financial year 2019-20 (FY20) and FY21. For FY20, the revenues are expected to be between Rs 12,900 million to Rs 13,000 million, in line with guidance of Rs 12,770 million to Rs 13,350 million.

Azure Power added that 1,808 MW was operational during the recent lockdown in India as electricity generation is designated as an essential service in the country. There have not been any cases of coronavirus reported by the employees till date.

“There has been significant reduction in electricity demand in India and discoms are reporting delay in payments from their customers. We have received force majeure notices from various discoms stating their inability to perform their obligations under the terms of the PPA due to COVID-19,” the firm said.

However, the firm said that it had been receiving payments towards electricity supplied from all their customers in normal course and that there has only been minor curtailment of plants, as of date 10 April 2020.

This is an Agency News-Feed, edited by Clean-Future Team