Azure Power Q3 loss widens to Rs 51.43 cr

Solar energy firm Azure Power today reported widening of net loss to Rs 51.43 in the third quarter ended December, 2016-17, on higher taxes.
"Net loss for the quarter ended December 31, 2016 was Rs 51.43 crore (USD 7.6 million), an increase of Rs 141.4 million (USD 2.1 million) as compared to the same period in 2015. This was primarily due to an increase in income tax expense during the period," Azure Power said in a statement.
It said income tax expense increased during the October- December quarter of 2016-17 by Rs 19.99 crore to Rs 33.46 crore, compared to the same period in 2015-16.

It said that the increase in income tax expense was a result of an increase in taxable income on profits generated by a subsidiary, which provides certain engineering, procurement and construction services to its subsidiaries, in the quarter ended December 31, 2016.
It operating & committed Megawatts (capacity) were 1,071 MW, as of December 31, 2016, an increase of 33 per cent over December 31, 2015.
The revenue for the third quarter of the current fiscal was Rs 94.9 crore, an increase of 46 per cent over the same period of 2015-16.