Link: https://links.sgx.com/1.0.0/corporate-announcements/X41GNWOWWYH5JMG2/db5e70632a99333df3069210d5e2d1ad170342cdbb8d317e91d8a4b1943e6700

Summary:

• Azure Power’s operating revenue for the six months to 30 September 2025 slipped 1% year on year to INR 10,435 million as higher irradiation losses and loss of certain rooftop assets offset tariff gains from its Karnataka 3.1 project.

• Net loss narrowed by 50% to INR 505 million, driven by sharply lower general and administrative expenses and a 25% drop in net interest costs, even as income tax expense surged on higher deferred tax charges.

• Electricity generation excluding rooftop fell 2% to 2,944 million kWh and PLF eased to 22.7%, reflecting weather-related headwinds, while cost of operations declined 7% and stayed at about 8–9% of revenue.

• Stronger collections and lower interest outflows lifted operating cash flow to INR 4,433 million from INR 2,411 million, leaving cash and equivalents at INR 11,074 million and undrawn project debt of INR 1,922 million at period end.

• The group continues to unwind legacy issues, including cancelled SECI projects, a costly exit from a 150 MW hybrid project and regulatory uncertainty over transmission-line rules in critical bird habitats that could add future costs and delays.