Intrinsic value of Azure Power Global - AZRE

Previous Close

$15.80

  Intrinsic Value

$20.98

stock screener

  Rating & Target

buy

+33%

Previous close

$15.80

 
Intrinsic value

$20.98

 
Up/down potential

+33%

 
Rating

buy

We calculate the intrinsic value of AZRE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  189
  292
  437
  634
  895
  1,231
  1,652
  2,169
  2,791
  3,525
  4,378
  5,352
  6,451
  7,676
  9,025
  10,498
  12,093
  13,807
  15,637
  17,581
  19,636
  21,799
  24,070
  26,447
  28,929
  31,518
  34,214
  37,019
  39,935
  42,967
Variable operating expenses, $m
  83
  129
  193
  280
  394
  542
  728
  956
  1,229
  1,553
  1,928
  2,358
  2,842
  3,381
  3,975
  4,624
  5,327
  6,082
  6,888
  7,744
  8,649
  9,602
  10,602
  11,649
  12,743
  13,883
  15,071
  16,306
  17,591
  18,926
Fixed operating expenses, $m
  6
  6
  6
  7
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
Total operating expenses, $m
  89
  135
  199
  287
  401
  549
  735
  963
  1,236
  1,560
  1,936
  2,366
  2,850
  3,389
  3,983
  4,632
  5,336
  6,091
  6,897
  7,753
  8,658
  9,612
  10,612
  11,659
  12,753
  13,894
  15,082
  16,317
  17,602
  18,938
Operating income, $m
  100
  157
  238
  348
  494
  682
  917
  1,206
  1,554
  1,965
  2,442
  2,987
  3,602
  4,286
  5,041
  5,866
  6,758
  7,716
  8,740
  9,828
  10,977
  12,187
  13,458
  14,787
  16,176
  17,624
  19,132
  20,702
  22,333
  24,029
EBITDA, $m
  146
  229
  346
  504
  714
  984
  1,323
  1,739
  2,239
  2,830
  3,516
  4,300
  5,185
  6,170
  7,256
  8,442
  9,725
  11,105
  12,578
  14,142
  15,796
  17,537
  19,364
  21,277
  23,275
  25,359
  27,529
  29,786
  32,133
  34,573
Interest expense (income), $m
  39
  96
  156
  248
  376
  550
  781
  1,078
  1,450
  1,908
  2,458
  3,108
  3,862
  4,724
  5,697
  6,780
  7,974
  9,277
  10,688
  12,205
  13,824
  15,544
  17,362
  19,276
  21,285
  23,387
  25,584
  27,874
  30,259
  32,741
  35,321
Earnings before tax, $m
  4
  1
  -9
  -27
  -56
  -99
  -161
  -244
  -354
  -493
  -666
  -875
  -1,123
  -1,410
  -1,738
  -2,108
  -2,520
  -2,972
  -3,464
  -3,996
  -4,567
  -5,174
  -5,818
  -6,497
  -7,211
  -7,960
  -8,742
  -9,558
  -10,408
  -11,292
Tax expense, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  3
  1
  -9
  -27
  -56
  -99
  -161
  -244
  -354
  -493
  -666
  -875
  -1,123
  -1,410
  -1,738
  -2,108
  -2,520
  -2,972
  -3,464
  -3,996
  -4,567
  -5,174
  -5,818
  -6,497
  -7,211
  -7,960
  -8,742
  -9,558
  -10,408
  -11,292

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,604
  2,478
  3,706
  5,377
  7,586
  10,429
  13,999
  18,382
  23,653
  29,876
  37,099
  45,357
  54,671
  65,047
  76,484
  88,970
  102,485
  117,010
  132,520
  148,992
  166,404
  184,739
  203,981
  224,124
  245,163
  267,101
  289,948
  313,718
  338,434
  364,123
Adjusted assets (=assets-cash), $m
  1,604
  2,478
  3,706
  5,377
  7,586
  10,429
  13,999
  18,382
  23,653
  29,876
  37,099
  45,357
  54,671
  65,047
  76,484
  88,970
  102,485
  117,010
  132,520
  148,992
  166,404
  184,739
  203,981
  224,124
  245,163
  267,101
  289,948
  313,718
  338,434
  364,123
Revenue / Adjusted assets
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
Average production assets, $m
  1,203
  1,859
  2,779
  4,033
  5,690
  7,822
  10,500
  13,787
  17,740
  22,407
  27,825
  34,018
  41,004
  48,786
  57,364
  66,728
  76,865
  87,759
  99,391
  111,745
  124,804
  138,555
  152,988
  168,095
  183,874
  200,328
  217,463
  235,291
  253,828
  273,095
Working capital, $m
  -11
  -16
  -24
  -36
  -50
  -69
  -93
  -121
  -156
  -197
  -245
  -300
  -361
  -430
  -505
  -588
  -677
  -773
  -876
  -985
  -1,100
  -1,221
  -1,348
  -1,481
  -1,620
  -1,765
  -1,916
  -2,073
  -2,236
  -2,406
Total debt, $m
  1,348
  2,135
  3,240
  4,744
  6,732
  9,291
  12,504
  16,448
  21,192
  26,793
  33,294
  40,726
  49,108
  58,447
  68,740
  79,977
  92,141
  105,214
  119,173
  133,997
  149,668
  166,169
  183,488
  201,616
  220,551
  240,295
  260,857
  282,251
  304,495
  327,616
Total liabilities, $m
  1,444
  2,230
  3,335
  4,839
  6,828
  9,386
  12,599
  16,544
  21,288
  26,888
  33,389
  40,822
  49,204
  58,543
  68,836
  80,073
  92,237
  105,309
  119,268
  134,093
  149,764
  166,265
  183,583
  201,711
  220,646
  240,391
  260,953
  282,346
  304,591
  327,711
Total equity, $m
  160
  248
  371
  538
  759
  1,043
  1,400
  1,838
  2,365
  2,988
  3,710
  4,536
  5,467
  6,505
  7,648
  8,897
  10,249
  11,701
  13,252
  14,899
  16,640
  18,474
  20,398
  22,412
  24,516
  26,710
  28,995
  31,372
  33,843
  36,412
Total liabilities and equity, $m
  1,604
  2,478
  3,706
  5,377
  7,587
  10,429
  13,999
  18,382
  23,653
  29,876
  37,099
  45,358
  54,671
  65,048
  76,484
  88,970
  102,486
  117,010
  132,520
  148,992
  166,404
  184,739
  203,981
  224,123
  245,162
  267,101
  289,948
  313,718
  338,434
  364,123
Debt-to-equity ratio
  8.400
  8.610
  8.740
  8.820
  8.870
  8.910
  8.930
  8.950
  8.960
  8.970
  8.970
  8.980
  8.980
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3
  1
  -9
  -27
  -56
  -99
  -161
  -244
  -354
  -493
  -666
  -875
  -1,123
  -1,410
  -1,738
  -2,108
  -2,520
  -2,972
  -3,464
  -3,996
  -4,567
  -5,174
  -5,818
  -6,497
  -7,211
  -7,960
  -8,742
  -9,558
  -10,408
  -11,292
Depreciation, amort., depletion, $m
  47
  72
  107
  156
  220
  302
  405
  532
  685
  865
  1,074
  1,313
  1,583
  1,884
  2,215
  2,576
  2,968
  3,388
  3,837
  4,314
  4,819
  5,350
  5,907
  6,490
  7,099
  7,735
  8,396
  9,085
  9,800
  10,544
Funds from operations, $m
  49
  72
  98
  128
  164
  203
  245
  288
  331
  372
  408
  438
  460
  474
  476
  468
  448
  416
  373
  318
  252
  175
  89
  -7
  -112
  -225
  -346
  -473
  -608
  -748
Change in working capital, $m
  -4
  -6
  -8
  -11
  -15
  -19
  -24
  -29
  -35
  -41
  -48
  -55
  -62
  -69
  -76
  -83
  -89
  -96
  -102
  -109
  -115
  -121
  -127
  -133
  -139
  -145
  -151
  -157
  -163
  -170
Cash from operations, $m
  53
  78
  106
  139
  178
  222
  269
  317
  366
  413
  456
  493
  522
  542
  552
  551
  537
  512
  475
  427
  367
  297
  216
  126
  27
  -80
  -195
  -316
  -444
  -578
Maintenance CAPEX, $m
  -29
  -46
  -72
  -107
  -156
  -220
  -302
  -405
  -532
  -685
  -865
  -1,074
  -1,313
  -1,583
  -1,884
  -2,215
  -2,576
  -2,968
  -3,388
  -3,837
  -4,314
  -4,819
  -5,350
  -5,907
  -6,490
  -7,099
  -7,735
  -8,396
  -9,085
  -9,800
New CAPEX, $m
  -453
  -656
  -921
  -1,253
  -1,657
  -2,132
  -2,677
  -3,287
  -3,953
  -4,667
  -5,417
  -6,194
  -6,985
  -7,783
  -8,578
  -9,364
  -10,137
  -10,894
  -11,633
  -12,354
  -13,059
  -13,751
  -14,432
  -15,107
  -15,779
  -16,454
  -17,135
  -17,828
  -18,537
  -19,267
Cash from investing activities, $m
  -482
  -702
  -993
  -1,360
  -1,813
  -2,352
  -2,979
  -3,692
  -4,485
  -5,352
  -6,282
  -7,268
  -8,298
  -9,366
  -10,462
  -11,579
  -12,713
  -13,862
  -15,021
  -16,191
  -17,373
  -18,570
  -19,782
  -21,014
  -22,269
  -23,553
  -24,870
  -26,224
  -27,622
  -29,067
Free cash flow, $m
  -429
  -624
  -887
  -1,221
  -1,634
  -2,130
  -2,711
  -3,375
  -4,120
  -4,939
  -5,827
  -6,775
  -7,777
  -8,824
  -9,909
  -11,028
  -12,176
  -13,349
  -14,545
  -15,765
  -17,007
  -18,273
  -19,566
  -20,888
  -22,242
  -23,633
  -25,065
  -26,541
  -28,066
  -29,646
Issuance/(repayment) of debt, $m
  519
  787
  1,105
  1,504
  1,988
  2,559
  3,213
  3,944
  4,744
  5,600
  6,501
  7,432
  8,382
  9,339
  10,293
  11,237
  12,164
  13,072
  13,959
  14,825
  15,671
  16,501
  17,319
  18,128
  18,935
  19,744
  20,562
  21,394
  22,244
  23,120
Issuance/(repurchase) of shares, $m
  84
  87
  132
  195
  277
  384
  518
  682
  881
  1,116
  1,389
  1,701
  2,054
  2,448
  2,882
  3,357
  3,871
  4,424
  5,015
  5,644
  6,308
  7,008
  7,742
  8,512
  9,315
  10,153
  11,027
  11,935
  12,880
  13,861
Cash from financing (excl. dividends), $m  
  603
  874
  1,237
  1,699
  2,265
  2,943
  3,731
  4,626
  5,625
  6,716
  7,890
  9,133
  10,436
  11,787
  13,175
  14,594
  16,035
  17,496
  18,974
  20,469
  21,979
  23,509
  25,061
  26,640
  28,250
  29,897
  31,589
  33,329
  35,124
  36,981
Total cash flow (excl. dividends), $m
  175
  250
  351
  477
  631
  812
  1,019
  1,252
  1,505
  1,777
  2,063
  2,358
  2,660
  2,963
  3,266
  3,565
  3,860
  4,148
  4,429
  4,704
  4,972
  5,236
  5,495
  5,752
  6,008
  6,265
  6,524
  6,788
  7,058
  7,336
Retained Cash Flow (-), $m
  -87
  -87
  -132
  -195
  -277
  -384
  -518
  -682
  -881
  -1,116
  -1,389
  -1,701
  -2,054
  -2,448
  -2,882
  -3,357
  -3,871
  -4,424
  -5,015
  -5,644
  -6,308
  -7,008
  -7,742
  -8,512
  -9,315
  -10,153
  -11,027
  -11,935
  -12,880
  -13,861
Prev. year cash balance distribution, $m
  112
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  200
  162
  218
  283
  354
  428
  502
  569
  624
  661
  674
  657
  606
  515
  384
  208
  -12
  -277
  -586
  -940
  -1,336
  -1,772
  -2,247
  -2,760
  -3,307
  -3,889
  -4,502
  -5,147
  -5,822
  -6,526
Discount rate, %
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
  182
  132
  158
  179
  195
  203
  201
  191
  173
  148
  121
  92
  65
  42
  23
  9
  0
  -6
  -8
  -9
  -8
  -7
  -5
  -4
  -2
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  65.9
  53.0
  42.6
  34.4
  27.9
  22.7
  18.5
  15.2
  12.5
  10.3
  8.5
  7.0
  5.8
  4.9
  4.0
  3.4
  2.8
  2.4
  2.0
  1.7
  1.4
  1.2
  1.0
  0.8
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3

Azure Power Global Limited is an India-based power producer. The Company sells solar power in India on long term fixed price contracts to its customers. The Company is also developing micro-grid applications for the highly fragmented and underserved electricity market in India. The Company operates approximately 20 utility scale projects and several commercial rooftop projects with a combined rated capacity of approximately 240 megawatts. The Company's services include design, engineering and construction of grid integrated solar installations; off grid solar installations for villages, hamlets and remote areas; turnkey solar installations for commercial and residential complexes on roof tops, as back up and alternate source, and operation and maintenance of solar installations. The Company's projects include Project Punjab, Rajasthan Projects, Gandhinagar Smart City Rooftop Project and Micro-Grids in Bihar and Uttar Pradesh.

FINANCIAL RATIOS  of  Azure Power Global (AZRE)

Valuation Ratios
P/E Ratio -22.8
Price to Sales 6.5
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow -1.8
Growth Rates
Sales Growth Rate 61.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 69.9%
Cap. Spend. - 3 Yr. Gr. Rate 107.5%
Financial Strength
Quick Ratio 2
Current Ratio 0.4
LT Debt to Equity 235.4%
Total Debt to Equity 265.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 23.8%
Ret/ On Assets - 3 Yr. Avg. 8.4%
Return On Total Capital -3.2%
Ret/ On T. Cap. - 3 Yr. Avg. -6.2%
Return On Equity -15.5%
Return On Equity - 3 Yr. Avg. -49%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 81%
EBITDA Margin - 3 Yr. Avg. 48.8%
Operating Margin 47.6%
Oper. Margin - 3 Yr. Avg. 39.4%
Pre-Tax Margin -6.3%
Pre-Tax Margin - 3 Yr. Avg. -44.7%
Net Profit Margin -28.6%
Net Profit Margin - 3 Yr. Avg. -62.3%
Effective Tax Rate -350%
Eff/ Tax Rate - 3 Yr. Avg. -132.7%
Payout Ratio 0%

AZRE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AZRE stock intrinsic value calculation we used $118.288786482 million for the last fiscal year's total revenue generated by Azure Power Global. The default revenue input number comes from 0001 income statement of Azure Power Global. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AZRE stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.4%, whose default value for AZRE is calculated based on our internal credit rating of Azure Power Global, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Azure Power Global.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AZRE stock the variable cost ratio is equal to 44.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $6 million in the base year in the intrinsic value calculation for AZRE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 11.6% for Azure Power Global.

Corporate tax rate of 27% is the nominal tax rate for Azure Power Global. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AZRE stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AZRE are equal to 635.6%.

Life of production assets of 25.9 years is the average useful life of capital assets used in Azure Power Global operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AZRE is equal to -5.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $186.137281106 million for Azure Power Global - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 25.997 million for Azure Power Global is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Azure Power Global at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Azure Power to Electrify Hindustan Aeronautics Limited   [Sep-24-18 06:30AM  Business Wire]
▶ Azure Power Global Ltd. to Host Earnings Call   [Aug-09-18 06:30AM  ACCESSWIRE]
▶ Azure Powers Portfolio Surpasses 3 Gigawatts   [Jul-17-18 06:30AM  Business Wire]
▶ Azure Roof Power Announces US$ 135 Million Financing   [May-31-18 06:41AM  Business Wire]
▶ May Best Growth Stocks   [May-22-18 12:02PM  Simply Wall St.]
▶ Azure Power Wins 130 MW Solar Power Project in Maharashtra   [May-17-18 06:30AM  Business Wire]
▶ Azure Power Surpasses 1 GW of Operating Solar Capacity   [May-15-18 06:30AM  Business Wire]
▶ Azure Power Wins 200 MW Solar Power Project in Gujarat   [Apr-03-18 06:30AM  Business Wire]
▶ Azure Power Wins 130 MWs of Solar Power Projects   [Mar-21-18 02:21PM  Business Wire]
▶ Azure Power Global Ltd. to Host Earnings Call   [Feb-09-18 06:45AM  ACCESSWIRE]
▶ Azure Power Announces Results for Fiscal Third Quarter 2018   [Feb-08-18 04:30PM  Business Wire]
▶ Dipti Swain Joins Azure Power as General Counsel   [Jan-31-18 07:30AM  Business Wire]
▶ Azure Power Wins 200 MWs in SECI Auction   [Jan-09-18 06:30AM  Business Wire]
▶ Dr R.P. Singh Joins Azure Powers Board of Directors   [Oct-26-17 09:15AM  Business Wire]
▶ Azure Power Wins 260 MW Solar Power Project in Gujarat   [Sep-26-17 07:00AM  Business Wire]
▶ Azure Power Announces Results for Fiscal First Quarter 2018   [Aug-11-17 04:30PM  Business Wire]
▶ Azure Power to Issue Indias First Solar Green Bond   [Jul-28-17 06:30AM  Business Wire]
▶ Azure Power Assigned Highest Accreditation Rating by ICRA   [Jul-27-17 03:22PM  Business Wire]
▶ Azure Power reports 4Q loss   [Jun-19-17 10:43PM  Associated Press]
▶ Azure Power: Early-Stage Investor Resigns from Board   [Mar-31-17 05:00PM  Business Wire]
▶ Azure Power(s) Defence Establishments in Maharashtra   [Mar-29-17 05:00PM  Business Wire]
▶ Azure Power reports 3Q loss   [Feb-14-17 06:34AM  Associated Press]
▶ Azure Power Announces Results for Fiscal Third Quarter 2017   [Feb-13-17 09:12PM  Business Wire]

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