Azure Power Global Limited (NYSE:AZRE) Q1 2020 Earnings Conference Call Transcript

Aug 12, 2019 • 08:30 am ET

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Azure Power Global Limited (NYSE:AZRE) Q1 2020 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day and welcome to the Azure Power Fiscal First Quarter 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions].

I would now like to turn the conference over to Nathan Judge, Investor Relations. Please go ahead.

Executive
Nathan Judge

Thank you, Nicole. And good morning everyone, and thank you for joining us. After last night's close, the company issued a press release announcing its financial results for the first fiscal quarter of 2020 ended June 30, 2019. A copy of the press release and the presentation are available on the investor section of Azure Power's website at azurepower.com.

With me today are Ranjit Gupta, our recently joined CEO; and Murali Subramanian, who also just recently joined as President; and Pawan Agarwal, Chief Financial Officer. Ranjit, will start the call with some comments about his initial thoughts on creating value for shareholders and capital allocation. This will be followed by a business and industry update by Murali, and an update on the quarter by Pawan and we'll finish our prepared remarks by reiterating our fiscal 2020 guidance. After this, we will open up the call for questions.

As way of introduction, Ranjit was a CEO and Murali was the Chief Operating Officer and both were co-founders of Ostro Energy, a startup that grew into one of the leading renewable energy companies in India with a portfolio of over 1000 megawatts. Prior to Ostro Energy, Ranjit and Murali were Senior Executives at other power companies, including Orange Renewable and Indiabulls Power. They began their careers at Schlumberger in various fields and management positions.

Please note, our Safe Harbor statements are contained within our press release, presentation materials, and available on our website. These statements are important and integral to all our remarks. There are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward looking statements. So we encourage you to review the press release we furnished in our Form 6-K and presentation on our website for a more complete description. Also contained in our press release and presentation materials are certain non-GAAP measures that we reconcile to the most comparable GAAP measures and these reconciliations are also available on our website and in the press release and presentation material.

It is now my pleasure to hand it over to Ranjit.

Executive
Ranjit Gupta

Thank you, Nathan, a very good morning, everyone. Murali and I, joined Azure about three weeks ago and have begun review of the business. While we continue our review, overall we are pleased with our core assets and our team members. However, we do see many opportunities at Azure to enhance shareholder value. We expect to provide candid assessment of where we stand and the roadmap to create value with subsequent initiatives in due course. In the meantime, we want to provide the principles of how we look at capital allocation and shareholder value creation.

At our core, we are a shareholder return focused management and the relationship with investors is