Azure Power Global Limited (NYSE:AZRE) Q2 2020 Earnings Conference Call - Final Transcript

Nov 15, 2019 • 08:30 am ET

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Azure Power Global Limited (NYSE:AZRE) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Hello and welcome to the Azure Power Fiscal Second Quarter 2020 Earnings Conference Call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Instructions will follow at that time. Please note this event is being recorded.

I now would like to turn the conference over to your host today, Nathan Judge. Mr. Judge, please go ahead.

Executive
Nathan Judge

Thank you and good morning everyone and thank you for joining us. After last night's close, the company issued a press release announcing its fiscal results for the second fiscal quarter of 2020 ended September 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, CEO; Murali Subramanian, President; and Pawan Kumar Agarwal, Chief Financial Officer. Ranjit will start the call by going through the finding of the review over the past several months since they joined and what initial actions have been taken, followed by an industry update. Pawan will provide an update on the quarter and then we will wrap-up the call with Ranjit providing commentary on new disclosures we are providing this quarter that we believe highlights the value of the company. After this, we will open-up the call for questions.

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 and a very good morning, everyone. Murali and I have reviewed the majority of the business in great detail and what we have found has been very positive on many fronts. We will continually review the business and will take steps to address areas that we find to be deficient. Last quarter, we provided a framework of our commitment to capital discipline and the important components of the actions we considered important to deliver shareholder value. At our core, we are a shareholder return focused management and only when returns are above our cost of capital, we'll invest in growth projects for future growth.

I want to walk through each of the principals provided and update you on the actions we are taking. One of the fundamental that is paramount to value creation is the execution of the core business. We must deliver our current pipeline on-time and on-budget. During the quarter, we delivered 189 megawatts. We have