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Azure Power Global Limited. (NYSE:AZRE) Q1 2020 Results Earnings Conference Call August 12, 2019 8:30 AM ET
Azure Power Global Limited。 （纽约证券交易所代码：[AZRE]）2020年第一季度业绩收益电话会议2019年8月12日美国东部时间上午8:30
Nathan Judge - IR
Murali Subramanian - President
Ranjit Gupta - CEO
Pawan Agrawal - CFO
- 内森法官 - IR
- Murali Subramanian - 总统
- Ranjit Gupta - 首席执行官
- Pawan Agrawal - 首席财务官
Maheep Mandloi - Credit Suisse
Philip Shen - Roth Capital Partners
Joseph Osha - JMP Securities
- Maheep Mandloi - 瑞士信贷
- Philip Shen - Roth Capital Partners
- 约瑟夫奥沙 - JMP证券
Hello and welcome to the Azure Power Fiscal First Quarter 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Nathan Judge, Investor Relations. Please go ahead.
您好，欢迎来到Azure Power财政第一季度2020年收益电话会议。 所有参与者都将处于只听模式。 [操作员说明]请注意，此事件正在录制中。
我现在想把会议转交给投资者关系部的Nathan Judge。 请继续。
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 Investors 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 Agrawal, 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 updates 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 for the introduction, Ranjit was the 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 Renewables Energy companies in India with a portfolio of over 1000 megawatts.
Prior to Ostro Energy, Ranjit and Murali were Senior Executives at other private companies Orange Renewables and IndiaBulls Power. They began their careers at Schlumberger, in various field 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.
妮可，谢谢你。大家早上好。谢谢你加入我们。在昨晚收盘后，公司发布了一份新闻稿，宣布截至2019年6月30日的2020年第一财季的财务业绩。该新闻稿和演示文稿的副本可在Azure Power的azurepower网站的投资者部分获得。 COM。
今天和我在一起的是我们最近加入的首席执行官Ranjit Gupta和最近刚加入总裁的Murali Subramanian以及首席财务官Pawan Agrawal。兰吉特将开始电话会议，并就他为股东创造价值和资本配置的初步想法发表一些评论。接下来是Murali的业务和行业更新以及Pawan对该季度的更新，我们将通过重申2020财年的指导来完成我们的准备工作。在此之后，我们将打开电话提问。
至于介绍，Ranjit是首席执行官，Murali是首席运营官，两人都是Ostro Energy的联合创始人，Ostro Energy是一家初创为印度领先的可再生能源公司之一，拥有超过1000兆瓦的产品组合。
在加入Ostro Energy之前，Ranjit和Murali是其他私营公司Orange Renewables和IndiaBulls Power的高级管理人员。他们在斯伦贝谢开始了自己的职业生涯，担任各种领域和管理职位。
Thank you, Nathan. Very good morning, everyone. Murali and I joined Azure about three weeks ago, and have begun a 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 a 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 returned focused management and the relationship with investors is of paramount importance to us.
It is very clear to us, that only when returns meet minimum threshold, will we invest in projects for future growth. That threshold must be above our cost of capital, and must be accretive on a cash flow per share basis. We will endeavor to invest our capital wisely. If we cannot earn a return above our cost of capital on future growth, we expect to explore means of returning capital to our shareholders.
In our careers working together, Murali and I have led several companies in the Energy sector, where we created significant value for our shareholders, by following a risk mitigated approach to project selection, and being disciplined with our allocation of capital. We are dedicated to creating long term value, and the majority of our compensation rests over a long time period, and is directly linked to value creation.
In the few weeks we have spent at Azure, we believe there is an opportunity to improve returns on our operating and under construction projects. We see many opportunities to increase the company’s return on invested capital by optimizing the current operating assets through efficiency gains, implementing industry best practices and cutting unproductive costs.
On under construction or development projects, we believe through better capital structuring, we will be able to drive further efficiencies and enhance shareholder returns. On an overall basis, we need to reduce leverage and we have to finance projects more conservatively going forward. We are blessed with a tremendous opportunity for organic growth with the potential to invest at returns that are attractive. The reality is that solar is now the lowest cost source of electricity in India without subsidy.
India needs more power and solar is one of the best options to fill this need. There are hundred plus million people in India currently without a readily accessible and reliable power supply, and the average user in India uses only a tenth of what is used in the U.S.
In addition, there is a significant opportunity to displace polluting and expensive backup diesel generation in the rooftop segment, providing clean, sustainable power to the grid at places that cannot be matched by any other generation today.
Today, there are government mandates to increase solar power many fold in only a couple of years. Given the sheer magnitude of attractive growth opportunities in the Indian market, it provides us the luxury of being able to selectively choose the best projects without having to run after growth that doesn't add value.
This offers a significant upside to current and future shareholders. But, this growth can only be realized on a sustainable basis if we can demonstrate to our investors that we are strong stewards of your capital.
We also subscribe to the ethos that transparency breeds trust, and trust results in value creation. As a part of this review, we are looking at ways to enhance disclosure and guidance to investors to provide greater transparency. We will evaluate what other metrics we can transparently provide on our completed and development portfolio, which will enhance the trust between the company and the investors.
In addition, we expect to provide a sustainability report within the next year to increase awareness of our cultural focus on improving the lives of those in our community and the natural advantage we have of providing clean, sustainable energy for generation.
As mentioned earlier, we are undertaking a review and will provide the roadmap and initiatives for creating value in the near future. In the meantime, we will be asking for feedback from stakeholders to help improve our plans on what we should do to create shareholder value.
With that, I would like to pass it over to Murali.
Thank you, Ranjit. Good morning everyone, ladies and gentlemen. Looking at the overall portfolio today, the 3,351 megawatts as of June 30th 2019 are diversified across many geographies and customers. Most of the projects are located in some of the highest radiation zones in the country.
In addition, the credit profile of our customer contracts is better than most of the industry. Almost 82% of our projects are with counterparty that are domestically rated at investment grade. The government of India related counterparty represents 62% of all our contracts. To provide a perspective of our historical performance and opportunities for growth, today we have 3,351 megawatts contracted with some of the best counterparties in India.
We have 1,659 megawatts operating and 172 megawatts under construction, as we just put 50 megawatts into service into operations in July in Rajasthan, the remaining 1,520 megawatts of our contracted pipeline are in various stages of development, and we expect our under construction and committed projects to be commercially operational by the end -- by end 2021. This is expected to grow our revenues from $158 million realized over the past 12 months to $376 million in the following 18 months once our 3,351 megawatt portfolio is completed or approximately calendar 2021.
We continue to benefit from economies of scale of a platform and are driving operating costs lower as well as significantly reducing our interest costs, thereby ensuring meaningful expansion of our EBITDA and our cash flows. Specifically, our annual operations and material cost per megawatt are almost half since our IPO about three years ago.
EBITDA has risen 284% over the same period. Focusing more on counterparty credit, there have been some high profile changes. To mention the positives first, The Ministry of Power Government of India has mandated distribution companies to open and maintain adequate letters of credit to strengthen payment security for generating companies starting August 2019. The Ministry of New and Renewable Energy has also reiterated the must [Indiscernible] renewable energy projects, and that PPA tariff must be paid to generating companies in case of curtailment. We view these as big positives for improving credit quality of our contracts.
There has also been some news lately about some states pursuing options for renegotiating tariffs on facilities that are operated. We have no intention of reducing our tariffs on any contract. There is significant amount of case law supporting these contracts and these states are under pressure from the Central government to honor the Renewable Energy contracts in the state.
Looking at the industry and regulatory views, we have received several reaffirmation of pass through of both safeguard duties and GST taxes. However, the recovery period for these are likely to take longer than we originally anticipated. I would now like to pass it over to Pawan, our Chief Financial Officer.
Thank you, Murali. We had 1,609 megawatts in operations as of 30th June, 2019, above 59% more than what we had at the end of the first fiscal quarter of 2019. Thus looking to the end of quarter, we commissioned another 50 megawatt in July, putting the total operational capacity today at 1,659 [ph] million megawatts, effectively, a total of 280 megawatts commissioned since the beginning of this fiscal year.
Focusing on project cost per megawatt, operating for the year ended 30th, June 2019 our cost per megawatt decreased by 9% to $580,000 and this includes the impact of safe guard duties which represented about $50,000 per megawatt. As a reminder, we do expect to recover safe guard duties overtime either through our investment or through an increase in our tariff.
We continue to work through this and once we have better clarity, we'll provide more colors to the market. Revenue growth 40% year-on-year, however our G&A rose faster primarily due to management transition expenses.
Excluding these non-recurring expenses, G&A would have been around $7.5 million which is around what we expect to increase this quarter for the remaining of this year. On our balance sheet, cash and equivalents ended the quarter at US$160 billion.
Property, plant and equipment increased to about US$1.3 billion, a 48% increase from same quarter in the prior year as we brought new facilities online. Net debt was US$997 million as of 30th June, 2019.
Now regarding guidance, we are reiterating our guidance for fiscal year ending 31st March 2020 and the company continues to expect to have between 1,800 megawatts to 1,900 megawatts operational by the end of fiscal.
In addition, the continues to expect revenues to be between us to INR12.8 billion and INR13.4 billion which will translate to US$185 million to US$194 million using the 30th June 2019 exchange rate of 68.92 rupee for every US dollar.
With this, we'll be happy to take questions.
Thank you. [Operator Instructions] Our first question comes from Maheep Mandloi with Credit Suisse. Please go ahead.
谢谢。 [操作员说明]我们的第一个问题来自瑞士信贷的Maheep Mandloi。 请继续。
Hi, I’m Maheep Mandloi from Credit Suisse. Thanks for taking the question. Ranjit, probably two questions for you to begin with. Could you just probably first talk about like, I mean put a little color on the road map you provided is really helpful. But one thing which probably which we were looking for is if any color on new technologies or any plans to diversify it from solar, if you could touch upon that?
And the second point just, if you could just talk about the returns you expect in the market from new solar or other technologies?
嗨，我是来自瑞士信贷的Maheep Mandloi。 谢谢你提出这个问题。 Ranjit，对你来说可能有两个问题。 你可能只是先讨论一下，我的意思是在你提供的路线图上加一点颜色真的很有帮助。 但是，我们一直在寻找的一件事是，如果你可以触及那些新技术的任何颜色或任何将其从太阳能多样化的计划？
Hi, Maheep, thanks for the question. As far as a diversification from solar is concerned, it's still early days. It's you know we have been in the job only three weeks, still coming to grips with our portfolio and at the moment we have lots to do as you as you heard, we have more than 1,500 megawatts to develop and construct over the next 12 to 18 months, so there’s a lot going on.
So at the moment, we have not had any opportunity to see whether we want to diversify out of solar. But if we do, then we will certainly let -- let you folks know.
As far as the solar returns are concerned, that question is very pertinent in today's environment. The good thing is if you have seen how the tariffs have moved over the last few months. There has been the ability in the market. There is a bunch of new auctions being planned. And the number of participants in these auctions is a steady. The tariffs are holding steady, so, the returns that the industry is looking to make remain decent.
And of course, the returns will depend on the counterparty. The returns will depend on where you set up the project and several others issues related to equipment pricing and so on. But overall given the fact that there is a lot of new auctions coming up and the fact that there are not many or not any new participants. The same old industry that is participating, the returns remain stable.
所以目前，我们还没有机会看到我们是否想要从太阳能中分散出来。但如果我们这样做，那么我们一定会让 - 让大家知道。
Thanks for that color, Ranjit. And then maybe just switching gears towards probably the broader environment in the country; Murali, probably these questions for you. On the counterpart risk or tariffs, we heard the Indian Government is looking to impose additional tariff barriers on sales and models in the future? I know, it's like pretty recent. But if you could throw any light what that proposal could look like? And how should we think about the impact of any such proposals on the projects in the pipeline or new bids out there?
感谢那种颜色，Ranjit。 然后可能只是转向可能更广泛的国家环境; Murali，可能这些问题适合你。 关于对应的风险或关税，我们听说印度政府希望在未来对销售和模型施加额外的关税壁垒？ 我知道，这就像最近一样。 但是，如果你可以提出任何建议可能是什么样的光？ 我们应该如何考虑任何此类提案对管道中的项目或新的出价的影响？
So the government maybe considering any tariff imposition, but we are still not aware of any plans that the government has that could be the press article about it. Whenever it happens they will not impact our project, because in case of all our projects as we mentioned the existing duties – or the safeguard duties in the GST taxes, they are on pass-through basis and so as far as our existing PPAs go. As far as the new upcoming capacity which we may choose to participate in auction, for sure, the entire industry will be affected by this, and it will accordingly be taken into account in the tariffs. So we don't see any significantly impact one way or the other.
所以政府可能会考虑征收任何关税，但我们仍然没有意识到政府有任何可能成为新闻文章的计划。 无论什么时候发生，它们都不会对我们的项目产生影响，因为如果我们所有的项目都提到了现有的职责 - 或者商品及服务税的保障税，那么它们就是在传递的基础上，所以就我们现有的购电协议而言。 对于我们可能选择参与拍卖的新即将到来的产能，当然，整个行业都将受此影响，因此将在关税中考虑到。 所以我们没有看到任何方式或其他方面产生任何重大影响。
Got it. And then, just last question from me and I'll jump back in the queue. I just know if you could talk about the recent rate -- or repo rate reductions in the country? How do you see the cost of financing evolving in the country in light of that? Any color on will be helpful.
得到它了。 然后，只是我的最后一个问题，我会跳回队列。 我只知道你是否可以谈谈最近的利率 - 或该国的回购利率减少？ 鉴于此，您如何看待该国的融资成本？ 任何颜色都会有所帮助。
Yes. Maheep, Pawan here. So definitely, as you would have been noticing like since January there has been series of rate cuts and this was just fourth in the series, 25, 25, 25, and now 35 basis points. So as far as Central Bank is concerned and as far as interest rate environment is concerned definitely there is a declining trend. But having said that, to be very, very honest, the domestic market in terms of funding and liquidity still remain tight. And only the good projects and good borrowers are able to tap the liquidity.
是。 Maheep，Pawan在这里。 所以肯定的是，你可能会注意到自1月以来一直有一系列的降息，这只是该系列中的第四，25,25,25，现在35个基点。 因此就中央银行而言，就利率环境而言，肯定存在下降趋势。 但话说回来，非常非常诚实，国内市场的资金和流动性依然紧张。 只有优秀的项目和优秀的借款人才能获得流动性。
Our next question comes from Philip Shen of Roth Capital Partners. Go ahead.
我们的下一个问题来自Roth Capital Partners的Philip Shen。 前进。
Hi, everyone. Thanks for the questions. As a follow-up to one of the previous questions, Ranjit, I think you mentioned there's still a bunch of auctions being planned ahead. Was wondering if you could comment on the degree of participation you plan for Azure to participate in those auctions? Do you expect -- and with those – with that participation how much do you anticipate that you guys could win given the historical auction win rate that Azure has had?
嗨，大家好。 谢谢你的问题。 作为之前问题之一的后续行动，Ranjit，我想你提到还有一堆拍卖正在计划中。 想知道您是否可以评估您计划Azure参与这些拍卖的参与程度？ 你是否期望 - 以及那些 - 参与那些参与Azure的历史拍卖获胜率你有多少人能够获胜？
Thanks Philip for the question. As far as the auctions and participation in auctions are concerned like I mentioned, at the moment do you still have a large portfolio of projects to develop and build. Almost 1500 Megawatts, we are almost doubling our capacity that we have built over the last 10 years. We are looking to double that capacity, almost double that capacity in the next 15 to 18 months. It's a very challenging task. So at this point in time right now we are not looking at taking part in auctions. However, we do need to have pipeline going, 18 months, 24 months, 36 months down the road and we will continue to evaluate auctions as they come out.
The good things – there are two good things at this point in time. One good thing is that we are in no rush because you have plenty of work ahead of us. And the second good thing is that the government is still committed to a large renewable energy program. So there not going to be any doubt of auctions. So whenever we are ready whether it is two months from now or six months from now or nine months from now, there will be auctions available. So we don't have to rush.
And like we mentioned on the call, our key metric for taking part in any future auction is going to be that, that particular return has to be better than our cost of capital and it has to be accretive to our earnings per share, so that is going to be the driving a mantra for us going forward. So just to reiterate very, very quickly; no plans right now, because we have a plenty of work. And no worries right now because there is plenty of auctions happening.
美好的事物 - 此时有两件好事。一件好事是我们不急，因为你有很多工作要做。第二个好处是政府仍然致力于大型可再生能源计划。所以不会对拍卖产生任何疑问。因此，无论何时我们做好准备，无论是从现在开始的两个月还是从现在开始的六个月或从现在开始的九个月，都会有拍卖。所以我们不必急于求成。
Great. Thanks for that color. That's very helpful, Ranjit. And as it relates to the projects that you have won, do you anticipate any of those projects dropping out of your pipeline, of your committed portfolio, because after your review you expect that the return may actually not be a better than your cost of capital or cash flows may not be accretive? Of the remaining 1.5 gigawatts you expect to add, how much of that do you think could become – could drop out of your pipeline? Thanks.
非常好。 谢谢你的颜色。 兰吉特，这非常有帮助。 而且，由于它与您赢得的项目有关，您是否预计任何这些项目都会从您的管道和您承诺的投资组合中剔除，因为在您进行审核之后，您预计回报可能实际上不会比您的资本成本更好 或现金流量可能不会增加？ 在您希望添加的剩余1.5千兆瓦中，您认为可能会增加多少 - 可能会从您的管道中退出？ 谢谢。
So, that's again a very, very good question, because we are in the midst of the review of the current portfolio that is operating and the portfolio that we are to develop the 1500 megawatts. The question about not doing any of those that is very, very sensitive because it's – obviously there is a capital return issue. There is a return on the project issue, the doability of the project issue and all of those things are very important. But apart from that, all of the projects that you're doing have Central Government utilities – Central Government agencies as counterparties.
So whatever steps we take, if we decide over the next few weeks, over the next few months that there are some projects that do not meet our return expectations we will have to be very, very careful as to how we proceed to exit those projects and it will be a decision which will be taken holistically. It will not be a decision -- because we have already committed to those products. So the decision will be holistic in nature. We have to look at the future also and we have to look at our present also before we take a decision on exiting any projects. But if there are dogs in this portfolio which we have to bid them we will seriously consider rechecking it.
因此，这又是一个非常非常好的问题，因为我们正在审查当前正在运营的投资组合以及我们要开发1500兆瓦的投资组合。关于不做任何非常非常敏感的问题的问题 - 显然存在资本回报问题。项目问题有一个回报，项目问题的可行性以及所有这些都非常重要。但除此之外，你所做的所有项目都有中央政府公用事业 - 中央政府机构作为对手方。
因此，无论我们采取什么步骤，如果我们在接下来的几个星期内做出决定，在接下来的几个月里，有些项目不符合我们的回报预期，我们必须非常非常小心我们如何着手退出这些项目这将是一个全面的决定。这不是一个决定 - 因为我们已经承诺了这些产品。因此，该决定将具有整体性。我们还必须关注未来，在决定退出任何项目之前，我们还必须看看我们的现状。但如果这个投资组合中有狗我们必须投标它们，我们将认真考虑重新检查它。
Great. Thanks Ranjit. Another question coming from your prepared remarks, you mentioned there could be some new disclosures. What kinds of new disclosures do you anticipate? If you can't speak to specific disclosures, perhaps you can talk about the types of disclosures that you have not -- we have not seen so far that you're contemplating?
非常好。 谢谢Ranjit。 你准备的评论中提出的另一个问题，你提到可能会有一些新的披露。 您预计会有哪些新的披露？ 如果你不能谈论具体的披露，或许你可以谈谈你没有的披露类型 - 我们目前还没有看到你正在考虑的？
So, this is guidance from Nathan; our Investor Relations person who has said that, typically we have -- as Azure, we have not done disclosures that are in line with the industry. So, again it's just three weeks and we still have to get our arms around what all we have been disclosing in the past and how we can disclose more to the stackholders. Like we also mentioned in the prepared remarks, the relationship with the investor is of paramount importance.
You folks are the ones who are providing the capital for our growth. And unless and until you folks are comfortable that we are putting your capital to good use, we will always struggle to raise the capital for our growth going forward. So, I'm not in a position right now to tell you what are the other things that we will add to our disclosure. But if we are behind the industry in any disclosure norms, I can assure that we will correct that and make sure that we are in the top percentile for disclosures.
所以，这是内森的指导; 我们的投资者关系人士说，通常我们 - 作为Azure，我们没有做过与行业一致的披露。 所以，仅仅三周时间，我们仍然需要了解我们过去所披露的内容，以及我们如何向堆栈持有人披露更多信息。 正如我们在准备好的评论中所提到的那样，与投资者的关系至关重要。
你们是那些为我们的成长提供资金的人。 除非并且直到你们都觉得我们正在充分利用你们的资本，否则我们将一直努力为未来的增长筹集资金。 所以，我现在不能告诉你我们将在我们的披露中添加的其他内容。 但如果我们在任何披露规范中支持该行业，我可以保证我们会纠正这一点，并确保我们处于披露的最高百分位数。
Okay, Ranjit. Thank you very much for the color. I'll pass it on.
好的，Ranjit。 非常感谢你的颜色。 我会传递它。
Our next question comes from Joseph Osha of JMP Securities. Please go ahead.
我们的下一个问题来自JMP Securities的Joseph Osha。 请继续。
Thank you. I guess, in your case good afternoon everyone. Welcome to Azure. There was one comment made during your prepared remarks, I was hoping we could expand on, and that was the observation that the leverage needs to be reduced. Wondering why the reason for that might be? And that I have some other questions.
谢谢。 我想，大家下午好。 欢迎来到Azure。 在你准备的评论中有一条评论，我希望我们可以继续发展，这就是需要减少杠杆率的观察结果。 想知道为什么会这样的原因？ 我还有其他一些问题。
I would like, Pawan to take that question, Pawan.
Sure, Ranjit. Thanks. Joseph, see the idea is -- after the new management has joined in, the idea is to kind of work toward deliberating and then having a leverage level which is optimal for a company in this sector. Very honestly, we haven't -- as Ranjit and Murali also earlier pointed out that, we -- all of us are literally in the process of looking at in which the direction the company has been going so far and what all need to be kind of flashed lightly or largely modified as the case maybe.
And we collectively believe that our leverage is currently on higher side and then we work toward -- cover the new targets also where we are talking about raising debt at levels which is slightly lesser than what we used to kind of leverage in the past. So very honestly, give us a couple of weeks more time and we'll be in a better position to give you more, more, more, definitive range of how much leverage we want to reduce.
当然，兰吉特。 谢谢。 约瑟夫，看到这个想法是 - 在新管理层加入之后，我们的想法是努力进行审议，然后拥有对该行业公司来说最佳的杠杆水平。 老实说，我们还没有 - 正如Ranjit和Murali早些时候指出的那样，我们 - 我们所有人都在考虑公司迄今为止的发展方向以及所有需要做的事情。 根据具体情况，可以轻微地或大幅度地修改。
我们共同认为，我们的杠杆目前处于较高的位置，然后我们努力 - 涵盖新的目标，我们正在谈论提高债务的水平，这个水平略低于我们过去的杠杆水平。 所以老实说，给我们几个星期的时间，我们会更好地为你提供更多，更多，更多，更确定的我们想要减少多少杠杆的范围。
Okay. So the implication then would be largest that you might look at need to delever the existing portfolio, but we might see the way you all commit capital structure for new project also change. Is that correct?
好的。 因此，您可能认为需要删除现有投资组合的影响最大，但我们可能会看到您为新项目提交资本结构的方式也会发生变化。 那是对的吗？
Yes. That's correct.
Next question, obviously its early days yet. I'm just wondering if we might hear some general thoughts about the philosophy of how capital might be return to shareholders over time. Just wondering if you have some experiences from your previous companies that you think might be germane to this situation?
下一个问题，显然是它的早期。 我只是想知道我们是否会听到一些关于资本如何随着时间的推移回归股东的哲学的一般性思考。 只是想知道你是否有过以前公司的经验，你认为这可能与这种情况密切相关？
That's a good question.
Hi. This is Murali again.
Yes, go ahead.
Thanks Ranjit. So, the industry is witnessing a fairly rapid growth, and as Ranjit had mentioned in the past, we believe that there will ample opportunity to deploy capitals into projects where the returns are good. However, if the industry goes into a situation where the new projects coming up do not have return which where up to our requirement than we will think of ways of returning this capital.
We not had this situation in the past, only because over the last several years the country has only increase its capacity year-on-year and there is adequate opportunities to invest the money. But we will discuss and figure out ways and means of returning the capital if we come to a view that deploying more money isn't value accretive for our shareholders.
谢谢Ranjit。 因此，该行业正在经历一个相当快速的增长，正如Ranjit过去所提到的，我们相信有足够的机会将资金部署到回报良好的项目中。 但是，如果行业进入新项目即将到来的情况下没有达到我们要求的回报，那么我们会考虑回归这些资本的方式。
Okay. Thank you. And then, last question from me. You have an India now, perhaps one of the most powerful governments that have been in place in half a century. I'm just wondering how the Modi government – what the situation with the Modi government now means for Azure and for some of the longer term goals that the Indian government has articulated in solar? And that it's from me. Thank you.
好的。 谢谢。 然后，我的最后一个问题。 你现在有一个印度，也许是半个世纪以来最强大的政府之一。 我只是想知道莫迪政府 - 莫迪政府现在对于Azure的情况以及印度政府在太阳能方面所表达的一些长期目标意味着什么？ 它来自我。 谢谢。
So, Joseph, this is a very important question. And the answer to this question actually has evolved over the last four or five years. When the Modi government came in earlier, it was very important for the government to push renewable because at that point in time, renewable power was still more expensive than conventional power. And that government did very well to bring in the auction regime on both the wind side and solar side and to make sure that the capacities were auction and that prices were driven down.
Now in their second inning, really it just the fact that solar is -- and wind, in fact both the renewable energy as a whole is cheaper than conventional power. So now it has become, it has gain momentum of its own really. This government is very, very focused on increasing the renewable energy capacity.
The targets that have been announced are 175 gigawatts by 2022 and 225 gigawatts by 2024, 450 gigawatts by 2030, so huge deployment of renewable energy has been planned by this government, but we strongly feel that now this momentum of the renewable energy industry has really become government agnostic.
And in the long term for players like Azure and other players who are long-term players, this is a fantastic place to be in, because of the fact that India still is a growing economy. People are still underserved as far as energy is concerned. And renewable energy is going to be the way of the future as far as providing energy security to the country is concern.
现在在他们的第二局，真正的事实是太阳能 - 和风，事实上可再生能源整体上比传统能源便宜。所以现在它已经成为，它真正获得了自己的动力。该政府非常非常注重提高可再生能源的能力。
Okay. Thank you very much.
[Operator Instructions] As we have no further questions, this concludes our question and answer session and concludes the conference call. Thank you for attending today's presentation. You may now disconnect.
[操作员说明]由于我们没有其他问题，我们的问答环节结束了电话会议。 感谢您参加今天的演讲。 您现在可以断开连接。
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