AZREF (Azure Power Global) Operating Income: $101.1 Mil (TTM As of Mar. 2024)


AZREF Azure Power Global Ltd AZREF
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What is Azure Power Global Operating Income?

Azure Power Global AZREF 12 Operating Income is $101.1 Mil as of Mar. 2024. GuruFocus rates AZREF with a GF Score™ of 12/100.

Azure Power Global's Operating Income for the six months ended in Mar. 2024 was $101.1 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2024 was $101.1 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Azure Power Global's Operating Income for the six months ended in Mar. 2024 was $101.1 Mil. Azure Power Global's Revenue for the six months ended in Mar. 2024 was $256.6 Mil. Therefore, Azure Power Global's Operating Margin % for the quarter that ended in Mar. 2024 was 39.39%.

Azure Power Global's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Azure Power Global's annualized ROC % for the quarter that ended in Mar. 2024 was 4.36%. Azure Power Global's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2024 was 5.65%.

Azure Power Global  (OTCPK:AZREF) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Azure Power Global's annualized ROC % for the quarter that ended in Mar. 2024 is calculated as:

ROC % (Q: Mar. 2024 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2023 ) + Invested Capital (Q: Mar. 2024 ))/ count )
=101.094 * ( 1 - 0% )/( (2213.562 + 2424.183)/ 2 )
=101.094/2318.8725
=4.36 %

where

Invested Capital(Q: Mar. 2023 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2316.082 - 82.439 - ( 154.753 - max(0, 318.465 - 338.546+154.753))
=2213.562

Invested Capital(Q: Mar. 2024 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2167.357 - 80.473 - ( 89.965 - max(0, 669.153 - 331.854+89.965))
=2424.183

Note: The Operating Income data used here is one times the annual (Mar. 2024) data.

2. Joel Greenblatt's definition of Return on Capital:

Azure Power Global's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2024 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2024 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2023  Q: Mar. 2024
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=104.539/( ( (1798.849 + max(75.924, 0)) + (1699.237 + max(126.485, 0)) )/ 2 )
=104.539/( ( 1874.773 + 1825.722 )/ 2 )
=104.539/1850.2475
=5.65 %

where Working Capital is:

Working Capital(Q: Mar. 2023 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(69.445 + 0.158 + 111.504) - (82.439 + 3.744 + 19)
=75.924

Working Capital(Q: Mar. 2024 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(55.684 + 0.157 + 182.326) - (80.473 + 3.77 + 27.439)
=126.485

When net working capital is negative, 0 is used.

Note: The EBIT data used here is one times the annual (Mar. 2024) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Azure Power Global's Operating Margin % for the quarter that ended in Mar. 2024 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2024 )/Revenue (Q: Mar. 2024 )
=101.094/256.645
=39.39 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Azure Power Global Operating Income Related Terms

Azure Power Global Operating Income Historical Data

* Premium members only.

The historical data trend for Azure Power Global's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Azure Power Global Operating Income Chart

Azure Power Global Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 87.59 106.91 144.51 123.04 101.09

Azure Power Global Semi-Annual Data
Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only 87.59 106.91 144.51 123.04 101.09
AZREF
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Azure Power Global Ltd AZREF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Azure Power Global Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

For stock reported annually, GuruFocus uses latest annual data as the TTM data. Operating Income for the trailing twelve months (TTM) ended in Mar. 2024 was $101.1 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $101.1 Mil mean?
Azure Power Global (AZREF) has a Operating Income of $101.1 Mil as of Mar. 2024. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Azure Power Global and its competitors.
Is Azure Power Global's Operating Income too high?
Azure Power Global's current Operating Income is $101.1 Mil. Overall, Azure Power Global has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Azure Power Global's Operating Income compare to SAFX and VGAS?
Azure Power Global's Operating Income of $101.1 Mil can be compared against companies in the Utilities - Independent Power Producers industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for an Utilities - Independent Power Producers company?
A good Operating Income depends on the Utilities - Independent Power Producers industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Azure Power Global and its competitors. Azure Power Global's current Operating Income is $101.1 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Azure Power Global stock overvalued right now?
Azure Power Global (AZREF) has a current Operating Income of $101.1 Mil. The current Operating Income is $101.1 Mil. Azure Power Global's overall GF Score™ is 12/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Azure Power Global (AZREF), the current Operating Income is $101.1 Mil as of Mar. 2024. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Azure Power Global Business Description

Address Phase II, 8th Floor, Tower A, DLF Infinity, Cyber City, Gurugram, HR, IND, 122002
Azure Power Global Ltd is a utility-scale renewable energy project developer and operator. It is engaged in the development, construction, ownership, operation, maintenance, and management of renewable energy assets based on long-term contracts (Power Purchase Agreements or PPA) with Indian Government energy distribution companies, as well as other Indian non-governmental energy distribution companies and commercial customers.
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Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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