AZREF (Azure Power Global) Owner Earnings per Share (TTM): 0.00 (As of Mar. 2024)

Be Aware

Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.

Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.

Azure Power Global Owner Earnings per Share (TTM) Related Terms

The historical data trend for Azure Power Global's Owner Earnings per Share (TTM) 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 Owner Earnings per Share (TTM) Chart

Azure Power Global Annual Data
	Trend	Mar15	Mar16	Mar17	Mar18	Mar19	Mar20	Mar21	Mar22	Mar23	Mar24
Owner Earnings per Share (TTM)		Get a 7-Day Free Trial					-3.47	-3.48	-3.35	-1.24	-1.78

Azure Power Global Semi-Annual Data
	Mar14	Mar15	Mar16	Mar17	Mar18	Mar19	Mar20	Mar21	Mar22	Mar23	Mar24
Owner Earnings per Share (TTM)	Get a 7-Day Free Trial						-3.47	-3.48	-3.35	-1.24	-1.78

AZREF vs SAFX, VGAS, STEM: Owner Earnings per Share (TTM) Comparison

For the Utilities - Renewable subindustry, Azure Power Global's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Azure Power Global Price-to-Owner-Earnings vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Azure Power Global's Price-to-Owner-Earnings distribution charts can be found below:

* The bar in red indicates where Azure Power Global's Price-to-Owner-Earnings falls into.

Azure Power Global Owner Earnings per Share (TTM) Calculation

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

To make it simple, then you will have:

Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

Azure Power Global's Owner Earnings per Share (TTM) Calculation:

1. Start with "Net Income" from income statement. Azure Power Global's Net Income for the trailing twelve months (TTM) ended in Mar. 2024 was $-40.3 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. Azure Power Global's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Mar. 2024 was $55.7 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.

3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income. Azure Power Global's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2024 was $-10.0 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $111.5 Mil

It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.

The following shows how to get maintenance capital expenditure.

First, calculate the revenue change regarding to the previous year. If the revenue decreased from the previous year, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous year, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.

Azure Power Global's 5-Year Average Maintenance Capital Expenditure = $111.5 Mil

5. "Change In Working Capital" is from cashflow statement. Azure Power Global's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2024 was $-8.2 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.

6. Azure Power Global's Shares Outstanding (Diluted Average) for the months ended in Mar. 2024 was 64.166 Mil.

Azure Power Global's Onwer Earnings Per Share for Mar. 2024 is calculated as:

* 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 Business Description