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Azure Power Azure Power Announces Results for Fiscal Second Quarter 2022 December 10 , 2021 EBENE , Mauritius , Dec. 10 , 2021 / PRNewswire / -- Azure Power Global Limited ( NYSE : AZRE ) , a leading independent renewable power producer in India , today announced its consolidated results under United States Generally Accepted Accounting Principles ( " GAAP " ) for the fiscal second quarter 2022 , period ended September 30 , 2021 . Fiscal Second Quarter 2022 Period ended September 30 , 2021 Operating Highlights : Megawatts ( " MW " ) Operating * were 2,210 MWs , as of September 30 , 2021 , an increase of 31 % over September 30 , 2020. Operating , Contracted & Awarded MWs * were 6,955 MWs , as of September 30 , 2021. Contracted & Awarded megawatts included 4,000 MWs for which we had received Letters of Award ( " LOA " ) but the Power Purchase Agreements ( " PPAS " ) had not been signed as of September 30 , 2021. Subsequent to the quarter end , we have signed PPAs for 600 MWs with SECI in relation to the 4,000 MW project , refer the detailed explanation in the key operating Metrices section below . Operating revenues for the quarter ended September 30 , 2021 were INR 4,386 million ( US $ 59.1 million ) , an increase of 25 % over the quarter ended September 30 , 2020 . Net loss for the quarter ended September 30 , 2021 was INR 300 million ( US $ 4.0 million ) against the net loss of INR 368 million for the quarter ended September 30 , 2020. The decline in Net loss was primarily due to additional revenue from sale of carbon credits and reversal of stock appreciation rights ( SARs ) expense , offset by increase in legal and professional expense and tax expense , refer the detailed explanation in the Net loss / ( profit ) section below . Adjusted EBITDA for the quarter ended September 30 , 2021 was INR 3,685 million ( US $ 49.8 million ) , an increase of 59 % over the quarter ended September 30 , 2020. The increase was primarily due to additional revenue from new projects , sale of carbon credits and reversal of stock appreciation rights ( SARs ) expense , partially offset by increase in legal and professional expense , during the quarter ended September 30 , 2021 . Non - GAAP Cash Flow to Equity ( " CFe " ) from operating assets for the quarter ended September 30 , 2021 was INR 1,406 million ( US $ 18.9 million ) , an increase of 32 % over the quarter ended September 30 , 2020. The increase was primarily due to additional revenue from sale of carbon credits and lower interest cost relating to existing operational projects due to refinancing . * Megawatts Operating and Megawatt Operating , Contracted & Awarded exclude the Rooftop portfolio , for which we entered into an agreement to sell in April 2021. We excluded 153 MWs from our Operating , Contracted & Awarded portfolio as of September 30 , 2021 , and the prior comparative Page 1 of 20