Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

High Yield Experts

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

Credit

Azure Power’s Q4 and FY 2018-19 results were slightly weaker than expected, with revenue coming in at the bottom of the guided range. That said, operating capacity beat guidance, reflecting the company's strong project execution. Despite the mild deterioration in Debt/EBITDA, we believe that the financial risk profile may have improved. This is based on Debt/Run-rate EBITDA, which remained on a downward trend. Liquidity is weak, however, and only suffices to fund the company's growth this fiscal year and no further beyond that. Our fundamental Credit Bias on Azure remains "Stable", due to the visibility afforded by contractual cash flows. We recommend to "Hold" the AZUPOE '22s, as the Notes are fairly valued compared to Indian renewable energy peers.

   Azure Power’s Q4 and FY 2018-19 results were slightly weaker than expected, with revenue coming in at the bottom of the guided range. That said, operating capacity beat guidance, reflecting the company's strong project execution. Despite the mild deterioration in Debt/EBITDA, we believe that the financial risk profile may have improved. This is based on Debt/Run-rate EBITDA, which remained on a downward trend. Liquidity is weak, however, and only suffices to fund the company's growth this fiscal year and no further beyond that.    Our fundamental Credit Bias on Azure remains "Stable", due to the visibility afforded by contractual cash flows. We recommend to "Hold" the AZUPOE '22s, as the Notes are fairly valued compared to Indian renewable energy peers. 

Azure Power - Earnings Flash - Q4 And FY 2018-19 Results - Lucror Analytics

Azure Power Global Ltd

Azure Power - Earnings Flash - Q4 And FY 2018-19 Results - Lucror Analytics