Adani Transmission Limited Debt Presentation MAY 2020 CONTENTS - PowerPoint PPT Presentation

Adani Transmission Limited Debt Presentation MAY 2020

CONTENTS Adani Group 04-07 14-19 09-12 ATL Credit Story ATL – Profile ATL: Key Highlights and Objectives of 14 Capital Management Program ATL: Manifesting Adani’s Infrastructure ADANI: World class infrastructure Excellence in T&D business Case Study: Development, O&M Efficiencies, 09 04 & utility portfolio 15 Cap. Manag. to create shareholder value ATL at a Glance 10 ADANI: Repeatable, robust & AEML (Integrated Utility): Significant 05 proven model to deliver RoE De-risking through Capital Management 16 11 Contracted Assets at a Glance ADANI: Repeatable, robust ATL’s Cap. Manag. Program brings diversity, business model applied 17 elongated maturity to firm’s debt profile 12 consistently to drive value 06 Integrated Utility at a Glance ATL: Debt Evolution and Key Ratios 18 ATL: A platform well-positioned to leverage growth opportunities in T&D ATL: Reduced Development, Capex risk with sector 07 19 High Credit Discipline and no Equity Dilution Update on Covid-19 Annexure Global Benchmarking and ESG 33-47 21-28 and Investment Case 29-31 ATL: Update on Covid 19, its impact Adani: World-class Credit Portfolio 33-34 on operations and key initiatives Attracting Global Investors 21 Global Benchmarking: Adani Utility ATL: Emulating Group’s Core Infra 29 Portfolio vs. Global Utility peers 35 ATL: ESG Performance Philosophy at every phase 23 ATL is rated Investment Grade Global Benchmarking: Regulatory 36 30 from FY16 and beyond ATL: Integrated ESG Framework for Framework 24 enhanced value creation ATL : Outlook 38 ATL: Compelling Investment Case ATL : Key ESG Metrics and 31 Initiatives 25 ATL: Key Focus Areas FY21 and Beyond 39 ATL: Environment awareness ATL: Regulatory Framework 41 26 and Initiatives 43-45 ATL: Financial Details AEML: Initiatives towards ATL’s Evolution and Operational reduction of carbon footprint 27 46-47 Portfolio ATL: Governance Journey so far 28 and future glide path

Adani Group

Adani TransmissionLimited Debt Presentation | May 2020 Adani : World class infrastructure & utility portfolio Adani Transport & Logistics Portfolio Energy & Utility Portfolio Adani Philosophical shift from B2B 63.3% 100% 75% 75% to B2C businesses – APSEZ SRCPL ATL AGEL AGL – Gas distribution Port & Logistics Rail T&D Renewables network to serve key 100% 75% 37.4% geographies across India AAPT AGL APL AEML – Electricity 75% Abbot Point Gas DisCom IPP distribution network that AEL powers the financial capital of India Incubator Adani Airports – To operate, manage and 100% 100% 100% 100% develop six airports in the country AAHL ATrL AWL Data Airports Roads Water Centre Locked in Growth 2020 – ~USD 21bn* Transport & Logistics - Airports and Roads ( Combined M-cap) Energy & Utility – Water and Data Centre • Orange colour represent public traded listed vertical | Percentages denote promoter holding • * As on April 30, 2020, USD/INR = 75.1 04

Adani TransmissionLimited Debt Presentation | May 2020 Adani : Repeatable, robust & proven model to deliver RoE Development Operations Post Operations Phase Origination Operation Site Development Construction Capital Mgmt Analysis & market Site acquisition Engineering & design Life cycle O&M Redesigning the capital intelligence planning structure of the asset Concessions Sourcing & quality Viability analysis and regulatory levels Asset Management Operational phase Activity agreements plan funding consistent with Strategic value Equity & debt asset life Investment case funding at project development O&M optimisations Successfully placed seven Redefining the Envisaging evolution Complex e.g. Solar plants space e.g. Mundra of sector e.g. Adani developments on issuances totalling Port Transmission time & budget e.g. ~USD 4Bn in FY20 APL All listed entities maintain Performance liquidity cover of 1.2x- 1.8x for FY21 Focus on liquidity planning ensures remaining stress free Low capital cost, time bound & quality completion providing long term stable cashflow & enhanced RoE 05

Adani TransmissionLimited Debt Presentation | May 2020 Adani : Repeatable, robust business model applied consistently to drive value Successfully applied across Infrastructure & utility platform Development at large scale & within time and budget India’s Largest Longest Private HVDC 648 MW Ultra Mega Solar Largest Single Location Commercial Port Line in Asia Power Plant Private Thermal IPP (at Mundra) (Mundra – Dehgam) (at Kamuthi, Tamil Nadu) (at Mundra) Key APSEZ ATL AGEL APL Business Excellence in O&M – Highest Margin Highest availability High Availability Constructed and benchmarked to global Model among Peers in the among Peers Built availability of Commissioned 9 standards EBITDA margin: 91% 1,3 World 89%, 5 Attributes months EBITDA margin: 65% 1,2 EBITDA margin: 90% 1,4 Diverse financing Private Banks 31% sources – only Bonds 31% Indian infrastructure PSU 38% portfolio with four (4) PSU 55% Investment Grade (IG) Private Banks 31% issuers March 2016 September 2019 Bonds 14% Note: 1 Data for FY19; 2 Excludes forex gains/losses; 3 EBITDA = PBT + Depreciation + Net Finance Costs – Other Income; 4 EBITDA 06 Margin represents EBITDA earned from power sales and exclude other items; 5 H1 FY20 Data; Include listed Group companies

Adani TransmissionLimited Debt Presentation | May 2020 ATL : A platform well-positioned to leverage growth opportunities in T&D business Strategic Presence Execution Prowess Healthy pool mix ATL - Present in 9 states with 21 Transmission Network of Transmission (FY20): Development transmission lines 14,739 ckms 1 ; 52% of EBITDA - Central pool AEML - Integrated utility catering Longest Private HVDC Line in Asia 48% of EBITDA - State pool to gateway city of Mumbai Operating Efficiency Consumer-centricity ESG and Strong Margins Robust network availability of Operations Integration of Customer and ~99.8% and supply Operations Embedded ESG Framework for Technology enabling AEML as a reliability of 99.99% enhanced value creation supplier of choice Transmission EBITDA Margin – 92% Distribution EBITDA Margin – 24% ROE optimization via Self-funded growth model Capital Management Efficiency-led Development ensuring efficient capital churn Value Creation Equity Value Development and O&M efficiencies Re-designing capital structure Every Rs. 1 bn of Equity Invested resulted into savings of ~Rs.5 bn Creation though low cost capital and allows creation of Rs. 2.25 bn of optimizing ROE at 55% elongated maturity Equity Employed 07 Note: 1) Transmission network of 14,739 ckt kms include operational, under-construction; 2) FY20 - Availability, Margin and Supply reliability

Adani Transmission Limited Debt Presentation | February 2020 Transmission ATL – Profile 14

Adani TransmissionLimited Debt Presentation | May 2020 ATL : Manifesting Adani’s Infrastructure Excellence in T&D business Execution Strength and Pan AEML - One of the best-run 3 million+ Pan-India network & only private 93-year old integrated utility India Presence sector co. to operate 500 KV Retail Electricity Households catering to gateway city of HVDC in S-E Asia Mumbai Predictable and 31 years/ 17 years INR 300 Bn/ US$ 4.3Bn Annuity Returns 54%/ 46% Total Regulated Asset base (1) Avg. Residual Concession Life ROA / TBCB (2) (Transmission/ Distribution) (4,5) (Fully built) Robust Financial performance and 92% (Transmission) ~99.76 % INR 117 bn / US$ 1.7 bn BBB- / Baa3 strong Balance 24% (Distribution) Availability Approved Tariff Order International Investment Sheet EBITDA Margin (Fully Built) (1) Grade Rating (5) (FY20) (FY20) Note: US$/INR: 70; (1) Fully built estimate based on regulatory approved tariff and bid based tariff profile of operational, under-construction and under-acquisition projects of Transmission and Distribution business. This excludes HVDC project. No upsides have been assumed on account of operational efficiencies; (2) Including under-construction and under-acquisition assets on project cost basis and existing assets on book value basis; RTM – Regulated Tariff 09 Mechanism; (3) S&P: BBB- / Fitch: BBB- / Moody’s: Baa3; (4) Average residual concession life for Transmission assets is as of F Y19; (5) Operational History of 93 years; TBCB: Tariff Based Competitive Bidding

Adani TransmissionLimited Debt Presentation | May 2020 ATL at a Glance 100% 1 Contracted Assets Integrated Utility 100% 74.9% 25.1% Qatar Investment Wholesale Consumer Authority (QIA) • 12 Operating TBCB Assets (1) , 9 under construction TBCB Assets ROA Asset ROA Assets • Transmission network of 9,688 (2) ckt kms; Longest Private HVDC Line in Asia 4 Operating Utility catering to Transmission Assets 3 mn+ Connections • Concession Life of 35 years + Remaining Life of Asset Concession Life of 35 1,892 MW of peak years + Remaining power demand Life of Asset Transmission 540 ckm lines/ 3,125 network of 5,051 MVA transformation ckt kms capacity Notes: 1) % denotes shareholding; 74% in Aravalli Transmission Service Company Limited; 2) Network includes operational, under construction as of 31st March, 2020 10