Analyst Presentation Q1 FY 2020-21 Disclaimer Certain statements - PowerPoint PPT Presentation

Adani Power Limited Analyst Presentation Q1 FY 2020-21

Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be “forward -looking statements,” including those relating to general business plans and strategy of Adani Power Limited (“APL”) and its subsidiaries , associates, and joint ventures (combine together “Adani Thermal Power Group” or “The Group”) their future outlook and growth prospects, and future developments in their businesses and their competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in the country the business is. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of The Group’s shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of The Group. The Group, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. The Group assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. The Group may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of The Group. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it’s should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom. 1

Contents Contents Contents 1 Adani Group 2 Adani Power Limited 3 APL Quarterly Performance Highlights 4 Revenue and EBITDA Mix 5 Debt Profile STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL

1 Adan ani i Grou oup STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL

Adani Group: A world class infrastructure & utility portfolio Adani Energy & Utility Transport & Logistics Adani Portfolio Portfolio • Marked shift from B2B to 63.5% 100% 75% 75% B2C businesses – • AGL – Gas distribution APSEZ SRCPL ATL AGEL network to serve key Port & Logistics Rail T&D Renewables geographies across India 100% 75% 37.4% • AEML – Electricity AGL AAPT APL distribution network Gas DisCom IPP Abbot Point 75% that powers the financial capital of AEL India Incubator • Adani Airports – To operate, manage and develop six airports in the country • Locked in Growth 2020 – 100% 100% 100% 100% • Transport & Logistics - AAHL ATrL AWL Data Airports and Roads Airports Roads Water Centre • Energy & Utility – ~USD 28 bn 1 Water and Data Centre Combined Market Cap Opportunity identification, development and beneficiation is intrinsic to diversification and growth of the group. 1 . As on June 30, 2020, USD/INR – 76 | Note - Percentages denote promoter holding Light purple color represent public traded listed verticals 4

Adani Group: Repeatable, robust & proven model of infrastructure development Phase Development Operations Post Operations Origination Site Development Construction Operation Capital Mgmt Site acquisition Engineering & Analysis & Life cycleO&M Redesigning the market design planning capital structure of Concessions Activity intelligence the asset and regulatory Sourcing & Asset agreements Viability analysis quality levels Management plan Operational phase funding consistent Investment case Equity & debt Strategic value with asset life development funding at project O&M optimisations Redefining the Envisaging Complex Successfully placed 7 space e.g. evolution of sector developments on e.g. Solar plants issuances totalling Mundra Port e.g. Adani time & budget e.g. ~USD4Bn in FY20 Transmission APL All listed entities Performance maintain liquidity cover of 1.2x- 2x for FY21. Focus on liquidity planning ensures remaining stress free. Low capital cost, time bound & quality completion providing long term stable cashflow & enhanced RoE 5

Adani Group: Repeatable, robust business model applied 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 Largest Single Location Commercial Port Line in Asia Solar Power Plant Private Thermal IPP (at Mundra) (Mundra – Dehgam) (at Kamuthi, TamilNadu) (at Mundra) Key APSEZ ATL AGEL APL Business Excellence in O&M – Constructed and Highest Margin High declared Highest benchmarked to global Commissioned in 9 Model among Peers in the capacity of 89% 5 availability standards months World among Peers EBITDA margin:89% 1,4 Attributes EBITDA margin: 64% 1,2 EBITDA margin: 91% 1,3 Diverse financing sources – only Indian infrastructure portfolio with four (4) Investment Grade (IG) PSU 55% PSU 33% issuers Private Banks 31% Private Banks 20% Bonds 14% Bonds 47% March 2016 March 2020 The dominant Infrastructure platform that re-defines respective industry landscape Note: 1 Data for FY20; 2 Excludes forex gains/losses; 3 EBITDA = PBT + Depreciation + Net Finance Costs – Other Income; 4 EBITDA Margin represents EBITDA earned from power sales and exclude other items; 5 FY20 data for commercial availability declared under long term power purchase agreements. 6

2 Adani Power Limited STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL

APL at a glance Generation capacity Largest private sector IPP 2 Project Capex/ MW Development 5.2 cr. 16% / 6% 14 GW (Operational projects) (12,450 1 MW Operational / (of India’s private/aggregate coal + lignite generation capacity) FY 2019-20 1,600 MW under construction) Commercial Availability Water usage 3 Fly ash utilization 4 (for Long Term PPAs) Operational Efficiency 2.33 m 3 /MWh 89% 103% (statutory limit of 3.5 m 3 /MWh for fresh water (FY 2019-20) For Q1 FY21 based thermal power plants) Coal sourcing & logistics 5 Long-term PPA tie-up Coal tie-up Financial Value Creation 49 MTPA 84% of Fuel Requirement 74% of Capacity secured (Largest customer of Indian Railways Secured (of domestic coal based capacity) after NTPC) ) 1. Includes 40 MW solar power plant at Bitta; 2. Source: CEA, Mar 2020; 3. As on Mar 31, 2020; 4. Based on current generation at portfolio level; 5. At 80% PLF 8

Strategically located, diversified operating fleet 100% 100% 100% 100% 100% 100% 100% Godda Udupi Tiroda Raipur Raigarh Kawai Mundra (Jharkhand) (Karnataka) (Maharashtra) (Chhattisgarh) (Chhattisgarh) (Rajasthan) (Gujarat) Category Coastal, Utility Near-Pithead Plants Hinterland Coastal Hinterland (Export) Regulated Fuel pass-through Highlight High Dispatch Open High Dispatch High Dispatch / Open Open Return (Under construction) Capacity (MW) 1,200 3,300 1,370 600 1,320 4,620 1,600 (600MW x 2) (660MW x 5) (685MW x 2) (600MW x 1) (660MW x 2) (330MW x 4) Sub-critical / (800MW x 2) Technology Subcritical Supercritical Supercritical Subcritical Supercritical (660MW x 5) Supercritical Ultra-supercritical Category Coastal Near-pithead Hinterland Capacity MW 5,820 (41%) 5,270 (38%) 2920 (21%) Supercritical/Ultra- 57% 89% 100% supercritical 14 GW of modern and efficient thermal power capacity of which six operating plants comprise 12 GW APL has a 40 MW solar power plant at Bitta.; IPP – Independent Power Producer, MW – Mega Watt 9