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UJAAS E NE RGY L IMIT E D EA RNING S PRESENTA TIO N 9 M / Q 3 - F Y 1 8 E xe c utive Summar y Uja a s E ne rg y L td (UE L ) wa s fo und e d b y Mr. Shya m Sund e r Mund ra a nd is run to d a y a lo ng with his two so

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SLIDE 1

UJAAS E NE RGY L IMIT E D

EA RNING S PRESENTA TIO N

9 M / Q 3 - F Y 1 8

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SLIDE 2

2

E xe c utive Summar y

COMPANY OVE RVIE W

  • Uja a s E

ne rg y L td (UE L ) wa s fo und e d b y Mr. Shya m Sund e r Mund ra a nd is run to d a y a lo ng with his two so ns, Mr. Vika lp Mund ra a nd Mr. Anura g Mund ra .

  • Ma nufa c turing tra nsfo rme rs fo r mo re tha n 30 ye a rs, the c o mpa ny d ive rsifie d into the g e ne ra tio n o f so la r e ne rg y a nd

la unc he d a so la r po we r turn-ke y pro je c t c a lle d ‘ UJAAS’ sinc e 2010.

  • UE

L wa s liste d o n b o th BSE a nd NSE in Oc to b e r 2011.

  • Co mpa ny’ s ma rke t c a pita liza tio n a s o n 31st De c 2017 wa s a ppro xima te ly INR 5,050 Mn.

MARKE T S

  • UJAAS Par

ks – UE

L ha s se t up mo re tha n 188 MWp o f So la r Po we r pla nts fo r se ve ra l c o rpo ra te a nd Ind ivid ua l c lie nts like K RBL , SRS, F rie nd s Gro up, Ro c kwe ll, Avo n Cyc le s, SE CI e tc .

  • UJAAS E

PC – UE

L ha s a lso se t up so la r po we r pro je c ts a t c lie nt site s fo r va rio us re pute d c lie nts suc h a s Airpo rts Autho rity o f Ind ia , SE CI, Oil Ind ia L td a nd We st Be ng a l Sta te E le c tric ity Bo a rd .

  • UJAAS Rooftop - UE

L ha s se t up mo re tha n 15 MWp o f So la r Ro o fto p pro je c ts fo r se ve ra l c lie nts like PNB II T , NT PC Aura iya e tc .

F INANCIAL S

  • T
  • tal Inc ome in F

Y17 re po rte d a t INR 4,907 Mn

  • E

BIT DA in F

Y17 re po rte d a t INR 743 Mn; E

BIT DA Mar gins re po rte d a t 15.15%

  • Ne t Pr
  • fit in F

Y17 re po rte d a t INR 364 Mn; PAT

Mar gins re po rte d a t 7.42%

BUSINE SS MIX

Solar Powe r Plant O&M

  • T

he c o mpa ny o pe ra te s a nd ma inta ins o ve r 230 MWp o n b e ha lf o f its c lie nts.

  • UE

L a lso ha s a 15.5 MWp so la r po we r pla nt o n its o wn b o o ks.

UJAAS Par ks

  • UE

L ’ s fla g ship o ffe ring fo r

  • ne sto p c o mpre he nsive

so la r turn-ke y pro je c ts to a ny po te ntia l so la r po we r pro d uc e r.

UJAAS E PC

  • L

e ve ra g ing the c o mpa ny’ s e xpe rie nc e , b o th in the po we r a nd so la r se c to r, the c o mpa ny is no w

  • ffe ring so la r E

PC se rvic e s to po te ntia l so la r po we r pro d uc e rs a nd c a ptive g e ne ra to rs.

UJAAS Rooftop

  • With UJAAS Ro o fto p, the

c o mpa ny o ffe r sma ll g rid -c o nne c te d a nd o ff- g rid so lutio ns to the c usto me r

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SLIDE 3

3

Ke y Highlights

Q3- F Y18 F inanc ial Pe r for manc e :

  • T
  • ta l I

nc o me : I NR 761 Mn

  • E

BI T DA: I NR 104 Mn

  • E

BI T DA Ma rg in: 13.67%

  • Ne t Pro fit: I

NR 40 Mn

  • PAT

Ma rg in: 5.26%

  • Dilute d E

PS: 0.20

Ope r ational Highlights:

  • E

xe c ute d o rde rs wo rth 42 MW (a c ro ss a ll se g me nts) in 9M-F Y18.

  • T

he c urre nt o rde r b o o k sta nds a t 30 MW

  • T

he b id b o o k o f the c o mpa ny is o f 80 MW

9M- F Y18 F inanc ial Pe r for manc e :

  • T
  • ta l I

nc o me : I NR 2,700 Mn

  • E

BI T DA: I NR 369 Mn

  • E

BI T DA Ma rg in: 13.67%

  • Ne t Pro fit: I

NR 160 Mn

  • PAT

Ma rg in: 5.93%

  • Dilute d E

PS: 0.80

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SLIDE 4

4

Q3- F Y18 F inanc ial Pe r for manc e

Par tic ular s (INR Mn) Q3- F Y18 Q3- F Y17 Y- o- Y Q2- F Y18 Q- o- Q T

  • tal Inc ome*

761 1,013 (24.9% ) 858 (11.3% )

Ope ra ting E xpe nse s 657 842 (22.0%) 741 (11.3%)

E BIT DA 104 171 (39.2% ) 117 (11.1% ) E BIT DA Mar gin (%) 13.67% 16.88% (321 Bps) 13.64% 3 Bps

De pre c ia tio n 21 21 21 F ina nc e Co st 42 42 44 (4.5%)

Pr

  • fit Be for

e T ax 41 108 (62.0% ) 52 (21.2% )

T a xa tio n 1 22 (95.5%) 6 (83.3%)

Pr

  • fit Afte r

T ax 40 86 (53.5% ) 46 (13.0% ) PAT Mar gin (%) 5.26% 8.49% (323 Bps) 5.36% (10 Bps)

Othe r Co mpre he nsive Inc o me

  • T
  • tal Compr

e he nsive Inc ome 40 86 (53.5% ) 46 (13.0% )

Dilute d E PS (INR) 0.20 0.43 (53.5%) 0.23 (13.0%)

* Inc lude s Othe r Inc o me

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SLIDE 5

5

Solar Powe r Plant Ope r ation (INR Mn)

Q3- F Y18 Pe r for manc e - Se gme ntal

Manufac tur ing and Sale of Solar Powe r Plant (INR Mn) Ne t Re ve nue (INR mn) E BIT (INR mn)

* Numb e rs re sta te d a c c o rding to IND-AS

905 1516 964 795 684 500 1000 1500 2000 Q3-FY17 Q4-FY17 Q1-FY18* Q2-FY18* Q3-FY18* 97 115 105 57 70

  • 20

40 60 80 100 120 140 Q3-FY17 Q4-FY17 Q1-FY18* Q2-FY18* Q3-FY18* 109 153 91 83 70 20 40 60 80 100 120 140 160 180 Q3-FY17 Q4-FY17 Q1-FY18* Q2-FY18* Q3-FY18* 51 60 50 19 13 10 20 30 40 50 60 70 Q3-FY17 Q4-FY17 Q1-FY18* Q2-FY18* Q3-FY18*

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SLIDE 6

6

6

Par tic ular s (INR Mn) 9M- F Y18 9M- F Y17 Y- o- Y T

  • tal Inc ome*

2,700 3,271 (17.5% )

Ope ra ting E xpe nse s 2,331 2,732 (14.7%)

E BIT DA 369 539 (31.5% ) E BIT DA Mar gin (%) 13.67% 16.48% (281 Bps)

De pre c ia tio n 62 61 1.6% F ina nc e Co st 129 138 (6.5%)

Pr

  • fit Be for

e T ax 178 340 (47.6% )

T a xa tio n 18 83 (78.3%)

Pr

  • fit Afte r

T ax 160 257 (37.7% ) PAT Mar gin (%) 5.93% 7.86% (193 Bps)

Othe r Co mpre he nsive Inc o me

  • T
  • tal Compr

e he nsive Inc ome 160 257 (37.7% )

Dilute d E PS (INR) 0.80 1.28 (37.5%)

9M- F Y18 F inanc ial Pe r for manc e

* Inc lude s Othe r Inc o me

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SLIDE 7

7

Solar Powe r Plant Ope r ation (INR Mn)

9M- F Y18 Pe r for manc e - Se gme ntal

Manufac tur ing and Sale of Solar Powe r Plant (INR Mn) Ne t Re ve nue (INR mn) E BIT (INR mn)

2,918 2,443

  • 1,000

2,000 3,000 9M-FY17 9M-FY18* 313 231

  • 100

200 300 400 500 9M-FY17 9M-FY18* 355 244

  • 50

100 150 200 250 300 350 400 9M-FY17 9M-FY18* 150 81

  • 20

40 60 80 100 120 140 160 9M-FY17 9M-FY18*

* Numb e rs re sta te d a c c o rding to IND-AS

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SLIDE 8

8

Histor ic al Inc ome State me nt

Par tic ular s (INR. Mn) F Y14 F Y15 F Y16 F Y17 9M- F Y18** T

  • tal Inc ome*

5,332 1,133 2,795 4,907 2,700

Ope ra ting E xpe nse s 4,341 688 2,146 4,164 2,331

E BIT DA 991 445 649 743 369 E BIT DA Mar gin (%) 18.58% 39.28% 23.22% 15.15% 13.67%

F ina nc e Co st 91 180 155 180 129 De pre c ia tio n 47 81 80 81 62

Pr

  • fit Be for

e T ax 853 184 414 482 178

T a xa tio n 479 67 205 118 18

Pr

  • fit Afte r

T ax 374 117 209 364 160 PAT Mar gin (%) 7.01% 10.33% 7.48% 7.42% 5.93%

Dilute d E PS (INR) 1.87 0.59 1.04 1.82 0.80

* Inc lude s Othe r Inc o me **As pe r IND-As

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SLIDE 9

9

Balanc e She e t – IND- AS

Par tic ular s (INR Mn) H1- F Y18 Par tic ular s (INR Mn) H1- F Y18 E QUIT IE S & L IABIL IT IE S Asse ts Shar e holde r F unds Non- c ur r e nt Asse ts

(a ) E q uity Sha re Ca pita l 200 F ixe d Asse ts (b ) Othe r E q uity 2,017 (a ) Pro pe rty, Pla nt a nd e q uipme nt 1,783

T

  • tal E

quity 2,217 (b ) Inta ng ib le Asse ts

4

Non- Cur r e nt L iabilitie s

(c ) F ina nc ia l Asse ts (a ) F ina nc ia l L ia b ilitie s (i) Inve stme nts 1 (i) Bo rro wing s 731 (ii) Othe r F ina nc ia l Asse ts 19 (b ) De fe rre d T a x L ia b ility (ne t) 456 (d ) Othe r No n-Curre nt Asse ts 32 (c ) L

  • ng te rm Pro visio ns

9

T

  • tal - Non- c ur

r e nt L iabilitie s 1,196 T

  • tal – Non- c ur

r e nt Asse ts 1,839 Cur r e nt L iabilitie s Cur r e nt Asse ts

(a ) F ina nc ia l L ia b ilitie s (a ) Inve nto ry 628 (i) Bo rro wing s 305 (b ) F ina nc ia l Asse t (ii) T ra d e Pa ya b le s 1,240 (i) Inve stme nts

  • (iii)Othe r F

ina nc ia l L ia b ilitie s 134 (ii) T ra d e Re c e iva b le s 1,495 (b ) Othe r Curre nt L ia b ilitie s 3 (iii) Ca sh & Ca sh E q uiva le nts 33 (c ) Pro visio ns 4 (iv) Ba nk Ba la nc e o the r tha n (iii) a b o ve 529 (d ) Curre nt T a x L ia b ilitie s (ne t) 66 (v) L

  • a ns

4 (vi) Othe r F ina nc ia l Asse ts 309 (c ) Othe r Curre nt Asse ts 328

T

  • tal Cur

r e nt L iabilitie s 1,752 T

  • tal Cur

r e nt Asse ts 3,326 T OT AL E QUIT Y AND L IABIL IT IE S 5,165 T OT AL ASSE T S 5,165

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SLIDE 10

10

Histor ic al Balanc e She e t - IGAAP

Par tic ular s (INR Mn) F Y15 F Y16 F Y17 Par tic ular s (INR Mn) F Y15 F Y16 F Y17 E QUIT IE S & L IABIL IT IE S Asse ts Shar e holde r F unds Non- c ur r e nt Asse ts

(a ) Sha re Ca pita l – E q uity 200 200 200 F ixe d Asse ts (b ) Re se rve s & Surplus 1,533 1,724 2,087 (a ) T a ng ib le Asse ts 1,828 1,759 1,699

T

  • tal - Shar

e holde r F unds 1,733 1,924 2,287 (b ) Inta ng ib le Asse ts

2 2 3 No n-Curre nt L ia b ilitie s (c ) No n Curre nt Inve stme nt

  • 1

1 (a ) L

  • ng te rm Bo rro wing s

994 889 784 (d ) Inta ng ib le Asse ts und e r d e ve lo pme nt

  • (b ) De fe rre d T

a x L ia b ility 407 524 547 (e ) L

  • ng T

e rm L

  • a ns & Ad v. & o the r no n-

c urre nt a sse ts 41 65 155 (c ) L

  • ng te rm Pro visio ns

1 3 6 T

  • tal – Non- c ur

r e nt Asse ts 1,871 1,827 1,858 T

  • tal - Non- c ur

r e nt L iabilitie s 1,402 1,416 1,337 Cur r e nt Asse ts

(a ) Curre nt Inve stme nts 20 262 281* Curre nt L ia b ilitie s (b ) T ra d e Re c e iva b le s 824 1,173 1,900 (a ) Sho rt-T e rm Bo rro wing s 1 43 281 (c ) Ca sh & Ba nk Ba la nc e s 160 685 365 (b ) T ra d e Pa ya b le s 344 1,249 1,314 (d ) Inve nto rie s 637 819 993 (c ) Othe r Curre nt L ia b ilitie s 138 260 303 (e ) Sho rt-te rm lo a ns a nd a d va nc e s 121 143 185 (d ) Sho rt-te rm pro visio ns 16 26 68 (f) Othe r c urre nt a sse ts 1 9 8

T

  • tal – Cur

r e nt L iabilitie s 499 1,578 1,966 T

  • tal – Cur

r e nt Asse ts 1,763 3,091 3,732 GRAND T OT AL 3,634 4,918 5,590 GRAND T OT AL 3,634 4,918 5,590

  • Inc lude s inve stme nts in liq uid mutua l funds, E

ffe c tive c a sh – 646 Mn

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SLIDE 11

11

E BIT DA (INR Mn)

F inanc ial Pe r for manc e

Inc ome* (INR Mn) PAT (INR Mn) Ne t De bt E quity (x) ROE & RoCE (% ) Book Value pe r Shar e (INR)

* Inc lude s Othe r Inc o me

0.23 0.34 0.48 0.12 0.31 0.00 0.10 0.20 0.30 0.40 0.50 0.60 F Y13 F Y14 F Y15 F Y16 F Y17 6.5 8.1 8.7 9.6 11.4 0.0 2.0 4.0 6.0 8.0 10.0 12.0 F Y13 F Y14 F Y15 F Y16 F Y17

2,480 5,332 1,133 2,795 4,907 1,000 2,000 3,000 4,000 5,000 6,000 F Y13 F Y14 F Y15 F Y16 F Y17 508 991 445 649 743 200 400 600 800 1,000 1,200 F Y13 F Y14 F Y15 F Y16 F Y17 270 374 117 209 364 100 200 300 400 F Y13 F Y14 F Y15 F Y16 F Y17

21% 23% 7% 11% 16% 22% 33% 13% 20% 18% 10 20 30 40 50 F Y13 F Y14 F Y15 F Y16 F Y17 ROE Ro CE

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SLIDE 12

12

Disc laime r

F

  • r

fur the r de tails, ple ase fe e l fr e e to c ontac t our Inve stor Re lations Re pr e se ntative s: UJAAS E NE RGY L IMIT E D

E ma il : info @ uja a s.c o m

Valor e m Advisor s Inve stor Re lations Manage me nt

  • Mr. Anuj Sonpal

T e l: +91-22-4903-9500 E ma il: a nuj@ va lo re ma d viso rs.c o m

Uja a s E ne rg y L

  • td. Disc la ime r:

No re pre se nta tio n o r wa rra nty, e xpre ss o r implie d, is ma de a s to , a nd no re lia nc e sho uld b e pla c e d o n, the fa irne ss, a c c ura c y, c o mple te ne ss o r c o rre c tne ss o f the info rma tio n o r o pinio ns c o nta ine d in this pre se nta tio n. Suc h info rma tio n a nd o pinio ns a re in a ll e ve nts no t c urre nt a fte r the da te o f this pre se nta tio n. Ce rta in sta te me nts ma de in this pre se nta tio n ma y no t b e b a se d o n histo ric a l info rma tio n o r fa c ts a nd ma y b e "fo rwa rd lo o king sta te me nts" b a se d o n the c urre ntly he ld b e lie fs a nd a ssumptio ns o f the ma na g e me nt o f Uja a s E ne rg y L td . (“ Co mpa ny” o r “Uja a s E ne rg y L td”), whic h a re e xpre sse d in g o o d fa ith a nd in the ir o pinio n re a so na b le , inc luding tho se re la ting to the Co mpa ny’ s g e ne ra l b usine ss pla ns a nd stra te g y, its future fina nc ia l c o nditio n a nd g ro wth pro spe c ts a nd future de ve lo pme nts in its industry a nd its c o mpe titive a nd re g ula to ry e nviro nme nt. F

  • rwa rd-lo o king sta te me nts invo lve kno wn a nd unkno wn risks, unc e rta intie s a nd o the r fa c to rs, whic h ma y c a use the a c tua l re sults, fina nc ia l c o nditio n, pe rfo rma nc e o r a c hie ve me nts o f

the Co mpa ny o r ind ustry re sults to diffe r ma te ria lly fro m the re sults, fina nc ia l c o nditio n, pe rfo rma nc e o r a c hie ve me nts e xpre sse d o r implie d b y suc h fo rwa rd-lo o king sta te me nts, inc luding future c ha ng e s o r d e ve lo pme nts in the Co mpa ny’ s b usine ss, its c o mpe titive e nviro nme nt a nd po litic a l, e c o no mic , le g a l a nd so c ia l c o nditio ns. Furthe r, pa st pe rfo rma nc e is no t ne c e ssa rily indic a tive o f future re sults. Give n the se risks, unc e rta intie s a nd o the r fa c to rs, vie we rs o f this pre se nta tio n a re c a utio ne d no t to pla c e und ue re lia nc e o n the se fo rwa rd-lo o king sta te me nts. T he Co mpa ny disc la ims a ny o b lig a tio n to upda te the se fo rwa rd-lo o king sta te me nts to re fle c t future e ve nts o r de ve lo pme nts. T his pre se nta tio n is fo r g e ne ra l info rma tio n purp o se s o nly, witho ut re g a rd to a ny spe c ific o b je c tive s, fina nc ia l situa tio ns o r info rma tio na l ne e ds o f a ny pa rtic ula r pe rso n. T his pre se nta tio n do e s no t c o nstitute a n o ffe r o r invita tio n to purc ha se o r sub sc rib e fo r a ny se c uritie s in a ny jurisdic tio n, inc luding the Unite d Sta te s. No pa rt o f it sho uld fo rm the b a sis o f o r b e re lie d upo n in c o nne c tio n with a ny inve stme nt de c isio n o r a ny c o ntra c t o r c o mmitme nt to purc ha se o r sub sc rib e fo r a ny se c uritie s. No ne o f o ur se c uritie s ma y b e o ffe re d o r so ld in the Unite d Sta te s, witho ut re g istra tio n unde r the U.S. Se c uritie s Ac t o f 1933, a s a me nde d, o r pursua nt to a n e xe mptio n fro m re g istra tio n the re fro m. T his pre se nta tio n is c o nfide ntia l a nd ma y no t b e c o pie d o r disse mina te d, in who le o r in pa rt, a nd in a ny ma nne r.

Va lore m Advisors Disc la ime r:

Va lo re m Adviso rs is a n I nde pe nde nt I nve sto r Re la tio ns Ma na g e me nt Se rvic e c o mp a ny. T his Pre se nta tio n ha s b e e n pre pa re d b y Va lo re m Adviso rs b a se d o n info rma tio n a nd da ta whic h the Co mpa ny c o nside rs re lia b le , b ut Va lo re m Adviso rs a nd the Co mpa ny ma ke s no re pre se nta tio n o r wa rra nty, e xpre ss o r implie d, wha tso e ve r, a nd no re lia nc e sha ll b e pla c e d o n, the truth, a c c ura c y, c o mple te ne ss, fa irne ss a nd re a so na b le ne ss o f the c o nte nts o f this Pre se nta tio n. T his Pre se nta tio n ma y no t b e a ll inc lusive a nd ma y no t c o nta in a ll o f the info rma tio n tha t yo u ma y c o nside r ma te ria l. Any lia b ility in re spe c t o f the c o nte nts o f, o r a ny o missio n fro m, this Pre se nta tio n is e xpre ssly e xc lude d . Va lo re m Adviso rs a lso he re b y c e rtifie s tha t the dire c to rs

  • r e mplo ye e s o f Va lo re m Adviso rs do no t o wn a ny sto c k in pe rso na l o r c o mpa ny c a pa c ity o f the Co mpa ny unde r re vie w.