JSW Energy Limited Investor Presentation June 2020 Agenda - - PowerPoint PPT Presentation

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JSW Energy Limited

Investor Presentation

June 2020

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Agenda Overview Value Proposition Quarterly Highlights Appendix

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JSW Group – Overview

JSW Steel1: India’s leading integrated steel producer (Installed Crude Steel Production Capacity: ~18 MTPA)

• Market Cap2: USD 6.2 Bn

JSW Energy1: Engaged across the value chain of power business (Installed Capacity: ~4.5 GW)

• Market Cap2: USD 1.0 Bn

JSW Cement: Manufacturer of PSC, OPC and GGBS cement (Operational Plants’ Capacity: 14 MTPA) JSW Infrastructure: Engaged in development and

• perations of ports (Operational Capacity: 113 MTPA)

JSW Paints: Commenced operations in March 2019 (Annual Capacity: 125,000 KL); Only fully-automated, water-based plant in India

USD 14 Billion Group – Amongst India’s Largest Conglomerates

(1) Listed companies (2) USD/ INR = 75.1 Source: RBI reference rate as on June 2, 2020

JSW Ventures: Early-stage, tech-focused, venture capital fund based in Mumbai (Portfolio: Purplle, IndusOS, Limetray, Homelane) JSW Sports: Supporting Indian athletes and sports ecosystem (Teams Owned: Bengaluru FC, Delhi Capitals, Haryana Steelers) JSW Foundation: Social development arm of JSW Group, committed towards empowerment

• f

communities, with a footprint across 11 states

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JSW Energy – Presence Across The Value Chain

Power Generation Power Transmission Power Trading Mining

• Handling trading volume of

~1 Bn units

• Operational Transmission Line –

JV with MSETCL1: two 400KV transmission lines

• Current

Installed Capacity: 4,559 MW

• Producing 6-7 MTPA Lignite in

Barmer through BLMCL2

(1) Maharashtra State Transmission Company Ltd. (2) BLMCL is a 49:51 JV between JSW Energy (Barmer) Ltd (100% subsidiary of JSW Energy) and Rajasthan Government undertaking

Amongst the Largest Private Independent Power Producers in India

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(1) Long term FSA with BLMCL for supply of lignite from its captive mines (2) USD/ INR = 75.1 Source: RBI reference rate as of June 2, 2020 (3) Denotes start of first unit in respective calendar year; TPP – Thermal Power Plant

Leading IPP with ~4.5 GW of Installed Generation Capacity

Solar: 10 MW

• Ground based and rooftop solar power projects across

various locations with captive power tie-up within JSW Group

Barmer: 1,080MW

• Configuration: 8 X 135MW
• Units operating: since 20093
• Technology: Sub-critical pithead Lignite based TPP
• Fuel Source: Captive Lignite mines of BLMCL1
• Power Offtake: Long Term PPA
• Project Cost: INR 7,165 Crore/ $954mn2

Ratnagiri: 1,200MW

• Configuration: 4 X 300MW
• Units operating: since 20103
• Technology: Sub-critical TPP
• Fuel Source: Imported Thermal Coal
• Power Offtake: Long Term PPA & Merchant
• Project Cost: INR 5,516 Crore/ $735mn2

Baspa II: 300MW & Karcham Wangtoo: 1,091MW

• Units operating: Baspa II since 20033 and Karcham Wangtoo

since 20113

• Technology & Fuel Source: Hydro
• Power Offtake: Long Term PPA
• Asset Value to JSW Energy: INR 9,275 Crore/ $1,236mn2
• 3x80MW Hydro Power Plant under construction
• Awaiting regulatory approval for PPA with Haryana

Discom

Kutehr: 240 MW (Under construction) Nandyal: 18 MW

• 1x18MW Thermal Power Plant
• LT PPA under Group Captive scheme
• Configuration: 2 X 130MW and 2 X 300MW
• Units operating: since 20003
• Technology: Sub-critical TPP
• Fuel Source: Imported Thermal Coal & Gas
• Power Offtake: Long Term PPA & Merchant
• Project Cost: INR 3,096 Crore/ $412mn2

Vijayanagar: 860 MW Salboni: 18 MW (Under construction)

• 1x18MW Thermal Power Plant under construction

Well Diversified Fuel/Geography/Offtaker Mix

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(1) USD/ INR = 75.1 Source: RBI reference rate as of June 2, 2020

Proven Track Record

Delivering Sustainable Growth driven by Focused Execution and Financial Prudence

FY12 FY20

• CAGR FY12–20: 4%

Total Revenue INR 6,265 Crore / $835mn1 INR 8,560 Crore / $1,140mn1

• CAGR FY12–20: 9%

EBITDA INR 1,594 Crore/ $212mn1 INR 3,244 Crore/ $432mn1

• CAGR FY12–20: 7%

Capacity (MW) 2,600 4,559

• Diversifying fuel sources

Fuel Type Thermal Coal Thermal Coal, Lignite, Hydro, Solar

• CAGR FY12–20: 6%

Net Generation (MUs) 13,594 21,252

• Presence across the value chain

Business Segment Power Generation, O&M, Transmission, Trading, Coal Mining Power Generation, O&M, Transmission, Trading, Coal Mining

• CAGR FY12–20: 26%

PAT INR 170 Crore/ $23mn1 INR 1,100 Crore/ $144mn1

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Audit Committee

 Ensures regular review of audit plans, significant audit findings, adequacy of internal audit system, compliance with applicable regulations by the Company and its subsidiaries  Comprises of three Independent Directors

Compensation and Nomination & Remuneration Committee

 Identifies qualified persons and recommends to the Board the appointment, removal and evaluation of Directors  Responsible for drafting policy on specific remuneration packages for Executive Directors and approving the payment

• f remuneration to managerial personnel

 Formulate criteria for independence of Director, evaluation of Independent Directors, policy on Board diversity  Comprises of two Independent Directors

Stakeholders Relationship Committee

 Responsible for the functioning of the investor grievances redressal system  Comprises of one Independent Director and one Executive Director

Risk Management Committee

 Periodically reviews risk assessment and minimisation procedures  Comprises of two Independent Directors and two Executive Directors

Corporate Social Responsibility (CSR) Committee

 Formulates and recommends to the Board a CSR Policy including list of projects and programs  Periodically reviews the progress of CSR activities and programs  Comprises of one Independent Director and one Executive Director

Sound Corporate Governance

All Key Committees in place; Adequate Independent Director representation

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Agenda Overview Value Proposition Quarterly Highlights Appendix

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Project cost of select power plants set up by other players in the industry

(1) High capital cost due to CFBC boilers for lignite based power plant (2) USD/ INR = 75.1 Source: RBI reference rate as of June 2, 2020

Project Execution Expertise Driving Efficient Capital Allocation

Vijayanagar (2000-2001): 260 MW @ INR 4.34 Crore/MW (~$0.58mn/MW)2 Vijayanagar (2010): 600 MW @ INR 3.28 Crore/MW (~$0.44mn/MW)2 Ratnagiri (2011-2012): 1,200 MW @ INR 4.60 Crore/MW (~$0.61mn/MW)2 Barmer (2010-2013): 1,080 MW @ INR 6.63 Crore1/MW (~$0.88mn/MW)2 Power Project Capacity Project cost 1st COD

MW INR Crore/MW $mn/MW2 Year JPVL (Nigrie) 1,320 7.92 1.06 2014 Giral (Rajasthan)

1

250 7.69 1.02 2011 DB Power (Janjgir-Champa) 1,200 7.02 0.94 2014 Neyveli (Barsingsar)

1

250 7.00 0.93 2010 GMR EMCO (Warora) 600 6.25 0.83 2013 Adhunik (Padampur) 540 6.18 0.82 2013 Dhariwal (Chandrapur) 600 6.22 0.83 2014 Lanco (Amarkantak) 600 5.23 0.70 2009 Tata Power/DVC (Maithon) 1,050 5.24 0.70 2011 Aryan Coal (Kasaipalli) 270 5.00 0.67 2011 Lanco (Udupi) 1,200 4.67 0.62 2010

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Diversified and Balanced Portfolio of Efficient Operating Assets

Sound operating efficiency characterised by falling O&M Cost/MW; Further, one among the lowest O&M cost in the sector

Period FY17 FY18 FY19 FY20 O&M Expenses (INR Lakh/MW) 19.4 19.3 18.7 17.9

Improving LT PPA tie-up rendering high cash flow visibility; ~98% of LTPPA under two-part tariff (fuel cost/forex pass through)

45.6% 23.7% 30.5% 0.2% 4,559 MW

RE Hydro Lignite Imported coal

Portfolio well-diversified across fuel sources

• Imported coal
• Lignite
• Hydro
• Renewable (RE) - Solar

2,866 3,328 3,579 3,638 64.5% 75.0% 80.4% 81.4% 30.0% 50.0% 70.0% 90.0% 2,000 3,000 4,000 5,000 FY17 FY18 FY19 FY20 LT PPA (MW) LT PPA (%)

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Robust Financial Risk Profile

Amongst the strongest balance sheet in the Power sector Proactive debt reduction through prepayments/ repayments Ample liquidity characterized by robust cash accruals, and availability of undrawn bank lines that can be tapped in any exigency

13,384 11,278 10,050 8,945 Mar-17 Mar-18 Mar-19 Mar-20 Net Debt (INR Cr) ~INR 4,440 Cr

 Existing business of JSW Energy continues to generate gross cash accruals of ~INR 2,100 Cr1 annually  Ability to raise Short-term lines/ WC lines/ Commercial Papers in excess of INR 1,000 Cr  JSW Energy is the second largest entity in the USD 14 Bn JSW group, whose strong name in the market enhances the ease of tapping in both the ECM/DCM, which adds to financial flexibility  JSW Energy holds ~INR 1,350 Cr2 worth JSW Steel shares (#7 Cr shares) which further enhances financial flexibility

1.3 1.0 0.9 0.8 3.8 3.5 3.1 2.8 0.0 1.0 2.0 3.0 4.0 Mar-17 Mar-18 Mar-19 Mar-20 Net Debt/Equity (x) Net Debt/EBITDA (TTM) (x)

(1) Computed as PAT+ Depreciation+ Deferred Taxes+ Exceptional items for FY20 (2) As on June 18, 2020

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9.5% 9.4% 7.0% 6.7% 6.5% 5.8% JSW Energy CESC * Adani Power NTPC * Reliance Power Tata Power 38% 45% 29% 27% 27% 25% JSW Energy Reliance Power Tata Power CESC * NTPC * Adani Power Source: Stock exchange filings – FY20 results; * Figures for Trailing 12 months as on Dec 31, 2019 (1) Calculated as EBITDA/ Revenue, where EBITDA includes Other Income (2) Calculated as EBIT/ Average Capital Employed

Healthy Margins and Return Ratios

FY19 EBITDA Margin1 FY19 Return on Capital Employed2 (RoCE)

Average 32% Average 7.5%

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2.8 4.2 5.4 6.3 7.6 7.7 JSW Energy CESC * Tata Power NTPC * Reliance Power Adani Power 0.8 1.3 1.4 2.1 2.3 8.4 JSW Energy CESC * NTPC * Tata Power Reliance Power Adani Power

FY19 Net Debt/Equity (x)

Source: Stock exchange filings – FY20 results; *Figures for Trailing 12 months as on Dec 31, 2019 (1) EBITDA includes Other Income

Amongst the Strongest Balance Sheet in the Power sector

FY19 Net Debt/EBITDA1 (x)

Average 2.7 Average 5.7

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Agenda Overview Value Proposition Quarterly Highlights Appendix

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Key Highlights for Q4FY20

• Despite the Covid-19 situation, the Company’s plant operations continue to run smoothly, while ensuring adherence to

necessary safety measures. Balance sheet and liquidity remains robust, well positioned to navigate the challenging circumstances

• GMR Kamalanga Energy Ltd: The transaction has been put on hold given the ongoing uncertainty and will be revisited
• nce the situation normalizes
• Ind-Barath Energy (Utkal) Ltd: Approval by National Company Law Tribunal under process for the resolution plan

submitted by the Company

• Focus on Balance Sheet strength continues; During the quarter, the Company reduced its Net Debt* by `585 Crore; Net

Debt* to Equity at 0.77x

• The Board has recommended a dividend of `1 per equity share subject to approval of the Shareholders
• The Company was awarded ‘Golden Peacock award for HR Excellence-2019’ in Power sector
• The Company was awarded by World HRD Congress under the category of ‘Organization with Innovative HR Practices’
• The Company’s Ratnagiri plant received Certificate of Appreciation from Confederation of Indian Industry (CII), for good

work in the area of sustainability

* Excluding short term working capital debt/acceptances

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16 Q4 Plant-wise Net Generation (MUs)

Hydro net generation numbers includes free power to HPSEB * Deemed PLF

Power Generation

Actual PLF/CUF Q4 FY20 Q4 FY19 FY20 FY19 Remarks (Q4 FY20) Vijayanagar 34% 37% 40% 50% Lower due to back-down by long term customers Ratnagiri 71% (*79%) 76% (*80%) 75% (*85%) 76% (*79%) Barmer 63% (*83%) 65% (*86%) 62% (*82%) 71% (*84%) Hydro 15% 14% 53% 46% Higher due to better water availability Nandyal 81%

• 59%
• Solar – Nandyal

20%

• 17%
• Solar – Salboni

20%

• 18%
• Short term sales (MUs)

736 567 2,758 3,141 Higher at both Vijayanagar and Ratnagiri

FY Plant-wise Net Generation (MUs)

3,515 7,353 6,017 5,204

Nil Nil

22,088 2,758 7,193 5,277 5,953 58 13 21,252

Vijayanagar Ratnagiri Barmer Hydro Nandyal Solar Total

FY19 FY20 22% 12% 4% 14% 2% 649 1,793 1,377 397

Nil Nil

4,216 593 1,705 1,346 429 29 4 4,105

Vijayanagar Ratnagiri Barmer Hydro Nandyal Solar Total

Q4 FY19 Q4 FY20 9% 2% 3% 8% 5%

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# Not Annualized * Computed as PAT+ Depreciation+ Deferred Taxes+ Exceptional items

Consolidated Financial Results

` Crore

Q4FY20 Q4FY19 Particulars FY20 FY19

1,848 2,018 Total Revenue 8,560 9,506 629 570 EBITDA 3,244 3,221 34% 28% EBITDA Margin(%) 38% 34% 248 276 Interest 1,051 1,192 289 287 Depreciation 1,168 1,164 92 7 Profit Before Tax (before exceptional items) 1,025 865

• Exceptional Items

61

• 92

7 Profit Before Tax (after exceptional items) 1,086 865 108 4 Profit After Tax 1,100 695 406 301 Gross Cash Accruals* 2,128 1,892 0.66 0.02 Diluted EPS (`) # 6.70 4.24

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* Excluding short term working capital debt/acceptances # Impact due to change in value of listed equity investments through Other Comprehensive Income. Q2FY20 also includes impact of Dividend payout

Robust Balance Sheet

Net Debt to Equity healthy at 0.77x; Well positioned to pursue growth opportunities

Net Debt calculation excludes the market value of listed equity investments worth ~` 1,045 Crore (As on Mar 31, 2020) Sept 30, 2018 Dec 31, 2018 Mar 31, 2019 Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Mar 31, 2020 Net Worth (INR Crore) 12,231 11,904 11,822 11,928 11,756 12,467 11,646 Net Debt* (INR Crore) 10,982 10,611 10,050 10,221 9,702 9,530 8,945 Net Debt*/Equity (x) 0.90 0.89 0.85 0.86 0.83 0.76 0.77 Net Debt*/TTM EBITDA (x) 3.61 3.34 3.12 3.16 2.95 2.99 2.76 Weighted Average Cost of Debt 9.00% 9.06% 9.07% 9.20% 9.20% 9.13% 9.12% 0.90 0.89 0.85 0.86 0.83 0.76 0.77

0.50 0.60 0.70 0.80 0.90 1.00 1.10 8,000 9,000 10,000 11,000 12,000 13,000

Net Worth (INR Crore) Net Debt* (INR Crore) Net Debt*/Equity (x) #

in ` Crore in (x)

#

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# Including Other Income * After inter-company adjustments and eliminations

Entity-wise Summary Financial Performance

` Crore Q4 FY20 Q4 FY19 Total Revenue# FY20 FY19

1,044 1,201 Standalone 4,512 5,481 622 646 JSW Barmer 2,659 2,630 152 141 JSW Hydro 1,275 1,276 22 22 JPTL 82 83 1,848 2,018 Consolidated * 8,560 9,506

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* After inter-company adjustments and eliminations

Entity-wise Summary Financial Performance

` Crore Q4 FY20 Q4 FY19 EBITDA FY20 FY19

268 232 Standalone 1,092 1,167 242 234 JSW Barmer 1,044 993 102 102 JSW Hydro 1,091 1,103 20 20 JPTL 77 78 629 570 Consolidated * 3,244 3,221

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Agenda Overview Value Proposition Operational Highlights Appendix

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Source: CEA

Demand Growth Trends

Region FY20 YoY% Q4 FY20 YoY% Q3 FY20 YoY % Q2 FY20 YoY % Q1 FY20 YoY % Remarks (Q4 YoY Growth) (MUs) (MUs) (MUs) (MUs) (MUs) North

394,851 3.2% 81,991

• 1.0%

84,800

• 3.6%

118,952 7.8% 109,107 7.6% Haryana (-4.5%), UP (-1.8%)

West

388,841

• 0.4%

99,149 3.9% 94,203

• 8.2%

90,466

• 2.4%

105,024 5.4% Maharashtra (+6.9%)

South

344,535 1.5% 92,837 4.7% 78,545

• 6.2%

82,181

• 2.3%

90,972 9.8% Telangana (+13.9%)

East

146,191 0.3% 31,593

• 3.6%

32,750

• 5.5%

41,348 2.8% 40,501 6.6% Odisha (-8.6%)

North-East

16,591

• 0.6%

3,736

• 3.3%

4,012

• 2.1%

4,648

• 3.7%

4,195 7.6% Tripura (-30.7%)

All-India

1,291,010 1.3% 309,305 1.9% 294,310

• 6.0%

337,595 1.6% 349,800 7.4%

Quarterly Growth Rates Region FY20 FY19 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

North

• 1.0% -3.6%

7.8% 7.6%

• 0.5%

2.9% 2.7% 5.8% West 3.9%

• 8.2% -2.4%

5.4% 2.8% 7.2% 8.9% 5.1% South 4.7%

• 6.2% -2.3%

9.8% 2.4% 9.3% 8.5% 4.2% East

• 3.6% -5.5%

2.8% 6.6%

• 0.1%

9.7% 11.0% 6.0% North-East -3.3% -2.1% -3.7% 7.7% 10.7% 0.9% 4.6%

• 3.7%

All-India 1.9%

• 6.0%

1.6% 7.4% 1.6% 6.7% 6.8% 5.1%

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Generation and PLF Trends

Thermal PLF (%) FY20 FY19 Q4 FY20 Q4 FY19 Q3 FY20 Q3 FY19 Q2 FY20 Q2 FY19 Q1 FY20 Q1 FY19 Remarks All- India PLF

56.4% 61.1% 59.4% 61.5% 51.9% 62.5% 52.5% 57.6% 62.8% 62.2%

• All-India

Thermal PLF declined to 59.4% in Q4FY20 from 61.5% in Q4FY19 primarily due to decline in Central and State sector PLFs

Central

64.3% 72.6% 68.5% 75.7% 60.0% 73.8% 60.0% 68.2% 69.0% 73.3%

State

50.7% 57.8% 53.6% 57.6% 43.9% 59.3% 48.7% 51.6% 60.8% 61.3%

Private

55.1% 55.0% 57.1% 52.9% 54.7% 56.8% 52.3% 54.2% 59.6% 54.5%

Gross Generation FY20 YoY% Q4 FY20 YoY% Q3 FY20 YoY% Q2 FY20 YoY% Q1 FY20 YoY % Remarks (MUs) (MUs) (MUs) (MUs) (MUs) Thermal

1,042,725

• 2.8%

262,893

• 1.5%

244,977

• 11.2%

247,134

• 2.3%

287,720 4.0% • Overall generation growth stood at 1.7% YoY in Q4FY20 primarily impacted by decline in Thermal generation

• In FY20, generation growth

stood at 1.0% YoY vis-à-vis 5.2% in FY19

Hydro

156,007 15.7% 26,381 13.8% 33,584 18.5% 56,544 9.1% 39,498 25.1%

RES

138,319 9.1% 33,245 16.1% 26,934 8.6% 41,899

• 2.1%

36,241 18.7%

Others

52,291 23.9% 10,968 16.2% 13,112 31.6% 16,172 35.1% 12,039 11.0%

Total

1,389,341 1.0% 333,487 1.7% 318,607

• 6.0%

361,748 0.6% 375,498 7.4%

Source: CEA

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State, 28.1% Private, 46.7% Central, 25.2%

Total: 45.7 GW # +300 MW * Total: 6.8 GW #

Source: CEA; Basis Provisional CEA Data for Mar’20 * Net capacity change during Q4FY20 # Refers to total installed capacity of respective segments

Installed Capacity

Sector-wise Installed Capacity – 370.1 GW (As on March 31, 2020) Segment-wise Installed Capacity – 370.1 GW (As on March 31, 2020)

Total: 87.0 GW # +1,119 MW * Total: 230.6 GW #

• 102 MW *

Total: 103.3 GW #

• 493 MW *

Total: 173.3 GW # +1,131 MW * Total: 93.5 GW # +680 MW *

In FY20, Installed Capacity increased by 14.0 GW, led by RES (+9.4 GW) and Thermal (+4.3 GW) segments RES addition increased YoY (+9.4 GW vs +8.6 GW in FY19) led by Solar segment (+6.4 GW)

Thermal, 62.6% Nuclear, 1.8% Hydro, 12.3% RES, 23.3%

In Q4FY20, net capacity increased by ~1.3 GW led by RES (+1.1 GW) and Hydro (+0.3 GW) segments

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Source: IEX (DAM)

Merchant Market

Merchant volume significantly higher due to lower tariffs in Q4FY20

Particulars Q4 FY20 Q3 FY20 Q4 FY19 YoY% QoQ% Merchant Volume (MUs) 13,052 11,113 9,431 +38% +17% Average merchant tariff (`/unit) 2.74 2.83 3.18

• 14%
• 3%

Particular FY20 FY19 FY18 FY17 Average merchant tariff (`/unit) 3.01 3.85 3.26 2.42

1.00 2.00 3.00 4.00 5.00 6.00 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

Merchant Tariff Trend (`/unit)

FY17 FY18 FY19 FY20

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• Industrial production (IIP) growth stood negative at -0.7% YoY

in FY20, led by decline in manufacturing sector growth

• Average imported coal (API4) prices witnessed a decline of ~6%

YoY however increased ~3% QoQ in Q4FY20, with a sharp decline in the month of Mar’20

• In Q4FY20, average rupee value against USD depreciated ~2%
• n QoQ and ~3% on YoY basis

Source: API4 Coal Index, MoSPI,, Reserve Bank of India (RBI)

Indian Economy and Imported Thermal Coal Prices

USD/INR trend (monthly average) Industrial Production Growth (YoY %)

• 20%
• 15%
• 10%
• 5%

0% 5% 10% Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 Overall IIP Manufacturing 50 60 70 80 90 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 68 70 72 74 76 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20

Imported coal (API4) trend – USD/T (monthly average)

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This presentation has been prepared by JSW Energy Limited (the “Company”) based upon information available in the public domain solely for information purposes without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation should not be construed as legal, tax, investment or other advice. This presentation is confidential, being given solely for your information and for your use, and may not be copied, distributed or disseminated, directly or indirectly, in any manner. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Company. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any persons in possession of this presentation should inform themselves about and observe any such restrictions. Furthermore, by reviewing this presentation, you agree to be bound by the trailing restrictions regarding the information disclosed in these materials. This presentation contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those specified in such forward-looking statements as a result of various factors and assumptions. The risks and uncertainties relating to these statements include, but are not limited to, (i) fluctuations in earnings, (ii) the Company’s ability to manage growth, (iii) competition, (iv) (v) government policies and regulations, and (vi) political, economic, legal and social conditions in India. The Company does not undertake any obligation to revise or update any forward-looking statement that may be made from time to time by or on behalf of the Company. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The information contained in this presentation is only current as of its date and has not been independently verified. The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of such revision or changes. No representation, warranty, guarantee or undertaking, express or implied, is or will be made as to, and no reliance should be placed on, the accuracy, completeness, correctness or fairness of the information, estimates, projections and opinions contained in this presentation. None of the Company or any of its affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. Please note that the past performance of the Company is not, and should not be considered as, indicative of future results. Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose. Such information and opinions are in all events not current after the date of this presentation. None of the Company, any placement agent or any other persons that may participate in the offering of any securities of the Company shall have any responsibility or liability whatsoever for any loss howsoever arising from this presentation or its contents or otherwise arising in connection therewith. This presentation does not constitute or form part of and should not be construed as, directly or indirectly, any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company by any person in any jurisdiction, including in India or the United States, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any investment decision or any contract or commitment therefore. Securities of the Company may not be offered, sold or transferred in to or within the United States absent registration under the United States Securities Act of 1933, as amended (the “Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state of other jurisdiction of the United States. The Company’s securities have not been and will not be registered under the Securities Act. This presentation is not a prospectus, a statement in lieu of a prospectus, an offering circular, an advertisement or an offer document under the Companies Act, 2013, as amended, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, or any other applicable law in India.

Forward Looking and Cautionary Statement

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Thank you