JSW Energy Limited Investor Presentation February 2019 Agenda - - PowerPoint PPT Presentation

JSW Energy Limited

Investor Presentation

February 2019

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Agenda Overview Value Proposition Operational Highlights Appendix

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*Listed company. ** USD/ INR = 72

JSW Group – Overview

USD 13 Billion group with presence across the core sectors

JSW Steel*: India’s leading integrated steel producer (Steel making capacity: 18MTPA) JSW Energy*: Engaged across the value chain

• f

power business (Operational plants’ capacity: 4,541MW) JSW Infrastructure: Engaged in development and operations of ports (Operational capacity: 75MTPA) JSW Cement: Manufacturer of PSC, OPC and GGBS cement (Operational plants’ capacity: 12.8MTPA)

JSW Steel 9,182 JSW Energy 1,546

Group Market Cap (USD 10,729 mn**)

As on February 4, 2019

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JSW Energy – Presence across the Value Chain

Power Generation Power Transmission Power trading Equipment Manufacturing Mining

• Engaged in power trading since June 2006
• Handled trading volume of ~3.5bn units in FY18
• Operational Transmission Line – JV with

MSETCL: two 400KV transmission lines

• Currently

Operational Capacity: 4,541 MW

• JV

with Toshiba, Japan for manufacturing of super-critical steam turbines and generators

• Rajasthan (Lignite): Kapurdi and

Jalipa mines (operational with capacity of 7MTPA and 6MTPA respectively); mineable reserves of 441mn tonnes

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1) Long term FSA with BLMCL for supply of lignite from its captive mines; BLMCL is a 49:51 JV between JSW Energy (Barmer) Ltd (subsidiary of JSW Energy) and Rajasthan Government undertaking, 2) USD/ INR = 72, 3) denotes start of first unit in respective fiscal year; TPP – Thermal Power Plant, ^ New businesses segments currently under development/implementation

Established Energy Company with 4,541 MW Operational Capacity

Proximity to load centre/fuel source/infrastructural facilities

Vijayanagar: 860MW

• Configuration: 2 X 130MW and 2 X 300MW
• Units operating: since 20003
• Technology: Sub-critical TPP
• Fuel Source: Gas & Imported Thermal Coal
• Power Offtake: Long Term PPA & Merchant
• Project Cost: INR 30,957mn/ $430mn2

Ratnagiri: 1,200MW

• Configuration: 4 X 300MW
• Units operating: since 20113
• Technology: Sub-critical TPP
• Fuel Source: Imported Thermal Coal
• Power Offtake: Long Term PPA & Merchant
• Project Cost: INR 55,161mn/ $766mn2

Barmer: 1,080MW

• Configuration: 8 X 135MW
• Units operating: since 20103
• Technology: Sub-critical pithead Lignite based TPP
• Fuel Source: Captive Lignite mines of BLMCL1
• Power Offtake: Long Term PPA
• Project Cost: INR 71,650mn/ $995mn2

Baspa II (300MW) & Karcham Wangtoo (1,091MW)

• Units operating: Baspa II since 2003 and

Karcham Wangtoo since 2012

• Technology & Fuel Source: Hydro
• Power Offtake: Long Term PPA
• Asset Value to JSW Energy: INR 92,750mn/

$1,288mn2

EV/Associated Businesses ^

• Entering businesses for manufacture of Electric Vehicles (EV); EV Cars

planned to be launched in 3-4 years

• COO appointed; Team being built; Partnerships being explored
• MOUs signed with Gujarat and Maharashtra Governments

Renewable Energy ^

• Commissioned ~10 MW solar power projects across rooftop

and ground-mounted segments within the JSW Group, and exploring other group captive capacities

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USD/ INR = 72, *Before exceptional items

Proven Track Record

Despite turbulent sector dynamics, delivering sustainable growth driven by focused execution and balanced strategy

FY12 FY18

• CAGR FY12–18: 5%

Total Revenue INR 62,654mn / $870mn INR 85,140mn / $1,183mn

• CAGR FY12–18: 12%

EBITDA INR 15,944mn/ $221mn INR 32,276mn/ $448mn

• CAGR FY12–18: 10%

Capacity (MW) 2,600 4,531

• Diversifying fuel sources

Fuel Type Thermal Coal Thermal Coal, Lignite, Hydro

• CAGR FY12–18: 8%

Net Generation (MUs) 13,594 21,816

• Presence across the value chain

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

• CAGR FY12–18: 20%

PAT* INR 1,701mn/ $24mn INR 4,960mn*/ $69mn

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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 six Non-Executive 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 four Non-Executive Directors

Stakeholders Relationship Committee

 Responsible for the functioning of the investor grievances redressal system  Comprises of two Non-Executive Directors and one Executive Director

Risk Management Committee

 Periodically reviews risk assessment and minimisation procedures  Comprises of three Non-Executive 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  Strong commitment towards CSR  Comprises of four Non-Executive Directors and one Executive Director

Sound Corporate Governance

All key committees in place, having adequate independent director representation

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Agenda Overview Value Proposition Operational Highlights Appendix

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Value Proposition

Efficient Capital Allocation and Execution Capabilities Portfolio of Efficient Operating Assets Diversified Fuel Tie-up Balanced Mix of Off-take Arrangements Robust Financial Profile

1 2 3 4 5

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1) High capital cost due to CFBC boilers for lignite based power plant USD/ INR = 72

Efficient Capital Allocation and Execution Capabilities

Vijayanagar (2000-2001): 260 MW @ INR 43.42mn/MW (~$0.60mn/MW) Vijayanagar (2010): 600 MW @ INR 32.78mn/MW (~$0.46mn/MW) Ratnagiri (2011-2012): 1,200 MW @ INR 45.97mn/MW (~$0.64mn/MW) Barmer (2010-2013): 1,080 MW @ INR 66.34mn1 /MW (~$0.92mn/MW)

Leveraging upon strong project execution and project management expertise, and infrastructure

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Power project Capacity Project cost 1st COD MW

` mn/MW $mn/MW Year

Lanco (Amarkantak) 600

52.3 0.73 2009

Lanco (Udupi) 1,200

46.7 0.65 2010

Aryan Coal (Kasaipalli) 270

50.0 0.69 2011

Tata Power/DVC (Maithon) 1,050

52.4 0.73 2011

Adhunik (Padampur) 540

61.8 0.86 2013

GMR EMCO (Warora) 600

62.5 0.87 2013

GMR (Kamalanga ) 1,050

62.1 0.86 2013

Dhariwal (Chandrapur) 600

62.2 0.86 2014

DB Power (Janjgir-Champa) 1,200

70.2 0.98 2014

JPVL (Nigrie) 1,320

79.2 1.10 2014

Neyveli (Barsingsar)

1

250

70.0 0.97 2010

Giral (Rajasthan)

1

250

76.9 1.07 2011

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

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JSW Energy Standalone1

93% 81% 83% 84% 61% 59% 67% 64% 62% 61% 61% 56% 55% 61% FY13 FY14 FY15 FY16 FY17 FY18 9M FY19 JSW Energy Standalone PLF All India private sector thermal power plants' PLF*

*Source-CEA 1) Includes Vijaynagar (860MW) and Ratnagiri (1,200MW) plants 2) Deemed PLF

Portfolio of Efficient Operating Assets

 Among the best-run private sector power plants in India  The Company’s hydro power plant, Karcham-Wangtoo in Himachal Pradesh, reported its highest ever generation in FY18 since its commissioning in 2011

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Healthy PLFs driven by O&M and execution expertise

Barmer2 and Hydro

86% 83% 82% 85% 86% 85% 80% 78% 90% 24% 14% 51% 94% 24% Q1 FY18 Q2 FY18 Q3FY18 Q4FY18 Q1FY19 Q2FY19 Q3FY19 Barmer Hydro

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Diversified Fuel Tie-up and Balanced Mix of Off-take Arrangements

Lower fuel risk, resilience to sector dynamics. Commenced domestic coal usage at Vijaynagar plant. Fuel sources –

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

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45.4% 23.8% 30.6% 0.2%

4,541MW RE Hydro Lignite Imported coal

Power off-take arrangements – optimal mix of long term contracts & merchant power sales (return optimisation) ….

Long term:  Stable cashflows, pre-defined returns  Insulated from inflation and fuel price movement, declining tariff Short term:  Ability to capitalise on better realisations  Ability to respond to demand fluctuations and shortages

…. with aim to tie-up over 85% of capacity under long term PPAs

80.4% 19.6%

Long Term Short Term

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Source: Stock exchange filings – FY18 results (1) Calculated as EBITDA/ Revenue, where EBITDA includes Other Income, (2) Calculated as EBIT/ Average Capital Employed

Sound Financial Profile

Healthy Margins and Return Ratios

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FY18 EBITDA Margin1 FY18 Return on Capital Employed2 (RoCE)

9.5% 7.9% 7.7% 7.4% 6.6% 6.4% JSW Energy CESC (Standalone) R Power NTPC Tata Power Adani Power 37.9% 48.6% 29.3% 27.0% 22.7% 22.8% JSW Energy R Power Adani Power NTPC CESC (standalone) Tata Power

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3.5 2.6 5.2 6.2 6.9 8.5 JSW Energy CESC (Standalone) NTPC R Power Tata Power Adani Power 1.0 0.5 1.2 1.4 2.5 59.0 JSW Energy CESC (Standalone) NTPC R Power Tata Power Adani Power

FY18 Net Debt/Equity (x)

Source: Stock exchange filings – FY18 results (1) EBITDA includes Other Income

Sound Financial Profile

FY18 Net Debt/EBITDA1 (x)

Well capitalised Balance Sheet, adequately positioned to tap growth opportunities

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Agenda Overview Value Proposition Operational Highlights Appendix

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Key Highlights for Q3FY19 (1/2)

• Healthy power demand growth in Q3FY19 at 6.8%YoY led by a robust October month (+11.5%)
• Average IEX merchant prices during the quarter rose ~21% on a YoY basis to ₹4.28/unit with peak spot prices

hitting an all-time high of ₹19.99/unit on October 29, 2018

• In Q3FY19, Company achieved higher PLF at its Vijayanagar and Ratnagiri plants on a YoY basis with October

PLFs of 92.8% (highest in last 30 months) and 95.5% respectively

• Focus on Balance Sheet strength continues with Net Debt reduction of ₹296 Crore during the quarter

through prepayment/scheduled repayments; Net Debt to Equity stands at a comfortable low of 0.90x

• The Company has renamed the following wholly owned subsidiaries for better resonance with the JSW brand

name: ‒ Himachal Baspa Power Company Ltd to JSW Hydro Energy Ltd (JSWHEL) ‒ Raj WestPower Ltd to JSW Energy (Barmer) Ltd (JSWBL)

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Key Highlights for Q3FY19 (2/2)

• For optimal corporate holding structure and better operational control, the Board has approved the transfer
• f JSW Energy (Kutehr) Ltd, a 100% subsidiary of the Company, to JSW Hydro Energy Ltd subject to necessary

approvals

• FTSE Russell included JSW Energy in the ‘FTSE4Good Index Series’, which is designed to measure the

performance of companies demonstrating strong Environmental, Social and Governance practices

• JSW Energy (Barmer) Ltd was conferred with the following awards:

‒ “IPPAI Best Thermal Power Generator” by Independent Power Producers Association of India (IPPAI) ‒ “Energy Conservation Award” by Rajasthan Renewable Energy Corporation Ltd ‒ Green Petal Awards – 2018 under the categories of “Energy Conservation”, “CSR Initiatives” and “Environment Management” by Green Maple Foundation

• The Company’s Vijayanagar plant won IPPAI Power Award under the category of “Best Innovations”
• Electric Vehicle (EV) Business: Discussions in progress with leading global OEMs and Engineering Service

Providers on Product and Technology partnerships

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9M Plant-wise Net Generation

2,846 4,674 4,470 5,471 17,462 2,867 5,560 4,640 4,806 17,872

Vijayanagar Ratnagiri Barmer Hydro Total

9M FY18 9M FY19 1% 19% 12% 4% 2%

Q3 Plant-wise Net Generation

All figures are in MUs. * Deemed PLF, Hydro net generation numbers includes free power to HPSEB

Particulars Q3 FY19 Q3 FY18 9M FY19 9M FY18 Remarks (Q3 FY19)

PLF – Vijayanagar 57% 51% 55% 54% Higher offtake primarily from merchant PLF – Ratnagiri 81% (84%*) 73% (78%*) 76% (79%*) 65% (70%*) Higher offtake from both ST and LT customers PLF – Barmer * 80% 82% 84% 84% Consistent deemed PLF PLF – Hydro 24% 24% 56% 64% Consistent PLF Short term sales (MUs) 1,112 1,155 2,574 4,171 Lower due to conversion of open capacity into LT PPA

896 1,757 1,594 697 4,945 1,002 1,969 1,457 689 5,116

Vijayanagar Ratnagiri Barmer Hydro Total

Q3 FY18 Q3 FY19 12% 12% 1% 9% 3%

Power Generation

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Consolidated Financial Results

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

` Crore

Q3 FY19 Q3 FY18 Particulars 9M FY19 9M FY18

2,492 2,081 Turnover 7,487 6,635 809 673 EBITDA 2,651 2,702 32% 32% EBITDA Margin(%) 35% 41% 295 341 Interest 916 1,132 293 241 Depreciation 876 728 221 92 Profit Before Tax 858 841 146 47 Profit After Tax 691 561 467 287 Gross Cash Accruals * 1,590 1,358 0.89 0.29 Diluted EPS (`) # 4.21 3.42

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Net Debt reduction of ~`3,700 Crore over last 7 quarters

9,000 9,750 10,500 11,250 12,000 12,750 13,500 14,250 Mar 31, 2017 Mar 31, 2018 Dec 31, 2018

Proactive debt reduction through prepayments, refinancing and scheduled repayments

in ` Crore

` 10,686 cr ` 11,278 cr

Net Debt Reduction of ` 3,698 cr

` 14,384 cr ` 13,384 cr JPVL related liability ` 1,000 cr (Non-funded)

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Amongst the Strongest Balance Sheet in the Power Sector

Net Debt reduced by `296 Crore in Q3FY19; Net Debt to Equity healthy at 0.90x

* Impact mainly due to change in value of equity investment in JSW Steel through Other Comprehensive Income

Particulars, as at Dec 31, 2018 Sept 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Net Worth (` Crore) 11,904* 12,231 11,581 11,110 11,469 11,259 10,696 Net Debt (` Crore) 10,686 10,982 11,382 11,278 11,896 12,679 13,686 Net Debt to Equity Ratio (x) 0.90 0.90 0.98 1.02 1.04 1.13 1.28 Weighted Average Cost of Debt 9.06% 9.00% 8.97% 9.03% 9.04% 9.33% 10.05%

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Entity-wise Summary Financial Performance

` Crore

* After inter-company adjustments and eliminations

Q3 FY19 Q3 FY18 Income from Operations 9M FY19 9M FY18

1,497 1,135 Standalone 4,007 3,196 657 573 JSW Barmer 1,935 1,642 204 224 JSW Hydro 1,113 1,255 21 22 JPTL 60 67 2,422 1,993 Consolidated * 7,213 6,274

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Entity-wise Summary Financial Performance

` Crore

* After inter-company adjustments and eliminations

Q3 FY19 Q3 FY18 EBITDA 9M FY19 9M FY18

367 280 Standalone 935 935 270 226 JSW Barmer 759 676 166 172 JSW Hydro 1,001 1,173 21 21 JPTL 58 66 809 673 Consolidated * 2,651 2,702

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Agenda Overview Value Proposition Operational Highlights Appendix

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Strong Financial Track Record

Key Financial Parameters FY16 FY17 FY18

EBITDA Margin (%) 42.4 41.8 37.9 Return on Avg. Net Worth (%) 16.0 6.3 4.6^ EPS (` Per Share) 8.90 3.87 3.02^

 Profit making entity since inception  Well capitalised balance sheet/ low gearing ratios  Reducing debt levels leading to robust debt protection metrics

Robust financial profile in a challenging environment

62,654 91,477 89,076 96,103 1,00,596 84,804 85,139 15,944 30,066 34,536 38,535 42,612 35,414 32,276

8,000 16,000 24,000 32,000 40,000

• 20,000

40,000 60,000 80,000 1,00,000 1,20,000 FY12 FY13 FY14 FY15 FY16 FY17 FY18 Total Revenue (Rs. mn) EBITDA (Rs. mn, RHS)

91,191 94,049 89,205 75,739 1,44,762 1,33,844 1,12,782 1.60 1.52 1.36 1.01 1.49 1.29 1.02

• 0.40

0.80 1.20 1.60 2.00 2.40

• 40,000

80,000 1,20,000 1,60,000 FY12 FY13 FY14 FY15 FY16 FY17 FY18 Net Debt (Rs. mn) Net Debt to Equity

Note: Figures from FY16 onwards have been restated as per IndAS; ^ Before exceptional items

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Robust Demand Growth in Q3FY19 at 6.8%

Source: CEA

Region 9M FY19 YoY % Q3 FY19* YoY % Q2 FY19 YoY % Q1 FY19 YoY % Remarks (MUs) (MUs) (MUs) (MUs) North 2,99,832 3.8% 88,107 3.1% 1,10,304 2.7% 1,01,421 5.8%

Driven by Rajasthan (Q3: 11%, 9M: 12% YoY growth)

West 2,94,895 7.0% 1,02,625 7.2% 92,653 8.9% 99,617 5.1%

Maharashtra (Q3: 11%, 9M: 8%)

South 2,50,822 7.3% 83,824 9.4% 84,140 8.5% 82,858 4.2%

Telangana (Q3: 23%, 9M: 14%)

East 1,13,140 9.1% 34,915 10.5% 40,215 11.0% 38,010 6.0%

Odisha (Q3: 16%, 9M: 15%)

North-East 12,800 0.6% 4,074 0.3% 4,829 4.6% 3,897

• 3.7%

Mizoram (Q3: 65%, 9M: 40%)

All-India 9,71,491 6.2% 3,13,546 6.8% 3,32,141 6.8% 3,25,803 5.1% Trend in Growth Rates

* Basis Provisional CEA Data for Dec-18

Region FY19 FY18 Q3 Q2 Q1 Q4 Q3 Q2 Q1 North 3.1% 2.7% 5.8% 6.2% 6.4% 9.1% 4.2% West 7.2% 8.9% 5.1% 6.8% 11.3% 3.5% 5.2% South 9.4% 8.5% 4.2% 9.5% 1.0% 3.4% 5.0% East 10.5% 11.0% 6.0% 9.1% 5.0% 6.1% 7.1% North-East 0.3% 4.6%

• 3.7%
• 4.1%

8.2% 11.5% 12.2% All-India 6.8% 6.8% 5.1% 7.5% 6.3% 5.8% 5.1%

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Generation and PLF trends

Thermal PLF (%) 9M FY19 9M FY18 Q3 FY19 Q3 FY18 Q2 FY19 Q2 FY18 Q1 FY19 Q1 FY18 Remarks All- India PLF 61.1% 59.1% 62.4% 58.8% 57.7% 56.7% 63.4% 61.6% •

Overall Thermal PLF shows good improvement in Q3FY19 on YoY basis led by State sector

• Private sector PLF higher on YoY basis

in Q3FY19

Central 72.0% 71.0% 73.8% 71.0% 68.4% 69.0% 74.6% 72.5% State 57.7% 53.1% 59.2% 52.9% 51.6% 48.3% 62.2% 57.5% Private 55.6% 55.6% 56.8% 54.8% 54.2% 55.1% 55.3% 56.8% Gross Generation 9M FY19 YoY % Q3 FY19 YoY % Q2 FY19 YoY % Q1 FY19 YoY % Remarks (MUs) (MUs) (MUs) (MUs) Thermal 8,05,434 5.0% 2,75,824 6.8% 2,53,047 2.3% 2,76,562 5.7%

• Generation growth of 6.9% YoY in Q3FY19
• Slowdown in RE generation growth at

14.2%YoY vis-à-vis 28.4% in Q3FY18 due to lower wind generation in Q3FY19 (-14.4%

• n YoY basis)

Hydro 1,11,720 4.6% 28,337 11.4% 51,807 14.8% 31,575

• 12.9%

RE 97,985 25.2% 24,589 14.2% 42,867 36.9% 30,528 20.2% Others 32,780 1.0% 9,965

• 14.0%

11,968 10.6% 10,847 8.0% Total 10,47,918 6.4% 3,38,715 6.9% 3,59,690 7.5% 3,49,513 4.8%

Source: CEA

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Total: 45.4 GW #

• 88 MW *

Total: 6.8 GW #

Installed Capacity

Source: CEA * Net capacity change during Q3FY19 # Refers to total installed capacity of respective segments

Installed Capacity grew 0.9% QoQ and 4.7% YoY led by RES & Thermal additions

Sector-wise Installed Capacity – 349.3 GW (As on December 31, 2018) Segment-wise Installed Capacity – 349.3 GW (As on December 31, 2018)

Total: 74.1 GW # +2,069 MW * Total: 223.0 GW # +1,225 MW * Total: 104.4 GW # +1,448 MW * Total: 161.0 GW # +2,462 MW * Total: 83.9 GW #

• 705 MW *
• QoQ net capacity increased by ~3.2 GW led by RES (+2.1 GW) and Thermal (+1.2 GW) segments
• However, RES Capacity addition pace significantly slower for FY19 (5.1 GW achieved in 9MFY19 Vs 21.8 GW target for FY19)

State 29.9% Private 46.1% Central 24.0% Thermal 63.9% Nuclear 1.9% Hydro 13.0% RES 21.2%

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Average Merchant Tariff spikes in October’18

Source: IEX, PXIL

Average monthly merchant tariff peaked to an 8-year high in October’18 at `5.94/unit Spot prices hit an all-time high of `19.99/unit on October 29, 2018

Particular 9M FY19 FY18 FY17 FY16 FY15 Average merchant tariff (`/unit) 4.08 3.26 2.42 2.73 3.51 Particulars Q3 FY19 Q3 FY18 YoY% Q2 FY19 QoQ% Merchant Volume [IEX+PXIL, (MUs)] 12,975 11,029 +17.6% 13,849 -6.3%

1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Merchant Tariff Trend (`/unit)

CY18 CY17 CY16 CY15 CY14

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Indian Economy and Imported Thermal Coal Prices

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

Imported Thermal coal prices softened; Average value of rupee appreciated by ~3% QoQ in Q3FY19 Industrial Production Growth (YoY %)

• Industrial production (IIP) growth for Apr-Nov’18 stood at 5.0% on a

YoY basis led by manufacturing (5.0%) and electricity sectors (6.6%)

• Moderation in crude oil prices amidst a supply glut resulted in

appreciation of Rupee against USD in the Q3FY19 Indexed to Sep-2018 Levels

• 2%

0% 2% 4% 6% 8% 10% 12% Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Overall IIP Manufacturing 95 100 105 110 115 120 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Indexed API 4 Coal (monthly avg.) USD/INR (monthly avg.)

Month API 4 Coal USD/INR Sep-18 100 100 Oct-18 93 102 Nov-18 96 100 Dec-18 95 98

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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