Q1FY21 Results Presentation August 2020 CONTENTS ATL Company - PowerPoint PPT Presentation

Adani Transmission Limited Q1FY21 Results Presentation August 2020

CONTENTS ATL – Company Profile Adani Group Operational Highlights 04-07 09-12 14-16 ATL: Manifesting Adani’s Infrastructure ADANI: World class infrastructure Excellence in T&D business 09 & utility portfolio 04 ATL: Operational Highlights Snapshot 14 ADANI: Repeatable, robust & ATL at a Glance ATL: Operational Highlights Transmission 10-11 15 proven model to deliver RoE 05 Utility 12 AEML (Integrated Utility) at a Glance ADANI: Repeatable, robust ATL: Operational Highlights business model applied Distribution Utility (AEML) 16 consistently to drive value 06 ATL: A platform well-positioned To leverage growth opportunities in T&D business 07 Financial Highlights Annexure ESG 18-22 24-26 28-32 Detailed Financials 28 ATL: Integrated ESG Framework for 24 ATL: Financial Highlights Snapshot 18 enhanced value creation Credit Rating 30 ATL: Transmission Utility - Revenue and ATL: ESG Quarterly Performance and 25 Operating EBITDA Bridge Asset portfolio 31 19 Initiatives ATL: Distribution Utility - Revenue and 20 Operating EBITDA Bridge ATL: Inculcating Safety Culture 26 ATL: Business Update and Key 21 initiatives 22 ATL: Key Focus Areas FY21 and Beyond

Adani Group

Adani : World class infrastructure & utility portfolio Adani Adani Transport & Logistics Portfolio Energy & Utility Portfolio Philosophical shift from B2B to B2C businesses – AGL – Gas distribution 63.5% 100% 75% 75% network to serve key APSEZ SRCPL ATL AGEL geographies across India Port & Logistics Rail T&D Renewables AEML – Electricity 100% 75% 37.4% distribution network that powers the financial AAPT AGL APL 75% capital of India Abbot Point Gas DisCom IPP AEL Adani Airports – To operate, manage and Incubator develop six airports in the country 100% 100% 100% 100% Locked in Growth 2020 – AAHL ATrL AWL Data Airports Roads Water Centre Transport & Logistics - Airports and Roads Energy & Utility – Water ~USD 28 bn* and Data Centre ( Combined M-cap) Opportunity identification, development and beneficiation is intrinsic to diversification and growth of the group • Orange colour represent public traded listed vertical | Percentages denote promoter holding 04 • * As on June 30, 2020, USD/INR = 76

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 Successfully placed O&M optimisations Redefining the Envisaging evolution Complex seven issuances e.g. Solar plants space e.g. Mundra of sector e.g. Adani developments on totalling Port Transmission time & budget e.g. ~USD 4Bn in FY20 APL All listed entities maintain Performance 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 05

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 Constructed and benchmarked to global Model High Declared among Peers in the among Peers Commissioned in 9 standards Capacity of 89% 5 EBITDA margin: 91% 1,3 World Attributes months EBITDA margin: 64% 1,2 EBITDA margin: 89% 1,4 Diverse financing PSU 33% sources – only Private Banks 20% Indian infrastructure Bonds 47% portfolio with four (4) Investment Grade (IG) PSU 55% issuers March 2016 Private Banks 31% March 2020 Bonds 14% 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 06 sales and exclude other items; 5 FY20 data for commercial availability declared under long term power purchase agreements.

ATL : A platform well-positioned to leverage growth opportunities in T&D business Strategic Presence Execution Prowess Healthy pool mix Transmission - Present in 9 states Transmission Network of Transmission (FY20): Development with 21 transmission lines 14,814 ckms 1 ; 52% of EBITDA - Central pool Distribution - Integrated utility Longest Private HVDC Line in Asia 48% of EBITDA - State pool catering to gateway city of Mumbai Operating Efficiency and Consumer-centricity ESG Strong Margins (FY20) Operations Robust network availability of Integration of Customer and Operations ~99.8% and supply 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 14,814 ckt kms include operational, under-construction; 2) FY20 - Availability, Margin and Supply reliability

Company Profile

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 Asset Base (2) (Transmission/ Distribution) (4,5) (Fully built) Robust Financial performance and 92% (Transmission) ~99.90 % INR 117 bn / US$ 1.7 bn BBB- / Baa3 strong Balance 31% (Distribution) Availability Approved Tariff Order International Investment Sheet EBITDA Margin (Fully Built) (1) Grade Rating (5) (Q1FY21) (Q1FY21) 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 FY20; (5) Operational History of 93 years; TBCB: Tariff Based Competitive Bidding

ATL at a Glance (1/3) 25.1% 100% 1 74.9% Transmission Distribution Qatar Investment SPV’s SPV Authority (QIA) 16 Operating SPVs, 9 under construction SPVs 1,2 Adani Electricity Mumbai Limited (AEML) Average remaining Concession Life Ckt Kms 2 Ckt Kms ~31 yrs Catering to 3 Mn+ 1,892 MW of peak Connections power demand 5,591 5,835 8,979 38% 9,223 39% 61% 62% 540 ckm lines/ 3,125 500 MW of power MVA transformation generation capacity One of the Largest Private Fixed Tariff (TBCB) Fixed Return (Regulated) Central State integrated Utility of India Notes: 1) % denotes shareholding; 74% in Aravali Transmission Service Company Limited; 2) Network includes operational, under construction as of 30 th June, 2020 10

Transmission Utility at a Glance (2/3) ATL TBCB ROA Other SPVs (Section 63) (Section 62) TBCB Asset Base Portfolio Regulated Asset Base Portfolio No. of No. of 20 4 Assets Assets Asset Base (1) Asset Base 107.3 137.1 (Rs. Bn) (Rs. Bn) Op. EBITDA Op. EBITDA 16.8 8.0 FY20 (Rs. Bn) FY20 (Rs. Bn) Operating in nine states of India Stable and Evolved Regulatory Regime Focus on sustainability • Solar power 1.83 MW Aux Consumption at all • Mature Regulatory bodies (EA 2003) • Transmission network of 14,814 ckt kms Sub-Stations. All Substation auxiliaries being • No throughput risk in Transmission sector met through Captive Solar Gradually • Presence in 9 States, with 21 Transmission • • Payment pooling mechanism thus no Lines, 28 EHV Sub-stations Rainwater harvesting at substations counterparty risk • Moving to Ester-filled Eco-friendly Transformer 11 Note : 1) Regulated Asset Base (RAB) for TBCB projects on a fully built-up basis is Rs. 137 billion, out of which Rs. 80 billion is for under-construction assets. 2) RAB for ROA assets (Sec. 62) excludes HVDC assets.