#1adani Renewables Adani Green Energy Limited Investor Presentation September 2019#2Disclaimer adani Renewables 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 Green Energy Limited ("AGEL"), the future outlook and growth prospects, and future developments of the business and the 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 India. 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 AGEL'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 AGEL. AGEL, 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. AGEL 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. AGEL 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 AGEL. 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 its 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#3Contents 01 Adani Group A About Adani Group 02 Adani Green Energy 2A Company Overview, Strategic Priorities & Key Strengths 2B Industry Overview 2C Growth Strategy 2D Operational Performance 2E Financial Performance 2F Compelling Investment Case A Appendix#41.Adani Group A. About Adani Group#5Adani: world class infrastructure & utility portfolio Transport & Logistics Portfolio Utility & Power Portfolio adani Renewables Adani 75% 75% 75% 75% ATL APL T&D IPP AGEL Renewables AGL Gas DisCom 62.3% 100% 100% APSEZ Port & Logistics AAPT Port SRPCL Rail 75% AEL Incubator 100% 100% AAHL Airports ATrL Roads •USD 23.5bn* " Adani " 100% 100% AWL Data Water Centre No 1 in Ports, T&D and IPP (Thermal and renewables) in India Independent verticals with independent boards - Integrating ESG into value creation - Addressable utility market- 3.2 million customers in ATL & ~ 10 million in AGL Addressable market in Airports ~125 million customers Green colour represent public traded listed vertical As on July 31, 2019 4#6Adani: repeatable, robust & proven model to deliver RoE adani Renewables Phase Origination Development Construction Opportunity Pipeline EPC & Funding Operations Post Operations Operation Capital Mgmt Analysis & market Site acquisition . Activity intelligence Viability Concessions and regulatory agreements Investment case development • Engineering & design Sourcing & quality levels Equity & debt . Life cycle O&M planning ⚫ Asset Management plan analysis Strategic value funding at project Redefining the Envisaging Complex 0&M space evolution of sector developments on eg Mundra Port eg ATL time & budget eg APL optimisations eg Solar plants Performance Ops phase funding consistent with asset life APSEZ & ATL only Private sector Infrastructure IG issuers in India Low capital cost, time bound & quality completion providing long term stable cashflow & enhanced RoE#7Adani: repeatable, robust business model applied consistently to drive value. Key Business Model Attributes Successfully applied across Infrastructure & utility platform Development at scale & within time and budget India's Largest Commercial Port Longest Private HVDC Line in Asia Excellence in O&M - benchmarked to global standards APSEZ Highest Margin among Peers in the World March 2016 Diverse financing sources - only Indian infrastructure portfolio with two Investment Grade (IG) issuers Bonds 14% PSU 55% Private Banks 31% *Includes listed Group Companies adani Renewables 648 MW Ultra Mega Solar Power Plant Largest Single Location Private Thermal IPP ATL AGEL APL Highest availability among Peers Constructed and Commissioned 9 months Lowest capex/ MW among Peers March 2019 Private Banks 33% PSU 42% Bonds 25%#8Adani: unparalleled value creation and rapid deleveraging adani supported by ESG Renewables Value Creation AEL Nov 1994 Invested Rs 150 >30% CAGR Over same period index CAGR 9.6% In Jun 2019 Is now Rs 94,000 De - leveraging 2013 Debt/EBITDA 8.6x reduced by 44% 2019 Debt/EBITDA 4.9x ESG glide path 2013 Ring fenced structure AAPT 2014 Independent verticals no cross holdings 2015 Related party transaction covenant - APSEZ 2016 No financial accommodation covenant ATL & accelerated investment in renewables 2019 Formal related party transaction policy APSEZ 2017 Bankruptcy remote structure- AGEL (RG) Issued May 2019 Onwards Governance path to global best practice adopted by all verticals to be implemented by Sep 2021 After splits & bonuses, one share of AEL in 1994 is now 80 shares of AEL, 113 shares of APSEZ, 149 shares of APL, 80 shares of ATL, 61 shares of AGEL, 80 shares of AGL in June 2019 The above analysis has excluded all annual dividend pay-outs 7#9Adani: Largest Integrated Energy Player in India adani Renewables INPUT RESOURCE/EQUIPMENT Coal Business End to End Integration in the Energy Value Chain GENERATION Panel Manufacturing Thermal Power Renewables DISTRIBUTION, TRANSMISSION, UTILITIES Solar Park Trans. & Distribution ■ Largest importer & trader of Coal in India ■ Coal MDO Business 1.2 GW production capacity of Solar PV cells & modules Installed capacity - 12,410 MW ■Developed 4,620 MW Mundra - largest single location project in Asia ■ -2.3 GW operational, -2.9 GW UC ■ Associated transmission lines - 288 ckms operational, 784 ckms UC ■ -2GW 50:50 JV with Rajasthan State Government ■ Owns & operates 14,217 ckms ■ License for Mumbai distribution- -3.0 mn+ consumers ■ Gas retail and distribution Largest coal trader/contract miner in India Largest Solar cell & module manufacturer in India Largest private sector thermal power producer in India Largest Solar power developer in India Large Scale Solar Park Largest private sector T&D business in India Integration across energy value chain equips Adani Group with understanding of the regulatory framework, and a focus on growth and returns UC Under Construction, PV - Photo Voltaic, MDO - Mine Development cum Operator, ckm - Circuit Kilometers, T&D - Transmission and Distribution, JV - Joint Venture#10Adani: Key Stakeholder touchpoints across energy landscape in India adani Renewables Ministry Advisory Regulatory Ministry of (conventional) Power (MOP) / Ministry of New & Renewable Energy (MNRE) Central Electricity Authority of India (CEA) Advisory arm of MoP on matters relating to the National Electricity Policy and formulating plans for the development of the sector Central Electricity Regulatory Commission (CERC) ** 善待 State Electricity Regulatory Commission (SERC) National Load Dispatch Center (NLDC) / Regional Load Dispatch Center (RLDC) Statutory 善待 State Load Dispatch Center (SLDC) Central Transmission Utility (CTU) / State Transmission Utility (STU) Transmission & Distribution utilities State DISCOMs, We also own Mumbai Distribution Business Dispute Resolution Appellate Tribunal for Electricity (APTEL) Group has relationships and touchpoints across all regulatory bodies, policy making arms, dispute resolution forums and government entities in the energy sector value chain through its generation, transmission and distribution businesses DISCOMS Distribution Companies#112.Adani Green Energy A. Company Overview, Strategic Priorities & Key Strengths#12AGEL: Leading Pan-India Renewable Player, Diversified Portfolio 5,290* MW Portfolio | 2,320 MW Operational 64 Projects in 11 States 100 100% 25 Year PPAS 1855 60 1240 20 175 100 Operational 20 Under Implementation Wind Solar 810 100 648 50 adani Renewables ☐ Demerged from Adani Enterprises ☐ Listed in June 2018 Shareholding Structure Promoter 74.92% 12 100 Particulars Solar Wind Hybrid Total Operational 2,148 172 2,320 UC 475 1,505 990 2,970 Total 2,623 1,677 990 5,290 adani Renewables Public 25.08% Revenue Mix by Counterparty 4% Inner Pie: 2,320 MW operational Outer Pie: 5,290 MW full portfolio 65% 3% 31% 29% 68% AGEL is the only Large Listed Pure Play Renewable Power Producer in India 100% of the portfolio tied-up with Govt. counterparties for 25 years at fixed tariff *Additionally, AGEL has announced acquisition of 205 MW operational solar assets from Essel Group entities on 29th August, 2019 Hybrid Solar + Wind; Map of India not to scale ICRA A & above ICRA B/Baa2/BBB- ICRA C+ & below 11#13AGEL's Strategic Priorities Growth and Returns Focus • Vision to be one of the leading global renewable players Disciplined investment decisions framework to create shareholder value Optimal Capital Management • Leverage internal accruals to drive RoE with accretive growth • Project Execution Established pedigree to outperform WACC; commitment to maintain strong credit profile • Build on infrastructure expertise with consistent track record of creating industry leading infrastructure . Leverage on vendor partnerships and relationships to support volumes, quality and cost • Drive high and predictable generation (Solar - P50, Wind - P75) Operational Excellence • Lower cost through preventive maintenance focus Stable Cash Flows ⚫ Institutionalized O&M organization and practices • Predictable cash flow with 100% contracted business with long term PPA's (~25 years) • Over 65% (on fully completed basis) with Govt. of India-owned counterparties ESG . Strong focus on environment, safety, communities and creating value for all stakeholders Robust governance and disclosures adani Renewables 12#14Project Execution - Key Strengths Land Acquisition Engineering Procurement Construction adani Renewables •Leverage group experience in land acquisition and statutory permissions •Identifying strategic land near substations to reduce cost of transmission lines •Strong in-house design team with vast experience in renewables and transmission • Standardization and optimization achieved for various technologies and designs adopted for quick turnaround in engineering activities •Leverage group strength of large vendor base with long relations •Strong procurement office based in China for better control with Chinese vendors • Strong in-house knowledge base Centralized Project Controls using in-house project management tools (SAP, Agile & PM software) ⚫Direct Contracts for higher degree of control on resources. No EPC contracts Backed by strong sponsor support, AGEL has expertise at all steps of project execution, from origination to commissioning 13#15Source highest quality equipment from reputed OEMs adani Renewables Solar Modules ☐ Best Vendors: Tier-1 vendors only; ☐ ☐ Strategic Relationship with 6 Super League No Technology Risk: Procured Solar PV modules from all the available technologies i.e. C-Si, Thin Film (A-Si, CdTe, CIGS), Bifacial Stringent quality inspection: " Fully automatic line selected at manufacturer's plant, ■ Online inspection performed by our own engineers ■ Certified by renowned third party lab Performance Warranty for 25 year Product Warranty for 10/12 years Solar Modules – SUNTECH Solat GCL Hanwha Q CELLS GCL Jinko CanadianSolar Trina Inverters AGEL uses both Central and String inverters Best in class Huawei String Inverters and ABB/Hitachi Central Inverters are being used at various locations, with 5-6 year product warranty Inverters SABB HITACHI HUAWE Trackers Single axis trackers installed at select sites Used the market leaders i.e. NEXTracker, USA and Artech, China Warranty for 20 Years for structural components and 5 years for motor and gears Trackers NEXTracker Arctech Solar AGEL's relationships with majority of vendors assures best in class equipment procured on favorable terms C-Si Crystalline Silicon, A -Si - Amorphous Silicon, CdTe - Cadmium Telluride, CIGS - Copper, Indium Gallium Selenide Solar Cell, ABB - ASEA Brown Boveri, USA - United States of America, RG Restricted Group 14#16Case Study 1: 648 MW Kamuthi Solar Project Testament to our execution capabilities ☐ AGEL developed the 648 MW AC world's then largest solar power plant at a single location spread over 2,340 acres in Kamuthi, Tamil Nadu Mammoth execution undertaken in less than 9 months, of which 2 months featured the worst floods in recent history of Tamil Nadu The project was featured on National Geographic - Megastructures - India's Solar Power House 2,340 acres land 2.5 mn solar modules INVERTER 20 550 inverters 380,000 foundations 8,500 personnel 6,000 containers from 9 countries The world's largest solar power plant adani Renewables adani at Kamuthi, Tamil Nadu. Premiering worldwide. NATIONAL MEGASTRUCTURES GEOGRAPHIC INDIAS SOLAR POWERHOUSE CHANNEL Sep12 Monday 7 PM 2.5 MILLION MODULES 2500 ACRES OF LAND 6648 MEGA WATT OF ELECTRICITY Kamuthi Solar Power Plant megastructure exemplifies AGEL's execution capabilities 15#17Case Study 2: Execution of 33 Projects amidst change of regulations adani Renewables Number of under-construction projects during GST and demonetization in each state Status of Projects during demonetization / GST 33 projects were under construction during demonetization, GST These projects were spread across the country and involved interaction with multiple stakeholders Issues due to paradigm shift ☐ Demonetization - Land acquisitions pertaining to the projects were on standstill because of uncertainty amongst sellers regarding cash transactions □ GST Uncertainty in GST implementation led to delay in dispatch of equipment by our vendors Mitigations . Backed by strong organizational structure and sponsor support, we worked relentlessly with the vendors and land acquisition dealers to help them overcome the issues ם This allowed for faster recovery of business with no major hindrances Even in the midst of two major policy shifts, demonetization and GST, AGEL executed major projects across India 16#18Our O&M Philosophy adani Renewables ☐ Cluster based operating model to ensure adequate support and governance at each site Operational ☐ Strategy ☐ ☐ Optimized module cleaning cycle by comparing revenue loss due to soiling against the cost of module cleaning Maintenance and Operational Excellence based on real time data analytics Thermal imaging of evacuation system at all sites post commissioning and at an interval of every 6/12 months ☐ Remote Operations and Nerve Center (RONC) for central monitoring of the plant performance ☐ New Technology & Innovation ㅁ Dust Detection System (DDS) for measuring the soiling loss and optimizing the module cleaning cycle String monitoring for operational efficiency improvement Thermal imaging for monitoring module health Use of Module Level Power Electronics ☐ Maintenance Strategy ☐ All equipment classified on the basis of criticality and maintenance strategy linked clearly to classification Comprehensive contract management framework for Inverters and Module ☐ Comprehensive AMC of the Switchyard equipment and associated transmission lines Inventory classification based on Vital, Essential and Desired depending on criticality Spares Management ☐ Level set in stringent manner ensuring optimum inventory ☐ Spares development and indigenization and introduced the concept of Spares Pooling ☐ Adopting Annual Rate Contract for consumable items Technological advances in O&M practices ensure AGEL is at par with global standards of operations 17#19RONC World Class Monitoring and Analytics RONC (Remote Operations Nerve Center) □ Centralization of overall management of all Adani sites from a single location Data Analytics driven decision making □ Drive world class operational performance as sustainable competitive advantage Create potential for new business providing operations as a service to other power companies RONC Operational Flow Site(s) Level Data Capture MI to 評 Weather, PV Solar Plants Energy Meter Soiling stns adani Renewables Centralized Management Fully Automated Operation Real Time Data Availability Data Analytics @ RONC Predictive Analytics Business Intelligence Access across multiple devices & locations Real Time Intervention Input to site O&M teams for real time corrections Management Dashboards Predictive maintenance input F&S RONC allows centralisation of all operations and enables world class O&M practices 18#202.Adani Green Energy B. Industry Overview#21Renewables - Attractive Industry Outlook Low Per Capita Power Consumption Untapped Solar and Wind Resources Potential Installed capacity in GW (Apr-2019) Per capita power consumption (kWh) 12,984 10,059 World: -2.7x India >> US: 11.3x India 749.0 28.2 GW expected China: -3.4x India to increase at -59% CAGR to 113.5 GW by FY22E USA Australia Germany China World 7,035 102.8 3,927 3,125 2,875 35.6 25.1 9.2 19.7 4.6 MENA Mexico India 2,090 1,149 28.2 Solar Wind Bio-Power Small Hydropower Low Generation Share Hydro 10.0% Renewable 8.0% Nuclear 3.0% adani Renewables Thermal 79.0% Aggressive Renewable Roadmap Wind Solar Other renewables -78 GW Renewables - A Competitive Power Source Solar tariff Bids for New projects CERC APPC for FY 20 Rs 3.60 / KWh -227 GW 3.2 2.7 2.4 2.5 2.4 2.5 47 -3.5x growth -4.0x growth 114 28 36 -1.9x growth 67 FY19 14 FY22 Apr-17 May-17 Dec-17 Jul-18 Mar-19 Aug-19 Attractive Source of Energy India's high import dependency for energy needs High irradiation & low resource risk Aggressive growth targets set by Government ✓ Signatory to Paris Accord Stated commitment to install -227 GW of renewable capacity □ Complementary load profile of Wind & Solar Source: CRISIL; Notes: RPO - Renewable Purchase Obligation 20#22Recent Industry Developments Power Sector Policy Reforms Renewable Sector Reforms and Developments adani Renewables Ministry of Power (MOP) mandates DISCOMs to open and maintain LC's as payment security under PPAs " Despatch to DISCOMS to be scheduled after written confirmation by generators with regards to opening of LC by DISCOMS In case LC is not opened by DISCOM, resulting in non-scheduling of power, the DISCOM is liable to pay the fixed charges to the generator ■ MNRE has clarified that fixed charges for Solar, Wind & small Hydro will be full PPA tariff as signed by DISCOMS Amendment in Wind Guidelines allowing ☐ " Developers to have 100% possession of land by commissioning; instead of 7 months from LOA, as mandated earlier Revision in CUF allowed once in 3 years from COD vs. once in one year from COD, earlier Full tariff on power injected before Scheduled Commissioning Date MoP has granted regulatory approval for 66.5 GW of transmission network for Wind and Solar power projects in TN, AP and KA National Electric Mobility Plan 2020 Targets Deployment of up to 7 mn EVs India's Economic Survey forecasts $330 bn investment in renewable sector by 2030 Government is reinforcing its commitment towards renewables through continued policy reforms 21#232.Adani Green Energy C. Growth Strategy#24Development Risk Profile Improving Operational UC 4,560 2,590 2,570 2,000 612 5,290 MW plus Future Projects 2,520 1,000 4,290 0.8 GW COD in 1,192 2,770 FY 20 798 1,958 1,970 485 808 313 FY16 FY17 FY18 FY19 FY20E FY21E In the forecast period given, AGEL is planning investments in international markets, primarily in the US, with approx. Rs. 100 cr equity investment per year. Development risk of the portfolio is decreasing due to growing operational base adani Renewables 1 GW COD in FY 22 1.5 GW COD in FY 21 23#25Profitable Growth Leading to Superior Returns 1. 2. 3. 4. 5. Capacity (in MW) Operational Portfolio 4 Solar Wind5 Total adani Renewables Average Tariff (in Rs/kWh) Completed/ Expected Project Cost¹ (in Rs Cr) Revenue² (in Rs Cr) 2 & 3 EBITDA³ (in Rs Cr) Capex/ EBITDA 2,148 4.82 13,156 2,322 2,193 6.00 172 3.87 1,035 182 172 6.03 2,320 4.75 14,191 2,504 2,365 6.00 Under Construction Portfolio Solar 475 2.77 1,934 321 298 6.50 Wind5 1,505 2.69 8,703 1,406 1,332 6.53 Hybrid 990 2.69 5,220 901 840 6.21 Total 2,970 2.70 15,857 2,627 2,470 6.42 Portfolio Total 5,290 3.60 30,047 5,131 4,835 6.22 AGEL invests in only those projects where Capex/EBITDA is less than 6.5x, ensuring profitable growth Completed Project Cost net of GST refunds to further reduce by -300Cr, further reducing Capex/EBITDA number Solar plants Expected Revenue @ P50 & Wind plants Revenue @ P75 Estimated first full year operational Revenue & EBITDA at plant level and does not include Indirect corporate overheads Includes 100 MW Solar Rawara Project at Rajasthan commissioned in August, 19 and 100 MW of OEM Wind commissioned in July 19 AGEL has entered into definitive agreements to acquire 100% interest in 100 MW Wind projects of an OEM on fulfilment of PPA milestones. Additionally it has agreed to buy further 100 MW wind projects from OEM, subject to definitive agreement execution in near future. 24#26Renewable Bids in Q1 FY20: Selective Bidding Approach adani Renewables Tender GUVNL - Raghanesda Solar Park - Gujarat SECI Dondaicha Solar Park - Maharashtra GUVNL Dholera Solar Park - Gujarat SECI ISTS - Solar Tranche-IV SECI Rajasthan Solar - Phase - II Type Total Auctions (MW) Capacity Bid by Capacity won by AGEL (MW) AGEL (MW) Tariff offered by AGEL (Rs/kWh) AGEL Successful L1 Bid Tariff (Rs/kWh) 700 250 1000 Solar 1200 750 . . Weighted Average Tariff (Rs/kWh) 2.65 2.87 2.75 N/A 2.61 2.54 2.50 UPNEDA Solar Phase-III 500 3.02 GUVNL Wind Phase-II1 1000 300 2.95 Yes 2.80 Wind 2.81 SECI ISTS Connected Wind -Tranche-7 1200 300 130 2.83 Yes 2.79 SECI-ISTS Hybrid - Tranche-2 Total Hybrid 1200 600 600 2.69 Yes 2.69 2.69 7800 1200 730 1 AGEL won 300MW at Rs. 2.95, but GUVNL subsequently cancelled the auction Solar Wind Projects AGEL has adopted a selective approach in bidding Hybrid 25#27Development Pipeline: Key Differentiating Factor for AGEL adani Renewables 5.3 GW Contracted (2.3 GW Operational + 2.9GW under- construction) + -5 GW Wind Sites under development -9 GW Solar sites under development -20 GW sites under operation/ development Expected Wind growth is supported by 7 -5 GW of wind sites under self development Land applied for 75% of identified area. Transmission Connectivity available for 1.8 GW 41 wind masts installed across multiple sites in India Use of leading turbine technologies to drive down the LCOE Expected Solar growth is supported by -9 GW of solar sites under self development Land applied for 95% of the identified area - Transmission connectivity approval available for ~ 2.4 GW - Ready sites to house future projects - Large scale sites enable large single location project to be developed in multiple phases LCOE Levelized Cost of Energy AGEL ideally positioned to win a significant portion of live and future bids 26#282.Adani Green Energy D. Operational Performance#29Operational Performance Solar ■Wind 1,744 Average Capacity* (MW AC) 30.96% 1,898 1,898 1,898 1,914 29.81% PLF % (AC) Solar Wind adani Renewables 35.85% 25.89% 25.31% 21.68% 21.66% 20.08% 20.02% .33% 60 60 60 72 72 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 99.6% 99.6% 89.6% 84.4% Plant Availability Solar Wind 99.6% 99.8% 99.5% 5.1 73.6% 70.7% 70.6% Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Volume (MUs) & Average Realization (Rs/kwh) Solar Vol 5.1 Wind Vol 5.1 Solar -Wind 5.1 5.1 ☐ ☐ 4.3 4.3 4.3 4.1 1,053 3.9 932 868 907 1,054 38 Q1 FY19 38 11 29 56 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Strong performance from Solar assets Average Capacity: Based on effective MW as per capitalization of plants 28#301.9 GWac Solar Portfolio Operational Bridge Actual vs. Technical Estimates Actual vs. Estimated Quarterly CUF for 1.9 GW AC Portfolio Target CUF 28.00% 26.00% 24.00% 25.55% 25.31% 22.00% Actual 20.00% Q1 FY20 21.44% Q2 FY20 23.59% Q3 FY20 Annual CUF Target for existing Solar capacity of 1948 MW is ~24.5% 27.54% Q4 FY20 adani Renewables 30.00% Solar Portfolio: 1948MW ac for Q1 FY20 29.00% 28.00% P75@ 27.00% + 24.37% 26.00% 25.55% 0.82% 25.31% P90@ 25.00% -0.23% -0.13% -0.22% 23.31% -0.47% 24.00% 23.00% 22.00% 21.00% 20.00% P50 CUF Full Ramp Up (DC) Grid Unavailability AGEL solar portfolio operating near P50 levels Radiation Gain Plant Unavailability Others CUF Actual Note: P50 targets based on internal estimates 29#312.Adani Green Energy E. Financial Performance#32Robust financial performance: FY19 vs. FY18 adani Renewables Revenue (Rs Cr.) 1 EBITDA2 (Rs Cr) and margin 5 (%) Cash Profit (Rs. Cr) 1,921 1,710 792 939 +105% FY18 FY19 +75% +105% 452 834 90% 86% FY18 FY19 Investment in CAPEX (gross) (Rs Cr) Net debt² and Shareholders' equity³ (Rs Cr) 13,070 11,720 Net external debt ■Shareholders' equity +12% 9,771 8,116 1,564 FY18 FY19 FY18 Notes: 1 Revenue reflects Sale of Energy only 2EBITDA Revenue from Operation - Cost of Material consumed Operation and Maintenance Expenses 3 EBITDA Margin represents EBITDA earned from power sales and exclude other items 4 Cash profit = EBITDA + Other income - Interest and bank charges - income tax expenses FY19 1,564 FY18 FY19 Net External Debt for operating projects4/EBITDA 8.93 FY18 5.20 FY19 5 Net debt = long-term borrowings + short-term borrowings + current maturities of long-term borrowing + Capex Creditors (DA Bills) - Trade Receivables - cash and cash equivalents - bank and other bank balances current investments- sub-debt (intercorporate deposit taken from related party) 6Shareholders' equity implies voting equity and does not include reserves and surplus, non-controlling interest & instruments entirely equity in nature 7 Net Debt Debt taken for project under implementation 31#33Robust financial performance: Q1 FY20 vs. Q1 FY19 Revenue (Rs Cr.)1 EBITDA2 (Rs Cr) and margin³ (%) Cash Profit (Rs. Cr) Notes: 554 +17% 472 439 +13% 93% 496 90% Q1 FY19 Q1 FY20 Operating Assets (Gross Block) (Rs Cr) Q1 FY19 Q1 FY20 Net debt and Shareholders' equity6 (Rs Cr) 12,685 Net Debt Shareholders' equity 10,977 +16% 10,639 9,771 Q1 FY19 Q1 FY20 1,564 Q4 FY19 1,564 Q1 FY20 adani Renewables 251 257 2% Q1 FY19 Q1 FY20 Net Debt for operating projects? / 5.20 EBITDA8 5.22 FY19 Q1 FY20 Revenue reflects Sale of Energy only 2 EBITDA Revenue from Operation Cost of Material consumed Other expenses including Employee benefit expense 3 EBITDA Margin represents EBITDA earned from power sales and exclude other items 4 Cash profit = EBITDA + Other income - Interest and other borrowing cost- income tax expenses 5 Net debt long-term borrowings + short-term borrowings + current maturities of long-term borrowing + Capex Creditors (DA Bills) - Trade Receivables - cash and cash equivalents - bank and other bank balances - current investments--sub debt (intercorporate deposit taken from related party) 6 Shareholders' equity implies voting equity and does not include reserves and surplus, non-controlling interest & instruments entirely equity in nature 7 Net debt for operating project = Net Debt5 -Debt taken for under construction project 8 EBITDA consider for trailing twelve months 32