#1adani Adani Power Limited Investor Presentation November 2019#2Disclaimer adani Power 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 Power Limited ("APL") and its subsidiaries, associates, and joint ventures (combine together "Adani Thermal Power Group" or "The Group") their future outlook and growth prospects, and future developments in their businesses and their 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 the country the business is. 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 The Group'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 The Group. The Group, 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. The Group 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. The Group 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. 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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#301 02 Contents Adani Group Overview of Adani Power Limited 03 Key Capabilities 04 ESG practices 05 06 07 Power Sector Updates Regulatory Assets Quarterly Financial Updates 08 Way Forward Appendix: Asset Details#401 Adani Group#5ADANI: world class infrastructure & utility portfolio. Transport & Logistics Portfolio adani Utility & Power Portfolio Power Adani 75% 75% 75% 75% ATL APL AGEL T&D IPP Renewables AGL Gas DisCom 62.3% 100% 100% APSEZ AAPT Port & Logistics Port SRPCL Rail 75% Adani AEL Incubator 100% 100% 100% 100% AAHL Airports ATrL AWL Data Roads Water Centre ~USD 24.7bn* ■ ■ 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 Sep 30, 2019 4#6ADANI: repeatable, robust & proven model to deliver RoE adani Power Phase Origination Development Construction Operations Opportunity Pipeline EPC & Funding Operation Analysis & market Activity Asset Management plan Performance intelligence Viability analysis ⚫ Strategic value Redefining the space -eg Mundra Port Site acquisition Concessions and regulatory agreements Investment case development Engineering & design • Sourcing & quality levels Equity & debt Life cycle O&M planning funding at project Envisaging complex 0&M evolution of sector developments on eg Adani Transmission time & budget eg APL optimisations eg Solar plants Post Operations Capital Mgmt Ops phase funding consistent with asset life APSEZ, ATL & AGEL only Private sector • Infrastructure IG issuers in India Low capital cost, time bound & quality completion providing long term stable cashflow & enhanced ROE 5#7ADANI: repeatable, robust business model applied consistently to drive value adani Power Key Business Model Attributes Development at scale & within time and budget India's Largest Commercial Port Successfully applied across Infrastructure & utility platform 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 three (3) Investment Grade (IG) issuers Bonds 14% PSU 55% Private Banks 31% *Includes listed Group Companies Longest Private HVDC Line in Asia 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% 6#802 Overview of Adani Power Limited#9Adani Power Limited Investment Case Q adani | Power adani Power - Largest private sector power producer with 14 GW thermal power portfolio – 12.4 GW MW operational, and 1.6 GW under construction Higher efficiency, lower emission: >75% capacity from Supercritical and Ultra-Supercritical(1) technology based units Stable and secure revenue streams: >70% of existing and upcoming gross capacity tied up in Long term PPAs, >85% of domestic coal requirement (2) already tied up through FSAs Plants located close to coal sources or ports, enabling competitive tariffs and favorable Merit Order Dispatch position Improved power sector outlook: positive regulatory orders, domestic coal availability, ongoing reforms PPA - Power Purchase Agreement, FSA - Fuel Supply Agreement (1) Presently under construction. (2) excluding Haryana PPA 00 8#10Adani Power Limited: India's Largest Private Sector IPP 100% Udupi (Karnataka) 100% Tiroda (Maharashtra) adani Power | 100% Raipur (Chhattisgarh) adani Power 100% Kawai (Rajasthan) Hinterland 100% Mundra (Gujarat) Coastal High dispatch / Open 100% Raigarh (Chhattisgarh) Location Coastal, Utility Near-Pithead Plants Highlight Fixed ROE High Dispatch Open Open High Dispatch Capacity (MW) 1,200 3,300 1,370 600 (600MW x 2) (660MW x 5) Technology Subcritical Supercritical (685MW x 2) Supercritical (600MW x 1) Subcritical COD Aug-12 Oct-14 Apr-16 Apr-14 LT PPA 100% 100% Counterparty Karnataka Punjab Maharashtra MW 1,080 102 3,085 Fuel Arrangement Counterparty MTPA Dec-13 100% 1,320 (660MW x 2) Supercritical 4,620 (330MW x 4) Sub-critical/ (660MW x 5) Supercritical May-12 60% Telan- Tamil Rajasthan gana Nadu 110^ 185^ 1,200 Gujarat 1,200 Haryana Others (1) 1,424 1,734 Imported -3(3) FSA with CIL subs. FSA with CIL subs. FSA with CIL subs. 10.76(2) 2.315 FSA with CIL subs. 4.12(2) FSA with CIL subs. / Imported 6.41(2)/16 (3) 12,410 MW operating portfolio of six modern and efficient thermal power plants Further, Adani Power Ltd. also has a 40 MW solar power plant at Bitta. IPP Independent Power Producer, MW - Mega Watt, COD - Commercial Operations Date, LT PPA - Long Term Power Purchase Agreement, FSA - Fuel Supply Agreement, MTPA - Million Tonnes per Annum, Company Limited ^ Medium Term PPAs of 3 years duration, allotted on 11th Sept 2019 1 1,734 includes merchant capacity and short/medium term PPAs with Mundra Utilities Private Limited and North Central Railways 2 - Contracted Capacity, 3 - Consumption @ 75% PLF 9#11Evolution of Adani Power Limited Incorporated 1996 2006 adani Power Commissioned its first thermal power unit at Mundra, Gujarat of 330MW subcritical technology Commissioned one of the largest single location thermal power plants in the World 4,620MW Mundra Power Plant - Completed acquisition of Lanco's 1,200 MW "Return on Equity" Udupi Power plant, APL's first ever acquisition Completed acquisition of GMR's 1,370 MW Raipur Energen Ltd. Construction of the 4.6 GW ambitious thermal power project started at Mundra Cumulative Thermal operational capacity ▸ in MW 2009 2010 Commissioned India's first supercritical unit of 660MW at Mundra, Gujarat 330 990 2012 4,620 - 2014 2015 2018 2019 Commissioned largest thermal power plant of 3,300 MW in Maharashtra at Tiroda - Ultra-Supercritical Completed unit of 1,600 MW under construction at acquisition of Avantha's 600 Godda MW Adani Commissioned 1,320 MW at Cross border supply Raigarh Energy Kawai, Rajasthan to Bangladesh Generation Ltd. 9,240 10,440 Adani Power has total of 14+ GW of Power Generation capacity 1,600 12,410 10 10#12Diversified Portfolio 1,600, 12% Technology Split (14,0101 MW) 3,120, 22% 9,290, 66% ■ Supercritical Ultra-Supercritical Subcritical Counterparty split2 (14,010 MW) 1,320,9% 1,600,11% 120,1%. 2,592,19% ■Maharashtra ■ Karnataka 2,400,17% ■ Haryana Gujarat^ ■MT PPA/ Merchant / Others* ■ Punjab ■ Bangladesh ■ Rajasthan >75% capacity is Supercritical / Ultra supercritical 1. Including under construction assets 2 - Gross tie-up ^ Gujarat includes power supplied from Raipur Energen Ltd. under short term PPA * MT PPAS (3 years) of 185 MW with Tamil Nadu and 110 MW with Telangana allotted to Raigarh Energy Generation on 11th Sept 2019 adani Power 3,300, 24% 1,598,11% 1,080,8% Diversified counterparty mix 11#13Large generation assets driving scale advantage adani Power Total MW PPA tied up¹ Coal Source 1,320 1,200 FSA (4.12 MTPA), rest IPT Kawai Godda Total MW 4,620 PPA tied up¹ 2,624 Coal Source FSA (6.41 MTPA), Imported Mundra Total MW PPA tied up¹ Coal Source 3,300 3,085 FSA (10.76 MTPA), rest IPT Total MW PPA tied up Coal Source 1,200 1,193 Imported Udupi 12,410 MW 1,600 MW Operational Assets Under Construction Assets Raigarh Energy Generation Tiroda Raipur Energen Total MW PPA tied up 1,600 1,600 Coal Source Imported Total MW PPA tied up¹ Coal Source Total MW PPA tied up Coal Source 1,370 600 295(3) FSA (2.32 MTPA) 1,000 MW² FSA for Case 4 PPA, rest E-auction Operational Under Construction Under Rectification PPA counterparty states for APL 1 Net of aux consumption and transmission loss, 2 - Case-4 PPA with GUVNL for 1,000 MW expiring in Sept 2019 3- Allotted on 11th Sept 2019 12#14- At A Glance Historical Operating Performance adani Power 76% 70% 70% PLF % 69% 64% 55% FY15 FY16 FY17 FY18 FY19 H1FY20 Generation (BU) 69.39 64.17 54.67 58.47 50.82 32.46 FY15 FY16 FY17 FY18 FY19 H1FY20 13#15At A Glance - Historical Financial Performance Revenue (Rs Crore) 25,734 23,034 19,065 26,362 21,093 adani Power 14,830 FY15 FY16 FY17 FY18 FY19 H1FY20 5,401 9,004 EBITDA (Rs Crore) 6,391 7,431 6,190 5,142 FY15 FY16 FY17 FY18 FY19 H1FY20 14#1603 Key Capabilities#17Key Capabilities 1 Project Execution 2 Asset Management 3 Coal Logistics 4 Regulatory adani Power Combined experience of more than 30,000 man - years across verticals Constructed the then world's largest single location coal based thermal power plant at Mundra Commissioned India's 1st thermal power unit based on super-critical technology The above project also included construction of then world's longest (989 km) private HVDC transmission system APJL acquired more than 500 acres land for Godda under new LARR 2013 in 1.5 yrs ~ 10 yrs. experience as competitive in-house O&M service providers, operating > 18 units of which 12 units are super critical Strong knowledge base & expertise of operating major OEM units such as Dongfang, Harbin, SEPCO, BHEL, etc. - Dedicated Team of 2,400 professionals consisting of domain experts in O&M, Environment & safety, protection & metering, quality assurance & control, techno commercial, legal and other divisions Plant Level O&M teams assisted by centralized operations and technical services, department staffed with leading experts in O&M of thermal power plants APL sources and transports more than 40 MTPA coal annually APL is the only IPP in India to have in-house coal logistics capability (mine to plant) with - 4,000 man-years of experience Largest customer of Indian railways after NTPC Domain experts with 20+ years of experience in law and power sector regulation Successfully represented Company's case in various landmark regulatory and judicial cases, leading to Orders that are positive not just for the organization but also for the sector HVDC High Voltage Direct Current, SEPCO - SEPCO Electric Power Construction Corporation, BHEL - Bharat Heavy Electricals Limited, NTPC - National Thermal Power Corporation, LARR - Land Acquisition, Rehabilitation and Resettlement Act, OEM - Original Equipment Manufacturer 16#18Coal Handling and Logistics Capability Summary Only IPP in India to have in-house coal logistics capability (mine to plant) > 4,000 man-years of experience in coal logistics Largest customer of Indian Railways after NTPC - Approx. 5,000 rakes loaded annually, peak capacity of 16 rakes handled simultaneously Developed own siding for coal movement from Korba coalfields Developed its own state of the art coal logistics monitoring and control system Smooth Handling of approx. 45 MTPA of coal annually by APL resulting in lower inventory requirement Constitutes 6.5% of total coal consumption for thermal power plants in India All projects have excellent infrastructure facility for faster handling of rakes. Some Examples are as below Tiroda - - 3 wagon tipplers for handling BOXN rakes, 1 track hopper for handling BOBRN rakes - 9 lines within plant to ensure adequate rail infrastructure Kawai = 2 Wagon Tipplers for handling BOXN Rakes 1 Track Hopper for handling BOBRN Rakes 6 lines within plant to ensure adequate rail infrastructure REL, Tilda 3 Wagon Tipplers for handling BOXN Rake. 4 nos truck tippler unloading facility - 6 lines within plant to ensure adequate rail infrastructure. Plant and Mine Locations adani Power NCL Kawai Schars Mundra SECL Korba Godda Tilda Dhamra WCL Umrer Tiroda SECL Korea Rewa MCL Talcher Raigarh MCL IB REGL, Raigarh Due to proximity of coal mines, Coal is transported through Road/RCR mode with 2 nos truck tipplers. Railway system under commission. Map not to scale. For illustration purposes only, BOBRN - Bogie Open Bottom Rapid with pNeumatic door opening actuators, WCL - Western Coalfields Limited, SCCL - Singareni Collieries Company Limited, SECL - South Eastern Coalfields Limited, MCL Mahanadi Coalfields Limited, NCL - Northern Coalfields Limited Udupi Mangalore scCL APL Plants Mines Port for Imported Coal PPA counterparty states for APL 17#19Acquisition and Turnaround Experience Case Study Udupi Thermal Power Plant adani Power 1,200 MW (2 x 600 MW) imported coal based power plant in Udupi District, Karnataka - Acquired by APL in April 2015 from Lanco Infratech Limited First project in India utilizing 100% imported coal as fuel First acquisition by APL of an operational project UPCL was a stressed company with Credit Rating of D, despite being a Section 62 (cost plus tariff) power plant Plant had poor operational performance due to financial stress of sponsor and delays in availability of funds Operational performance of UPCL has improved significantly post acquisition by APL acquired UPCL • • Improved plant availability consistently higher than the normative availability (which forms the basis for fixed charge payment) Lesser outages and start-ups, leading to reduced secondary oil consumption • Improved plant efficiency with reduction in station heat rate and auxiliary consumption Improvement in operational performance post acquisition Improvement in financial performance post acquisition Particulars PLF % Availability % Pre acquisition (FY11-15) Post acquisition (FY16-17) Particulars Pre acquisition (FY14-15) Post acquisition 64.1% 75.9% 74.7% 87.2% Average Revenue 2,900 (FY16-17) 3,147 SOC (ml/kwh) 0.75 0.12 Average PBT Aux Power (%) 6.6% 5.8% PBT % Outages (#) 26 19 (66) (2.3%) 108 3.4% Post acquisition, project debt was restructured under 5-25 scheme to extend repayment during PPA tenor, improving cash flow profile PLF Plant Load Factor; SOC - Secondary Oil Consumption; Aux Power - Auxiliary Power; SHR Station Heat Rate 18#20Recent Awards & Recognitions Sword of Honor 2019 conferred by British Safety Council (BSC) (October 2019) Adani Power Rajasthan Limited (APRL) for Excellent safety standards adani Power Udupi Power Corporation Limited (UPCL) Platinum Prize 8th FICCI Safety Systems Excellence Awards in Power category of the Manufacturing Sector (September 2019) Adani Power Maharashtra Limited (APML) Certificate of Appreciation 5S case study competition Quality Circle Forum of India (September 2019) Adani Power Mundra Limited (APMUL), APML and APRL Gold (Highest level of recognition) 19#2104 ESG practices#22Environment, Health and Safety Practices adani As India's largest private power producer, we acknowledge our responsibility in achieving sustainable growth and creating value for our stakeholders. Annual publication of Sustainability Report, covering comprehensive ESG performance, with external independent assurance as per GRI Standards and IR Framework Green Belt Development > 2 million saplings developed across plant locations > 33% of total land developed as Green Belt across plant locations Water Conservation Rain water harvesting facilities for utilization of rain water in operations Increasing Fly Ash Utilization 87.9% 72.7% 65.8% FY16 FY17 FY18 Power - Treated water from STPs and ETPs used in horticultural activities and coal handling, dust suppression respectively GHG Emissions (tCO2/MWh) below grid average Solid Waste Management - Waste management across all location as per guidelines - Hazardous waste disposed as per HW Management Rules 0.98 - Storage silos for dry fly ash utilization with combined capacity of > 20,000 MT 0.86 0.84 0.83 - Fly ash supplied to third parties for bricks and cement manufacturing purpose - APL also owns a 40 MW solar plant at Bitta, Gujarat Sox, Nox and Particulate Matter Emissions (kg/MWh) 2.05 0.77 0.17 FY16 ■Sox Nox SPM 2.15 1.79 1.09 FY17 0.15 1.13 0.16 FY18 FY16 FY17 FY18 Average Emission Factor for Grid as per CEA was 0.98 tCo2/MWh. Specific Water Consumption (m³/MWh) well below statutory limit 3.50 2.48 2.55 2.50 Statutory Limit is 3.5 m3/MWh. Fresh water consumption includes harvested rain water. FY16 FY17 FY18 PLF - Plant Load Factor; SOC - Secondary Oil Consumption; Aux Power - Auxiliary Power; SHR - Station Heat Rate ^FY19 figures under Assurance 21#23Social Practices APL has undertaken several social activities in the field of education, health, etc. benefiting the society and country at large GYANODAYA Project > 300 infrastructure projects like road construction, classroom construction, construction of toilets, repair of hand pump, community hall, wells etc. are being taken up as per need of the beneficiaries for mass benefit Some examples are as below Education GYANODAYA Project - equipment distributed to 137 schools to start smart class which will benefit - 42,000 students SAKSHAM Project - Training classes for > 4,000 people adani Power Scholarship Distribution adan ~ 4,600 students benefited through distribution of various educational and sports material Mobile Health Care Training under SAKSHAM > 1,100 meritorious students awarded scholarship Health - Mobile Heath Care unit -> 60,000 patients treated - SuPoshan Program - >4,800 women beneficiaries Health insurance benefits for - 18,000 people by issuing health cards - > 12,500 patients have been benefitted through various mega and specialized health camps Every month, > 6,000 beneficiaries have been provided with safe drinking water facility AMBULANCE 22 222#24Strong Corporate Governance adani Power Audit Committee - 3 member committee - consisting of 2 independent directors Oversight of the company's financial reporting process and the disclosure of its financial information Recommendation for appointment, remuneration and terms of appointment of auditors of the company Reviewing the annual and quarterly financial results with the management before board submission Approval of appointment of Chief Financial Officer after assessing the qualifications, experience and background, etc. of the candidate Review and monitor the auditor's independence performance, and effectiveness of audit process and Evaluation of internal financial controls, risk management systems Stakeholders' Relationship Committee 3 member committee - consisting of 2 independent directors Resolving the grievances of the security holders including complaints related to transfer/transmission of shares, non- receipt of annual report, non-receipt of declared dividends Reviewing of adherence to service standards adopted in respect of various services being rendered by Registrar & Share Transfer Agent - Nomination & Remuneration Committee 3 member committee - consisting of 2 independent directors Formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the Board remuneration policy of directors, key managerial personnel and other employees To extend or continue term of appointment of independent director, on the basis of performance evaluation of independent directors To recommend / review remuneration of the Managing Director(s) and Whole-time Director(s) based on their performance and defined assessment criteria Sustainability and Corporate Social Responsibility Committee - 3 member committee - consisting of 1 independent director To formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the company - To recommend amount of expenditure incurred on CSR activities Monitor the implementation framework of CSR Policy 23#2505 Power Sector Overview#26India Power Sector: Strong demand potential Significant potential for growth of power in India Per Capita Consumption (kWh) 12,962 Power Demand is poised to accelerate Billion Units 3,927 4,240 3,030 2,578 1,181 India Brazil World China South Africa USA Base load demand best served by Coal CAGR 6% adani Power 2,047 1,566 1,143 937 FY12 FY17 FY22E FY27E Increasing demand with moderating capacity growth ■ Coal Renewable Others 2,474 CAGR 7% 1,725 1,239 916 671 Retirement ■Coal Gas / Diesel ■ Hydro ■Renewable 7 11 25 25 25 12 1,686 1,213 21 9 913 529 585 11 9 -4 -4 FY07 FY12 FY17 FY22E FY27E 12 8 -6 -6 -6 Source: CRISIL Research, CEA, 19th Electric Survey (2017), MNRE, CIL, Research Reports FY16 FY17 FY18 FY19 FY20E FY21E FY22E 25#27Significant Reforms in Recent Years adani Power Distribution • UDAY Scheme (UDAY 2.0 in the pipeline) • . SAUBHAGYA Scheme Pilot Scheme for procurement of 2500 MW • Payment Security Mechanism Coal •SHAKTI Policy • Emphasis on production growth O Coal Link Rationalisation Rationalisation of Coal Escalation Index •100% FDI in coal mining, sales, and associated infrastructure Regulation Change in Law for domestic coal shortfall •Change in Law for Duties & Taxes • Carrying Costs (Principle of Economic Restitution) ⚫Pass Through of Imported Coal Price (HPC) ⚫ Pass Through of Incremental costs of environmental compliance 26 6#2806 Regulatory Assets#29Change in Law Compensation: The Principle adani Power Hon'ble Supreme Court Order on Compensation for High Coal Import Prices (Energy Watchdog Judgement) Negative: Neither Indian Change in Law, nor Force Majeure Positive: Any shortfall in domestic coal availability due to change in policy should be compensated for use of alternate coal Formation of High Powered Committee (HPC) by Gujarat Government Change in Law compensation granted by CERC, MERC, and RERC for shortfall in domestic coal under NCDP and SHAKTI Amendment of PPAs to allow imported fuel cost pass-through Grant of Carrying Cost under Principle of Economic Restitution by Hon'ble Supreme Court and various Regulatory Commissions Full recovery of imported fuel cost Recovery of additional interest cost on long pending receivables, as well as higher cost of alternate fuel 28#30Mundra Power Plant: Regulatory Events HPC Recommendations (wef 15-Oct-18) adani Power o HPC recommendation was based on sacrifices by all the stakeholders ensuring Public interest is protected while implementing solutions for viable and sustainable operations o Procurers: Pass through of imported coal cost based on HBA ceiling of USD 110/MT to be reviewed every 5 years 。 Developers- • • • • Past losses prior to cut off date i.e. 15-10-2018 shall not be compensated Extension of PPA tenure by another period of 10 years after the completion of the PPA tenure of 25 years at the option of procurer Capacity being sold under merchant of 550 MW offered to procurers Sharing of profit from the Indonesian Mines with procurers subject to minimum of Rs. 0.05/kwh o Lenders- Reduction in debt to compensate for reduction in the capacity charges by Rs. 0.20/kwh • Interest rate reduction on the balance debt PPA Amendment Update •CERC approval for Supplemental PPAs granted on 12th Apr 2019; Capacity under PPAs raised to 1,200 MW and 1,234 MW respectively •Retrospective claims of Rs. 929 Cr. almost fully received •Interest Rate reduction sought from Lenders PPA Termination ⚫APL had appealed in Supreme Court against rejection of termination notice by the APTEL, for GUVNL Bid-02 PPA on account of non-availability of domestic coal from GMDC •On 2nd July 2019, Hon'ble Supreme Court has ruled that PPA is terminated from Jan 2010, directed CERC to calculate compensation •Petition filed with CERC for compensation claim 29#3107 Quarterly Financial Updates#32Q2 FY 2019-20: Key Highlights Operational: . • Mundra: Phase III capacity (1,320 MW) utilized for supplying power in merchant market Tiroda: Running on 100% domestic coal Kawai and Udupi: Lower grid demand due to extended monsoons Financial: Lower PLF at Udupi and lower one time recognition of compensatory tariffs led to revenue decline Recognition of carrying cost in APRL following APTEL order Lower level and utilization of debt led to reduction in finance cost Regulatory: Tiroda: MERC allowed compensation under change in law for de-allocation of Lohara captive coal block Kawai: APTEL allowed compensation for change in law for domestic coal shortfall with carrying costs Mundra: SC upheld termination of GUVNL Bid-2 PPA and directed CERC to grant compensatory tariff Strategic: Acquisition of 1,370MW GMR Chhattisgarh Energy Ltd and 600MW Korba West Power Company Ltd Operating adani Power Q2 Q2 H1 H1 performance* FY20 FY19 FY20 FY19 Declared Capacity (%) 79% 77% 84% 59% PLF (%) 63% 65% 69% 52% Power 14.73 15.09 32.46 23.76 Generation (BUS) Coal Consumed (MMT) 8.63 9.04 18.67 14.01 Financial Q2 performance FY20 Q2 FY19 H1 FY20 H1 FY19 Revenue (Rs Cr) 6,815 7,657 14,830 11,617 Fuel cost (Rs Cr) 3,926 3,987 8,634 6,101 2,248 2,806 5,142 4,095 EBITDA (Rs Cr) Finance cost (Rs Cr) 1,326 1,407 2,648 2,769 PBT (Rs Cr) 158 702 36 (51) PAT (Rs Cr) 4 387 (260) (438) * Excludes performance of 1,370 MW Raipur Energen Ltd. (formerly known as GMR Chhattisgarh Energy Ltd.), which was acquired in August 2019 31#33Q2 FY 2019-20: Revenue Mix Q2 FY19 1130 736 3404 2885 adani Power Q2 FY20 INR Crores 292 Consolidated Revenues* 394 1634 3108 Rs. 7,657 Cr 11% Rs. 6,815 Cr ■APMUL APML APRL UPCL ■ REL Q2 FY19 1007 13589 ■Merchant/Medium term ■ PPA Avg. PPA tariff Avg. Merchant/Medium term tariff Rs. 3.86/kWh Rs. 4.28/kWh 1871 ■APMUL APML APRL UPCL ■ REL Q2 FY20 1969 Power Sales (Mn units) 14,596 MUS 7% 13,605 MUS 11636 ■ PPA ■Merchant/Medium term *Consolidated revenue after Avg. PPA tariff Rs. 4.20/kWh Eliminations Avg. Merchant/Medium term tariff Rs. 3.89/kWh 32#34H1 FY 2019-20: Revenue Mix H1 FY19 1933 1733 3660 5300 H1 FY20 Consolidated Revenues* 2574 Rs. 11,617 Cr 28% Rs. 14,830 Cr ■APMUL APML APRL UPCL ■ REL 1242 H1 FY19 ■ PPA 1567 4153 adani Power INR Crores 292 7367 ■APMUL APML APRL UPCL ■ REL H1 FY20 2702 Power Sales (Mn units) 22,771 MUS 32% 30,122 MUS 21529 ■Merchant/Medium term Avg. PPA tariff Avg. Merchant/Medium term tariff Rs. 3.84/kWh Rs. 4.28/kWh 27420 ■ PPA ■Merchant/Medium term *Consolidated revenue after Avg. PPA tariff Rs. 4.14 / kWh Eliminations Avg. Merchant/Medium term tariff Rs. 4.07/kWh 33#35Q2/H1 FY 2019-20: EBITDA Mix Q2 FY19 401 273 57 557 Q2 FY20 2 Consolidated EBITDA* 244 323 Rs. 2,806 Cr 20% Rs. 2,248 Cr 2007 1181 ■APMUL APML APRL UPCL ■ REL H1 FY19 675 -125 566 2883 adani Power INR Crores 475 ■APMUL APML APRL UPCL ■ REL H1 FY20 Consolidated EBITDA* 2 899 1509 Rs. 4,095 Cr 26% Rs. 5,142 Cr 1607 1096 ■APMUL APML APRL UPCL ■ REL *Consolidated EBITDA after Eliminations ■ APMUL ■ APML APRL UPCL ■ REL 34#36Q2 FY 2019-20: APL EBITDA Bridge (YoY) adani Power INR Crores 61 161 292 2,806 192 31 227 2,248 1,068 Exceptional Income Q2FY19 Q2FY20 Change As part of Operating 1,561 (81) (1,642) revenue As part of Other 220 794 574 income Total 1,781 713 (1,068) EBITDA Q2 Revenue of FY19 REL Higher operating Lower Fuel Lower Other Lower other expense Income (Net) opex revenue Lower Foreign Exchange impact Lower Exceptional Income EBITDA Q2 FY20 35#37Consolidated Profit and Loss statement (1/2) adani Power INR Crores Particulars Q2 FY20 Q2 FY19 % Change H1 FY20 H1 FY19 % Change Operating Revenue 5,916 7,104 -17% 13,720 10,857 26% Of which exceptional (38) 1,394 NM 543 1,436 -62% Other Income 900 553 63% 1,109 759 46% Of which 769 348 121% 865 348 149% exceptional Total Revenue 6,815 7,657 -11% 14,830 11,617 28% Fuel cost 3,926 3,987 -2% 8,634 6,101 42% Other Opex 640 864 -26% 1,053 1,421 -26% EBITDA 2,248 2,806 -20% 5,142 4,095 26% Recurring EBITDA 1,517 1,064 43% 3,734 2,311 62% Lower grid demand and lower compensatory tariff resulted in lower operating revenues in Q2 FY20 . Fuel cost reduction in line with generation in Q2FY20 Recurring EBITDA improvement due to higher blended realizations Reported EBITDA dropped due to lower exceptional income recognition 36#38• Consolidated Profit and Loss statement (2/2) adani Power INR Crores % Change Particulars Q2 FY20 Q2 FY19 % Change H1 FY20 H1 FY19 EBITDA 2,248 2,806 -20% 5,142 4,095 26% Depreciation 765 697 10% 1,455 1,377 6% Finance cost 1,326 1,407 -6% 2,648 2,769 -4% PBT 157 702 -78% 1,039 (51) Exceptional (Gain) / Loss (1) 1,003 i PBT after exceptional 158 702 -77% 36 (51) items Tax 154 315 -51% 296 387 -24% PAT 4 387 -99% (260) (438) 41% Depreciation is higher due to the consolidation of REL and REGL during the quarter Finance Costs for Q2 FY20 and H1 FY20 include Rs. 63 crore towards REL and REGL PBT of Q2 FY20 and H1 FY20 include Rs. (106) crore and Rs. (70) crore pertaining to REGL (Korba) and REL (GCEL) 37#39Consolidated Balance Sheet adani Power INR Crores As on 31st Mar, 2019 Particulars Equity & Reserves Long term borrowings incl. current maturities Other Non-current liabilities Short term borrowings As on 30th Sep, 2019 9,633 7,712 43,285 39,906 5,974 5,702 7,978 7,074 Trade payables 6,550 6,362 Other current liabilities Sources of Funds Fixed Assets Other Non current assets Inventories Trade Receivables Cash & Bank Other current assets 2,164 1,229 75,583 67,985 58,658 50,769 1,889 4,013 1,803 1,224 10,431 8,551 1,160 916 1,643 2,512 Application of Funds 75,583 67,985 • Increase in Long Term Borrowings, Equity & Reserves, and Fixed Assets is due to consolidation of newly acquired entities - REL and REGL • Inventory rise is due to better coal stock position at Mundra Increase in receivables is due to reclassification of Unbilled receivables into Billed receivables 38#4008 Way Forward#41Key Priorities Areas of focus Emission Control Capex Regulatory Receipts Profitable and Sustainable Growth Integration of Acquisitions Operational Efficiency PPA and FSA tie ups adani Power 40 40#42Appendix Asset Details#43Udupi Power Corporation Limited Project Overview Capacity (MW) Acquired From Technology Location State Status - 1,200 MW (2 units of 600 MW each) Lanco Infratech Ltd in Apr 2015 - Sub Critical - Udupi District, Karnataka Operational Unit 1 11-Nov-10 - COD Total Project Cost Equipment Boiler Make / Type TG Set Make Power Purchase Agreement Fuel Supply Agreement Coal Transportation Water Linkage Unit 2 19-Aug-12 INR 6,288 cr Dongfang Electric Corp. Dongfang Electric Corp. - Karnataka 1,080 MW, Punjab - 120 MW - Imported Coal - 3.35 MTPA @ 75.0% PLF Captive Jetty at Mangalore Port, rail to plant - RO Plant with 10 MLD capacity for conversion of sea water to RO water - 2 Hassan Line - 400 KV Evacuation Arrangement 2 Kemar Line - 220 KV - Location Padu ajab Shirva BEJE 37 Kallya 67 Sooda BER and Nitte Udupi Power Corporation Ltd Jeg 66 Padubidri ಪಾಡುಬಿದ್ರಿ. Hejmady den & Mundkur bobo 67 66 Kinnigoli 70 Sasihithlu Rob Kateel Niddodi adani Power Plant is located in the Udupi District of Karnataka, 35 km north of Mangalore Flanked by Konkan Railway on the west and Padubidri- Karkala state highway on the south 42#44Adani Power Maharashtra Limited Project Overview Capacity (MW) Technology Location State - Status COD 3,300 MW (5 units of 660 MW each) Super - Critical Tiroda in District Gondia, Maharashtra Operational Unit 1: 23-Sep-12 Unit 2: 30-Mar-13 Unit 3: 14-Jun-13 Location Chhapara ofera-it छपारा I 547 ndwara दिवाड़ा Seoni fera-ft Nagpur AH43 Project Cost Equipment Boiler Make/Type TG Set Make Power Purchase Agreement Fuel Supply Agreement Coal Transportation Unit 4: 31-Mar-14 Units 5: 11-Oct-14 INR 19,788 cr Shanghai Electric Co., China Shanghai Electric Co., China MSEDCL 3,085 MW - FSA with SECL, MCL, WCL of 10.76 MTPA - Rail / Road Water Linkage Evacuation Arrangement Wainganga River for 70 MCM per yr - 2 Tiroda Warora lines 3,312 Amp thermal capacity 2 Tiroda - Koradi lines 218 km, 400 KV, - 360 km, 765 KV, MCM Million Cubic metres 3,940 Amp thermal capacity I 144 Arvi Baihar 130A बैहर Kawardha कवर्धा Balaghat Ukwa बालाघाट Joal 30 Gondia Dongargarh-Khaara Tumsar Réserve Forest डोंगरगढ़-खारा Ruid Bhilai भिलाई Bhandara * फॉरेस्ट 00 ° Durg AH46 Soundad दुर्ग I 353C Malewada Forest Range Dh Dalli Rajhara दल्ली adani Power Plant is located at MIDC Growth Centre, Tiroda in Dist. Gondia on Bhandara Gondia state highway (SH-249), at a distance of 125 kms from Nagpur Nearest major Railhead is Gondia on Mumbai-Howrah rail route at 30 kms distance from plant Reservoir with buffer capacity of 45 days of water intake available 43#45Adani Power Rajasthan Limited Project Overview Capacity (MW) Technology Location State Status COD Project Cost Equipment Boiler Make / Type TG Set Make Power Purchase Agreement Fuel Supply Agreement Coal Transportation Water Linkage 1,320 MW (2 units of 660 MW each) Supercritical Location Kawai Village, Baran District, Rajasthan Aton अत Operational Unit 1 31-May-13 - Unit 2 31-Dec-13 INR 8,773 cr Shanghai Electric Corp Ltd. Shanghai Electric Corp Ltd. RRVUNL 1,200 MW - FSA with SECL, NCL - 4.12 MTPA - Rail 4 Mothpur Atege पटल्या Berakya बेराक्य Atru अंतरु Mahodari महोदरी RAJASTHAN MADHYA PRADESH 37A Adani Power Rajasthan Ltd. Teegri तिगरी Umar Thana उमर थाना 51 Salpura सल्पुरा Gugor गुगोर adani Power Evacuation Arrangement Parban river of 34 MCM per yr - 2 Kawai Anta Lines 50 km, 400 KV, 3,312 Amp Thermal Capacity - 42 km, 400 KV, 1 Kawai Chhabra Line 1,656 Amp Thermal Capacity - Plant is located at village Kawai, Tehsil Atru, district Baran and 300 Km from State capital, Jaipur Nearest railway station is Salpura, which is 3 Km from the plant. Kota Junction is a major railway station which is 111 Km from Kawai 44#46Adani Power (Mundra) Limited Project Overview Capacity (MW) Technology Location State Status COD - 4,620 MW (5 units of 660 MW and 4 units of 330 MW) Super Critical - Mundra Taluka, Kutch District / Gujarat Operational Phase 1 Unit 1 (4-Aug-09), Unit 2 (20-Mar-10) Phase 2 Unit 3 (4-Aug-10), Unit 4 (21-Dec-10) Phase 3 Unit 5 (1-Mar-11), Unit 6 (3-Feb-12) Phase 4 May-12) INR 23,762 cr Unit 7 (9-Nov-11), Unit 8 (5-Mar-12), Unit 9 (11- Location 48 Beraja Vaanki ais Chandroda ચંદ્રોડા બેરજા Koday Bidada કોય Samagoga Bhadreshwar ભદ્રેશ્વર બીદડા 41 સામાગોગા 6 41 Mandvi Hisal Adani Power Mundra Limited. (6) Gulf of Kutch adani Power Project Cost Equipment Boiler Make/Type PPA Babcock & Wilcox Beijing Co. Ltd. (Unit 1 - 4) Harbine Boiler Co. (Unit 5 - 9) Beijing Beizhong Steam Turbine Generator Co. (Unit 1 TG Set Make 4) Fuel Arrangement Coal Transportation Water Linkage Evacuation Arrangement Dongfang Turbine Co. (Unit 5 - 9) 1,200 MW Gujarat, 1,424 MW - HPPC, 90 MW - Others FSA with MCL, SECL - 6.41 MTPA (used by APML / APRL under IPT) Imported Coal - 16.4 MTPA @ 75% PLF Marine to Mundra Port, conveyer belt to plant 3 RO Plants (7 MLD, 20 MLD and 20 MLD) for conversion of sea water to RO water - HVDC Line 1,992 km, 500 KV DC for Haryana Various lines for Gujarat Plant is located in Mundra taluka, Kachchh District of Gujarat and is - 61 km south of Bhuj - Plant is near National Highway 8A Nearest Railway station is Gandhidham located 50 km away IPT - Inter Plant Transfer mechanism (FSA provision allowing transfer of coal between power plants either wholly owned by the user or by its 100% subsidiaries) 45#47Raipur Energen Limited Asset Details Capacity (MW) Acquired from Technology Location State Status COD PPA Equipment Fuel Supply Agreement Evacuation Arrangement Water - 1,370 MW (2 units of 685 MW each) GMR Group in Aug 2019 Supercritical Raikheda, Raipur district, Chhattisgarh Operational Unit 1 1st June 2015 Unit 2 1st April 2016 Short term PPA with GUVNL to supply 1,000 MW power at INR 3.16/kWh under Case-4 norms Current PPA tenure till Dec 2019 Super critical BTG equipment supplied by Doosan Heavy Industries (South Korea) Coal for GUVNL PPA available under Case-4 from Korea Rewa and Korba Coal fields of SECL E-auction coal from MCL - IB Valley and SECL Raigarh coalfields based on proximity to the plant BPTA signed with PGCIL for evacuation of 816 MW (WR - 386 MW & NR - 430 MW) at Raipur substation through dedicated transmission line (65 km) Water allocation for 36 MCM approved by Government of Chhattisgarh Plant Location Plant location: Raikheda village, district, Chhattisgarh Raipur adani Power 46#48Raigarh Energy Generation Limited Asset Details Capacity (MW) Acquired from Technology Location State Status COD PPA Fuel Supply Agreement Coal Transportation 600 MW (1 unit of 600 MW) Lenders under IBC debt resolution process (NCLT) Sub critical Chhattisgarh Fully operational since Feb 2015, Due to generator failure in May 2017, plant was shut down pending repair by BHEL Apr 2014 Variable cost PPA with Chhattisgarh State Power Trading Co. to sell 5% of power Allotted 3 year MT PPAs of 185 MW with Tamil Nadu and 110 MW with Telangana Plans to secure LT PPA for plant through Case 1 bids post restart of operations Total coal requirement of -2.46 MTPA for LT PPA and CG PPA FSA with MCL (2.315 MTPA) for LT PPAS Balance coal to be procured through auction route Construction of railway line from Bhupdeopur stn. to site is under progress Rail line construction expected to be completed in 10-12 months post taking over operations Coal currently transported by road from rail station to site over a distance of 29 km Evacuation Arrangement 20 km double circuit 400 kV transmission line upto PGCIL substation at Kotra Plant Location Plant location: Near Villages Chote Bhandar, Bade Bhandar, Sarvani Amali Bhona & District Chhattisgarh Raigarh, adani Power 47#49Adani Power (Jharkhand) Limited Project Overview Capacity (MW) Technology Location State Status Expected COD Project Cost Equipment Boiler Make / Type TG Set Make Power Purchase Agreement Fuel Supply Agreement - 1,600 MW (2 units of 800 MW each) Ultra Super-Critical Technology Godda District, Jharkhand Under Construction Unit 1 = Dec-2021 Unit 2 Apr-2022 INR 13,846 cr (USD 1,978 mn) Babcock & Wilcox Beijing Co. Ltd. - General Electric - 100% Bangladesh Power Development Board 100% imported Coal a Location Kishanganj Sahibganj साहिबगंज Adani Power Plant Durgapur wafiora adani Power Guw MEGHALAYA N5 Rajshahi রাজশাহী N502 Bangladesh N6 Coal Transportation Evacuation Arrangement Project Status - Coal Supply on CIF basis at Dhamra Port Dhamra Port to plant using Indian Railways network 400 kV D/C Transmission line of approx. 106 km up to Indian border (part of Project) Transmission line in Bangladesh of about 20 km (to be laid by Power Grid Corporation of Bangladesh) Environment Clearance, Water tie up, Cross Border trading approvals, Chimney clearances and transmission line approvals are in place Land acquisition - complete EPC Contract assigned to SEPCO III Project finance loan sanctions received N704 Dhaka N10 TRI - Plant is located in village Motia, district Godda in the state of Jharkhand Nearest national highway NH 133 at 9.5 km, - - nearest railway station is Godda (6 km) Nearest port is Dhamra port (695 km by rail) 48#50Godda Project Highlights Estimated Project Cost USD 2 Billion Kishanganj Sahibganj साहिबगंज Adani Power Plant ia Durgapur NS N502 Rajshahi রাজশাহী Guw MEGHALAYA Bangladesh NO N704 Dhaka TRI Among India's first Ultra- supercritical Units Growing market with power deficits Growing demand for power, resource constraints adani Power 8th largest population 41st largest economy 7% GDP growth rate 2 x 800MW Ultra- Supercritical Units FGD and SCR equipment Lower emissions, higher efficiency SOx and NOx emission reduction Healthy bilateral relations and trade Per capita consumption 326 kWh/yr Aggregate installed generation capacity of 20 GW Dedicated transmission line 100km to border No linkage with Indian power grid Unique value- accretive opportunity Depleting gas reserves, environmental concerns 56% capacity from Natural Gas 33% from liquid fuels 49#51Mundra (4,620 MW) performance update Historical Operating Performance adani Power INR Crores Financial Performance 94% 81% 87% 75% 62% 54% 64% 59% Particulars Q2 FY20 Q2 FY19 H1 FY20 H1 FY19 Revenues 3,108 2,885 7,367 3,660 FY16 FY17 FY18 FY19 ■■Billed Availability ■PLF Of which Exceptional (30) 251 563 260 Operating Performance Parameters Q2 FY20 Q2 FY19 H1 FY20 H1 FY19 Fuel Cost 2,237 2,182 4,783 2,664 Billed Availability 84% 79% 87% 49% Other Opex 547 645 1,075 1,120 PLF 73% 71% 77% 44% EBITDA 323 57 1,509 (125) Net Units Sold 6.80 BU 6.55 BU 14.26 BU 8.10 BU PPA Tariff/u 3.80 3.36 3.89 3.27 Coal Consumed (MMT) 4.06 4.03 8.47 5.06 Fuel Cost/u 3.29 3.33 3.35 3.29 Coal Mix (Dom: 0:100 0:100 0:100 0:100 Imp %) Phase III capacity (1,320 MW) utilised for supplying power in Merchant market after GUVNL Bid-02 PPA termination Improvement in EBITDA due to tariff revision, following signing of SPPA pursuant to HPC recommendations 50#52Tiroda (3,300 MW) performance update Historical Operating Performance adani Power INR Crores Financial Performance 77% 69% 70% 81% 75% 61% 66% 61% Particulars Q2 FY20 Q2 FY19 H1 FY20 H1 FY19 FY16 FY17 ■Billed Availability ■ PLF FY18 FY19 Revenues 1,871 3,404 4,153 5,300 Of which Exceptional (80) 1,308 (53) 1,670 Operating Performance Parameters Q2 FY20 Q2 FY19 H1 FY20 H1 FY19 Fuel Cost 1,294 1,107 2,860 1,939 Billed Availability 78% 83% 84% 72% Other Opex 102 290 197 478 PLF 71% 72% 78% 65% EBITDA 475 2,007 1,096 2,883 Net Units Sold 4.86 BU 5.44 BU 10.71 BU 9.46 BU PPA Tariff/u 3.95 3.80 3.86 3.73 Coal Consumed (MMT) 3.42 3.49 7.33 6.08 Fuel Cost/u 2.66 2.04 2.67 2.05 Coal Mix (Dom: 100:0 98:2 100:0 97:3 Imp %) Billed availability lower in Q2 FY20 due to lower coal availability following heavy rains at mines Increase in coal cost due to arms' length pricing of coal transferred from Mundra Ph-IV FSA 51#53Kawai (1,320 MW) performance update Historical Operating Performance adani Power INR Crores Financial Performance 87% 75% 81% 72% 76% 66% 48% 44% Particulars Q2 FY20 Q2 FY19 H1 FY20 H1 FY19 FY16 FY17 FY18 FY19 Revenues 1,634 1,130 2,574 1,933 ■Billed Availability PLF Of which Exceptional 824 173 880 356 Operating Performance Parameters Q2 FY20 Q2 FY19 H1 FY20 H1 FY19 Fuel Cost 390 488 857 736 Billed Availability 78% 80% 82% 57% Other Opex 63 242 110 521 PLF 62% 67% 67% 53% EBITDA 1,181 401 1,607 675 Net Units Sold 1.69 BU 1.98 BU 3.64 BU 3.00 BU PPA Tariff/u 4.54 4.14 4.41 4.01 Coal Consumed (MMT) 1.02 1.22 2.19 1.87 Fuel Cost/u 2.31 2.46 2.35 2.45 Coal Mix (Dom: 100:0 91:9 100:0 95:5 Imp %) Lower billed availability due to planned and forced outages of Units, dip in PLF due to lower grid demand Jump in EBITDA due to recognition of claim of Rs. 125 Cr. for coal shortfall and Rs. 722 Cr. for Carrying cost 52#54Udupi (1,200 MW) performance update Historical Operating Performance adani Power INR Crores Financial Performance 92% 86% 77% 85% 75% 71% 59% 50% Particulars Q2 FY20 Q2 FY19 H1 FY20 H1 FY19 FY16 FY17 FY18 FY19 Revenues 394 736 1,567 1,733 ■Billed Availability PLF Operating Performance Of which Exceptional 48 395 102 Parameters Q2 FY20 Q2 FY19 H1 FY20 H1 FY19 Fuel Cost 101 237 577 794 Billed Availability 75% 89% 84% 91% Other Opex 49 227 92 373 PLF 11% 25% 30% 44% EBITDA 244 273 899 566 Net Units Sold 0.25 BU 0.62 BU 1.48 BU 2.18 BU PPA Tariff/u 14.17 7.99 7.43 6.00 Coal Consumed (MMT) 0.12 0.29 0.68 1.02 Fuel Cost/u 4.11 3.85 3.89 3.64 Coal Mix (Dom : 0:100 0:100 0:100 0:100 Imp %) Lower demand due to heavy monsoons led to Reserve Shutdowns and lower volumes Maintaining high levels of availability, leading to full capacity charge recovery 53