#1adani Adani Power Limited Result Presentation Q3 FY 2020-21#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. 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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#3Contents 1 Adani Group 2 345 Adani Power Limited APL Quarterly Performance Highlights Revenue and EBITDA Mix Debt Profile#41 Adani Group#5Adani Group: A world class infrastructure & utility portfolio adani Power 63.5% Transport & Logistics APSEZ Port & Logistics Portfolio 100% NQXT 2 100% AAHL Airports 100% 100% SRCPL Rail TM adani 75% AEL Incubator 75% ATL T&D 75% Energy & Utility Portfolio 55% AGEL Renewables Adani • 37.4% • APL IPP ATGL 3 Gas DisCom • .• Marked shift from B2B to B2C businesses- ATGL Gas distribution network to serve key geographies across India - AEML Electricity distribution network that powers the financial capital of India Adani Airports - To operate, manage and develop eight airports in the country Locked in Growth 2020 - Transport & Logistics - Airports and Roads Water and Data Centre 100% 100% ARTL Roads AWL Water Data Centre -USD 59 bn¹ • Energy & Utility Combined Market Cap Opportunity identification, development and beneficiation is intrinsic to diversification and growth of the group. 1. As on Jan 29, 2021, USD/INR - 73 | Note - Percentages denote promoter holding 2. North Queensland Export Terminal | Light purple color represent public traded listed verticals adani 3. Adani Total Gas Ltd. 4#6Adani Group: Decades long track record of industry adani best growth rates across sectors Power Port Cargo Throughput (MT) Renewable Capacity (GW) Transmission Network (ckm) CGD7 (GAs covered) 45% 12% 2.5x 161% 6x 21% 3x 30% 1.5x 5% 25% 7% Industry adani Industry adani Industry adani Industry 2014 2020 972 MT 1,339 MT 113 MT 223 MT 2016 2020 46 GW 114 GW 0.3 GW 14.2 GW6 2016 2020 320,000 ckm 423,000 ckm 6,950 ckm 14,837 ckm 2015 2020 62 GAS 228 GAs adani 6 GAs 38 GAS APSEZ Highest Margin among Peers globally EBITDA margin: 70%1.2 Next best peer margin: 55% adani AGEL Worlds largest developer EBITDA margin:89%1,4 Next best peer margin: 53% ATL Highest availability among Peers EBITDA margin: 92% 1,3,5 Next best peer margin: 89% Transformative model driving scale, growth and free cashflow Note: 1 Data for FY20; 2 Margin for ports business only, Excludes forex gains/losses; 3 EBITDA = PBT + Depreciation + Net Finance Costs Other Income; 4 EBITDA Margin represents EBITDA earned from power sales and exclude other items; 5. EBITDA margin of transmission business only, does not include distribution business. 6. Contracted & awarded capacity 7. CGD City Gas distribution GAS 8. Geographical Areas - Including JV ATGL India's Largest private CGD business EBITDA margin: 31%1 Among the best in industry 5#7adani Performance Activity Adani Group: Repeatable, robust & proven transformative model of investment adani Power Phase Origination • Analysis & market intelligence • Viability analysis Strategic value India's Largest Commercial Port (at Mundra) Highest Margin among Peers • Development Site Development Site acquisition Concessions and regulatory agreements Investment case development Longest Private HVDC Line in Asia - (Mundra Mohindergarh) Highest line availability • Construction Engineering & design Sourcing & quality levels Equity & debt funding at project Largest Single Location Private Thermal IPP (at Mundra) High declared capacity of 89%1 . Operations Operation • • Life cycle O&M planning Asset Management plan 648 MW Ultra Mega Solar Power Plant (at Kamuthi, Tamil Nadu) Constructed and Commissioned nine months in Post Operations Capital Mgmt Redesigning the capital structure of the asset Operational phase funding consistent with asset life In FY20 issued seven international bonds across the yield curve totalling-USD4Bn All listed entities maintain liquidity cover of 1.2x-2x as a matter of policy. 1. FY20 data for commercial availability declared under long term power purchase agreements; 14% 47% 33% 31% 55% March 2016 PSU ⚫ Pvt. Banks 20% March 2020 • Bonds 6#82 Adani Power Limited#9APL at a glance Development Operational Efficiency adani Power Generation capacity Largest private sector IPP² 14 GW (12,4501 MW Operational / 1,600 MW under construction) 16%/6% (of India's private/aggregate coal + lignite generation capacity) Project Capex/ MW 5.2 cr. (Operational projects) FY 2019-20 Commercial Availability (for Long Term PPAs) 89% (FY 2019-20) Water usage³ Fly ash utilization4 2.33 m³/MWh (statutory limit of 3.5 m³/MWh for fresh water based thermal power plants) 101% For 9M FY21 Long-term PPA tie-up Financial Value Creation 74% of Capacity Secured Coal tie-up 84% of Fuel Requirement secured (of domestic coal based capacity) Coal sourcing & logistics5 49 MTPA (Largest customer of Indian Railways after NTPC) 1. Includes 40 MW solar power plant at Bitta; 2. Source: CEA, Oct 2020; 3. As on Mar 31, 2020; 4. Based on current generation at portfolio level; 5. At 80% PLF 00 8#10Strategically located, diversified operating fleet 14 GW of modern and efficient thermal power portfolio, with 12 GW operating capacity adani Power adani Power 100% 100% 100% 100% 100% 100% Udupi (Karnataka) Tiroda (Maharashtra) Raipur (Chhattisgarh) Raigarh (Chhattisgarh) Kawai (Rajasthan) Mundra (Gujarat) Category Coastal, Utility Highlight Regulated Return High Dispatch SPV Capacity (MW) Technology Near-Pithead Plants Open Hinterland Coastal 100% Godda (Jharkhand) (Under construction) Hinterland (Export) Open High Dispatch High Dispatch / Open Fuel pass-through UPCL 1,200 APML REL REGL APRL APMUL (600MW x 2) Subcritical 3,300 (660MW x 5) Supercritical 1,370 600 1,320 (685MW x 2) Supercritical (600MW x 1) Subcritical (660MW x 2) Supercritical 4,620 (330MW x 4) Sub-critical/ (660MW x 5) Supercritical Category Capacity MW Supercritical/Ultra- supercritical Geographically diversified portfolio with focus on logistical and thermal efficiency Coastal 5,820 (41%) 57% Near-pithead 5,270 (38%) 89% APL has a 40 MW solar power plant at Bitta.; IPP - Independent Power Producer, MW - Mega Watt APJL 1,600 (800MW x 2) Ultra-supercritical Hinterland 2920 (21%) 100% 9#11Superior operating performance Plant Load Factor (%) 76% adani Power Consistently high PLF in comparison 70% 70% 67% 64% to all India average .61% 62% 60% 64% 60% 61% 61% 59% 56% 55% 55% 55% 56% 55% 53% 51% (FY18 lower due to coal shortage) Attainment of normative availability ensures full recovery of capacity charge FY15 FY16 FY17 FY18 FY19 FY20 9MFY21 APL All India ■ Private Commercial Availability for Long Term PPAs (%) (FY18 lower due to coal shortage) 82% 91% 85% 67% 79% 90% 95% FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 9MFY21 Source: Ministry of Power (https://powermin.nic.in/en/content/power-sector-glance-all-india) 10 10#12O&M: Par Excellence adani Power ~45,000 Man-years of experienced Manpower Capability Building & skill development (APTRI) Knowledge management through dissemination of best practices and learnings Reliability Reliability centred maintenance (RCM) Zero Forced Outage program Thrust on automation & mechanization Support from OEM and vendor development Indigenisation of spares Safety culture transformation through Project CHETNA led by Du Pont Safety protocols for equipment, employees, and contractors Safety O&M Excellence Efficiency Continuous online parameter monitoring at plant & HO level (Adani - ENOC) KPI benchmarking Focus on Unit Cycle efficiency New Technology adoption APTRI: Adani Power Training and Research Institute; KPI - Key Performance Indicators; ENOC - Energy Network Operating Centre 11#13Sector-leading logistics capability as key competitive advantage Fuel management is key to revenue stability Only IPP in India with in-house, mine-to-plant logistics capability Plant and Mine Locations Handling 49 MMTPA coal, 6 MMTPA Fly Ash Multiple agencies and touch points need constant attention More than 12,000 Rake Equivalents of fuel handled annually Daily management of loading of 25 rakes, with 36-40 rakes in circulation Investment in material handling infrastructure for quick turnaround Mundra Kawai I NCL SECL Raigarh <Korbe WCL Umrer Raipur Tiroda Godda MOLIB Dhamra SECL Korea Rewa MCL Talcher 'Udupi Mangalde Indonesia Australia Map not to scale. For illustration purposes only; WCL - Western Coalfields Limited, SECL - South Eastern Coalfields Limited; MCL - Mahanadi Coalfields Limited, NCL - Northern Coalfields Limited adani Power APL Plants Mines Port for Imported Coal PPA counterparty states for APL 12#143 APL Quarterly Performance Highlights#15. Recent Key Highlights Operational Highlights adani Power Mundra achieved highest ever monthly station PLF of 93.01% during Oct'20 Kawai achieved highest ever monthly fly ash sale of 1.32 MT during Oct'20 Kawai achieved lowest ever Auxiliary Power Consumption of 4.93% during Dec'20 Raipur plant achieved highest ever monthly PLF of 75.8% during Dec'20 British Safety Council has awarded the "Sword of Honour-2020" to UPCL ESG • APL published 6th Sustainability Report 'ESG Report' in alignment with GRI Standards, IIRC, UNSDGS, UNGC, TCFD and CDP • APL submitted its first biennial disclosure report under the 'India Business and Biodiversity Initiative' (IBBI), conceptualized by MoEFCC and hosted by CII-ITC Centre of Excellence for Sustainable Development (CESD) 14#16Power demand scenario in key States Power demand during Q3 FY21 (BU)* * 37.2 39.1 27.5 30.0 11.4 12.3 adani Power BU: Billion Units 22.4 19.4 15.9 16.2 Q3 FY20 Q3 FY21 Gujarat Haryana Maharashtra Rajasthan Karnataka Power demand during 9M FY21 (BU) * 115.4 108.1 86.0 81.2 44.1 41.5 61.0 62.8 ■9M FY20 51.3 48.2 9M FY21 Gujarat Haryana Maharashtra Rajasthan Karnataka Economic recovery from COVID-19 lockdown lows witnessed through improved power demand in Q3 FY21 over last year Demand robust in industrialised as well as agriculture dominant States Peak demand stable at 184 GW in first nine months of FY 21, reached new peak of 187 GW in January 2021 *Source: CEA 15#17Ensuring optimum availability 91% 65% Commercial Availability^ 95% PLF 1 95% 91% 75% 67% 59% adani Power BU: Billion Units ■Generation (BU) Sales (BU) 20.7 19.1 17.8 16.4 51.3 48.2 47.5 44.4 Q3 FY20 Q3 FY21 9M FY20 9M FY21 Q3 FY20 Q3 FY21 9M FY20 9M FY21 Continuous focus on maintaining high levels of plant availability, reducing downtime, and integrating newly acquired power plants Higher commercial capacity declaration under long term PPAs has been supported by improved domestic coal availability Economic recovery post COVID-19 lockdown has improved power demand across States, resulting in higher drawdown under most long term PPAs Greater demand in merchant / short term markets, coupled with improving tariffs, has contributed to PLF growth in Q3 FY21 Udupi continues to see low PLFs due to higher renewable energy penetration ^Commercial availability declared under Long Term PPAs, excludes merchant capacity 16#18Snapshot of financial performance adani Power INR Crores Summary Income Statement Q3 FY21 Q3 FY20 % var (Q3 vs Q3) % var 9M FY21 9M FY20 (9M vs 9M) Operating Revenue 6,894.84 6,574.82 5% ! 19,847.88 20,295.29 -2% Other Income Total Revenue 204.36 109.69 86% 1,399.79 1,218.94 15% 7,099.20 6,684.51 6% ! 21,247.67 21,514.23 -1% Fuel cost⭑ 4,595.44 4,458.72 3% ¡ 11,049.60 13,092.67 -16% Other Opex^ 676.46 668.40 1% EBITDA 1,827.30 1,557.39 17% 1,744.10 8,453.97! 1,721.88 1% 6,699.68 26% Recurring EBITDA (adjusted for non- 1,794.12 1,506.95 19% 4,945.61 4,782.95 3% recurring revenue & operating exp.) Finance cost 1,223.40 PBT before Exceptional 1,422.77 (205.75) (648.56) -14% 3,979.31 4,070.93 -2% 2,054.56 Exceptional items 390.66 (1,002.99) PBT PAT (205.75) (648.56) (288.74) (702.40) 2,054.56 (612.33) • 1,256.85 i (961.91) Total Revenue includes one-time revenue of Rs. 3,567 crore in 9M FY21 (Rs. 73 crore in Q3 FY21), mainly related to compensatory tariff and carrying cost, as against Rs. 1,940 crore in 9M FY20 (Rs. 64 crore in Q3 FY20) Softening of domestic and imported fuel prices resulted in slower increase of fuel cost for Q3 FY 21 Recurring EBITDA for Q3 FY21 improved due to higher volumes as well as lower landed cost of coal Reduction in finance cost in Q3 FY21 due to lower interest rates and favourable forex movement Exceptional item in 9M FY20 relates to write-off of certain amounts upon acquisition of REGL *Includes cost of alternate power purchase ^ Includes purchase of trading goods 17#19Regulatory receivables update Claims under announced regulatory orders adani Power INR Crores Asset Name Nature of Claim Status Claims raised till 31st Dec 2020 Receipts till 31st Dec 2020 Principal Carrying cost Total Principal Carrying cost Total APMUL APML Domestic Coal Shortfall (Up to 31st March 2017) Domestic Coal Shortfall (1st April 2017 onwards) Domestic Coal Shortfall (Up to 31st March 2017) Domestic Coal Shortfall (1st April 2017 onwards) Coal Shortfall due to de- allocation of Captive Coal Block (Lohara) Approved by APTEL 741 352 1,093 292 292 Approved by CERC 659 22 681 Approved by APTEL 2,821 1,316 4,137 1,400 385 1,785 Approved by APTEL 2,997 242 3,239 1,680 1,680 Approved by APTEL 3,483 2,407 5,890 2,664 2,664 Domestic Coal Shortfall (Up to 31st Jan 2018) Approved by SC 4,796 3,507 8,303 2,427 2,427 APRL Domestic Coal Shortfall (1st Feb 2018 onwards) Approved by SC 457 47 505 Total 15,956 7,892 23,848 8,462 385 8,847 APMUL: Compensation for power supplied under GUVNL Bid-2 PPA since inception - Petition filed with CERC Revenue on account of compensation has not been recognized pending CERC Order for estimation of claim amount Accounting for claims in books of account is done on a conservative basis, as a matter of prudence 18 00#204 Revenue and EBITDA Mix#21Q3 FY 2020-21: Sales Mix ■ PPA Q3 FY20 (MU) 16,437 MU 2,622 13,815 ■Merchant/Short term 12,450 MW Avg. PPA tariff Rs. 3.99/kWh Avg. Merchant/Short Rs. 3.01 kWh term tariff Q3 FY21 (MU) 19,144 MU adani Power MU: Million Units 5,738 +16% 13,406 ■ PPA ■Merchant/Short term 12,450 MW Rs. 3.83 kWh Rs. 2.64 kWh Higher grid demand in Q3 FY21 was fulfilled mainly by merchant / short term market, as DISCOMS preferred to fulfill increased demand by accessing merchant markets due to lower tariffs Softening of Imported coal prices in Q3 FY21 as compared to Q3 FY20 resulted in lower PPA tariff realizations 20#22Q3 FY 2020-21: Revenue Mix Q3 FY20 471 64 -1192 681 Q3 FY21 adani Power INR Crores 73 153 561 -626 Regulated Utility Near-Pithead 2587 Hinterland Coastal 3171 Holdco ■Non-recurring 3045 1029 revenue 995 Consol. Revenue Rs. 6,685 Cr + 6% Rs. 7,099 Cr Adj. Revenue* Rs. 6,621 Cr + 6% Rs. 7,026 Cr 2772 Revenue from Regulated Utility increased due to higher offtake under Karnataka PPA of UPCL Near-pithead and coastal capacities have shown good increase in power offtake under short term and merchant market, amid lower coal prices Higher Holdco (Standalone) revenue in Q3 FY20 was mainly due to higher sale of trading goods (coal) to subsidiaries which is also reflected in form of higher eliminations *After deducting one-time and prior period items 21#23Q3 FY 2020-21: EBITDA Mix Q3 FY20 Q3 FY21 adani Power INR Crores 33 223 -197 236 -316 ■Regulated Utility 50 109 Near-Pithead Hinterland 258 620 386 Coastal ■ Holdco 379 343 ■Non-recurring EBITDA 397 Consol. EBITDA Rs. 1,557 Cr +17% Rs. 1,827 Cr Adj. EBITDA* Rs. 1,507 Cr + 19% Rs. 1,794 Cr 863 . . Improved contribution under various PPAs, and higher merchant sales in near-pithead and coastal plants Compensatory tariff recognition from Q2FY21 onwards in APML after APTEL order for Lohara matter Hinterland EBITDA improvement due to higher volumes following increase in demand in Rajasthan Utility contribution stable despite higher volumes, due to availability-based, assured ROE PPA structure *After deducting one-time and prior period items 22#245 Debt Profile#25Consolidated Debt Profile Particulars Senior Secured Loans (Rupee Term Loans + ECB) Existing entities Under-construction project Total Senior Secured Loans Working Capital Loans ICD and other unsecured loans Total Gross Debt before IndAS adjustment adani Power INR Crores As on 31st Dec, 2020 As on 31st Mar, 2020 31,899 32,598 3,250 2,109 35,149 34,707 9,215 7,705 10,313 13,019 54,677 55,431 Total Debt as reported (after IndAS adjustment) 54,460 55,198 24#26Thank You adani Power 25