#1SCHOOL adani Power Adani Power Limited Presentation for BOBCAPS Investor Conference 1st March 2024#2Disclaimer 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. adani Power#33 Table of Contents 1 About Adani Portfolio 2 About Adani Power Limited (APL) 3 Power Sector Growth Outlook 4 APL: Strategic Advantages 5 APL: Performance Highlights 6 ESG Practice at APL 7 Conclusion adani Power#41 About Adani Portfolio#5Adani Portfolio: A World class infrastructure & utility portfolio Flagship adani Infrastructure & Utility Core Portfolio Transport & Logistics Incubator (72.6%) Energy & Utility (56.4%) (73.2%) (65.9%) (100%) AEL AGEL Renewables AESL APSEZ NQXT1 T&D Ports & Logistics (37.4%) (71.8%) ATGL² APL Gas Discom IPP (100%) ANIL New Industries (50%) AdaniConneX³ Data Centre (100%) (100%) AAHL Airports ARTL Roads I Primary Industry Materials, Metal & Mining I (63.2%) I I I Cement4 I I I I (100%) Copper, Aluminum (100%) I I I adani Power Emerging B2C Direct to consumer (44.0%) AWL Food FMCG (64.71%) PVC (100%) T NDTV Specialist Manufacturing5 (100%) Mining Services & Commercial Mining I (100%) I ADL Digital I (%): Promoter equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries A multi-decade story of high growth centered around infrastructure & utility core 1. NQXT: North Queensland Export Terminal | 2. ATGL: Adani Total Gas Ltd, JV with Total Energies | 3. Data center, JV with EdgeConnex, | 4. Adani Cement includes 63.19% stake in Ambuja Cements which in turn owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited | 5. Includes the manufacturing of Defense and Aerospace Equipment | AEL: Adani Enterprises Limited; APSEZ: Adani Ports and Special Economic Zone Limited; AESL: Adani Energy Solutions Limited; T&D: Transmission & Distribution; APL: Adani Power Limited; AGEL: Adani Green Energy Limited; AAHL: Adani Airport Holdings Limited; ARTL: Adani Roads Transport Limited; ANIL: Adani New Industries Limited; AWL: Adani Wilmar Limited; ADL: Adani Digital Limited; IPP: Independent Power Producer | NDTV: New Delhi Television Ltd | PVC: Polyvinyl Chloride | Promotors holding are as on 31st December, 2023#6Adani Portfolio: Decades long track record of industry best growth with national footprint Secular growth with world leading efficiency adani Ports and Logistics adani Renewables National footprint with deep coverage adani Power Growth 3x 6 EBITDA 70% 1,2 Growth 4x 6 EBITDA 92% 1,4 adani Energy Solutions adani Gas Growth 3x 6 Growth 1.4x6 EBITDA 91% 1,3,5 EBITDA 19% 1,3 AEL APSEZ AGEL ATGL AESL Adani's Core Infra. Platform - 320 Mn Userbase APL Adani Cement Note: 1. Data for FY23; 2. Margin for indian ports business only, Excludes forex gains/losses; 3. EBITDA = PBT + Depreciation + Net Finance Costs - Other Income; 4. EBITDA Margin represents EBITDA earned from power supply 5. Operating EBITDA margin of transmission business only, does not include distribution business, 6. Growth pertains to expansion and development aligned with market growth. Growth of respective Adani portfolio company vs. Industry growth is as follows: APSEZ's cargo volume surged from 113 MMT to 339 MMT (13%) between 2014 and 2023, outpacing the industry's growth from 972 MMT to 1433 MMT (4%). AGEL's operational capacity expanded from 0.3 GW to 8.1 GW (60%) between 2016 and 2023, surpassing the industry's growth from 46 GW to 125 GW (15%). AESL's transmission length increased from 6,950 ckm to 19,779 ckm (16%) between 2016 and 2023, surpassing the industry's growth from 3,41,551 ckm to 4,71,341 ckm (5%). ATGL expanded its geographical areas from 6 to 52 (31%) between 2015 and 2023, outperforming the industry's growth from 62 to 293 (21%). PBT-Profit before tax, ATGL-Adani Total Gas Limited, AEL: Adani Enterprises Limited, APSEZ: Adani Ports and Special Economic Zone Limited, AESL: Adani Energy Solutions Limited, APL: Adani Power Limited, AGEL: Adani Green Energy Limited I Growth represents the comparison with respective industry segment. 6#7Adani Portfolio: Repeatable, robust & proven transformative model of investment Phase Development Center of Excellence Project Management & Assurance Group Activity Performance · Site acquisition Operations AIMSL1 Construction Operation • Engineering & design • Life cycle O&M planning • Sourcing & quality levels • Asset Management plan • • • adani Power Post Operations Policy -Strategy - Risk Capital Management Redesigning capital structure of assets Operational phase funding consistent with asset life Origination Analysis & market intelligence Viability analysis Strategic value India's Largest Commercial Port (at Mundra) Site Development Concessions & regulatory agreements Investment case development Longest Private HVDC Line in Asia (Mundra Mohindergarh) Highest Margin among Peers Highest line availability Equity & debt funding at project 2,140 MW Hybrid cluster operationalized in Rajasthan in FY23 India's first and World's largest solar- wind hybrid cluster Energy Network Operation Center (ENOC) Centralized continuous monitoring of plants across India on a single cloud based platform Duration Risk Matching Forex Currency Risk Management Interest Rate Risk management Governance & Assurance (ABEX -Adani Business Excellence) 5% 11% Note 1 Adani Environmental Resource Management Services Ltd. (additional company is being proposed) O&M: Operations & Maintenance, HVDC: High voltage, direct current, PSU: Public Sector Undertaking (Public Banks in India), GM TN: Global Medium-Term Notes SLB: Sustainability Linked Bonds, AEML: Adani Electricity Mumbai Ltd., AIMSL: Adani Infra Mgt Services Pvt Ltd, IG: Investment Grade, LC: Letter of Credit, DII: Domestic Institutional Investors, COP26: 2021 United Nations Climate Change Conference; AGEL: Adani Green Energy Ltd.,NBFC: Non-Banking Financial Company March 2016 14% 34% 15% 31% 55% 3% 2% 29% March 2023 PSU Pvt. Banks Bonds NBFCs & Fls ● DII Global Int. Banks ●PSU - Capex LC 7#82 About Adani Power Limited (APL)#9APL: Multifaceted power producer I I I I I Core Business Power Generation I I T India's largest private thermal power producer I I I adani | Power Embedded Expertise Logistics Value Enhancement Emerging Opportunities Training and Vendor Development Waste Management Solid fuel and fly ash: Sourcing and disposal logistics management High quality manpower development and knowledge dissemination Value creation out of waste products Ultra-modern fleet with strong growth pipeline Embedded logistics function among India's largest Critical spares and vendor development Strengthening of local industrial base Reliable and efficient power supplier on growth path built on core strengths adani Power#10Operating Portfolio Overview: Strategically located, diversified fleet adani | Power 100% 100% Udupi (Karnataka) Tiroda (Maharashtra) Raipur (Chhattis- garh) Mahan Ph-I (MP) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Godda (Jharkhand) Category Coastal, Utility Highlight Fixed RoE High Dispatch Near-Pithead Plants Hinterland Coastal Hinterland (Transnational) I Open High Dispatch High Dispatch / Open Fuel pass-through I Capacity (MW) 1,200 3,300 1,370 1,200 600 1,320 (660MW x Technology (600MW x 2) Subcritical 5) Supercritical (685MW x 2) Supercritical (600MW x 2) Subcritical (600MW x 1) Subcritical (660MW x 2) Supercritical 4,620 (330MW x 4) Sub- critical (660MW X 5) Supercritical 1,600 (800MW x 2) Ultra-supercritical I 100% Mahan Ph-II (MP) adani Power Near-Pithead Plants 83% tie up w. Fuel pass-through (Under development) 1,600 (800MW x 2) Ultra-supercritical Category Capacity MW Supercritical / Ultra-supercritical Near-pithead 8,070 (48%) 78% Coastal 5,820 (35%) 57% Portfolio of modern and efficient fleet of 16.85 GW with operating capacity of 15.25 GW 1. Mahan Phase - 2 plant currently under construction - units expected to commercialise in Dec 2026 and Jun 2027 Hinterland 2920 (17%) 100% Mahan and Godda plants are owned by APL's wholly owned subsidiaries Mahan Energen Limited and Adani Power (Jharkhand) Limited respectively | GW: Giga Watt; MW: Mega Watt; MP: Madhya Pradesh; RoE: Return on Equity 10#11APL: Growth path for sustained leadership 100% APL Operational Capacity: 12,450 MW² 100% APJL MEL Operational Capacity: 1,600 MW Operational Capacity: 1,200 MW Under construction: 1,600 MW adani Power Operational Assets: 15,250 MW Under Construction: 1,600 MW Organic-1 (Brownfield) Organic-2 (Brownfield) 1,600 MW 1,600 MW CEPL (Inorganic-49% Stake) 1,200 MW Other Inorganic (in progress) 1,100 MW Proposed Growth³: 5,500 MW India's largest private thermal power producer with current and planned capacity of 22 GW+ 1. 2. 3. Shareholding by funds managed by GQG Partners APL - the listed company holds operational assets of 12.45 GW (including 40 MW Solar asset) post merger of 6 operational subsidiaries in FY23 Assets under acquisition (CEPL) and under planned brownfield development APJL: Adani Power Jharkhand Ltd; MEL: Mahan Energen Ltd; CEPL: Coastal Energen Pvt Ltd 11#12APL: Excellent revenue visibility and fuel security Capacity tie-up (%) 19% 6% 81% 9% 6% 60% Offtake risk protection 79% Domestic fuel tie-up (%) 21% ■Regulated Utility Fuel cost recovery mix (%) ■Fuel cost pass through adani Power ■ TBCB-State DISCOMS 26% 33% ■Escalable energy ■ TBCB-Private 74% charge with change-in-law ■Transnational (Sovereign) Others Merchant 41% Locational advantage of open capacity 2% ■Long-term / Medium- term contracts ■ Open capacity 79% Fuel availability assurance Fuel cost recovery assurance ■Near-pithead Capacity 98% Others 98% Merchant capacity close to fuel source Major portion of domestic fuel-based capacities secured through linkages and locational advantage 1. Regulated Assets under Section 62 of Electricity Act | 2. TBCB: Tariff based competitive bidding a per Section 63 of Electricity Act GW: Giga Watt; PPA: Power Purchase Agreement; FSA: Fuel Supply Agreement; LT/MT: Long term / Medium Term; SHR: Station Heat Rate; PLF: Plant Load Factor 12#133 Power Sector Growth Outlook#14Thermal power is the base load power solution for India's electricity grid Significant potential for Indian power demand growth Per Capita Consumption (kWh) 13,098 Aggregate power demand to double by FY32 Billion Units 4,906 3,957 3,260 2,570 1,331 1,511 1,276 India Brazil World South Africa China USA FY21 Non-fossil sources will lead capacity addition Coal+Lignite (Installed capacity in GW) 382 55% FY23 CAGR 6.2% 1,908 FY27E adani Power 2,474 FY32E Thermal will continue serving base load demand Others CAGR 8.1% 900 Coal Renewable Others (Gross Generation in BU) 610 CAGR 6.6% 2,666 2,025 1,618 38% 29% 1,326 74% 59% 50% 78% FY21 FY27E FY32E FY21 FY23 Source: Central Electricity Authority (India), Statista, BP Statistical Review of World Energy, Energy Information Administration (USA), International Renewable Energy Agency (IRENA) | 1. From 2005 level GW: Gigawatt, TWh: Terawatt Hours, kWh: kilowatt hours FY27E FY32E 14#154 APL: Strategic Advantages#16Fuel management & logistics - Key competitive advantage Fuel management is key to revenue stability Plant and Mine Locations Only IPP in India with in-house, mine-to-plant logistics capability Handling approx. 60 MMTPA coal, 13 MMTPA Fly Ash Constant attention to multiple agencies and touch points Kawai NCL Mahan Mundra WCL Umrer Raipur Tiroda More than 14,500 Rake Equivalents of fuel handled annually Daily management of around 25 domestic coal rakes loading, with around 50 rakes in circulation Investment in material handling infrastructure for quick turnaround Udupi Mangalore SEC Godda ⚫kargarh MCL IB SECL Korea Rewa Dhamra MCL Talcher Imported coal adani Power APL Plants Mines Port for Imported Coal PPA counterparty states for APL 1.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; IPP: Independent Power Producers; 16 MMTPA: Million Metric Tonnes Per Annum; PPA: Power Purchase Agreement#17Operational Excellence through Energy Network Operation Center (ENOC) - Centralized Management Real Time Data Availability - - ENOC (Energy Network Operating Centre) Remote monitoring, diagnosis, and troubleshooting - Centralized power scheduling for optimum capacity utilisation Real time data access, enabling smooth and agile decision-making adani Power Business Intelligence Ensuring high plant uptime Enabling high dispatch capability Leveraging analytics to improve operational performance Sample monitoring parameters Air pre-heater performance Boiler metal temperature Plant data capture Turbine bearing vibration Data analytics @ ENOC Data Analytics Real Time Intervention n Management Dashboards Access across multiple devices & locations Input to site O&M teams for real time corrections Predictive maintenance O&M: Operations & Maintenance; APC: Auxiliary Power Consumption; SHR: Station Heat Rate Maximizing revenue certainty Asset Health Prediction Special Initiatives Fuel Management tracker Benchmarking of critical parameters like APC, SHR etc. 17#18Project Management & Assurance Group (PMAG) - End to End Project Integration adani Power Bidding, Site Scouting Concept Project Development & Basic Engineering Integrated Project Management Execution Operations Commissioning Strength: Team of 90 professionals having hands-on experience of 2,000+ man-years of complete project management cycle of small, medium & large projects Strong Project Controls Collaborating & Convergence Effective Project Delivery One of India's largest single location thermal power plants First super-critical power plant : Mundra, Gujarat Cumulative Capacity: 4,620 MW (330 MW * 4 units + 660 MW * 5 units) Best in class project execution 。 Synchronization of first supercritical generating unit within 36 months from inception 。 Plant spread over an optimized layout of 734 acres 。 Industry benchmark in commissioning i.e. 3 units in single financial year, balance units in the next year World class logistics management 。 High-speed conveyor belt conveys the coal from Mundra port to plant 8 km away @ 6,000 mt / hour 。 Sea Water utilised for water requirement of plant Landmark feat in project execution & transnational supply India's first commissioned transnational project: Godda, Jharkhand Ultra-supercritical plants of 1,600 MW (800 MW x 2) commissioned in April & July 2023 Transnational plant to supply electricity from Jharkhand to Bangladesh Secure revenue and profitability streams ○ 25-year PPA of 1,496 MW (net) with Bangladesh Power Devt Board Connected to Bangladesh Grid with a 400kV dedicated transmission line О Efficient recovery of fixed & variable costs under USD-denominated tariff Commissioned in just 3.5 years from financial closure despite pandemic lockdown challenges in India, China, and Bangladesh 18#195 APL: Performance Highlights#20Operating Performance Trends Average Operational Capacity (MW) Commercial Availability under LT PPAs (%) adani Power 91% 89% 90% 89% 14,985 83% 13,650 79% 12,450 12,450 11,810 10,480 FY19 ■FY20 FY21 FY22 ■FY23 9M FY24 FY19 FY20 ■FY21 FY22 FY23 9M FY24 PLF (%) Sales (BU) 64 59 57 55 52 53 67% 64% 62% 59% 52% 48% FY19 ■FY20 ■FY21 ■FY22 ■FY23 9M FY24 FY19 ■ FY20 FY21 ■FY22 FY23 09M FY24 Optimum availability maintained to ensure despatch capability of steadily growing capacity MW: Mega Watt; LT PPAS: Long Term Power Purchase Agreements; BU: Billion Units; PLF: Plant Load Factor 20 20#21Key Financial Highlights Total Revenues (Rs. Crore) CAGR 13% 26,362 27,842 28,150 46,400 43,041 Listed Entities 31,686 APL CRISIL Domestic Ratings Credit Profile Rating Agency INR Ratings AA-/Stable APL India Ratings AA-/Stable APJL India Ratings BBB/Stable Net Senior Debt to EBITDA (x)1 adani Power 5.4 4.8 FY19 ■ FY20 ■FY21 ■FY22 ■FY23 9M FY24 3.5 2.3 1.7 1.2 Reported EBITDA (Rs. Crore) 22,743 FY19 FY20 FY21 FY22 FY23 FY249M CAGR 18% 9,227 13,789 14,312 Senior Term Debt to Equity (x) 10,597 7,431 5,800 5,772 7,059 5.3 3,745 3.9 2,716 1.285 13,516 2.6 1.9 4,715 5,774 6,852 7,989 8,540 1.0 0.6 FY19 FY20 FY21 ■Continuing FY22 One-time FY23 9M FY24 FY19 FY20 FY21 FY22 FY23 FY249M Duly realized outstanding regulatory income of ~29,000 Cr (FY18-24YTD) 1. For calculating Net Senior Debt to EBITDA ratio, EBITDA includes prior period income, Debt excludes unsecured sub-debt and under-construction asset's debt APJL: Adani Power Jharkhand Limitred; YTD; Year to Date; EBITDA: Earnings before Interest, Tax, Depreciation and Amortization; Significant deleveraging of the portfolio 24 21#22ང་ ESG Practice at APL#23ESG Highlights In its endeavor for climate readiness, APL is aligning its business model with latest technologies in climate efficient manner Climate Alignment Climate Awareness Climate Readiness Sp. Water Consumption (m3/MWh) Statutory limit (3.5) 2.55 2.37 2.07 2.14 2.19 2.22 2.31 FY17 FY18 FY19 FY20 FY21 FY22 FY23 68% 23% 2023 A FGD installed Super Critical capacity 2024 E 72% Super Critical / Ultra Super Critical capacity capacity 31% FGD installed capacity 74% 2029 E Super Critical / Ultra Super Critical capacity - Specific GHG emissions maintained at 0.85 tCO2e/MWh. Achieved ash utilization of 100% for FY23 - 7 out of 9 APL operating locations certified as SUPF 100% FGD installed capacity * ESG Rating Highlights adani Power B Score For fulfilling climate change and water security commitments from CDP (Carbon Disclosure Project) for 2022. Score of 54/100 in Corporate Sustainability Assessment (CSA) by S&P Global - better than world electric utility average score of 33/100. Scored 3.5/5.0 in FTSE ESG rating - better than world utilities avg score (2.7) APL is a constituent company in the FTSE4Good Index Series. Scored 87% in CSR HUB ESG Rating - better than global industry average. 3 GOOD HEALTH AND WELL-BEING W❤ - - - Social Initiatives mapped to UN SDGs Mobile Heath Care unit: 204,282+ treatments provided through 8 MHUS Health insurance benefits for ~ 9,502 people by issuing health cards - 13,453+ patients have been benefitted through health camps 15,000+ beneficiaries have been provided with safe drinking water facilities 4 QUALITY EDUCATION GYANODAYA - Smart class implementation benefiting 80,000 Scholarship program with INR 29.5 Lacs scholarships awarded 8 DECENT WORK AND ECONOMIC GROWTH SAKSHAM - Training for > 1,460 people including 1,181 women and girls Adani Power Training and Research Institute - Delivering high quality training to aspiring engineers/professionals - 3,600 safety program focusing on hazard identification, prevention, review Sp: Specific; MwH: Mega Watt Hour; m³: Cubic meters; FGD: Flue Gas Desulphuriser (emission control equipment); SUPF: Single Use Plastic Free; APJL: Adani Power Jharkhand Ltd; MEL: Mahan Energen Ltd; MHU: Mobile Health Units * FGD installation cost will be passthrough under power supply agreements 23#24Board Committees Board Committee 100% IDs Chaired by IDs Chaired By NID Statutory Committees - Audit - Nomination & Remunerations - Stakeholder Relationship - Corporate Social Responsibility - Risk Management Non-statutory Committees IT & Data Security - Corporate Responsibility - Mergers and Acquisition - Legal, Regulatory & Tax - Reputation Risk - Commodity Price Risk ID - Independent Director I NID - Non-Independent Director ☑ 40% Comprised of only Independent Directors 100% of Statutory Committees Chaired by Independent Directors ☑ adani Power 6 Additional Business specific committees 17% Fully comprised of Independent Directors 17% Chaired by Independent Directors 24 24#257 Conclusion#26APL: Investment Case adani Power Revenue Visibility Fuel Security Regulatory Maturity Poised for Success Strong Financial Profile 81% of capacity contracted under LT / MT PPAs, most of which offer fuel cost pass through or tariff escalation, yielding excellent revenue visibility and cash flow stability. Near-pithead capacity enjoys logistics cost advantage, enabling higher offtake and better margins. 56% of installed capacity based on domestic coal of which 79% secured under LT / MT contracts. Shift towards de-risking fuel supply by utilizing coal from captive mines under liberalized mining policy Full resolution of all regulatory matters pertaining to domestic coal shortfall with Hon'ble Supreme Court's orders dated 20th April 2023. Recovery of alternate fuel costs under change-in-law clauses of PPAs. Operational excellence in fuel management and logistics, and plant Operation & Maintenance with focus on technology adoption, digitalization, and analytics to drive efficiency and plant availability. Large available capacity with growing capacity utilization to cater to growing demand. Proven track record in project execution and rapid turnaround of acquisitions. Domestic credit rating of APL is strong at "AA-". Deleveraging of balance sheet demonstrated by significant prepayment of senior debt. Backed by strong sponsor, India's largest infrastructure and real asset platform. GW: Giga Watt; LT: Long Term; MT: Medium Term; PPA: Power Purchase Agreement; FSA: Fuel Supply Agreement; GHG: Green House Gas; IPP: Independent Power Producer; MTPA: Million Tonnes Per Annum; Bn: Billion 26 26#27adani Thank You