Recent 4 GW Project Win Is Value Accretive

Reconciliation of Non-GAAP Measures to Comparable GAAP measures Quarter Ended March 31, Year Ended March 31, (in million) (in million) 2019 2020 2020 2019 2020 2020 INR INR US$ INR INR US$ Net profit (loss) 241 (394) (5.2) 138 (2,337) (30.9) Income tax expense/ (18) 82 1.1 153 489 6.5 (benefit) Interest expense, net 1,448 1,994 26.4 5,022 7,962 105.6 Other (income) (21) (73) (1.0) (148) (108) (1.4) Depreciation and 510 850 11.3 2,137 2,860 37.9 amortization Loss (Gain) on foreign (18) 188 2.5 441 512 6.7 currency exchange Adjusted EBITDA 2,142 2,647 35.1 7,743 9,378 124.4 Exchange rate- INR 75.39 to US$1 (New York closing rate of March 31, 2020). 28|Copyright © 2020 Azure Power |www.azurepower.com ® Azure PowerⓇ

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