Recent 4 GW Project Win Is Value Accretive
Visible Historical and Future Growth
Growing Portfolio with Strong Contracts in Place
SMW
% of Revenue
7,800
6,500
5,200
3,115
600
3,900
707
1,808
2,600
1,300
7,115
5,115
Operational
Under
Under
Contracted
Construction Development Portfolio
Committed
Portfolio
(includes LOA)
Total
Portfolio(1)
Captured Significant Economies of Scale
40%
35%
30%
25%
20%
15%
10%
5%
0%
FY'15
IPO
FY'17
FY'18
FY'19
FY20
G&A as % of Revenue (Ihs)(3)
O&M per MW-year (rhs)
25
US$ Thousand/MW/Year
20
20
5
10
5
EBITDA (US$ Million)
Revenues (US $ Million)
Substantial Revenue Growth to
Portfolio Run-Rate (1)(2)
Azure Power
$172
$112 $144
$44
$61
314%
$711(1)
Committed
Under Construction
Operating
IPO
FY'17 FY'18 FY'19 FY'20
Committed Revenue
313% Increase in Adjusted EBITDA since IPO in 2016
$140
$120
$100
$80
$60
$43
$40
$30
$20
$0
IPO
FY'17
$82
FY'18
$110
FY'19
$124
FY'20
Exchange rate- INR75.39 to US$1 (New York buying rate of March 31, 2019) 1) Includes 2,000 MWs related to the exercise of a greenshoe option which an LOA has yet to be received, 2) Portfolio run-rate (please refer Form 6k Equals
annualized payments from customers extrapolated based on the operating & contracted capacity as on March 31, 2020). 3) Excludes INR 747 mn ($9.9 mn) of charges in FY'20 related to management transition, stock appreciation rights, interest
charges on safe guard duties, and provisions of accounts receivables. | IPO data is LTM 30 June, 2016| EBITDA - For a reconciliation of Non-GAAP measures to comparable GAAP measures refer to appendix.View entire presentation