Recent 4 GW Project Win Is Value Accretive slide image

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.
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