Investor Presentaiton

Diversified off-taker profile limits counter-party risk • Limited counter-party risk with diversified off-takers Karcham Wangtoo: PPA with PTC PTC has in turn entered into PPA with Uttar Pradesh, Punjab, Haryana and Rajasthan State Discoms • Baspa II: PPA with Himachal Pradesh State Electricity Board • Credit profile of state discoms consistently improving due to timely receipt of financial support from central and state government Receivables days evolution 59 58 FY18* FY19* 89 FY20* Receivables ageing profile (USD mn)¹ . Central government announced Rs. 120,000cr Covid relief package for discoms • 'Must Run' status has been accorded to Hydro projects to prioritize off-take of Hydro power (as per Merit Order Dispatch of all states) ~28 • This ensures that the generation is not subject to curtailment on account of merit order dispatch or any other commercial consideration • Moreover, the tariffs for JSW Hydro plants comes within top 2 quartiles of the Merit Order Dispatch ~6 ~3 ~4 ~1 ~0 Within <30 days credit i 31-60 days 60-90 days 90 180 >181 days days !period L Competitive tariff and large capacity of Karcham Wangtoo and Baspa II provides a reliable source of hydro power for all the existing power offtakers Note: Receivable days calculated as Trade receivables *365/TTM revenue; Exchange rate: USD1 = Rs.73.0536 JSW Energy * As of 31-Mar (1) As of 31-Mar-20 3 29

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