Azure Power Investor Presentation

USD Millions $600 $300 Long Term Outlook MWs Operational Guidance MWs 8,000 7,000 6,000 CAGR USD Millions 5,000 30% $700 4,000 CAGR 3,000 $600 40% 2,000 1,000 $500 IPO(a) FY'17(a) FY'18(a) FY'19(a) 2Q FY'21(a) FY'21(e) Cap Ex Guidance FY'22(e) FY'23(e) $0 FY'21 FY'22 FY'23 Equity Debt FY'24 FY'25 (US$ millions) FY'22 FY'23 FY'24 FY'25 FY'21 Cap Ex 1H'21: $97.7 2H'21: $225 - $275 $600 $700 $500 - $650 $500 - $650 $500 - $650 FY'24(e) FY'25(e) $400 $300 $200 $100 Azure Power Gross Margin (2), Cash Flow to Equity for Operating Assets (3) and Debt Forecast Gross Margin: $180 $190 - Gross Margin: $275 - $290 CFe: $45 - $60 60 $0 LTM Current Operational (1,834 MWs) Net Debt $978mn Exchange rate- INR 73.54 to US$1 (New York closing rate of September 30, 2020) (1) Midpoint of guidance, (2) Revenue less cost of operations equals Gross Margin. Corporate G&A as overhead is covered during construction in cap ex. (3) CFe (cash flow to equity) for Operating Assets is profit before tax (the most comparable GAAP metric), adjusted for net cash provided for used/in operating activities, other than changes in operating assets and liabilities, income and deferred taxes and amortization of hedging costs; less: cash paid for income taxes, debt amortization and maintenance capital expenditure. LTM actual debt amortization was $7.2 million but projections assume normalized debt amortization over 20 years. 11 CFe: CFe: $70 - $100 $170 - $210 Total Contracted Total Committed Portfolio (3,115 MWs) Portfolio (7,115 MWs) $1,550 mn EBITDA CFe $3,100 mn Gross Margin: $575 - $675

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