Investor Presentaiton

TATA POWER ..light at the end of the tunnel? Demand augmentation: ➤ Peak demand surge highest ever Peak and base demand growth (YoY %) 1000 9.0 13GW in 7MFY19 over FY18 - probably the 800 70 8.0 50 40 SAUBHAGYA will likely result in 8-10% peak demand increase, and 3-5% base demand increase initially Load shedding reduction contributed >60bps to FY18 power demand growth Enough capacity to sustain for next 4 years - What after that? Capex in generation required soon to address demand growth and retirements of inefficient and old plants Stressed asset resolution to be driven with growth in demand and the Samadhan and Parivartan schemes 3.0 20 1.0 Peak demand growth (YoY%) Base demand growth (YoY%) W FY18 TATA 7MFY19 Capacity addition thermal capacity addition negative in 7MFY19 on plant retirements Gas and Other thermal Nuclear Hydro Wind Solar (GW) □ Coal 40 35 30 25 20 Consolidation in Renewables Continued thrust on renewables; Rationalization of bids in recent rounds Green Transmission Corridor positive for growth Recent regulatory orders upholding existing PPAs a positive Distribution Reforms UDAY Scheme has been impactful but tariff reforms remain the last mile ➤ Private participation in distribution must for Discoms' turnaround FY 12 FY13 Source: CEA, I-Soo Rocosroh AT&C loss trend 0 34.9% 35.2% 0 FY14 FY15 FY18 AT&C loss 34.8% 33.1% 29.5% 0 26.8% 26.6% 0 0 FY04 FYOS 27.7% FY19E FY20E FY10 26.4% 25.5% FY11 22.6% 25.7% FY12 FY13 FY14 FY15 FY16 FY 17 23.0% 20.3% 21.5% 19.0% FY 18 H1FY19 FY06 FY07 FY08 FY09 Source: Ministry of Power, PFC I-Sec Research Calibrated Growth strategy to secure market leadership with sustainable profitability 4

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