Investor Presentaiton

TATA POWER Natural hedge between Mundra & Coal Cos Fig in Rs crs Generation at Mundra 9 Month 9 Month CGPL FY 18 FY 17 FY19 FY18 Revenue 5,094 4,556 6,419 6,109 EBITDA PAT (117) 150 16 (1,363) (871) (1,408) 552 (855) Coal mining & Coal Infra Companies Coal & Infrastructure Business Revenue EBITDA PAT Net PAT 9 Month 9 Month FY 18 FY 17 FY19 FY18 6,585 6,938 8,641 7,123 2,030 2,346 2,889 1,792 979 1,197 1,423 797 (384) 326 15 (58) TATA Natural hedge has worked in favor till FY 18 ➤ Lower prices due to slow Chinese demand and the Indonesian DMO regulation in FY 19 led to realization in Coal Cos reducing ➤ Consolidated PAT turned negative in FY 19 due to above DMO impact Company refinanced the ECB Loans with rupee bond and loans that have pushed out the repayments and stopped the gap funding requirement. This will provide breathing room for Tata Power before a long term resolution is found 37

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