Azure Power Investor Presentation

Balance Sheet Highlights Cash, Cash Equivalents and Current Investments* Property, Plant & Equipment, Net Net Debt# Hedging Asset (net) As at March 31, 2020 (in million) As at September 30, 2020 (in million) Azure Power INR INR US$## 9,792 7,828 106.4 95,993 103,712 1.410.3 73,806 79,721 1,084.0 6,266 5,290 71.9 *Does not include Current and Non-Current Restricted cash of INR 6,219 million (US$ 84.6 million) as on September 30, 2020 and of INR 5,725 million for the year ended March 31, 2020 # Net debt is presented after net of hedging derivative value and cash and cash equivalents. The hedging asset (net) is directly related to hedging foreign debt from variances in foreign exchange changes and is included in Other Assets on the Balance Sheet. ## Exchange rate- INR 73.54 to US$1 (New York closing rate of September 30, 2020). 23 23

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