Recent 4 GW Project Win Is Value Accretive

Historical Plant Load Factor (PLF); 1Q FY'21 Forecast 23.0% 22.0% 21.5% 21.0% 22-23% 1Q FY'21 forecast 20.0% 19.4% 19.0% 18.0% 17.0% 16.0% 15.0% 1Q 25|Copyright © 2020 Azure Power |www.azurepower.com 16.4% 16.8% 17.9% 17.7% 2Q 3Q 4Q FY'19a -FY'20a 22.3% FY'20: 20.5% FY'19: 18.6% 20.5% ® Azure PowerⓇ

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