Investor Presentaiton

Strong Balance Sheet and Improved Leverage Debt/ Net Worth (1) (x) 1.5 1.6 1.6 1.2 1.1 1.0 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 Borrowings Profile (years) adani Forts and Logistics 30% FY19 total borrowings INR 27,188 cr Net Debt/EBITDA (2) (x) 4.4 4.3 4.2 3.4 Within Desired Level of 3-3.5x 2.5 2.9 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 EBITDA / Finance Cost (x) Elongated Maturity 27% 20% 23% < 1 Year 1-2 Years 3-5 Years > 5 Years 5.1 4.8 3.9 Continuously Improving الس. 3.4 3.0 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 Note: Average Exchange Rate INR/USD of 67.0896, 64.4474 and 69.8889 for FY17, FY18 and FY19 respectively for P/L items and period end exchange rate INR/USD 64.8386, 65.0441 and 69.1713 for FY17, FY18 and FY19 respectively for Balance sheet items (1) Net worth = Equity Share Capital + Other Equity + Non Controlling interest (2) Net Debt Total Debt Cash and Cash Equivalents; Total Debt = Long Term Borrowings + Short Term Borrowings + Current Maturities of Long Term Debt; Cash and Cash Equivalents includes Current Investments (3) Short Term Debt = Short Term (Current) Borrowings + Current Maturities of Long Term Borrowings. 16

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