Azure Power Investor Presentation

Historical Plant Load Factor (PLF); Annual, Quarterly and 3Q FY'21 Forecast Azure Power 24.0% 23.0% 22.0% 21.5% 21.0% 20.0% 19.0% 18.0% 17.0% 16.0% 19.4% 15.0% 1Q 22.7% 16.4% 18.8% 16.8% 22.3% Annual PLF 20.5% FY'20 19.5% 19.5% 20.5% PLF FY'19 18.6% 3Q FY'21 forecast FY'18 18.2% 17.9% 2Q 3Q FY'19a FY'20a FY'21a 17.7% 4Q Note Q1/Q2 PLF have been adjusted for 17.3 million additional units, for which billing was done in Q2 but the generation pertained to Q1. 22 27

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