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Investor Presentation

Improved Overhead and DSO Millions $24 G&A Excluding Stock Compensation & Management Transition $22 $20 $18 $16 $14 FY'21 cash G&A(1) on track to be ~$23-$24 mn, down ~10% YoY(2) FY'22 cash G&A(1) expected to be about 10% higher reflecting inflation and more MWs operating. $12 $10 $8 $6 $4 $2 $0 1Q'20 2Q'20 3Q'20 DSO Days 150 140 130 120 110 100 Accounts Receivable DSO At the current share price (3), 4Q'21 SAR 90 expenses in G&A will increase $2.5mn. Every 80 $1 change in the share Average time to bill combined with grace period is ~75 days price from the current 70 4Q'20 1Q'21 2Q'21 3Q'21 share price will impact stock comp expense by ~$0.8 mn 60 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 Stock Comp/Management Transition* ■G&A ex Stock Comp/Management Transition *As of December 31, 2020, 1,795,000 SARs were outstanding of which 1,642,500 SARS cannot be exercised until 2024 on which the Company will not incur any cash payments until that time Exchange rate- INR 73.01 to US$1 (New York closing rate of December 31, 2020) | 1) Excludes stock compensation, management transition expenses and non cash charges, 2) Compares FY'20 and FY'21, 3) $37.76 at close on Feb 10, 2021. 19|Copyright © 2020 Azure Power |www.azurepower.com ® Azure PowerⓇ
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