Azure Power Investor Presentation

Reconciliation of Non-GAAP Measures to Comparable GAAP measures Azure Power® Quarter Ended September 30, (in million) Six Month Ended September 30, (in million) 2019 2020 2020 2019 2020 2020 INR INR US$ INR INR US$ Net loss (756) (368) (5.0) (585) (322) (4.5) Income tax expense/ (benefit) 27 (97) (1.3) 171 220 3.0 Interest expense, net 1,927 2,023 27.5 3,487 4,186 56.9 Other (income) (4) (4) Depreciation and amortization 671 773 10.5 1,294 1,528 20.8 Loss (Gain) on foreign currency 215 (13) (0.2) 265 4 0.1 exchange Adjusted EBITDA 2,080 2,318 31.5 4,628 5,616 76.3 Exchange rate- INR 73.54 to US$1 (New York closing rate of September 30, 2020). 30

View entire presentation