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Investor Presentaiton

C India's Energy Sector is Undergoing a Paradigm Shift A Renewables: Sharp growth expected in upstream B renewable generation 175 GW Target for 2022 500 GW Target for 2030 Rooftop Solar 40 GW Utility Solar Wind 60 GW 60 GW Others 15 GW Green Hydrogen: India to become major hub for Green Hydrogen production and exports 2050 Green H2 projections Cost of Green H2 expected to decrease significantly 20 MT 2 ~ $4/kg ► 2 $2/kg (FY20) (FY50) Distribution Franchise D GAR EV Infrastructure: Exponential growth in charging stations as EV penetration grows 2.5-3k 100%+ CAGR 80-100k Projection (2025) # charging stations (2021) Central & state governments providing strong tailwinds through subsides, fast-track clearance, mandatory %EV in fleets, etc. Distribution & Smart metering: High potential as focus on reducing AT&C loses via private sector participation and deploying smart meter continues 2020 market size $95B 2020 Share of private players 7-8% 45% Europe & Central Asia Smart Metering 25 Cr by 2025 (Govt. ambition) National Green Hydrogen Policy with 10-20% target green hydrogen consumption in select sectors already launched Poor financials for State discoms → private sector participation getting promoted by government; upcoming Electricity Amendment Bill to delicense sector ✓ Power trading expected to grow by 2X to become a $13B+ industry by 2026 ✓ Other green energy businesses (EEAS, CCUS, etc.) also expected to mirror sharp growth seen in developed markets Sources: IHS, Niti Aayog, TERI, etc.; EEAS = Energy Efficiency as a Service; CCUS = Carbon Capture, Utilization and Storage Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 18
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