Equity Funding and Strategic Update

Balance Sheet Highlights As of March 31, 2019 (in million) INR As of December 31, 2019 (in million) INR US$ Cash, Cash Equivalents and Current Investments* 10,545 11,310 158.3 Property, Plant & Equipment, Net 83,445 95,727 1,339.8 Net Debt# 59,007 70,087 980.9 *Does not include restricted cash of US$ 49.1 million as on December 31, 2019. #Net of hedging derivative value and cash and cash equivalents. The hedging asset was US$ 31.1 million for the year ended March 31, 2019 and US$ 57.9 million for the quarter ended December 31, 2019. Exchange rate- INR 71.45 to US$1 (New York closing rate of December 31, 2019). 21| Copyright © 2020 Azure Power |www.azurepower.com Azure Power®

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