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Investor Presentaiton

Q3 FY 2020-21: EBITDA Mix Q3 FY20 Q3 FY21 adani Power INR Crores 33 223 -197 236 -316 ■Regulated Utility 50 109 Near-Pithead Hinterland 258 620 386 Coastal ■ Holdco 379 343 ■Non-recurring EBITDA 397 Consol. EBITDA Rs. 1,557 Cr +17% Rs. 1,827 Cr Adj. EBITDA* Rs. 1,507 Cr + 19% Rs. 1,794 Cr 863 . . Improved contribution under various PPAs, and higher merchant sales in near-pithead and coastal plants Compensatory tariff recognition from Q2FY21 onwards in APML after APTEL order for Lohara matter Hinterland EBITDA improvement due to higher volumes following increase in demand in Rajasthan Utility contribution stable despite higher volumes, due to availability-based, assured ROE PPA structure *After deducting one-time and prior period items 22
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