Recent 4 GW Project Win Is Value Accretive
USD Millions
500
Historical and Future Strong Growth
MWs Operational Guidance
MWs
8,000
7,000
6,000
5,000
4,000
3,000
CAGR 45%
2,000
1,000
IPO(a)
FY'17(a)
FY'18(a)
FY'19(a)
FY '20(a)
FY'21(e)
Capex Forecast(1)
FY'22(e)
CAGR 32%
USD Millions
$700
FY'23(e)
0
FY'21
FY'22
FY'23
Equity Debt
FY'24
FY'25
(US$ millions)
FY'21
FY'22
FY'23
FY'24
FY'25
Cap Ex
$425 - $600 $575 - $850
$500 - $700
$500 $700 $500 - $700
FY'24(e)
FY'25(e)
$300
$400
$500
$600
Azure Power
EBITDA, Cash Flow to Equity (2) and Debt
Forecast
EBITDA:
$190 - $205
EBITDA:
$275 - $300
EBITDA:
$200
$124
$100
CFe: $43
CFE:
$45 - $65
$0
FY'20
Current Operational
(1,804 MWs)
Total Contracted
Portfolio (3,115 MWs)
Debt
$1.0bn
$1.6bn
CFe:
$70 - $100
CFe:
$170 - $210
Total Committed
Portfolio (7,115
MWs)(3)
$3.2bn
Exchange rate- INR 75.39 to US$1 (New York closing rate of March 31, 2020) (1) Midpoint of guidance, (2) CFe (cash flow to equity) is profit before tax (the most comparable GAAP metric), adjusted for net cash provided for used/in
operating activities, other than changes in operating assets and liabilities, income and deferred taxes and amortization of hedging costs; less: cash paid for income taxes, debt amortization and maintenance capital expenditure. FY'20 actual
debt amortization was $8.2 million but projections assume normalized debt amortization over 20 years. FY"20 actual includes $15.1 mn of Corporate G&A but projections do not include Corporate G&A. (3) 2,000 MWs of Committed
Capacity is a greenshoe option that has been exercised by the company as part of an auction that was won but this capacity has yet to receive a Letter of Award
9
EBITDA
CFe
EBITDA:
$575 - $675View entire presentation