Investor Presentation
Long Term Outlook
MWs Operational Guidance
MWs
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
Azure Power
Gross Margin (2,4), Cash Flow to Equity for
Operating Assets (3,4) and Debt Forecast
CAGR
24%
USD Millions
$350
$300
CAGR
43%
$250
Gross Margin:
$275 - $290
Gross Margin:
$200 - $220
Gross Margin:
$200
$179
IPO (a) FY'17(a) FY'18(a) FY'19(a) 3Q FY'21(e) FY'22(e) FY'23(e) FY'24(e) FY'25(e) FY'26(e)
FY'21(a)
Capex Forecast(1)
$150
$100
$50
CFe:
USD Millions
$600
$67
$0
CFe:
$40 - $65
CFe:
$50 - $100
LTM
$300
Current Operational
(2,137 MWs)
Total Contracted Portfolio (3,115
MWs)
$0
Net Debt
FY'21
FY'22
FY'23
FY'24
FY'25
Equity Debt
(US$ millions)
FY'21
FY'22
FY'23
FY'24
FY'25
~$1,150
~$1,550
Gross Margin
CFe
Cap Ex
9M'21: $176.8
4Q'21: $50 - $75
$450 - $550
$500 - $650
$500 - $650 $500 - $650
Exchange rate- INR 73.01 to US$1 (New York closing rate of December 31, 2020) (1) Midpoint of guidance, (2) Revenue less cost of operations equals Gross Margin. Corporate G&A as overhead is covered during
construction in cap ex. (3) CFe (cash flow to equity) for Operating Assets 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. 4) Outlook range is generation
from P90 to P50 and normalized debt amortization ranging from 20 to 25 years. LTM actual debt amortization was $8.2 million due to the majority of debt being in non amortizing Green Bonds.
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