Azure Power Investor Presentation

Visible Historical and Future Growth Azure PowerⓇ Substantial Revenue Growth to Portfolio Revenue Run-Rate (1) SMW % of Revenue Growing Portfolio with Strong Contracts in Place 7,800 4,000 7,115 6,500 5,200 3,900 1,281 2,600 1,300 1,834 40% 30% 20% 10% 0% Operational Under Construction Committed Portfolio Total Portfolio(1) (includes LOA) Captured Significant Economies of Scale 15 10 225250 FY'15 IPO FY'17 FY'18 FY'19 FY20 G&A as % of Revenue (Ihs)(1) LTM O&M per MW-year (rhs) US$ Thousand/MW/Year Revenues (US $ Million) EBITDA (US$ Million) $193 $172 $112 $144 $44 $61 165% $705 Committed Under Construction Operating IPO FY'17 FY'18 FY'19 FY'20 LTM Committed Revenue 370% Increase In Adjusted EBITDA Since IPO In 2016 $160 $140 $120 $100 $141 $114 $110 $82 $80 $60 $43 $40 $30 $20 $0 IPO FY'17 FY'18 FY'19 FY'20 LTM Exchange rate- INR73.54 to US$1 (New York buying rate of September 30, 2020) 1) Portfolio as on Sept 30, 2020: Includes 4,000 MWs which LOA has been received but PPA has not been signed; The PPA will follow only after the power is contracted with DISCOMS under a power sale agreement (PSA). There is no assurance that we will be able to sign a PPA even though we have a letter of award. 2) Portfolio run-rate (please refer Form 6k Equals annualized payments from customers extrapolated based on the operating & contracted capacity as on September 30, 2020). 3) Excludes charges in FY'20 and FY'21 related to management transition, stock appreciation rights, interest charges on safe guard duties, and provisions of accounts receivables. | IPO data is LTM 30 June, 2016| EBITDA - For a reconciliation of Non-GAAP measures to comparable GAAP measures refer to appendix. 7

View entire presentation