Investor Presentation

Historical Plant Load Factor (PLF); Annual, Quarterly and 4Q FY'21 Forecast 24.0% 23.0% 22.0% 21.5% 21.0% 20.0% 19.0% 18.0% 17.0% 16.0% 19.4% 15.0% 1Q 22.7% 16.4% 18.8% 19.3% 17.9% 16.8% 2Q 3Q FY'19a FY'20a FY'21a 17.7% 23.0% = 22.0% 23.0% PLF 4Q FY'21 forecast 22.3% 4Q Annual PLF 20.5% FY'20 19.5% FY'19 18.6% FY'18 18.2% Note Q1/Q2 PLF have been adjusted for 17.3 million additional units, for which billing was done in Q2 but the generation pertained to Q1. 24|Copyright © 2020 Azure Power |www.azurepower.com ® Azure PowerⓇ

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