Adani Green Energy Limited

Robust financial performance: FY19 vs. FY18 adani Renewables Revenue (Rs Cr.) 1 EBITDA2 (Rs Cr) and margin 5 (%) Cash Profit (Rs. Cr) 1,921 1,710 792 939 +105% FY18 FY19 +75% +105% 452 834 90% 86% FY18 FY19 Investment in CAPEX (gross) (Rs Cr) Net debt² and Shareholders' equity³ (Rs Cr) 13,070 11,720 Net external debt ■Shareholders' equity +12% 9,771 8,116 1,564 FY18 FY19 FY18 Notes: 1 Revenue reflects Sale of Energy only 2EBITDA Revenue from Operation - Cost of Material consumed Operation and Maintenance Expenses 3 EBITDA Margin represents EBITDA earned from power sales and exclude other items 4 Cash profit = EBITDA + Other income - Interest and bank charges - income tax expenses FY19 1,564 FY18 FY19 Net External Debt for operating projects4/EBITDA 8.93 FY18 5.20 FY19 5 Net debt = long-term borrowings + short-term borrowings + current maturities of long-term borrowing + Capex Creditors (DA Bills) - Trade Receivables - cash and cash equivalents - bank and other bank balances current investments- sub-debt (intercorporate deposit taken from related party) 6Shareholders' equity implies voting equity and does not include reserves and surplus, non-controlling interest & instruments entirely equity in nature 7 Net Debt Debt taken for project under implementation 31

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