Azure Power Investor Presentation

Review of Q2 FY'21 Results (in million) Reported 2Q FY'20 INR Reported 2Q FY'21 INR Reported 2Q FY'21 US$ 2Q FY'21 After % Change Adjustments* US$ Adjustments Adjusted Q2FY'21 vs US$ Q2FY'20 Revenue 2,847 3,504 47.6 47.6 23% Cost of Operations 253 309 4.2 Comments Azure Power 5% increase in operational DC MWs. Additional revenue of $2.2 million from recovery of SGD/ GST. 4.2 22% Increase in line with revenues General & Administrative 514 877 11.9 (6.7) 5.2 (25)% Expenses Non-GAAP Adjusted 2,080 2,318 31.5 6.7 38.2 35% EBITDA* Depreciation and 671 773 10.5 10.5 15% Amortization Interest Expense, net (including other 1,923 2,023 27.5 27.5 5% income) Higher YoY due to stock appreciation rights (SARS) expense of US$ 6.7 million reflecting 87% increase in share price during 2Q' FY21; excluding SARS, down 25% YoY A 35% YoY increase after adjustments 5% increase in operational DC MWs $1.9 of additional interest expense offset by increase in interest income of $0.6 mn and absence of refinancing charges in the same quarter last year Loss on Foreign Currency Exchange, 215 (13) (0.2) (0.2) (106)% Limited FX exposure after refinancing earlier in year net Income tax expense/(benefit) 27 (97) (1.3) 2.4 1.1 200% Net Profit after tax (756) (368) (5.0) 4.3 (0.7) Company recognized an US$ 2.4 million deferred tax benefit during the quarter related to higher SARS expenses 2Q'FY21 adjusted net loss of US$ 0.7 million Exchange rate INR 73.54 to US$1 (New York closing rate of September 30, 2020) | *For a reconciliation of Non-GAAP measures to comparable GAAP measures, refer to the Appendix. Refer to earnings press release for further information. Adjustments are charges or additional items that are non recurring, recurring but expected to be materially higher or lower going forward or we expect recovery of in the future. 21

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