Adani Green Energy Limited

Robust financial performance: Q1 FY20 vs. Q1 FY19 Revenue (Rs Cr.)1 EBITDA2 (Rs Cr) and margin³ (%) Cash Profit (Rs. Cr) Notes: 554 +17% 472 439 +13% 93% 496 90% Q1 FY19 Q1 FY20 Operating Assets (Gross Block) (Rs Cr) Q1 FY19 Q1 FY20 Net debt and Shareholders' equity6 (Rs Cr) 12,685 Net Debt Shareholders' equity 10,977 +16% 10,639 9,771 Q1 FY19 Q1 FY20 1,564 Q4 FY19 1,564 Q1 FY20 adani Renewables 251 257 2% Q1 FY19 Q1 FY20 Net Debt for operating projects? / 5.20 EBITDA8 5.22 FY19 Q1 FY20 Revenue reflects Sale of Energy only 2 EBITDA Revenue from Operation Cost of Material consumed Other expenses including Employee benefit expense 3 EBITDA Margin represents EBITDA earned from power sales and exclude other items 4 Cash profit = EBITDA + Other income - Interest and other borrowing cost- income tax expenses 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) 6 Shareholders' equity implies voting equity and does not include reserves and surplus, non-controlling interest & instruments entirely equity in nature 7 Net debt for operating project = Net Debt5 -Debt taken for under construction project 8 EBITDA consider for trailing twelve months 32

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