Adani Power : Investor Presentation for BOBCAPS Conference – March 2024

Adani Power Limited

Presentation for BOBCAPS Investor Conference

• 1st March 2024

Disclaimer

Certain statements made in this presentation may not be based on historical information or facts and may be "forward-looking statements," including those relating to general business plans and strategy of Adani Power Limited ("APL") and its subsidiaries , associates, and joint ventures (combine together "Adani Thermal Power Group" or "The Group") their future outlook and growth prospects, and future developments in their businesses and their competitive and regulatory environment, and statements which contain words or phrases such as 'will', 'expected to', etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in the country the business is. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of The Group's shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of The Group.

The Group, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation.

The Group assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. The Group may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of The Group.

This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it's should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom.

Table of Contents

1. About Adani Portfolio
2. About Adani Power Limited (APL)
3. Power Sector Growth Outlook
4. APL: Strategic Advantages
5. APL: Performance Highlights
6. ESG Practice at APL
7. Conclusion

3

1

About Adani Portfolio

STRICTLY CONFIDENTIAL

Adani Portfolio: A World class infrastructure & utility portfolio

Flagship

Infrastructure & Utility Core Portfolio

Primary Industry

Emerging B2C

Incubator

(72.6%)

AEL

Energy & Utility

(56.4%)(73.2%)

AGEL		AESL
Renewables		T&D
(37.4%)		(71.8%)
ATGL2		APL
Gas Discom		IPP

Transport & Logistics

(65.9%)	(100%)
APSEZ		NQXT1
Ports & Logistics

Materials, Metal &

Mining

(63.2%)

Cement4

(100%)

Copper, Aluminum

(100%)

PVC

(100%)

Specialist

Manufacturing5

Direct to consumer

(44.0%)

AWL

Food FMCG

(64.71%)

NDTV

(100%)	(50%)	(100%)	(100%)
ANIL		AdaniConneX3		AAHL		ARTL
New Industries		Data Centre		Airports		Roads

(%): Promoter equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries

(100%)

Mining Services & Commercial Mining

(100%)

ADL

Digital

A multi-decade story of high growth centered around infrastructure & utility core

1. NQXT: North Queensland Export Terminal | 2. ATGL: Adani Total Gas Ltd, JV with Total Energies | 3. Data center, JV with EdgeConnex, | 4. Adani Cement includes 63.19% stake in Ambuja Cements which in turn owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited | 5. Includes the manufacturing of Defense and Aerospace Equipment | AEL: Adani Enterprises L imited; APSEZ: Adani Ports and Special Economic Zone Limited; AESL: Adani Energy Solutions Limited; T&D: Transmission &

Distribution; APL: Adani Power Limited; AGEL: Adani Green Energy Limited; AAHL: Adani Airport Holdings Limited; ARTL: Adani R oads Transport Limited; ANIL: Adani New Industries Limited; AWL: Adani Wilmar Limited; ADL: Adani Digital Limited; IPP:	5
Independent Power Producer | NDTV: New Delhi Television Ltd | PVC: Polyvinyl Chloride l Promotors holding are as on 31st Dece mber,2023

Adani Portfolio: Decades long track record of industry best growth with national footprint

Secular growth with world leading efficiency

National footprint with deep coverage

Growth 3x 6		Growth 4x 6
EBITDA 70% 1,2		EBITDA 92% 1,4

		AEL
Growth 3x 6	Growth 1.4x 6	APSEZ
AGEL
		ATGL
EBITDA 91% 1,3,5	EBITDA 19% 1,3	AESL

APL

Adani Cement

Adani's Core Infra. Platform -

320 Mn Userbase

Note: 1. Data for FY23; 2. Margin for indian ports business only, Excludes forex gains/losses; 3. EBITDA = PBT + Depreciation + Net Finance Costs - Other Income; 4. EBITDA Margin represents EBITDA earned from power supply 5. Operating EBITDA

margin of transmission business only, does not include distribution business, 6. Growth pertains to expansion and development aligned with market growth. Growth of respective Adani portfolio company vs. Industry growth is as follows: APSEZ's cargo volume surged from 113 MMT to 339 MMT (13%) between 2014 and 2023, outpacing the industry's growth from 972 MMT to 1433 MMT ( 4%). AGEL's operational capacity expanded from 0.3 GW to 8.1 GW (60%) between 2016 and 2023, surpassing the industry's growth from 46 GW to 125 GW (15%). AESL's transmission length increased from 6,950 ckm to 19,779 ckm (16%) between 2016 and 2023, surpassing the industry's growth from 3,41,551 ckm to 4,71,341 ckm (5%). ATGL expanded its geographical 6 areas from 6 to 52 (31%) between 2015 and 2023, outperforming the industry's growth from 62 to 293 (21%). PBT - Profit before tax, ATGL-Adani Total Gas Limited, AEL: Adani Enterprises Limited, APSEZ: Adani Ports and Special Economic Zone Limited,

AESL: Adani Energy Solutions Limited, APL: Adani Power Limited, AGEL: Adani Green Energy Limited l Growth represents the comp arison with respective industry segment.

Adani Portfolio: Repeatable, robust & proven transformative model of investment

Phase

Center of Excellence

Origination

Development		Operations	Post Operations
Project Management & Assurance Group	AIMSL1	Policy -Strategy - Risk
Site Development		Construction	Operation	Capital Management

Activity	•	Analysis & market
	intelligence
•	Viability analysis
•
	Strategic value
Performance		India's Largest
	Commercial Port
	(at Mundra)
	Highest Margin
	among Peers

• Site acquisition
• Concessions & regulatory agreements
• Investment case development

Longest Private HVDC

Line in Asia

(Mundra - Mohindergarh)

Highest line availability

• Engineering & design
• Sourcing & quality levels
• Equity & debt funding at project

2,140 MW Hybrid cluster operationalized in Rajasthan in FY23

India's first and World's largest solar- wind hybrid cluster

• Life cycle O&M planning
• Asset Management plan

Energy Network Operation Center (ENOC)

Centralized continuous monitoring of plants across India on a single cloud based platform

• • Redesigning capital structure of assets
  • Operational phase funding consistent with asset life
• Duration Risk Matching
• Forex Currency Risk Management
• Interest Rate Risk management
• Governance & Assurance

(ABEX -Adani Business Excellence)

102March6				5%	March2023
			11%
	14%		34%
				15%
31%		55%
			2%	3%
				29%

Note	1 Adani Environmental Resource Management Services Ltd. (additional company is being proposed)	PSU	Pvt. Banks	Bonds	NBFCs & FIs
O&M: Operations & Maintenance, HVDC: High voltage, direct current, PSU: Public Sector Undertaking (Public Banks in India), GM TN: Global Medium-Term Notes SLB: Sustainability	DII	Global Int. Banks	PSU - Capex LC	7
Linked Bonds, AEML: Adani Electricity Mumbai Ltd., AIMSL : Adani Infra Mgt Services Pvt Ltd, IG: Investment Grade, LC: Letter of Credit, DII: Domestic Institutional Investors, COP26:
2021	United Nations Climate Change Conference; AGEL: Adani Green Energy Ltd . ,NBFC: Non -Banking Financial Company

2

About Adani Power Limited (APL)

STRICTLY CONFIDENTIAL

APL: Multifaceted power producer

Core Business

Power Generation

India's largest private

thermal power producer

Ultra-modern fleet with strong growth pipeline

Embedded Expertise

Logistics

Solid fuel and fly ash: Sourcing and disposal logistics management

Embedded logistics

function among India's

largest

Value Enhancement

Training and Vendor

Development

High quality manpower

development and

knowledge dissemination

Critical spares and vendor

development

Emerging Opportunities

Waste Management

Value creation out of

waste products

Strengthening of local

industrial base

Reliable and efficient power supplier on growth path built on core strengths

9

Operating Portfolio Overview: Strategically located, diversified fleet

Category

Highlight

Udupi

(Karnataka)

Coastal, Utility

Fixed RoE

			100%
Tiroda		Raipur		Mahan		Raigarh
	(Chhattis-			(Chhattis-
(Maharashtra)			Ph-I (MP)
	garh)			garh)

Near-Pithead Plants

High		Open
Dispatch

Kawai

(Rajasthan)

Hinterland

High Dispatch

Mundra

(Gujarat)

Coastal

High Dispatch / Open

100%

Godda

(Jharkhand)

Hinterland

(Transnational)

Fuel pass-through

100%

Mahan

Ph-II (MP)

Near-Pithead Plants

83% tie up w. Fuel

pass-through

(Under development)

Capacity	1,200	3,300	1,370	1,200	600	1,320	4,620	1,600	1,600
(MW)
	(600MW x 2)	(660MW x	(685MW x 2)	(600MW x 2)	(600MW x 1)	(660MW x 2)	(330MW x 4) Sub-	(800MW x 2)	(800MW x 2)
Technology	5)	critical / (660MW x
Subcritical	Supercritical	Subcritical	Subcritical	Supercritical	Ultra-supercritical	Ultra-supercritical
	Supercritical	5) Supercritical

Category	Near-pithead	Coastal	Hinterland
Capacity MW	8,070 (48%)	5,820 (35%)	2920 (17%)
Supercritical / Ultra-supercritical	78%	57%	100%

Portfolio of modern and efficient fleet of 16.85 GW with operating capacity of 15.25 GW

1. Mahan Phase - 2 plant currently under construction - units expected to commercialise in Dec 2026 and Jun 2027	10
Mahan and Godda plants are owned by APL's wholly owned subsidiaries Mahan Energen Limited and Adani Power (Jharkhand) Limited respectively | GW: Giga Watt; MW: Mega Watt; MP: Madhya Pradesh; RoE: Return on Equity