Adani Power : Investor Presentation-june 2024

Adani Power Limited

Investor Presentation

June 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: Capturing India's Growth Potential
5. APL: Strategic Advantages
6. APL: Performance Highlights and Growth Potential
7. APL: ESG Practice
8. APL: Investment Case Annexure

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1

About Adani Portfolio

STRICTLY CONFIDENTIAL

Adani: A World Class Infrastructure & Utility Portfolio

Flagship

Infrastructure & Utility Core Portfolio

Primary Industry

Emerging B2C

Incubator

(72.61%)

AEL

Energy & Utility

(100%)(50.00%)

ANIL		AdaniConneX3
New Industries		Data Centre

Transport & Logistics

(100%)	(100%)
AAHL	ARTL
Airports	Roads

Materials, Metal

& Mining

(100%)

Copper, Aluminum

(100%)

PVC

(100%)

Specialist

Direct to

consumer

(100%)

ADL

Digital

(64.71%)

NDTV

(56.37%)

AGEL

Renewables

(73.22%)

AESL

T&D

(71.75%)

APL

IPP

(37.40%)

ATGL2

Gas Discom

(65.89%)(100%)

APSEZNQXT1

Ports & Logistics

Manufacturing5

(100%)

Mining Services & Commercial Mining

(70.33%)

Cement4

(43.94%)

AWL

Food FMCG

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

Listed cos

Direct Consumer

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 70.33% stake in Ambuja Cements as on 17th April,2024 which in turn owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited. Ambuja Cements Ltd. holds 60.44% stake in Sanghi Industries Ltd.| 5. Includes the manufacturing of Defense and Aerospace Equipment | AEL: Adani Enterprises Limited; 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 Roads Transport Limited; ANIL: Adani New Industries Limited; AWL: Adani Wilmar Limited; ADL: Adani Digital Limited; IPP: Independent Power Producer | NDTV: New Delhi Television Ltd |	5
PVC: Polyvinyl Chloride l Promoters holding are as on 31st March, 2024.

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

Secular growth with world leading efficiency

Growth	3x 6	Growth	4x 6
EBITDA	71% 1,2	EBITDA	92% 1,4

Growth	3x 6	Growth	1.4x 6
EBITDA	91% 1,3,2	EBITDA	24% 1,3

National footprint with deep coverage

AEL
APSEZ
AGEL	Adani's Core Infra.
ATGL	Platform -
350 Mn
APL
AESL
Adani Cement	Userbase

Note: 1. Data for FY24 ; 2. Margin for Indian ports business only l Excludes forex gains/losses; 3. EBITDA = PBT + Depreciati on + 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 l 6. Growth pertains to expansion and dev elopment 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 408 MMT (14%) between 2014 and 2024, outpacing the industry's growth from 972 MMT to 1 539 MMT (5%). AGEL's operational capacity expanded from 0.3 GW to 10.9 GW (57%) between 2016
and 2024, surpassing the industry's growth from 46 GW to 143.6 GW (15%). AESL's transmission length increased from 6,950 ckm to 20,509 ckm (14%) between 2016 and 2024, surpassing the industry's growth from 3,41,551 ckm to 4,85,544
ckm (4%). ATGL expanded its geographical areas from 6 to 52 (27%) between 2015 and 2024, outperforming the industry's growth from 62 to 307 (19%). PBT: Profit before tax l ATGL:Adani Total Gas Limited l AEL: Adani Enterprises Limited l
APSEZ: Adani Ports and Special Economic Zone Limited l AESL: Adani Energy Solutions Limited l APL: Adani Power Limited l AGEL : Adani Green Energy Limited l Growth represents the comparison with respective industry segment.	6
Industry source: APSEZ (domestic cargo volume):https://shipmin.gov.in/division/transport-researchl Renewable (operational capacity):Installed Capacity Report - Central Electricity Authority (cea.nic.in)l AESL (ckms):National Power Portal
(npp.gov.in)l ATGL (GAs): Brochure petroleum.cdr(pngrb.gov.in)| ckms: circuit kilometers | GA: Geographical Areas

Adani: Repeatable, robust & proven transformative model of investment

DEVELOPMENT	OPERATIONS	CONSUMERS
Adani Infra (India) Limited (AIIL)	1	New C.E.O.
Operations (AIMSL)	Consumer I Employees I Other Stakeholders

ACTIVITY

Origination

• Analysis & market intelligence
• Viability analysis

Site Development

• Site acquisition
• Concessions & regulatory agreements

Construction	Operation
•	Engineering & design	•	Life cycle O&M
•	Sourcing & quality		planning
		•	Asset Management plan

Inspired Purpose & Value Creation

• Delivering exceptional products & services for elevated engagement
• Differentiated and many P&Ls

PERFORMANCE
CAPITAL	MANAGEMENT
ENABLER

Adani's Core Infra. Platform -

350 Mn

India's Largest

Longest Private HVDC

World's largest

Energy Network

Userbase

Commercial Port

Line in Asia

Renewable Cluster

Operation Center

(at Mundra)

(Mundra - Mohindergarh)

(at Khavda)

(ENOC)

Strategic value

Investment Case

Growth Capital - Platform

6%

Long Term Debt

Mapping

Development

Infrastructure Financing

14%

31%

13%

Framework

PSU Banks

Policy,

March

March

Pvt. Banks

Duration Risk Matching

2016

55%

2024 19%

Bonds

Strategy &

31%

Risk Management - Rate & Currency

2%

NBFCs & FIs

Risk

Governance & Assurance

1%

DII

Framework

Diversified Source of Capital

28%

Global Int. Banks

Capex LC

Continued

•

Power Utility Business - ENOC

Human Capital

• Leadership Development Initiatives

Focus &

AI enabled Digital

•

City Gas Distribution - SOUL

Development

• Investment in Human Capital

Investment

Transformation

•

Transportation Business - AOCC

Note 1 Adani Environmental Resource Management Services Ltd. (additional company is being proposed)	7
O&M: Operations & Maintenance l HVDC: High voltage direct current l PSU: Public Sector Undertaking (Public Banks in India) l GMTN: Global Medium-Term Notes l SLB: Sustainability Linked Bonds l AEML: Adani Electricity Mumbai Ltd. l AIMSL : Adani Infra Mgt Services Pvt Ltd l IG: Investment

Grade l LC: Letter of Credit l DII: Domestic Institutional Investors l COP26: 2021 United Nations Climate Change Conference l AGEL: Adani Green Energy Ltd. l NBFC: Non-Banking Financial Company l AIIL: Adani Infra (India) Limited

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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

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APL: Operating Portfolio Overview: Strategically located, diversified fleet

	Near-Pithead
	8,070 MW
	• Tiroda, Maharashtra : 3,300 MW
	• Raipur, Chhattisgarh : 1,370 MW
Assets	• Raigarh, Chhattisgarh : 600 MW
• Mahan Phase-I, MP : 1,200 MW
	• Mahan Phase-II, MP : 1,600 MW
	(Under-construction)

Coastal

5,820 MW

• Mundra, Gujarat : 4,620 MW
• Udupi, Karnataka : 1,200 MW

Hinterland

2,920 MW

• Kawai, Rajasthan : 1,320 MW
• Godda, Jharkhand : 1,600 MW

Technology	78% Supercritical / Ultra-supercritical		57% Supercritical / Ultra-supercritical		100% Supercritical / Ultra-supercritical

Power sale	73% under long-term /medium-term		94% under long-term /medium-term		98% under long term contracts
tie-up	contracts		contracts

Highlight	High Dispatch and Open Capacities		Fixed RoE, High Dispatch, and Open		High Dispatch and Transnational
	Capacities		Capacities

Portfolio of modern and efficient fleet with 15.25 GW operating capacity and 1.60 GW under construction

GW: Giga Watt; MW: Mega Watt; RoE: Return on Equity; MP: Madhya Pradesh

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^Include 40 MW of Solar power plant at Bitta, Gujarat