10th November 2022.

National Stock Exchange of India Limited, BSE Limited,

“Exchange Plaza”, P.J. Towers,
Bandra-Kurla Complex, Bandra (East), Dalal Street,
Mumbai-400051. Mumbai-400001.

Dear Sirs,

Sub.: Suzlon announces Q2 FY23 Results.

In continuation to our letters of even date, enclosed please find the copy of the presentation in the
subject matter, which is also available on the website of the Company (www.suzlon.com).

Further, in continuation to our communication dated 9th November 2022 intimating about the
conference call, following are the dial-in details:

Universal Access:
+91 22 6280 1144 / +91 22 7115 8045

Toll Free Numbers:

Singapore 8001012045
Hong Kong 800964448
UK 08081011573
USA 18667462133

Toll Numbers:
Singapore +65 31575746
Hong Kong +852 30186877
UK +44 2034785524
USA +1 3233868721

This is for your information as also for the information of your members and the public at large.

Thanking you,

Yours faithfully,
For Suzlon Energy Limited
Digitally signed by GEETANJALI SANTOSH VAIDYA
DN: c=IN, o=Personal,

GEETANJALI 2.5.4.20=1f68fbc13c0b8b3a34b3090cec1d1201ad6adf5a8
af53061cc2ac9ca603245ff, postalCode=411030,
st=Maharashtra,

SANTOSH VAIDYA serialNumber=70e6fc9b127e425bb9cb937f96d5775c420c

cc6112295e0fe8056eda8aed1812, cn=GEETANJALI
SANTOSH VAIDYA
Date: 2022.11.10 20:18:59 +05'30'

Geetanjali S.Vaidya,
Company Secretary.

Encl.: As above.
 is pleased to invite you to the
Q2FY23 Results Conference Call
of

Suzlon Energy Limited

Represented by
\

Mr. Ashwani Kumar, Chief Executive Officer

Mr. Himanshu Mody, Chief Financial Officer
on
Friday, November 11, 2022
at 09:00 hrs India Time

Universal Access:
+91 22 6280 1144 / +91 22 7115 8045
Toll Free Numbers:
Singapore 8001012045
Hong Kong 800964448
UK 08081011573
USA 18667462133
Toll Numbers:
Singapore +65 31575746
Hong Kong +852 30186877
UK +44 2034785524
USA +1 3233868721

Diamond Pass registration link:

Copy this URL in your browser: Link

Call Coordinators
Mr. Rahul Modi: Phone: +91 77380 96775; Email: [email protected]
Mr. Anshuman Ashit: Phone: +91 84518 30601, e-mail: [email protected]

For any clarification, please contact:

Ms. Divya Purohit: Phone: +91 22 6807 7454, e-mail: [email protected]
Mr. Rushad Kapadia: Phone: +91 22 6807 7334, e-mail: [email protected]
Ms. Seema Sehgal: Phone: +91 11 4221 8511, e-mail: [email protected]
Suzlon Energy Limited
Investor Presentation
Q2, FY 2022-23

10th November 2022

 Disclaimer
• This presentation and the accompanying slides (the “Presentation”), which have been prepared by Suzlon Energy Limited (the “Company”), have been
prepared solely for information purposes and DOES not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and
shall not form the basis of or be relied on in connection with any contract or binding commitment whatsoever. The Presentation is not intended to form the
basis of any investment decision by a prospective investor. No offering of securities of the Company will be made except by means of a statutory offering
document containing detailed information about the Company.
• This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no
representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, reliability or fairness of the contents of
this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in
respect of the contents of, or any omission from, this Presentation is expressly excluded. In particular, but without prejudice to the generality of the
foregoing, no representation or warranty whatsoever is given in relation to the reasonableness or achievability of any projections contained in the
Presentation or in relation to the bases and assumptions underlying such projections and you must satisfy yourself in relation to the reasonableness,
achievability and accuracy thereof.
• Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are
individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to
known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the
performance of the Indian economy and of the economies of various international markets, the performance of the wind power industry in India and world-
wide, the Company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation,
changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other
risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or
implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-
looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not
responsible for such third party statements and projections.
• No responsibility or liability is accepted for any loss or damage howsoever arising that you may suffer as a result of this Presentation and any and all
responsibility and liability is expressly disclaimed by the Management, the Shareholders and the Company or any of them or any of their respective
directors, officers, affiliates, employees, advisers or agents.
• No offering of the Company’s securities will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Accordingly, unless an
exemption from registration under the Securities Act is available, the Company’s securities may not be offered, sold, resold, delivered or distributed, directly
or indirectly, into the United States or to, or for the account or benefit of, any U.S. Person (as defined in regulation S under the Securities Act).
• The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform
themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of such jurisdiction.

2
 Industry Outlook

Suzlon Strengths

Financial Performance

Detailed Financials

3
 Renewable Energy growth to be driven by Wind & Solar

500 GW of
non-fossil
fuels energy
capacity by
2030

50% 1 bn tonnes
renewables reduction in
in the energy carbon
mix by 2030 emissions by
2030
Panchamrit

45%
reduction in
emissions Net zero by
intensity of 2070
the economy
by 2030

Source: Central Electricity Authority

 Opportunities: Favorable Market Conditions

✓ India’s Renewable Energy target of 500 GW by 2030 out of which 140 GW is Wind.

✓ MNRE has in-principle agreed to discontinue E-reverse auctions for wind power projects

✓ MNRE’s draft policy estimates a Wind re-powering potential of 25.4 GW

✓ New demand from large industries/hard to abate sectors, green fuel producers and e-mobility

✓ Auction activity gaining momentum with high focus on Hybrid and RTC

✓ Global wind installation for 2021 at 103 GW shows resilience of wind technology

✓ Strong visibility for market size expansion for both wind & renewable sector

Suzlon well positioned to capture the market opportunity

5
 Renewable Energy growth to be driven by Wind & Solar
Drivers for volume growth
Target Wind Capacity for 2030 to GoI Targets till FY 2030:
result in huge market expansion • 500 GW Renewable Capacities
(capacity numbers in GW) • Green Hydrogen Policy targeting production of 5 MT p.a.
• Power supplied to grid from Renewables to reach 40%
817 • Positive impact on policy support and bidding activity

140 New Business segments:

• Increase of coal price and currency volatility – Large industries

are investing heavily in renewable
280 • New demand is emerging in big way for Green Fuel Production
• C&I segment is gaining strong momentum (Wind is critical for
399 high PLF projects)
Wind 40 61
Solar 54 Enablers for Wind Energy growth:
Hydro 47 • Future is of hybrid projects, as most of the customers and
utilities prefer higher PLF and scheduled power, reduces LCoE.
292
• Wind Repowering: ~25.4 GW existing capacities would need
Thermal 236
repowering as per draft policy from MNRE
• Wind generation profile and high PLF makes wind energy
Others 22 44 competitive as compared to solar and hence suitable for RE RTC
2022 2030

6
Strong volume visibility in medium and long-term
Source: Central Electricity Authority
 Industry Outlook

Suzlon Strengths

Financial Performance

Detailed Financials

7
 Suzlon Strengths

19.5 GW 17 Countries
Installed Wind Energy Presence
Capacity

5,500+ ~33%
Global Workforce Cumulative Market
Share in India

As on 30th Sept’22

8
 Suzlon’s Strengths in Indian Wind Energy Market

No.1 OEM in India’s

Renewable Sector

End-to-end Pan India Technology

Service Presence Leadership
Provider

Best-in-class Strong Customer 27 Years Track

Service Relationship Record
Capabilities

Strong presence across value chain & customer segments

9
 Suzlon’s Global Presence (19.5 GW)

2 5
2 1

North
6
America 3 1
2.78 GW 4
Asia
3 5 14.50 GW

South America Europe

0.81 GW 0.51 GW 4
South
Australia
Africa
0.76 GW
0.14 GW
6

Suzlon’s strong relationships across regions positions it well

10 Installed turbines as on 30st Sept 2022

 Key clientele among marquee customers globally

11
 Geographically diversified manufacturing base

Best-in-class manufacturing capability Vertically integrated low cost supply chain

20+ manufacturing locations across India Sufficient & flexible manufacturing capacity to cater the market

India
Manufacturing
Capacity
~3,1501 MW Nacelle and Hub Transformer

Rajasthan

Madhya
Pradesh

Maharashtra Nacelle and Hub

Rotor blade Mould Foundry
Gujarat Electric
Blade
Tower
Karnataka Andhra Pradesh
SE Forge

India’s windy states

Tamil Nadu Other Indian states Forging Tubular tower Generator

Efficiently Supports India Market with Easy Export for Asia Markets
Map not to scale. All data, information, and map is provided “as is” without warranty or any representation of accuracy, timeliness or completeness
Note: 1 SEL has a ramp up/ramp down capacity. Capacity of 3150 MW is for 2.1 MW WTGs. When Suzlon
manufactures 3+ MW WTGs, capacity can be ramped up to 4500 MW in phased manner
13
 Product Optimised for Higher Energy Output

+15% AEP +45% AEP

Rotor Diameter
Rotor Diameter 144m
120m
Rotor Diameter
111m

Hub Height
160m
Hub Height Hub Height
120m 140m

S111-120 (2.1 MW) S120-140 (2.1 MW) S144-160 (3.x MW)

Consistent Reduction of Levelised Cost of Energy (LCoE)

14
 Overview of asset management capabilities

Overview of Global OMS Presence in all windy states in India

16.1* GW+ /
3,300+ 13 Countries

1,900+ USD 12
Bn
2.2 GW

10,500+ 3.3 GW 0.5 GW

194 Sites

2.1 GW

• ~33% - All India installed wind capacity

• Impact of clean energy: 1.2 GW 1.8 GW
= ~ 4.18 Bn trees absorbing CO2 per year
=~ 12.72 Mn households powered p.a.
= ~ 50.23 Mn tonnes of CO2 emissions 0.03 GW 2.6 GW
prevented p.a.

*include WTGs under Technical Service Agreements (TSA) for Spares and Repairs
15
 Wind Order Book

Particulars Capacity (MW)

Central Auctions 417.9

State Auctions 56.7

Captive/Retail/PSUs 284.6

Wind Firm Order Book as on Sept 30, 2022 759.2

Orders announced post Q2 193.2

Strong order pipeline under advanced discussion

12
 Industry Outlook

Suzlon Strengths

Financial Performance

Detailed Financials

16
 Transformation over 30 months…
Volume (in MW) Revenue (Rs Crs)

808 6,520

2,933 3,295
312 2,482 2,808
271
204
59

FY20 FY21 FY22 H1FY22 H1FY23 FY20 FY21 FY22 H1FY22 H1FY23

EBITDA (Rs Crs) Net Debt (Rs Crs)

828 13,003
539
392 393
6,373 5,796
2,723 2,139
FY20 FY21 FY22 H1FY22 H1FY23

-423
FY20 FY21 FY22 H1FY23 Post RI*

*proforma net debt post repayment from Rights issue proceeds

17
 Highlights of Financial Performance

✓ Highest Q2 revenue since FY19 with strong volume growth

✓ Improvement in EBITDA – Q2 FY23 EBITDA up by 8% on Y-o-Y basis

✓ Part of commodity price impact passed on to customer to minimize margin pressure

✓ Maintained strong control over fixed costs despite of inflationary trends

✓ Healthy traction in order pipeline in addition to a sizable order backlog

✓ Net worth significantly improved as compared to March 2022

✓ Significant reduction in finance costs in Q2FY23 on YoY basis

✓ Healthy balance sheet with reduced debt post rights issue

18
 Q2 FY23 Consolidated Financial Metrics
(₹ Cr.)

Q2 FY23 Q2 FY22
Particulars
Unaudited Unaudited
Net Volumes (MW) 162 155
Net Revenue 1,430 1,347
✓ Improvement on all KPIs on Y-o-Y
Contribution 511 472 basis
Contribution Margin 35.7% 35.1%
Employee Expenses 153 152 ✓ Maintaining healthy margins despite
Other Expenses (net) 149 128 of rising commodity prices
EBITDA (Pre FX) 208 192
✓ Good control on employee expenses
EBITDA Margin (Pre FX) 14.5% 14.3%
in Q2 FY23
Depreciation 63 61
Net Finance Cost 92 184 ✓ Refinancing completed in May 2022,
Taxes -42 0 leading to significant reduction in
Net Profit (Pre Fx and Ex. Items) 95 -54 finance cost
Exchange Loss / (Gain) 38 -41
Exceptional Loss / (Gain) 0 0
Net Profit After Tax 56 -13

19 Robust financial performance in Q2 FY23 on all parameters

 Consolidated Balance Sheet Metrics (as on 30th Sept 2022)
(₹ Cr.)

Particulars Sep-22* Mar-22^

Equity & Liabilities ✓ Significant improvement in net
Shareholders’ Fund -354 -3,562 worth pursuant to conversion of
financial instruments
Borrowings (non-current and current) 3,150 6,391
Non-current Liabilities 207 210 ✓ Net debt reduced by nearly 50%
Current Liabilities 2,890 3,436 pursuant to conversion of financial
instruments
Total equity and liabilities 5,893 6,475
Assets ✓ Further reduction of debt by Rs
583.50 crore from rights issue
Non-current Assets 1,127 1,295
proceeds
Inventories and Trade Receivables 3,343 3,585
Other current assets 996 1,000 ✓ Group corporate structure is being
simplified, which will increase
Cash and cash equivalents 427 595
transparency
Total assets 5,893 6,475

Net Debt 2,723 5,796

20 Significantly healthier balance sheet post refinancing

*unaudited | ^audited
 Industry Outlook

Suzlon Strengths

Financial Performance

Detailed Financials

21
 Consolidated Income Statement
(₹ Cr.)

Q2 FY23 Q1 FY23 Q2 FY22 H1 FY23 H1 FY22 FY22

Particulars
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Net Volumes (MW) 162 151 155 312 271 808
Net Revenue 1,430 1,378 1,347 2,808 2,482 6520
Contribution 511 436 472 947 909 1877
Contribution Margin 35.7% 31.7% 35.1% 33.7% 36.6% 28.8%
Employee Expenses 153 142 152 295 273 545
Other Expenses (net) 149 109 128 258 243 503
EBITDA (Pre FX) 208 185 192 393 392 829
EBITDA Margin (Pre FX) 14.5% 13.4% 14.3% 14.0% 15.8% 12.7%
Depreciation 63 59 61 122 119 260
Net Finance Cost 92 148 184 240 359 712
Taxes -42 44 0 2 2 167
Net Profit (Pre Fx and Ex. Items) 95 -66 -54 29 -88 -310
Exchange Loss / (Gain) 38 -29 -41 9 5 -61
Exceptional Loss / (Gain) 0 -2,469 0 -2,469 -83 -83
Net Profit After Tax 56 2,433 -13 2,489 -10 -166

22
 Consolidated Balance Sheet
(₹ Cr.)

Liabilities Sept-22 Mar-22 Assets Sept-22 Mar-22

Shareholders' Fund -313 -3,526 Non Current Assets
Non controlling interest -41 -36 Property, plant and equipment 740 774
-354 -3,562 Right-of-use assets 111 134
Non-Current Liabilities Capital work-in-progress 32 15
(a) Financial Liabilities Investment property 30 31
(i) Borrowings 2,635 5,592 Goodwill 0 0
(ii) Lease Liabilities 39 58 Other intangible assets 78 121
(iii) Other Financial Liabilities 20 22 Intangible assets under development 13 4
(b) Provisions 148 130 Investments in asso. and joint ventures 0 0
(c) Other Non-Current Liabilities 0 0 Financial assets
2,842 5,802 Other Investment 0 0
Trade receivables 0 0
Loans 0 0
Other financial assets 331 264
Deferred Tax Assets 0 17
Other non-current assets 44 29
Current Liabilities 1,379 1,390
(a) Financial Liabilities Current Assets
(i) Borrowings 514 798 (a)Inventories 2,181 2,208
(ii) Trade payables 12 17 (b) Financial assets
(iii) Lease liabilities 1,517 1,840 (i) Trade receivables 1,163 1,377
(iv) Other financial liabilities 319 363 (ii) Cash and cash equivalents 175 437
Contract Liabilities 439 477 (iii) Bank Balances other than above 0 63
Other cur. Liabilities 53 81 (iv) Loans 1 1
Provisions 549 484 (v) Other Financial Assets 212 121
Current Tax Liabilities (net) 2 174 (c) Current tax asset, net 1 1
3,405 4,234 (d) Other curr. assets (incl. held for sale) 782 877
4,514 5,085

Total Equity and Liabilities 5,893 6,475 Total Assets 5,893 6,475

23
 Glossary

1. MW – Megawatt 11. MNRE – Ministry of Renewable Energy

2. GW – Gigawatt 12. RE – Renewable Energy

3. Y-o-Y – Year on Year 13. SCoD – Scheduled Commissioning Date

4. EBITDA – Earnings before Interest Depreciation 14. OEM – Original Equipment Manufacturer
Tax and Amortizations
15. WTG – Wind Turbine Generator
5. KPI – Key Performance Indicators
16. LCoE – Levelised Cost of Energy
6. PSU – Public Sector Undertaking
17. OMS – Operations and Maintenance Services
7. RTC – Round The Clock

8. GoI – Government of India

9. C&I – Commercial and Industrial

10. PLF – Plant Load Factor

24
 Thank You!

Email contact for queries:

25
[email protected]