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

3
 1
About Adani Portfolio

STRICTLY CONFIDENTIAL
 Adani: A World Class Infrastructure & Utility Portfolio

Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C
Materials, Metal Direct to
Incubator Energy & Utility Transport & Logistics
& Mining consumer

(100%) (100%)
(72.61%) (100%) (50.00%) (100%) (100%)
ANIL AdaniConneX3 AAHL ARTL Copper, Aluminum ADL
AEL New Industries Data Centre Digital
Airports Roads (100%)
PVC
(64.71%)
(100%)
Specialist NDTV
Manufacturing5
(56.37%) (71.75%)
(100%) (43.94%)
AGEL APL
Renewables IPP Mining Services & AWL
Commercial Mining Food FMCG

(73.22%) (37.40%) (65.89%) (100%) (70.33%)

AESL ATGL2 APSEZ NQXT1 Cement4
T&D Gas Discom Ports & Logistics

(%): 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 17 th 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 31 st March, 2024.
 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 71% 1,2

EBITDA 92% 1,4

AEL
APSEZ
Growth 3x 6 Growth 1.4x 6
AGEL Adani’s Core Infra.
ATGL Platform –

EBITDA 91% 1,3,2

EBITDA 24% 1,3
AESL
APL 350 Mn
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.
Industry source: APSEZ (domestic cargo volume): https://shipmin.gov.in/division/transport-research l Renewable (operational capacity): Installed Capacity Report - Central Electricity Authority (cea.nic.in) l AESL (ckms): National Power Portal
6
(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
1 New C.E.O.
Adani Infra (India) Limited (AIIL) Operations (AIMSL) Consumer I Employees I Other Stakeholders
Origination Site Development Construction Operation Inspired Purpose & Value Creation
ACTIVITY

• Analysis & market • Site acquisition • Engineering & design • Life cycle O&M • Delivering exceptional products & services for
intelligence planning elevated engagement
• Concessions & • Sourcing & quality
• Viability analysis regulatory • Asset Management plan • Differentiated and many P&Ls
agreements
PERFORMANCE

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)

Growth Capital – Platform

MANAGEMENT

Strategic value Investment Case 6% Long Term Debt

Mapping Development Infrastructure Financing 13%
14%
CAPITAL

Framework 31% PSU Banks

March March Pvt. Banks
Policy, Duration Risk Matching 2016 2024 Bonds
55% 19%
Strategy & Risk Management – Rate & Currency 31%
2% NBFCs & FIs
Risk Governance & Assurance DII
Diversified Source of Capital 1%
Framework 28% Global Int. Banks
Capex LC
ENABLER

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)
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 7
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
 2
About Adani Power Limited (APL)

STRICTLY CONFIDENTIAL
APL: Multifaceted power producer

Core Business Embedded Expertise Value Enhancement Emerging Opportunities

Training and Vendor

Power Generation Logistics Waste Management
Development

Solid fuel and fly ash: High quality manpower

India’s largest private Value creation out of
Sourcing and disposal development and
thermal power producer waste products
logistics management knowledge dissemination

Embedded logistics
Ultra-modern fleet with Critical spares and vendor Strengthening of local
function among India’s
strong growth pipeline development industrial base
largest

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

9
 APL: Operating Portfolio Overview: Strategically located, diversified fleet

Near-Pithead Coastal Hinterland

8,070 MW 5,820 MW 2,920 MW

• Tiroda, Maharashtra : 3,300 MW

• Raipur, Chhattisgarh : 1,370 MW
• Raigarh, Chhattisgarh : 600 MW • Mundra, Gujarat : 4,620 MW • Kawai, Rajasthan : 1,320 MW
Assets
• Mahan Phase-I, MP : 1,200 MW • Udupi, Karnataka : 1,200 MW • Godda, Jharkhand : 1,600 MW
• Mahan Phase-II, MP : 1,600 MW
(Under-construction)

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

Fixed RoE, High Dispatch, and Open High Dispatch and Transnational
Highlight High Dispatch and Open Capacities
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 10
^Include 40 MW of Solar power plant at Bitta, Gujarat
APL: Rapid organic and inorganic growth

Capacity growth over the years (GW)

15.25
Organic 13.65
12.4
Inorganic 10.48 4.37
9.28 4.37
7.96 1.20 3.17
5.98
4.00

0.66 1.32

5.98 7.96 9.28 9.28 9.28 9.28 10.88

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2020 FY2022 FY2024

Set up India’s 1st Demonstrated 10.62 GW of ongoing

10,840 MW of India’s 2ndlargest 800 MW Ultra- capability of brownfield projects
successful greenfield single location TPS @ supercritical Unit in acquiring & turning and inorganic
development Mundra (4.62 GW) FY 2024 @ Godda around stressed TPS opportunities

Credible, capable, and competent power producer with strong track record and substantial growth pipeline
TPS: Thermal Power Station 11
APL: Excellent revenue visibility, fuel security, and EBITDA stability

Contracted capacity Pithead merchant capacity

• Substantial capacity tied up in LT / MT • Logistics cost advantage from near-

contracts with financially sound pithead plant location
counterparties • Enhanced competitiveness with low debt
85% • Competitive merit order position overhang
98%
• Two-part, Availability Based Tariff • Maximizing utilization of market
structure offers EBITDA stability opportunity

Fuel supply security Energy cost recovery

• Extensive domestic fuel tie ups under • EBITDA protection through efficient fuel
long- and medium-term contracts cost recovery Fuel cost pass-through
• No fuel risk for capacity under domestic under assured ROE and Index-linked PPAs
79% coal-based PPAs
77%
• Inbuilt escalation clauses and regulatory
• Emerging opportunities in alternate mechanisms for alternate coal cost
sourcing from commercial mines recovery

Strong platform with stable and secure profitability

1. Regulated Assets under Section 62 of Electricity Act | 2. TBCB: Tariff based competitive bidding a per Section 63 of Electricity Act 12
GW: Giga Watt; PPA: Power Purchase Agreement; FSA: Fuel Supply Agreement; LT / MT: Long term / Medium Term; SHR: Station Heat Rate; PLF: Plant Load Factor; ROE: Return on Equity; O&M: Operation & Maintenance
 3
Power Sector Growth Outlook

STRICTLY CONFIDENTIAL
Thermal power is the base load power solution for India’s electricity grid

Capacity & Generation Current Landscape

FY2022 UoM Global India India % − Per capita power consumption at 1331 kWh vs global average
of 3500 kWh
Total Installed Capacity GW 8,511 406 4.8%
− Strong growth expected in India’s power demand, requiring
rapid increase in generating capacity with emphasis on
Thermal Capacity GW 4,593 235 5.1%
renewable energy
Thermal % % 54% 59% − Peak demand projected to reach 260 GW in 2024 in face of
intermittency and seasonal variability of renewable sources
Generation TWh 28,239 1,321 4.7%

Sectoral Growth
Total Installed Capacity in India (GW)
− India targets 500 GW capacity from non-fossil sources by 2030
900 to reduce emission intensity of GDP by 45%1
Thermal Renewable Nuclear
− Capacity addition of energy efficient thermal plants will
continue to grow, with revised capacity addition projections of
610
80 GW+
66%

406 415 Need for Thermal Power Plants

371 389
348 361 55%
330
38% 40% 41% − For consistent power supply to provide grid stability and meet
34% 35% 36%
32% peak demand

60% 58% 57% 43% 32% − Thermal power plants have better plant capacity utilization due
66% 64% 63% 62%
to fuel availability, affordability, and ability to generate on
demand
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY27E FY32E

Source: Central Electricity Authority (India), Statista, BP Statistical Review of World Energy, Energy Information Administration (USA), International Renewable Energy Agency (IRENA) | 1. From 2005 level 14
GW: Gigawatt, TwH: Terawatt Hours, kWh: kilowatt hours
Base load generation requirement to increase along with increasing renewable capacity

Power demand poised to accelerate Thermal power to continue servicing base load Expected Growth
Coal Renewable Others
Billion Units 2,474 The National Electricity Plan 2022-32
Gross Generation in BU 2,666
Power Demand
(NEP) Projections:
1,908 2,025 − 6.2% annualized growth in energy
1,618 requirement
1,511 1,326
1,276 − Peak demand projections by FY32
revised from 366 GW to 390 GW
recently
1206 1203 1335
1032 − Thermal capacity will continue to
grow in the projection period to
FY21 FY23 FY27E FY32E FY21 FY23 FY27E FY32E meet peak demand growth

(₹/kwh)
11.0 Monthly IEX DAM Prices
10.0
Merchant prices suggest high
9.0 demand for base load power
8.0
− Strong growth in power demand
7.0
witnessed in last two years has driven
6.0 up prices and volumes in the
5.0 merchant/ short term market
4.0 − Average Day Ahead Market price on
3.0 IEX of past 36 months is strong at Rs.
2.0 5.20 / kWh

December
April

February
July

November

March
May

June

August

September

October

January
Source: IEX
2021-22 2022-23 2023-24

Source: Central Electricity Authority; National Electricity Plan (May 2023); International Energy Agency | kWh: Kilo Watt Hour; BU: Billion Units; GW: Gigawatt, TWh: Terawatt Hours, kWh: kilowatt hours, GDP: Gross Domestic 15
Product; DAM: Day Ahead Market
 4
APL: Capturing India’s Growth Potential

STRICTLY CONFIDENTIAL
APL: Securely positioned for growth
Existing Organic
Multi-Year Growth Outlook (GW)
Inorganic
25.87

21.07 21.87
18.87 19.47
8.59
15.25
8.59 8.59
7.99 8.59
4.37

10.88 10.88 10.88 12.48 13.28 17.28

FY2024 FY2025 FY2026 FY2027 FY2028 FY2029

Strong project Excellence in power

6.40 GW under 4.22 GW of inorganic management plant operations and 4.80 GW of further
construction and opportunities under organization with fuel & logistics brownfield growth
development progress extensive expertise management opportunity

Credible, capable, and competent power producer with strong track record and substantial growth pipeline
TPS: Thermal Power Station 17
 APL: Growth path for sustained leadership
Operational Capacity (MW) Under Construction (MW) Under Development (MW) Total Capacity (MW)

APL Raigarh Phase-II: 1,600 MW

12,450 MW 15,650 MW
(ListCo) Raipur Phase-II: 1,600 MW

APJL
1,600 MW 1,600 MW
(100% Subsidiary)

MEL
Phase-I: 1,200 MW Phase-II: 1,600 MW 2,800 MW
(100% Subsidiary)

MTEUPL
1,600 MW 1,600 MW
(99.8% Subsidiary)

Acquisitions Under LAPL Phase-I: 600 MW(1),

LAPL Phase-II: 1,320 MW(1) 3,120 MW
Progress CEPL: 1200 MW,(2)

Other Proposed
1,100 MW 1,100 MW
Acquisitions

Present and Planned Capacity 25,870 MW

Upcoming Brownfield Growth Opportunity 4,800 MW

Potential Capacity By FY 2029-30 30,670 MW

India’s largest private thermal power producer firmly on path to double its operating capacity by FY30
(1) Resolution Plan submitted by APL for LAPL, which is undergoing Corporate Debt Resolution under Insolvency and Bankruptcy Code , is awaiting approval of Hon’ble National Company Law Tribunal (NCLT)
(2) Resolution Plan for CEPL, which is undergoing Corporate Debt Resolution under Insolvency and Bankruptcy Code, submitted by a Consortium in which APL has a 49% stake is awaiting approval of NCLT
MW: Mega Watts; ListCo: Listed Company; APJL: Adani Power Jharkhand Ltd; MEL: Mahan Energen Ltd; MTEUPL: Mirzapur Thermal Energy (UP) Pvt. Ltd.; CE PL: Coastal Energen Pvt Ltd; LAPL: Lanco Amarkantak Power Ltd
18
 5
APL: Strategic Advantages

STRICTLY CONFIDENTIAL
Fuel management & logistics – Key competitive advantage
Fuel management is key to revenue stability Plant and Mine Locations

Only IPP in India with in-house, mine-to-plant

01 logistics capability

Handling approx. 60 MMTPA coal, 13 MMTPA Fly

02 Ash

Kawai
NCL Godda
Constant attention to multiple agencies and Mahan
03 touch points
Mundra

WCL Umrer
SECL Korba
Raigarh
MCL IB
Raipur Dhamra
Tiroda SECL Korea Rewa
MCL Talcher

More than 14,500 Rake Equivalents of fuel handled

04 annually APL Plants

Udupi Mines
Mangalore Port for Imported Coal
PPA counterparty
Daily management of around 25 domestic coal
05 rakes loading, with around 50 rakes in circulation
states for APL

Imported coal
Investment in material handling infrastructure for
06 quick turnaround

1.Map not to scale. For illustration purposes only. WCL: Western Coalfields Limited; SECL: South Eastern Coalfields Limited; MCL: Mahanadi Coalfields Limited; NCL: Northern Coalfields Limited; IPP: Independent Power 20
Producers; MMTPA: Million Metric Tonnes Per Annum; PPA: Power Purchase Agreement
Operational Excellence through Energy Network Operation Center (ENOC)

ENOC (Energy Network Operating Centre)

− Remote monitoring, diagnosis, and troubleshooting
Centralized Management
− Centralized power scheduling for optimum capacity utilisation

− Real time data access, enabling smooth and agile decision-

Real Time Data Availability
making

Business Intelligence − Leveraging analytics to improve operational performance

Ensuring high plant uptime

Maximizing revenue certainty
Enabling high dispatch capability

Sample monitoring parameters

Air pre-heater performance Boiler metal temperature Turbine bearing vibration

Plant data capture Data analytics @ ENOC Special Initiatives

Asset Health
Data Analytics Real Time Intervention Management Dashboards Prediction Benchmarking of
critical parameters
Input to site O&M teams Predictive maintenance
Access across multiple Fuel like APC, SHR etc.
devices & locations for real time corrections
Management
tracker

O&M: Operations & Maintenance; APC: Auxiliary Power Consumption; SHR: Station Heat Rate 21
Project Management & Assurance Group (PMAG) - End to End Project Integration

Bidding, Site Scouting Project Development & Basic Engineering Execution Operations

Concept Integrated Project Management Commissioning

Strength: Team of 90 professionals having hands-on experience of 2,000+ man-years of complete project management cycle of small, medium & large projects

Strong Project Controls Collaborating & Convergence Effective Project Delivery

One of India’s largest single location thermal power plants Landmark feat in project execution & transnational supply
First super-critical power plant : Mundra, Gujarat India's first commissioned transnational project: Godda, Jharkhand
Cumulative Capacity: 4,620 MW (330 MW * 4 units + 660 MW * 5 units) Ultra-supercritical plants of 1,600 MW (800 x 2) commissioned in April & June 2023
− Best in class project execution
− Transnational plant to supply electricity from
o Synchronization of first supercritical generating
Jharkhand to Bangladesh
unit within 36 months from inception
− Secure revenue and profitability streams
o Plant spread over an optimized layout of 734
acres o 25-year PPA of 1,496 MW (net) with
Bangladesh Power Devt Board
o Industry benchmark in commissioning i.e. 3 units
in single financial year, balance units in the next o Connected to Bangladesh Grid with a 400kV
year dedicated transmission line
− World class logistics management o Efficient recovery of fixed & variable costs
under USD-denominated tariff
o High-speed conveyor belt conveys the coal from
Mundra port to plant 8 km away @ 6,000 mt / − Commissioned in just 3.5 years from financial
hour closure despite pandemic lockdown challenges in
India, China, and Bangladesh
o Sea Water utilised for water requirement of plant
22
 6
APL: Performance Highlights

STRICTLY CONFIDENTIAL
APL: Operating Performance Trends
Average Operational Capacity (MW) Commercial Availability under LT PPAs (%)
91% 89% 90% 90%
15,051
13,650 83%
12,450 12,450 79%
11,810
10,480

FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24

PLF (%) Sales (BU)

79
67%
64% 65% 64
59% 55 59
52 53
52%
48%

FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24

Optimum availability maintained to ensure despatch capability of steadily growing capacity

24
MW: Mega Watt; LT PPAs: Long Term Power Purchase Agreements; BU: Billion Units; PLF: Plant Load Factor
APL: Key Financial Highlights

Total Revenues (Rs. Crore) Credit Profile

+21% CAGR Domestic Ratings

60,281 Listed Entities Rating Agency INR Ratings

APL CRISIL AA-/Stable
43,041
APL India Ratings AA-/Stable
28,150 31,686
27,842 APJL India Ratings BBB/Stable

Net Senior Debt to EBITDA (x)1

4.8 5.4
FY20 FY21 FY22 FY23 FY24 3.5
2.3 1.7
0.9

Reported EBITDA (Rs. Crore)

FY19 FY20 FY21 FY22 FY23 FY24
+41% CAGR 28,111
Continuing EBITDA Senior Term Debt to Equity (x)
CAGR of >34% 9,322

13,789 14,312 5.3

10,597 3.9
7,059 2.6
1.9
5,800 5,772 1.0
18,789 0.7
3,745
1,285
6,852 7,989 8,540
5,774 FY19 FY20 FY21 FY22 FY23 FY24

FY20 FY21 FY22 FY23 FY24

Continuing One-time Significant deleveraging of the portfolio
1. For calculating Net Senior Debt to EBITDA ratio, EBITDA includes prior period income, Debt excludes unsecured sub-debt and under-construction asset’s debt 25
APJL: Adani Power Jharkhand Limitred; YTD; Year to Date; EBITDA: Earnings before Interest, Tax, Depreciation and Amortization;
APL: Growth Outlook
Doubling of current capacity: 30,670 MW by FY 2029-30

Current capacity Ongoing projects Upcoming opportunities Target

Organic
10,880 MW 6,400 MW 4,800 MW 22,080 MW
Efficient and modern Under construction / Brownfield expansion Organic capacity
fleet development

Inorganic
4,370 MW 3,120 MW 1,100 MW 8,590 MW
Successfully acquired Ongoing acquisitions Under evaluation Inorganic capacity
and profitable

Rs. 18,789 Rs. 38,500

Rs. 1.25 Crore / MW
Crore Crore
FY24 Continuing EBITDA Under Conservative Scenario Continuing EBITDA

MW: Mega Watt; MTPA: Million Metric Tonnes Per Annum | Inorganic capacity includes 40MWp solar power plant; EBITDA: Earnings before Interest, Tax, Depreciation and Amortization; 26
Continuing EBITDA: Excludes one-time prior period income
 7
APL: ESG Practice

STRICTLY CONFIDENTIAL
APL: ESG Highlights

Material Topic Targets Key ESG Initiatives/Achievements UN SDGs

Reduction in GHG emission intensity Climate Change Adaptation and mitigation

Climate Change
Adaptation
to 0.84 tCO2e/MWh • Average Emission intensity - 0.85 tCO2e/MWh.
by FY 2025
and Mitigation Water Management
• Water Intensity is 2.35 m3/MWh for FY 24 which is 33% lower than Statuary
limit for Hinterland plants (3.50 m3/MWh).
Explore Net carbon Neutral
• APL achieved ash utilization of 89% YTD (up to Q4) FY 24.
possibilities and public
disclosures by 2023-24 Waste Management
• 07 out of 09 APL operating locations certified with SUP Free certification,
APJL & MEL SuPF target for FY 2024 – 25.
Explore Net carbon Neutral Health, Safety and Well-being
possibilities and public
disclosures by 2024-25 • All Plants and Offices assessed on working conditions and health and safety
• Zero health and safety related injuries

Waste Single-use-Plastic-Free (SuPF) ESG Rating Highlights

Management Certified Company for • APL maintained B Score For Fulfilling Climate Change and Water Security
Commitments from CDP for 2024.
100% of operating • APL’s score of 48 in Corporate Sustainability Assessment (CSA) by S&P
locations by 2024-25 Global, is above the world electric utility average score of 34.
• APL’s score 88% in CSR HUB ESG Rating Jan ‘24 is better than the global
industry average.
Health and Safety
0 • Scored 3.5/5.0 in FTSE ESG rating – better than world utilities average score
of 2.7/5.0.
Zero health & safety
• APL is a constituent company in the FTSE4Good Index Series.
related injuries

SUP: Single Use Plastics l MWp: Mega Watt Peak l O&M: Operation & Maintenance l GHG : Green House Gas l APJL: Adani Power Jharkhand Limited l MEL: Mahan Energen Limited 28
UNSDG: United Nations Sustainability Development Goals l ESG : Environment Social Governance l APL: Adani Power Limited
APL: Board of Directors and Management overview
100% Chaired Chaired
IDs By IDs By NID Board of Directors
Statutory Committees 40% Independent Directors
- Audit 🗹 Comprised of only
Independent Directors
- Nomination & Remunerations 🗹
100% of
- Stakeholder Relationship 🗹 Statutory Committees
- Corporate Social Responsibility 🗹 Chaired by
Independent Directors
- Risk Management 🗹
Non-statutory Committees
6 Chandra Sushil Kumar Sangeeta
- IT & Data Security 🗹 Additional Business
Iyengar Roongta Singh
- Corporate Responsibility 🗹 specific committees

- Mergers and Acquisition 🗹 17%

Fully comprised of
50+ Yrs of Experience 35+ Yrs of Experience 35+ Yrs of Experience
Skill & Expertise Skill & Expertise Skill & Expertise
- Legal, Regulatory & Tax 🗹 Independent Directors • Regulatory matters • Business leadership • Taxation
• Policy framework • Strategy Formulation
- Reputation Risk 🗹 83%
Chaired by
• Industry expert

- Commodity Price Risk 🗹 Independent Directors

Non-Independent Directors

Pathway to strengthen Corporate Governance

• Tenure of IDs – upto 3 years for max. 2 terms
• Management Ownership – CEO and member of executive
committees to have share ownership
Gautam Rajesh Anil
• Related Party Transactions – Independent 3rd party review & Adani Adani Sardana
certification Chairman Director Managing Director

• Training & Education – Min. 4 sessions in a year for education of IDs Skill & Expertise Skill & Expertise 40+ Yrs of Experience
• Entrepreneurial Vison • Business relationship Skill & Expertise
• Business Leadership • Execution • Industry veteran
• Strategic leadership
• Transition & Development

Chairperson of Audit committee; Chairman of Nomination and Remuneration committee; Chairperson of Corporate Responsibility committee I ID: Independent Director I NID: Non-Independent Director
Information is as on Date
29
 8
APL: Investment Case

STRICTLY CONFIDENTIAL
APL’s unique positioning to catapult on the tail-wind of India’s growth story

▪ 85% of capacity contracted under LT / MT PPAs, with 77% having assured fuel cost recovery
Secure Business
▪ 79% of domestic fuel requirements secured under LT / MT contracts
Model
▪ Domestic credit rating of APL is healthy at “AA-”

▪ Full resolution of all regulatory matters pertaining to domestic coal shortfall with Hon’ble Supreme
Regulatory Court’s orders dated 20th April 2023
Maturity
▪ Recovery of alternate fuel costs under change-in-law clauses of PPAs

▪ Growing peak power demand accentuating need for dispatchable capacity best served by thermal
Sectoral Growth
▪ Improving DISCOM health and regulatory maturity act as risk mitigators
Potential
▪ Easing of fuel availability constraints enables greater capacity expansion

▪ Strong Project Management organization with extensive expertise

Poised for ▪ Excellence in power plant operations and fuel & logistics management
Success ▪ Readily available land and other key enablers at existing sites
▪ Demonstrated capability to turnaround stressed acquisitions rapidly

▪ Sector leading debt servicing capability with abundant headroom for growth
Strong Liquidity
▪ Adequate bank limit availability to meet operational requirement at larger scale
backing
▪ Backed by strong sponsor, India’s largest infrastructure and real asset platform

GW: Giga Watt; LT: Long Term; MT: Medium Term; PPA: Power Purchase Agreement; FSA: Fuel Supply Agreement; GHG: Green House Gas; IPP: Independent Power Producer; MTPA: Million Tonnes Per Annum; Bn: Billion 31
Thank You
 Annexure

STRICTLY CONFIDENTIAL
APL: Details of contracted capacity (16.85 GW)

Capacity tie-up (%) Fuel cost recovery mix (%)

Regulated Utility

Fuel cost pass

TBCB-State DISCOMs through
15% 6%
3% 23%
TBCB-Private 33%
85% 10% Escalable energy 77%
charge with change-
Transnational
6% (Sovereign) in-law
Offtake risk 60% Fuel cost recovery
protection Captive assurance
44%
Others

Merchant

Major portion of domestic fuel-based capacities secured through linkages and locational advantage

1. Regulated Assets under Section 62 of Electricity Act | 2. TBCB: Tariff based competitive bidding a per Section 63 of Electricity Act 34
GW: Giga Watt; PPA: Power Purchase Agreement; FSA: Fuel Supply Agreement; LT / MT: Long term / Medium Term; SHR: Station Heat Rate; PLF: Plant Load Factor