6th May, 2021

BSE Limited P J Towers, Dalal Street, Mumbai – 400001 National Stock Exchange of India Limited Exchange plaza, Bandra-Kurla Complex, Bandra (E) Mumbai – 400051

Scrip Code: 539254

Scrip Code: ADANITRANS

Singapore Exchange Limited 2 Shenton Way, #19-00, SGX Centre 1, Singapore 068804 [email protected]

Dear Sir,

Sub: Outcome of Board Meeting held on 6th May, 2021 and Submission of Audited Financial Results (Standalone and Consolidated) for the Year ended 31st March, 2021 as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

With reference to above, we hereby submit / inform that:

The Board of Directors ("the Board") at its meeting held on 6th May, 2021, commenced at 4.00 p.m. and concluded at 5.25 p.m., has approved the Audited Financial Results (Standalone and Consolidated) with Auditors' Report for the Year ended 31st March, 2021. Copy of the same is enclosed herewith.

The results are also being uploaded on the Company's website at www.adanitransmission.com.

We would like to inform that M/s Deloitte Haskins & Sells LLP, Statutory Auditors have issued audit reports with unmodified opinion on Audited Financial Results (Standalone and Consolidated) for the Year ended 31st March, 2021.

Adani Transmission Ltd Tel +91 79 2555 7555 Adani Corporate House Fax +91 79 2555 7177 Shantigram, Near Vaishno Devi Circle, [email protected] S. G. Highway, Khodiyar, www.adanitransmission.com Ahmedabad 382 421 Gujarat, India CIN: L40300GJ2013PLC077803

Press Release dated 6th May, 2021 on the Audited Financial Results (Standalone and Consolidated) of the Company for the Year ended 31st March, 2021 is enclosed herewith.

Presentation on performance highlights of the Company for the Financial year ended 31st March, 2021 is also enclosed herewith and the same is being uploaded on the Company's website.

The Board has also recommended renewal of enabling resolution for seeking approval of the shareholders at the ensuing Annual General Meeting (AGM) to raise funds by issue of Equity Shares / Convertible Bonds through Qualified Institutional Placement [QIP] / GDR / ADR / FCCBs / FCEBs / Convertible Securities / Other Equity Instruments for an aggregate amount upto Rs.2,500 Crores.

You are requested to take the same on your records.

Thanking you,

Yours faithfully, For Adani Transmission Limited

Jaladhi Shukla Company Secretary

Encl: as above.

Chartered Accountants 19th floor, Shapath-V, Opposite to Karnavati Club, S.G. Highway, Ahmedabad - 380 015 Tel. +91 79 6682 7300

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF ADANI TRANSMISSION LIMITED

Opinion and Conclusion

We have (a) audited the Standalone Financial Results for the year ended March 31, 2021 and (b) reviewed the Standalone Financial Results for the quarter ended March 31, 2021 (refer 'Other Matters' section below), which were subject to limited review by us, both included in the accompanying "Statement of Standalone Financial Results for the Quarter and Year Ended March 31, 2021" of Adani Transmission Limited ("the Company"), ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

(a)Opinion on Annual Financial Results

In our opinion and to the best of our information and according to the explanations given to us, the Standalone Financial Results for the year ended March 31, 2021:

i. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
ii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the net loss and total comprehensive loss and other financial information of the Company for the year then ended.

(b)Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2021

With respect to the Standalone Financial Results for the quarter ended March 31, 2021, based on our review conducted as stated in paragraph (b) of Auditor's Responsibilities section below, nothing has come to our attention that causes us to believe that the Standalone Financial Results for the quarter ended March 31, 2021, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31, 2021

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities section below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the ICAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the year ended March 31, 2021 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Statement

This Statement which includes the Standalone Financial Results is the responsibility of the Company's Board of Directors and has been approved by them for the issuance. The Standalone Financial Results for the year ended March 31, 2021 has been compiled from the related audited standalone financial statements. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and year ended March 31, 2021 that give a true and fair view of the net loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board of Directors are responsible for assessing the Company's ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities

(a) Audit of the Standalone Financial Results for the year ended March 31, 2021

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the year ended March 31, 2021 as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Annual Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Annual Standalone Financial Results, including the disclosures, and whether the Annual Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the Company to express an opinion on the Annual Standalone Financial Results.

Materiality is the magnitude of misstatements in the Annual Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Standalone Financial Results.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

(b)Review of the Standalone Financial Results for the quarter ended March 31, 2021

We conducted our review of the Standalone Financial Results for the quarter ended March 31, 2021 in accordance with the Standard on Review Engagements ("SRE") 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Other Matters

The Statement includes the results for the Quarter ended March 31, 2021 being the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report on the Statement is not modified in respect of this matter.

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Mohammed Bengali (Partner) (Membership No. 105828) (UDIN: 21105828AAAABB5229)

Place: Mumbai Date: 6 May, 2021

Sr.			Quarter Ended			(₹ In Crores)
No.	Particulars	31-Mar-21	31-Dec-20	31-Mar-20	Year Ended
1	Income	(Unaudited)Refer note 5	(Unaudited)	(Unaudited)Refer note 5	31-Mar-21(Audited)	31-Mar-20(Audited)
$\overline{2}$	(a) Revenue from operations(b) Other IncomeTotal IncomeExpenses	450.39163.00613.39	304.72174.64479.36	665.29245.89911.18	755.23679.431,434.66	857.79795.831,653.62
	(a) Purchases of Stock-in-Trade(b) Employee benefits expense(c) Finance costs(d) Depreciation and amortisation expense(e) Other expensesTotal Expenses	449.720.74177.680.072.07	304.710.80176.730.071.09	664.950.66208.630.0714.64	754.433.80690.240.29	857.213.27767.190.30
3	Profit / (Loss) before tax for the period / year (1-2)	630.28	483.40	888.95	7.111,455.87	20.11
4	Tax Expense / (Reversal)	(16.89)	(4.04)	22.23	(21.21)	1,648.08
5	Profit / (Loss) after tax for the period / year (3-4)					5.54
6	Other Comprehensive Income / (Loss) for the period / year	(16.89)	(4.04)	22.23	(21.21)
	(a) Items that will not be reclassified to profit or loss(b) Tax relating to items that will not be reclassified to profit or loss(c) Items that will be reclassified to profit or loss(d) Tax relating to items that will be reclassified to profit or loss	(0.46)(9.31)	0.061.98	0.3749.29	(0.28)(20.95)	5.540.24158.20
$\overline{7}$	Other Comprehensive Income / (Loss) for the period / year	(9.77)	2.04
8	Total Comprehensive Income / (Loss) for the period / year (5+6)	(26.66)	(2.00)	49.66	(21.23)	158.44
	Paid-up Equity Share Capital (Face Value of ₹10 each)	1,099.81	1,099.81	71.89	(42.44)	163.98
$\mathbf{Q}$	Earnings per share (Face Value of ₹10 each)Basic & Diluted (not annualised except year end) (₹)	(0.66)	(0.55)	1,099.81(0.52)	1,099.81	1,099.81
10	Other Equity excluding Revaluation Reserves as at March 31(Including Unsecured Perpetual Securities)				(2.30)2,986.80	(3.43)3,710.63

Sr.	Particulars		(₹ In Crores)
No.		As at	As at
		31-Mar-21	31-Mar-20
	ASSETS	(Audited)	(Audited)
$\mathbf{1}$	Non Current Assets
	Property, Plant and Equipment
	Right of Use Assets	0.79	0.92
	Financial Assets	0.16	0.32
	(i) Investments
	(ii) Loans	6,203.30	5,984.47
	(iii) Other Financial Asset	4,624.73	4,148.43
	Income Tax Assets (net)	837.08	237.80
	Other Non Current Assets	7.31	23.52
	Total Non Current Assets	1.02	1.98
		11,674.39	10,397.44
$\overline{2}$	Current Assets
	Financial Assets
	(i) Trade Receivable
	(ii) Cash and Cash Equivalents	0.08	96.68
	(iii) Bank Balances other than (iii) above	8.02	800.78
	(iv) Loans	10.04	375.23
	(v) Other Financial Assets	200.00	810.41
	Other Current Assets	284.81	448.71
	Total Current Assets	7.58	4.87
		510.53	2,536.68
	Total Assets
		12,184.92	12,934.12
	EQUITY AND LIABILITIES

$\mathbf 1$	Equity
	Equity Share Capital
	Unsecured Perpetual Securities	1,099.81	1,099.81
	Other Equity	2,829.70	3,279.42
	Total Equity	157.10	431.21
		4,086.61	4,810.44
$\overline{2}$	Liabilities
	Non Current Liabilities
	Financial Liabilities
	(i) Borrowings	6,923.94	7,351.03
	(iii) Other Financial Liabilities		0.16
	Provisions	0.34	0.21
	Total Non Current Liabilities	6,924.28	7,351.40
3
	Current Liabilities
	Financial Liabilities
	(i) Borrowings	723.16	ä,
	(ii) Trade Payables
	i. Total outstanding dues of micro enterprises and small enterprises	0.04	0.11
	ii. Total outstanding dues of creditors other than micro enterprises and small enterprises	9.00	124.11
	(iii) Other Financial Liabilities	436.92	642.75
	Other Current Liabilities	4.85
	Provisions	0.06	5.27
	Total Current Liabilities	1,174.03	0.04772.28
	Total Liabilities
		8,098.31	8,123.68
	Total Equity and Liabilities	12,184.92
			12,934.12

			(₹ In Crores)
	Sr. No. Particulars	For the Yearended31-March-21	For the Yearended31-March-20
		Audited	Audited
IA.	Cash flows from operating activities :
	Profit before taxes
	Operating profit before working capital changes	(21.21)	5.54
	Net cash generated from / (used in) operating activities (i)	(5.78)	(11.49)
		(22.00)	(17.35)
Iв.	Net Cash Generated from / (used in) investing activities (ii)
		190.69	1,971.08
C.	Net Cash Generated from / (used in) financing activities (iii)
		(961.45)	(1, 184.17)
	Net Increase / (Decrease) in cash and cash equivalents (i+ii+iii)
	Cash and cash equivalents at the beginning of the year	(792.76)	769.56
	Cash and cash equivalents at the end of the year	800,78	31.22
		8.02	800.78

Quarter / Year Ended	Finance Cost	Income Earned on DSRA	Net Finance Cost
		& LRA Deposits
Quarter ended 31-Mar-21	177.68	12.47	165.21
Quarter ended 31-Dec-20	176.73	14.38	162.35
Quarter ended 31-Mar-20	208.63	7.36	201.27
Year ended 31-Mar-21	690.24	54.17	636.07
Year ended 31-Mar-20	767.19	29.49	737.70

Chartered Accountants 19th floor, Shapath-V, Opposite to Karnavati Club, S.G. Highway, Ahmedabad - 380 015 Tel. +91 79 6682 7300

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF ADANI TRANSMISSION LIMITED

Opinion and Conclusion

We have (a) audited the Consolidated Financial Results for the year ended March 31, 2021 and (b) reviewed the Consolidated Financial Results for the quarter ended March 31, 2021 (refer 'Other Matters' section below), which were subject to limited review by us, both included in the accompanying "Statement of Consolidated Financial Results for the Quarter and Year Ended March 31, 2021 of Adani Transmission Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), for the quarter and year ended March 31, 2021, ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

(a)Opinion on Annual Consolidated Financial Results

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the audit reports of the other auditors on separate financial statements of the Group and its subsidiaries referred to in Other Matters section below, the Consolidated Financial Results for the year ended March 31, 2021:

i. includes the results of the entities as given in the Annexure to this Report.
ii. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
iii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated net profit and consolidated total comprehensive income and other financial information of the Group for the year ended March 31, 2021.

(b)Conclusion on Unaudited Consolidated Financial Results for the quarter ended March 31, 2021

With respect to the Consolidated Financial Results for the quarter ended March 31, 2021, based on our review conducted and procedures performed as stated in paragraph (b) of Auditor's Responsibilities section below and based on the consideration of the review reports of the other auditors referred to in Other Matters section below, nothing has come to our attention that causes us to believe that the Consolidated Financial Results for the quarter ended March 31, 2021, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Consolidated Financial Results for the year ended March 31, 2021

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities section below. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the ICAI") together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results for the year ended March 31, 2021 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in Other Matters section below, is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Statement

This Statement, which includes the Consolidated Financial Results is the responsibility of the Parent's Board of Directors and has been approved by them for the issuance. The Consolidated Financial Results for the year ended March 31, 2021, has been compiled from the related audited consolidated financial statements. This responsibility includes the preparation and presentation of the Consolidated Financial Results for the quarter and year ended March 31, 2021 that give a true and fair view of the consolidated net profit/loss and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Consolidated Financial Results by the Directors of the Parent, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibilities

(a)Audit of the Consolidated Financial Results for the year ended March 31, 2021

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the year ended March 31, 2021 as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Annual Consolidated Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Annual Consolidated Financial Results, including the disclosures, and whether the Annual Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent applicable.
Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the entities within the Group to express an opinion on the Annual Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Annual Consolidated Financial Results of which we are the independent auditors. For the other entities included in the Annual Consolidated Financial Results, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the Annual Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Consolidated Financial Results.

We communicate with those charged with governance of the Parent and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

(b)Review of the Consolidated Financial Results for the quarter ended March 31, 2021

We conducted our review of the Consolidated Financial Results for the quarter ended March 31, 2021 in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

The Statement includes the results of the entities as listed under paragraph (a)(i) of Opinion and Conclusion section above.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

Other Matters

The Statement includes the results for the Quarter ended March 31, 2021 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report is not modified in respect of this matter.
We did not audit the financial statements of 29 subsidiaries included in the consolidated financial results, whose financial statements reflect total assets of Rs. Rs. 12,743.19 crores as at March 31, 2021 and total revenues of Rs 268.28 Crores and Rs. Rs.963.42 Crores for the quarter and year ended March 31, 2021 respectively, total net profit after tax of Rs 92.78 Crores and Rs. 263.34 Crores for the quarter and year ended March 31, 2021 respectively and total comprehensive income of Rs 35.35 Crores and Rs. 210.33 Crores for the quarter and year ended March 31, 2021 respectively and net cash out flows of Rs 229.03 Crores for the year ended March 31, 2021, as considered in the Statement. These financial statements have been audited, as applicable, by other auditors whose reports have been furnished to us by the Management and our opinion and conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated under Auditor's Responsibilities section above.

Our report on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Mohammed Bengali Partner (Membership No. 105828) (UDIN: 21105828AAAABA6859)

Place: Mumbai Date: 6 May 2021

Annexure to Independent Auditor's Review Report

Sr. No.	Name of Entities
A	Parent
1	Adani Transmission Limited

B	Subsidiaries
1	Adani Transmission (India) Limited
2	Adani Transmission (Rajasthan) Limited
3	Adani Electricity Mumbai Limited
4	Aravali Transmission Service Company Limited
5	AEML Infrastructure Limited
6	Barmer Power Transmission Service Limited
7	Bikaner Khetri Transmission Limited
8	Chhattisgarh-WR Transmission Limited
9	Fatehgarh-Bhadla Transmission Limited
10	Ghatampur Transmission Limited
11	Hadoti Power Transmission Service Limited
12	Adani Transmission Bikaner Sikar Private Limited
13	Maharashtra Eastern Grid Power Transmission Company Limited
14	Maru Transmission Service Company Limited
15	North Karanpura Transco Limited
16	Obra-C Badaun Transmission Limited
17	Raipur-Rajnandgaon-Warora Transmission Limited
18	Sipat Transmission Limited
19	Thar Power Transmission Service Limited
20	Western Transco Power Limited
21	Western Transmission (Gujarat) Limited
22	WRSS XXI (A) Transco Limited
23	Arasan Infra Private Limited
24	Sunrays Infra Space Private Limited
25	Lakadia BanaskanthaTransco Limited
26	Jam Khambaliya Transco Limited
27	Power Distribution Services Limited
28	Adani Electricity Mumbai Infra Limited
29	Kharghar Vikhroli Transmission Private Limited
30	Adani Transmission Step-one Limited
31	AEML Seepz Limited (Step-down subsidiary) (w.e.f. December 8, 2020)
32	Alipurduar Transmission Limited (w.e.f. November 26, 2020)
33	Warora-Kurnool Transmission Limited (w.e.f March 31, 2021)

				Consolidated		(₹ In Crores)
Sr.No.	Particulars		Quarter Ended		Year Ended
		31-Mar-21	31-Dec-20	31-Mar-20	31-Mar-21	31-Mar-20
		(Unaudited)Refer note 10	(Unaudited)	(Unaudited)Refer note 10	(Audited)	(Audited)
$\mathbf{1}$	Income
	(a) Revenue from operations
	(i) From Generation, Transmission and DistributionBusiness (Refer note 2)	2,275.85
	(ii) From Trading Business		2,292.10	2,474.12	9,169.70	10,491.35
	(b) Other Income	450.76	304.92	712.84	756.63
	Total Income	148.99	137.02	130.55	532.60	924.61
$\overline{\mathbf{c}}$	Expenses	2,875.60	2,734.04	3,317.51	10,458.93	265.3311,681.29
	(a) Cost of Power Purchased
	(b) Cost of Fuel	521.26	487.11	527.71	1,914.51
	(c) Purchases of Stock-in-Trade	277.60	240.78	221.50	972.56	2,679.13
	(d) Employee benefits expense	450.19	304.83	712.50	755.89	1,018.23924.21
	(e) Finance costs	235.79	218.82	225.77	930.76	973.24
	(f) Depreciation and amortisation expense	494.18	455.18	697.61	2,116.99	2,238.49
	(g) Other expenses	311.87	325.29	303.90	1,328.88	1,174.02
	Total Expenses	414.34	341.30	393.89	1,402.25	1,334.52
3	Profit Before Rate Regulated Activities, Tax and Deferred	2,705.23	2,373.31	3,082.88	9,421.84	10,341.84
	Assets recoverable/adjustable for the period / year	170.37	360.73	234.63	1,037.09
$\overline{4}$	Net movement in Regulatory Deferral Account Balances -					1,339.45
	Income/(Expenses)	199.75	111.30	(17.86)	582.81
5	Profit Before Tax and deferred assets recoverable/adjustable					(232.77)
6	for the period / year $(3+4)$	370.12	472.03	216.77	1,619.90	1,106.68
	Tax expense
	Current TaxDeferred Tax	46.24	57.99	46.37
		92.05	(26.44)	165.90	187.01	213.80
	Total Tax expense	138.29	31.55	212.27	237.22	329.08
$\overline{7}$	Profit After Tax for the period / year but before DeferredAssets recoverable/adjustable (5-6)	231.83			424.23	542.88
8	Deferred assets recoverable/adjustable		440.48	4.50	1,195.67	563.80
9	Profit After Tax for the period / year (7+8)	24.72	23.01	54.47	93.90	142.69
10	Other Comprehensive Income / (Loss)	256.55	463.49	58.97	1,289.57	706.49
	(a) Items that will not be reclassified to profit or loss
	(b) Tax relating to items that will not be reclassified	65.08	(7.30)	(21.03)	34.24	(21.10)
	to Profit or Loss	(11.44)	1.28	3.61
	(c) Items that will be reclassified to profit or loss	(103.37)			(6.03)	3.61
	(d) Tax relating to items that will be reclassified		(78.66)	25.79	(192.32)	135.06
	to Profit or Loss	19.58	(1.12)	2.76	17.71	2.76
	Other Comprehensive Income / (Loss) (net of tax)	(30.15)	(85.80)
11	Total Comprehensive Income for the period / year (9+10)			11.13	(146.40)	120.33
12	Profit / (Loss) attributable to:	226.40	377.69	70.10	1,143.17	826.82

	Owners of the Company	238.42	395.31
	Non - Controlling Interest	18.13	68.18	94.30(35.33)	1,224.04	741.82
13		256.55	463.49	58.97	65.53	(35.33)
	Other Comprehensive Income / (Loss) attributable to:				1,289.57	706.49
	Owners of the Company	(39.37)
	Non - Controlling Interest	9.22	(62.62)(23.18)	18.73	(128.03)	127.93
14		(30.15)	(85.80)	(7.60)	(18.37)	(7.60)
	Total Comprehensive Income / (Loss) attributable to:			11.13	(146.40)	120.33
	Owners of the Company	199.05
	Non - Controlling Interest	27.35	332.6945.00	113.03	1,096.01	869.75
15		226.40	377.69	(42.93)	47.16	(42.93)
	Paid-up Equity Share Capital (Face Value of ₹10 each)	1,099.81	1,099.81	70.101,099.81	1,143.17	826.82
16	Basic / Diluted Earnings per Equity Share (Face Value of ₹10				1,099.81	1,099.81
	each) after net Movement in Regulatory Deferral Balance(not	1.67	3.08	(0.19)
	annualized except year end) (₹)				9.02	2.94
17	Basic / Diluted Earnings per Equity Share (Face Value of ₹10
	each) before net Movement in Regulatory Deferral Balance(notannualized except year end) (₹)	0.54	2.77	0.51	5.75
						4.69
18	Other Equity excluding Revaluation Reserves as at 31st March(Including Unsecured Perpetual Equity Instrument)
					7,819.47	7,399.15

			(₹ in Crores)Consolidated
Sr. No.	Particulars	As at31-03-2021	As at31-03-2020
		(Audited)	(Audited)
1	ASSETSNon Current Assets
	Property, Plant and Equipment
	Right of Use Assets	25,166.26	23,099.70
	Capital Work In Progress	218.155,239.73	237.542,208.96
	Goodwill on Consolidation	592.88	592.09
	Other Intangible Asset	1,009.31	994.87
	Intangible Assets Under Development	15.41	3.28
	Financial Assets
	(i) Investments(ii) Loans	267.24
	(iii) Other Financial Asset	1,073.82	38.91
	Income Tax Assets (net)	2,910.63	2,302.41
	Other Non Current Assets	63.07	37.31
	Total Non Current Assets	1,677.6438,234.14	1,510.69
$\overline{\mathbf{c}}$	Current Assets		31,025.76
	Inventories
	Financial Assets	233.71	541.17
	(i) Investments	174.79	312.67
	(ii) Trade Receivable	1,013.54	1,000.26
	(iii) Cash and Cash Equivalents	263.68	1,232.99
	(iv) Bank Balances other than (iii) above	1,026.23	1,063.85
	(v) Loans	24.43	2,409.28
	(vi) Other Financial Assets	1,394.59	1,543.31
	Other Current AssetsTotal Current Assets	429.02	334.17
		4,559.99	8,437.70
	Total Assets before Regulatory Deferral Account	42,794.13	39,463.46
	Regulatory Deferral Account - Asset	439.45	247.73
	Total Assets	43,233.58	39,711.19
	EQUITY AND LIABILITIES
1	Equity
	Equity Share Capital	1,099.81	1,099.81
	Unsecured Perpetual Securities	2,829.70	3,279.42
	Other Equity	4,989.77	4,119.73
	Total Equity of Equity Holders of the Company	8,919.28	8,498.96
	Non Controlling InterestsTotal Equity	1,103.58	1,062.13
		10,022.86	9,561.09
$\mathbf{z}$	LiabilitiesNon Current Liabilities
	Financial Liabilities
	(i) Borrowings
	(ii) Trade Payables	23,808.81	22,289.65
	i. Total outstanding dues of micro enterprises and
	small enterprises
	ii. Total outstanding dues of creditors other than
	micro enterprises and small enterprises	31.93	29.35
	(iii) Other Financial Liabilities	627.59	419.86
	Other Non Current LiabilitiesProvisions	282.89	278.02
	Deferred Tax Liabilities (net)	584.52	275.58
	Total Non Current Liabilities	1,186.35	971.37
3	Current Liabilities	26,522.09	24,263.83
	Financial Liabilities
	(i) Borrowings
	(ii) Trade Payables	1,966.47	1,235.81
	i. Total outstanding dues of micro enterprises andsmall enterprises	29.69	49.93
	ii. Total outstanding dues of creditors other thanmicro enterprises and small enterprises	1,211.32	1,701.58
	(iii) Other Financial Liabilities	2,849.97	1,982.51
	Other Current Liabilities	291.29	309.42
	Provisions	61.85	62.40
	Current Tax Liabilities (net)	6.48	40.29
	Total Current Liabilities	6,417.07	5,381.94
	Total Liabilities before Regulatory Deferral Account	32,939.16	29,645.77
	Regulatory Deferral Account - Liabilities	271.56	504.33
	Total Liabilities

			(< in Crores)
Sr.No.	Particulars	For the yearended 31st March.2021	For the yearended 31st March,2020
		(Audited)	(Audited)
Α.	Cash flow from operating activities:-
	Profit before taxes	1,619.90	1,106.68
	Operating Profit before working capital changes	4,568.63	4,350.12
	Net cash generated from operating activities (i)	3,784.33	5,437.20
в.	Net cash (used in) investing activities (ii)	(4,025.29)	(5,642.88)
C.	Net cash (used in) financing activities (iii)	(744.65)	1,250.40
	Net Increase / (Decrease) In cash and cash equivalents (i+ii+iii)	(985.61)	1,044.72
	Cash and cash equivalents at the beginning of the year	1,232.99	188.25
	Cash and cash equivalents received on account of acquisitionof transmission business	16.30	0.02
	Cash and cash equivalents at the end of the year	263.68	1,232.99

		$(1 \text{ m} \cup \text{m} \text{es})$Consolidated
			Quarter Ended		Year Ended
Sr. No.	Particulars	31-Mar-21	31-Dec-20	31-Mar-20	31-Mar-21	31-Mar-20
		(Unaudited)Refer Note 10)	(Unaudited)	(Unaudited)Refer Note 10)	(Audited)	(Audited)
i)	Segment Revenue
	Transmission	720.23	704.26	793.70	3,122.06	2,815.00
	Mumbai GTD Business	1,555.62	1,587.84	1,680.42	6,047.64	7,676.35
	Trading	450.76	304.92	712.84	756.63	924.61
	Gross Turnover	2,726.61	2,597.02	3,186.96	9,926.33	11,415.96
	Less: Inter Segment transfer
	Net Turnover	2,726.61	2,597.02	3,186.96	9,926.33	11,415.96
ii)	Segment Results
	Profit before Interest and Tax
	Transmission	479.66	462.12	519.75	2,191.80	1,873.21
	Mumbai GTD Business	235.08	327.98	263.74	1.011.75	1,206.23
	Trading	0.57	0.09	0.34	0.74	0.40
	Total Segment Results	715.31	790.19	783.83	3,204.29
	Unallocable Income	148.99	137.02	130.55	532.60	3,079.84265.33
	Total Profit Before Interest and Tax	864.30	927.21	914.38	3,736.89	3,345.17
	Less : Finance Cost	(494.18)	(455.18)	(697.61)	(2, 116.99)
	Total Profit Before Tax	370.12	472.03	216.77	1,619,90	(2,238.49)
iii)	Segment Assets					1,106.68
	Transmission	20,595.65	19,705.48	15,576.68	20,595.65
	Mumbai GTD Business	17,206.59	17,211.43	16,628.19	17,206.59	15,576.68
	Trading			134.72		16,628.19
	Unallocable	5,431.34	5,304.90	7,371.60	5.431.34	134.72
	Total Assets	43,233.58	42,221.81	39,711.19	43,233.58	7,371.60
iv)	Segment Liabilities					39,711.19
	Transmission	1,141.40	878.03	693.67
	Mumbai GTD Business	3,409.57	3,653.85	3,755.06	1,141.40	693.67
	Trading			134.48	3,409.57	3,755.06
	Unallocable	28,659.76	27,893.14			134.48
	Total Liabilities	33,210.73	32,425.02	25,566.8930.150.10	28,659.7633 210 73	25,566.8930.150.10

		(₹ in Crores)
--	--	---------------

			Consolidated
Particulars		Quarter Ended		Year Ended
	31-Mar-21	31-Dec-20	31-Mar-20	31-Mar-21	31-Mar-20
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Revenuefromoperations	$\overline{\phantom{a}}$	۰	254.43	386.02	254.43

Quarter / Year End	Finance Cost	Income earned onRestricted fund	Net Finance Cost
Quarter Ended 31-Mar-2021	494.18	23.89	470.29
Quarter Ended 31-Dec-2020	455.18	26.23	428.95
Quarter Ended 31-Mar-2020	697.61	11.59	686.02
Year Ended 31-March-2021	2116.99	97.23	2,019.76
Year Ended 31-March-2020	2,238.49
		52.09	2,186.40

Media Release

Adani Transmission Limited Consolidated Results for FY21 and Q4FY21

Cash profit of Rs. 2,929 Cr in FY21, up 45% YoY PAT of Rs. 1,290 Cr in FY21, up 82% YoY Cash profit of Rs. 639 Cr in Q4, up 51% YoY PAT of Rs. 257 Cr in Q4, up 333% YoY

Editor's Synopsis

Operational Highlights FY21:

Transmission

Robust Transmission system availability at 99.87%

Distribution

Maintained supply reliability at 99.99% (ASAI)
Collection efficiency in Distribution business was more than 100%
Customer adoption of digital avenues increases manifold; e-payments as percentage of total collection increased to 67.2% in FY21 from 48.6% in FY20.

Financial Highlights FY21 (YoY):

Cash Profit of Rs. 2,929 cr, up 45%
PAT at Rs. 1,290 cr, up 82%
EPS at Rs. 9.02 vs. Rs. 2.94 in FY20; up 207% YoY
Consolidated Operational EBITDA at Rs. 4,233 cr vs. Rs. 4,055 cr in FY20, up 4%
Transmission Operational EBITDA at Rs. 2,574 cr, up 4% with a margin of 92%
Distribution Operational EBITDA at Rs. 1,659 cr, up 5%

Financial Highlights Q4 FY21 (YoY):

Cash Profit of Rs. 639 cr, up 51%
PAT at Rs. 257 cr, up 333%
Consolidated Operational EBITDA at Rs. 1,034 cr vs. Rs. 875 cr in FY20, up 18%
Transmission Operational EBITDA at Rs. 656 cr, up 6%
Distribution Operational EBITDA at Rs. 377 cr, up 47%

Other Financial Highlights:

With announcement of favorable regulatory order in respect of MEGPTCL in Q1 FY21, Consolidated EBITDA of ATL will have annual recurring benefit of ~Rs. 60 cr.

Ahmedabad, May 6th, 2021: Adani Transmission Limited ("ATL"), the largest private transmission company in India, a part of globally diversified Adani Group today announced its financial and operational performance for year ended 31st March, 2021.

Operational Highlights:

Particulars	FY21	FY20	Q4FY21	Q4FY20
Transmission
Average Availability (%)	99.87%	99.76%	99.82%	99.61%
Transmission Network Added (ckt km)	2,536	1,177	1,756	-
Distribution
Supply reliability (%)	99.99%	99.99%	99.99%	99.99%
Distribution loss (%)(1)	7.82%	7.37%	7.56%	5.58%
Units sold (MU's) (1)	7,169	8,455	1,826	1,808
Collection Efficiency (%)	100.6%	99.2%	114.2%	95.3%

Added 2,536 ckt kms to transmission network in FY21 on account of organic and inorganic growth taking total network to 17,276 ckt kms
Strong Transmission system availability at more than 99.87%
Distribution business ensured more than 99.99% supply reliability despite challenges on ground
Distribution losses were at 7.82% vs 7.37% in FY20
Achieved more than 100% collection efficiency at AEML in FY21

Financial highlights – Transmission and Distribution:

Particulars (Rs. crore)	FY21	FY20	YoY %	Q4FY21	Q4FY20	YoY %
Transmission
Operational Revenue(2)	2,792	2,704	3%	720	683	5%
Operational EBITDA(2)	2,574	2,482	4%	656	618	6%
Margin (%)	92.0%	91.8%		91.1%	90.4%
Distribution
Revenue(2)	6,048	7,532	-20%	1,556	1,536	1%
Operational EBITDA	1,659	1,573	5%	377	257	47%
Margin (%)	27.4%	20.9%		24.3%	16.8%

Stable Transmission business delivered operational revenue of Rs. 2,792 cr and operational EBITDA of Rs. 2,574 cr in FY21 translating into strong margin of 92%
Distribution business operational EBITDA grew by 5% in FY21, in spite of 20% decline in operational revenue

Particular (Rs. crore)	FY21	FY20	YoY %	Q4FY21	Q4FY20	YoY%
Revenue(2)	8,840	10,237	-14%	2,276	2,220	3%
Operational EBITDA(2)	4,233	4,055	4%	1,034	875	18%
PBT	1,620	1,107	46%	370	217	71%
PAT	1,290	707	82%	257	59	333%
EPS (Rs.)	9.02	2.94	207%	1.67	(0.19)

Financial Highlights - Consolidated:

Consolidated operational revenue was lower at Rs. 8,840 Cr in FY21 mainly due to lower revenue contribution from Distribution business led by lower power consumption in Commercial and Industrial segment in first half of FY21. However, operational revenue from Transmission business was unaffected in FY21.

Other Key Highlights:

ATL acquired Warora-Kurnool Transmission Limited (WKTL) owned by Essel InfraProjects Limited adding 1,750 ckt kms to its total transmission network of 17,276 ckt kms
Customer adoption of digital avenues to interface with company increases manifold reaching 67.2% (e-payments as a % of total collection) in FY21 from 48.6% in FY20
With the amendment in electricity act, the Distribution sector to offer tremendous growth opportunities

Notes:

(1) Distribution loss and units sold are slightly different from provisional operational data released on 20th April 2021 (2) FY21 Operational Revenue and Operational EBITDA doesn't include one-time positive impact of Rs. 330 Cr. from APTEL order in favor of MEGPTCL SPV of Transmission business. Based on MERC order, the company has recognised one-time revenue of Rs. 254 Crs in FY20 which doesn't include in FY20 Operational revenue and Operational EBITDA (Rs. 110 Cr one-time revenue pertaining to transmission business and Rs. 144 Crs of revenue gap pertaining to Distribution business). (3) Cash profit calculated as PAT + Depreciation + Deferred Tax + MTM option loss; ASAI: Average Service Availability Index; APTEL: Appellate Tribunal for Electricity

Speaking on the performance of the company, Mr. Gautam Adani, Chairman Adani Group, said, The Power & Transmission sector has seen tremendous progress over the last two decades. Today, Government initiatives such as Saubhagya and the emphasis on renewables have significantly expanded electricity access. The next two decades promises to usher in new opportunities for the sector based on the resurgence of the economy post the pandemic and a positive investor outlook. ATL is fully equipped to co-create a future in line with the needs of a nation at the cusp of global renewable energy leadership"

Mr. Anil Sardana, MD & CEO, Adani Transmission Ltd, said, "Adani Transmission has evolved over the past few years. ATL's two acquisitions (APTL and WKTL) during the year will bolster its pan-India presence, consolidating further its position as the largest private sector transmission company in India and moving it closer to its goal of 20,000 ckt km of transmission lines by 2022. ATL is constantly benchmarking to be the best-in-class and is pursuing focused approach to be world-class integrated utility through development agenda coupled with derisking of strategic and operational aspects, capital conservation, ensuring high credit quality and forging strategic partnerships for business excellence and high governance standards. ATL is maintaining 24x7 quality power supply despite challenges posed by health and pandemic issues. The journey towards robust ESG framework and practicing culture of safety is integral to its pursuit for enhanced long-term value creation for all stakeholders"

About Adani Transmission Limited

Adani Transmission Limited (ATL) is the transmission and distribution business arm of the Adani Group, one of India's largest business conglomerates. ATL is the country's largest private transmission company with a cumulative transmission network of ~17,200 ckt km, out of which ~12,350 ckt km is operational and ~4,850 ckt km is at various stages of construction. ATL also operates a distribution business serving about 3 million+ customers in Mumbai. With India's energy requirement set to quadruple in coming years, ATL is fully geared to create a strong and reliable power transmission network and work actively towards serving retail customers and achieving 'Power for All' by 2022.

For more information please visit www.adanitransmission.com/

For further information on this release, please contact:

Roy Paul
Adani Group
Tel: 91-79-25556628
[email protected]

[email protected]

May 2021

Adani Transmission Limited

FY21 Results Presentation

04-07	Adani Group	04
09-12	Company Profile	09
14-17	FY21 Operational Highlights	14
19-21	FY21 Financial Highlights	19
23-26	Balance Sheet and Cashflow update	23
28-32	ESG and Key FocusAreas –FY21	28
35-40	Q4FY21 Operational andFinancial Highlights	35
42-44	Detailed Segment Financials	42
46-48	Credit Rating and AssetPortfolio	46

Adani Group

Adani: A world class infrastructure & utility portfolio

Notes:

Orange colour represent publicly traded listed vertical | Percentages denote promoter holding 1. As of April 30th, 2021, USD/INR – 74 2. North Queensland Export Terminal 3. ATGL – Adani Total Gas Ltd.

Marked shift from B2B to B2C businesses –

AGL – Gas distribution network to serve key geographies across India

AEML – Electricity distribution network that powers the financial capital of India

Adani Airports – To operate, manage and develop eight airports in the country

Locked in Growth 2020 –

Transport & Logistics - Airports and Roads

Energy & Utility – Water and Data Centre (JV with EdgeConneX)

Opportunity identification, development and beneficiation is intrinsic to diversification and growth of the group

Adani: Decades long track record of industry best growth rates across sectors

Note: 1 Data for FY20; 2 Margin for ports business only, Excludes forex gains/losses; 3 EBITDA = PBT + Depreciation + Net Finance Costs – Other Income; 4 EBITDA Margin represents EBITDA earned from power sales 5. Operating EBITDA margin of transmission business only, does not include distribution business. 6. Contracted & awarded capacity 7. CGD – City Gas distribution GAs 8. Geographical Areas - Including JV | Industry data is from market intelligence

Highest Margin among Peers globally EBITDA margin: 70%1,2 Next best peer margin: 55%

Worlds largest developer EBITDA margin: 89%1,4 Among the best in Industry

India's Largest private CGD business EBITDA margin: 31%1 Among the best in industry

Transformative model driving scale, growth and free cashflow

Adani: Repeatable, robust & proven transformative model of investment

Phase		Development		Operations	Post Operations
	Origination	Site Development	Construction	Operation	Capital Mgmt
Activity	Analysis & marketintelligenceViability analysisStrategic value	Site acquisitionConcessionsandregulatoryagreementsInvestment casedevelopment	Engineering & designSourcing & qualitylevelsEquity & debtfunding at project	Life cycle O&MplanningAsset Managementplan	Operational phaseasset life
Performance	India'sLargestCommercial Port(at Mundra)HighestMarginamongPeers	Longest PrivateHVDC Line in Asia(Mundra –Mohindargarh)Highestavailability	648 MW Ultra MegaSolar Power Plant(at Kamuthi, Tamil Nadu)Constructed andCommissioned innine months	EnergyNetworkOperation Center (ENOC)enables centralizedcontinuous monitoring ofsolar and wind plantsacross India on a singlecloud based platform	In FY20 issued seven
					14%55%31%

Development		Operations		Post Operations

Investment case	Engineering & designSourcing & qualitylevelsEquity & debtfunding at project	Life cycle O&MplanningAsset Managementplan		Redesigning the capitalstructureof the assetOperational phasefunding consistent withasset life
Longest PrivateHVDC Line in AsiaMohindargarh)Highestavailability	648 MW Ultra MegaSolar Power Plant(at Kamuthi, Tamil Nadu)Constructed andCommissioned innine months	EnergyNetworkOperation Center (ENOC)enables centralizedcontinuous monitoring ofsolar and wind plantsacross India on a singlecloud based platform		In FY20 issued seveninternational bonds across theyield curve totalling~USD4BnAGEL's issuance of $1.35Bn revolvingproject finance facility will fully fundits entire project pipeline
			31%	All listed entities maintain liquiditycover of 1.2x-14%55%March 2016	2x as a matter of policy47%20%March 2020	33%
		PSU		Private Banks	Bonds

Debt profile

ATL: A platform well-positioned to leverage growth opportunities in T&D business

ATL: Manifesting Adani's Infrastructure Excellence in T&D business

Note: US$/INR: 73; (1) Fully built estimate based on regulatory approved tariff and bid based tariff profile of operational and under-construction projects of Transmission and Distribution business as of March 2021. This excludes HVDC project. No upsides have been assumed on account of operational efficiencies; (2) Competitive Bidding Including under-construction assets on project cost basis and existing assets on book value basis; RTM – Regulated Tariff Mechanism; (3) S&P: BBB- / Fitch: BBB- / Moody's: Baa3; (4) Average residual concession life for Transmission assets is as of FY21; (5) Operational History of 93 years; TBCB: Tariff Based

Contracted Assets at a Glance

Stable Business Parameters

Steady stream of cash flows
No throughput risk in Transmission sector
Payment pooling mechanism thus no counterparty risk
Mature Regulatory bodies (EA 2003)

Growth levers

100% organic growth with robust underconstruction pipeline
Market-share of 37% in FY20(1) with IRR threshold offers high growth potential in TBCB allocations

FY21 Operational Highlights

ATL: Executive Summary - Segment-wise Operational Performance in FY21

Transmission Business:
- System availability: Transmission Lines are operated at greater than 99.87% (average) availability
- Network addition (operational and under-construction): Added 2,536 ckt kms to its network in FY21 reaching to 17,276 ckt kms
Distribution Business:
- Supply Reliability: Maintained supply reliability of 99.99% during the year
- Units sold: Sold 7,169 million units during the year vs. 8455 million units in FY20
- Distribution Loss: Distribution loss is improving consistently and came at 7.82% during the year
- Collection Efficiency: Collection efficiency in FY21 is back to normal levels at 100.6%
- E-payment: E-payment as a % of total collection has grown significantly at 67.2% in FY21 vs. 48.6% in FY20

ATL: Operational Highlights FY21 vs. FY20

E-payments
67.17%
48.60%

DistributionLosses
7.82%	•Added transmissionnetwork of 2,536 cktkm in FY21
7.37%	•Distribution lossincreased marginallyto 7.82%

Distribution business
------------------------------	--

Collection efficiency increased to 100.58% due to past recoveries
E-payments increased to 67.17%

ATL: Integrated Distribution Utility (AEML) – Key Operating Metrics FY21 vs. FY20

Supply Reliability (ASAI) (%)

Plant Availability - DTPS (%)

SAIDI (mins), SAIFI (nos.) and CAIDI (mins) (1)

SAIDI CAIDI SAIFI

Notes: 1) SAIDI - System Average Interruption Duration Index indicates average outage duration for each customer served, SAIFI - System Average Interruption Frequency Index indicates average number of interruptions, Customer Average Interruption Duration Index (CAIDI): indicates average time required to restore service during a predefined period of time.

ATL: Integrated Distribution Utility (AEML) – Key Operating Metrics FY21 vs. FY20

FY21 Financial Highlights

ATL: Financial Highlights FY21 vs FY20 – Snapshot

	ConsolidatedFY21FY20	TransmissionFY21FY20	DistributionFY21FY20
OperatingRevenue	8,84010,237	2,7922,704	6,0487,532	Transmission businessperformance is broadlyinsulated from current
OperatingEBITDA	4,2334,055	2,5742,482	1,6591,573	disruptions resulting intostrong performance
PAT	1,290707	1,031657	25950	Distribution business sawdrop in revenue driven bylower power demand,
Cash Profit	2,9292,015	1,8311,355	1,098660	however, EBITDA and PATgrew on yoy basis

ATL: Transmission Utility - Revenue and Operating EBITDA Bridge FY21

FY21 – Revenue (ex incentive) bridge YoY FY21 – Operating EBITDA bridge YoY

ATL: Distribution Utility - Revenue and Operating EBITDA Bridge FY21

flow update

ATL: EBITDA to Free Cash Flow (FY21)

ATL: Debt Evolution and Key Ratios – FY21

Declining Cost of debt on the back of Robust Capital Management Program

Net debt does not includes unsecured sub-debt from shareholder Rs. 2,067 Crs. and working capital of Rs.1,261 Cr.in FY21 and Rs. 1,181 Cr. in FY20. FY20 debt doesn't include NCD of Rs. 375 Crs available against 100% cash margin.
Cash & Bank includes Investment in liquid mutual fund and Balances held as Margin Money or security against borrowings and market investment.
Mark-to-market is an accounting entry; Forex exposure is fully hedged
Net Debt to EBITDA calculated basis entire debt on balance sheet.

ATL's Capital Management Program brings diversity and elongated maturity to firm's debt profile

FY21

Notes: 1) Debt excludes perpetual equity and shareholder affiliate debt (sub-debt)

ATL: Key Focus Areas FY21 and Beyond

Focus on maintaining adequate liquidity cover to swiftly mitigate current uncertainties
Fully covered in-terms of debt servicing for next 12 months by ensuring liquidity cover of >1.25x
Sufficient cash balance and working capital lines
With CTU/STU pooling mechanism don't anticipate major delay in receivables on Transmission side
GOI has clarified in its recent order that Discoms continue to remain obligated to pay for power within 45 days of billing

avenues:

ATL well placed to capture future growth through multiple
- Robust under-construction pipeline worth Rs. 150 bn (including Mumbai-HVDC project)
- Strong growth potential through TBCB transmission projects
Acquisition, New License, Franchise and PPP Opportunities in T&D space
Capex plan of Rs. 95 bn to grow RAB at AEML by FY25

Liquidity Management Growth

ATL continues to focus on freeing up its equity, reducing cost of debt and bringing in marquee partners to set global corporate practices
Continue to add diversity and elongated maturity to firm's debt profile
Strong thrust on maintenance of IG rating by constantly improving liquidity ratios ensuring credit quality
Continue to maintain ESG focus and follow defined glide path
Ensure Climate Awareness, Climate Readiness & Climate Alignment
AEML has signed a hybrid (solar + wind) 700 MW PPA which has been approved by MERC
Committed to increasing share of renewable power procurement from current 3% to 30% by 2023 and 50% by 2025 at AEML

Capital Management ESG Focus

ATL: Integrated ESG Framework for enhanced value creation

TARGET BY SEP 2021

12x growth in renewable power procurement (from 3% of total power mix to 30%)

Strong focus on social uplift and safety through various community programs and safety initiatives

The integrated ESG framework has resulted in access to larger pool of capital at reduced cost >> value accretive returns

Bankruptcy remote structure to be implemented for all SPVs

RPT policy applicable to all subsidiaries

Independent directors at all subsidiaries' board and committees

ATL: ESG Annual Performance and Initiatives

AEML's Dahanu plant achieved certification for Zero Waste to
AEML has launched 'Mumbai Green Energy Initiative' allowing consumers to have a flexibility to set their own targets for renewable energy and buy renewable power
Three substations achieved 'Single Use Plastic Free' Certification from CII to be replicated across sub-stations
ATL became signatory to India Business & Biodiversity Initiative (IBBI) for incorporation of Biodiversity management in business

• Improve ESG ratings assigned by agencies such as FTSE, MSCI, DJSI • Reduction of emission levels • Zero tolerance for fatalities

ATL: Inculcating Safety Culture

Safety Initiatives During FY21 Safety Performance in FY21

Safety Parameters	FY21	FY20
LTI	4	10
Fatalities	0	1
LTIFR (LTI Frequency Rate)	0.223	0.85
LTI (LTI Severity Rate)	3.24	521.4
Safety training by Safety team(in Men-Hours)	1,65,130	40,589

1,65,130 man-hours of safety training and awareness during the quarter
Training was conducted across the organization on effective usage of Gensuite mobile application
With launch of Started safety related functional areas (SRFA) for all sites, training was conducted for 120 employees of O&M at multiple locations
Distribution of safety awareness material at all sites

ATL: Key Focus Areas FY21 and Beyond

Focus on maintaining adequate liquidity cover to swiftly mitigate current uncertainties
Fully covered in-terms of debt servicing for next 12 months by ensuring liquidity cover of >1.25x
Sufficient cash balance and working capital lines
With CTU/STU pooling mechanism don't anticipate major delay in receivables on Transmission side
GOI has clarified in its recent order that Discoms continue to remain obligated to pay for power within 45 days of billing

avenues:

ATL well placed to capture future growth through multiple
- Robust under-construction pipeline worth Rs. 150 bn (including Mumbai-HVDC project)
- Strong growth potential through TBCB transmission projects
Acquisition, New License, Franchise and PPP Opportunities in T&D space
Capex plan of Rs. 95 bn to grow RAB at AEML by FY25

Liquidity Management Growth

ATL continues to focus on freeing up its equity, reducing cost of debt and bringing in marquee partners to set global corporate practices
Continue to add diversity and elongated maturity to firm's debt profile
Strong thrust on maintenance of IG rating by constantly improving liquidity ratios ensuring credit quality
Continue to maintain ESG focus and follow defined glide path
Ensure Climate Awareness, Climate Readiness & Climate Alignment
AEML has signed a hybrid (solar + wind) 700 MW PPA which has been approved by MERC
Committed to increasing share of renewable power procurement from current 3% to 30% by 2023 and 50% by 2025 at AEML

Capital Management ESG Focus

(Q4FY21 Highlights, Detailed Financials, Credit Rating, Asset Portfolio)

ATL: Operational Highlights Q4FY21 vs Q4FY20

E-payments
60.9%
52.07%

DistributionLosses
7.56%	•Added transmissionnetwork of 1,756 cktkm in Q4
5.58%	•Distribution lossincreased to 7.56% inQ4

Collection efficiency increased to 114.22% in Q4 due to past recoveries
E-payments increased to 60.9%

ATL: Distribution Utility (AEML) – Key Operating Metrics Q4FY21 vs. Q4FY20

Supply Reliability (ASAI) (%)

SAIDI (mins), SAIFI (nos.) and CAIDI (mins) (1)

SAIFI SAIDI CAIDI

ATL: Distribution Utility (AEML) – Key Operating Metrics Q4FY21 vs. Q4FY20

ATL: Financial Highlights Q4FY21 vs Q4FY20 – Snapshot

	Q4FY21	ConsolidatedQ4FY20	Q4FY21	TransmissionQ4FY20	Q4FY21	DistributionQ4FY20
OperatingRevenue	2,276	2,220	720	683	1,556	1,536	Transmission businessperformance is broadlyinsulated from current
OperatingEBITDA	1,034	875	656	618	377	257	disruptions resulting intostrong performance
PAT	257	59	185	186	71	(126)	Distribution revenueincreased with firm powerdemand resulting intostrong performance at
Cash Profit	639	422	378	358	261	64	EBITDA and PAT level

ATL: Transmission Utility - Revenue and Operating EBITDA Bridge Q4FY21

Q4FY21 – Revenue (ex incentive) bridge YoY Q4FY21 – Operating EBITDA bridge YoY

ATL: Distribution Utility - Revenue and Operating EBITDA Bridge Q4FY21

Q4FY21 – Revenue bridge YoY Q4FY21 – Operating EBITDA bridge YoY

ATL: P&L FY21 vs. FY20

	(RsCrore)in
Sr.No.	Particulars	FY21	FY21	FY21	FY20	FY20	FY20	%
		Transmission	Distribution	(Consolidated)	Transmission	Distribution	(Consolidated)	change
1	Revenue
1.1	TransmissionDistributionNet&Charges	2,716	6,048	8,764	2,657	7,532	10,189
1.1.a	Transmission&DistributionCharges	2,722	6,048	8,770	2,665	7,532	10,197	-14%
1.1.b	RebateLess:	-6	-	-6	-8	-	-8
1.2	Incentiveon availability	76	-	76	48	-	48
2	Expenses:
2.1	OperatingExp
2.1.a	Operational&MaintananceExp.	144	1,228	1,372	144	1,135	1,279
2.1.b	Power&FuelExp.	-	2,887	2,887	-	3,697	3,697
2.1.c	EmployeeExp.	75	856	931	79	894	973
2.1.d	(Expense)RegulatoryIncome/	-	583	583	-	-233	-233
3=(1-2)	(FromOperation)EBITDA	2,574	1,659	4,233	2,482	1,573	4,055	4%
	OperationalEBITDAMargin	92%	27%	48%	92%	21%	40%
4	Add:
4.1	SaleofTradedGoods	755	2	757	896	29	925
5	Less:
5.1	PurchaseofTradedGoods	754	1	756	895	29	924
5.2	CSRExp.	22	3	25	18	-	18
5.3	Provision/Otherone-timeWriteoff	5	-	5	38	-	38
6=(3+4-5)	EBITDA	2,547	1,656	4,204	2,427	1,573	3,999	5%
7.1	FinanceCost	1,020	930	1,950	1,120	1,171	2,290
7.2	(gain)Loss/Forex- Markto Market	-	167	167	-	-52	-52
7.3	OtherIncome	-111	-422	-533	-100	-165	-265
7	FinanceNetCost	909	675	1,584	1,020	953	1,973
8	Depreciation	684	645	1,329	664	510	1,174
9=(6-7-8)	PBT(beforeincome)one time	954	336	1,290	743	109	852
10	Arrears/ExceptionalItems:	330	-	330	110	144	254
10.1	InMEGPTCLon account ofAPTELOrder	330	-	330	110	144	254
9=(6-7-8)	PBT	1,284	336	1,620	854	253	1,107	46%
10.1	CurrentTax	138	49	187	163	51	214
10.2	DeferredTax	116	28	143	34	152	186
11=(9-10)	PAT	1,031	259	1,290	657	50	707	82%

ATL: P&L Q4FY21 vs. Q4FY20

								(RsCrore)in
SrNo.	Particulars	Q4FY21	Q4FY21	Q4FY21	Q4FY20	Q4FY20	Q4FY20	%change
		Transmission	Distribution	(Consolidated)	Transmission	Distribution	(Consolidated)
1	Revenue
1.1	TransmissionDistributionNet&Charges	700	1,556	2,256	672	1,536	2,209
1.1.a	TransmissionDistributionCharges&	703	1,556	2,258	673	1,536	2,210	2%
1.1.b	RebateLess:	-3	-	-3	-1	-	-1
1.2	Incentiveon availability	20	-	20	11	-	11
2	Expenses:
2.1	OperatingExp
2.1.a	Operational&MaintananceExp.	44	363	407	47	304	352
2.1.b	FuelPower&Exp.	-	799	799	-	749	749
2.1.c	EmployeeExp.	20	216	236	18	207	226
2.1.d	(Expense)Income/Regulatory	-	200	200	-	-18	-18
3=(1-2)	(FromOperation)EBITDA	656	377	1,034	618	257	875	18%
	OperationalMarginEBITDA	91%	24%	45%	90%	17%	39%
4	Add:
4.1	SaleofTradedGoods	450	0	451	703	10	713
5	Less:
5.1	PurchaseofTradedGoods	450	0	450	703	9	712
5.2	CSRExp	7	-	7	5	-	5
5.3	Provision/Otherone-timeWriteoff	-	-	-	38	-	38
6=(3+4-5)	EBITDA	650	377	1,027	576	258	833	23%
7.1	FinanceCost	264	227	491	337	413	750
7.2	(gain)-MarkLoss/Forexto Market	-	3	3	-	-52	-52
7.3	OtherIncome	-24	-125	-149	-58	-72	-131
7	FinanceNetCost	240	105	345	279	289	567
8	Depreciation	169	142	312	166	138	304
9=(6-7-8)	PBT(beforeincome)one time	240	130	370	131	-169	-38
10	Arrears/ExceptionalItems:	-	-	-	110	144	254
10.1	InATIL,MEGPTCL&AEMLMERCorderimpact	-	-	-	110	144	254
11=(9+10)	PBT	240	130	370	242	-25	217	71%
12.1	CurrentTax	32	14	46	49	-3	46
12.2	DeferredTax	23	44	67	7	105	111
13=(11-12)	PAT	185	71	257	186	-126	59	333%

ATL: P&L Q4FY21 vs. Q3FY21

								(RsCrore)in
SrNo.	Particulars	Q4FY21Transmission	Q4FY21Distribution	Q4FY21(Consolidated)	Q3FY21Transmission	Q3FY21Distribution	Q3FY21(Consolidated)	%change
1	Revenue
1.1	TransmissionDistributionNet&Charges	700	1,556	2562,	685	1,588	2273,
11.a	Transmission&DistributionCharges	703	1556,	2258,	686	1588,	2274,	-1%
11b	Less:Rebate	-3	-	-3	-1	-	-1
1.2	Incentiveon availability	20	-	20	19	-	19
2	OperatingExpenses:
2.a	Operational&MaintananceExp	44	363	407	35	295	329
2b	&FuelPowerExp	-	799	799	-	728	728
2.c	EmployeeExp	20	216	236	19	200	219
2d	Income/(Expense)Regulatory	-	200	200	-	111	111
3=(1-2)	(FromOperation)EBITDA	656	377	1,034	650	477	1,127	-8%
	OperationalMarginEBITDA	91%	24%	45%	92%	30%	49%
4	Add:
41	SaleofTradedGoods	450	0	451	305	0	305
5	Less:
51	ofPurchaseTradedGoods	450	0	450	305	0	305
52	CSRExp	7	-	7	5	2	7
53	OtherProvision/offone-timeWrite	-	-	-	5	-	5
6=(3+4-5)	EBITDA	650	377	1,027	641	475	1,115
17	FinanceCost	264	227	491	258	237	496
72	(gain)-MarkLoss/ForexMarketto	-	3	3	-	-41	-41
73	OtherIncome	-24	-125	-149	-28	-109	-137
7	FinanceNetCost	240	105	345	230	88	318
8	Depreciation	169	142	312	179	147	325
9=(6-7-8)	PBT	240	130	370	232	240	472	-22%
101	CurrentTax	32	14	46	30	28	58
102	DeferredTax	23	44	67	9	-59	-49
11=(9-10)	PAT	185	71	257	193	271	464	-45%

ATL is rated Investment Grade from FY16 and beyond

Rating Agency	Facility	Rating/Outlook
Fitch	Dollar Bond	BBB-/Negative
S&P	Dollar Bond	BBB-/Stable
Moody's	Dollar Bond	Baa3/Negative

Rating Agency	Facility	Rating/Outlook	Underlying Rating
Fitch	DollarBond	BBB-/Negative	BBB
Moody's	DollarBond	Baa3/Negative	-

Company	Rating Agency	Rating	Outlook
ATL	India Rating	AA+	Stable
WTGL	India Ratings	AA+	Stable
WTPL	India Ratings	AA+	Stable
MTSCL	CARE	A	Stable
ATSCL	CARE	A	Stable
ATBSPL*	India Ratings	AA-	Stable
FBTL	CARE	A-	Stable
NKTL	Brickwork	A-	Stable
OBTL	Brickwork	A-	Stable
AEML	India Rating	AA+	Stable
APTL	India Rating	AA+	Stable

International- Obligor Group

International – USPP

SPV Ratings - Domestic

Rating Agency	Facility	Rating/Outlook
Fitch	Dollar Bond	BBB-/Negative
S&P	Dollar Bond	BBB-/Stable
Moody's	Dollar Bond	Baa3/Negative

International- AEML

Rating Agency	Facility	Rating/Outlook	Underlying Assets
RG2 –TBCB RG	FITCH	BBB-/Negative	BBB
RG3 –HVDC	FITCH	BBB-/Negative	BBB

Construction facility takeout

ATL's Evolution and Operational Asset Portfolio as of FY21

	278 ckms	611 ckms	434 ckms	348 ckms	413 ckms	AA
	-	-	630 MVA	-	585 MVA	BB
	c. 34 years	c. 35 years	c. 35 years	c. 35 years	c. 35 years	CC
	Fixed tariff	Fixed tariff	Fixed tariff	Fixed tariff	Fixed tariff	DD
	State	Centre	Centre	Centre	State	EE
	INR 1.3 Bn	INR 12.1 Bn	INR 9.5 Bn	INR 5.4 Bn	INR 4.4 Bn	FF
Residual					Asset

Notes: ATIL - Adani Transmission (India) Limited; MEGPTCL - Maharashtra Eastern Grid Power Transmission Co. Limited; AEML: Adani Electricity Mumbai Limited (Distribution business); ATBSPL: Adani Transmission Bikaner Sikar Private Limited; STL - Sipat Transmission Limited; RRWLT - Raipur Rajnandgaon Warora Transmission Limited; CWTL – Chhattisgarh WR Transmission Limited; ATRL – Adani Transmission (Rajasthan) Limited; ATSCL – Aravali Transmission Service Company Limited; MTSCL – Maru Transmission Service Company Limited, WRSS M – Western Region System Strengthening Scheme Maharashtra, WRSS G – Western Region System Strengthening Scheme Gujarat, (1) 74% in ATSCL with an option to acquire balance 26% in a manner consistent with Transmission Service Agreement and applicable consents; (2) Asset base for operational assets as of Dec-2020; Mumbai GTD / BSES – as per proposed funding plan.

ATL's Under-construction Asset Portfolio as of FY21

Completion of tower foundation work at North Karanpura-Chandwa (NKTL)

765kV Ghatampur TPS-Agra SC line

Notes: #HVDC project SPV will be 100% subsidiary of AEML (Adani Electricity)

NKTL – North Karanpura Transco Limited; FBTL – Fategarh Bhadla Transmission Limited; 1) Asset base for under-construction assets – as per the estimated project cost as of March 2020; 2) Small element of 98 ckt kms of GTL line is operational out of total 897 ckt kms as of 1HFY21; (3) Provisional Scheduled Commercial Operation Date (SCOD)

The information contained in this presentation is provided by Adani Transmission Limited (together with its subsidiaries, the "Company" or "ATL") to you solely for your reference and for information purposes only. This presentation is highly confidential and is being given solely for your information and your use, and may not be retained by you or copied, reproduced or redistributed to any other person in any manner nor any part thereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) re-circulated, redistributed, passed on, published in any media, website or otherwise disseminated, to any other person, in any form or manner, in part or as a whole, without the prior written consent of the Company. Any unauthorized use, disclosure or public dissemination of information contained herein is prohibited. This presentation does not purport to be a complete description of the markets' conditions or developments referred to in the material. 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 Transmission Limited ("ATL"), 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 India. This presentation is for private circulation only and 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 ATL'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 ATL. ATL, 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. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation should not be used as a basis for any investment decision or be relied upon in connection with, any contract, commitment or investment decision whatsoever. This presentation does not constitute financial, legal, tax or other product advice. Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose. The statements contained in this presentation speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which herein to reflect any change in events, conditions or circumstances on which any such statements are based. Neither the Company nor any of its respective affiliates, its

board of directors, its management, advisers or representatives, including any lead managers and their affiliates, or any other persons that may participate in any offering of securities of the Company, shall have any responsibility or liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. ATL 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. ATL 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. Certain statements made in this presentation may be "forward looking statements" for purposes of laws and regulations of India and other than India. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition, general business plans and strategy, the industry in which the Company operates and the competitive and regulatory environment of the Company. These statements can be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," "targets," or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in such forward-looking statements as a result of various factors and assumptions, including future changes or developments in the Company's business, its competitive environment, information technology and political, economic, legal, regulatory and social conditions in India, which the Company believes to be reasonable in light of its operating experience in recent years. The Company does not undertake to revise any forward-looking statement that may be made from time to time by or on behalf of the Company. Please note that the past performance of the Company is not, and should not be considered as, indicative of future results. 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 ATL.. 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 its 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. This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner. This presentation contains translations of certain Rupees amounts into U.S. dollar amounts at specified rates solely for the convenience of the reader.

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Legal Disclaimer

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Adani Energy Solutions Limited — Audit Report / Information 2021

62594_rns_2021-05-06_307e17aa-5089-4dc2-b73d-78e5d894f1c4.pdf

Sub: Outcome of Board Meeting held on 6th May, 2021 and Submission of Audited Financial Results (Standalone and Consolidated) for the Year ended 31st March, 2021 as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF ADANI TRANSMISSION LIMITED

Opinion and Conclusion

(a)Opinion on Annual Financial Results

(b)Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2021

Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31, 2021

Management's Responsibilities for the Statement

Auditor's Responsibilities

(a) Audit of the Standalone Financial Results for the year ended March 31, 2021

(b)Review of the Standalone Financial Results for the quarter ended March 31, 2021

Other Matters

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF ADANI TRANSMISSION LIMITED

Opinion and Conclusion

(a)Opinion on Annual Consolidated Financial Results

(b)Conclusion on Unaudited Consolidated Financial Results for the quarter ended March 31, 2021

Basis for Opinion on the Audited Consolidated Financial Results for the year ended March 31, 2021

Management's Responsibilities for the Statement

Auditor's Responsibilities

(a)Audit of the Consolidated Financial Results for the year ended March 31, 2021

(b)Review of the Consolidated Financial Results for the quarter ended March 31, 2021

Other Matters

Annexure to Independent Auditor's Review Report

Media Release

Adani Transmission Limited Consolidated Results for FY21 and Q4FY21

Editor's Synopsis

Operational Highlights FY21:

Transmission

Distribution

Financial Highlights FY21 (YoY):

Financial Highlights Q4 FY21 (YoY):

Other Financial Highlights:

Operational Highlights:

Financial highlights – Transmission and Distribution:

Financial Highlights - Consolidated:

Other Key Highlights:

Notes:

About Adani Transmission Limited

For more information please visit www.adanitransmission.com/

For further information on this release, please contact:

Adani Transmission Limited

FY21 Results Presentation

CONTENTS

Adani Group

Adani: A world class infrastructure & utility portfolio

Marked shift from B2B to B2C businesses –

Locked in Growth 2020 –

Opportunity identification, development and beneficiation is intrinsic to diversification and growth of the group

Adani: Decades long track record of industry best growth rates across sectors

Transformative model driving scale, growth and free cashflow

Adani: Repeatable, robust & proven transformative model of investment

ATL: A platform well-positioned to leverage growth opportunities in T&D business

ATL: Manifesting Adani's Infrastructure Excellence in T&D business

Contracted Assets at a Glance

Stable Business Parameters

Growth levers

FY21 Operational Highlights

ATL: Executive Summary - Segment-wise Operational Performance in FY21

ATL: Operational Highlights FY21 vs. FY20

ATL: Integrated Distribution Utility (AEML) – Key Operating Metrics FY21 vs. FY20

Supply Reliability (ASAI) (%)

Plant Availability - DTPS (%)

SAIDI (mins), SAIFI (nos.) and CAIDI (mins) (1)

SAIDI CAIDI SAIFI

ATL: Integrated Distribution Utility (AEML) – Key Operating Metrics FY21 vs. FY20

FY21 Financial Highlights

ATL: Financial Highlights FY21 vs FY20 – Snapshot

ATL: Transmission Utility - Revenue and Operating EBITDA Bridge FY21

FY21 – Revenue (ex incentive) bridge YoY FY21 – Operating EBITDA bridge YoY

ATL: Distribution Utility - Revenue and Operating EBITDA Bridge FY21

flow update

ATL: EBITDA to Free Cash Flow (FY21)

ATL: Debt Evolution and Key Ratios – FY21

Declining Cost of debt on the back of Robust Capital Management Program

ATL's Capital Management Program brings diversity and elongated maturity to firm's debt profile

ATL: Key Focus Areas FY21 and Beyond

Adani Energy Solutions Limited Audit Report / Information 2021