Adani Power Limited — Investor Presentation 2024

Feb 22, 2024

February 22, 2024

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To, BSE Limited National Stock Exchange of India Limited P J Towers, Exchange plaza, Dalal Street, Bandra-Kurla Complex, Bandra (E) Mumbai – 400 001. Mumbai – 400 051. Scrip Code: 533096 Scrip Code: ADANIPOWER

Dear Sir(s),

Sub.: Investor Presentation for HNI Meet dt. 22.02.2024

Ref.: Our intimation dt. February 19, 2024 w.r.t. interaction with Investors / Analysts pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

In furtherance to our above-referred intimation, the presentation for the Investor Conference to be held today is attached herewith and also being uploaded on the website of our Company.

You are requested to kindly take the same on record.

Thanking You.

Yours faithfully, For Adani Power Limited

DEEPAK Digitally signed by DEEPAK SANATKUM SANATKUMAR PANDYA AR PANDYA Date: 2024.02.22 12:56:28 +05'30'

Deepak S Pandya Company Secretary

Encl.: as above.

Adani Power Limited “Adani Corporate House” Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad-382421, Gujarat India CIN : L40100GJ1996PLC030533

Tel +91 79 2656 7555 Fax +91 79 2555 7177 info@adani.com www.adanipower.com

Registered Office: “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad-382421

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Adani Power Limited

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Investor Presentation HNI Investor Meet, 22[nd] February 2024, Ahmedabad

Disclaimer

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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.

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Table of Contents

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1	About Adani Power Limited (APL)
2	Growth Drivers
3	APL: Strategic Advantages
4	APL: Performance Highlights
5	APL: Investment Case

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About Adani Power Limited (APL)[1]

STRICTLY CONFIDENTIAL

APL: Holding Structure

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Adani Family

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71.8%
8.1% [1]
Other Public
APL
Shareholders
20.1%
Operational Capacity: 12,450 MW [2]
Operational Assets:
15,250 MW
100% 100%
APJL MEL
Operational Capacity: 1,600 MW Operational Capacity: 1,200 MW
Under construction: 1,600 MW Under Construction:
1,600 MW
Organic-1 Organic-2 CEPL Other Inorganic
Proposed Growth [3] :
(Brownfield) (Brownfield) (Inorganic - 49% Stake) (in progress)
5,500 MW
1,600 MW 1,600 MW 1,200 MW 1,100 MW
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India’s largest private thermal power producer with current and planned capacity of 22 GW+

1. Shareholding by funds managed by GQG Partners

2. APL - the listed company holds operational assets of 12.45 GW (including 40 MW Solar asset) post merger of 6 operational subsidi aries in FY23 3. Assets under acquisition (CEPL) and under planned brownfield development

3. APJL: Adani Power Jharkhand Ltd; MEL: Mahan Energen Ltd; CEPL: Coastal Energen Pvt Ltd

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5

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Operating Portfolio Overview: Strategically located, diversified fleet

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Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	Tiroda (Maharashtra) Udupi (Karnataka) Raipur (Chhattis- garh) Raigarh (Chhattis- garh) Kawai (Rajasthan) Mundra (Gujarat) Coastal, Utility Near-Pithead Plants Hinterland Coastal Fixed RoE High Dispatch High Dispatch High Dispatch / Open Category Highlight 100% Godda (Jharkhand) Hinterland (Transnational) Fuel pass-through Open 100% Mahan Ph-I (MP)	100%	100%
																		Mahan Ph-II (MP)
		Coastal, Utility			Near-Pithead Plants					Hinterland			Coastal			Hinterland (Transnational)			Near-Pithead Plants
																		83% tie up w. Fuel pass-through (Under development)
Capacity (MW)	1,200			3,300		1,370	1,200	600	1,320			4,620			1,600			1,600
Technology	(600MW x 2) Subcritical			(660MW x 5) Supercritical		(685MW x 2) Supercritical	(600MW x 2) Subcritical	(600MW x 1) Subcritical	(660MW x 2) Supercritical			(330MW x 4) Sub- critical / (660MW x 5) Supercritical			(800MW x 2) Ultra-supercritical			(800MW x 2) Ultra-supercritical

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

1. Mahan Phase – 2 plant currently under construction - units expected to commercialise in Dec 2026 and Jun 2027

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6

Mahan and Godda plants are owned by APL’s wholly owned subsidiaries Mahan Energen Limited and Adani Power (Jharkhand) Limited respectively | GW: Giga Watt; MW: Mega Watt; MP: Madhya Pradesh; RoE: Return on Equity

Portfolio Analytics (Operational & Under Construction thermal fleet of 16.81 GW)

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Capacity tie-up (%) Fuel cost recovery mix (%)
Regulated Utility
6% Fuel cost pass
19% through
TBCB-State DISCOMs
26%
33%
Escalable energy
81% 9% TBCB-Private 74%
charge with
change-in-law
6% Transnational
60%
(Sovereign) Others
Offtake risk Fuel cost recovery
41%
protection Merchant assurance
Domestic fuel tie-up (%) Locational advantage of open capacity
2%
21% Long-term / Medium-
Near-pithead Capacity
term contracts
79% 98%
Open capacity
Others
79%
Fuel availability 98% Merchant capacity
assurance close to fuel source
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Major portion of domestic fuel-based capacities secured through linkages and locational advantage

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1. Regulated Assets under Section 62 of Electricity Act | 2. TBCB: Tariff based competitive bidding a per Section 63 of Electricity Act 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

7

Growth Drivers[2]

STRICTLY CONFIDENTIAL

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

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Significant potential for Indian power demand growth

Aggregate power demand to double by FY32

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Per Capita Consumption (kWh) Billion Units
13,098
2,474
1,908
1,511
4,906 1,276
3,957
3,260
2,570
1,331
India Brazil World South Africa China USA FY21 FY23 FY27E FY32E
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Non-fossil sources will lead capacity addition

Thermal will continue serving base load demand

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Coal Renewable Others
2,666
(Gross Generation in BU)
2,025
1,618
1,326
74% 59% 50%
78%
FY21 FY23 FY27E FY32E
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Coal+Lignite Others
900
(Installed capacity in GW)
610
382
55% 38% 29%
FY21 FY27E FY32E
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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 GW: Gigawatt, TWh: Terawatt Hours, kWh: kilowatt hours

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9

APL: Strategic Advantages[3]

STRICTLY CONFIDENTIAL

Fuel management & logistics – Key competitive advantage

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Fuel management is key to revenue stability

Plant and Mine Locations

Only IPP in India with in-house, mine-to-plant logistics capability Handling approx. 60 MMTPA coal, 13 MMTPA Fly Ash Constant attention to multiple agencies and touch points

More than 14,500 Rake Equivalents of fuel handled annually

Daily management of around 25 domestic coal rakes loading, with around 50 rakes in circulation

Investment in material handling infrastructure for quick turnaround

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Kawai
NCL
Mahan SECL Godda
Mundra Korba
Raigarh
MCL IB
WCL Umrer Raipur Dhamra
Tiroda
SECL Korea Rewa
MCL Talcher
APL Plants
Mines
Udupi
Mangalore Port for Imported Coal
PPA counterparty
states for APL
Imported coal
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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 Producers; MMTPA: Million Metric Tonnes Per Annum; PPA: Power Purchase Agreement

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Operational Excellence through Energy Network Operation Center (ENOC)

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ENOC (Energy Network Operating Centre)

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−
Remote monitoring, diagnosis, and troubleshooting
Centralized Management
−
Centralized power scheduling for optimum capacity utilisation
−
Real Time Data Availability Real time data access, enabling smooth and agile decision-making
−
Business Intelligence Leveraging analytics to improve operational performance
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Ensuring high plant uptime

Maximizing revenue certainty

Enabling high dispatch capability

Sample monitoring parameters

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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.
for real time corrections
devices & locations Management
tracker
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O&M: Operations & Maintenance; APC: Auxiliary Power Consumption; SHR: Station Heat Rate

Project Management & Assurance Group (PMAG) - End to End Project Integration

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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

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Strong Project Controls Collaborating & Convergence

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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

Cumulative Capacity: 4,620 MW (330 MW * 4 units + 660 MW * 5 units)

India's first commissioned transnational project: Godda, Jharkhand

Ultra-supercritical plants of 1,600 MW (800 MW x 2) commissioned in April & July 2023

• Best in class project execution

• Synchronization of first supercritical generating unit within 36 months from inception

• Plant spread over an optimized layout of 734 acres

• Industry benchmark in commissioning i.e. 3 units in single financial year, balance units in the next year

World class logistics management

• High-speed conveyor belt conveys the coal from Mundra port to plant 8 km away @ 6,000 mt / hour

• Sea Water utilised for water requirement of plant

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• Transnational plant to supply electricity from Jharkhand to Bangladesh

• Secure revenue and profitability streams

• 25-year PPA of 1,496 MW (net) with Bangladesh Power Devt Board

• Connected to Bangladesh Grid with a 400kV dedicated transmission line

• Efficient recovery of fixed & variable costs under USD-denominated tariff

• Commissioned in just 3.5 years from financial closure despite pandemic lockdown challenges in India, China, and Bangladesh

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APL: Performance Highlights[4]

STRICTLY CONFIDENTIAL

Operating Performance Trends

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Commercial Availability under LT PPAs (%)

Average Operational Capacity (MW)

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91% 89% 90% 89%
83%
79%
FY19 FY20 FY21 FY22 FY23 9M FY24
Sales (BU)
64
59
57
55
52 53
FY19 FY20 FY21 FY22 FY23 9M FY24
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14,985
13,650
12,450 12,450
11,810
10,480
FY19 FY20 FY21 FY22 FY23 9M FY24
PLF (%)
67%
64% 62%
59%
52%
48%
FY19 FY20 FY21 FY22 FY23 9M FY24
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Optimum availability maintained to ensure despatch capability of steadily growing capacity

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MW: Mega Watt; LT PPAs: Long Term Power Purchase Agreements; BU: Billion Units; PLF: Plant Load Factor

Key Financial Highlights

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Total Revenues (Rs. Crore)

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Total Revenues (Rs. Crore)
46,400
43,041
31,686
27,842 28,150
26,362
FY19 FY20 FY21 FY22 FY23 9M FY24
Reported EBITDA (Rs. Crore)
22,743
9,227
13,789 14,312
10,597
5,800 5,772
7,431 7,059
3,745
2,716 1,285 13,516
4,715 5,774 6,852 7,989 8,540
FY19 FY20 FY21 FY22 FY23 9M FY24
Continuing One-time
Duly realized outstanding regulatory income of ~29,000 Cr (FY18-24YTD)
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Credit Profile

Domestic Ratings

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Listed Entities Rating Agency INR Ratings
APL CRISIL AA-/Stable
APL India Ratings AA-/Stable
APJL India Ratings BBB/Stable
Net Senior Debt to EBITDA (x) [1]
5.4
4.8
3.5
2.3
1.7
1.2
FY19 FY20 FY21 FY22 FY23 FY249M
Senior Term Debt to Equity (x)
5.3
3.9
2.6
1.9
1.0 0.6
FY19 FY20 FY21 FY22 FY23 FY249M
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Significant deleveraging of the portfolio

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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 APJL: Adani Power Jharkhand Limitred; YTD; Year to Date; EBITDA: Earnings before Interest, Tax, Depreciation and Amortization;

APL: Investment Case[5]

STRICTLY CONFIDENTIAL

Investment Case

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• 81% of capacity contracted under LT / MT PPAs, most of which offer fuel cost pass through or tariff

• Revenue escalation, yielding excellent revenue visibility and cash flow stability.

• Visibility

• Near-pithead capacity enjoys logistics cost advantage, enabling higher offtake and better margins.

• ▪ 56% of installed capacity based on domestic coal of which 79% secured under LT / MT contracts .

• ▪ Shift towards de-risking fuel supply by utilizing coal from captive mines under liberalized mining policy

Fuel Security

• Full resolution of all regulatory matters pertaining to domestic coal shortfall with Hon’ble Supreme

• Regulatory Court’s orders dated 20[th] April 2023.

• Maturity

• Recovery of alternate fuel costs under change-in-law clauses of PPAs.

• Operational excellence in fuel management and logistics, and plant Operation & Maintenance with

• Poised for focus on technology adoption, digitalization, and analytics to drive efficiency and plant availability . Success ▪ Large available capacity with growing capacity utilization to cater to growing demand.

• Large available capacity with growing capacity utilization to cater to growing demand.

• Proven track record in project execution and rapid turnaround of acquisitions.

• ▪ Domestic credit rating of APL is strong at “AA-”.

Strong Financial Profile

• Deleveraging of balance sheet demonstrated by significant prepayment of senior debt.

• ▪ Backed by strong sponsor, India’s largest infrastructure and real asset platform.

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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

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Thank You

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