3rd November 2023

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.: Presentation for interaction with Investors / Analysts

Ref.: Our intimation dt. 31st October 2023 and 2nd November 2023, 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 intimations, the presentation for the Investor

Conference to be held on 3rd November 2023, is attached herewith and also being
uploaded on the website of the Company.

You are requested to kindly take the same on record.

Thanking You.

Yours faithfully,
For Adani Power Limited
Digitally signed by
DEEPAK DEEPAK
SANATKUM SANATKUMAR
PANDYA
AR PANDYA Date: 2023.11.03
12:07:30 +05'30'

Deepak S Pandya
Company Secretary

Encl.: as above.

Adani Power Limited Tel +91 79 2656 7555

“Adani Corporate House” Fax +91 79 2555 7177
Shantigram, Near Vaishno Devi Circle, [email protected]
S. G. Highway, Khodiyar, www.adanipower.com
Ahmedabad-382421, Gujarat India
CIN : L40100GJ1996PLC030533

Registered Office: “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad-382421
Adani Power Limited
Q2 FY 2023-24 Results Presentation
November 2023
 APL: Consolidated financial highlights for Q2 FY 2023-24
INR Crores

Recurring Revenue Growth Recurring EBITDA Growth Recurring PBT Growth

+250%
+44% +85%

12,155 4,336
2,443

8,446
2,350

699

Reported Revenue in Q2 Continuing Revenue in Reported EBITDA in Q2 Continuing EBITDA in Q2 Reported PBT in Q2 Continuing PBT in Q2
FY23 Q2 FY24 FY23 FY24 FY23 FY24

Revenue growth due to high availability EBITDA growth due to higher dispatches PBT growth due to control on finance
and dispatches. (PLF). costs with low leverage.

Strong growth on all key parameters even before one-time effects in Q2 FY24
PBT: Profit Before Tax
2
 APL: Consolidated operating highlights for Q2 FY 2023-24

Commercial Availability Generation Despatch Performance Sales Mix (%)

under PPAs (%) Performance (PLF %) (BU) Merchant / Short Term

+65% +30% Contracted (PPA)

87% 89% 89%
58% 59%
82%
14% 17% 17% 18%
49% 35.6

39% 27.3

18.1
86% 83% 83% 82%
11.0

Q2 FY23 Q2 FY24 H1 FY23 H1 FY24 Q2 FY23 Q2 FY24 H1 FY23 H1 FY24 Q2 FY23 Q2 FY24 H1 FY23 H1 FY24 Q2 FY23 Q2 FY24 H1 FY23 H1 FY24
Q2 vs Q2 H1 vs H1 Q2 vs Q2 H1 vs H1 Q2 vs Q2 H1 vs H1 Q2 vs Q2 H1 vs H1

Ensuring full capacity Competitive tariffs and More than 80% of sales
charge collection from PPAs locational advantage Competitive advantages and volume and revenues derived
by maintaining cumulative translating into higher PLF growing capacity enabling from contracted capacity,
availability on consistent in a growing demand strong growth in volumes. yielding high degree of
basis. environment. visibility and stability.

Operating excellence coupled with strategic advantages enabling efficient utilization of capacities
PPA: Power Purchase Agreement; PLF: Plant Load Factor; BU: Billion Units
3
 Disclaimer

Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those
relating to general business plans and strategy of Adani Power Limited (“APL”) and its subsidiaries , associates, and joint ventures (combine together “Adani
Thermal Power Group” or “The Group”) their future outlook and growth prospects, and future developments in their businesses and their competitive and
regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such
expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments
in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political,
economic, regulatory and social conditions in the country the business is. This presentation does not constitute a prospectus, offering circular or offering
memorandum or an offer, or a solicitation of any offer, to purchase or sell any shares and should not be considered as a recommendation that any investor
should subscribe for or purchase any of The Group’s shares. Neither this presentation nor any other documentation or information (or any part thereof)
delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of The Group.
The Group, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the
fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless
otherwise specified is only current as of the date of this presentation.
The Group assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development,
information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and
estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. The Group may alter,
modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. No person is
authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such
information or representation must not be relied upon as having been authorized by or on behalf of The Group.
This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part
of it’s should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any
securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or
pursuant to an exemption from registration therefrom.

4
 Table of Contents

1 Adani Portfolio

2 Adani Power Limited

3 APL Quarterly Performance Highlights

4 Debt Profile

5 ESG Practice at APL

6 Conclusion

5
 01
Adani Portfolio Overview

STRICTLY CONFIDENTIAL
 Adani Portfolio: A World class infrastructure & utility portfolio

Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C

Materials, Metal &

Incubator Energy & Utility Transport & Logistics Direct to consumer
Mining
(72.6%) (56.3%) (73.2%) (65.5%) (100%) (63.2%)
AGEL AESL APSEZ
AEL NQXT1 Cement4
Renewables T&D Ports & Logistics

(37.4%) (70.0%) (100%) (44.0%)

ATGL2 APL Copper, Aluminum AWL
Gas Discom IPP Food FMCG
(100%)
PVC (64.71%)
(100%)
NDTV
Specialist
Manufacturing5
(100%) (50%) (100%) (100%) (100%)
(100%)
ANIL AdaniConneX3 AAHL ARTL ADL
New Industries Data Centre Airports Roads Mining Services &
Commercial Mining Digital

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

A multi-decade story of high growth centered around infrastructure & utility core
1. NQXT: North Queensland Export Terminal | 2. ATGL: Adani Total Gas Ltd, JV with Total Energies | 3. Data center, JV with EdgeConnex, AEL: Adani Enterprises Limited; APSEZ: Adani Ports and Special Economic Zone Limited; AESL: Adani Energy
Solutions Limited; T&D: Transmission & Distribution; APL: Adani Power Limited; AGEL: Adani Green Energy Limited; AAHL: Adani Airport Holdings Limited; ARTL: Adani Roads Transport Limited; ANIL: Adani New Industries Limited; AWL: Adani
Wilmar Limited; ADL: Adani Digital Limited; IPP: Independent Power Producer | NDTV: New Delhi Television Ltd | PVC: Polyvinyl Chloride | 4. Cement business includes 63.19% stake in Ambuja Cement which in turn owns 50.05% in ACC Limited.
Adani directly owns 6.64% stake in ACC Limited | 5. Includes the manufacturing of Defense and Aerospace Equipment l Promotors holding are as on 30 th September,2023
7
 Adani Portfolio: Decades long track record of industry best growth with national
footprint
Secular growth with world leading efficiency National footprint with deep coverage

Growth 3x 6 Growth 4x 6

EBITDA 70% 1,2 EBITDA 92% 1,4

AEL
APSEZ
Growth 3x 6 Growth 1.4x 6
AGEL
ATGL Adani’s Core Infra. Platform –
EBITDA 91% 1,3,5 EBITDA 19% 1,3 AESL
APL
320 Mn Userbase
Adani Cement

Note: 1. Data for FY23; 2. Margin for indian ports business only, Excludes forex gains/losses; 3. EBITDA = PBT + Depreciation + Net Finance Costs – Other Income; 4. EBITDA Margin represents EBITDA earned from power supply 5. Operating EBITDA
margin of transmission business only, does not include distribution business, PBT- Profit before tax, ATGL-Adani Total Gas Limited, AEL: Adani Enterprises Limited, APSEZ: Adani Ports and Special Economic Zone Limited, AESL: Adani Energy Solutions
Limited, APL: Adani Power Limited, AGEL: Adani Green Energy Limited l Growth represents the comparison with respective indust ry segment. 6. Growth pertains to expansion and development aligned with market growth. Growth of respective Adani
portfolio company vs. Industry growth is as follows: APSEZ's cargo volume surged from 113 MMT to 339 MMT (13%) between 2014 and 2023, outpacing the industry's growth from 972 MMT to 1 433 MMT (4%). AGEL's operational capacity expanded from
0.3 GW to 8.1 GW (60%) between 2016 and 2023, surpassing the industry's growth from 46 GW to 125 GW (15%). AESL's transmission length increased from 6,950 ckm to 19,779 ckm (16%) between 2016 and 2023, surpassing the industry's growth from
8
8 3,41,551 ckm to 4,71,341 ckm (5%). ATGL expanded its geographical areas from 6 to 52 (31%) between 2015 and 2023, outperforming the industry's growth from 62 to 293 (21%).
 Adani Portfolio: Repeatable, robust & proven transformative model of investment
Phase Development Operations Post Operations

Center of Excellence Project Management & Assurance Group AIMSL

1
Policy -Strategy - Risk

Origination Site Development Construction Operation Capital Mgmt

Activity

• Analysis & market • Site acquisition • Engineering & design • Life cycle O&M planning • Redesigning capital structure
intelligence of assets
• Concessions & regulatory • Sourcing & quality levels • Asset Management plan
• Viability analysis agreements • Operational phase funding
• Equity & debt funding at consistent with asset life
• Strategic value • Investment case development project

India’s Largest Longest Private HVDC 2,140 MW Hybrid Energy Network Operation • Duration Risk Matching
Commercial Port Line in Asia cluster operationalized Center (ENOC)
Performance

(at Mundra) (Mundra - Mohindergarh) in Rajasthan in FY23 • Forex Currency Risk Management
• Interest Rate Risk management
Centralized continuous
India’s first and monitoring of plants • Governance & Assurance
Highest Margin Highest line World’s largest solar- across India on a single
(ABEX -Adani Business Excellence)
among Peers availability wind hybrid cluster cloud based platform

5%

March 2016

March 2023
11%
14% 34%
15%
31% 55%
2%
3%
29%

Note 1 Adani Environmental Resource Management Services Ltd. (additional company is being proposed) PSU Pvt. Banks Bond NBFCs & FIs
O&M: Operations & Maintenance, HVDC: High voltage, direct current, PSU: Public Sector Undertaking (Public Banks in India), GM TN: Global Medium-Term Notes SLB: Sustainability Global Int. s 9
Linked Bonds, AEML: Adani Electricity Mumbai Ltd., AIMSL : Adani Infra Mgt Services Pvt Ltd, IG: Investment Grade, LC: Letter of Credit, DII: Domestic Institutional Investors, COP26: DII PSU – Capex LC
9 Banks
2021 United Nations Climate Change Conference; AGEL: Adani Green Energy Ltd . ,NBFC: Non-Banking Financial Company
 02
Adani Power Limited (APL) :
Multifaceted Power Producer
STRICTLY CONFIDENTIAL
 APL: Multifaceted power producer

Core Business Embedded Expertise Value Enhancement Emerging Opportunities

Training and Vendor

Power Generation Logistics Waste Management
Development

Solid fuel and fly ash: High quality manpower

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

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

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

11
 APL: Strategically located, diversified operating fleet

100% 100% 100%

Raipur Raigarh
Udupi Tiroda Mahan Kawai Mundra Godda Mahan
(Chhattis- (Chhattis-
(Karnataka) (Maharashtra) Ph-I (MP) (Rajasthan) (Gujarat) (Jharkhand) Ph-II (MP)
garh) garh)

Hinterland
Category Coastal, Utility Near-Pithead Plants Hinterland Coastal Near-Pithead Plants
(Transnational)

83% tie up w. Fuel

Highlight High
Fixed RoE Open High Dispatch High Dispatch / Open Fuel pass-through pass-through
Dispatch
(Under development)

Capacity
1,200 3,300 1,370 1,200 600 1,320 4,620 1,600 1,600
(MW)

(660MW x (330MW x 4) Sub-

(600MW x 2) (685MW x 2) (600MW x 2) (600MW x 1) (660MW x 2) (800MW x 2) (800MW x 2)
Technology 5) critical / (660MW x
Subcritical Supercritical Subcritical Subcritical Supercritical Ultra-supercritical Ultra-supercritical
Supercritical 5) Supercritical

Category Near-pithead Coastal Hinterland

Capacity MW 8,070 (48%) 5,820 (35%) 2920 (17%)

Supercritical / Ultra-supercritical 78% 57% 100%

16.85^ GW of operating and upcoming capacity with a clear path to 21.15 GW

^ In addition to thermal power plants, APL also has a 40 MW solar power plant at Bitta, Gujarat

GW: Giga Watt; MW: Mega Watt; MP: Madhya Pradesh; RoE: Return on Equity | Mahan and Godda plants are owned by APL’s wholly owned subsidiaries Mahan Energen Limited and Adani Power (Jharkhand) Limited respectively
12
 APL: Excellent revenue visibility and fuel security
Capacity tie-up (%) Fuel cost recovery mix (%)
Regulated Utility
6% Fuel cost pass
19% through
TBCB-State DISCOMs 26% 33%
9% TBCB-Private
Escalable energy
charge with
6% change-in-law
60% Transnational
(Sovereign) Others
41%
Merchant

Fuel Mix (%) Domestic fuel tie-up (%)

Imported fuel based 21% Long-term / Medium-

term contracts
44%

56%
Open capacity
Domestic fuel based
79%

Major portion of domestic fuel-based capacities secured through linkages and locational advantage
Note: Figures pertain to 16,850 MW existing and upcoming capacity
FSA: Fuel Supply Agreement; PPA: Power Purchase Agreement; MMT: Million Metric Tonnes
13
 APL: Fuel management & logistics – Key competitive advantage

Fuel management is key to revenue stability Plant and Mine Locations

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

Handling approx. 60 MMTPA coal, 13 MMTPA Fly Ash

Kawai
Constant attention to multiple agencies and touch points NCL Godda
Mahan SECL Korba
Mundra
Raigarh
MCL IB
WCL Umrer Raipur Dhamra
Tiroda SECL Korea Rewa
MCL Talcher
More than 14,500 Rake Equivalents of fuel handled annually
APL Plants

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

Investment in material handling infrastructure for quick

turnaround
Imported coal

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
14
 APL: Technology usage for reliability – ENOC
ENOC (Energy Network Operating Centre)
− 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

Ensuring high plant uptime

Maximising revenue certainty
Enabling high dispatch capability

Sample monitoring parameters

Air pre-heater performance Boiler metal temperature Turbine bearing vibration

Plant data capture Data analytics @ ENOC Special Initiatives

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

15 O&M: Operations & Maintenance; APC: Auxiliary Power Consumption; SHR: Station Heat Rate
 03
APL Quarterly Performance Highlights

STRICTLY CONFIDENTIAL
 Growing power demand supporting higher volumes

Commercial Availability^ PLF Generation (BU) Sales (BU)

87% 89% 89%
82%
38.6
35.6
58% 59%
29.3
49% 27.3
39% 19.6 18.1
11.8 11.0

Q2 FY23 Q2 FY24 H1 FY23 H1 FY24 Q2 FY23 Q2 FY24 H1 FY23 H1 FY24

Power demand in key States (BU)*

92.1 101.9
69.9 77.9 H1 FY23
49.8 51.9
36.7 36.6 34.9 44.7 H1 FY24

Gujarat Haryana Maharashtra Rajasthan Karnataka

• Maintaining high availability through leveraging of cutting-edge technologies, digitalization, and analytics to drive Reliability
Centered Maintenance, ensure full capacity charge recovery, and capture opportunities from power demand growth.
• 65% growth in power sales volumes in Q2 FY24 and 30% in H1 FY24 due to capacity growth and greater power demand from key
PPA States.
17 ^Commercial availability declared under Long Term Power Purchase Agreements (PPAs); PLF: Plant Load Factor; BU: Billion Units * Source: CEA
 Secure revenue stream with upside from open capacities
Sales Mix and Volume
Q2 FY23 Q2 FY24 H1 FY23 H1 FY24

10,996 MU 18,137 MU 27,329 MU 35,626 MU

14%
17% 17% 18%

+65% +30%

86% 83% 83% 82%

PPA Merchant/Short term PPA Merchant/Short term PPA Merchant/Short term PPA Merchant/Short term

13,650 MW 15,250 MW 13,650 MW 14,850 MW

Avg. PPA tariff (Net) Rs. 6.40 / kWh Rs. 6.53 / kWh Avg. PPA tariff (Net) Rs. 6.34 / kWh Rs. 6.23 / kWh

Avg. Merchant/Short Avg. Merchant/Short

Rs. 6.40 / kWh Rs. 7.37 / kWh Rs. 7.83 / kWh Rs. 7.43 / kWh
term tariff (Net) term tariff (Net)

• More than 80% of volumes from secure PPA-linked capacities, with strategically located open capacities providing incremental
revenue upside in a high demand growth environment.
• PPA tariffs reflect regulatory approvals for alternate fuel cost recovery and tracking of import coal prices.
18 ^Commercial availability declared under Long Term Power Purchase Agreements (PPAs); PLF: Plant Load Factor; BU: Billion Units; MU: Million Units
 Fuel sourcing and logistics prowess ensures continuous availability
Fuel Mix and Volume
Q2 FY23 (MT) Q2 FY24 (MT) H1 FY23 (MT) H1 FY24 (MT)

7.78 MT 11.88 MT 18.92 MT 23.63 MT

22%
24%
39% 33%
+53% +25%
61%
78% 67%
76%

Domestic Imported Domestic Imported Domestic Imported Domestic Imported

Fuel cost per unit sold Rs. 4.79 / kWh Rs. 3.73 / kWh Fuel cost per unit sold Rs. 4.54 / kWh Rs. 3.80 / kWh

• Reduction in blended fuel cost due to lower prices of imported coal.

• Lower import coal prices led to improved power offtake under import coal-based PPAs.
• Locational advantage of open capacities helps enhance competitiveness in merchant market by reducing logistics costs.
19 kWh: kilo Watt hour; PPA: Power Purchase Agreement; PLF: Plant Load Factor; T: Metric Tonnes; MT Million Metric Tonnes
 All-round improvement reflected in sustained strong profitability
Snapshot of Profit & Loss Account INR Crores

Summary Income Statement Q2 FY24 Q2 FY23 +/- H1 FY24 H1 FY23 +/-

Effective Capacity (MW) 15,250 13,650 14,861 13,650
Continuing Operating Revenue 11,866 7,196 65% 23,236 18,358 27%
Continuing Other Income 289 338 -14% 531 473 12%
Total Continuing Revenue 12,155 7,534 61% 23,767 18,831 26%
Fuel cost 6,762 5,261 29% 13,524 12,401 9%
Other Operating expenses 1,057 835 27% 1,786 1,698 5%
Continuing EBITDA (Adjusted for non-
4,336 1,438 202% 8,457 4,732 79%
recurring revenue)
Depreciation 1,004 833 21% 1,939 1,649 18%
Finance cost 888 818 9% 1,772 1,642 8%
Continuing Operating Income 2,443 (213) n.m. 4,746 1,441 229%
One-time income 2,781 912 205% 9,278 5,124 81%
Profit Before Tax 5,224 699 647% 14,023 6,565 114%
Profit After Tax (PAT) 6,594 696 848% 15,354 5,475 180%

• Continuing revenue growth due to higher operating capacity after commissioning of Godda plant, and improved power offtake following growth in
demand and lower imported fuel prices.
• Continuing EBITDA growth due to higher contribution on account of lower fuel cost and strong merchant prices.
• Control on Finance cost through debt reduction by prudent utilization of operating surplus.
• Higher one-time prior period revenues on account of recovery of alternate fuel costs along with carrying costs and late payment surcharge in line with
various regulatory orders.
• Recognition of Rs. 1,371 Crore of deferred tax asset in Q2 FY24 further added to increase in PAT.
20 n.m.: not meaningful
 Revenue Bridge
INR Crores
Growth in Revenues Q2 FY23 to Q2 FY24 (Rs. in Crore)
2,781

2,034
2,587

14,936
12,155
7,534

Q2 FY23 Recurring Revenue Higher volumes and tariffs Inclusion of Godda power Q2 FY24 Recurring Revenue Prior period items (Q2 FY24) Q2 FY24 Reported Revenue
plant

Growth in Revenues H1 FY23 to H1 FY24

9,278

3,502
1,434

33,045
23,767
18,831

H1 FY23 Recurring Revenue Higher volumes and tariffs Inclusion of Godda power H1 FY24 Recurring Revenue Prior period items (H1 FY24) H1 FY24 Reported Revenue
plant

Strong growth in recurring revenues based on capacity growth and higher power demand
21
 EBITDA Bridge
INR Crores
Growth in EBITDA Q2 FY23 to Q2 FY24
2,781 7,116
4,621 1,501

223 4,336

1,438

Q2 FY23 Recurring Increase in recurring Increase in fuel cost Increase in other Q2 FY24 Recurring Prior period items (Q2 Q2 FY24 Reported
EBITDA revenue operating expenses EBITDA FY24) EBITDA

Growth in EBITDA H1 FY23 to H1 FY24

9,278
17,734

4,936 1,123
88 8,457

4,732

H1 FY23 Recurring Increase in recurring Increase in fuel cost Increase in other H1 FY24 Recurring Prior period items (H1 H1 FY24 Reported
EBITDA revenue operating expenses EBITDA FY24) EBITDA

Recurring EBITDA growth reflects improved tariffs following regulatory orders and strong merchant demand
22
 Healthy balance sheet with low leverage
INR Crores

Particulars As on 30th Sep 2023 As on 31st Mar 2023

Equity & Reserves (incl. Unsecured Perpetual Securities) 40,509 29,876

Long Term Borrowings incl. Current Maturities 27,662 36,580
Other Non-current Liabilities 6,681 4,498
Short Term Borrowings 4,552 5,672
Trade Payables 4,395 3,079
Other Current Liabilities 5,910 6,116
Sources of Funds 89,709 85,821
Fixed Assets 65,962 64,331
Other Non-current Assets 4,146 1,937
Inventories 3,074 3,075
Trade Receivables 10,546 11,529
Cash & Bank 2,765 1,874
Other Current Assets 3,217 3,075
Application of Funds 89,709 85,821

• Equity & Reserves include Unsecured Perpetual Securities of Rs. 9,180 crore as of 30th Sep 2023 (Rs. 13,215 crore as of 31st Mar 2023)
• Strong profit growth during H1 FY24 reflected in increase in Net Worth
• Reduction in Long Term Borrowings on account of prepayment of term loans of ~Rs.2,100 crore in addition to regular amortization and repayment of
unsecured loans.
23
 Highly liquid operations and prudent deployment of surplus
INR Crores
Particulars H1 FY24 H1 FY23
Profit before tax 14,023 6,565

Add: Depreciation and Amortisation Expense 1,939 1,649

Add: Finance Costs 1,772 1,642
Less: Interest income (8,653) (2,773)
Less: Other miscellaneous items (325) 58
Operating profit before working capital changes 8,756 7,141
Add: Changes in working capital 1,189 (2,883)
Net cash flows from operating activities (A) 9,944 4,258

Payment towards capital expenditure (1,050) (1,619)

Bank / Margin Money Deposits (placed) / withdrawn (net) (1,336) 229
Interest Received (including carrying cost and LPS) 8,047 3,160
Other miscellenious 574 (552)
Net cash flows from investing activities (B) 6,235 1,218

(Repayment) of / Proceeds from borrowings (net) (9,232) (4,403)

Repayment and distribution of Unsecured Perpetual Securities (4,700) -
Finance Costs Paid (Including interest on lease obligations) (1,776) (1,510)
Net cash (used in) financing activities (C) (15,709) (5,913)

Net Increase / (decrease) in cash and cash equivalents (A)+(B)+(C) 471 (437)

• Recovery of carrying cost on regulatory receivables considered as part of Interest Received.

• Cash flow generated during the year was largely used for reduction of borrowings, including term loan prepayment.

24
 04
Debt profile

STRICTLY CONFIDENTIAL
Consolidated Debt Profile
INR Crores
Particulars As on 30th Sep, 2023 As on 31st Mar, 2023
Senior Secured Loans (Rupee Term Loans + ECB)
Existing entities 27,433 21,494
Under-construction project 8,228
Total Senior Secured Loans 27,433 29,722

Working Capital Loans 4,552 5,672

ICD and other unsecured loans 310 6,959

Total Gross Debt (before IndAS adjustment) 32,294 42,353

Net Total Debt 28,180 39,534

Net Fixed Assets 65,962 64,331

Fixed Asset Coverage Ratio (Net Fixed Assets / Net Total Debt) 2.34x 1.63x

Trailing 12 Month (TTM) Continuing EBITDA* 12,265 8,540

Total Gross Debt / TTM Continuing EBITDA* (times) 2.63 4.96

* Note: Continuing EBITDA and TTM Continuing EBITDA amounts above include EBITDA of the 1,600 MW Godda power plant for partial period of H1 FY24, while project debt
pertaining to the plant is included in Senior and Total Debt amounts as of 31st March 2023 and 30th September 2023. The Godda project was commissioned during Q1 FY24.
26
 Deleveraging of balance sheet and stronger net worth

Senior Debt / Equity Ratio (times)

▪ Significant reduction in senior
6.51
debt through prepayment as well

4.67 as regular repayments despite

acquisitions and addition of
3.24
project debt for the Godda plant.
2.21

1.18 ▪ Improvement in operating profits

0.79
as well as post-tax profits has

FY19 FY20 FY21 FY22 FY23 H1 FY24 resulted in revitalisation of

financial position, including a
st st st
31 March 31 March 30 September stronger Net Worth.
Financial Year Ended
2019 2023 2023
Total Debt 46,980 42,353 32,294
▪ Improved debt coverage and
reduced leverage had resulted in
Senior Debt 35,997 35,394 31,984
improvement in credit rating of

Total Equity* 7,712 29,876 40,509 APL (Standalone) from BBB- to A.

* Includes Unsecured Perpetual Securities of Rs. 9,180 crore as of 30th Sep 2023

27
 05
ESG Practice at APL

STRICTLY CONFIDENTIAL
 Adani: Robust ESG assurance framework

Guiding Principles

United Nations Global Sustainable

GRI Standards
Guiding Compact Development Goals
Policies
Principles

Policy Structure Focus Area - UNSDG

Environment Policy Covered in • Climate Action

E Business Responsibility (BR) • No Poverty
ESG Policy • Zero hunger
• Good health and well being
Human Rights covered in BR Policy • Quality education
S Corporate Social Responsibility Policy • Clean water and sanitization
• Affordable and clean energy
Occupational Health & Safety Policy
Focus • Decent work and economic
Assurance
Areas growth
Board Diversity • Industry, Innovation &
G Related Party Transaction Policy Infrastructure

Policy & framework backed by robust assurance program

ESG: Environment Social Governance; GRI: Global Reporting Initiative; UNSDG: United Nations Sustainable Development Group
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 APL: Track record and emission reduction plan

In its endeavor for climate readiness, APL is aligning its business model with latest technologies in climate efficient manner
Climate Awareness
Climate Readiness

Statutory limit (3.5)

2.55 2.37
Sp. Water 2.07 2.14 2.19 2.22 2.31
Consumption
(m3 / MWh)
FY17 FY18 FY19 FY20 FY21 FY22 FY23

FY 2022-23 FY 2023-24 FY 2028-29

Climate Alignment

(Actual) (Estimate) (Projection)

Ultra-supercritical /
68% 72% 74%
Supercritical Capacity

FGD 23% 31% 100%

Sp: Specific; MwH: Mega Watt Hour; m3: Cubic meters; FGD: Flue Gas Desulphuriser
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 APL: Adopted UN Sustainable Development Goals
Our Key Social Initiatives mapped to UNSDG
United Nations
Sustainable Development Goals 2030 • Mobile Heath Care unit: 204,282+ treatments
provided through 8 MHUs
• Health insurance benefits for ~ 9,502 people
Health by issuing health cards
Multiple Locations • 13,453+ patients have been benefitted
through health camps
• 15,000+ beneficiaries have been provided
3. Good Health & Well Being with safe drinking water facilities

• GYANODAYA – Smart class implementation

Education Multiple Locations benefiting 80000
• Scholarship program with Rs. 29.5 Lacs
4. Quality Education
scholarships awarded

• SAKSHAM – Training classes for > 1,460

people including 1,181 women and girls
Key Focus Areas Livelihood Multiple Locations participation
• Adani Power Training and Research Institute
8. Decent Work & Economic Growth - Delivering high quality training to aspiring
engineers/professionals
• 3600 safety program focusing on hazard
identification, training, prevention,
assessment and review

Social philosophy drives initiatives that are aligned with UN Sustainable Development Goals
31 UNSDG : United Nations Sustainable Development Group
 APL: ESG rating and performance highlights

ESG Rating Highlights

✓ B Score For fulfilling climate change and water security commitments from CDP (Carbon Disclosure Project) for 2022.
✓ Score of 54/100 in Corporate Sustainability Assessment (CSA) by S&P Global, which is better than world electric utility
average score of 33/100.
✓ Scored 3.5/5.0 in FTSE ESG rating, which is better than world utilities average score of 2.7/5.0.
✓ APL is a constituent company in the FTSE4Good Index Series.
✓ Scored 87% in CSR HUB ESG Rating, which is better than global industry average.

ESG Performance Highlights

✓ Specific GHG emissions maintained at 0.85 tCO2e/MWh.

✓ The water intensity performance of APL is 2.35 m3/MWh for FY 22-23 which is 39% lower than statutory limit for hinterland
plants (3.50 m3/MWh) & 6% lower than stretched internal target of 2.50 m3/MWh.

✓ Achieved ash utilization of 100% for FY23.

✓ Seven out of nine APL operating locations certified with Single-Use Plastic Free (SUPF) certification, and APJL and MEL SUPF
targeted in FY 2023-24.

32 CSR: Corporate Social Responsibility; GHG: Green House Gas; APJL: Adani Power (Jharkhand) Limited; MEL: Mahan Energen Limited
 06
Conclusion

STRICTLY CONFIDENTIAL
 APL: Key Takeaways

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

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

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

▪ Domestic credit rating of “A” at APL portfolio level.

Strong Financial
▪ Deleveraging of balance sheet demonstrated by significant prepayment of senior debt.
Profile
▪ Backed by strong sponsor, India’s largest infrastructure and real asset platform.

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

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