Adani Power Limited

Presentation to Shareholders
28th Annual General Meeting
25th June 2024
 Disclaimer

Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to
general business plans and strategy of Adani Power Limited (“APL”) and its subsidiaries , associates, and joint ventures (combine together “Adani Thermal Power Group”
or “The Group”) their future outlook and growth prospects, and future developments in their businesses and their competitive and regulatory environment, and
statements which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such expressions. Actual results may differ materially
from these forward-looking statements due to a number of factors, including future changes or developments in their business, their competitive environment, their
ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in the country the
business is. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell
any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of The Group’s shares. Neither this presentation
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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
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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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 1
Adani Power Limited (APL): FY 2023-24 Highlights

STRICTLY CONFIDENTIAL
 APL: Stronger Than Ever in FY 2023-24

Revenues EBITDA* Profit After Tax

Rs. 43,041 Rs. 60,281 Rs. 14,312 Rs. 28,111 Rs. 10,727 Rs. 20,829
Crore Crore Crore Crore
Crore Crore
+40% +96% +94%
FY 2022-23 FY 2023-24 FY 2022-23 FY 2023-24 FY 2022-23 FY 2023-24

Total Equity EBITDA / MW Net Debt / MW

Rs. 29,876 Rs. 43,145 Rs. 1.05 Rs. 1.84 Rs. 2.89 Rs. 1.74
Crore Crore Crore Crore
Crore Crore
+44% +76% (-)40%
FY 2022-23 FY 2023-24 FY 2022-23 FY 2023-24 FY 2022-23 FY 2023-24

Strong financial performance reflected in credit rating upgrade from A to AA- during FY 2023-24
*EBITDA: Earnings Before Interest, Depreciation, Amortisation, and Taxes; MW: Mega Watts
EBITDA for FY 2022-23 and FY 2023-24 includes one-time prior period recognition of Rs. 5,772 Crore and Rs. 9,322 Crore respectively

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 APL: Operating Excellence in FY 2023-24

Installed Capacity Plant Load Factor Power Sales (BU)

13,650 MW 15,250 MW 48% 65% 59.4 79.3

+12% +1677 +48%
FY 2022-23 FY 2023-24 FY 2022-23 bps FY 2023-24 FY 2022-23 FY 2023-24

Specific Coal Consumption Fuel Logistics Management^ Employee Safety@

0.64 kg/kWh 0.60 kg/kWh 36.4 MT 51.3 MT LTIFR 0.14 LTIFR 0

(-)6% +41% (-)100%
FY 2022-23 FY 2023-24 FY 2022-23 FY 2023-24 FY 2022-23 FY 2023-24

Efficient, reliable, and competitive fleet with highly competent operating capabilities
MW: Mega Watts; bps: basis points; BU: Billion Units; MT: Million Tonnes of coal consumed; LTIFR: Lost Time Injury Frequency Rate per one million person-hours worked
^Fuel Logistics Management pertains to total coal consumption during the financial year; @Employees only

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 APL: Organic and inorganic capacity expansion highlights for FY 2023-24
➢ Commissioned in Q1 FY 2023-24 within 3.5 years of financial closure
Godda ➢ India’s first transnational power project selling its entire capacity to Bangladesh
1600 MW ➢ Earning precious foreign exchange and supporting Bangladesh economy through reliable
2X800 MW Ultra-supercritical power supply with a 25-year PPA.

➢ Plant under construction; completion targeted by June 2027

Mahan Ph-II ➢ Power supply to Madhya Pradesh under a 25-year PPA
1600 MW ➢ Total capacity of Mahan Energen Ltd. to be 2800 MW including existing 1200 MW (Ph-I)
2X800 MW Ultra-supercritical

➢ Coastal Energen Pvt. Ltd. (CEPL), Tamil Nadu, undergoing Corporate Debt Resolution under
CEPL Insolvency and Bankruptcy Code

1200 MW ➢ Resolution Plan submitted by Consortium including APL (49% share) accepted by Committee
of Creditors and Letter of Intent received on 23rd December 2023.
2X600 MW Operational
➢ Awaiting approval of Resolution Plan by National Company Law Tribunal

➢ Lanco Amarkantak Power Ltd. (LAPL), Chhattisgarh, undergoing Corporate Debt Resolution
LAPL under Insolvency and Bankruptcy Code
600+1320 MW ➢ Resolution Plan submitted by APL accepted by Committee of Creditors and Letter of Intent
received on 4th March 2024; now awaiting approval by National Company Law Tribunal
2X300 MW Operational

Strong capacity expansion pipeline to further increase in lead among Independent Power Producers
PPA: Power Purchase Agreement
5
 2
Power Sector Outlook and Growth Strategy

STRICTLY CONFIDENTIAL
 Thermal Power will act as reliable source of electricity and stabilize the grid in
a rising renewable energy scenario
4500 700
Power Demand Growth Projections FY25 onwards, new Capex cycle is expected
4000 3776 to drive demand with increased share of
600
3500
manufacturing and growing peak demand
3095
500
3000
2474
2500 400 Peak demand projected to reach 366 GW by
1908 FY 2031-32, now revised to 390 GW
2000

575
1626 300
1382

466
1500

431
366
200 FY 2029-30 target 500 GW non-fossil fuel-

353
282
1000
277
based capacity, however 290 GW thermal
243

218
203

186

100 power required to meet peak demand

158

500

0 0
2021-22 2023-24 2026-27 2031-32 2036-37 2041-42 Imperative to start planning for reliable power
Average Demand (GW) Peak Demand (GW) Energy Demand (BU) supply beyond FY 2029-30, with thermal
power contributing 50% or more

80 GW more of coal-based capacity required

FY 2023-24 FY 2031-32 Growth Thermal power will supply critical base load
power requirements of a growing economy in a
217 GW 283 GW 30% rising renewable energy scenario.

7 Source: 20th EPS, NPP, CEA, CEA Optimal mix and NEP | BU: Billion Units; GW: Giga Watts
 APL: Strategy for long term value creation

Doubling of current capacity: 30,670 MW by FY 2029-30

Current capacity Ongoing projects Upcoming opportunities Target

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

Inorganic
4,370 MW 3,120 MW 1,100 MW 8,590 MW
Successfully acquired Ongoing acquisitions Under evaluation Inorganic capacity
and profitable
Fuel security enhancement through commercial mines

Dhirauli Gondkhari
Singrauli, Madhya Pradesh Nagpur, Maharashtra
6.5 MTPA peak capacity 2 MTPA peak capacity

8 MW: Mega Watt; MTPA: Million Metric Tonnes Per Annum | Inorganic capacity includes 40MWp solar power plant
with more planned…
 APL: Progress on growth strategy in FY 2024-25

▪ Stratatech Mineral Resources Pvt. Ltd. (SMRPL), a subsidiary of Adani

Enterprises Ltd., to be amalgamated with Mahan Energen Ltd. (MEL) through
Amalgamation of NCLT-appointed process.
Mining Company ▪ SMRPL holds a commercial mining license of Dhirauli coal mine block in Singrauli
District, Madhya Pradesh with peak rated capacity of 6.5 MTPA of coal.

▪ Mirzapur Thermal Energy (UP) Pvt. Ltd. (MTEUPL), a subsidiary of Adani Infra
Acquisition of Land (India) Ltd.
Holding Company ▪ Holds land suitable for thermal power plant at Mirzapur District, Uttar Pradesh,.
▪ MTEUPL acquired with a view to augment generation capacity.

▪ Advance ordering commenced for securing project supply chain for:

Progress in Capacity o Raigarh plant: 2x800 MW (1600 MW) Phase-II project
Expansion Plans o Raipur plant: 2x800 MW (1600 MW) Phase-II project
o Mirzapur: 2x800 MW (1600 MW) project

Rapid progress in achieving strategic vision through capacity augmentation and enhancing fuel security
9 PPA: Power Purchase Agreement; MW: Mega Watt; MTPA: Million Metric Tonnes Per Annum
 3
APL : Key Differentiators for Long Term Success

STRICTLY CONFIDENTIAL
 APL: All-round excellence for sustained leadership

▪ Integrated approach from project conceptualization to project

commissioning
Integrated Project
▪ In-depth optimization at each stage of project management cycle
Management
▪ Strong project controls, collaboration, and convergence leading to
effective project delivery

▪ Centralised monitoring, analysis, and support through Energy Network

Operations Centre (ENOC)
Leveraging Technology
▪ Data Analytics driven decision-making for ensuring high uptime
and Analytics
▪ Fostering an organization-wide culture of continuous improvement and
innovation with a focus on capability building

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

▪ Handling approx. 60 MMTPA of coal and 13 MMTPA of fly ash annually,
Fuel Management and
a substantial logistics organization in its own right
Logistics
▪ Annually managing 14,500 rake-equivalent of coal movement through
multiple touchpoints with numerous agencies

Critical Success Factors for long-term success and growth in a dynamic sector
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 APL: Enhancing reliability and responsiveness through analytics

Project Beacon Objectives Initiatives Outcomes

Ignite
1 More than 70
Value addition to drive Plant efficiency and reliability
operational improvements
leveraging data and analytics
Spark 74 Initiatives
More than 45 Rs. 25+ Crore
Operating excellence and safety Savings achieved

2 15 Core Team
Capability Building for sustained
transformation and innovation Members
via the Analytics Centre of 30 Experts
Excellence (ACoE)
154 enthusiasts engaged
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APL: Reducing Carbon footprint through Benign coal conversion pathways –
Ammonia / Biomass Co-firing, CCUS initiatives are progressing…

Benefits
Biomass / Ammonia Co-firing
Choice of dispatch in MOD

Green Ammonia

NH4
Energy
Improved ESG rating
Biomass
Bring in additional investment on
improved ESG ratings / Green bonds

Carbon Capture & gainful utilization

New revenue streams
Captured CO2 Potentially bring in addtl. revenue in form
utilized of methanol, timber etc

TPP Alternative Fuel Establish net-zero cost without impacting asset health
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Production & Sales
 4
APL : Business Highlights for FY 2023-24

STRICTLY CONFIDENTIAL
 APL: Strong growth in revenues and operating margins
Total Revenues (Rs. Crore)
+21% CAGR

60,281
▪ Higher revenues on back of
43,041 volume growth (79.3 BU vs
28,150 31,686 59.4 BU) due to higher power
27,842
demand and capacity
addition (Godda 1600 MW)

FY20 FY21 FY22 FY23 FY24 ▪ Higher one-time revenue

recognition on account of
regulatory claims (Rs. 9,322
Reported EBITDA (Rs. Crore)
Crore vs Rs. 5,772 Crore).
+41% CAGR 28,111

Continuing EBITDA CAGR 34% ▪ Sharp improvement in

9,322
14,312
EBITDA due to improved fuel
13,789
10,597 cost recovery, inclusion of
7,059
3,745
5,800 5,772
18,789 Godda, and higher prior
1,285
6,852 7,989 8,540 period revenue recognition.
5,774

FY20 FY21 FY22 FY23 FY24

Continuing One-time

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 APL: Reduction in finance cost and improved post-tax profits
Finance Cost (Rs. Crore)

5,315 5,106 ▪ Judicious utilization of cash

4,095 surplus to deleverage by
3,334 3,388
reducing secured and
unsecured debt.
▪ Effective control on Finance
Cost despite additional
FY20 FY21 FY22 FY23 FY24
borrowing cost for Godda due
to deleveraging.
PAT Growth (Rs. Crore)
▪ Remarkable operating and
20,829 financial performance
reflected in outstanding
10,727
growth in Profit After Tax
4,912 over last four years,
1,270
culminating in exceptional
-2,275
profitability in FY 2023-24.
FY20 FY21 FY22 FY23 FY24

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 APL: Deleveraging of balance sheet and stronger net worth
Senior Term Debt / Equity Ratio (times)
5.32

3.90
▪ Significant reduction in
2.57 senior debt through
1.86 deleveraging despite ongoing
0.99 capacity growth.
0.65
▪ Revitalisation of financial
FY19 FY20 FY21 FY22 FY23 FY24 position leading to an
exceptionally healthy balance
Financial Year Ended 31st March 2019 31st March 2024
sheet.
Total Debt 46,980 34,457
▪ Sharp upgrade in APL’s credit
rating from A to AA- in FY
Senior Debt 35,997 34,273 2023-24.

Total Equity* 7,712 43,145

* Includes Unsecured Perpetual Securities

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 5
ESG Philosophy and Practice at APL

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

Policy and 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: ESG Highlights

Material Topic Targets Key ESG Initiatives/Achievements UN SDGs

Reduction in GHG emission intensity Climate Change Adaptation and mitigation

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

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

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

SUP: Single Use Plastics l MWp: Mega Watt Peak l O&M: Operation & Maintenance l GHG : Green House Gas l APJL: Adani Power Jharkhand Limited l MEL: Mahan Energen Limited 20
UNSDG: United Nations Sustainability Development Goals l ESG : Environment Social Governance l APL: Adani Power Limited
APL: Board of Directors and Management overview
100% Chaired Chaired
IDs By IDs By NID Board of Directors
Statutory Committees 40% Independent Directors
- Audit 🗹 Comprised of only
Independent Directors
- Nomination & Remunerations 🗹
100% of
- Stakeholder Relationship 🗹 Statutory Committees
- Corporate Social Responsibility 🗹 Chaired by
Independent Directors
- Risk Management 🗹
Non-statutory Committees
6 Chandra Sushil Kumar Sangeeta
- IT & Data Security 🗹 Additional Business
Iyengar Roongta Singh
- Corporate Responsibility 🗹 specific committees

- Mergers and Acquisition 🗹 17%

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

- Commodity Price Risk 🗹 Independent Directors

Non-Independent Directors

Pathway to strengthen Corporate Governance

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

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

Chairperson of Audit committee; Chairman of Nomination and Remuneration committee; Chairperson of Corporate Responsibility committee I ID: Independent Director I NID: Non-Independent Director
Information is as on Date
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 6
Conclusion

STRICTLY CONFIDENTIAL
 APL: Vehicle of choice for long term growth

Credible
Proven project execution and turnaround skills

Capable
Aptly demonstrated all-round expertise and financial strength

Competent
Robust systems with highly skilled and experienced team

Committed
Long term and growing investments in core infrastructure sector

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Thank You