Azure Power Global Limited · OTC:AZREF

Azure Power Global — Q2 FY2018 Earnings Presentation

22 slides from Azure Power Global's earnings presentation, Nov 10, 2017

Slide 1: Second Quarter 2018 Ended September 30, 2017 Earnings Presentation
India’s first private grid connected MW solar plant India’s first distributed rooftop solar project over one megawatt Pan India portfolio of solar assets in 22 States Issued India’s first solar Green Bond Second Quarter 2018 Ended September 30, 2017 Earnings Presentation November 10, 2017 1 | Copyri
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This information contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, including statements regarding our future financial and operating guidance, op
Slide 5: Q2 FY'18 Highlights: 581 MW Wins, Launches Azure M-Power for Village Electrification
Q2 FY’18 Highlights: 581(1) MW Wins, Launches Azure M-Power for Village Electrification Significant New Contract Wins Improve Offtaker Profile Substantial offtake to highest rated offtakers4 Private & Others • Portfolio increased over 50% with 581 MWs of new PPA wins(1) AAA • Offtaker profile improv
Slide 6: Significant Project Wins of 581 MWs Increased Portfolio over 50%
Significant Project Wins of 581 MWs Increased Portfolio over 50% 260MW | Gujarat 2 250MW | NVVN 1 (4) Offtaker and Credit Rating: GUVNL (AA-(1)) Offtaker and Credit Rating: NVVN (AAA(1)) PPA Duration: 25 Years PPA Duration: 25 Years Commissioning: Q1 2019 Expected Commissioning: Q4 2018 Tariff: INR
Slide 7: Industry and Regulatory Update
Industry and Regulatory Update Low Solar Tariffs Increasing Demand Regulatory Update Solar is the cheapest source of power in India Saubhagya: Govt. of India launched plan to provide 24x7 57% of all electricity capacity additions across India are solar for power to every house in the country by Marc
Slide 8: Effective Strategy & Strong Execution Drives 124% YoY Increase in Megawatts Operating
Effective Strategy & Strong Execution Drives 124% YoY Increase in Megawatts Operating during Q2 FY’18 803MW Operating 1,381 MW Operating & Committed US$27.9mn Revenue 124% increase(1) 35% increase(1) 104% increase(1) 581.1mn kWh Generation US$0.78mn Project Cost/MW US$196.4mn Portfolio Revenue Run R
Slide 9: Adjusted EBITDA Margin Expansion Driven by Cost Management
Adjusted EBITDA* Margin Expansion Driven by Cost Management 167% growth in Adjusted EBITDA in Q2 FY’18 vs Q2 FY’17 25,000 14,226 1,062 1,207 22,964 21,000 In US$ Thousands 17,000 13,000 8,593 9,000 5,000 1,000 Q2 FY'17 Adjusted Additional Revenue Additional Cost of Reduction in General & Q2 FY'18 Ad
Slide 10: A Growing Balance Sheet with a Strong Liquidity Position
A Growing Balance Sheet with a Strong Liquidity Position March 31, 2017 September 30, 2017 (in thousands) (in thousands) INR INR US$ Cash, Cash Equivalents and Current 8,757,467 16,530,642 253,149 Investments Property, Plant & Equipment, Net 40,942,608 48,939,141 749,451 Total Debt* 35,157,808 51,77
Slide 11: US$471 Million of Liquidity as on September 30, 2017
US$471 Million of Liquidity as on September 30, 2017 Debt Sanctions Working Capital $82 $107 Facilities CDPQ ROFO Right of first offer to provide minority equity financing to fund the development or acquisition of new power projects of our subsidiaries $282 The Company is well capitalised and has si
Slide 12: Reiterating Guidance
Reiterating Guidance US$ 118-125 million of Revenue for FY18 1,000-1,200 MWs Operating by March 31, 2018 __________________________ Exchange rate- INR65.30 to US$1 (New York closing rate of September 30, 2017) 12 | Copyright © 2017 Azure Power | www.azurepower.com
Slide 14: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures Adjusted EBITDA is a non-GAAP financial measure. The Company presents Adjusted EBITDA as a supplemental measure of its performance. This measurement is not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance
Slide 15: Reconciliation of Non GAAP Measures to Comparable GAAP measures
Reconciliation of Non GAAP Measures to Comparable GAAP measures Three Months Ended September 30, Six Months Ended September 30, (in thousands) (in thousands) 2016 2017 2017 2016 2017 2017 INR INR US$ INR INR US$ Net loss (138,871) (1,240,529) (18,997) (370,544) (1,033,672) (15,829) Income tax benefi
Slide 16: Nominal Contracted Payments & Portfolio Run-Rate
Nominal Contracted Payments & Portfolio Run-Rate Nominal Contracted Payments are the sum of estimated payments for the life of signed PPAs. Values are not discounted. As of September 30, 2016 2017 INR INR US$ Nominal contracted payments 247,388,527 296,524,749 4,540,961 (in thousands) ………………… Total
Slide 17: Project List- Operational (Utility)
Project List- Operational (Utility) Commercial Duration Capacity Tariff Project Names Operation Off taker of PPA in (MW) (INR/kWh) Date(1) Years Punjab 1 Q4 2009 2 17.91 NTPC Vidyut Vyapar Nigam Limited 25 Punjab 2.1 Q3 2014 15 7.67 Punjab State Power Corporation Limited 25 Punjab 2.2 Q4 2014 15 7.9
Slide 18: Project List- Operational and Under Construction (Utility)
Project List- Operational and Under Construction (Utility) Commercial Duration Capacity Tariff Project Names Operation Off taker of PPA in (MW) (INR/kWh) Date(1) Years Operational Punjab 4.1 Q4 2016 50 5.62 Punjab State Power Corporation Limited 25 Punjab 4.2 Q4 2016 50 5.63 Punjab State Power Corpo
Slide 19: Project List- Rooftops
Project List- Rooftops Commercial Duration Capacity Project Names Operation Tariff(2) Off taker of PPA in (MW) Date(1) Years Operational Total Operational Capacity 2013 – Q3 2017 26 7.62 Various 25 Under Construction Indian Railways Rooftop Q1 2018 23 6.19 Indian Railways 25 Other Rooftop Projects Q
Slide 20: Project Debt Schedule
Project Debt Schedule Outstanding Principal Amount (In thousands) Type of Interest Currency Maturity Date(2) Name of Project INR US$ (5) Punjab 1 174,000 2,665 Fixed INR 2022 Punjab 2 1,699,000 26,018 Fixed INR 2022 Gujarat 1 927,560 14,205 Fixed INR 2022 Rajasthan 1 762,800 11,681 Fixed US$ 2028 Ra
Slide 21: Glossary of Select Terms
Glossary of Select Terms Accelerated Depreciation – Accelerated depreciation can be elected at the project level, such that projects that reach COD in the first half of the year can expense 100% of eligible project costs in year 1, and otherwise can expense 50% of project costs in year 1 and the rem
Slide 22: Affordable Solar Power for Generations
Affordable Solar Power for Generations Excellence | Honesty | Social Responsibility | Entrepreneurship 22 | Copyright © 2017 Azure Power | www.azurepower.com

Azure Power Global — Q2 FY2018 Earnings Presentation on 6ix

Azure Power Global — Q2 FY2018 Earnings Presentation

Slide 1: Second Quarter 2018 Ended September 30, 2017 Earnings Presentation

Slide 2: Disclaimer

Slide 3: Agenda

Slide 4: 4 | Copyright © 2017 Azure Power | www.azurepower.com

Slide 5: Q2 FY'18 Highlights: 581 MW Wins, Launches Azure M-Power for Village Electrification

Slide 6: Significant Project Wins of 581 MWs Increased Portfolio over 50%

Slide 7: Industry and Regulatory Update

Slide 8: Effective Strategy & Strong Execution Drives 124% YoY Increase in Megawatts Operating

Slide 9: Adjusted EBITDA Margin Expansion Driven by Cost Management

Slide 10: A Growing Balance Sheet with a Strong Liquidity Position

Slide 11: US$471 Million of Liquidity as on September 30, 2017

Slide 12: Reiterating Guidance

Slide 13: Appendix

Slide 14: Use of Non-GAAP Financial Measures

Slide 15: Reconciliation of Non GAAP Measures to Comparable GAAP measures

Slide 16: Nominal Contracted Payments & Portfolio Run-Rate

Slide 17: Project List- Operational (Utility)

Slide 18: Project List- Operational and Under Construction (Utility)

Slide 19: Project List- Rooftops

Slide 20: Project Debt Schedule

Slide 21: Glossary of Select Terms

Slide 22: Affordable Solar Power for Generations