Azure Power Global Limited · OTC:AZREF

Azure Power Global — Q1 FY2019 Earnings Presentation

25 slides from Azure Power Global's earnings presentation, Aug 9, 2018

Slide 1: Fiscal First Quarter 2019 Ended June 30, 2018 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 23 States Issued India’s first solar Green Bond Fiscal First Quarter 2019 Ended June 30, 2018 Earnings Presentation August 9, 2018 1 | Copyrigh
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: Leading Solar Platform in Fast Growing, Large Market
Leading Solar Platform in Fast Growing, Large Market 3,043 MWs (1) 2,848 MWs 195 MWs 320 Households Total Portfolio Utility-Scale C&I Projects Electrified with Projects Azure M Power 2 GW+ Contracted Pipeline with Among the Highest Tariffs in the Indian Solar Market(2) 1) As of August 1, 2018, total
Slide 6: Strong Execution & Continued High Growth
Strong Execution & Continued High Growth 900(3) $346 ~1 GW Operational with US$ 120 million LTM Revenue with LOA not LOA not 201% Growth to ~3 GW received 188% Growth to US$ 346 million received 806(3) Contract Contract Awarded Awarded Revenues ($m) MWs 339(2) Under Construction Under $118 $120 911
Slide 7: Integrated Business Model Drives Attractive Returns
Integrated Business Model Drives Attractive Returns Azure's integrated approach enhances returns Local development expertise for land development, transmission & Integrated Business Model interconnection capabilities Continued ability to win bids above the lowest clearing bid Real-time monitoring fo
Slide 8: 3,043 MW Portfolio Capacity, Up 63% from 4Q'18
3,043 MW Portfolio Capacity(1), Up 63% from 4Q’18 SECI, 900 MW: Location TBD Delhi, 2 MW B to BBB+ Punjab, 214MW Uttar Pradesh, 100 MW 86% of the pipeline is with Bihar, 10 MW offtake with A to AAA Rajasthan, 345 MW credit ratings(2) A to AAA 1 Gujarat, 270MW Assam, 90 MW Indian Railways & Other GoI
Slide 9: 1,175 MWs Recently Won; Among Highest Tariffs in Auctions
1,175 MWs Recently Won(1); Among Highest Tariffs in Auctions Realized tariff 9%(4) above lowest bid 50MW |Maharashtra 2 90MW |Assam 1 • Offtaker and Credit Rating: MAHAGENCO (A)(2) • Offtaker and Credit Rating: APDCL (B)(2) • State: Maharashtra • State: Assam • Tariff: INR 3.07 (~US 4.5 cents)(3)/kW
Slide 10: Industry and Regulatory Update
Industry and Regulatory Update Low Solar Tariffs Increasing Demand Regulatory Update Safeguard Duties - Directorate General of Trade Remedies Solar continues to be the cheapest source of power in India imposed a safeguard duty on solar cells/module imports from China MNRE secretary now expects 30 GW
Slide 11: Strong Project Development & Execution Capabilities
Strong Project Development & Execution Capabilities 260MW Gujarat 2 | COD: March 2019 • Offtaker: Gujarat Urja Vikas Nigam Ltd (AA-) (1) • PPA Duration: 25 Years • Tariff: INR 2.67 (~US 3.9 cents)(2) per kWh • Spread across more than 1,300 acres and seven sites • ~50% of the land is leased which hel
Slide 12: Effective Strategy & Strong Execution Drives 100% YoY Increase in Operating & Committed Megawatts
Effective Strategy & Strong Execution Drives 100% YoY Increase in Operating & Committed Megawatts 1,011 MW Operating 2,141 MW Operating & Committed US$35.4mn Revenue 31% increase(1) 100% increase(1) 29% increase(1) 401mn kWh Generation US$0.65mn Project Cost/MW(DC) US$256.2mn Portfolio Revenue Run R
Slide 13: Azure Power delivered 33% Adjusted EBITDA growth in Q1 FY'19
Azure Power delivered 33% Adjusted EBITDA* growth in Q1 FY’19 Quarter Ended June 30, % Change (in thousands) Q1FY’18 vs Q1FY’19 2017 2018 2018 INR INR US$ Revenue 1,877,932 2,422,539 35,386 29% Cost of Operations 173,524 218,230 3,188 26% General & Administrative 235,073 248,650 3,632 6% Expenses No
Slide 14: A Growing Balance Sheet with a Strong Liquidity Position
A Growing Balance Sheet with a Strong Liquidity Position March 31, 2018 June 30, 2018 (in thousands) (in thousands) INR INR US$ Cash, Cash Equivalents and Current 9,730,099 10,831,262 158,213 Investments Property, Plant & Equipment, Net 56,580,700 58,643,437 856,609 Total Debt* 53,943,823 61,129,221
Slide 15: US$ 470 Million of Available Liquidity (June 30, 2018)
US$ 470 Million of Available Liquidity (June 30, 2018) Cash (incl. restricted) $195 CDPQ ROFO Right of first offer to provide minority $185 equity financing to fund the development Undrawn or acquisition of new power projects of $90 Debt our subsidiaries Capacity Working Capital ____________________
Slide 16: Reiterating FY'19 Guidance
Reiterating FY’19 Guidance FY 2019 US$ 143 - 151 million of Revenue for FY’19 1,300 – 1,400 MWs Operating by March 31, 2019 __________________________ Exchange rate- INR68.46 to US$1 (New York noon buying rate of June 29, 2018) 16 | Copyright © 2018 Azure Power | www.azurepower.com
Slide 18: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures Adjusted EBITDA is a non-GAAP financial measure. The Company presents Adjusted EBITDA as a supplemental measure of its performance. This measurement is not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance
Slide 19: Reconciliation of Non GAAP Measures to Comparable GAAP measures
Reconciliation of Non GAAP Measures to Comparable GAAP measures Three Months Ended June 30, (in thousands) 2017 2018 2018 INR INR US$ Net income 206,857 29,803 434 Income tax expense/(benefit) 7,859 94,581 1,382 Interest expense 839,639 1,073,440 15,680 Depreciation and amortization 419,738 553,609
Slide 20: Projects Commissioned - Utility
Projects Commissioned - Utility As of August 1, 2018 Commercial Duration PPA Capacity DC Capacity Tariff Project Names Operation Off taker of PPA in (MW) (MW) (INR/kWh) Date(1) Years Operational - Utility Punjab 1 Q4 2009 2 2 17.91 NTPC Vidyut Vyapar Nigam Limited 25 Punjab 2.1 Q3 2014 15 15 7.67 Pu
Slide 21: Projects Commissioned / Under Construction – Utility and C&I
Projects Commissioned / Under Construction – Utility and C&I As of August 1, 2018 Commercial Duration PPA Capacity DC Capacity Tariff Project Names Operation Off taker of PPA in (MW) (MW) (INR/kWh) Date(1) Years Operational – Utility Punjab 4.1(4) Q4 2016 50 52 5.62 Punjab State Power Corporation Li
Slide 22: Committed Projects – Utility and C&I
Committed Projects – Utility and C&I As of August 1, 2018 Commercial Operation PPA Capacity Tariff Duration of PPA in Project Names Off taker Project Awarded(7) Date(1) (MW) (INR/kWh)(2) Years (6) Committed – Utility Karnataka 4.1 Q1 2019(3) 50 2.93 Bangalore Electricity Supply Company 25 Karnataka
Slide 23: Project Debt Schedule (as of June 30, 2018)
Project Debt Schedule (as of June 30, 2018) Outstanding Principal Amount (In thousands) Type of Interest Currency Maturity Date(2) Name of Project INR US$ (5) Punjab 1 174,000 2,542 Fixed INR 2022 Punjab 2 1,699,000 24,817 Fixed INR 2022 Gujarat 1 927,560 13,549 Fixed INR 2022 Rajasthan 1 757,324 11
Slide 24: 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 25: Affordable Solar Power for Generations
Affordable Solar Power for Generations Excellence | Honesty | Social Responsibility | Entrepreneurship 25 | Copyright © 2018 Azure Power | www.azurepower.com

Azure Power Global — Q1 FY2019 Earnings Presentation on 6ix

Azure Power Global — Q1 FY2019 Earnings Presentation

Slide 1: Fiscal First Quarter 2019 Ended June 30, 2018 Earnings Presentation

Slide 2: Disclaimer

Slide 3: Agenda

Slide 4: 4 | Copyright © 2018 Azure Power | www.azurepower.com

Slide 5: Leading Solar Platform in Fast Growing, Large Market

Slide 6: Strong Execution & Continued High Growth

Slide 7: Integrated Business Model Drives Attractive Returns

Slide 8: 3,043 MW Portfolio Capacity, Up 63% from 4Q'18

Slide 9: 1,175 MWs Recently Won; Among Highest Tariffs in Auctions

Slide 10: Industry and Regulatory Update

Slide 11: Strong Project Development & Execution Capabilities

Slide 12: Effective Strategy & Strong Execution Drives 100% YoY Increase in Operating & Committed Megawatts

Slide 13: Azure Power delivered 33% Adjusted EBITDA growth in Q1 FY'19

Slide 14: A Growing Balance Sheet with a Strong Liquidity Position

Slide 15: US$ 470 Million of Available Liquidity (June 30, 2018)

Slide 16: Reiterating FY'19 Guidance

Slide 17: Appendix

Slide 18: Use of Non-GAAP Financial Measures

Slide 19: Reconciliation of Non GAAP Measures to Comparable GAAP measures

Slide 20: Projects Commissioned - Utility

Slide 21: Projects Commissioned / Under Construction – Utility and C&I

Slide 22: Committed Projects – Utility and C&I

Slide 23: Project Debt Schedule (as of June 30, 2018)

Slide 24: Glossary of Select Terms

Slide 25: Affordable Solar Power for Generations