Azure Power Global Limited · OTC:AZREF

Azure Power Global — Q2 FY2019 Earnings Presentation

26 slides from Azure Power Global's earnings presentation, Nov 14, 2018

Slide 1: Fiscal Second Quarter 2019 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 Second Quarter 2019 Ended September 30, 2018 Earnings Presentation November 14, 2018 1 |
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 3,059 MWs 2,848 MWs 211 MWs ~500 Total Portfolio Utility-Scale C&I Projects Households Projects Electrified with Azure M Power 2 GW+ Contracted Pipeline with Among the Highest Tariffs in the Indian Solar Market(1) 1) Compares tariffs with companie
Slide 6: Business Continues to Outperform- Pipeline Secured Ahead of Schedule
Business Continues to Outperform- Pipeline Secured Ahead of Schedule Highlights Robust Outlook Over $680 million of capital raised, the largest amount raised by an India solar company during the period(1). Issued Differentiated platform in fastest growing $186 million of equity which funds equity re
Slide 7: 3,059 MW Portfolio Capacity, Up 43% from 1Q'19
3,059 MW Portfolio Capacity(1), Up 43% from 1Q’19 NTPC, 300 MW: Location TBD Delhi, 2 MW B to BBB+ Punjab, 214MW Uttar Pradesh,100 MW Bihar, 10 MW 86% of the pipeline is with Rajasthan, 945 MW offtake with A to AAA credit ratings(2) A to AAA Gujarat, 270MW 1 Assam, 90 MW Chhattisgarh, 30 MW Maharash
Slide 8: 924 MWs Won since Q1FY19; Among Highest Tariffs in Auctions
924 MWs Won since Q1FY19(1); Among Highest Tariffs in Auctions ~2GW Contracted Pipeline With Realized Tariff 17%(4) Above Lowest Bid 6.41 MW |IPGCL, NREDCAP, REIL • Offtaker and Credit Rating: Delhi, AP and Kerala (A-|B+|B)(3) 600MW |SECI 1 • State: Delhi, Andhra Pradesh, Kerala • Offtaker and Credi
Slide 9: Industry and Regulatory Update
Industry and Regulatory Update Low Solar Tariffs Increasing Demand Industry Update Solar continues to be the cheapest source of power in India During 2018, India became the second largest solar market in the and continues to take market share world, surpassing the United States(1) India’s renewable
Slide 10: Gujarat Phase I – Record Early Completion
Gujarat 2 Phase I – Record(1) Early Completion Gujarat 2: 260 MW Commissioning Status: Phase I : 95MW Q3 CY 2018; 5 months ahead of schedule Phase II: 165MW Q1 CY 2019 95 MW, Gujarat, Commissioned Switchyard, Gujarat 2 • 95 MWs completed 5 months ahead of schedule outside a solar park • Azure Power
Slide 11: 522 MW Projects Under Construction
522 MW Projects Under Construction Fencing and piling under progress Fencing and piling under progress SECI Rooftop Karnataka 4 Rajasthan 5 Azure Roof Power Projects 100 MW 200 MW 57 MW Expected PPA COD : Q2 CY 2019 Expected PPA COD : Q2 CY 2019 Expected COD : Q1 CY 2019- Q2 CY 2019 Tariff: INR 2.93
Slide 12: Effective Strategy & Strong Execution Drives 122% YoY Increase in Megawatts
Effective Strategy & Strong Execution Drives 122% YoY Increase in Megawatts Operating and Committed 1,018MW Operating 3,059 MW Operating & Committed US$30.7mn Q2 Revenue 27% increase(1) 122% increase(1) 22% increase(1) 371.8mn kWh Q2 Generation US$0.61mn Project Cost/MW (DC) US$329 mn Portfolio Reve
Slide 13: Azure Power delivered 21% Adjusted EBITDA growth in Q2 FY'19
Azure Power delivered 21% Adjusted EBITDA* growth in Q2 FY’19 Three Months Ended September 30, Six Months Ended September 30, % Change (in thousands) (in thousands) Q2FY’19 vs Q2FY’18 2017 2018 2018 2017 2018 2018 INR INR US$ INR INR US$ Revenue 1,823,797 2,225,693 30,682 3,701,729 4,648,232 64,078
Slide 14: A Growing Balance Sheet with a Strong Liquidity Position
A Growing Balance Sheet with a Strong Liquidity Position March 31, 2018 September 30, 2018 (in thousands) (in thousands) INR INR US$ Cash, Cash Equivalents and Current 9,730,099 10,754,825 148,260 Investments Property, Plant & Equipment, Net 56,580,700 65,702,333 905,739 Total Debt, Net of Hedging*
Slide 15: Well Capitalised Balance Sheet
Well Capitalised Balance Sheet Post 2Q19 Quarter End $186 million of Equity Issuance Proceeds of Follow On Undrawn Cash (incl. $205 $257 $146 million of Debt Financing Debt restricted) Capacity $42 CDPQ ROFO Right of first offer to provide minority equity financing to fund the development As of Sept
Slide 16: Reiterating FY'19 Guidance
Reiterating FY’19 Guidance FY 2019 US$ 143 - 151 million of Revenue for FY’19 1,300 – 1,400 MWs Operating by March 31, 2019 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 September 30, Six Months Ended September 30, (in thousands) (in thousands) 2017 2018 2018 2017 2018 2018 INR INR US$ INR INR US$ Net loss (1,240,529) (297,605) (4,103) (1,033,672) (267,802) (3,691) Income tax benefit
Slide 20: Projects Commissioned - Utility
Projects Commissioned - Utility As of November 5, 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
Slide 21: Projects Commissioned– Utility and C&I
Projects Commissioned– Utility and C&I As of November 5, 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 Bihar1 Q3 2016 10 11 8.39 North & South Bihar Power Distribution Company Ltd 25 Punjab
Slide 22: Under Construction Projects –Utility and C&I
Under Construction Projects –Utility and C&I As of November 5, 2018 Expected Commercial PPA Capacity Tariff Duration of PPA in Project Names Off taker Operation Date(1) (MW) (INR/kWh) Years(3) Under Construction Gujarat 2 Q1 2019 165 2.67 Gujarat Urja Vikas Nigam Limited 25 Karnataka 4.1 Q2 2019 50
Slide 23: Committed Projects – Utility and C&I
Committed Projects – Utility and C&I As of November 5, 2018 Expected Commercial PPA Capacity Tariff Duration of PPA in Project Names Off taker(2) Operation Date(1) (MW) (INR/kWh) Years (3) Committed – Utility Assam 1 Q4 2019 90 3.34 Assam Power Distribution Company 25 Maharashtra 2 Q1 2020 200 3.07
Slide 24: Project Debt Schedule (as of September 30, 2018)
Project Debt Schedule (as of September 30, 2018) Outstanding Principal Amount (In thousands) Type of Interest Currency Maturity Date(2) Name of Project INR US$ (5) Punjab 1 174,000 2,399 Fixed INR 2022 Punjab 2 1,699,000 23,422 Fixed INR 2022 Gujarat 1 927,560 12,787 Fixed INR 2022 Rajasthan 1 785,1
Slide 25: 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 26: Affordable Solar Power for Generations
Affordable Solar Power for Generations Excellence | Honesty | Social Responsibility | Entrepreneurship 26 | Copyright © 2018 Azure Power | www.azurepower.com

Azure Power Global — Q2 FY2019 Earnings Presentation on 6ix

Azure Power Global — Q2 FY2019 Earnings Presentation

Slide 1: Fiscal Second Quarter 2019 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: Business Continues to Outperform- Pipeline Secured Ahead of Schedule

Slide 7: 3,059 MW Portfolio Capacity, Up 43% from 1Q'19

Slide 8: 924 MWs Won since Q1FY19; Among Highest Tariffs in Auctions

Slide 9: Industry and Regulatory Update

Slide 10: Gujarat Phase I – Record Early Completion

Slide 11: 522 MW Projects Under Construction

Slide 12: Effective Strategy & Strong Execution Drives 122% YoY Increase in Megawatts

Slide 13: Azure Power delivered 21% Adjusted EBITDA growth in Q2 FY'19

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

Slide 15: Well Capitalised Balance Sheet

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– Utility and C&I

Slide 22: Under Construction Projects –Utility and C&I

Slide 23: Committed Projects – Utility and C&I

Slide 24: Project Debt Schedule (as of September 30, 2018)

Slide 25: Glossary of Select Terms

Slide 26: Affordable Solar Power for Generations