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30th April 2025 Adani Power Limited Earnings Presentation – Q4 FY 2024-25
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2 22.2 26.4 79.4 95.9 Q4 FY24 Q4 FY25 FY24 FY25 QoQ YoY Despatch Performance (BU) APL: Consolidated operating highlights for Q4 and FY 2024-25 Operating excellence coupled with strategic advantages enabling above-par capacity utilization PPA: Power Purchase Agreement; PLF: Plant Load Factor; BU: Billion Units Consistently high performance on dispatch availability resulting in full capacity charge recovery under PPAs. Stronger dispatch performance following reduction in import fuel prices and growing power demand across markets. Growth in installed capacity and power demand resulting in higher volumes. +19% Balanced mix of remunerative long term tie ups and ideally located open capacity to generate superior returns. +21%92% 91% 92% 91% Q4 FY24 Q4 FY25 FY24 FY25 QoQ YoY O&M Availability (%) 72% 74% 65% 71% Q4 FY24 Q4 FY25 FY24 FY25 QoQ YoY Generation Performance (PLF %) 82% 79% 82% 79% 18% 21% 18% 21% Q4 FY24 Q4 FY25 FY24 FY25 QoQ YoY Sales Volume Mix (%) Contracted (PPA) Merchant / Short Term
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3 11,470 13,926 FY24 FY25 3,464 3,248 Q4 FY24 Q4 FY25 Continuing PBT 18,789 21,575 FY24 FY25 5,273 5,098 Q4 FY24 Q4 FY25 Continuing EBITDA 50,960 56,473 FY24 FY25 13,787 14,522 Q4 FY24 Q4 FY25 Continuing Revenue APL: Consolidated financial highlights for Q4 and FY 2024-25 Robust core profitability of operating portfolio and sound capital management EBITDA: Earnings Before Interest Tax Depreciation and Amortization | PBT: Profit Before Tax | Continuing Revenue and E BITDA excludes One-time / Prior Period income recognitions Revenue growth in line with volumes, tempered by lower average tariff realization on account of lower import fuel price and lower merchant tariff. Quarterly Continuing EBITDA affected by lower merchant contribution, higher operating cost of acquisitions, and Corporate Social Responsibility expense obligation. Quarterly Continuing PBT affected by lower Continuing EBITDA and higher depreciation charge following recent acquisitions. INR Crores
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4 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.
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5 1 About Adani Portfolio 2 About Adani Power Limited (APL) 3 APL Quarterly Performance Highlights 4 Debt Profile 5 Progress in Capacity Expansion Projects 6 ESG Practice at APL 7 APL: Investment Case Table of Contents
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL About Adani Portfolio 01
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7 Adani Portfolio: A World class Infrastructure & Utility portfolio 1. NQXT: North Queensland Export Terminal . On 17th Apr’25, BOD have approved the acquisition of NQXT by APSEZ. | 2. ATGL: Adani Total Gas Ltd, JV with Total Energies | 3. Data center, JV with EdgeConnex, | 4. Cement includes 67.53% (67.57% on Voting Rights basis) stake in Ambuja Cements Ltd . as on 31 st Mar’ 25 which in turn owns 50.05% in ACC Limited . Adani directly owns 6.64% stake in ACC Limited . Ambuja Cements Ltd . holds 58.08% stake in Sanghi Industries Ltd . Ambuja Cements Ltd . holds 46.66% stake in Orient Cement Ltd . w.e.f 22nd Apr' 25.| 5. Includes the manufacturing of Defense and Aerospace Equipment | 6. AWL Agri Business Ltd. : AEL to exit Wilmar JV, diluted 13.50% through Offer For Sale (13 thJan’ 25), residual stake dilution is pursuant to agreement between Adani & Wilmar Group . | 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 Labs Pvt . Limited ; IPP : Independent Power Producer | NDTV : New Delhi Television Ltd | PVC : Polyvinyl Chloride l Promoter’s holdings are as on 31 st March, 2025 . (%): Adani Family equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries A multi-decade story of high growth centered around infrastructure & utility core AGEL Renewables AESL T&D ATGL2 Gas Discom APL IPP APSEZ Ports & Logistics NQXT1 (60.94%) (69.94%) (37.40%) (74.96%) (65.89%) (100%) ANIL New Industries AdaniConneX3 Data Centre (100%) (50.00%) AAHL Airports ARTL Roads (100%) (100%) Energy & Utility Transport & Logistics AWL6 Food FMCG ADL Digital (100%) (30.42%) NDTV (64.71%) Materials, Metal & Mining Cement4 (67.53%) Primary Industry Direct to consumer Emerging B2C AEL (73.97%) Incubator Flagship Copper, Aluminum Mining Services & Commercial Mining (100%) (100%) PVC (100%) Specialist Manufacturing5 (100%) Listed cos Direct Consumer Infrastructure & Utility Core Portfolio
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8 Adani Portfolio: Decades long track record of industry best growth with national footprint Secular growth with world leading efficiency Note: 1. Provisional data for FY25 ; 2. Margin for Indian ports business only l Excludes forex gains/losses ; 3. EBITDA: Earning before Interest Tax Depreciation & Amortization I EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items 4. EBITDA Margin represents EBITDA earned from power supply 5. Operating EBITDA margin of transmission business only, does not include distribution business l 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 430.6 MMT (13%) between 2014 and 2025, outpacing the industry's growth from 972 MMT to 1,593 MMT (5%). AGEL's operational capacity expanded from 0.3 GW to 14.2 GW (54%) between 2016 and 2025, surpassing the industry's growth from 46 GW to 172.4 GW (16%). AESL's transmission length increased from 6,950 ckm to 26,696 ckm (16%) between 2016 and 2025, surpassing the industry's growth from 3,41,551 ckm to 4,94,424 ckm (4%). APL’s operational capacity expanded from 10.5 GW to 17.6 GW (6%) between 2016 and 2025, outperforming the industry's growth from 185.2 GW to 221.8 GW (2%). PBT: Profit before tax l ATGL: Adani Total Gas Limited l AEL: Adani Enterprises Limited l APSEZ: Adani Ports and Special Economic Zone Limited l AESL: Adani Energy Solutions Limited l APL: Adani Power Limited l AGEL: Adani Green Energy Limited l Growth represents the comparison with respective industry segment . Industry source: APSEZ (domestic cargo volume) : https://shipmin .gov.in/ l Renewable (operational capacity) : https://cea.nic.in/installed-capacity-report/?lang=en l AESL (ckms): https://npp.gov.in/dashBoard/trans-map-dashboard l APL (operational capacity): https://cea.nic.in/wp-content/uploads/installed/ 2025/03/IC_March_ 2025_allocation_wise .pdf | ckms: circuit kilometers | National footprint with deep coverage Growth EBITDA 3x 6 92% 1,3,4 Growth EBITDA 3x 6 72% 1,2,3 Growth EBITDA 3x 6 38% 1,3 Growth EBITDA 4x 6 92% 1,2,3,5 AEL Adani Cement APSEZ AESL APL ATGL AGEL Adani’s Core Infra. Platform – 350 Mn Userbase
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9 Adani Portfolio: Repeatable, robust & proven transformative model of investment PERFORMANCE 55%31% 14% Note : 1 ITD Cementation Ltd. : Acquired 20.83% shares from public through open offer. In process of complying with conditions for acquisition of 46.64% shares from existing promoters . PSP Projects Ltd. : Adani Infra (India) Limited has agreed to acquire shares from the existing promoter group of PSP Projects such that pursuant to the acquisition of shares from the public under open offer, AIIL and existing promoters shall hold equal shareholding . Transaction is pending for regulatory approvals. | 2 Adani Environmental Resource Management Services Ltd. (additional company is being proposed) | O&M: Operations & Maintenance l HVDC: High voltage direct current l PSU: Public Sector Undertaking (Public Banks in India) l GMTN: Global Medium-Term Notes l SLB: Sustainability Linked Bonds l AEML: Adani Electricity Mumbai Ltd. l AIMSL : Adani Infra Mgt Services Pvt Ltd l IG: Investment Grade l LC: Letter of Credit l DII: Domestic Institutional Investors l COP26: 2021 United Nations Climate Change Conference l AGEL: Adani Green Energy Ltd. l NBFC: Non-Banking Financial Company l AIIL: Adani Infra (India) Ltd. | AOCC : Airport Operations Control Center ACTIVITY CONSUMERS • Delivering exceptional products & services for elevated engagement • Differentiated and many P&Ls Inspired Purpose & Value Creation New C.E.O. Consumer I Employees I Other Stakeholders OPERATIONS • Life cycle O&M planning • Asset Management plan Operation Operations (AIMSL) 2 DEVELOPMENT1 • Site acquisition • Concessions & regulatory agreements • Engineering & design • Sourcing & quality • Project Management Consultancy (PMC) Site Development Construction Adani Infra (India) Limited (AIIL) | ITD Cementation Ltd. | PSP Projects Ltd. Origination • Analysis & market intelligence • Viability analysis India’s Largest Commercial Port (at Mundra) Longest Private HVDC Line in Asia (Mundra - Mohindergarh) World’s largest Renewable Cluster (at Khavda) CAPITAL MANAGEMENT Strategic value Mapping Investment Case Development Growth Capital – Platform Infrastructure Financing Framework Duration Risk Matching Risk Management – Rate & Currency Governance & Assurance Diversified Source of Capital March 2016 Energy Network Operation Center (ENOC) Policy, Strategy & Risk Framework Human Capital Development • Leadership Development Initiatives • Investment in Human Capital AI enabled Digital Transformation • Power Utility Business - ENOC • City Gas Distribution - SOUL • Transportation Business - AOCC Continued Focus & Investment ENABLER Adani’s Core Infra. Platform – 350 Mn Userbase 6% 18% 25% 1% 26% 2% 23% March 2025 PSU Banks Pvt. Banks USD Bonds DII Global Int. Banks Capex LC NBFCs & FIs Long Term Debt
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL 02 About Adani Power Limited (APL)
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11 Adani Power Limited (“APL”): Overview Key Operating Metrics (1) Adani Power (Jharkhand) Ltd. was amalgamated with APL on 25 th April 2025 pursuant to a Scheme of Amalgamation m: million | Cr: Crores | k: Thousand | MMT: Million Tonnes | EBITDA: Earning before Interest, Tax, Depreciation & Amortization | MW: Mega Watts | GW: Giga Watts | PPA: Power Purchase Agreement | O&M: Operations & Maintenance | regulatory Distribution Company 17,550 MW 12 Assets Operating Capacity 74 MMT Fuel logistics capability 13,120 MW 9 Assets Upcoming Capacity 80%+ PPAs Tied up Operating Assets Adani Power’s Asset Portfolio Mundra 4620 MW Kawai 1320 MW + 1600 MW Udupi 1200 MW Mutiara (2) 1200 MW Tiroda 3300 MW Butibori 600 MW Raipur 1370 MW + 1600 MW Korba 600 MW + 2920 MW Raigarh 600 MW + 1600 MW Godda (1) 1600 MW Mirzapur 1600 MW Mahan 1200 MW + 3200 MW Dahanu 500 MW Operating Capacity + Locked-in Growth 17.55 GW 13.12 GW 30.67 GW Total Legend Including 600 MW under acquisition Bitta 40 MWp Vidarbha Industries Power Ltd. (100%) Under acquisition Korba Power Ltd. (100%) Mahan Energen Ltd. (94.43%) Mirzapur Thermal Energh (UP) Pvt. Ltd. (100%) Moxie Power Generation Ltd. (49%) Key Financial Metrics ₹21,575 Cr EBITDA (Continuing) + 15 % YoY ₹56,473 Cr Revenue (Continuing) + 11 % YoY 1.44x Net Debt to Continuing EBITDA (Mar ‘25) ₹113,215 Cr Gross Assets (Mar ‘25)
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12 APL: Delivering base load power needs of India through strong asset portfolio Notes: 1. Includes 40 MWp solar power plant at Bitta, Kutch, Gujarat as part of inorganic capacity; 2. Includes 1200 MW power plant of Moxie Power Generation Ltd., in which 49% stake is held by Adani Power Ltd.; 3. PPAs for 7% capacity yet to be operationalized | PPA: Power Purchase Agreement 62% 38% Asset Type Organic Inorganic 95% 5%Asset Type Organic Inorganic 76% 24% Asset Type Organic Inorganic 9% 53% 38% Technology Ultra-supercritical Supercritical Others 85% 10% 5%Technology Ultra-supercritical Supercritical Others 42% 35% 24% Technology Ultra-supercritical Supercritical Others 22% 78% PPA Tie-ups Till Date PPA Open + Operating Capacity 17,550 MW 121,2 Assets Upcoming Capacity 13,120 MW 9 Assets Target Capacity 30,670 MW 21 Assets 87% 13% PPA Tie-ups3 PPA Open Market Opportunity 40+ GW = Strong portfolio of operating assets, locked-in capacity and further growth opportunities
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13 Indian Power Sector: Growing power demand will require greater base load and peaking capacity *After adjusting 35.6 GW Pumped Storage Project capacity from FY32 targets (Source: 20th EPS, NPP, CEA, CEA Optimal mix and NEP-II Transmission) |(1) As of April ’25 | BU: Billion Units | GW: Giga Watts | MTPA: Million Tonnes Per Annum) | SHAKTI: Scheme for Harnessing and Allocating Koyala (Coal) Transparently in India | DISCOM: Distribution Company 186 282 243 388 1,626 2,474 - 50 100 150 200 250 300 350 400 450 500 - 500 1,000 1,500 2,000 2,500 3,000 2023-24 2031-32 Power Demand Growth Projections Average Demand (GW) Peak Demand (GW) Energy Demand (BU) 47% 5% 36% 12% Generation Capacity Mix (28th Feb 2025: 470 GW) 30% 3% 59% 9% Generation Capacity Mix (31st March 2032: 962 GW*) Coal Other Thermal Renewable Other Non-fossil 218 GW 27 GW 144 GW 53 GW 290 GW 25 GW 534 GW 81 GW 500 GW Base Load power critical for additional Renewable Capacity India’s Renewable Energy Target by 2030 80 GWAdditional Coal based capacity required by FY 2031-32 12.5 GW c. 15%+ of India’s requirement of which Adani Power’s current Project Pipeline (with further growth potential) Strong Pipeline of New PPA’s by State Discoms 24 GW(1)Coal allocations to State DISCOMs for fresh PPA bids under SHAKTI Policy clause B(iv) 4.5 GW PPAs already awarded by State Discoms with coal linkages pre-indicated under SHAKTI Policy clause B(iv) 2.9 GWOf which PPAs awarded to APL
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL 03 APL Quarterly Performance Highlights
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15 APL: Key Highlights for Q4 FY 24-25 MW: Mega Watt; PPA: Power Purchase Agreement; NCD: Non -Convertible Debentures Operational and ESG Updates ▪ The Water Intensity performance of APL for FY 2024-25 is 2.21 m³/MWh, which is 45% below the statutory limit for hinterland plants. It was 2.35 m3/MWh in FY 2023-24. ▪ Udupi plant achieved 100% O&M availability in Q4 FY2024-25. ▪ Raigarh plant achieved 99% O&M availability for Q4 FY 2024-25. Business Updates ▪ Adani Power (Jharkhand) Ltd. has been amalgamated with APL on 25th April 2025 pursuant to a Scheme of Amalgamation with effect from 1st April 2024. ▪ The Committee of Creditors of Vidarbha Industries Power Ltd. (VIPL) has approved APL's Resolution Plan under the Insolvency and Bankruptcy Code, following which APL has received a Letter of Intent from VIPL’s Resolution Professional. VIPL operates a 600 MW thermal power plant in Butibori, Nagpur, Maharashtra. ▪ CRISIL Ratings has upgraded credit ratings assigned to Rs. 38,000 Crore Bank Loan facilities of APL to AA/Stable and assigned AA/Stable rating to its proposed Rs. 11,000 Crore NCD issue. ▪ ICRA has assigned AA (Stable) / ICRA A1+ credit rating to APL’s Bank Loan facilities ICRA AA (Stable) rating to the proposed NCDs. ▪ CARE Ratings and India Ratings have assigned AA; Stable credit rating to the proposed NCDs. ▪ India Ratings has assigned AA/Stable rating to the combined facilities of APL and the erstwhile APJL post- amalgamation, thereby upgrading the rating of APJL’s facilities from BBB/Stable to AA/Stable.
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16 APL: Growth potential from rising power demand fully realised 92% 91% 92% 91% 72% 74% 65% 71% Q4 FY24 Q4 FY25 FY24 FY25 O&M Availability PLF 23.8 28.1 85.5 102.2 22.1 26.4 79.3 95.9 Q4 FY24 Q4 FY25 FY24 FY25 Generation (BU) Sales (BU) ▪ All India power demand increased by 4.2% during FY25 as compared to FY24. ▪ Merchant power demand continues to be high, but tariffs were affected due to cold weather in H2 FY25. ▪ Growth in dispatch volumes due to higher operating capacity in FY25 in addition to higher demand of power. PLF: Plant Load Factor; BU: Billion Units * Source: CEA 145.8 64.0 207.1 107.4 94.1 99.3 126.2 152.2 70.1 202.9 113.8 92.6 104.4 130.2 Gujarat Haryana Maharashtra Rajasthan Karnataka Madhya Pradesh Tamil Nadu Power Demand in key States (BU)* FY24 FY25
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17 APL: All-round improvement reflected in sustained strong profitability INR Crores Summary Income Statement Q4 FY25 Q4 FY24 + / - FY25 FY24 + / - Effective Capacity (MW) 17,550 15,250 15.1% 16,545 15,051 9.9% Continuing Operating Revenue 14,145 13,288 6.4% 54,503 49,668 9.7% Continuing Other Income 377 499 (24.4%) 1,970 1,292 52.5% Total Continuing Revenue 14,522 13,787 5.3% 56,473 50,960 10.8% Fuel cost (Includes purchase of traded goods and alternate power) 8,074 7,480 7.9% 30,630 28,675 6.8% Other Operating expenses 1,351 1,034 30.7% 4,267 3,496 22.1% Continuing EBITDA (Adjusted for one- time income) 5,098 5,273 (3.3%) 21,575 18,789 14.8% Reported EBITDA 5,111 5,368 (4.8%) 24,008 28,111 (14.6%) Depreciation 1,085 990 9.6% 4,309 3,931 9.6% Finance cost 765 820 (6.7%) 3,340 3,388 (1.4%) Continuing Profit Before Tax 3,248 3,464 (6.2%) 13,926 11,470 21.4% One-time income (Net) 13 94 (86.0%) 2,433 9,322 (73.9%) Profit Before Tax 3,261 3,558 (8.3%) 16,360 20,792 (21.3%) Profit After Tax 2,599 2,737 (5.0%) 12,750 20,829 (38.8%) Snapshot of Profit & Loss Account ▪ Growth in volumes offset by lower tariff realization during Q4 FY25 due to lower import coal prices and impact of cold weather on merchant market. ▪ Operating expense during Q4 FY25 increased due to addition of acquired assets and expenditure of Corporate Social Responsibility obligation. ▪ Increase in depreciation due to capacity addition. ▪ Reduction in finance cost during Q4 FY25 due to favourable forex movement. ▪ Lower one-time prior period revenue recognition during Q4 FY25 and FY25 as compared to the corresponding periods of FY24 due to majority of regulatory claims already being recovered.
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18 APL: Revenue Bridge Core continuing revenue growth tracking growth in volumes, tempered by lower tariff realisation 13,882 13,787 14,522 14,536 94 735 13 Q4 FY24 Reported Revenue One-time income (Q4 FY24) Q4 FY24 Continuing Revenue Change in volumes and tariffs Q4 FY25 Continuing Revenue One-time income (Q4 FY25) Q4 FY25 Reported Revenue Growth in Revenues Q4 FY24 to Q4 FY25 INR Crores 60,281 50,960 56,473 58,906 9,322 5,513 2,433 FY24 Reported Revenue One-time income (FY24) FY24 Continuing Revenue Change in volumes and tariffs FY25 Continuing Revenue One-time income (FY25) FY25 Reported Revenue Growth in Revenues FY24 to FY25
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19 APL: EBITDA Bridge Robust Q4 FY25 Continuing EBITDA performance despite lower tariff realisation 5,368 5,273 5,098 5,111 94 735 594 317 13 Q4 FY24 Reported EBITDA One-time income (Q4 FY24) Q4 FY24 Continuing EBITDA Change in volumes and tariffs Change in fuel cost Change in other operating expenses Q4 FY25 Continuing EBITDA One-time income (Q4 FY25) Q4 FY25 Reported EBITDA Growth in EBITDA Q4 FY24 to Q4 FY25 INR Crores 28,111 18,789 21,575 24,008 9,322 5,513 1,955 772 2,433 FY24 Reported EBITDA One-time income (FY24) FY24 Continuing EBITDA Change in Continuing revenue Change in fuel cost Change in other operating expenses FY25 Continuing EBITDA One-time income (FY25) FY25 Reported EBITDA Growth in EBITDA FY24 to FY25
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20 APL: Deleveraged Balance Sheet • Consistent strong profitability adding to Net Worth • Increase in long term borrowings on account of acquisition debt • Increase in short term borrowings in line with operations • Higher non-current liabilities mainly due to higher Deferred Tax Liabilities. • Fixed Assets growth due to new acquisitions and project execution progress at Mahan (Phase-II 1,600 MW), Raipur (Phase-II 1,600 MW), and Raigarh (Phase-II 1,600 MW). • Prudent utilisation of surplus to fund capacity expansion. Summary Balance Sheet (Rs. In Crore) Mar-25 Mar-24 Equity & Reserves (incl. Unsecured Perpetual Securities) 57,674 43,145 Long Term Borrowings incl. Current Maturities 29,248 28,060 Other Non-current Liabilities 11,156 6,796 Short Term Borrowings 9,087 6,397 Trade Payables 2,978 3,609 Other Current Liabilities 2,775 4,318 Sources of Funds 112,918 92,325 Fixed Assets 81,402 63,941 Bank Balance held as margin money and Fixed Deposits (Non-current) 154 327 Other Non-current Assets 5,033 2,470 Inventories 3,317 4,142 Trade Receivables 13,022 11,677 Cash & Bank 6,120 7,212 Current Investments 1,038 374 Other Current Assets 2,832 2,182 Application of Funds 112,918 92,325 UPS: Unsecured Perpetual Securities; CWIP: Capital Work In Progress
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21 Summary Cash Flow Statement (Rs. In Crore) FY25 FY24 Profit after tax 12,750 20,829 Non-cash items (incl. deferred tax) 7,373 3,600 Non-operating items 1,799 -5,809 (Increase) / Decrease in working capital -239 -4,450 Net cash from operations 21,682 14,170 Net investment in fixed assets (12,540) (2,602) Proceeds from / (Payment towards) Current investments (Net) -626 281 Bank / Margin Money Deposits (placed) / withdrawn (Net) 512 (4,545) Interest received 904 9,316 Other items (189) 909 Net cash from investing activities (11,939) 3,360 Net Borrowings (repaid) / raised (4,252) (6,030) Net Proceeds / (Repayment / Distribution) for UPS (4,948) (7,278) Interest paid (3,428) (3,431) Net cash from financing activities (12,628) (16,739) Addition / (Reduction) on acquisition / forex Impact 2,068 -4 Net Increase / (Decrease) in Cash (816) 787 Closing Cash and Cash Equivalents 320 1,136 APL: Robust Cashflow Generation • Strong and growing cash flow generation from operations on back of stable operating profitability • Cash flows deployed in capacity expansion as part of prudent capital management • Favourable resolution of regulatory matters resulted in higher one-time receipts including carrying costs in previous years. • Unsecured Perpetual Securities redeemed from residual surplus cash flows. • Cash inflows from acquisitions utilized in part payment of resolution amounts. INR Crores `` UPS: Unsecured Perpetual Securities
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Debt profile 04
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23 APL: Consolidated Debt Profile INR Crores * Continuing EBITDA include EBITDA of 1,600 MW Godda power plant for partial period of FY24, while entire project debt pertaining to the plant is included in Senior and Total Debt as of 31st March 2023 and 31st March 2024. The Godda project was commissioned during Q1 FY24. CRPS: Compulsory Redeemable Preference Shares. Particulars As on 31st March 2025 As on 31st March 2024 As on 31st March 2023 Senior Secured Loans Existing entities 27,780 27,875 21,425 Under-construction project 950 8,196 Total Senior Secured Loans (after Ind-AS adjustment) 28,730 27,875 29,621 Working Capital Loans 9,087 6,397 5,672 Inter-Corporate Deposits and other unsecured loans (incl. CRPS) 518 184 6,959 Total Gross Debt 38,335 34,457 42,252 Net Total Debt 31,023 26,545 39,434 Net Debt / MW 1.77 1.74 2.89 Net Fixed Assets 81,402 63,941 64,331 Net Fixed Assets / Net Total Debt (times) 2.62x 2.41x 1.63x Continuing EBITDA 21,575 18,789 8,540 Net Total Debt / Continuing EBITDA (times) 1.44x 1.41x 4.62x Strong credit profile with high liquidity paving the way for superior growth without excess leverage
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24 -2,275 1,270 4,912 10,727 20,829 12,750 FY20 FY21 FY22 FY23 FY24 FY25 Reported PAT (₹ Crore) 27,842 28,150 31,686 43,041 60,281 58,906 FY20 FY21 FY22 FY23 FY24 FY25 Reported Total Revenues (₹ Crore) APL: Consistent improvement in EBITDA delivering free cashflow for growth APJL: Adani Power Jharkhand Limitred; MEL: Mahan Energen Limited; EBITDA: Earnings before Interest, Tax, Depreciation and Amortization; PAT: Profit After Tax; TTM: Trailing Twelve Months 5,774 6,852 7,989 8,540 18,789 21,575 1,285 3,745 5,800 5,772 9,322 2,433 FY20 FY21 FY22 FY23 FY24 FY25 Reported EBITDA (₹ Crore) Continuing One-time +16% CAGR 7,059 10,597 13,789 14,312 28,111 Continuing EBITDA CAGR of 30% 24,008 5.32 2.57 1.86 0.99 0.65 0.50 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Senior Term Debt / Equity Ratio (times)
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25 m: million | Cr: Crores | k: Thousand | MMT: Million Tonnes | MMTPA: Million Metric Tonnes Per Annum | EBITDA: Earning before Interest, Tax, Depreciation & Amortization | MW: Mega Watts | GW: Giga Watts | PPA: Power Purchase Agreement | FSA: Fuel Supply Agreement | O&M: Operations & Maintenance | kWh: kilo Watt hours | TTM: Trailing Twelve Months 8 notches upgrade in last 6 years with increased coverage from one rating agency to four rating agencies Rating Track Record years Rating Agency April 2019 March 2023 March 2025 BB+/Stable - AA/Stable - A/Positive AA/Stable - A/Stable AA/Stable - - AA/Stable 6 8 notches ▲ Key Rating highlights: • Significant cash inflow of long due regulatory receivables due to favorable resolution of regulatory issues • Resulting into strengthening of balance- sheet and improved credit profile • 80%+ of 17.55 GW capacity is tied up under long term PPA • 60% of fuel capacity (91% of domestic capacity) is tied up under long term FSA 45,957 52,987 50,626 45,822 39,434 26,545 31,023 4,715 5,774 6,852 7,989 8,540 18,789 21,5759.7 9.2 7.4 5.7 4.6 1.4 1.4 -5000 5000 15000 25000 35000 45000 55000 0.00 5.00 10.00 15.00 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Net Debt to Continuing EBITDA (x) Net Debt (Rs. Crore) Continuing EBITDA (Rs. Crore) Net Debt to Continuing EBITDA (x) ₹ 4,715 Crore FY19 Continuing EBITDA ₹ 21,575 Crore Mar ‘25 Continuing EBITDA ₹ 45,957 Crore FY19 Net Debt ₹ 31,023 Crore Mar ‘25 Net Debt 9.7 times FY19 Net Debt / Continuing EBITDA 1.44 times Mar’25 Net Debt / Continuing EBITDA APL: Self Funded Growth – Conservative Leverage supports high cashflow generation
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL 05 Progress in Capacity Expansion Projects
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27 Project MW Land Equipment Ordering Environ- mental Clearance PPA Korba Ph-II 1,320 MW In progress Bids ongoing Mahan Ph-II 1,600 MW 1,320 MW Raipur Ph-II 1,600 MW 1,600 MW Raigarh Ph-II 1,600 MW Bids ongoing Mirzapur 1,600 MW In progress Bid submitted Mahan Ph-III 1,600 MW Bids ongoing Kawai Ph-II 1,600 MW In progress Bids ongoing Korba Ph-III 1,600 MW In progress Bids ongoing Organic Total 12,520 MW 100% 100% 50% 2,920 MW Locked-in Organic Growth projects in advanced stages of development m: million | Cr: Crores | k: Thousand | MMT: Million Tonnes | EBITDA: Earning before Interest, Tax, Depreciation & Amortization | MW: Mega Watts | GW: Giga Watts | PPA: Power Purchase Agreement | O&M: Operations & Maintenance | BTG: Boilers, Turbines, and Generators | ESP: Electrostatic Precipitator | HRSCC: High-Rate Solid Contact Clarifier | (1) Expected on basis of submitted bid (2) APL holds 49% in Moxie Power Generation Ltd., the Special Purpose Vehicle of the acquiring Consortium; (3) The National Company Law Tribunal has approved the Scheme of Amalgamation of Adani Power (Jharkhand) Ltd. with APL on 4 th April 2025 Projects under progress 11.2 GW 100% BTG equipment ordered 4.8 GW Projects in construction phase 1.32 GW Acquired project being revived 2.92 GW PPAs already signed VIPL (under acquisition) 600 MW Commissioned Bids ongoing Total 13,120 MW 100% 100% 53% 2,920 MW Derisked execution Brownfield development model: • No delay on account of land acquisition • Faster clearances and permissions Project execution control: • Greater flexibility in scheduling and direct assurances from vendors and suppliers Project supply chain assurance: • Assured availability of most critical parts of the power projects, through advance ordering of 11.2 GW of BTG sets APL: Attractive Portfolio of Locked In Assets - Derisked execution with competitive advantages
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28 APL Project Gallery: Project execution expertise being demonstrated capably across large & complex projects MW: Mega Watts | BTG: Boiler, Turbine and Generator BTG Area Aerial View Unit #3 Electrostatic Precipitator Hopper erection work progress Unit #3 - Turbine Generator Deck Unit #3 – Electrostatic Precipitator Unit #3 - Turbine Generator Deck Unit #3 – Boiler Mahan Phase-II Project (2 x 800 MW) Raipur Phase-II Project (2 x 800 MW) Raigarh Phase-II Project (2 x 800 MW) High-Rate Solid Contact Clarifier Main Power House and Central Control Room Structure
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL 06 ESG Practice at APL
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30 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 UNSDG: United Nations Sustainability Development Goals l ESG : Environment Social Governance l APL: Adani Power Limited | tCO2e: Tonnes of Carbon Dioxide Equivalent Climate Change Adaptation and mitigation • Average Emission intensity - 0.85 tCO2e/MWh. Water Management • Water Intensity is 2.21 m3/MWh for FY 25 which is 36% lower than Statuary limit for Hinterland plants (3.50 m3/MWh). • APL achieved ash utilization of 102% for FY 25. Waste Management • 07 out of 09 APL operating locations certified with SUP Free certification Health, Safety and Well-being • All Plants and Offices assessed on working conditions and health and safety • Zero health and safety related injuries ESG Rating Highlights • APL maintained B Score For Fulfilling Climate Change and Water Security Commitments from CDP for 2024. • APL’s score of 67 in Corporate Sustainability Assessment (CSA) by S&P Global, is above the world electric utility average score of 42. • APL’s score 88% in CSR HUB ESG Rating Jan‘24 is better than the global industry average. • Scored 3.5/5.0 in FTSE ESG rating – better than world utilities average score of 2.7/5.0. • APL is a constituent company in the FTSE4Good Index Series. Targets Key ESG Initiatives/Achievements UN SDGsMaterial Topic Single-use-Plastic-Free (SuPF) Certified Company for 100% of operating locations by FY 25 Health and Safety Waste Management Climate Change Adaptation and Mitigation 0 Zero health & safety related injuries Reduction in GHG emission intensity to 0.84 tCO2e/MWh by FY 25 APL: ESG Highlights
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31 APL: Board of Directors and Management overview Chairperson of Audit committee; Chairman of Nomination and Remuneration committee; Chairperson of Corporate Responsibility committee ID: Independent Director I NID: Non-Independent Director | Information is as on Date 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 • Related Party Transactions – Independent 3rd party review & certification • Training & Education – Min. 4 sessions in a year for education of IDs Statutory Committees - Audit 🗹 - Nomination & Remunerations 🗹 - Stakeholder Relationship 🗹 - Corporate Social Responsibility 🗹 - Risk Management 🗹 Non-statutory Committees - IT & Data Security 🗹 - Corporate Responsibility 🗹 - Mergers and Acquisition 🗹 - Legal, Regulatory & Tax 🗹 - Reputation Risk 🗹 - Commodity Price Risk 🗹 100% IDs Chaired By IDs 40% Comprised of only Independent Directors 100% of Statutory Committees Chaired by Independent Directors 6 Additional Business specific committees 17% Fully comprised of Independent Directors 83% Chaired by Independent Directors Chaired By NID Non-Independent Directors Board of Directors Independent Directors Sushil Kumar Roongta 35+ Yrs of Experience Skill & Expertise • Business leadership • Industry expert Sangeeta Singh 35+ Yrs of Experience Skill & Expertise • Taxation • Strategy Formulation Gautam Adani Chairman Skill & Expertise • Entrepreneurial Vison • Business Leadership Rajesh Adani Director Skill & Expertise • Business relationship • Execution Anil Sardana Managing Director 40+ Yrs of Experience Skill & Expertise • Industry veteran • Strategic leadership • Transition & Development Chandra Iyengar 50+ Yrs of Experience Skill & Expertise • Regulatory matters • Policy framework
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL 07 APL: Investment Case
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33 APL: Conclusion Strong Financials FY25 Continuing EBITDA ₹ 21,575 Crores Strong Credit Profile AA/Stable rating from four rating agencies Predictable and reliable operating performance Consistent achievement of 90%+ plant availability (91% in FY25) Strong Asset Fundamentals Benchmark Operating Performance Acquisition and integration of stressed assets to benchmark operations 4.37 GW capacity acquired and turned around within two years Locked-in growth pipeline 9 assets with 13.12 GW capacity by 2030 Sustained Growth Opportunity Advance ordering to derisk project execution Main plant equipment ordered for 9.6 GW brownfield and 1.6 GW greenfield projects m: million | Cr: Crores | k: Thousand | MMT: Million Tonnes | EBITDA: Earning before Interest, Tax, Depreciation & Amortization | MW: Mega Watts | GW: Giga Watts | PPA: Power Purchase Agreement | O&M: Operations & Maintenance | BTG: Boiler, Turbine, Generator | BTG: Boilers, Turbines, Generators
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34 Thank You