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Adani Transmission Limited Adani Energy Day Adani Transmission Limited Adani Energy Day December 2019 Table of Contents A Introduction to Adani Group B Introduction to ATL and Growth Levers C Value Creation through Capital Management D ESG Showcase E ATL: A Compelling Investment Proposition ATL – Adani Energy Day 2019 2 A) Introduction to Adani Group Adani: Leading Infrastructure and Utility Portfolio Transport & Logistics Portfolio Utility & Power Portfolio 62.3% 100% 100% 75% 75% 75% 75%* Adani Adani Adani Green Adani Gas APSEZ AAPT SRPCL Transmission Power (AGEL) (AGL) (ATL) (APL) Port & Port Rail 75% Transmission & IPP Renewables Gas Logistics Distribution Distribution AEL1 (Incubator) 100% 100% 100% 100% AAHL ATrL AWL Data Centre Airports Roads Water US$ 26.5 bn2 . No 1 in Ports, Transmission & Distribution and IPP (Thermal and renewables) in India . Independent verticals with independent boards - Integrating ESG into value creation . Addressable market size (customers): ~12mn in Adani Transmission, ~10mm in Adani Gas & ~125mn in Airports Notes: APSEZ: Adani Ports and Special Economic Zone Limited; AAPT: Adani Abbot Point Terminal Pty Ltd; SRPCL: Sarguja Rail Corridor Private Limited; ATL: Adani Transmission Limited; APL: Adani Power Limited; AGEL: Adani Green Energy Limited; AGL: Adani Gas Limited; AAHL: Adani Airports Holdings Limited; ATrL: Adani Transport Limited; AWL: Adani Water Limited Note: (1) Part of Adani Enterprises Limited (AEL) which is a listed entity; (2) Market Cap. as on October 31, 2019 * Adani Family shareholding as of 30 Sept 2019 ATL – Adani Energy Day 2019 4 Adani: Repeatable, Robust and Proven business model Phase Development Operations Post operations Origination Site Construction O&M and Capital development technology management Return based Resource Template based RONC based Reduction of disciplined assessment design analytics and cost of debt bidding strategy intelligence Connectivity Strong project Project life-cover Activity Target off-taker permits management Real-time based debt mix skills diagnostics funding Land acquisition Target fuel mix Strong vendor Cluster based Investor engagement management reporting and engagement Portfolio with Successfully Complex Best-in-class Operations phase high quality developing large developments on performance funding consistent sovereign scale remote site time & budget e.g. with asset life equivalent off- locations Kamuthi Solar takers APSEZ, ATL Performance Diversified fuel a nd AGEL – mix o nl y p r i va t e s ec to r Infrastructure a s s e ts in Ind i a w i t h IG r a t i n g Low capital cost, time bound & quality completion providing long term stable cashflow & enhanced RoE ATL – Adani Energy Day 2019 5 …Applied Consistently to Drive Value Key Business Model Successfully Applied Across Infrastructure and Utility Platform Attributes Development at scale and within time and budget India’s Largest Longest Private HVDC Largest Private integrated 648 MW Ultra Mega Largest Single Location Commercial Port Line in Asia Utility in India Solar Power Plant Private Thermal IPP APSEZ ATL AEML AGEL APL Highest Margin Highest availability Consistently high Constructed and Competitive capex / Excellence in O&M among among Peers supply reliability of Commissioned in MW as compared to leading to superior Peers in the World 99.99% 9 months Peers returns EBITDA margin: EBITDA margin: EBITDA margin: 65%(1),(2) 91%(1),(3) 90%(1),(4) March 2019 March 2016 Diverse financing sources – only Bonds Private Banks Indian 14% 33% infrastructure PSU PSU portfolio with three 55% 42% Investment Grade Private Banks (IG) issuers 31% Bonds 25% Notes: 1. Data for FY19; 2. Excludes forex gains/losses; 3. EBITDA = PBT + Depreciation + Net Finance Costs – Other Income; 4. EBITDA Margin represents EBITDA earned from power sales and excludes other items ATL – Adani Energy Day 2019 6 B) Introduction to ATL and Growth Levers ATL manifests Adani’s Infrastructure Excellence in T&D business… Execution Strength and Pan India Presence 3 million+ AEML - One of the best-run 93-year 765 KV, 400 KV, 220 KV EHT Retail Electricity Households old integrated utility catering to AC Pan-India network & only gateway city of Mumbai private sector co. to operate 500 KV HVDC in S-E Asia Predictable and Annuity Returns 31 years/ 17 years INR 281 Bn/ US$ 4.0Bn 54%/ 46% Avg. Residual Concession Life Total Regulated Asset base(1) ROA / TBCB (2) (Fully built) (Transmission/ Distribution)(4,5) Robust Financial performance and BBB- / Baa3 strong Balance Sheet 91% ~99.84 % INR 117 bn / US$ 1.7 bn EBITDA Margin Availability Approved Tariff Order International Investment (FY19) (FY19) (Fully Built)(1) Grade Rating(5) Notes: US$/INR: 70; (1) Fully built estimate based on regulatory approved tariff and bid based tariff profile of operational, under-construction and under-acquisition projects of Transmission and Distribution business. No upsides have been assumed on account of operational efficiencies; (2) Including under-construction and under-acquisition assets on project cost basis and existing assets on book value basis; RTM – Regulated Tariff Mechanism; (3) S&P: BBB- / Fitch: BBB- / Moody’s: Baa3; (4) Average residual concession life for Transmission assets is as of FY19; (5) Operational History of 93 years ATL – Adani Energy Day 2019 8 …Repeatable, Robust and Consumer-centric Business Model… Phase Development Consumer-centric Operations Origination Construction O&M and Consumer Capital Mgmt Technology Engagement • Time-bound • Return based • In-house tailor- • Remote operation of • Reduction of cost Consumer Redressal disciplined bidding made design pan-India assets being of debt strategy capabilities Mechanism pursued for enhanced • Project life-cover • Healthy off-taker • Strong project efficiency and higher • Integrating based debt funding mix management skills availability Consumer Service Activity through Web, Chat- • Investor reporting • High Focus on • Moving towards • Strong vendor bot, Mobile App and and engagement reliability of the supply benign fuel mix engagement Social Media demonstrated by SAIDI, • AEML: Investing SAIFI and distribution • Consumer Data significantly losses Analytics to improve towards network process efficiency strengthening • 54% of total • Longest Private • Availability higher • AEML emerging as a • Ops phase funding Transmission HVDC Line (± 500 than national avg. ‘supplier of choice’ consistent with portfolio EBITDA DC) in Asia ~ 1,980 and AT&C losses well for consumers asset life with high quality ckms from Mundra- below national avg. • Enabled AEML as a sovereign Mohindergarh • ATL only private AEML – Robust significant power equivalent off- Performance network with supply off-taker under sector transmission Performance takers reliability of 99.99% parallel licensing in and distribution • Consistent Mumbai company in India improvement in AT&C with International losses, SAIDI and SAIFI IG Rating metrics resulting into lower outage Efficient project execution, high quality asset management, consumer-centricity translating to enhanced RoE & lower cost of capital Notes: SAIDI - System Average Interruption Duration Index, SAIFI - System Average Interruption Frequency Index, M&D – Monitoring and Diagnostics center; IG: Investment Grade ATL – Adani Energy Day 2019 9 …Delivered ~2.5x EBITDA Growth over 3.5 years A platform well-positioned to leverage growth opportunities in the market ATL’s “Grid-to-Switch” Integrated Platform Transmission Line Distribution Households (Ckt kms) 3 mn+ 3 mn+ 14,738 13,562 Ckt kms 8,600 Ckt kms 5,450 5,050 Ckt kms Ckt kms Ckt kms FY16 FY17 FY18 FY 19 H1 FY 20 Asset Base 2.7x 105.6 120.0 271.0 (Rs. Bn) 130.3 281.3 EBITDA 2.5x* (Rs. Bn) 18.6 18.2 19.4 28.5 22.8 Note: *2.5x growth based on EBITDA for H1FY20 being annualized; Asset base includes ROA and TBCB assets ATL – Adani Energy Day 2019 10 ATL: Growth through TBCB pipeline Fully Transmission: ROA and TBCB Assets No. of COD/ operational Project cost projects SCOD tariff (Rs. bn) Transmission Asset Base (Rs. Billion)2 (Rs. bn)1 ROA TBCB 250 224 200 COD: 163 4 Operating ROA Aug’12- 19.0 108 2.1x 116 projects 150 Assets Mar’15 55 100 50 108 108 0 FY19 Fully Built-up COD: Operating TBCB 12 Dec’13- 8.6 55 Projects projects Aug’19 FY19 EBITDA Fully built-up EBITDA State 55% State 46% Under- SCOD: 8 construction Mar‘20- 8.8 61 Centre projects Centre projects June ‘21 45% 54% Centre projects will contribute 54% of the EBITDA Further growth in Transmission from strong TBCB pipeline Notes: 1) Fully Operational Tariff for Operating ROA as of FY19 and Operating TBCB and Under-construction projects is fully operational first year tariff, 2) Transmission Asset Base comprises projects based on regulatory tariff order, and includes fully-built, under-construction projects; 3) SCOD – Scheduled Commercial Operation Date, COD - Commercial Operation Date ATL – Adani Energy Day 2019 11 AEML: Utility Business Growth AEML regulated growth opportunities Capex Schedule (Rs. bn) Regulated Asset Base (Rs. bn) Average Billing Rate (ABR) – Rs. /unit1 Project Capex Regulatory Equity Regulatory Debt Nominal ABR Real ABR Replacement & Maintenance capex 105.0 95.7 86.8 16.6 17.5 81.1 15.7 16.0 16.1 72.1 13.1 63.9 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 Capex plan of ~Rs.95 bn for FY20-25 Self-contained growth in AEML through capex while maintaining affordable tariffs through optimum power purchase, consumer growth and best O&M practices AEML unregulated growth opportunities Efficient Safety and Energy Appliances and E-security and Smart Home Audit at places of One Adani-One Demand side Entertainment Fiber-to-Home Products congregation and Service Management on-demand consumers (DSM) Notes: 1) Average billing rate (ABR) in chart excludes impact of past revenue gap and regulatory assets that may be approved for recovery by MERC during the year. Real ABR computed @ 5% Inflation rate ATL – Adani Energy Day 2019 12 C) Value Creation through Capital Management ATL: Value Creation through capital management Capital management philosophy Leading to prudently levered structure Raising project finance debt for under-construction assets from Indian / Foreign banks on non-recourse basis Total debt RAB Rs.
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