2nd & 3rd Floor Golf View Corporate Tower - B

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ANNEXURE II

Independent Auditor’s Review Report on the Half-yearly Unaudited Financial Results of the Company Pursuant to Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Renew Akshay Urja Limited

1. We have reviewed the accompanying statement of unaudited financial results of Renew Akshay Urja Limited (the “Company”) for the half year ended September 30, 2020 (the “Statement”) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

2. This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm registration number: 301003E/E300005 Digitally signed by AMIT CHUGH DN: cn=AMIT CHUGH, c=IN, AMIT o=Personal, [email protected] Location: Gurugram ______CHUGH Date: 2020.11.10 22:06:11 +05'30' per Amit Chugh Partner Membership No.: 505224

UDIN: 20505224AAAAIB8750 Place: Gurugram Date : November 10, 2020

S.R. Batliboi & Co. LLP, a Limited Liability Partnership with LLP Identity No. AAB-4294 Regd. Office : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016

ReNew Akshay Urja Limited CIN-U40300DL2015PLC275651 Regd Office: 138, Ansal Chambers-II, Bikaji Cama Place, New Delhi-110066 ANNEXURE I Corporate Office: ReNew.Hub, Commercial Block-1, Zone 6, Golf Course Road, DLF City Phase-V, Gurugram, 122009, Haryana Phone No.- 124 489 6670/80, Statement of Profit and Loss for the period ended 30 September 2020 (Amounts in INR millions, except share and per share data, unless otherwise stated)

For the 6 months ended For the 6 months ended For the year ended 30 September 2020 30 September 2019 31 March 2020 (Unaudited) (Unaudited) (Audited) Income: #

Revenue from operations 683 716 1,439 Other income 22 9 30 Total Income 705 725 1,469

Expenses: Other expenses 86 63 137 Total expenses 86 63 137

Earning before interest, tax, depreciation and amortization (EBITDA) 619 662 1,332

Depreciation and amortization expense 184 184 368 Finance costs 363 379 755

Profit before tax 72 99 209

Tax expense Current tax - 17 - Deferred tax 19 - 53

Profit after tax 53 82 156

Other comprehensive income , net of tax - - -

Total comprehensive Income 53 82 156

Paid up Equity Share Capital 133 133 133 Paid up Debt Capital 6,625 6,954 6,789

Earnings per share: Basic 2.32 3.57 6.81 Diluted 2.32 3.57 6.81

Debt Equity Ratio 2.48 2.25 2.20 Debt Service Coverage Ratio 2.21 0.72 1.18 Interest Service Coverage Ratio 2.05 2.09 2.13

Disclosures pursuant to Regulations 52(4) and 52(7) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. - Credit Rating: IND AA+ (CE) - Change in credit rating: Rating by Care rating changed to “Under credit watch with development implications” - Asset Coverage Ratio : 151% (31 March, 2020 : 149%) - Debt Equity ratio: mentioned above - Debt Service Coverage Ratio: mentioned above - Interest Service Coverage Ratio: mentioned above - Previous due date for the payment of interest/ repayment of principal of non convertible debt securities and whether the same has been paid or not (as on 30 September, 2020) Previous due date for the payment of interest: 30 September, 2020 and the same was paid Previous due date for the payment of principal: 30 September, 2020 and the same was paid - Next due date for the payment of interest/ repayment of principal of non convertible debt securities (as on 30 September, 2020) Next due date for the payment of interest: 31 December, 2020 Next due date for the payment of principal: 31 March, 2021 - Outstanding redeemable preference shares (Quantity and Value): Not Applicable - Net Worth ** (30 September, 2020) : INR 3,301 (31 March, 2020 : INR 3,248) - Net profit after tax: mentioned above - Earning per share: mentioned above - Debenture Redemption Reserve (30 September, 2020) : INR 283 (31 March, 2020 : INR 304) - There are no material deviation in the use of proceeds of issue of Non Convertible Debentures from the objects stated in the offer document (Regulations 52(7)) ReNew Akshay Urja Limited CIN-U40300DL2015PLC275651 Regd Office: 138, Ansal Chambers-II, Bikaji Cama Place, New Delhi-110066 Corporate Office: ReNew.Hub, Commercial Block-1, Zone 6, Golf Course Road, DLF City Phase-V, Gurugram, 122009, Haryana Phone No.- 124 489 6670/80,

Notes 1 Ratios have been computed as follows: - Earning per share (Basic & Diluted) = Profit after Tax / Weighted average number of equity shares

- Debt Equity Ratio* = Debt (Amount due to Debenture Holders) / Equity (Equity share capital + share premium + quasi equity i.e. Short term borrowing but excluding unamortized fees)

- Interest Service Coverage Ratio = Profit before interest, prior period items, tax, extraordinary items and depreciation / Total Interest Expense - Debt Service Coverage Ratio* = ((PAT based on Project Revenues realised + Depreciation + Interest (Interest, Guarantee Fees, other financing costs payable under Debenture and Project Documents )) / (Interest + Principal Repayment+Guarantee fee).

- Asset Coverage Ratio = (Total Assets-Current Liabilities excluding maturities of long term borrowings) / Debt (Amount due to Debenture Holders)

*As per Debenture Trust Deed dated 20 September, 2017. ** Networth represents issued subscribed and paid up capital plus reserves and surplus. Reserves and Surplus includes Debenture redemption reserve, Securities premium account and Profit and loss account balance.

2 The statement has been prepared in accordance with recognition and measurement principles laid down in accordance with the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34") as prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant rules issued thereunder and other recognized accounting practices and policies.

3 The company is in the business of development and operation of solar power and hence has only one reportable operating segment (business and/or geographical) in accordance with the requirements of IND AS - 108 "Operating Segments".

4 The above reviewed financial results have been approved by the Board of Directors in their meeting held on 10 November 2020.

5 The Balance Sheet as at 30 September 2020 and 31 March 2020 as per Schedule III of the Companies Act, 2013 is attached as Annexure 1.

6 India Rating have assigned long term issuer rating and rating for the outstanding non-convertible debentures of the Company to "IND AA+ (CE)" with negative outlook and CARE have assigned long term issuer rating and rating for the outstanding non-convertible debentures of the Company to "IND AA+ (CE)" with credit watch with developing implications.

7 Due to outbreak of COVID-19 in India and globally, the Company has continued its assessment of likely adverse impact on economic environment in general and financial risks on account of COVID-19. Considering that the Company is in the business of generation of electricity which is an essential service as emphasized by the Ministry of Home Affairs and Ministry of Power, Government of India and which is granted "Must Run" status by Ministry of New and Renewable Energy (MNRE), the management believes that the impact of outbreak on the business and financial position of the company is not significant. Further, MNRE directed that the payment to Renewable Energy power generator shall be done on regular basis as being done prior to lockdown and the company has generally received regular collection from its customer(s). The management does not see any risks in the company's ability to continue as a going concern and has been able to service all debts obligations during the half year without opting for moratorium as directed by Reserve Bank of India for interest and principal instalments falling due to banks. The Company is closely monitoring developments, its operations, liquidity and capital resources and is actively working to minimize the impact of the unprecedented situation.

For and on behalf of the ReNew Akshay Urja Limited

Digitally signed RAHUL by RAHUL JAIN Date: 2020.11.10 JAIN 21:50:04 +05'30' Managing Director Place: Gurugram (Rahul Jain) Date: 10 November 2020 DIN- 07641891 Annexure 1

ReNew Akshay Urja Limited CIN-U40300DL2015PLC275651 Regd Office: 138, Ansal Chambers-II, Bikaji Cama Place, New Delhi-110066 Corporate Office: ReNew.Hub, Commercial Block-1, Zone 6, Golf Course Road, DLF City Phase-V, Gurugram, 122009, Haryana Phone No.- 124 489 6670/80, Balance Sheet as at 30 September 2020 (Amounts in INR millions unless otherwise stated) As at As at 30 September 2020 31 March 2020 Assets (Unaudited) (Audited)

Non-current assets Property, plant and equipment 7,877 8,061 Non current tax assets (net) 38 37 Other non-current assets 8 8 Total non-current assets 7,923 8,106

Current assets Inventories 8 5 Financial assets Trade receivables 900 1,445 Cash and cash equivalent 18 14 Bank balances other than cash and cash equivalent 736 480 Loans 1,104 1,104 Others 24 18 Prepayments 70 47 Other current assets 5 6 Total current assets 2,865 3,119

Total assets 10,788 11,225

Equity and liabilities

Equity Equity share capital 133 133 Other equity Equity component of compulsory convertible debentures 1,144 1,144 Share premium 1,200 1,200 Debenture Redemption Reserve 283 304 Retained earnings 541 467 Total equity 3,301 3,248

Non-current liabilities Financial liabilities Long-term borrowings 6,269 6,448 Deferred tax liabilities (net) 72 53 Total non-current liabilities 6,341 6,501

Current liabilities Financial liabilities Short-term borrowings 278 678 Trade payables Outstanding dues to micro enterprises and small enterprises - - Others 395 359 Other current financial liabilities 473 436 Other current liabilities 0 3 Total current liabilities 1,146 1,476

Total liabilities 7,487 7,977 Total equity and liabilities 10,788 11,225

For and on behalf of the ReNew Akshay Urja Limited

Digitally signed by RAHUL JAIN RAHUL JAIN Date: 2020.11.10 21:51:55 +05'30' Managing Director Place: Gurugram (Rahul Jain) Date: 10 November 2020 DIN- 07641891 ANNEXURE III

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4 R #  %&'() != $*   ) (4G'  "  "&"        gin of over 15000 votes. Among other notable “The challenge with the t a time when many coun- n times of an intense debate losers are -- , 563&" vaccines is that, how long the Atries are witnessing a surge Ion nepotism, some political son of former chief minister immunity lasts and how much in their Covid-19 caseload, dynasties succeeded in carry- , from protective value that it gives as India on Wednesday regis- ing forward their legacies but Parsa. Roy, also the father Tej far as individuals are con- tered a drop in the infections many heir apparents failed in Pratap ’s estranged wife "" " & cerns,” Dr Guleria added. He that went below the 5-lakh the recently concluded Aishwarya, had switched over said that other challenge with mark for the first time after Assembly polls. to the JD(U) from the RJD has   cases of attempt to murder the Pfizer vaccine is that the 106 days. Senior politician Sharad lost by a margin of 16947 votes against themselves. RJD is top vaccine should be kept at a very The 4,94,657 active cases Yadav’s daughter Subhasini against Chhotelal Rai who s many as 163 winning in the list of winning candi- low temperature which is not are in contrast to the 6,07,384 Raj Rao, ’s moved to Lalu Prasad’s party Acandidates of the total 243 dates having criminal cases, practical for rural parts of the in August and 10,09,976 in son Luv Sinha, senior RJD leaving ’s just in the Bihar Assembly polls, followed by BJP and country and tough to maintain mid-September. leader Prabhunath Singh’s son before the assembly polls. results of which were declared (United). the cold chain. However, in a review Randhir Kumar Singh, In Jokihat seat in Araria on Wednesday, have declared This time, the ADR had   experts explained that it will CMC Vellore scientist Dr meeting, Union Health Mandal Commission report’s district, sons of former union criminal cases against them- analysed the self-sworn affi- need a complex and costly sys- Gagandeep Kang echoed sim- Minister Dr Harshivardhan author B P Mandal’s grandson minister Mohammad selves. davits of 241 of the 243 victo- hile the Government has tem of deep-freeze airport ilar sentiments. She said Pfizer’s took serious note of a spike in Nikhil Mandel and former Taslimuddin, were pitted Of them 123 (51 percent) rious candidates. The ADR Windicated that it is open warehouses, refrigerated vehi- coronavirus vaccine is an deaths in Maharashtra, Goa union minister Ram Lakhan against each other. Younger have declared serious cases did not say anything on such to dialogue with Pfizer Inc so cles and inoculation points for mRNA vaccine which is going and North eastern States like Singh Yadav’s son Jayvardhan brother Mohammad including cases related to mur- details of remaining winners. that its coronavirus vaccine distribution across India. to be very expensive for India. Mizoram, Meghalaya and Yadav are among those polit- Shahnawaz, who contested on der, attempt to murder, kid- The results of the three-phase can be made available for use After they reach vaccina- “...Currently, we have no Tripura, calling it a matter of ical dynasties who could not Asaduddin Owaisi’s AIMIM napping and crimes against elections were declared on in the country, health experts tion centers, the shots must be system in this country to be concern. win and failed to carry for- party, defeated his brother women. Besides, 194 candi- Wednesday early morning after have pointed out that it will not thawed from -70 degrees cel- able to deliver a minus 70 With 44,281 new infec- ward their fathers’ legacies. Sarfaraz Alam of the RJD, by dates are crorepatis. counting that went on for over be an easy affair. sius and injected within five degree Celsius vaccine,” tions reported in the past 24 The issue of dynasty pol- over 7,000 votes. According to the 20 hours. They said that the vaccine days, if not they go bad, said the Gagandeep Kang was quoted as hours, India’s total cases have itics has been a subject of Sadhu Yadav, brother-in- Association for Democratic Out of the 123 winners, 19 candidate which has 90 per cent experts. saying by the report. surged to 86,36,012 as on intense political debate, with law of , who Reforms (ADR) report, 19 have murder cases, 31 attempt effectiveness against Covid-19 Delhi-based AIIMS Senior scholar at Johns Wednesday. representatives of each party had contested on Mayawati’s winning candidates have to murder and eight crimes will be expensive and difficult Director Dr Randeep Guleria Hopkins Center, Amesh Adalja Highlighting the State spe- accusing leaders of other par- BSP ticket, lost to Subhas declared cases related to mur- against women against their to deliver in India, particular- was skeptical on the availabil- gave similar opinion pointing cific areas of concern that ties of promoting their kin. Singh of the BJP by 36,641 der while 31 have declared names. ly in rural areas where deep- ity of the Pfizer’s Covid-19 out that the cold chain is going would require focussed atten- Subhasini Raj Rao who votes from Gopalganj seat. freeze storage and transporta- vaccine as he said that the data to be one of the most chal- tion, the Union Health contested from Bihariganj seat Jayvardhan Yadav, grand- RJD’s Satish Kumar on those who have succeeded to tion networks needed for the released by the company is very lenging aspects of the delivery Minister noted that although falling under the Madhepura son of former union minister Makhdumpur seat by a mar- carry forward their fathers’ vaccine are almost nil. encouraging but it should be of this coronavirus vaccination. the active cases have come , which is consid- Ram Lakhan Singh Yadav, gin of over 21000 votes. legacy. Among the other On Tuesday, Pfizer Inc. looked very carefully. “This will be a challenge in down in Maharashtra, it con- ered a stronghold of his father, who had crossed over to the However, Lalu’s sons victorious candidates are and BioNTech SE had shown “Whatever vaccines they are all settings because hospitals tinues to have a large active could not win the seat. She had JD(U) from the RJD, also lost Tejashwi Yadav and Tej Sanjiv Chaurasia (Digha), ‘extraordinarily’ early results making have potential of giv- even in big cities do not have caseload, with a high Case contested on a Congress tick- toSandeep Saurabh of CPI-ML Pratap Yadav, former union son of Sikkim Governor from final stage trials, raising ing immunogenicity and pro- storage facilities for a vaccine Fatality Rate (2.6 per cent) et. Subhasini lost to seasoned in seat by a margin of minister Digvijay Singh’s Ganga Prasad, Sudhakar much hopes, which were tection as far as COVID-19 is at that ultra-low temperature,” which increases to 3.5 per politician and sitting MLA 30,928 votes. Hindustani daughter Shreyasi Singh, RJD Singh (Ramgarh), son of state though short-lived, after concern,” he said. he added. cent in and around Mumbai. Neeranjan Mehta of Nitish Awam Morch president Jitan vice president Shivanand RJD president Jagdanand Kumar’s JD(U) by 18711 votes. Ram Manjhi won the Tiwari’s son Rahul Tiwari Singh and Alok Mehta, son of Luv Sinha, son of actor- Imamganj seat, but his son-in- and ’s son late RJD leader Tulsi Das     7 "897 politician Shatrughan Sinha, law Devendra Kumar lost to Nitish Mishra are among Mehta. who was contesting on a   though festivals were impor- *+     brated on Saturday. Congress ticket from Bankipur tant, but “life itself has been “We are all battling for life seat of lost to BJP’s he Supreme Court refused in imperil” amid the pan- +  -    in this situation and all of us Nitin Nabin by 38965 votes. In Ton Wednesday to interfere demic. The bench said the "!  have elderly people in our Chapra, senior RJD leader with the Calcutta High Court high court knew the local .  /'  " home,” it observed. “We are in Prabhunath Singh’s son order banning the use and condition better and it should a situation where at this time, Randhir Kumar Singh failed to sale of firecrackers in West be allowed to do the needful. +% !   preservation of life is more win against sitting MLA Dr C Bengal on Kali Puja to curb The top court was hearing 1  23  important and the high court N Gupta (BJP) by a margin of air pollution, saying preser- an appeal filed by one Gautam knows what is required at the 7,222 votes. vation of life was more impor- Roy and the Burrabazaar    ground level.” JD(U)’s Nikhil Mandel, tant amid the coronavirus Fireworks Dealers It said the high court had grandson of Mandal pandemic. Association challenging the ing upcoming festivals, taken care of the interest of Commission report’s author B A vacation bench of high court order of last including Kali Puja and citizens, especially senior cit- P Mandal, lost to Justices D Y Chandrachud Thursday banning the use Chhath Puja, to curb pollu- izens who may have comor- Chandrasekhar of the RJD on and Indira Banerjee said and sale of firecrackers dur- tion. Kali Puja will be cele- bidities. the Madhepura seat by a mar-  !$$/)!"" $/$%!#! "!"!/$/   the water that is available is finite. It is nderlining that water is a finite not unlimited. It is the responsibility of Uresource, Vice President Venkaiah each and every citizen to save water and Naidu on Wednesday called for a use it judiciously. The need of the hour change in lifestyle and make water con- is to change our lifestyles and make servation a way of life. water conservation a way of life,” Naidu He said reduced use of water also said. results in less use of energy required for The vice president was speaking at pumping and supplying water to homes, the National Water Awards to honour offices and farming activities. In effect, the excellence in water management it will also help in reducing pollution, and conservation across the nation. he noted. Tamil Nadu bagged the ‘Best State’ “Unless we reduce the wastage of award, followed by Maharashtra and water and take up saving and conser- Rajasthan. vation of water on a war footing, there Practises like micro-irrigation, drip is a danger of potable water becoming and sprinkler systems have to be pro- a scarce resource in the future,” Naidu moted in a big way for efficient use of said. water for agriculture, he said. With the rising population, he “Reduce, reuse and recycle must be said, urbanisation, industrialisation the watchwords if we have to handover and expanding agricultural activities, a sustainable and liveable planet to the the water requirement will continue to future generations,” he said. increase. Naidu pointed out that watershed “The key message that needs to be development is another area that can taken to people again and again is this: spur local economic development. P)"Q"" 34"/

  drugs.” And maybe that has The research team something to do with esearchers have iden- identified ORF3d, a new how the gene was able to Rtified a new “hidden” overlapping gene in arise.” gene in SARS-CoV-2, the SARS-CoV-2 that has the Overlapping genes virus responsible for potential to encode a pro- are hard to spot, and most Covid-19, that may have tein that is longer than scientific computer pro- contributed to its unique expected by chance alone, grammes are not biology and pandemic according to the study designed to find them. potential. In a virus that published in the journal However, they are com- only has about 15 genes in eLife. mon in viruses. total, knowing more They found that this This is partly because about this and other over- gene is also present in a RNA viruses have a high lapping genes — or “genes previously discovered mutation rate, so they within genes” — could pangolin coronavirus, tend to keep their gene have a significant impact perhaps reflecting repeat- count low to prevent a on how we combat the ed loss or gain of this gene large number of muta- virus. during the evolution of tions. “Overlapping genes SARS-CoV-2 and related As a result, viruses may be one of an arsenal viruses. have evolved a sort of data of ways in which coron- In addition, ORF3d compression system in aviruses have evolved to has been independently which one letter in its replicate efficiently, thwart identified and shown to genome can contribute host immunity, or get elicit a strong antibody to two or even three dif- themselves transmitted,” response in Covid-19 ferent genes. said lead author Chase patients, demonstrating “Missing overlapping Nelson, a postdoctoral that the new gene`s pro- genes puts us in peril of researcher at Academia tein is manufactured dur- overlooking important Sinica in Taiwan and a ing human infection. aspects of viral biology,” visiting scientist at the “We don`t yet know said Nelson. American Museum of its function or if there`s “In terms of genome Natural History. clinical significance,” size, SARS-CoV-2 and “Knowing that over- Nelson said. its relatives are among the lapping genes exist and “But we predict this longest RNA viruses that how they function may gene is relatively unlikely exist. They are thus per- reveal new avenues for to be detected by a T-cell haps more prone to coronavirus control, for response, in contrast to `genomic trickery` than example through antiviral the antibody response. other RNA viruses.” ANNEXURE IV ANNEXURE V ANNEXURE VI

Jayesh Parmar & Associates Practising Company Secretary 91+9899339796 E-mail – [email protected]

TO WHOMSOEVER IT MAY CONCERN

This is to certify that M/s ReNew Akshay Urja Limited having its Registered office at 138, Ansal Chamber – II, Bhikaji Cama Place, New Delhi– 110066 has maintained 100% asset cover in respect of their listed Non-Convertible Debentures for the half year period ended on 30th September, 2020.

(Practising Company Secretary) M No.- ACS 27055 CP No. -15007

Date: 12th November, 2020

Place: New Delhi UDIN: A027055B001215981

Office Add: B-62, Madipur Colony,New Delhi- 110063

ANNEXURE VII