GMR Power And Urban Infra Limited has informed the Exchange about Investor Presentation

November 11, 2022

National Stock Exchange of India Ltd. Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex, Bandra (E) Mumbai - 400051 Symbol: GMRP&UI

BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001 Scrip: 543490

Dear Sir/Madam,

Sub: Investor Presentation

Ref: Disclosure under Securities and Exchange Board of India (Listing

Obligations and Disclosure Requirements) Regulations, 2015

Pursuant to the Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, please find enclosed herewith the Investor Presentation on the financial results for the quarter/half year ended September 30, 2022.

The presentation is also being uploaded on the Company's website www.gmrpui.com

Request you to please take the same on record.

Thanking you,

for GMR Power and Urban Infra Limited

Vimal Prakash Company Secretary & Compliance Officer

Encl: As above

GMR Power & Urban Infra Limited

Corporate Office: New Udaan Bhawan, Opp. Terminal 3, Indira Gandhi International Airport, New Delhi - 110 037 Registered Office: Plot No. C-31, G Block, 701, 7th Floor, Naman Centre, Bandra Kurla Complex (Opp. Dena Bank), Bandra (East), Mumbai - 400 051

CIN L45400MH2019PLC325541 T +91 11 42532600 F +91 11 47197181 E gpuil.cs@gmrgroup.in W www.gmrpui.com

0

DISCLAIMER

All statements, graphics, data, tables, charts, logos, names, figures and all other information (“Contents”) contained in this document (“Material”) is prepared by GMR Power and Urban Infra Limited (“Company”) solely for the purpose of this Material and not otherwise. This Material is prepared as on the date mentioned herein which is solely intended for reporting the developments of the Company to the investors of equity shares in the Company as on such date, the Contents of which are subject to change without any prior notice. The Material is based upon information that we consider reliable, but we do not represent that it is accurate or complete.

Neither the Company, its subsidiaries and associate companies (“GMR Group”), nor any director, member, manager, officer, advisor, auditor and other persons (“Representatives”) of the Company or the GMR Group provide any representation or warranties as to the correctness, accuracy or completeness of the Contents and this Material. the Company to provide a complete or comprehensive analysis or prospects of the financial or other information within the Contents and no reliance should be placed on the fairness on the same as this Material has not been independently verified by any person.

the intention of

is not

It

NONE OF THE COMPANY, THE GMR GROUP AND THE REPRESENTATIVES OF THE COMPANY AND THE GMR GROUP ACCEPT ANY LIABILITY WHATSOEVER FROM ANY LOSS OR DAMAGE HOWSOEVER ARISING FROM ANY CONTENTS OR OTHERWISE ARISING OUT OF OR IN CONNECTION WITH THIS MATERIAL.

is

published

This Material the Company’s website www.gmrpui.com which is subject to the laws of India, and is solely for information purposes only and should not be reproduced, retransmitted, republished, quoted or distributed to any other person whether in whole or in part or for any other purpose or otherwise.

available

and

on

Any reproduction, retransmission, republishing or distribution of this Material or the Contents thereof in certain jurisdictions may be restricted by law and persons who come into possession of this Material should observe such laws and restrictions if any.

This Material and any discussions which follows may contain ‘forward looking statements’ relating to the Company and the GMR Group and may include

statements relating to future results of operation, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the directors and management of the Company about the business, industry and markets in which the Company and the GMR Group operates and such statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company’s or the GMR Group’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of the Company or the GMR Group. In particular, such statements should not be regarded as a projection of future performance of the Company or the GMR Group. It should be noted that the actual performance or achievements of the Company and the GMR Group may vary significantly from such statements. All forward-looking statements are not predictions and may be subject to change without notice.

invitation or is not and does not constitute any offer or This Material recommendation or advise to purchase, acquire or subscribe to shares and other securities of the Company or the GMR Group and not part of this Material shall neither form the basis of or part of any contract, commitment or investment decision nor shall be relied upon as a basis for entering into any contract, commitment or investment decision in relation thereto. Prospective investors in the Company or the GMR Group should make its own investment decisions and seek professional advice including from legal, tax or investment advisors before making an investment decision in shares or other securities of the GMR Group. Remember, investments are subject to risks including the risk of loss of the initial principal amount invested; past performance is not indicative of future results.

the Company or

REGULATORY AUTHORITIES IN THE UNITES STATES OF AMERICA, INDIA, OR OTHER JURISDICTIONS, INCLUDING THE SECURITIES AND EXCHANGE COMMISSION AND THE SECURITIES AND EXCHANGE BOARD OF INDIA (“SEBI”), HAVE NEITHER APPROVED OR DISAPPROVED THIS MATERIAL OR DETERMINED IF THIS MATERIAL IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY MAY CONSTITUTE A CRIMINAL OFFENSE.

1

Table of Contents

Particulars

Overview

Highlights of Q2FY23

Financial Performance

Energy Business

Pg. No.

3 – 4

5

6 – 9

10 – 12

Transportation and Urban Infrastructure Business

13 – 18

Strategy and Way Forward

ESG Practices

Annexures

19 –23

24 – 25

27 – 34

2

Snapshot of Businesses

Energy

Highways & EPC

Urban Infra

Solar  26 MW

2 Wind Plants 

3.4 MW

 2 Coal Plants 

1,650 MW operational & 350 MW under development

 Gas Plants  1,156 MW

 Hydro 

180 MW operational & 1,425 MW under development

2 Annuity Projects 

133 kms

Special Economic Zone (SEZ) in –

2 Toll Projects 

186 kms

Railways 

Construction of ~417 KM stretch of DFC in UP for DFCCIL - part of Eastern Corridor

~1,265 acres in Tamil Nadu  land at strategic locations, integrated industrial development

3

Corporate Structure

GMR Power and Urban Infra Ltd. (GPUIL)

53.8%

82%

100%

100%

GMR Energy

Other Energy Assets

GMR Highways Ltd.

Operational Projects

Stake

Operational Projects

Stake

Annuity Projects

Rajahmundry Plant (Gas)

45%

Wind Projects

100%

Pochanpalli

Chennai ORR

Under Development

Stake

BOT (toll) Projects

Talong HPP

99%

Ambala Chandigarh

Hyderabad Vijayawada

90%

Special Investment Region

Under Development

Stake

Krishnagiri SIR

100%

Stake

100%

90%

Stake

100%

Warora Plant (Coal)

Kamalanga Plant (Coal)

100%

96.5%

Vemagiri Plant (Gas)

100%

Solar Power Project

Bajoli Holi Project

100%

79.9%

Under Development (Hydro)

Stake

Alaknanda Project

100%

Upper Karnali Project

73%

Note: Ownership includes both direct & indirect holding

4

Key Highlights – Q2FY23

FY22 – Key Business highlights

Deleveraging

• Completed divestment of 30% equity stake in PT Golden Energy Mines Tbk for USD 420mn • Proceeds utilized mainly for deleveraging the Balance Sheet

Resolution Plan for Warora

•

Interest rate on sustainable debt of ~INR 23.5 bn revised to 8.50% p.a. and unsustainable debt of ~INR 7.88 bn to carry interest rate of 0.01% p.a.

• Loan to be be repaid progressively over a period of ~15 years - elongated by ~7 years from

the existing repayment schedule

Significant Progress in Highway Projects Arbitration

• Amabala Chandigarh: Farmer Agitation claim settled. Extension for 429 days approved by

NHAI

• GCORR: Received favorable award from Division Bench of Madras High Court, which has been subsequently upheld by Supreme Court (award amount INR 5.1 bn upto November 2, 2022). Notice in SLP1 filed in Supreme Court by GOTN2 is confined only to the pendent lite interest awarded by Single Bench of Madras High Court

Note : 1. Special Leave Petition, 2. Government of Tamil Nadu

5

Performance Highlights

GPUIL Performance Highlights – Q2FY23

Consolidated Financials1 • Gross Revenues

 ▲48% QoQ; ▲50% YoY to INR 15.8 bn in Q2FY23

• EBITDA

 ▼60% QoQ; ▼66% YoY to INR 565 mn in Q2FY23

• Net profit after tax2

 Profit of INR 10.7 bn in Q2FY23 vs INR 2.0 bn in Q1FY23, INR 3.3 bn in Q2FY22

Revenue

EBITDA

INR bn

INR bn

10.5

10.7

15.8

1.7

1.4

0.6

Q2FY22

Q1FY23

Q2FY23

Q2FY22

Q1FY23

Q2FY23

Note: 1. GMR Energy Ltd and PT Gems not consolidated due to Joint Venture structure and are incorporated in the Consol statements of GPUIL using equity method of accounting

2. From continuing operations

7

GPUIL Performance Highlights – Q2FY23

Operational performance

Energy – PLF

o Kamalanga: 64% vs 82% YoY

o Warora: 55% vs 49% YoY

Highways – PCU Traffic growth*

o Bajoli Holi: 63%

o Hyderabad - Vijaywada: ▲7.4% YoY

o Ambala - Chandigarh: ▼2% QoQ*

Segmental Revenue#

Note: *Toll Collection was suspended from Oct 12, 2020 to Dec 14, 2021 due to Farmer's Agitation in Punjab. Toll collection resumed from Dec 15, 2021

#Energy segment does not include GMR Energy Limited (GEL) as GEL is a Joint Venture

8

Energy60.2%Highways7.1%Others32.7%Net RevenueINR15.3 bnGPUIL Consolidated Debt

Gross & Net Debt (INR bn) ^

60

10

50

Net Debt (Sector-wise) ^ (in INR bn, %age of total)

Others, 3.4, 7%

Corporate, 23.9, 48%

Highways, 20.3, 40%

Gross Debt

Cash & equivalents

Net Debt

Energy, 2.5, 5%

Net debt reduced by ~INR 28 bn QoQ

Note : FCCB not considered in debt, ^ As on September 30, 2022

9

Energy Business

Key Developments in Q2FY23 – Energy Business

Warora Power Project • Revenue ▼41% QoQ; ▲11% YoY

− PLF at 55% vs. 94% in Q1FY23 and 49% in Q2FY22 − PLF down QoQ due to back to back overhauling of Unit 1 and Unit 2

• EBITDA ▼70% QoQ; ▲56% YoY • Cash profit of INR 339 mn vs. profit of INR 1.6 bn in Q1FY23 and loss of INR 13 mn in Q2FY22

Kamalanga Power Project • Revenue flat QoQ;▲27% YoY

− PLF at 64% vs.81% in Q1FY23 and 82% in Q2FY22 − PLF down QoQ due to overhauling of Unit 2

• EBITDA ▼45% QoQ; ▼9% YoY • Cash profit of INR 962 mn vs. INR 2.2 bn in Q1FY23 and INR 873 mn in Q2FY22

Bajoli Holi Hydro Power Project • Revenue ▲19% QoQ

− PLF at 63% vs. 50% in Q1FY23

• EBITDA ▲28% QoQ • Cash profit of INR 167 mn vs. loss of INR 99 mn in Q1FY23

11

GMR Energy Ltd (GEL) - Operational & Financial Highlights YoY

(figures in INR mn)

Note: Considered 100% of Kamalanga financials for GEL Consolidated Proforma; GMR Energy Limited’s (GEL) is a Joint Venture and is not consolidated in GPUIL results

• GEL Net Debt : ~INR 85 bn as of September 30, 2022

12

Q2FY2022Q2FY2023Q2FY2022Q2FY2023Q2FY2022Q2FY2023Q2FY2022Q2FY2023Q2FY2023Revenue9,10012,1802,4182,6955,7987,3381011021,290EBITDA 3,250 3,667 301 469 1,828 1,661 90 90 1,018 Interest2,8073,2119566511,2811,1394020860PAT (900) (810) (310) (444) 63 143 10 20 (6)PLF %49%55%82%64%13%13%63%H1FY2022H1FY2023H1FY2022H1FY2023H1FY2022H1FY2023H1FY2022H1FY2023H1FY2023Revenue17,75025,7605,0027,26011,53314,6682402392,370EBITDA 4,507 9,080 854 2,015 3,585 4,677 220 220 1,811 Interest5,5636,8871,9011,6742,5522,33780501,776PAT (2,070) 1,670 (719) 900 34 1,529 40 40 (277)PLF %51%74%82%72%16%15%56%SolarBajoli HoliGEL Consolidated Proforma KamalangaWaroraParticularsTransportation and Urban Infrastructure Business (T&UI)

Highway Business - Key Developments

Hyderabad Vijayawada Project • Traffic ▼5.3% QoQ; ▲7.4% YoY to 11.2 mn PCUs in Q2FY23

− On February 28, 2022, Sole Arbitrator has released report on the claim quantification under

Change-in-Law and awarded gross claim of INR 16.72 bn

− Report submitted by Sole Arbitrator was taken on record and the matter is listed for hearing

before Delhi High Court

Ambala Chandigarh Project • Traffic was impacted due to farmer’s agitation from October 12, 2020 until December 14, 2021 − Declared Force Majeure (FM) under the Concession Agreement (CA) and has notified NHAI − NHAI has approved the concession period extension for 429 days on account of farmer’s protest − Further, NHAI has approved Force Majeure claim of INR 87 mn, out of which INR 64.2 mn has already been reimbursed in September 2021 as ad-hoc payment and balance INR 22.2 mn (post TDS and GST deduction) is adjusted towards the recovery of o/s negative grant due to NHAI

14

Highway Business - Key Developments

Chennai ORR Project • GCORR received an award of INR 3.41 bn plus interest against GOTN/TNRDC1

− Supreme Court has upheld the Tribunal Award and dismissed the challenge of GOTN − SPV has filed execution petition in Madras High Court to realize the decretal amount. GOTN is

given 6 weeks to deposit the amount with the court w.e.f November 8, 2022

− GCORR has also received withheld annuity amounting to INR 387.9 mn from GOTN

Pochanpalli Project • SPV challenged Arbitral Tribunal’s award in Delhi High Court (HC), on the interpretation of the Major Maintenance Clause as per Concession Agreement (CA) and rejection of claims for reimbursement of Major Maintenance (MM) cost incurred by the SPV which was not warranted − Delhi HC in its order (April 2022) held that SPV is entitled to reimbursement of MM cost incurred as the same was not warranted since the roughness index of Project Highway was <2000 mm/km (which is permissible as per CA) & the claim will be determined by Retd. SC Judge − Delhi HC directed NHAI to release wrongly deducted annuity amount along with interest to SPV − SPV will undertake MM on the Project Highway as and when roughness index goes beyond

permissible threshold instead of every 5 years period

− Matter will now be taken up in Delhi HC during November 2022 for further arguments

Note : 1. Government of Tamil Nadu (GoTN), Tamil Nadu Road Development Company (TNRDC)

15

Highway Business Assets Performance YoY

(figures in INR mn)

Note: 1.

2.

In Ambala Chandigarh Project, Toll collection was suspended from October 12, 2020 to December 14, 2021 due to farmer's agitation in Punjab. Toll collection resumed from December 15, 2021 In Hyderabad Vijayawada Project, the Revenue shown is the Net Revenue after setting off the NHAI’s revenue share

16

Q2FY2022Q2FY2023Q2FY2022Q2FY2023Q2FY2022Q2FY2023Q2FY2022Q2FY2023Revenue5356190175130109230191EBITDA 458 528 (60) 122 78 63 187 124 Interest7046841661308579178193PAT (430) (375) (224) (159) 86 71 17 (63)Traffic (mn PCU) 10.4 11.2 - 4.7 - - - - H1FY2022H1FY2023H1FY2022H1FY2023H1FY2022H1FY2023H1FY2022H1FY2023Revenue9751,2710345386243443384EBITDA 818 1,071 (110) 236 162 130 338 254 Interest1,3661,351325273182187379377PAT (883) (729) (435) (333) 138 115 (32) 65 Traffic (mn PCU) 18.8 23.0 - 9.6 - - - - ParticularsHyderabad-VijaywadaAmbala - ChandigarhGPELChennai ORRUrban Infrastructure – Potential to Unlock Value

Krishnagiri Special Investment Region: ~1,265 Acres • ~110 acres under discussion for sale to an agency of Tamil Nadu Govt. • Next phase of development being planned for ~270 acres under Joint Venture with TIDCO1 • Industrial cluster catering to electronics, automobile, logistics, engineering and aerospace sectors

Note: 1. Tamil Nadu Industrial Development Corporation – TIDCO is a Government agency in the state of Tamil Nadu, India

17

EPC in Dedicated Freight Corridor Projects

DFCC’s Project Network

GMR’s Scope and Highlights

Kanpur

GMR’s stretch of work

Mughalsarai

• Dedicated Freight Corridor is INR 820 bn project undertaken by DFCCIL (a wholly owned public sector undertaking of Ministry of Railways)

• Corridor under construction - Eastern (Ludhiana

to Kolkata) & Western (Dadri to Mumbai)

• GMR along with JV partner has been awarded contract to construct a part of the DFC Eastern Corridor:

GMR’s Scope

Length (KMs)

Contract Value (INR bn)

Mughalsarai to New Karchana (UP)

New Karchana to New Bhaupur (UP)

TOTAL

181

236

417

24.2

26.6

50.8

• Above section of the project is fully funded by World Bank - no anticipatory revenue risk

Status update • Construction Progress: Physical progress of ~84% for package 201 and ~92% for package 202 is

completed as of September 30, 2022

• Presently, approved project completion timelines is until April 2023

18

Strategy and Way Forward

India’s Energy Sector is Undergoing a Paradigm Shift

A

Renewables: Sharp growth expected in upstream renewable generation

B EV Infrastructure: Exponential growth in charging stations as

EV penetration grows

175 GW

Target for 2022

500 GW

Target for 2030

Rooftop Solar 40 GW

Utility Solar 60 GW

Wind 60 GW

Others 15 GW

100%+ CAGR

2.5-3k

80-100k

# charging stations (2021)

Projection (2025)

Central & state governments providing strong tailwinds through subsides, fast-track clearance, mandatory %EV in fleets, etc.

C

Green Hydrogen: India to become major hub for Green Hydrogen production and exports

2050 Green H2 projections

Cost of Green H2 expected to decrease significantly

20 MT

~ $4/kg

~ $2/kg

(FY20)

(FY50)

D

Distribution & Smart metering: High potential as focus on reducing AT&C loses via private sector participation and deploying smart meter continues

n o i t u b i r t s i D

e s i h c n a r F

2020 market size

$95B

2020 Share of private players

7-8%

45% Europe & Central Asia

t r a m S

g n i r e t e M

25 Cr by 2025

(Govt. ambition)

National Green Hydrogen Policy with 10-20% target green hydrogen consumption in select sectors already launched

Poor financials for State discoms  private sector participation getting promoted by government; upcoming Electricity Amendment Bill to delicense sector

 Power trading expected to grow by 2X to become a $13B+ industry by 2026  Other green energy businesses (EEaS, CCUS, etc.) also expected to mirror sharp growth seen in

developed markets

Sources: IHS, Niti Aayog, TERI, etc.; EEaS = Energy Efficiency as a Service; CCUS = Carbon Capture, Utilization and Storage

20

Maximizing value of existing assets & Building a Top Tier tech enabled Clean Energy business

3 pillars of our strategy going forward

Enhance Value of existing businesses

• Aim for higher utilization of existing assets & efficiency improvement measures

• Tie-up open capacities through

innovative PPA models including RTC

• Operationalize gas assets

Nurture & Develop opportunities in Green Ecosystem

• Continued focus on hydro

• Clean energy solution for Commercial & Industrial segment

Create Value in Adjacent Areas

• Opportunities in distributed

• Technology oriented

Asset Light opportunities

• Selectively foray into customer facing businesses

• Scale power trading

business

• Differentiated service offerings using new- age technology solutions

segments like electric mobility & storage solutions

• Energy efficiency as a service

• Forge technology & strategic

partnerships and access green financing

21

To Operationalise the Strategy We Envision to Follow 5 Overarching Principles

Principles

`

High focus on innovative, asset- light, platform-based and technology- oriented business models

Deploy efficient capital structure and access green financing

Enter strategic partnerships with global reputed majors and institutes of excellence

`

Invest in emerging start-ups in cleantech ecosystem where there are potential synergies

Build on our group’s strengths and leverage infrastructure assets and businesses of the group as a launch pad for new offerings

22

Clearly Defined Strategies to Capitalize on the Attractive Industry Prospects

Highways

 Expedite receipt of arbitration claims  Monetize existing assets in a phased manner

 Conclude current monetization efforts:

Krishnagiri SIR

o ~ 275 acres under sale to SIPCOT (agency of Tamil Nadu Govt.) in FY23 o Next phase of development being planned for ~270 acres

 Target Industrial players in electronics, automobile, logistics, and

engineering sectors

EPC

 Continue growing the order book  Participation in railway stations development bids through PPP

23

ESG Practices

ESG - GPUIL

Environment

Profits

• GKEL, GWEL and Bajoli Holi are ISO 14001 certified Environmental

Management System

• GKEL and GWEL have ISO 50001 in place

• GWEL Completed Green House Gas emission verification audit as per ISO 14064 international standard for Carbon emission disclosure. GKEL is in process of verification

• GKEL quantifies carbon sequestration from plantation initiatives while

GWEL is in process of doing

CSR Spend (Q2FY23) - INR 5.4 mn Total beneficiaries - Over 36,000

• CSR activities implemented in the thrust areas of Education, Health and

Livelihoods

• GMRVF received plaque of honour from HelpAge India for working with

elderly

• Provided 385 kgs of fish yearlings to 35 fish farmers at GKEL to promote

• Biodiversity measures in terms of tree plantation and landscaping adopted

fish farming

at all 3 Plants – GKEL, GWEL & Bajoli Holi

• GWEL has implemented Water Efficiency Management System (ISO 46001)

• GWEL & GKEL has taken initiatives to reduce water consumption required

for the Plant process. 40% and 33% reduction achieved in last 8 Years

• Sugar free paddy cultivation started as a pilot program at GKEL • Supported vegetable farmers at GWEL with seeds and other inputs and

strawberry farmers at Holi-Bajoli with strawberry runners

• Tele-medicine program with pediatrics specialty initiated at GKEL • Number of health camps and health awareness programs were conducted

• DFCC has an ISO 14001 certified Environmental Management System

reaching out to over 2000 people

• Highways sector have adopted measures to reduce energy consumption by

converting conventional HPSV streetlights to LED

• Trial of plastic mix overlay for road major maintenance carried out

for improving durability. Saving of natural resources by using recycled method like Hot in Place Recycled in maintenance and maximizing recycling during upgradation

People

• Learning and Development

 57 business/corporate trainings conducted in Q2FY23 apart

from plant

specific trainings  8184 work hours of

training provided covering 920 unique permanent employees in the Q2FY23. 20% male and 20% female employees have undergone at least one training in Q2

Note : 1. GKEL is GMR Kamalanga Energy Ltd, 2. GWEL is GMR Warora Energy Ltd.

Governance

• Strict governance principles through guided values of the organization and

all the secretarial compliances in place

•

Internal audits, MAG audits keep processes very transparent

• Regular Board meetings conducted to keep Board updated on all aspects

• Periodic training of employees on the CoC guidelines

• Risk management framework and governance process, including SOPs

around risk assessment and mitigation

25

Thank You

For further information, please visit

Website: www.gmrpui.com or

Contact: GPUIL–IR@gmrgroup.in

Annexures

Annexures

Particulars

Profitability Statement (Consolidated)

Financial Performance

•

Energy Sector (Consolidated)

• Warora (Standalone)

•

•

Kamalanga (Standalone)

Bajoli Holi (Standalone)

• Highways Sector (Consolidated)

No.

A

B

C

D

E

F

28

Annexure A : GPUIL (Consolidated)

29

INR mnQ2FY2022Q1FY2023Q2FY2023H1FY2022H1FY2023Gross Revenue10,510 10,687 15,807 19,267 26,494 Less: Revenue Share381 483 460 694 943 Net Revenue10,129 10,204 15,348 18,573 25,551 Total Expenditure8,478 8,801 14,782 16,076 23,583 EBITDA1,651 1,403 565 2,497 1,968 EBITDA margin16%14%4%13%8%Other Income354 947 462 790 1,409 Interest & Finance Charges3,496 3,237 4,108 6,805 7,345 Depreciation284 472 465 528 937 PBT before exceptional items(1,775) (1,358) (3,546) (4,046) (4,904) Exceptional Income/(Expense)5,370 - 9,137 5,370 9,137 PBT3,595 (1,358) 5,591 1,324 4,233 Tax443 69 865 506 934 Profit after Tax (PAT)3,152 (1,427) 4,726 818 3,299 Add: Share in Profit / (Loss) of JVs / Associates 167 3,443 5,967 1,129 9,411 PAT from Continuing Operations3,320 2,017 10,693 1,947 12,710 Add: Profit / (Loss) from Discontinued 5 (0) - (0) (0) Add: Other Comprehensive Income (OCI)400 320 708 241 1,028 Total Comprehensive Income3,725 2,337 11,401 2,188 13,737 Less: Minority Interest (MI)852 (91) (91) 714 (182) Total Comprehensive Income (Post MI)2,873 2,427 11,492 1,473 13,919 Annexure B : Energy Business (Consolidated)

30

INR mnQ2FY2022Q1FY2023Q2FY2023H1FY2022H1FY2023Gross Revenue5,362 5,473 9,236 9,829 14,709 Operating Expenditure5,202 5,382 9,993 9,668 15,375 EBITDA160 91 (758) 162 (667) EBITDA margin3%2%-8%2%-5%Other Income186 43 59 357 102 Interest & Fin Charges561 537 1,538 1,144 2,076 Depreciation19 7 7 28 14 Exceptional Income/(Expense)5,370 0 9,137 5,370 9,137 PBT5,136 (411) 6,893 4,717 6,482 Taxes417 51 851 462 902 Profit after Tax (PAT)4,720 (461) 6,041 4,255 5,580 Add: Share in Profit / (Loss) of JVs / 167 3,442 5,966 1,128 9,408 PAT (After share in JVs/Associates)4,887 2,981 12,007 5,383 14,988 Annexure C : Warora (Standalone) Power Plant

Note: Financials are at 100% level

31

INR mnParticularsQ2FY2022Q1FY2023Q2FY2023H1FY2022H1FY2023Total Revenue2,418 4,565 2,695 5,002 7,260 Fuel - Consumption1,527 2,583 1,760 3,062 4,343 Other Expenses 591 435 466 1,086 901 EBITDA301 1,546 469 854 2,015 EBITDA margin12%34%17%31%28%Other Income642 236 23 723 258 Interest & Finance Charges956 1,024 651 1,901 1,674 Depreciation297 293 263 590 556 Exceptional Income/(Expense)- 879 (22) - 857 PBT(310) 1,344 (444) (914) 900 Taxes- - - (195) - PAT(310) 1,344 (444) (719) 900 Annexure D : Kamalanga (Standalone) Power Plant

Note: Financials are at 100% level

32

INR mnQ1ParticularsQ2FY2022Q1FY2023Q2FY2023H1FY2022H1FY2023Total Revenue5,798 7,330 7,338 11,533 14,668 Fuel - Consumption2,962 3,261 4,765 5,871 8,026 Other Expenses 1,008 1,052 913 2,077 1,965 EBITDA1,828 3,016 1,661 3,585 4,677 EBITDA margin32%41%23%31%32%Other Income327 368 440 620 808 Interest & Finance Charges1,281 1,197 1,139 2,552 2,337 Depreciation812 801 819 1,617 1,619 Exceptional Income/(Expense)- - - - PBT63 1,386 143 36 1,529 Taxes- - - 2 - PAT63 1,386 143 34 1,529 Annexure E : Bajoli Holi (Standalone) Power Plant

Note: Financials are at 100% level

33

INR mnParticularsQ1FY2023Q2FY2023H1FY2023Total Revenue1,080 1,290 2,370 Fuel - Consumption- - - Other Expenses 287 273 560 EBITDA793 1,018 1,811 EBITDA margin73%79%76%Other Income24 9 33 Interest & Finance Charges916 860 1,776 Depreciation173 173 345 Exceptional Income/(Expense)- - PBT(271) (6) (277) Taxes(0) (0) PAT(271) (6) (277) Annexure F : Highway Business (Consolidated)

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INR mnQ2FY2022Q1FY2023Q2FY2023H1FY2022H1FY2023Gross Revenue1,275 1,632 1,554 2,498 3,186 Less: Revenue Share381 483 460 694 943 Net Revenue894 1,149 1,094 1,804 2,244 Operating Expenses198 271 301 557 572 EBITDA696 878 793 1,246 1,672 EBITDA margin78%76%72%69%75%Other Income30 223 51 49 274 Interest & Finance Charges1,160 1,137 971 2,305 2,108 Depreciation192 380 375 346 755 PBT(627) (416) (501) (1,356) (917) Taxes26 12 8 44 20 Profit after Tax (PAT)(653) (428) (509) (1,400) (937)