Inox Wind Limited

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Greening l Ed B l A ClN : L31901 HP2009PLC031083 Corporate Office: INOXGFL Towers, Plot No.17, Tel: +91-120-6149600 Sector-? 6A, Noida-201301, Uttar Pradesh, India. Fax: +91-120-6149

3.3 MW

 WIND POWER INDUSTRY  ORDER BOOK  WIND O&M BUSINESS  FINANCIAL HIGHLIGHTS Actual image of 3.3 MW WTG erected at our Gujarat site 2 GROUP STRUCTURE & BUSINESS OVERVIEW 3 PART OF THE STRONG I

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wind business. Market leader in diverse set of industries: Significantly ahead of nearest competitors 4 INOX WIND, IT’S HOLDING COMPANY & SUBSIDIARIES Inox Wind Energy Limited (IWEL) 54.71%* Inox Wind

54.71%

t competitors 4 INOX WIND, IT’S HOLDING COMPANY & SUBSIDIARIES Inox Wind Energy Limited (IWEL) 54.71%* Inox Wind Limited (IWL) Promoter Entities 17.53%* 100%* 56.04%* Resco Global Wind Services P

17.53%

UBSIDIARIES Inox Wind Energy Limited (IWEL) 54.71%* Inox Wind Limited (IWL) Promoter Entities 17.53%* 100%* 56.04%* Resco Global Wind Services Pvt Ltd (RGSPL) Inox Green Energy Services Limited

100%

ES Inox Wind Energy Limited (IWEL) 54.71%* Inox Wind Limited (IWL) Promoter Entities 17.53%* 100%* 56.04%* Resco Global Wind Services Pvt Ltd (RGSPL) Inox Green Energy Services Limited (IGESL)

56.04%

ox Wind Energy Limited (IWEL) 54.71%* Inox Wind Limited (IWL) Promoter Entities 17.53%* 100%* 56.04%* Resco Global Wind Services Pvt Ltd (RGSPL) Inox Green Energy Services Limited (IGESL) Manufac

5000 MW

h grid availability and minimum power losses blades and towers  Sufficient land bank to install ~5000 MW capacity * as on 31st Dec., 2022  Contracts with third-party suppliers for spares;  In-hous

Rs. 740

 Successfully completed IPO of Inox Green Energy Services Ltd (IGESL - O&M subsidiary) and raised Rs. 740 crs. The Company is listed on BSE and NSE.  Various strategic actions have been completed to stre

Rs. 623

completed IPO of IGESL  All the long-term capital requirements met  The Promoters have infused Rs. 623 crs towards long term capital which has been used to repay interest bearing advance taken from the

150 MW

be a game changer for the Indian markets given it’s size and competitiveness.  Execution of NTPC (150 MW project) is progressing well. Execution of NTPC 200 MW project to begin from Q1 FY24. 7 OPERATION

200 MW

e and competitiveness.  Execution of NTPC (150 MW project) is progressing well. Execution of NTPC 200 MW project to begin from Q1 FY24. 7 OPERATIONAL HIGHLIGHTS Key Highlights:  Completed the commis

“ We believe the 3.3 MW WTG will be a game changer for the Indian markets given it’s size and competitiveness.”

“ Execution of NTPC (150 MW project) is progressing well.”

“Execution of NTPC 200 MW project to begin from Q1 FY24.”

“This SPV will be down sold, which will result in further deleveraging of wind business to the extent of ~Rs.”

“The project is fully commissioned and will be down sold in the near future.”

“200 crs and unlock the equity invested in the project to the tune of ~ Rs.”

“100 crs which too will be used for further reduction of debt.”

“PRODUCT MIX AND PRODUCT LAUNCH  Product Mix and EPC:  Aiming to mitigate the EPC related risks by preferring for equipment supply contracts over turn key contracts.”

“   The tenders will be spread across the key eight windy states of the country.”

“Under the new process, bids will be submitted under a single stage , two envelope, closed bid basis.”

Key Highlights

2

Financial Highlights

1

Exceptional Items

1

Stand Alone and Consolidated Financials

1

Key Highlights

 Successfully completed IPO of Inox Green Energy Services Ltd (IGESL - O&M subsidiary) and raised Rs. 740 crs. The Company is listed on BSE and NSE.  Various strategic actions have been completed to strengthen the balance sheet and get the operations back to pre reverse auction levels including but not limited to:  Ramping up of operations  Monetization of O&M business – completed IPO of IGESL  All the long-term capital requirements met  The Promoters have infused Rs. 623 crs towards long term capital which has been used to repay interest bearing advance taken from the Group Company who in turn has repaid it’s debt from the same. This has resulted in reduction of debt by Rs. 623 crs in Wind Business as well in the Group Company.  The prototype of newly launched 3.3 MW WTG is performing well and type certification is in process, post the same, serial supplies will commence given the supply chain is already in place.  We believe the 3.3 MW WTG will be a game changer for the India

Key Highlights

 Completed the commissioning of 50 MW Nani Virani SPV. This SPV will be down sold, which will result in further deleveraging of wind business to the extent of ~Rs. 200 crs and return of equity invested to the tune of ~ Rs. 100 crs.  CRISIL has upgraded the rating of Company from CRISIL BBB/Outlook Stable to CRISIL BBB+/Outlook Positive.  Various retail orders are progressing well and commissioning of turbines is taking place progressively. 8 STRATEGIC INITIATIVES 9 STRATEGIC INITIATIVES - A. PLANNED AND CURRENT STATUS Initiatives Monetization of O&M Assets Current Status Completed. The listing of O&M Company, IGESL took place in the month of Nov., 2022. Proceeds inter alia used to pare debt and deleverage balance sheet. Promoters’ infusion for repayment ICD to Group Company Deleveraging Wind Business Completed. The Promoters have infused Rs. 623 crs towards long term capital which has been used to repay ICD taken from Group Company who in turn has repaid it’s debt from the same. Red

Financial Highlights

Consolidated Operational Financials (excluding exceptional item):  There is a substantial increase in the revenue on Q on Q and YoY basis due to ramp up in supplies.  Revenue from Operations and EBITDA (excluding exceptional items) compared to preceding quarter:  Revenue from operations of Rs. 226.21 crs in Q3 FY23 as compared to Rs. 107.22 crs in Q2 FY22.  EBITDA of Rs. 5.1 crs in Q3 FY 23 as compared to loss of Rs. 18.68 crs in Q2 FY23

Exceptional Items

Rs. Lakhs  The Company has been consistently following Expected Credit Loss (ECL) Policy in respect of its’ receivables. Further during the quarter the Company has done reassessment of all old/sticky receivables and to the best of the estimates, following an ultraconservative approach has made an overall provision of Rs. 137 crs.  The Company during the quarter has also provided Rs. 40.90 Crs for its’ maximum exposure towards SECI 2 bid projects.

Stand Alone and Consolidated Financials

 The Company on standalone basis is EBITDA positive by Rs. 42.59 crs post exceptional items of capital gains of Rs. 240 crs via IPO as well as exceptional provisions of ECL as well as provisions pertaining to SECI 2 bid projects.  The Company on consolidated basis has an EBITDA loss of Rs. 172.47 crs in Q3 FY 23 which includes the exceptional items of ECL (Rs. 137 crs) and SECI 2 provision of Rs. 40.90 crs BUT EXCLUDES the capital gains of Rs, 240 crs. due to IND AS. 22 FINANCIAL HIGHLIGHTS CONSOLIDED UN-AUDITED INCOME STATEMENT Statement of Consolidated Unaudited Financial Results For Quarter and Nine Months Ended 31 December 2022 Inox Wind Limited Rs. Lakhs Particulars Income a) Revenue from operation (net of taxes) b) Other Income Total Income from operations (net) Expenses a) Cost of materials consumed b) Purchases of stock-in-trade c)Changes in inventories of finished goods, work-in-progress and stock-in-trade d) Employee benefits expense 31.12.2022 Quarter Ended 30.09.2022 31.1