TORNTPOWERNSE29 May 2023

Torrent Power Limited has informed the Exchange about Investor Presentation

Torrent Power Limited

May 29, 2023

To,

Corporate Relationship Department BSE Limited, 14th Floor, P. J. Towers, Dalal Street, Fort, Mumbai-400001

To, Listing Department National Stock Exchange of India Limited “Exchange Plaza”, C – 1, Block G Bandra- Kurla Complex, Bandra (East), Mumbai-400051

SCRIP CODE: 532779

SCRIP SYMBOL: TORNTPOWER

Dear Sir / Madam,

Re: Investor Presentation

Investor Presentation on Audited Consolidated Financial Results for the quarter and year ended March 31, 2023 is enclosed for your records.

Thanking you.

Yours faithfully,

For Torrent Power Limited

Rahul Shah Company Secretary & Compliance Officer Encl.: As above

TORRENT POWER LIMITED Email: cs@torrentpower.com CIN: L31200GJ2004PLC044068 Regd. Office: ''Samanvay'', 600, Tapovan, Ambawadi, Ahmedabad 380015, Gujarat, India Phone: 079-26628300 www.torrentpower.com

Torrent Power Limited

Investor Presentation Q4 FY 2022-23

DISCLAIMER

from the views expressed herein.

This information may contain certain forward-looking statements/details in the current scenario, which is extremely dynamic and increasingly fraught with risks and uncertainties. Actual results, performances, achievements or sequence of events may be materially Investors/shareholders/public are hence different cautioned not to place undue reliance on these statements/details, and are advised to conduct their own investigation and analysis of the information contained or referred to in this section before taking any action with regard to their own specific objectives. None of respective affiliates, advisors or the companies described herein or any of representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of the Materials or their contents or otherwise arising in connection with the Materials. Further, the discussion following herein reflects the perceptions on major issues as on date and the opinions expressed herein are subject to change without notice. The Company undertakes no obligation to publicly update or revise any of the information, opinions or forward-looking statements expressed in this section, consequent to new information, future events or otherwise.

their

PRESENTATION OUTLINE

TORRENT GROUP

TORRENT POWER LIMITED

OVERVIEW OF OPERATIONS FY23

INVESTMENT RATIONALE

FIVE YEAR TREND: KEY FINANCIAL & TECHNICAL STATISTICS

TORRENT GROUP

TORRENT PHARMACEUTICALS LIMITED • A generics pharmaceutical major with strong global footprint • Ranked 6th in Indian pharma market with leading position amongst top 4 players

across key therapeutic areas like Cardiac, CNS, GI & VMN.

• Ranked No. 1 among Indian Pharma companies in Brazil, Germany & Philippines

TORRENT POWER LIMITED • Leading private sector Integrated Power Utility with presence across generation,

transmission and distribution

• Lowest distribution losses in the country • 24 X 7 power supply in licensed areas • Excellent operational track record with delightful customer service

TORRENT GAS PRIVATE LIMITED • Started in FY18, City Gas Distribution (CGD) business now has 17 operating

Geographical Areas (GAs) spread across 34 districts and 7 sates

• 13 CGD areas won in the 9th & 10th Round of Bidding by PNGRB and 4 CGD areas

acquired from incumbent players

• Capex plan of ~ ₹9,000 crs over next 5 years • Crossed sales of 1 mn SCM per day

TORRENT GROUP

Turnover

$ 4.5 Bn

Enterprise Value

$ 11 Bn

Market Cap

$ 9.3 Bn

Employees

24,400+

Spreading smiles Illuminating Lives

Not just healthcare… Lifecare

Generating Trust. Distributing Opportunities.

Turnover: $ 1.12 Bn

Turnover: $ 3.13 Bn

Enterprise Value: $ 6.91 Bn

Enterprise Value: $ 4.12 Bn

Market Cap: $ 6.33 Bn

Market Cap: $ 2.98 Bn

Employees: 15,400+

Employees: 8,100+

Building pan-India state-of-art city gas distribution networks in 17 GAs across 7 States

Employees: 850+

TORRENT POWER LIMITED

Spreading smiles Illuminating Lives

Thermal

- 2,730 MW state-of-art gas power based plants

based plants

- 2730 MW of gas

- 362 MW of coal

- 362 MW of coal based plant

based plant

Solar - 263 MW oper- ational capacity - 138 MW of over 5 locations

operational - 300 MW under- portfolio development

- 21 MW C&I Projects

Wind - 804.5 MW oper-ational operational capacity over portfolio 10 locations

- 430 MW of

- 975 MW under

pipeline - 415 MW project under- development

Transmission

Distribution

- 355 kms 400 kV & 128 Kms of - 355 km 400 kV 220 KV, double double circuit circuit lines to lines to evacuate evacuate power from gas power from gas based plants based plants

- Licensed: - Licensed distribution Ahmedabad/ covering areas Gandhinagar, Ahmedabad / Surat, Dahej SEZ, Gandhinagar, Surat, & Dahej SIR & Dholera SEZ DD/DNH - Franchised - Franchised: distribution Bhiwandi, Agra & areas covering Bhiwandi & SMK Agra

ASSETS AT A GLANCE

TORRENT POWER LIMITED

GUJARAT

AMGEN (362 MW)

DGEN (1200 MW)

SUGEN & UNOSUGEN (1530 MW)

Wind (49.6 MW)

Wind (251.6 MW)

Wind (50.9 MW)

Wind (50.4 MW)

Wind (26 MW)

Wind (70 MW)

Solar (87 MW)

Solar (25 MW)

Solar (51 MW)

Sabarmati, Ahmedabad

Dahej, Bharuch

Kamrej, Surat

Jamnagar

Kutch

Rajkot

Bhavnagar

Surendranagar

Amreli and Rajkot

Kamrej, Surat

Surendranagar

Patan

Ahmedabad and Gandhinagar

Surat

Dahej SEZ

Dholera

MAHARASHTRA

Wind (126 MW)

Solar (50 MW)

Osmanabad

Solapur

Bhiwandi

Shil, Mumbra and Kalwa

C&I Projects

UTTAR PRADESH

Agra

KARNATAKA

Wind (120 MW)

Gulbarga and Raichur, Karnataka

RAJASTHAN

Wind (24 MW)

Jaisalmer

MADHYA PRADESH

Wind (36 MW)

Mandsaur

DADRA & NAGAR HAVELI AND DAMAN & DIU

Dadra & Nagar Haveli and Daman & Diu

TELANGANA

Solar (50 MW)

Nizamabad

Legends Power Generation

Gas

Wind

Coal

Solar

Distribution Licensee

Distribution Franchisee

TORRENT POWER LIMITED

PORTFOLIO OF ASSETS : THERMAL GENERATION

Particulars

Sugen

Capacity (MW)

1147.5 (3 x 382.5)

Unosugen

382.5 (1 x 382.5)

Dgen

1200 (3 x 400)

Amgen

362 (1 x 120, 2 x 121)

Plant Type

Gas-based CCPP

Coal Based

Location COD

Fuel

Near Surat, Gujarat August – 2009 Domestic Gas & Imported LNG

Near Surat, Gujarat April - 2013 Domestic Gas & Imported LNG

Near Bharuch, Gujarat November - 2014

Imported LNG

PPA

835 MW for Distribution areas of Ahmedabad / Gandhinagar & Surat, and 50 MW with MP

278 MW for Distribution areas of Ahmedabad / Gandhinagar & Surat

No tie up

Ahmedabad, Gujarat 1988 Domestic & Imported Coal Embedded generation for licensed areas of Ahmedabad / Gandhinagar

Others

Contracted Storage-cum-Regasification capacity of 1 MTPA with Petronet LNG, Dahej Terminal for 20 years from April 2017

TORRENT POWER LIMITED

PORTFOLIO OF ASSETS : RENEWABLE GENERATION

Particulars

Capacity (MW)

Solar 263

Location

Gujarat, Maharashtra & Telangana

COD Avg Tariff (₹/kWh)

FY 12 to FY17 7.46

Wind 804.50 Gujarat,Maharashtra,Karnataka, Rajasthan & Madhya Pradesh FY 12 to FY 19 3.96 • 352.50 MW with Company’s Licensed

PPA

• 138 MW with its own Licensed

Distribution business, (FIT)

Distribution, (FIT)

• 25 MW with GUVNL (FIT) • 50 MW with SECI • 50 MW with Telangana State

• 120 MW with GESCOM, Karnataka (FIT) • 96 MW with GUVNL Gujarat, 36 MW with MP and 24 MW with Rajasthan State discoms (FIT)

DISCOM (FIT)

FY 23 PLF

19%

• 126 MW with MSEDCL (Bid) • 50 MW with PTC (thru SECI)

24%

New Projects: a. PPA signed with TPLD for 300 MW at tariff of ₹ 2.22/unit for 25 years. SCOD: March 2024. b. 115 MW SECI-V wind project (tariff ₹ 2.76/unit) is under implementation and expected to be commissioned during Q1 FY24. c. PPA signed with SECI for 300 MW wind power project won in the Reverse Auction (SECI XII). SCOD:

March 2025. Tariff ₹ 2.94/unit.

TORRENT POWER LIMITED

PORTFOLIO OF ASSETS : LICENSED DISTRIBUTION

Particulars

Ahmedabad/ Gandhinagar

Surat

Dahej

Licensed Area

~ 356 sq. km.

~ 52 sq. km.

~ 17 sq. km.

Peak Demand(FY23)

License validity Accolades / Highlights

1,900 MW

Till 2025

742 MW

Till 2028

 T&D loss 3.57% during FY 23, is amongst

106 MW

Till 2034  Second Licensee at Dahej

the lowest in the country;

SEZ;

 Substantial

distribution

network

undergrounded;

 Minimal Distribution losses;

enjoy

 Consumers

power availability of 99.9%, which is among the highest in the country;

enviable

 ~99.9% power reliability;

TORRENT POWER LIMITED

PORTFOLIO OF ASSETS : LICENSED DISTRIBUTION

Particulars

Licensed Area

Peak Demand(FY23)

License validity Accolades / Highlights

Dholera SIR

~ 920 sq. km.

Till 2044

 Major project on DMIC,

into developed manufacturing hub;

to be global

 New state-of-art network & a large industrial base will ensure minimal T&D losses & low cost of supply;  Planning & development of an efficient distribution network is under progress;

 Investment of about ₹1,200 Crore is envisaged over next 10 years to cater to demand of about 425 MVA;

Dadra and Nagar Haveli and Daman and Diu Power Distribution

~603 sq. km.

1,281 MW

Till 2047  Area was formally taken over wef. 1st April 2022 through a newly formed company Dadra and Nagar Haveli Power and and Limited Distribution (DNHDD Distribution Company) with 51% stake owned by Torrent Power;

Diu Corporation Power

Daman

TORRENT POWER LIMITED

PORTFOLIO OF ASSETS : FRANCHISED DISTRIBUTION

Particulars

Bhiwandi

Agra

Shil, Mumbra, Kalwa (SMK)

Licensed Area

Peak Demand (FY23)

License validity

Accolades / Highlights

~ 721 sq. km.

~ 221 sq. km.

595 MVA

510 MVA

~65 sq. Km.

146 MVA

31st March 2030  Reduction in AT&C losses from 58.77% at the time of takeover to 9.49% in FY 23.

 Reliable power supply & customer

improved services

25th Jan 2027  Country's first unique PPP distribution franchisee agreement with MSEDCL, a now for standard distribution reforms in the country

adopted

model

 Reduction in AT&C losses from 58% at the time of takeover to 10% in FY 23.  Reliable power supply & customer

improved services

29th Feb 2040  SMK taken over w.e.f 1st Mar 20 under competitive bidding process;

Crs

of in

 ~₹300

capex the estimated franchised area over the agreement term, of which ~₹150 Crs expected to be invested in first 5 years;  Reported AT&C losses of 47% in FY17, reduced to 33% in FY23 & estimated to come down to 12% over 15 years

OVERVIEW OF OPERATIONS – Q4/FY 2022-23

Consolidated Financial Statement (₹ in Cr.)

Q4 22-23

Q4 21-22

Growth %

FY 22-23

FY 21-22

Growth %

Revenue from Operations

Power Purchase Cost

Material Cost & Change in Inventory

6,038

3,991

476

3,744

2,241

166

61%

25,694

16,949

Contribution

Other Income

Gen. & Admin Exp.

PBDIT

Finance Cost

Depreciation & amortization

Profit Before Exceptional Items & Tax

Exceptional Items

Profit Before Tax

Tax Expenses

Profit After Tax

OCI / (Exp.) – net of tax

TCI

1,571

1,337

18%

480

346

1,187

1,088

151

340

597

1,300

(703)

(216)

(487)

12%

195%

199%

189

330

668

187

481

488

(484)

201%

2,171

14,257

80%

8,520

557

5,180

235

1,589

3,826

628

1,334

1,864

1300

564

105

459

461

27%

34%

63%

439%

372%

371%

2,185

6,560

383

1,802

5,141

818

1,282

3,041

880

2,161

OVERVIEW OF OPERATIONS –FY 2022-23

Total Comprehensive Income (TCI) for FY 23 is higher at ₹ 2,171 crs compared to ₹ 1,389 crs for FY 22 (adjusted for net DGEN Impairment charge of ₹ 928 Crs (net of deferred tax reversal)). The major reasons for improvement in the adjusted TCI are:

 Increase in contribution from existing licensed distribution businesses due to improved performance and contribution from the operations of Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD) which has been taken over from 1st April, 2022;  Increase in contribution from franchised distribution business due to reduction in T&D losses on account of continuous and sustained focus on Loss reduction activities and increase in electricity demand;

 Increase in contribution from renewable generation due to acquisitions;  Net gain from trading of LNG;  Increase in Finance Cost;  Increase in tax expenses.

Dividend: The Board has recommended final dividend of ₹ 4.00 per equity share for FY 2022-23. This final dividend along with interim dividend of ₹ 22.00 per equity share works out to total dividend of ₹ 26.00 per equity share (including ₹ 13.00 per equity share as a special dividend) for the FY 2022-23.

OVERVIEW OF OPERATIONS–Q4/FY23

Q4 Thermal PLF(%)/ Net Generation(MUs)

79.2%

91.5%

650 MUs

570 MUs

20.0%

19.9%

483 MUs

480 MUs

SUGEN 1147.5 MW

0.0%

1.9% 16 MUs

0.0%

8.3% 483 MUs

8.6% 495 MUs

18.3%

16.6% 1053 MUs

1145 MUs

UNOSUGEN 382.5 MW

DGEN 1200 MW

Q4 21-22

GAS PLANTS 2730 MW

AMGEN 362 MW

Q4 22-23

THERMAL 3092 MW

FY Thermal PLF (%)/ Net Generation (MUs)

88.2%

76.9%

44.3%

4332 MUs

15.0% 1,467 MUs

SUGEN 1147.5 MW

41.1%

1339 MUs

1.7% 57 MUs UNOSUGEN 382.5 MW

0.0%

0.1% 10 MUs DGEN 1200 MW

24.4% 5,681 MUs

6.6%

1524 MUs

2,241 MUs

1,561 MUs

30.6%

7,922 MUs

16.1%

3,085 MUs

GAS PLANTS 2730 MW

AMGEN 362 MW

THERMAL 3092 MW

FY 2021-22

FY 2022-23

OVERVIEW OF OPERATIONS– Q4/FY23

Q4 Renewable PLF (%)/ MUs Dispatched

FY Renewable PLF (%)/ MUs Dispatched

21.6%

27.1%

24.3%

20.3%

353 MUs

295 MUs 264 MUs

19.3%

58 MUs

123 MUs

1528 MUs

18.7%

16.8%

202 MUs

WIND 804.5 MW

SOLAR 263 MW

803.5 MW WIND

263 MW

SOLAR

Q4 21-22

Q4 22-23

FY 2021-22

FY 2022-23

OVERVIEW OF OPERATIONS– Q4/FY23

Q4 USO/Purchase (MUs)

2,513

1,719

1,754

905

850

913

983

190

171

390

397

165

174

Ahmedabad

Surat

Dahej

DDDNH

Bhiwandi

Agra

SMK

Q4 22

Q4 23

8,018

8,595

3,454

3,813

FY USO/Purchase (MUs) 3,502

3,947

9,962

714

662

2,226

2,030

739

780

Ahmedabad

Surat

Dahej

DDDNH

Bhiwandi

Agra

SMK

FY 22

FY 23

INVESTMENT RATIONALE

• State of the art gas

based plants

• Direct import of LNG

at efficient cost

• Low environmental footprint & large quantum of renew- ables in power system creates a favourable conditions for sustain-able operations of unutilised capacities

• Need for a robust grid to support increase in renewables capacity presents attractive opportunities for private transmission players

• Robust regulations & limited project risks

• Company’s right to win : strong project development & financial capabilities

• Huge growth potential in renewables; returns above COE for selected projects

• Company’s capability to win coming from strong project development, O&M & financial capabilities

• Opportunity of

flexible generation to sell pooled RTC power [Renewable + Gas] at competitive cost on a long term basis

Thermal Generation

Renewable Generation

Transmission

• Opportunities for private sector considering the endemic inefficiencies of the public distribution sector

• Successful

privatization of Union Territory utilities will spur the States to follow the path

• Torrent has a strong distribution platform to take advantage of upcoming Franchisee & privatisation opportunities in distribution sector

Distribution

INVESTMENT RATIONALE

Regulated businesses ensuring stable returns

Excellent operational records

Promising growth opportunities

Unmatched distribution model

Strong project management skills

World class generation assets

Value Creation

Rational allocation of capital

5 YEAR TREND - FINANCIAL STATISTICS

Revenues from Operations (₹ Crore)

EBIDTA (₹ Crore)/EBIDTA Margin (%)

25694

13151

13641

12173

14257

3389

3734

3607

3826

5141

26%

27%

30%

27%

20%

2018-19 2019-20 2020-21 2021-22 2022-23

TCI* (₹ Crore)

Net Worth (₹ Crore)

2117

10569

9722

10724

10289

11979

1145

1291

893

454

2018-19 2019-20 2020-21 2021-22 2022-23

*Without Minority Interest

Note: From 1st April 2018, the Company has adopted Ind AS 115, Revenue from Contracts with Customers , hence the numbers of previous periods are not comparable. Net worth includes DTL. TCI of FY22 is lower due to impairment provision made in the year.

5 YEAR TREND - FINANCIAL STATISTICS

Net Debt / EBITDA

Net Debt Equity Ratio

2.61

2.18

1.98

2.24

1.97

0.80

0.82

0.64

18-19

19-20

20-21

21-22

22-23

18-19

19-20

20-21

21-22

22-23

Return on Capital Employed

Return on Networth

9.32% 10.01% 10.31%

8.23%

11.05% 12.42%

9.54%

14.00%

19.07%

14.22%

18-19

19-20

20-21

21-22

22-23

18-19

19-20

20-21

21-22

22-23

Note: From 1st April 2018, the Company has adopted Ind AS 115, Revenue from Contracts with Customers, hence the numbers in previous periods are not comparable.

5 YEAR TREND - OPERATIONAL STATISTICS

THERMAL PLF (%)

T&D loss (%) Licensed Distribution

87.8%

62.3%

33.4%

0.0% 0.0%

18-19

72.9% 60.1%

59.9%

40.7%

6.5%

19-20

76.9%

88.2%

6.31%

5.61%

6.03%

4.98%

59.9%

57.8%

44.3%

38.4%

9.8%

20-21

41.1%

44.3%

30.6% 0.1%

21-22

15.0%

16.1% 1.7%

0.0%

22-23

3.59%

3.43%

4.06%

4.17%

3.38%

3.74% 3.17%

0.40%

0.35%

0.31%

0.49%

0.45%

0.48%

17-18

18-19

19-20

20-21

21-22

22-23

AMGEN

SUGEN

UNOSUGEN

DGEN

THERMAL

A'bad

Surat

Dahej

RENEWABLE PLF (%)

T&D loss (%) Franchised Distribution

27.3%

30.1%

29.0%

25.0%

27.1%

17.3%

17.6%

17.1%

17.6%

16.8%

24.3%

18.7%

44.89%

40.48%

24.69%

19.16%

14.18%

12.51%

16.22%

12.10%

33.48%

9.49%

21.69%

17.58%

15.13%

11.93%

13.50%

11.64%

10.00%

17-18

18-19

19-20

20-21

21-22

22-23

16-17

17-18

18-19

19-20

20-21

21-22

22-23

SOLAR

WIND

Bhiwandi

Agra

SMK

Note: (i) SMK takeover from 1st March, 2020. (ii) DNH & DD takeover from 1st April, 2022.

THANK YOU

Contact details: Rishi Shah Torrent Power Limited “Samanvay”, 600 Tapovan, Ambawadi, Ahmedabad 380015 Ph. No. (079) 26628473 Email: IR@torrentpower.com

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