SWSOLARNSE13 July 2023

Sterling and Wilson Renewable Energy Limited has informed the Exchange about Investor Presentation

Sterling and Wilson Renewable Energy Limited

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STERLING AND WILSON RENEWABLE ENERGY LIMITED ONE OF THE LEADING SOLAR EPC AND O&M SOLUTIONS PROVIDER IN THE WORLD

Investor Presentation – 1Q FY24 13 Jul 2023

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sterling and Wilson Renewable Energy Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions, regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.

| WHO WE ARE

Leading Solar EPC and O&M Solutions Provider

We offer Design, Detailed Engineering, Procurement, Construction, Installation, Commissioning and Operations & Maintenance services under turnkey EPC and BoS (Balance of System) solutions for utility-scale, rooftop and floating solar power projects. We also offer solar plus storage solutions.

E C N E L L E C X E L A N O T A R E P O

EPC Portfolio 14.7 GWp

O&M Portfolio 6.6 GWp

Global Manpower 2,039

N O T N G O C E R L A B O L G

EPC and O&M of Abu Dhabi 1,177 MWp One of the world’s largest single location PV plant

Regional presence across 27 countries Significant cost benefit and timely execution

E S U O H R E W O P

C T S E M O D

EPC and O&M of NTPC 3GW+ in 2 projects Executing one of India’s largest PV plants at Khavda, Gujarat

Awarded two projects of 1,570 MWp and 1,500 MWp in FY23

End-to-end “concept to commission” solar EPC

Market Leader

Leading Solar EPC solutions provider in the world

Leading Solar O&M player globally

No. 1 Solar EPC

player in Australia

| A GLOBAL LEADER IN SOLAR EPC IN 8 YEARS

2016 Diversified into Rooftop Solar

Started third-party O&M services

2013 Completed our first turnkey EPC project

Started international solar operations

2018

Expanded operations in Australia by acquiring a controlling stake in GCO Electrical Pty Ltd

2020 Ranked 2nd largest O&M player in the world by Wood Mackenzie

2022

Reliance New Energy acquired 40% stake in Sterling and Wilson Renewable Energy Limited

Awarded one of the largest domestic EPC contract of 1.6 GW by NTPC

2015

Recognized as the largest Indian solar EPC player

Largest single-axis tracker plant in India (60 MWp)

2011 Ventured into solar EPC business

2017

Demerger of S&W Solar from S&W Group

Incorporated a subsidiary in Spain

Started operations in USA

Bagged world’s largest single location solar EPC project in Abu Dhabi

2019

Listed on BSE and NSE

Commissioned our first floating solar project of 450 kWp

Ranked No. 1 solar EPC in the world by IHS Markit

2021 Expanded our offerings to include Hybrid Energy, Energy Storage and Waste-to- Energy solutions.

2023 Achieved a second consecutive mega order (1,500 MW) from NTPC

| WHAT DIFFERENTIATES US

Expeditious Quick Decision Making & well-defined internal processes leading to timely execution

Experience Strong Track Record of executing complex & large-scale EPC projects leading to high customer retention and repeat business

Talent Pool Strong in-house Design and Engineering team providing customized solutions

Cost Effective Leveraging the Low-Cost India Base for global execution providing cost competitive solutions

Global Presence One of the only Global Pure-Play Solar EPC players with a significant presence and operational experience across geographies

Strong Relationships A Bankable Player with strong relationships with customers and other key stakeholders

| ACROSS THE GLOBE

USA

Mexico

Spain

Jordan

Kazakhstan

USA 455 MWp

Morocco

Egypt

UAE

Vietnam

MENA 1,962 MWp

Mali

Nigeria

Saudi Arabia

Thailand

Oman

Kenya

Tanzania

Zambia

India

India 10,043 MWp

Singapore

Southeast Asia 323 MWp

Philippines

Latin America 575 MWp

Chile

Argentina

Namibia

Offices in 27 Countries

Projects in 19 Countries

South Africa

Rest of Africa 250 MWp

Australia

Australia 1,113 MWp

New Zealand

| SOLAR IS CHEAPER.. FASTER.. CONSISTENT

SOLAR PV LCOE IS ONE OF THE LOWEST GLOBALLY

$/MWh (nominal)

171

169

180

150

120

Gas

Coal

Onshore wind

Fixed-axis PV

Tracking PV

42 41 40

2014

2015

2016

2017

2018

2019

2020

2021

2022

Source: BNEF (1) The global benchmark is a country weighted-average using the latest annual capacity additions

Years to install

Nuclear

Natural Gas

Wind

Solar

t u p t u o e t a r e n e g

Standard deviation (%)

Hydro

Wind

Solar

n o i t c u d o r p h W M w o L s a H

y t i l i

b a i r a v

20%

d n a

l l

a t s n

o t

r e t s a F

Source: US EIA, Annual Energy Outlook, Feb 2021; Moody’s, Apr 2017

| SOLAR INSTALLATIONS TO GROW AT ~12% CAGR IN KEY MARKETS

Annual Utility-Scale PV installations (GW)

2019

2021

2022

2030E

CAGR 22-30E

India

South-East Asia & Australia

Middle East and North Africa

Rest of Africa

Europe

North America

Latin America

9.8

1.8

3.9

1.2

8.4

10.6

2.1

Grand Total (excluding Rest of World)

37.8

10.8

15.9

2.7

2.6

1.3

12.5

19.6

3.7

53.2

2.5

5.1

1.8

16.5

16.7

4.6

63.1

40.2

4.7

18.9

10.5

31.5

44.5

4.7

155.0

12%

18%

25%

13%

12%

Source: BNEF (1) China and Japan constitute major countries in rest of world (2) Annual solar PV installations in India, SEA, Middle East, Africa, Europe, USA, Latin America and Australia.

| PSU MARKET – A HUGE OPPORTUNITY TO TAP INTO

PSUs HAVE INDICATED A STRONG PIPELINE

Entity

NTPC

NHPC

GSECL

SJVNL

Coal India

NLC

GIPCL

Others *

Total

Projected Pipeline (GWp)

FY23-24E

FY24-25E

FY25-26E

5.9

1.8

1.2

1.1

0.9

0.8

0.5

8.7

1.4

1.3

1.8

0.8

1.2

0.9

1.0

10.0

1.7

1.8

2.2

1.0

1.4

1.3

13.3

17.1

20.7

Source: Company websites, Press reports * Others include REMCL / RITES, SECI and NHDC

| KEY COSTS ARE ON THE DECLINE

0.28

0.27

0.25

0.22

0.19

0.18

Australia

LATAM

18,400

14,000

11500

9300

8,000

4900

2000

1,800

3,500

4,000

2,300

1,200

1,400 650

a n h C x E s e t a r

t h g e r F

) r e n i a t n o c

t e e f 0 4 r e p

(

Sep ’20 Mar ’21 Sep ‘21 Mar ’22 Sep ‘22

Mar ‘23

Jun ‘23

Sep ’20 Mar ’21 Sep ‘21

Mar ’22

Sep ‘22 Mar ‘23 Jun‘23

Aluminum

Copper

72,500

73,900

9,776 10,235

9,005

9,003

7,647

8,315

6719

2,954

3,537

1,745 2,192

2,180 2,344 2,151

Sep ’20 Mar ’21 Sep ‘21 Mar ’22 Sep ‘22 Mar‘23

Jun ‘23

)

T M

/ s R

(

e c i r P

e e t S n a i d n I

53790

45000

59,900

57,500

55,400

Sep ’20 Mar ’21 Sep ‘21 Mar ’22 Sep ‘22 Mar‘23

Jun ’23`

s d n e r t e c i r p e u d o M

* *

)

p W

r e p D S U n

e c i r p

(

) )

T T M M

/ / D D S S U U

( (

x x e e d d n n I I E E M M L L

** Module Prices are expected to decline in CY23E as per BNEF estimates.

| 1Q FY 2024

| KEY HIGHLIGHTS FOR 1Q FY24

• Company achieved two new order wins in the domestic market

• Received two new contracts in India for Solar EPC from existing clients – Serentica, and Amplus for projects

located in Bikaner, Rajasthan and Jhansi, UP respectively

• Contract signed with NTPC for 1,500 MW project where we were earlier declared L1 (announced in Q4FY23)

• Current unexecuted EPC order book of INR 4,903 crore with nearly 94% domestic EPC

•

Reported consolidated gross margin of 11.3% in 1QFY24. Gross margins have trended back to positive territory after nine quarters

• Achieved Standalone operational EBITDA breakeven in 1QFY24

• Net debt of Rs 2,100 crore as of June 30, 2023

| CONSOLIDATED PROFIT & LOSS – 1Q FY24

INR Crore Revenue from Operations * Gross Margin (post project MTM)

Gross Margin %

Q1FY24 Q1FY23 Q4FY23 1,206 (180) (14.9%)

515 59 11.3%

88 (275) NM

FY2023 2,110 (651) (30.9%)

Other Income *

Recurring Overheads

Recurring Overheads %

89 17.3%

94 7..8%

87 101.9%

365 17.3%

Non-recurring Overheads

Operational EBITDA EBITDA Margin %

(28) (5.4%)

(274) (22.7%)

(349) NM

(997) (47.2%)

Forex gain / (loss)

(6)

(65)

(6)

(26)

Reported EBITDA EBITDA Margin %

EBIT

EBIT Margin %

PBT

PBT Margin %

PAT

PAT Margin

(34) (6.5%)

(37) (7.1%)

(339) (28.1%)

(342) (28.3%)

(95) (18.5%)

(358) (29.7%)

(95) (18.5%)

(356) (29.5%)

(355) NM

(360) NM

(417) NM

(421) NM

(1,023) (48.5%)

(1,038) (49.2%)

(1,178) (55.9%)

(1,175) (55.7%)

INR Crore Revenue from Operations - International EPC - Domestic EPC - Operation and Maintenance Total

Gross margin - International EPC - Domestic EPC - Operation and Maintenance Total Gross margin %

Q1FY24

Q1FY23

Q4FY23

FY2023

159 308 47 515

12 40 7 59 11.3%

1,000 162 44 1,206

(200) 18 3 (180) (14.9%)

(46) 84 49 88

(307) 26 7 (275) NM

1,400 516 190 2,107

(710) 50 10 (651) (30.9%)

 Revenue has improved substantially over Q4FY23 aided by higher contribution

from Domestic EPC segment

 Company has reported positive gross margin of 11.3% in 1QFY24 after nine quarters of losses aided by the higher contribution from Domestic EPC segment. Our unexecuted order book which largely comprises Domestic projects currently is likely to help sustain gross margins going forward

 Domestic EPC margins have improved to 13% and is higher than average in this quarter compared to FY23 margin of 9.7%. International EPC margins were largely aided by reversal of cost / excess provisions in two projects

 O&M constituted 9.2% of revenue in Q1FY24. O&M margin trajectory has begun to improve, however, continue to remain impacted by projects where cost is being incurred but no revenues have been recognized

 Revenue decreased by 51.6% in Q1FY24 to Rs 384 crore but has improved

substantially over Q4FY23

 Standalone Gross margins have improved to 12.5% versus negative margins

reported in recent quarters

 Operational EBITDA (ex-Forex gain/loss) achieved break-even in the

Standalone segment in Q1FY24

| STANDALONE PROFIT & LOSS – 1Q FY24

INR Crore Revenue from Operations * Gross Margin (post project MTM)

Gross Margin %

Q1FY24 Q1FY23 Q4FY23 793 (19) (2.4%)

384 48 12.5%

157 (14) (8.8%)

FY2023 1,554 (36) (2.3%)

Other Income *

Recurring Overheads

Recurring Overheads %

56 14.6%

51 6.4%

45 28.8%

210 13.5%

Non-recurring Overheads

Operational EBITDA EBITDA Margin %

1 0.0%

(71) (8.9%)

(98) (62.2%)

(277) (17.8%)

Forex gain/ (loss)

(10)

(31)

(27)

(8)

Reported EBITDA EBITDA Margin %

(9) (2.3%)

(102) (12.9%)

(124) (79.1%)

(285) (18.3%)

EBIT

EBIT Margin %

PBT

PBT Margin %

PAT

PAT Margin

(11) (2.8%)

(104) (13.1%)

(126) (80.0%)

(292) (18.8%)

(23) (6.0%)

(102) (12.9%)

(147) (94.0%)

(347) (22.3%)

(23) (6.0%)

(104) (13.1%)

(151) (96%)

(355) (22.8%)

CONSOLIDATED BALANCE SHEET

INR Crore

Jun-23

Mar-23

Breakdown of Net Debt (INR Crore)

Jun-23

Mar-23

Sources of Funds Shareholders Funds Borrowings from Banks Total Application of Funds Fixed assets (including right to use assets) Core Working Capital Bank balance (including fixed deposit) Other assets/ (liabilities) Deferred tax and income tax balance GST and VAT balances (net) Total

(335) 2163 1,828

45 140 115 1,137 117 274 1,828

(240) 2,015 1,775

44 38 105 1,117 155 305 1,775

Term debt

Working capital related debt

Commercial Paper

Total Debt

Less: Cash and Bank balance

Net Debt

Mix of receivables > 1 year

1,500

543

120

2,163

(63)

2,100

495

2,015

(49)

1,966

Breakdown of Core Working Capital (INR Crore)

Jun-23

Mar-23

Receivables Breakup (INR Crore)

Jun-23

Current Assets Inventories

Receivables

Receivable days Advances to suppliers

Current Liabilities

Trade payables Payable days

Advances from Customers

Net Working Capital **

1,458 3

1,425 249 30

1,318

755 149 563 140

1,278 2

1,226 212 50

1,239

650 86 589 38

Related Party (Net)

Covered under Indemnity

Argentina

IL&FS (for the Embassy project)

Others

Total Receivables > 1 year

266

145

323

** Net working capital given above would stand at INR –ve 402 Cr as of Jun 2023 vs INR –ve 445 Cr as of Mar 23 were the indemnity receivables to be excluded

| DOMESTIC EPC MOMENTUM GAINING TRACTION

India Order Inflow

INR Cr

5,000

4,000

3,000

2,000

1,000

4,387

713

466

FY22

FY23

Q1FY24

Domestic EPC has remained profitable in challenging times

13.0%

9.7%

20.0%

0.0%

• NTPC - I

• BOS package of 1,570 MW DC of proposed solar

PV plant at Khavda, Gujarat

• NTPC - II

• BOS package of 1,500 MW DC at Khavda, Gujarat

• Aggregate capacity of 260 MW DC

• Received new order of 319 MW DC in 1QFY24

• Aggregate capacity of 242 MW DC

• Received new order of 72.5 MW DC in 1QFY24

• Aggregate capacity of 60 MW DC

Gross Margin (FY23)

Gross Margin (Q1FY24)

• Aggregate capacity of 60 MW DC

SWREL received two new orders from existing clients in 1QFY24

| MOU ANNOUNCED IN FY23

•

Sterling and Wilson Solar Solutions, Inc (SWSS), the US step down subsidiary signed a MOU with the Government of the Federal Republic of Nigeria, along with its consortium partner Sun Africa in September 2022

• MOU is for the development, design, construction, and commissioning of solar PV power plants aggregating 961 MWp at five different

locations in Nigeria along with battery energy storage systems (BESS) with total installed capacity of 455 MWh

•

Financing for these projects are under negotiations between US EXIM, ING and the Government of Nigeria

• D&EPC agreement under negotiation

•

President took oath on May 29th and cabinet formation expected by July 29th. We anticipate closure by end of 2QFY24

SWREL signed a MOU with Nigerian government & Sun Africa to design and construct 961 MW

| ORDER BOOK & PIPELINE

Unexecuted Order Value Movement

-9

+466

-468

4,913

4,903

Gross UOV as on 12 July 2023

Australia 4.4%

USA 1.2%

LATAM 0.4%

India 94.1%

UOV as on 31 Mar 2023

Forex adjustments

Order inflow

Projects executed in 1QFY24

UOV as on 12 Jul 2023

Order bid pipeline remains strong

New order inflows are lumpy – Impacted by cyclicality and seasonality

Europe 5.6%

MENA & Africa 5.3%

US & LATAM 11.4%

SEA 4.4%

Australia 14.8%

21.9 GW

India 58.4%

INR Cr

FY18

FY19

FY20

FY21

FY22

FY23

FY24

346

1,629

3,353

221

466

843

1,482

1,057

1,601

254

1,858

2,030

1,195

1,070

364

2,793

1,417

987

1,820

244

2,165

Total

5,666

4,440

4.743

6,774

719

4,387

466

SWREL announced ~INR 466 Cr of new domestic orders in 1QFY24

| FY24E KEY EXPECTATIONS

• Order booking

✓ Target Nigeria agreement closure by 2QFY24E

✓ Leverage existing strong order pipeline to target orders worth USD 1bn+ from domestic and international markets (ex-Nigeria)

✓ Capture major share of Group companies’ domestic solar portfolio buildout

•

Profitability

✓ Maintain 10-11% Gross Margins aided by nearly 94% of current UOV comprising new India orders

✓ Optimization of Overhead costs – Company has identified 15-20% savings, and these should get reflected in forthcoming quarters

✓ Achieve EBITDA profitability by 3QFY24E

✓ Achieve commissioning / handover of legacy international projects without further delays/costs

• Net Debt reduction

✓ Target to achieve significant debt reduction by Q4FY24E aided by receivables recovery, indemnity inflows, and negative working

capital

SWREL aims to return to profitability and deleverage balance sheet in FY24

For further information, please contact:

Company :

Investor Relations Advisors :

Sterling and Wilson Renewable Energy Limited

Strategic Growth Advisors Private Limited

CIN: L74999MH2017PLC292281

CIN: U74140MH2010PTC204285

Mr Sandeep Mathew Head – Investor Relations

Email: ir@sterlingwilson.com

www.sterlingandwilsonre.com

Mr Jigar Kavaiya / Mr. Parin Narichania

+91 9920602034 / +91 9930025733

Email: jigar.kavaiya@sgapl.net / parin.n@sgapl.net

www.sgapl.net

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