TORNTPOWERNSE10 August 2023

Torrent Power Limited has informed the Exchange about Investor Presentation

Torrent Power Limited

August 10, 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 Unaudited Consolidated Financial Results for the quarter ended June 30, 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 Q1 FY 2023-24

DISCLAIMER

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 different from the views expressed herein. Investors/shareholders/public are hence 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 the companies described herein or any of their respective affiliates, advisors or 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.

PRESENTATION OUTLINE

TORRENT GROUP

TORRENT POWER LIMITED

OVERVIEW OF OPERATIONS Q1 FY24

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 5 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 states

• 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 1.20 mn SCM per day

TORRENT GROUP

Turnover

$ 4.3 Bn

Enterprise Value $ 11.6 Bn

Market Cap $ 9.9 Bn

Employees

24,500+

Spreading smiles Illuminating Lives

Not just healthcare… Lifecare

Generating Trust. Distributing Opportunities.

Turnover: $ 1.17 Bn

Turnover: $ 3.13 Bn

Enterprise Value: $ 6.82 Bn

Enterprise Value: $ 4.77 Bn

Market Cap: $ 6.34 Bn

Market Cap: $ 3.61 Bn

Employees: 15,500+

Employees: 8,100+

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

Employees: 900+

TORRENT POWER LIMITED

Spreading smiles Illuminating Lives

Thermal

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

based plants

- 2730 MW of gas

- 362 MW of coal

- 362 MW of coal based plant

based plant

Solar - 263 MW oper- capacity ational over 5 locations

- 138 MW of

operational - 300 MW under- portfolio development

C&I under- (7

- 164 MW Projects development MW commissioned)

Wind

- 919.50 MW oper-ational - 430 MW operational capacity over portfolio 11 locations

- 975 MW under

- 300 MW pipeline project under- development

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

Distribution

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

ASSETS AT A GLANCE

TORRENT POWER LIMITED 01

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)

Wind (115 MW)

Sabarmati, Ahmedabad

Dahej, Bharuch

Kamrej, Surat

Jamnagar

Kutch

Rajkot

Bhavnagar

Surendranagar

Amreli and Rajkot

Kamrej, Surat

Surendranagar

Patan

Dwarka, Jamnagar

Ahmedabad and Gandhinagar

Surat

Dahej SEZ

Dholera

MAHARASHTRA

Wind (126 MW)

Solar (50 MW)

Osmanabad

Solapur

Bhiwandi

Shil, Mumbra and Kalwa

03 Agra

UTTAR PRADESH

KARNATAKA

Wind (120 MW)

Gulbarga and Raichur, Karnataka

Legends Power Generation

Gas

Wind

Coal

Solar

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

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

PPA

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

278 MW for Distribution areas of Ahmedabad / Gandhinagar & Surat

Near Bharuch, Gujarat Ahmedabad, Gujarat

November - 2014

Imported LNG

No tie up

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

PPA

• 138 MW with its own Licensed

Distribution, (FIT)

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

DISCOM (FIT)

Wind 919.50 Gujarat,Maharashtra,Karnataka, Rajasthan & Madhya Pradesh FY 12 to FY 24 3.81 • 352.50 MW with Company’s Licensed

Distribution business, (FIT)

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

• 126 MW with MSEDCL (Bid) • 50 MW with PTC (thru SECI) • 115 MW with SECI (SECI V Bid) (commissioned in July 2023)

19%

FY 23 PLF New Projects: a. PPA signed with TPLD for 300 MW at tariff of ₹ 2.22/unit for 25 years. SCOD: March 2024. b. PPA signed with SECI for 300 MW wind power project won in the Reverse Auction (SECI XII). SCOD: March 2025. Tariff ₹ 2.94/unit. c. Various C&I projects under development totalling to 164 MW (7 MW commissioned).

24%

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

1,900 MW

Till 2025

742 MW

Till 2028

Accolades / Highlights

➢ 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

Dholera SIR

Licensed Area

~ 920 sq. km.

Peak Demand(FY23)

License validity Accolades / Highlights

Till 2044 ➢ Major project on DMIC, to be developed global into manufacturing hub;

➢ New state-of-art network & a large industrial base will ensure minimal T&D losses & low cost of supply;

➢ Planning & development of an is efficient distribution network 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 Daman and Diu Distribution Corporation Limited Distribution (DNHDD Company) with 51% stake owned by Torrent Power;

Power

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, now a standard model for distribution reforms in the country

adopted

➢ 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 estimated the 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 – Q1 FY 2023-24

Consolidated Financial Statement (₹ in Cr.)

Q1 23-24

Q1 22-23

Growth %

FY 22-23

Revenue from Operations

Power Purchase Cost

Material Cost & Change in Inventory

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

7,328

5,455

177

1,696

512

6,510

4,724

299

1,487

108

426

13%

14%

1,270

1,169

227

332

711

179

532

534

186

312

671

169

502

503

25,694

16,949

2,185

6,560

383

1,802

5,141

818

1,282

3,041

876

2,165

2,171

OVERVIEW OF OPERATIONS – Q1 FY 2023-24 Total Comprehensive Income (TCI) for Q1 FY24 is higher at ₹ 534 crore compared to ₹ 503 crore for Q1 FY23. The major reasons for improvement in the adjusted TCI are:  Increase in contribution from merchant power sales in gas-based power

plants;

 Increase in contribution from licensed distribution businesses due to

improved performance;

 Lower net gain from trading of LNG;  Lower contribution from renewable business due to lower wind PLF;  Increase in Finance Cost and Depreciation Expense;

Board approved the Scheme of Arrangement for transfer and vesting of “Renewable Power Undertaking” (comprising of 316.60 MW of solar & wind power) of the Company to Torrent Green Energy Private Limited, a wholly owned subsidiary of the Company, on a going concern basis by way of slump sale, subject to requisite regulatory and other approvals.

OVERVIEW OF OPERATIONS – Q1 FY24

Q1 Thermal PLF(%)/ Net Generation(MUs)

94.7%

93.2%

44.9%

1,094 MUs

22.6%

550 MUs

62.7%

509 MUs

0.8% 6 MUs

11.1% 283 MUs

0.0%

9.6%

556 MUs

685 MUs

675 MUs

32.5%

1,886 MUs

39.6%

19.5%

2,561 MUs

1241 MUs

SUGEN 1147.5 MW

UNOSUGEN 382.5 MW

DGEN 1200 MW

GAS PLANTS 2730 MW

AMGEN 362 MW

THERMAL 3092 MW

Q1 22-23

Q1 23-24

OVERVIEW OF OPERATIONS– Q1 FY24

Q1 Renewable PLF (%)/ MUs Dispatched

33.4%

30.5%

505 MUs

469 MUs

264 MUs

19.6%

21.1%

91 MUs

121 MUs

WIND 804.5 MW / 919.5 MW*

SOLAR 263^ MW / 263 MW

Q1 22-23

Q1 23-24

*Includes generation from partly commissioned capacity before 30.6.2023 out of total capacity of 115 MW SECI V Project commissioned on July 15, 2023. ^ Includes generation for part of the quarter from 50 MW Solar plant acquired during Q1 FY23

OVERVIEW OF OPERATIONS– Q1 FY24

2,720

2,618

Q1 USO/Purchase (MUs)

2,524

2,582

1,079

1,034

207

159

1,010

976

729

658

229

237

Ahmedabad

Surat

Dahej

DDDNH

Bhiwandi

Agra

SMK

Q1 23

Q1 24

9.32%

9.20%

T&D Loss (%)

T&D Loss(%)

37.97%

32.58%

2.99%

2.81%

2.23%

1.58%

0.66%

0.30%

11.24%

9.36%

14.25%

15.25%

Ahmedabad

Surat

Dahej

DDDNH

Q1 23

Q1 24

Bhiwandi

Agra

Q1 23

SMK

Q1 24

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

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

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

8.23%

9.32%

10.01% 10.31%

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%

59.9%

57.8%

44.3%

38.4%

9.8%

19-20

20-21

76.9%

88.2%

6.31%

5.61%

6.03%

4.98%

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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