Inox Wind Limited

Mohit Kumar

Phone: +91 22 6807 7419; Email: kumar.mohit@icicisecurities.com

Nikhil Abhyankar

Phone: +91 22 6807 7230, Email: nikhil.abhyankar@icicisecurities.com

Bharat Jain

Phone: +91 22 6807 7397, Email: jain.bharat@icicisecurities.com

rs,

Greening l N D l A Corporate Office: INOXGFL Towers, Plot No.17, Tel: +91-120-6149600 1 contact@inoxwind.com Sector-I 6A, Noida-201301, Uttar Pradesh, I

3.3MW

RNINGS UPDATE 2 KEY HIGHLIGHTS OF THE QUARTER  IWL breaks even at Cash PAT* level  Supplies of 3.3MW WTGs on track to commence within Q3 FY24  Nani Virani 50MW SPV – IGESL divests 100% stake for a co

50MW

even at Cash PAT* level  Supplies of 3.3MW WTGs on track to commence within Q3 FY24  Nani Virani 50MW SPV – IGESL divests 100% stake for a consideration of ~Rs 290 crores  H1 FY24 order execution stoo

100%

 Supplies of 3.3MW WTGs on track to commence within Q3 FY24  Nani Virani 50MW SPV – IGESL divests 100% stake for a consideration of ~Rs 290 crores  H1 FY24 order execution stood at 143MW  Orderbook st

Rs 290 crore

o commence within Q3 FY24  Nani Virani 50MW SPV – IGESL divests 100% stake for a consideration of ~Rs 290 crores  H1 FY24 order execution stood at 143MW  Orderbook stands at 1,276MW, across 2MW and 3.3MW WTGs

143MW

– IGESL divests 100% stake for a consideration of ~Rs 290 crores  H1 FY24 order execution stood at 143MW  Orderbook stands at 1,276MW, across 2MW and 3.3MW WTGs  IWL raised ~Rs 460 cr (net of taxes and

1,276MW

or a consideration of ~Rs 290 crores  H1 FY24 order execution stood at 143MW  Orderbook stands at 1,276MW, across 2MW and 3.3MW WTGs  IWL raised ~Rs 460 cr (net of taxes and fees) from promoter stake sale

2MW

on of ~Rs 290 crores  H1 FY24 order execution stood at 143MW  Orderbook stands at 1,276MW, across 2MW and 3.3MW WTGs  IWL raised ~Rs 460 cr (net of taxes and fees) from promoter stake sale and subsequ

Rs 460

der execution stood at 143MW  Orderbook stands at 1,276MW, across 2MW and 3.3MW WTGs  IWL raised ~Rs 460 cr (net of taxes and fees) from promoter stake sale and subsequent capital infusion into IWL in Augu

Rs. 393

ital infusion into IWL in August 2023 strengthening the balance sheet.  Consolidated Revenue of Rs. 393 cr in Q2 FY24 vs Rs 112 cr in Q2 FY23, registering a growth of 250% YoY, despite Q2 being a subdued

Rs 112

August 2023 strengthening the balance sheet.  Consolidated Revenue of Rs. 393 cr in Q2 FY24 vs Rs 112 cr in Q2 FY23, registering a growth of 250% YoY, despite Q2 being a subdued quarter for the wind i

250%

.  Consolidated Revenue of Rs. 393 cr in Q2 FY24 vs Rs 112 cr in Q2 FY23, registering a growth of 250% YoY, despite Q2 being a subdued quarter for the wind industry due to the impact of monsoons  Co

“The projects awarded through these bids will be developed over the subsequent 24 months.”

“ We believe India’s wind capacity commissioning in FY24 will be ~4GW, which is a substantial increase from 1.1GW/2.3GW in FY22/FY23.”

“From FY25 onwards, wind capacity commissioning may increase to upwards of 5GW.”

“Type certification for the turbine was received in Jul’23 from TUV SUD Commercial production and supplies on track to commence within Q3 FY24 IWL has built its supply chain capabilities in order to ensure smooth manufacturing of 3.3 MW WTGs across its plants We are in discussions with multiple PSUs, IPPs and C&I customers for supply of our 3.3 MW WTGs.”

“22 IGESL – GROWTH STRATEGY GOING FORWARD  A.”

“ Customers across the board are looking for a switchover to a strong, credible, renowned and Indian O & M service provider and we are sweetly placed to capture this opportunity going forward.”

“In particular, such statements should not be regarded as a projection of future performance of IWL.”

Universal Access

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Diamond Pass registration link

Copy this Link in your browser: Link Call Coordinator Mr. Mohit Kumar: Phone: +91 22 6807 7419; Email: kumar.mohit@icicisecurities.com Mr. Nikhil Abhyankar: Phone: +91 22 6807 7230, Email: nikhil.abhyankar@icicisecurities.com Mr. Bharat Jain: Phone: +91 22 6807 7397, Email: jain.bharat@icicisecurities.com For any clarification, please contact: Ms. Divya Purohit | Phone: +91 8291431816 | divya.purohit@icicisecurities.com Mr. Rushad Kapadia | Phone: +91 9819308978 | rushad.Kapadia@icicisecurities.com Ms. Seema Sehgal | Phone: +91 9871116926 | seema.sehgal@icicisecurities.com INOX WIND LIMITED Q2 FY24 RESULTS PRESENTATION OCTOBER 2023 1 CONTENTS 1. KEY HIGHLIGHTS FOR THE QUARTER 2. GROUP & COMPANY OVERVIEW 3. MACRO ENVIRONMENT ENTAILS SIGNIFICANT WIND CAPACITY ADDITION OVER THE NEXT DECADE 4. IWL - BENEFITTING FROM THE TAILWINDS 5. IGESL – WIND O&M BUSINESS – STABILITY WITH GROWTH 6. Q2 FY24 EARNINGS UPDATE 2 KEY HIGHLIGHTS OF THE QUARTER  IWL breaks even at Cash PAT* level  Supplies of

Note

• • Wind and solar LCoE calculations done at 11% internal rate of return while coal calculations done at 16% return on equity • • Does not include transmission and distribution charges for any source Pit-head are coal plants using domestic coal and located near the mine; domestic far plants also use domestic coal but are located far from the mine (~500 km); Imported fuel plants make use of imported Australian coal 11 OPPORTUNITIES FOR THE INDIAN WIND SECTOR ARE IMMENSE RENEWABLE ENERGY IMPLEMENTATION AGENCY-WISE BIDDING CALENDAR FOR FY24 RENEWABLE PURCHASE OBLIGATION TRAJECTORY NOTIFIED BY THE MoP OTHER LARGE-SCALE OPPORTUNITIES Year FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 Wind RPO HPO Other RPO Total RPO 0.81% 1.60% 2.46% 3.36% 4.29% 5.23% 6.16% 6.94% 0.35% 0.66% 1.08% 1.48% 1.80% 2.15% 2.51% 2.82% 23.44% 24.81% 26.37% 28.17% 29.86% 31.43% 32.69% 33.57% 24.61% 27.08% 29.91% 33.01% 35.95% 38.81% 41.36% 43.33% Storage (on energy basis) - 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% State a