Adani Energy Solutions Limited

rs,

6th November, 2023 BSE Limited P J Towers, Dalal Street, Mumbai – 400001 National Stock Exchange of India Limited Exchange plaza, Bandra-K

46%

ase Adani Energy Solutions Limited Consolidated Results for Q2 FY24 and 1H FY24 AESL reports a 46% PAT growth in Q2 FY24; PAT at Rs 284 Cr Q2 operational EBITDA at Rs 1,368 Cr, up 10% YoY Revenue

Rs 284

ed Consolidated Results for Q2 FY24 and 1H FY24 AESL reports a 46% PAT growth in Q2 FY24; PAT at Rs 284 Cr Q2 operational EBITDA at Rs 1,368 Cr, up 10% YoY Revenue in Q2 FY24 increased by 13% YoY The c

Rs 1,368

and 1H FY24 AESL reports a 46% PAT growth in Q2 FY24; PAT at Rs 284 Cr Q2 operational EBITDA at Rs 1,368 Cr, up 10% YoY Revenue in Q2 FY24 increased by 13% YoY The company has a robust and resilient busi

10%

ESL reports a 46% PAT growth in Q2 FY24; PAT at Rs 284 Cr Q2 operational EBITDA at Rs 1,368 Cr, up 10% YoY Revenue in Q2 FY24 increased by 13% YoY The company has a robust and resilient business model

13%

PAT at Rs 284 Cr Q2 operational EBITDA at Rs 1,368 Cr, up 10% YoY Revenue in Q2 FY24 increased by 13% YoY The company has a robust and resilient business model and a strong order pipeline of Rs. 150

Rs. 150 billion

d by 13% YoY The company has a robust and resilient business model and a strong order pipeline of Rs. 150 billion in transmission business and Rs. 230 billion in smart metering business Financial Highlights Q2

Rs. 230 billion

silient business model and a strong order pipeline of Rs. 150 billion in transmission business and Rs. 230 billion in smart metering business Financial Highlights Q2 FY24 (YoY): Editor’s Synopsis • Consolidate

Rs 3,421

Financial Highlights Q2 FY24 (YoY): Editor’s Synopsis • Consolidated revenue increased by 13% to Rs 3,421 Cr • Consolidated operational EBITDA grew by 10% to Rs 1,368 Cr • PBT of Rs. 370 Cr was 48% higher

Rs. 370

reased by 13% to Rs 3,421 Cr • Consolidated operational EBITDA grew by 10% to Rs 1,368 Cr • PBT of Rs. 370 Cr was 48% higher YoY from a lower base. Q2 FY23 PBT was lower on account of adverse forex movement

48%

o Rs 3,421 Cr • Consolidated operational EBITDA grew by 10% to Rs 1,368 Cr • PBT of Rs. 370 Cr was 48% higher YoY from a lower base. Q2 FY23 PBT was lower on account of adverse forex movement (MTM) of R

Rs 138

% higher YoY from a lower base. Q2 FY23 PBT was lower on account of adverse forex movement (MTM) of Rs 138 Cr (MTM adjustment on foreign currency loans) • PAT ended 47% higher at Rs 284 Cr translating from

“Strong thrust on the maintenance of the IG rating by constantly improving liquidity ratios, ensuring credit quality (BBB- / Baa3) • Announced commitment to become Net Zero by 2050 • Achieved 38% renewable power procurement as of September 2023 as against target of 30%.”

“Loans/NCD 20% ECB 6% FY16 1H FY24 Notes: 1) Debt maturity in 1 to 5 year bucket is high due to bullet repayment due for Obligor-1 in August 2026 which will be refinanced through amortizing bond; 2) For Net Debt considered long-term debt and short-term debt excluding unsecured sub-debt from shareholder Rs.”

Segment-wise Financial Highlights

1

Segment-wise Key Operational Highlights

1

Other Key Updates

1

From global rating agencies

1

UNSDG aligned

1

Others

1

Our Commitment

1

Notes

1

Investor Relations

1

Segment-wise Financial Highlights

Particulars (Rs Crores) Transmission Segment Operational Revenue Operational EBITDA Margin (%) Total EBITDA PBT PAT Cash Profit Distribution Segment(1) Revenue Operational EBITDA Total EBITDA PBT PAT Cash Profit Q2 FY24 Q2 FY23 YoY % 1H FY24 1H FY23 YoY% 941 854 91% 907 305 259 501 2,480 514 536 65 25 256 868 786 91% 834 305 239 480 2,164 455 528 -55 -45 268 8.4% 8.6% - 8.8% 0.0% 8.5% 4.2% 14.6% 12.9% 1.5% 217.8% 155.1% -4.2% 1,825 1,661 91% 1,769 600 421 918 5,217 961 1,052 113 45 488 1,704 1,553 91% 1,644 607 473 948 4,377 901 1,044 -155 -110 531 7.1% 7.0% - 7.6% -1.1% -11.0% -3.1% 19.2% 6.7% 0.8% 173% 141% -8.0% • The increase in distribution revenue is on account of higher units sold and on account of customer acquisitions • The distribution business continued to deliver strong performance, with double-digit growth in revenue and operational EBITDA during the quarter • PAT in the transmission business in 1H FY24 declined due to a higher tax outgo of Rs. 65 Cr on dividend income at

Segment-wise Key Operational Highlights

Particulars Transmission business Average Availability (%) Transmission Network Added (ckm) Distribution business (AEML) Supply reliability (%) Distribution loss (%) Units sold (MU's) Q2 FY24 Q2 FY23 Change 99.7% 99.7% 219 352 99.99% 5.81% 99.99% 6.0% 2,446 2,233 In line Lower In line Higher Higher • AEML, the No. 1 utility in the country, continues to provide a unique proposition of competitive tariffs and renewable energy to its customers. The proportion of renewable power in the total energy mix further increases to 38% • Fully commissioned WKTL and KTL lines and charged KVTL line • Added 219 ckm in Q2 FY23 and maintained system availability at 99.68% • Energy demand (units sold) improved by 9.5% YoY, driven by an increase in industrial segment demand • Distribution losses in AEML in Q2 were 5.81%, with a higher share of e-payments at 79.2% Recent Developments, Achievements and Awards: • AEML, Mumbai’s primary and most preferred power utility, is now also India's No. 1 power utility

Other Key Updates

– Added 219 ckms to operational network during the quarter with total network at 19,862 ckms – During the quarter, operationalized WKTL & KTL and charged KVTL line. Received LOI for Sangod Transmission line – Received LOA for four smart metering projects in Maharashtra, AP and Bihar totaling 14.76 million smart meters with a contract value of Rs. 174 billion during the quarter – Maintained robust system availability upwards of 99.68% – 9.53% YoY growth – units sold 2,446 million units vs. 2,233 million units last year on account of uptick in energy demand – Distribution loss improving consistently and stands at 5.81% in Q2FY24 and maintained supply reliability (ASAI) of more than 99.9%. – The share of Renewable power supplied to Mumbai circle increased to 38% at the end of September 30, 2023, as committed under the July 2021 SLB issuance Financial Update (YoY): − Consolidated Revenue increased by 13% to Rs 3,421 Cr − Consolidated operational EBITDA grew by 10% to Rs 1,368 Cr and EBITDA

From global rating agencies

MSCI ESG Rating of ‘BBB’ DJSI-S&P Global Corporate Sustainability Assessment score of 59/100 FTSE Score of 4.0/5 (world utilities avg. 2.7/5) – – – AESL - ESG Framework 27 0 8 AESL: ESG Framework Policies Guiding principle Guiding Principles and Disclosure Standards United Nations Global Compact GHG Protocol SBTi TCFD TNFD Integrated Reporting framework CDP disclosure UN Sustainable Development Goals GRI Standards ESG Commitment Assurance Policy Structure Focus Areas E S G • Environment, Energy, Water & biodiversity Policies • Energy Management System • Corporate Social Responsibility Policy • Occupational Health & Safety Policy • Customer Grievance Redressal Mechanism • Corporate Social Responsibility Committee • Corporate Responsibility Committee • Risk Management Committees • Stakeholders Relationship Committee

UNSDG aligned

• Affordable & Clean Energy • Responsible consumption & production • Sustainable Cities and Communities • Climate Action • Good Health & well being • Decent Work And Economic Growth • Quality Education • Industry, Innovation & Infrastructure

Our Commitment

• MSCI (2023): BBB • S&P CSA (2022) scored 59/100 vs. world electric utility average of 31 • FTSE (2023): 4/5 (world utilities avg. 2.7/5) • Increase renewable power procurement to 60% by FY27 (achieved 38% RE in Q2FY24) (SDG 7) • Reduce GHG Emission Intensity(1) to 40% by FY25, 50% by FY27 and 60% by FY29 (SDG 13) • Achieve Zero Waste to Landfill(2) for all operational sites (achieved in FY23) • Achieve Single Use Plastic Free(2) (achieved in FY23) Notes: 1) GHG Emission Intensity = tCO2 / Rs Cr EBITDA; 2) Confederation of Indian Industry-ITC Centre of Excellence for Sustainable Development (CII-ITC CESD) certified SUP Free status to 37 operational sites of AESL, i.e., 30 substations and 7 transmission line clusters including stores; 3) AEML, being subsidiary of AESL with ~40% of reported EBITDA share, reports disclosures through AESL; 4) AEML is in process to adopt the guiding principles for independent reporting I UNSDG – United Nation Sustainability Development Goals I TCFD - Task