Orient Green Power Company Limited

rs,

25th January 2019 The BSE Limited Corporate Relations Department, P.J. Towers, Dalal Street, Mumbai-400 001. Scrip Code: 533263 The National Stock Exchange of India Limited Depar

8 Mw

BWFL acquires old wind assets from third party • 2008 - Commences Biomass Operations – Acquires 8 Mw plant in Kotputli • 2010 – Raised Rs. 900 cr via IPO High Potential disrupted by external factor

Rs. 900

rd party • 2008 - Commences Biomass Operations – Acquires 8 Mw plant in Kotputli • 2010 – Raised Rs. 900 cr via IPO High Potential disrupted by external factors In Rs. cr Revenues 461 385 433

1,000 MW

hase-wise shutting down of thermal power plants during the wind season Request for expedition of 1,000 MW green energy corridor to help 100% evacuation 93.1 97.4 94.8 95.3 96.3 95.4 77.2 F

100%

plants during the wind season Request for expedition of 1,000 MW green energy corridor to help 100% evacuation 93.1 97.4 94.8 95.3 96.3 95.4 77.2 FY16 FY17 Q4 FY18 Q1 FY19 Q2 FY19 Q

rs 78

494 516 420 FY15 FY16 FY17 Q1 FY19 H1 FY19 9M FY19 0 0 0 Traded REC Revenue INR Crs 78 19 28 38 25 FY15 FY16 FY17 FY18 9M FY19 • • • • • • Sharp increase in RECs traded

Rs.21 Crore

% realization of REC stocks Zero stock of issued RECs as of Dec 31, 2018 Amount held in CERC - Rs.21 Crore The Supreme Court has granted stay in respect of floor price for REC’s issued before 31st March

64%

8 9M FY19 FY14 FY15 FY16 FY17 FY18 9M FY19 Interest / Revenue (%) EBITDA / Interest (x) 64% 58% 70% 60% 59% 57% 0.81 0.84 0.77 1.41 1.38 1.10 FY14 FY15 FY16 F

58%

FY19 FY14 FY15 FY16 FY17 FY18 9M FY19 Interest / Revenue (%) EBITDA / Interest (x) 64% 58% 70% 60% 59% 57% 0.81 0.84 0.77 1.41 1.38 1.10 FY14 FY15 FY16 FY17 F

70%

FY14 FY15 FY16 FY17 FY18 9M FY19 Interest / Revenue (%) EBITDA / Interest (x) 64% 58% 70% 60% 59% 57% 0.81 0.84 0.77 1.41 1.38 1.10 FY14 FY15 FY16 FY17 FY18 9

60%

FY15 FY16 FY17 FY18 9M FY19 Interest / Revenue (%) EBITDA / Interest (x) 64% 58% 70% 60% 59% 57% 0.81 0.84 0.77 1.41 1.38 1.10 FY14 FY15 FY16 FY17 FY18 9M FY19

59%

FY16 FY17 FY18 9M FY19 Interest / Revenue (%) EBITDA / Interest (x) 64% 58% 70% 60% 59% 57% 0.81 0.84 0.77 1.41 1.38 1.10 FY14 FY15 FY16 FY17 FY18 9M FY19 FY14

“policies in terms of improving grid availability, introducing innovative project funding models and working towards developing favorable viable tariff regime.”

“20 Regulatory & Market Developments  TSERC / KERC / TNERC announces APPC cost for FY 2018-19 – – – – Telangana State Electricity Regulatory Commission (TSERC) announced that the APPC cost of INR 4.097/kWh for FY17-18 will be applicable for this financial year as well.”

Developments

1

Appendix

1

Continued Operations

1

Wind Business

1

Expect business momentum to continue

1

Supportive macros

1

Appendix

Financial Statements 16 18 22 3 Transformation Strategy & Operational Progress OGPL Transformation Accelerated Growth and aiming for leadership in renewable energy sector in India Phase IV (FY18 onward) Focus on optimising performance of Wind business Sale of Biomass business – removal of drag on business performance Transfer of Biomass Debt – reduction in Interest costs • • • • Refinancing of Wind Business debt at lower rates Stabilising performance, corporate restructuring and rightsizing Phase III (FY15 - 17) • Renewed strategy – Focus on profit making business • Capital allocation (incremental) for profit accretive wind business • Focus on profit making biomass plants; monetize loss making units • Negotiate with bankers – seeking more accomodative terms on debt Consolidation forced by external factors Phase II (FY11 - 14) • • • External factors impacting planned growth trajectory & performance Excessive Grid back down in TN, resulting in sub-optimal functioning of Wind assets Inter

Continued Operations

Revenue EBITDA Margins % EBIT EBIT % PBT Discontinued Operations PBT Consol PBT 9M 2018-19 9M 2017-18 2,827.9 2,151.0 76.0% 1,290.0 45.6% (269.2) (61.7) (330.9) 3,544.6 2,783.8 78.5% 1,842.9 51.9% 229.2 (208.1) 21.1 1. The shortfall of 56 Mn units of wind power generation is due to reduced span of wind season during the nine months ended December 2018. It may be noted that the corresponding period in previous year had an exceptional income of Rs.156 Mn and also had a benefit of Rs. 114 Mn Lakhs due to Renewable Energy Certificates (REC’s) being traded at Rs.1,500 per certificate as against the present year Rs.1,000 per certificate. Accordingly, the revenue for the comparative period presented is not comparable. 2. It may be noted that grid evacuation in Tamil Nadu is over 95%. Further, REC’s are trading at a premium i.e. traded at over Rs.1,320 per certificate in the last session as against the base price of Rs.1,000 per certificate. These two factors bode well for the future. 14 Key F

Wind Business

   Steady performance despite delayed onset of wind season Improved macros coupled with strategic initiatives aiding performance

Supportive macros

• • Consistent grid availability especially in TN; grid availability for the Qtr. Stood at 95%. Strong support from regulators and electricity distribution companies / SEBs is contributing to a favourable outlook for the industry. Debt rationalization: Initiated discussion with PSU financiers  Discussions are progressing well for refinancing of debt  Working towards lowering bringing down average cost of debt from ~13% at present REC Trading: High volumes on the back of strong demand   Trading volumes remained elevated on the back of steady demand and limited supply Strong demand resulted in trading of certificates above the floor price after a gap of 5 years. – REC trading has evolved into a reliable revenue stream for the Company. 15 Operational Highlights Wind Operations Particulars Capacity (incl. overseas capacity) Units Generated (Gross) Annualized PLF Average Gross Realisation (before charges and without REC) Unit of Measurement 9M FY19 9M FY18 State Capacity (MW) Mw Mn % 42