Orient Green Power Company Limited

rs,

30th April 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 factors

Rs. 900

hird 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 461 385 433 384

1,000 MW

Phase-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 96.8 77.2 FY16 FY1

100%

r 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 96.8 77.2 FY16 FY17 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Q

rs 78

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

Rs.21 Crore

00% realization of REC stocks Zero stock of issued RECs as of Mar 31, 2019 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%

Y17 FY18 FY19 FY14 FY15 FY16 FY17 FY18 FY19 Interest / Revenue (%) EBITDA / Interest (x) 64% 58% 70% 60% 59% 49% 0.81 0.84 0.77 1.41 1.48 1.10 FY14 FY15 FY16 FY17 FY18 F

58%

FY18 FY19 FY14 FY15 FY16 FY17 FY18 FY19 Interest / Revenue (%) EBITDA / Interest (x) 64% 58% 70% 60% 59% 49% 0.81 0.84 0.77 1.41 1.48 1.10 FY14 FY15 FY16 FY17 FY18 FY19

70%

FY19 FY14 FY15 FY16 FY17 FY18 FY19 Interest / Revenue (%) EBITDA / Interest (x) 64% 58% 70% 60% 59% 49% 0.81 0.84 0.77 1.41 1.48 1.10 FY14 FY15 FY16 FY17 FY18 FY19 FY14

60%

FY14 FY15 FY16 FY17 FY18 FY19 Interest / Revenue (%) EBITDA / Interest (x) 64% 58% 70% 60% 59% 49% 0.81 0.84 0.77 1.41 1.48 1.10 FY14 FY15 FY16 FY17 FY18 FY19 FY14 FY15

59%

4 FY15 FY16 FY17 FY18 FY19 Interest / Revenue (%) EBITDA / Interest (x) 64% 58% 70% 60% 59% 49% 0.81 0.84 0.77 1.41 1.48 1.10 FY14 FY15 FY16 FY17 FY18 FY19 FY14 FY15 FY1

“The original RPO target was 14.25% for FY 18-19.”

Developments

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Appendix

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Continued Operations

1

Note

1

Wind Business

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 Loss from Discontinued Operations Consol PBT 2018-19 2017-18 3,389.2 2,464.8 72.7% 1,327.4 39.2% (330.4) (154.6) (485.1) 3,986.4 2,997.6 75.2% 1,761.7 44.2% (351.8) (342.8) (694.6) 2.

Note

1. Overall, this has been a subdued wind year resulting in a generation shortfall of 64 million units leading to a reduction in operational turnover of Rs.336.9 million. The promoter company has maintained its commitment to the business and waived the group loan interest of Rs.330.6 million for the year. It may be noted that the previous year had an exceptional income of Rs.156 million. Accordingly, the revenue for the comparative period presented is not comparable. Factors like over 95% Grid Evacuation in Tamil Nadu and REC trading at around Rs.1,500 per certificate bode well for the future. 3. 4. 14 Key Financial Highlights – FY19

Wind Business

   Overall relatively stable performance, could have been better had it not been for delayed onset of wind season & Cyclone Gaja – loss of over 64 million units compared to last year due to erratic wind pattern Consistent grid availability especially in TN; grid availability for the Qtr. at 96.8%, FY19 at 95.8%. Support from regulators and electricity distribution companies / SEBs as well as buoyant demand trends are 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  Interest cost reduced from Rs. 211 Crore in FY18 to Rs.165 Crore in FY19. REC Trading: Firm volumes & better realisations on the back of strong demand     Demand-supply trends in favour of generators due to rising demand and limited supply This has resulted in trading of certificates above the floor price aft