Inox Wind Limited

rs,

e. These forward looking statements, which may include statements relating to future state of affairs, results of operations, financial condition, business prospects, plans and objectives, are based on t

34%

HIGHLIGHTS OPERATIONAL HIGHLIGHTS - Q2 FY22 250 200 150 100 50 0 Gross Revenue (INR crs) 34% 229 * 171 Q2FY21 Q2FY22 EBITDA (INR crs) 5 Q2FY21 Q2FY22 -33 10 0 -10 -20 -30 -40

Rs. 63

171 Q2FY21 Q2FY22 EBITDA (INR crs) 5 Q2FY21 Q2FY22 -33 10 0 -10 -20 -30 -40 *Includes Rs. 63 Crs towards supplies to step down subsidiary Nani Virani (SECI II SPV) which has got eliminated in t

3.3 MW

he execution is getting further accelerated during the current quarter.  The major components for 3.3 MW turbine have arrived and the remaining are expected soon, should be launching the 3.3 MW turbine i

1276.7 MW

commissioning of turbines is taking place progressively.  Our consolidated order book stands at 1276.7 MW. 5 STRATEGIC INITIATIVES - FY22 & ONWARDS Balance Sheet Actions  Management is committed to

5%

ity amongst others  Promoters have also committed to infuse funds(upto max. permissible limit, ie 5%) in IWL to ensure that the deleveraging of business happens smoothly.  IWEL has sold its stake t

Rs. 100

that the deleveraging of business happens smoothly.  IWEL has sold its stake to the tune of 5% (~Rs. 100 crs), deleveraging/long term working capital requirements. in IWL and infused the net proceeds in I

Rs. 1300

ements. in IWL and infused the net proceeds in IWL for  All the requisite approvals amounting to Rs. 1300 crs taken for issuing Preference Shares and other securities. This should lead to significant reduc

2 MW

NITIATIVES - FY22 & ONWARDS Product Mix and EPC key contracts.  More options to the customers: 2 MW & 3.3 MW turbines.  Aiming to mitigate the EPC related risks by preferring for equipment supply c

40%

 IWISL to remain a pure O & M company.  O&M business enjoys high EBITDA margins in the range of 40% ~50%.  Organic / Inorganic lead growth to drive revenues going forward. 7 GROUP STRUCTURE & BUS

50%

ISL to remain a pure O & M company.  O&M business enjoys high EBITDA margins in the range of 40% ~50%.  Organic / Inorganic lead growth to drive revenues going forward. 7 GROUP STRUCTURE & BUSINESS

rs 9

ds and Brazil Market leader in diverse set of industries: Significantly ahead of nearest competitors 9 GROUP STRUCTURE & BUSINESS OVERVIEW Inox Wind Limited (IWL) 98.41% Resco Global Wind Services Pvt

“ Execution of the Continuum project, Nani Virani (SECI II SPV) and various retail orders is progressing well and commissioning of turbines is taking place progressively.”

“ Aiming to mitigate the EPC related risks by preferring for equipment supply contracts over turn Monetization of O&M Business  Initiated process for monetization of O&M business:  Hiving off EPC to another subsidiary of IWL  IWISL to remain a pure O & M company.”

“ Organic / Inorganic lead growth to drive revenues going forward.”

“Going forward we expect 3~5 GW of wind installations will take place every year.”

“ The RPO target has been increased to 21% for FY22 for state discoms, up from 17% in FY19.”

“13 SIGNIFICANT MARKET OPPORTUNITIES OPENING FOR IWL  Major thrust in renewable sector:  India has announced a renewable energy target of 175 GW by 2022 and a target of 450 GW by 2030.”

“ Hybrid Tenders are increasingly gaining traction wherein the minimum wind capacity will be 33% of the contracted capacity – bids for 3960 MW of hybrid auctions have been awarded by SECI in the past 3 years.”

“Tower capacity can also be outsourced depending on project location.”

“17 WIND O&M BUSINESS – EMERGING INTO A BIG GROWTH DRIVER O&M BUSINESS – CONSISTENT GROWTH, HIGH CASH FLOWS Already established Strong Annuity Model  Established business with more than 8 years of operating history; Revenue growth of ~14% (CAGR) between FY17-21.”

“2.2 GW portfolio under full O & M services across 8 states in India; Average remaining project life:~20 years and ~0.8 GW portfolio under shared services.”

Key Highlights

1

Working Capital

1

Adjustments for

1

Movements in working capital

1

Key Highlights

 Post COVID 2nd wave, which impacted our execution in Q1 due to non availability of Oxygen, the execution was back on track during the quarter albeit the seasonality(monsoons) factor. The execution is getting further accelerated during the current quarter.  The major components for 3.3 MW turbine have arrived and the remaining are expected soon, should be launching the 3.3 MW turbine in Q3 FY22 and thereafter the commercial ramp up from Q4 FY22 onwards should pick pace.  Execution of the Continuum project, Nani Virani (SECI II SPV) and various retail orders is progressing well and commissioning of turbines is taking place progressively.  Our consolidated order book stands at 1276.7 MW. 5 STRATEGIC INITIATIVES - FY22 & ONWARDS Balance Sheet Actions  Management is committed to take significant initiatives on key balance sheet items:  Retiring of high cost debts  Leveraging IWISL equity amongst others  Promoters have also committed to infuse funds(upto max. permissible limit, ie 5

Working Capital

Particulars Inventory Net Receivables Net Payables Others Net Working Capital INR Cr. Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 1,115 65 760 311 109 1,020 70 644 231 214 958 22 496 165 320 917 (161) 448 193 115 917 (185) 387 280 65 887 (138) 398 315 36 •Inventory: Consolidated Inventory levels are under control and maintained. This also includes the project work in progress at sites which will be commissioned over the coming quarter(s). Going ahead, we expect inventory levels to further come down as the execution picks up pace in the coming quarters. Inventories will also be consumed towards new orders bagged by the Company. •Net Receivables: Net receivables are favorable due to continued collection from past receivables. •Net Working Capital: There is an improvement in the net working capital primarily due to control over inventory levels and receivables. As we ramp up supply and execution, we expect this to improve further. 24 FINANCIALS – CONSOLIDATED P&L STATEMENT Particulars Q2FY2

Adjustments for

Tax expense Finance costs Interest income Gain on investments carried at FVTPL Bad debts, remissions and liquidated damages Allowance for expected credit losses Depreciation and amortisation expense Unrealised foreign exchange gain (net) Unrealised MTM (gain) on financial assets & derivatives (Gain)/Loss on sale / disposal of property, plant and equipment

Movements in working capital

(Increase)/Decrease in Trade receivables (Increase)/Decrease in Inventories (Increase)/Decrease in Loans (Increase)/Decrease in Other financial assets (Increase)/Decrease in Other assets Increase/(Decrease) in Trade payables Increase/(Decrease) in Other financial liabilities Increase/(Decrease) in Other liabilities Increase/(Decrease) in Provisions Cash generated from operations Income taxes paid Net cash generated from operating activities H1FY22 (In Rs Lakhs) H1FY21 (In Rs Lakhs) (11,005) (14,927) (5,630) (7,681) 13,136 12,408 (310) (784) (81) - - 1,315 777 1,178 4,257 4,228 744 951 62 40 12 - (3,341) 2,031 (3,768) 8,506 (2,428) 3,023 - (98) 17,050 (1,132) (31,543) (6,548) 2,286 2,057 (35,273) 351 8,745 5,721 64 203 (28,135) (5,959) (511) 1,482 (28,646) (4,477) Particulars H1FY22 (In Rs Lakhs) H1FY21 (In Rs Lakhs) Cash flows from investing activities Purchase of property, plant and equipment (including changes in capital WIP, capital creditors/advances) Proceeds from disposal of prop