INOX WIND LIMITED

Q4 & FY24 RESULTS PRESENTATION

MAY 2024
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CONTENTS

1. KEY HIGHLIGHTS FOR THE QUARTER

2. GROUP OVERVIEW
3. INOX WIND – COMPANY OVERVIEW
4. IGESL – WIND O&M BUSINESS – STABILITY WITH GROWTH
5. MACRO ENVIRONMENT ENTAILS SIGNIFICANT WIND CAPACITY ADDITION OVER THE NEXT DECADE
6. Q4 & FY24 EARNINGS UPDATE

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KEY HIGHLIGHTS OF THE QUARTER
3 MW WTG execution boosts Inox Wind’s EBITDA to Rs 140 cr and profit after tax to Rs 38 cr
129 MW execution in Q4 FY24
Bagged the single largest contract awarded to an Indian Wind OEM till date from CESC for 1,500 MW in Feb’24
Received an order for 210 MW, a repeat order from Hero Future Energies in Apr’24
Total unexecuted orderbook stands at 2,656 MW
Signed landmark technology agreement for the launch of 4.X MW wind turbines in India
Interest expense includes one time charges of ~ Rs 17 cr. Q4 FY24 exit quarterly net finance cost run rate is ~ Rs 35 cr
Net external interest bearing debt stands at Rs 655 cr as of 31st March 2024 (refer to slide 21 for details)

Particulars (Rs cr) Q4 FY24 Q4 FY23 YoY % FY24 FY23 YoY %

Consolidated Revenue 563 194 190% 1799 754 139%
Consolidated EBITDA (incl. discontinued ops) 140 -25 NA 344 -242 NA
Profit / Loss after tax 38 -115 NA -51 -697 NA
Cash PAT* 81 (89) NA 73 (598) NA

Execution (MW) 129 52 148% 376 104 262%

Massive turnaround year with very high visibility of growth and profitability in the coming years

* Cash PAT = PAT + Depreciation + Exceptional items

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GROUP OVERVIEW

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INOXGFL GROUP – A US$ 8 BN INDIAN CONGLOMERATE
INOXGFL Group, with a legacy of over 90 years, is one of the largest business Groups in India. It is a forerunner in diversified
business segments comprising fluoropolymer, fluorochemicals, battery chemicals, wind turbines and renewables. The Group
currently with 4 listed entities has a market capitalization of ~ US$ 8 bn.

Chemicals Renewables

• Gujarat Fluorochemicals Ltd. is a leading Indian Inox Wind Ltd is a fully integrated player in the
Chemicals Company wind energy market and provides end-to-end
• Business verticals : Fluoropolymers, Fluorochemicals turnkey solutions
• The only PTFE / fluoropolymer manufacturer in India
• Developing products / grades catering to new age INOX Green Energy Services Ltd. is India's leading
businesses wind O&M services player with 3.2 GW of assets
under management. IGESL is India’s only listed
pure-play renewable O&M service company.
• 100% subsidiary of GFL
• Catering to the EV/ESS ecosystem through Battery Inox Wind Energy Ltd. is the holding company
Salts, Additives, Electrolytes, CAM & Cathode Binders INOX WIND of the wind business. The company is in
ENERGY LTD process of amalgamation into IWL.
• 100% subsidiary of GFL
Being set up at the promoter level, IGREL is a C&I
• Provides fluoropolymer solutions for the entire solar IGREL
power generation platform targeting 1.5GW of
and green hydrogen value chain, including proton RENEWABLES LTD
exchange membranes for electrolyzers and fuel cells. installed RE capacity in the next 4-5 years

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INOX WIND – COMPANY OVERVIEW

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A COMPLETE WIND SOLUTIONS PROVIDER
Fully integrated wind energy player providing end-to-end solutions – from conception to commissioning to
O&M Healthy Balance sheet
Strong operational track record of ~13 years and manufacturing capacity of >2.5GW across 4 facilities
Technologically ready
Amongst the select few wind OEMs in India offering plug & play turnkey solutions and post commissioning for the next decade
O&M services; Product portfolio includes 2MW & 3MW WTGs (under production) & 4MW (license secured)
Operations ramped up
Robust order book of ~ 2.7 GW with a large order pipeline

Owns 61%* in Inox Green, one of India's leading wind O&M services player, with a portfolio of > 3.2 GW Strong Revenue
visibility / Order book
Well positioned to capture a large market share in one of the fastest growing sector in India; India’s Wind
sector is set to add 100GW of capacity over the next decade over 45 GW of current wind capacity High Value Project
Development Pipeline
Sizeable holding (53%) by a strong promoter group and good mix of marquee global and domestic investors

Manufacturing - IWL EPC – IWL O&M - IGESL

 Among the largest WTG manufacturers in  End-to-end services leading up to  Retains O&M contracts for almost all project
India turbine installation sites
 Exclusive licenses and agreements in place
 Constructing sub-stations for  Contracts with third-party suppliers for
across multiple turbine technologies
power evacuation, high grid spares
 4 plants to manufacture nacelles & hubs, availability and minimum power  In-house manufactured inventory
blades and towers losses maintained at sites/ warehouses
 Sufficient land bank to install ~5000 MW
capacity  Skilled O&M team with regular trainings

* On fully diluted basis

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WHAT SETS US APART – 5 PILLARS OF STRENGTH

Strong Group Robust Exceptional Turnkey Diversified Technological

Pedigree creditworthiness Capabilities Orderbook Prowess

• Strong backing of • One of the • One of India’s • Robust orderbook • Manufacturing &
the US$ 8 bn strongest balance largest Wind of ~ 2.7 GW operating 2 MW & 3
INOXGFL Group sheet amongst turnkey solutions • Secured the single MW WTG platforms
• Promoter holding Wind OEMs provider, with high largest wind with multiple
of ~53% in IWL • Comfortable net value project project order of variants
external debt development 1,500 MW • 3 MW platform to
• Synergies among
position pipeline • Orderbook is be the workhorse
the Group
• Massive project site diversified across going forward
companies result in • Strong
inventory of > 5,000 • Launched 4.X MW
additional relationships with all customer
MW WTG platform; will
opportunities all banks segments – PSU,
• Plug & play secure IWL on the
• Rated ‘A-/Stable’ IPPs, C&I and retail
common technological front
for long term and • Healthy mix of
infrastructure is a over the next
‘A2+’ for short term turnkey and decade
strong moat for IWL
bank facilities by • Smartly building equipment supplies • Exclusive license
CRISIL common infra at • Multiple orders agreements in place
additional sites expected across • Manufacturing
across the country PSUs, IPPs and C&I Capacity of >2.5GW

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FY24 – A YEAR OF TURNAROUND

Future
Q1FY24 Q2FY24 Q3FY24 Q4FY24 quarters
3MW WTG Substantial
IWL turns EBITDA IWL posts cash
IWL posts profits supplies boosts growth in
positive profit
profits profitability

Raised ~ Rs 1,300 cr from marquee global equity Secured supply chain and significantly ramped up
investors operations

Secured >2 GW of orders across customers; multiple Manufacturing and supplies of 3 MW turbines are in full
orders at advanced stages of closure swing

Balance sheet strengthened through operational ramp-up

Completed divestment of 50 MW non-core asset for and significant deleveraging
~ Rs 300 cr

O&M portfolio crosses 3.2 GW; Value added services Significant change in institutional shareholding
to increase profitability

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2024 & BEYOND – SUPERLATIVE GROWTH OPPORTUNITIES

Macro: Government’s wind capacity addition plans of ~ 100GW over the next decade – a massive opportunity

Order intake: Multiple order inflows expected across PSUs, IPPs and C&I customers
• Bidding in large PSU orders
• Multiple IPP & C&I orders in the pipeline and at advanced stages of closure

Order execution: Significant uptick on the back of large orderbook

3MW WTGs: To be the key product offering to customers over the next several years

Future technological readiness: Commercial launch of 4.X MW WTG platform

Profitability: Substantial improvement in margins and profitability

Net-debt free status: Target to achieve net-debt free status for consolidated IWL in the next few months

O&M profitability: Inox Green’s O&M portfolio to increase significantly through organic capacity addition and
acquisitions; Value-added services to add to profitability

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ROBUST UNEXECUTED WTG ORDER BOOK OF 2.7GW
ORDER BOOK BREAK UP*
ORDER BOOK MOVEMENT (MW)*

Equipment Supply, 890

MW

Turnkey,
1,766 MW

Retail, 84 MW
Central/State, 669
MW

Unexecuted order book currently stands at

2.7 GW providing a large revenue visibility

C&I/Captive, 1,903
MW

* Orderbook excludes LoI for supply of 501.6 MW WTGs, including which the net orderbook stands at 3.2 GW
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SHAREHOLDING PATTERN – INOX WIND
List of top Institutional Shareholders
Name
Retail Investors, Others, 2%
12%
Nippon Life India Mutual Fund
Samena Green
Capital Research Global Investors

Domestic ICICI Prudential Mutual Fund

Institutional
Investors, 20% Motilal Oswal AMC
Promoters, 53%
Vanguard
Okoworld
Blackrock
Foreign Investors,
13% Matthews
Kuwait Investment Authority Fund
Sizeable holding of a strong promoter group HDFC Mutual Fund
and good mix of marquee global and
domestic investors Bandhan Mutual Fund

As of 31st March 2024

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IGESL – WIND O&M BUSINESS – STABILITY WITH GROWTH

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IGESL – A COMPELLING GROWTH STORY
 Provides comprehensive O&M Solutions for WTG and common
infrastructure O&M through long-term contracts of 5-20 years
 Presence across India with an established track record of >10 years and
portfolio of >3.2 GW of O&M assets
 Targeting to reach 6 GW portfolio by FY26
 Robust relationships with wind farm asset owners – customers across
PSUs, IPPs and private investors
 Reliable & Stable Cash Flows through long-term O&M services for wind
farm projects as well as value added services
 Natural beneficiary of the WTG business of parent Inox Wind Ltd
 Significant organic and inorganic growth opportunities
 Value-added services to be another revenue growth area
 ESG compliant; independently assured by Ernst & Young; participated in
S&P’s CSA 2023

1 2 3 4 5 6

3.2 GW >6 years 5-20 years 2,656 MW INR 261 crs INR 129 crs
Current Residual Duration of Tenor of O&M Net Order Book of FY24 Revenue from
Portfolio the O&M Contract contracts Operations FY24 EBITDA
IWL

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IGESL – O&M BUSINESS POISED FOR GROWTH
Inorganic growth prospects#
12,946

9,793
O&M business of inactive/stressed players maintaining ~10GW of
6,982
capacity provides a significant opportunity for IGESL’s inorganic
growth. Majority of this fleet is across retail customers

3,208 3,196
Leveraging both company’s own and group’s existing customer base
2,004 & relationships
1,174
357 The Company targets to reach a portfolio of 6 GW of FY26
Suzlon Siemens Inox Green Vestas RRB Pioneer Other Inactive
Gamesa Energy Wincon Active Players
Players

Organic growth prospects

Growing portfolio through new long-term O&M contracts with customers who purchase IWL’s WTGs

Revision/Reset of Shared Services O&M contracts

Value added services

# Source: Industry Report. Inactive players include turbines supplied by players which do not offer equipment or services as of fiscal 2021
* Player-wise data as per Crisil report published in 2022 and Inox data updated as on Mar’24. 15
MACRO ENVIRONMENT ENTAILS SIGNIFICANT WIND CAPACITY ADDITION OVER THE NEXT DECADE

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RENEWABLE ENERGY IN INDIA – AT AN INFLECTION POINT
India’s Renewable Energy Capex required for ~ 440
installed capacity target by 596 GW GW of RE capacity addition ~ Rs 28 trn
2032 as per NEP over 2022-32

Capex required for ~ 311 GW of

India Solar Installed Capacity
target by 2032 as per the NEP 365 GW Solar capacity addition over ~ Rs 15 trn
2022-32

Capex required for ~ 89

India Wind Installed Capacity
target by 2032 as per the NEP ~125 GW GW of Wind capacity ~ Rs 6 trn
addition over 2022-32

~47 GW / Capex required for BESS

India BESS Installed Capacity
target by 2032 as per the NEP
capacity addition over ~ Rs 3.5 trn
236 GWh 2022-32

 Government of India has a clear focus on ‘clean’ and ‘green’ energy – Driven by the PM’s vision and initiatives as visible
through India’s commitments in COP conferences, International Solar Alliance, Focus on Green Energy in every bilateral /
multilateral discussions, Government’s 2032 targets, supportive policies
 Strong power demand trajectory requires capacity addition – India’s power demand growth is expected to increase by at
least a 5-6% CAGR over the next decade and beyond, as peak demand is projected to reach >366GW by 2032
 Renewables: Cheapest source of power with low gestation – RE power tariffs today stand at a substantial differential
compared to tariffs from new conventional power projects and India’s APPC, with a significantly shorter gestation period
# Source: National Electricity Plan – Generation, CEA, Mar’23
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INDIA IS ON TRACK TO REACH ITS 2030 RENEWABLES TARGETS
50 GW Renewables Capacity was awarded in FY24
Solar >32 GW As per the recent statements by the
Union Power and Renewable Energy
Minister Shri R. K. Singh, India is well
Renewable Energy 50 on track w.r.t. its 2030 targets with
Capacity Awarded Wind 2.3 GW 103GW of RE capacity under
in FY24 GW construction and 72GW under bidding.
Further, ~ 24,000 ckm of transmission
Hybrid / RTC / lines are under construction and
>15 GW 17,860 ckm under bidding.
FDRE

3.25 GW Wind Capacity was added in FY24 (up 43% YoY); All-India RE capacity (ex-large hydro of 47GW) reached 144 GW in Mar’24

18.5GW RE capacity was added in FY24 Cumulative RE capacity reached 143.6GW

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IWL – Q4 & FY24 FINANCIALS

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KEY FINANCIALS - AUDITED CONSOLIDED INCOME STATEMENT
Figures in Rs crores
Quarter Ended Financial Year Ended
Particulars
3/31/2024 12/31/2023 3/31/2023 3/31/2024 3/31/2023
a) Revenue from operation (net of taxes) 528 503 191 1,743 733
b) Other Income 35 3 3 56 21
Total Income from operations (net) 563 507 194 1,799 754
Expenses
a) Cost of materials consumed 328 284 117 1,038 512
b) Changes in inventories of finished goods, (36) 10 (17) (7) (22)
c) Erection, Procurement & Commissioning Cost 44 55 52 186 152
d) Employee benefits expense 31 27 24 109 89
e) Finance costs 57 63 65 248 327
f) Depreciation and amortization expense 30 28 26 110 98
g) Other expenses 60 35 45 148 300
Total Expenses (a to g) 512 501 312 1,833 1,456
Less: Expenditure capitalised - - 4 - 33
Net Expenditure 513 501 309 1,833 1,423
Profit/(Loss) before & tax 51 5 (115) (33) (669)
Exceptional items 14 - - 14 -
Profit from ordinary activities before tax (3-4) 37 5 (115) (47) (669)
Total Provision for Taxation (1) 2 0 4 28
Profit/(Loss) after tax from continuing operations 38 4 (115) (51) (697)

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KEY FINANCIALS - AUDITED CONSOLIDED BALANCE SHEET Figures in Rs crores
As at 31 March 2024 As at 31 March 2023 As at 31 March 2024 As at 31 March 2023
Particulars Particulars
(Audited) (Audited) (Audited) (Audited)
ASSETS Equity
(1 ) Non-current assets (a) Equity Share capital 326 326
(a) Property, Plant and Equipment 1,494 1,521 (b) Investments entirely equity in nature - -
(b) Capital work-in-progress (c) Other Equity 1,371 1,387
266 123
(d) Non Controlling Interest 494 507
(c) Goodwill 10 10
Total equity (I) 2,192 2,220
(d) Intangible assets 262 39
(e) Right-of-use-assets 46 49
Non-current liabilities
(f) Financial Assets - -
(a) Financial Liabilities
(i) Investments - - (i) Borrowings 258 888
(ii) Loans - - (ia) Lease liabilities 10 10
(iii) Other non- current financial assets 687 507 (ii) Other non-current financial liabilities 2 2
(g) Deferred tax assets (Net) 553 560 (b) Provisions 12 11
(h) Income tax assets (net) 22 15 (c) Deferred tax liabilities (Net) - -
(i) Other non-current assets 115 129 (c) Other non-current liabilities 60 71
Total Non - Current Assets (I) 3,456 2,953 Total Non – Current Liabilities (II) 342 981
(2) Current assets
(a) Inventories 1,245 1,130 Current liabilities
(b) Financial Assets - - (a) Financial Liabilities
(i) Investments - 1 (i) Borrowings 2,979 1,517
(ii) Trade receivables 1,137 827 a) Lease liabilities 1 1
(iii) Cash and cash equivalents 12 21 (ii) Trade payables - -
(iv) Bank Balances other than (iii) above 42 249 a) total outstanding dues of MSMEs 2 1
(v) Loans 4 29 b) total outstanding dues of creditors other than MSMEs 603 616
(vi) Other current financial assets 100 74 (iii) Other current financial liabilities 205 290
(c) Income tax assets (net) 8 5 (b) Other current liabilities 2 1
(d) Other current assets 510 751 (c) Provisions 300 413
(e) Assets classified as held for sale 280 - (d) Current Tax Liabilities (Net) - -
Total Current Assets (II) 3,339 3,087 (e) Liabilities classified as held for sale 170 -
Total Current Liabilities (III) 4,261 2,840
Total Assets (I+II) 6,795 6,041 Total Equity and Liabilities (I+II+III) 6,795 6,041

Inox Wind's Debt Profile Amount (Rs Cr)

Gross Debt as on Mar’24 3,237
Less: Cash & bank balances as on Mar’24 (including non-current FDs) 281
Net Debt as on Mar’24 2,956
Less: Promoter Debt 2,030
Less: Suppliers Credit 271
Net interest bearing debt as on Mar’24 655

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This presentation and the related discussions may contain “forward looking statements” by Inox Wind Limited (“IWL” or “the Company”) that are not historical in nature. 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 the current beliefs, assumptions, expectations, estimates, and projections of the management of IWL about the business, industry
and markets in which IWL operates.
These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond IWL’s control and difficult to predict, that could cause actual results, performance or
achievements to differ materially from those in the forward looking statements.
Such statements are not, and should not be construed, as a representation as to future performance or achievements of IWL. In particular, such statements should not be regarded as a projection of future performance of IWL. It should be noted that
the actual performance or achievements of IWL may vary significantly from such statements.
Accordingly, this presentation is subject to disclaimer and qualified in its entirety, by assumptions and qualifications and therefore, the readers and participants are cautioned not to place undue reliance on forward looking statements as a number of
factors could cause assumptions, actual future results and events can differ materially from those expressed in the forward looking statements.

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