Adani Portfolio: Transformation in financial risk management profile 24 EBIDTA – Earning Before Interest Depreciation & Tax I Bn – Billion I CAGR - Compound Annual Growth Return I IG – Investment Gra de rating by Moody’s/Fitch/S&P I RR EBIDTA – Run Rate Earning Before Interest Depreciation & Tax incl Other Income I Net Debt – Gross Debt – Cash & Cash Equivalent Mar 2013 Debt (% age ) <5 Years Net Debt RR EBIDTA 100% INR 588 bn INR 78 bn 26% INR 1,615 bn INR 507 bn Highest Asset Rating was AA - Overall Group Rating - AA - Rating Mar 2022 Quality of EBIDTA Mix Mar 2016 86% INR 826 bn INR 191 bn Highest Asset Rating was AA+ 78 191 329 507 7.5x 4.3x 3.7x 3.2x -5.0x -3.0x -1.0x 1.0x 3.0x 5.0x 7.0x 9.0x 0 100 200 300 400 500 600 700 800 900 1000 2013 2016 2021 2022 RR EBIDTA Net Debt / RR EBIDTA 23% CAGR growth in RR EBIDTA over past 9 Years 12% CAGR net debt drawl during the same period Net Debt / EBIDTA – Reduced from 7 . 6 x 3.2x Growth with Discipline A 36% 17% 47% 19% 43% 38% Mar 2013 Mar 2016 41% 7% 50% 1% 1% 2% Sep 2022 AAA AA IG BB Unrated BBB Domestic Global