Adani Green Chairman Speech

Dear Shareholders,

It gives me immense pleasure to share with you that your Company has made formidable progress over the last fiscal.

This growth has been driven by India''s economic success and the rising power demand in the country.

India continues to make inspiring progress with policy reforms and initiatives despite multiple challenges.

It promises unprecedented opportunities for global and domestic businesses owing to a stable macroeconomic environment and consistent focus on inclusive growth.

The country''s GDP is growing steadily and is expected to more than double in the next decade.

Gautam Adani

Chairman, Adani Group

The power sector has reflected the economy''s upsurge, with overall power demand increasing 6.1% YoY in FY18 from a meagre 2.6% growth in FY17. The growing demand is also being matched by the Government''s initiatives to ensure electricity reaches every house in India. The Centre''s focus on achieving ''Power for all'' has accelerated capacity addition in the country. Interestingly, the renewable energy sector continued to drive this capacity expansion with 11.8 GW added in FY18.

We believe these are exciting times for the power industry and particularly for renewable energy generation companies.

In the last fiscal, the renewable energy sector witnessed a positive operational environment backed by the Government''s push for clean energy, which has multiplied capacities and reduced tariffs. This has helped grow our portfolio and report market-share gain.

Today, we are one of the largest renewable energy companies in India. Our current project portfolio is ~3.1 GW, with an operational capacity of ~2 GW.

In FY18, we reported revenue growth of 54.95% YoY. The total revenue for the fiscal stood at Rs,902 Crores. This progress has been driven by our goal to contribute meaningfully to the India growth story.

As one of the largest renewable energy generation companies in India, we are backed by long-term off take agreements. This helps us mitigate risks and create sustained value for our stakeholders. We are also constantly evaluating new opportunities emerging in the field of renewable generation to grow the business further.

FY18 was marked by our efforts to transform through new technologies and digitization. We will further strengthen our commitment to clean energies and to the protection of the environment by increasing production capacity.

The macroeconomics of India have never looked stronger and we are optimistic the renewable energy sector is going to witness many growth opportunities. With the strength of our balance sheet and our expansion capabilities, we are confident of contributing significantly to India’s renewable energy target of 175 GW by 2022.

We are cognizant that to grow we need a team that moves forward with courage and knowledge. To achieve this, the Company has focused on training, learning and development of the workforce. We are committed to ensuring a safe working environment that nurtures our employees’ all-round growth.

As part of our commitment to society, the Adani Foundation continues to undertake measures that benefit our communities. We have initiated programmes in the areas of education, vocational training, health and hygiene, and the overall wellbeing of our society.

In the coming years, we will ensure that our prudent business decisions and long-term approach to generating renewable energy helps move forward the Government''s ''Electricity for All'' programme.

In parallel to these, AGEL will continue to develop its Corporate Governance System based on ethical principles, transparency and leadership in the application of the best international practices on good governance.

Gautam Adani

Chairman, Adani Group

Dear Shareholders,

It gives me immense pleasure to share with you that your Company has made formidable progress over the last fiscal.

This growth has been driven by India''s economic success and the rising power demand in the country.

India continues to make inspiring progress with policy reforms and initiatives despite multiple challenges.

It promises unprecedented opportunities for global and domestic businesses owing to a stable macroeconomic environment and consistent focus on inclusive growth.

The country''s GDP is growing steadily and is expected to more than double in the next decade.

Gautam Adani

Chairman, Adani Group

The power sector has reflected the economy''s upsurge, with overall power demand increasing 6.1% YoY in FY18 from a meagre 2.6% growth in FY17. The growing demand is also being matched by the Government''s initiatives to ensure electricity reaches every house in India. The Centre''s focus on achieving ''Power for all'' has accelerated capacity addition in the country. Interestingly, the renewable energy sector continued to drive this capacity expansion with 11.8 GW added in FY18.

We believe these are exciting times for the power industry and particularly for renewable energy generation companies.

In the last fiscal, the renewable energy sector witnessed a positive operational environment backed by the Government''s push for clean energy, which has multiplied capacities and reduced tariffs. This has helped grow our portfolio and report market-share gain.

Today, we are one of the largest renewable energy companies in India. Our current project portfolio is ~3.1 GW, with an operational capacity of ~2 GW.

In FY18, we reported revenue growth of 54.95% YoY. The total revenue for the fiscal stood at Rs,902 Crores. This progress has been driven by our goal to contribute meaningfully to the India growth story.

As one of the largest renewable energy generation companies in India, we are backed by long-term off take agreements. This helps us mitigate risks and create sustained value for our stakeholders. We are also constantly evaluating new opportunities emerging in the field of renewable generation to grow the business further.

FY18 was marked by our efforts to transform through new technologies and digitization. We will further strengthen our commitment to clean energies and to the protection of the environment by increasing production capacity.

The macroeconomics of India have never looked stronger and we are optimistic the renewable energy sector is going to witness many growth opportunities. With the strength of our balance sheet and our expansion capabilities, we are confident of contributing significantly to India’s renewable energy target of 175 GW by 2022.

We are cognizant that to grow we need a team that moves forward with courage and knowledge. To achieve this, the Company has focused on training, learning and development of the workforce. We are committed to ensuring a safe working environment that nurtures our employees’ all-round growth.

As part of our commitment to society, the Adani Foundation continues to undertake measures that benefit our communities. We have initiated programmes in the areas of education, vocational training, health and hygiene, and the overall wellbeing of our society.

In the coming years, we will ensure that our prudent business decisions and long-term approach to generating renewable energy helps move forward the Government''s ''Electricity for All'' programme.

In parallel to these, AGEL will continue to develop its Corporate Governance System based on ethical principles, transparency and leadership in the application of the best international practices on good governance.

Gautam Adani

Chairman, Adani Group