7/27/2019 Financials DSCL

1/5

Key Assumptions :

Season Off Season Off Season Net Export Capacity MW 14.35 14.00 MP HPOperating Days 160 120 0 15.60Operating Hours Hours/Day 24 24 Total Generation steam TPH

Extraction 5 Condensing 60.00Summary of Cap Ex estimate Rs Lacs 87K 45K

Input H 3390 3240Total Capi tal Expendi ture 3816.00 Output H 2817 2817

% used Ext 17% 13%

Steam condensing - Season ExtBagasse Rs./MT 625Rice husk Rs./MT 1150

HP 31.00 TPH 61.00 TPH

Steam raising ratiosSeason

Bagasse - 87 K kg/kg 1.92

Rice husk -87K kg/kg 3.42

Fixed Expenses in Lakh RsO&M Cost 95 Lakh Rs Boiler/ Cooling tower chemicals 4.667 Rs LacsSalaries & Wages 95 Lakh Rs Bagasse wastage 0% of stored qtyAdministration 72 Lakh Rs Bagasse Insurance 0.20% of stored qty

Increase in Annual Fixed Cost 5% Bagasse Coverage Rs/ MT 4.28571 of stored qty

RevenueBuy Back Rate 2.91 Rs./kWh Transport cost 0 Rs/ MTAnnaul Escalation 0.00 Rs./kWh Fuel Cost Escalation 2%

Fuel Cost

Plant Capacity

Kg steam/Kg fuel

7/27/2019 Financials DSCL

2/5

Collection charges 5%

7/27/2019 Financials DSCL

3/5

Year1 Year2 Year3 Year4 YearENERGY GENERATION

Capacity :SEASON MW 14.35 14.35 14.35 14.35 14.3Operating Period hrs 3840 3840 3840 3840Gross Generation Lakh kWh 551 551 551 551Capacity : OFF SEASON MW 14.00 14.00 14.00 14.00 1Operating Period hrs 2880 2880 2880 2880 28Gross Generation Lakh kWh 403 403 403 403 4

Total Energy Generation Lakh kWh 954 954 954 954 95Buy Back Rate Rs./kWh 2.91 2.94 2.98 3.02 3.PLF % 0.80 0.80 0.80 0.80Revenue- season Lakh Rs 1281 1298 1315 1332 133Revenue-offseason Lakh Rs 937 950 962 975 9

Revenue Lakh Rs 2218 2248 2278 2307 23

VARIABLE COSTFuel Consumption : Season MT 66,097 66,097 66,097 66,097 6Fuel Consumption : Off Season - bagasse MT 0 0 0 0Fuel Consumption : Off Season Rice husk MT 43,789 43,789 43,789 43,789 4Fuel Consumption :year outsourced MT 43,789 43,789 43,789 43,789 4Fuel Cost-baggasse Rs./MT 625 638 650 663Fuel Cost-outsourced Rs./MT 1150 1173 1196 1220Total Fuel Cost Rs Lacs 917 935 954 973 9Boiler / Cooling tower chemicals Rs Lacs 4.67 4.67 4.67 4.67 4.6Bagasse wastage Rs Lacs 0.00 0.00 0.00 0.00 0.Bagase coverage Rs Lacs 0.00 0.00 0.00 0.00 0.Bagasse insurance Rs Lacs 0.00 0.00 0.00 0.00 0

921.35 939.69 958.39 977.46 9FIXED COSTS

O & M Rs Lacs 95 100 105 110Salaries & Wages Rs Lacs 95 100 105 110Administration Rs Lacs 72 75 79 83Collection charges Rs Lacs 111 112 114 115Grid Maint. Charges Rs Lacs 11 11 12 12WC charges Rs Lacs 90 103 107 112Metering errors Rs Lacs 22 22 23 23Total Fixed Costs Rs Lacs 496 524 544 566

Interest Charges Rs Lacs 244 227 192 157

CASH FLOW STATEMENT Year1 Year2 Year3 Year4 Year

Capital Expenditure Lakh Rs 3816.00

Net Cash Flow -3816.00 801 784 775 764 7

Net Present Value $482.7513.42%

CDM cash flow 197.77 197.77 197.77 197.77 1

Net Cash Flow -3816.00 999 982 972 961 9

Net Present Value $1,587.48

20.53%

PRODUCTION COST

7/27/2019 Financials DSCL

4/5

Rs 700 /MT Rs 800 /MT Rs 900/MT Rs 1000 /MTIRR excl. CDM revenue 11.34% 8.39% 5.17% 1.57%IRR inc. CDM Revenue 18.71% 16.18% 13.52% 10.70%

Rs 1200 /MT Rs 1300 /MT Rs 1400 /MT Rs 1500 /MTIRR excl. CDM revenue 12.51% 10.64% 8.67% 6.59%IRR inc. CDM Revenue 19.73% 18.10% 16.42% 14.69%

Rs 0.05 /kWh Rs 0.08 /kWh Rs 0.10 /kWh Rs 0.15 /kWhIRR excl. CDM revenue 12.76% 12.37% 12.11% 11.42%IRR inc. CDM Revenue 20.04% 19.75% 19.56% 19.06%

Bagasse Price

Rice Husk Price

PPA Price Reduction After 2010

7/27/2019 Financials DSCL

5/5

3.02 0.05 2.97 3.02 0.08 2.94 3.02 0.10 2.92 3.02 0.15 2.87