Ashoka Buildcon : Analyst Presentation Ashoka Q3FY23

Developing Infrastructure for Better Tomorrow

|

| | |

RESULT UPDATE PRESENTATION | Q3 FY23

Disclaimer

This presentation and the accompanying slides (the "Presentation"), which have been prepared by Ashoka Buildcon Limited (the "Company"), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company's market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company's ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.

2

Key Highlights - Q3FY23 (1/3)

Sale of equity stake in JNTCL in December, 2022

• Subsidiaries of the Company, Ashoka Concessions Limited (ACL) and Viva Highways Limited, (VHL) have entered into a SPA with National Investment and Infrastructure Fund Limited and JNTCL.
• The total value of the equity is Rs. 691 Crs.

Extension in Concession Period for Durg Project in October, 2022

• Ashoka Highways Durg Limited, a step-down subsidiary of the Company, has received an extension of a total of 240 days in the Concession Period from the end date of the concession period i.e. July 22, 2028, to March 19, 2029.

Financial Closure for Baswantpur to Singnodi Project of Rs.1,079 Crs. in October, 2022

• Development of 6 lane Access Controlled Greenfield highway, Baswantpur to Singnodi Section on HAM. The concession agreement was executed in May 2022, with the construction period of 912 days from Appointed Date and the operation period of 15 years from CoD and FC date i.e 12.10.2022.

3

Key Highlights - Q3FY23 (2/3)

Receipt of Provisional Certificate CoD for HAM Project (Tumkur - Shivamogga) in November, 2022

• Declared 'October 26, 2021' as the CoD for its HAM Project of NHAI viz. Construction of Four Laning of Tumkur - Shivamogga, from Mallasandra to Karadi Village on HAM.
• Eligible for receipt of Annuity payments from NHAI for the operation period of 15 years at the interval of every 6 months from CoD.

Receipt of Provisional Certificate CoD for HAM Project (Kandi to Ramsanpalle) in January, 2023

• Declared as the CoD on November 19, 2022, for its HAM Project of NHAI for the Project viz. Four laning from Kandi to Ramsanpalle in Telangana on HAM.
• Eligible for receipt of Annuity payments from NHAI for the operation period of 15 years at the interval of every 6 months.

L1 for EPC Project in Kerala of Rs.1,668.5 Crs. in November, 2022 followed by LOA in December, 2022

• LOA received for the project - viz. Request for proposal for Construction of 6-lane Elevated Corridor along with the development of existing 4-lane road at ground level from Aroor to Thuravoor Thekku in Kerala on EPC mode.
• The accepted Bid Project Cost for the Project is Rs.1,668.5 Crore.

LOA for EPC Project in Bihar of Rs. 2,161 Crs. in January, 2023

• Received LOA from NHAI for the Project viz. Request for proposal for Construction of Four Lane Elevated Corridor and at-grade improvements of Danapur - Bihta Section with providing connectivity to the existing RoB near Danapur station & at-grade improvements to Four lane section on Danapur side and Upgradation of existing Two-lane carriageway to Four Lane carriageway of Bihta - Koilwar section in Bihar on EPC Mode.
• The accepted Contract Value for the Project is Rs. 2,161 Crs.

4

Key Highlights - Q3FY23 (3/3)

Award for Projects of Rs.754.57 Crs. for Madhya Pradesh PoorvKshetra Vidyut Vitaran Company Ltd. in December, 2022

• Supply, Installation, Testing and Commissioning of New 11 KV Lines, LT Line on AB cable, Distribution Transformer Substation and Supporting works in Balaghat circle, Satna circle and Rewa circle of MPPKVVCL, Jabalpur company area.

LOI for Dakshinanchal Vidyut Vitran Nigam Ltd. Project of Rs. 807.64 Crs. in January, 2023

• Development of distribution infrastructure at Aligarh-2 Zone and Agra-1 Zone.
• The aggregate accepted Bid Project Value for the Projects is Rs. 807.64 Crs.

5