Adani Energy Solutions Limited — Q3 FY26

Adani Energy Solutions Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=k1jpfPWS7RQ Published: 3 months ago

0:03 3 seconds Ladies and gentlemen, good day and welcome to Q3 and 9M F526 earnings conference call of Adani Energy 0:10 10 seconds Solutions Limited. From the ASL side, we have the following on the call as main speakers. Mr. Kandar Patel, CEO AESL, 0:20 20 seconds Mr. Kungal Meta, CFO AESL. Mr. Kapil Sharma, business head transmission. Mr. 0:27 27 seconds Pushpendra Zala business head smart metering Mr. Basar Sarkcar business head 0:33 33 seconds cooling solutions Mr. Vijel Jane head IR ASL as a reminder all participant lines will be in the listenon only mode and 0:42 42 seconds there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call please signal 0:49 49 seconds an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. 0:58 58 seconds Vigil Jane from AESL. Thank you and over to you Mr. Jane. 1:03 1 minute, 3 seconds Sure. Thanks Renju. Uh just to add we also have Mr. Kapell Sharma uh the business head for transmission business 1:09 1 minute, 9 seconds also with us. Uh so thank you for uh I mean thank you everyone for attending the call. Uh good day uh and warm welcome to the quarter 3 earnings call. 1:18 1 minute, 18 seconds So I just hope uh you got a chance to go through the earnings material which we uploaded on the website and the exchange. And uh just to very quickly uh you know explain the flow of the call. 1:28 1 minute, 28 seconds So we will start with an opening statement from the CEO followed by uh Q&A and then a closing remark uh from 1:34 1 minute, 34 seconds the CFO. Uh let me now hand over it to hand over the call to uh KP sir for opening remarks. Thank you. 1:44 1 minute, 44 seconds Thank you uh all investors and analyst friends uh for joining this call. 1:52 1 minute, 52 seconds These are very exciting times for AESL. 1:55 1 minute, 55 seconds Uh we have now uh delivered another uh uh strong performance uh uh in the last quarter. 2:07 2 minutes, 7 seconds The adjusted PAT growth if we uh uh take into account the one-time impact of 2:16 2 minutes, 16 seconds before tax of 185 cr last year in quarter 3. The adjusted PAT growth is 30%age. 2:25 2 minutes, 25 seconds Not only in financial terms but in other capex performance as well as OPEX performance company has done significantly well. 2:35 2 minutes, 35 seconds In the first 9 months we have commissioned uh three transmission project NKTL Kawa phase 2 part A and 2:43 2 minutes, 43 seconds Kava cooling station and uh Sangod transmission project in coming month. uh we are on track to 2:52 2 minutes, 52 seconds commission another three project. One of them is landmark HBDC project where 2:58 2 minutes, 58 seconds almost the entire uh project work is uh completed. 3:03 3 minutes, 3 seconds The testing and commissioning is going on. 3:06 3 minutes, 6 seconds The other uh projects uh that will get commission soon are uh Kavra phase 3 A 3:14 3 minutes, 14 seconds which is Halwat project and WRSR project. 3:19 3 minutes, 19 seconds Besides uh the commissioning of uh uh uh good number of projects in uh coming uh 3:27 3 minutes, 27 seconds time we have also won uh another HBDC project uh which is uh KPS3 Ka Southbar project 3:38 3 minutes, 38 seconds now with this uh another HBDC project our uh uh project pipeline has reached to about 78,000 K 3:47 3 minutes, 47 seconds on a smart metering side uh we have been doing uh the uh in line with what we uh anticipated and projected. 3:58 3 minutes, 58 seconds So in the current quarter we have installed meters close to 19 lakh and now we have 4:05 4 minutes, 5 seconds reached to about aggregate meter uh installed count of about 92 lakhs 4:13 4 minutes, 13 seconds and um by by the time we close this year uh we will certainly cross 1 cr meter 4:21 4 minutes, 21 seconds installation on uh capital management side as well. 4:27 4 minutes, 27 seconds Uh you must have noted that uh Moodi has uh uh revised uh uh rating and uh uh 4:36 4 minutes, 36 seconds improved from uh uh negative to stable for two of our subsidiaries Adani 4:44 4 minutes, 44 seconds transmission step one Limited and Adani Energy Adani Electricity Mumbai. 4:52 4 minutes, 52 seconds As far as operational performance is concerned, we continue to uh have excellent uh uh availability uh which is 5:02 5 minutes, 2 seconds over 99.7%age and which has resulted to incentive income of 33 cr as well. 5:12 5 minutes, 12 seconds As far as distribution is concerned uh because of uh weather in this year uh the sale has not grown as compared to 5:21 5 minutes, 21 seconds the last year but on operational front we continue to do excellent work. Uh now TND losses uh are uh around 4 percentage 5:30 5 minutes, 30 seconds to be precise it is 4.03%age 03%age which is significant achievement uh looking to the fact that we continue to 5:38 5 minutes, 38 seconds improve uh uh this particular parameter as far as uh consumer services and other 5:48 5 minutes, 48 seconds things are going fairly well there in fact the the 5:54 5 minutes, 54 seconds collection is has remains close to more than in fact 100%age collection efficiency And we have been now 6:03 6 minutes, 3 seconds collecting more than 85%age of uh uh payment through e payments 6:12 6 minutes, 12 seconds as um we already talked about smart meter where we have already installed 19 lakh meter and uh reached to 93 close to 93 life installation. 6:22 6 minutes, 22 seconds Uh the pipeline also remains strong. So about 100 million meters are yet to be b 6:29 6 minutes, 29 seconds out. We expect to uh uh take an uh continue to maintain our market share and we will add that pipeline in the metering business as well. 6:41 6 minutes, 41 seconds As far as CNI business, there are a lot of activity going on and in fact we feel that this is going to be one of the major growth driver besides uh transmission and uh uh smart metering. 6:56 6 minutes, 56 seconds uh we have now reached to uh aggregate load of about 700 megawatt 7:03 7 minutes, 3 seconds serving about 14 consumer but that was uh at the end of December the current 7:12 7 minutes, 12 seconds count is 31 consumer and load of about 1300 megawatt so we are rapidly growing there and you will see lot of action on 7:20 7 minutes, 20 seconds on CNI front as far as cooling business is concerned We continue to create that market uh for cooling business. 7:30 7 minutes, 30 seconds You are aware that we are already putting up uh India's largest uh DA uh district cooling facility of 40,000 7:38 7 minutes, 38 seconds metric ton uh tons of refrigeration at Mundra. 7:45 7 minutes, 45 seconds As far as financial uh is concerned, you must have noted those number. the income has uh grown by 16%age 7:54 7 minutes, 54 seconds uh and consolidated eida has also now reached to 2,200 quarterly which is a growth of 21 uh 8:02 8 minutes, 2 seconds percentage the consolidated PPT has also rose uh by 43%age 8:09 8 minutes, 9 seconds which is and it has reached to 800 cr level level. 8:16 8 minutes, 16 seconds Now what is most important uh thing that is is going to happen that as far as transmission and smart metering and CNI 8:25 8 minutes, 25 seconds business is concerned there is a strong pipeline and opportunity pool available in the market. So we'll continue to uh add that 8:34 8 minutes, 34 seconds but at the same time the kind of effort that we have putting in execution u uh you have seen that result in uh uh uh 8:42 8 minutes, 42 seconds smart me in in next year we expect to add cap massive capitalization in transmission 8:51 8 minutes, 51 seconds as well and with those in fact we we we are poised to add about 8:59 8 minutes, 59 seconds uh seven projects in Next financial year capitalized seven projects which will uh the gross block of those projects will 9:08 9 minutes, 8 seconds be close to about 24 25,000 cr and that will that will give a massive jump to uh the iida and profitability of the 9:16 9 minutes, 16 seconds company. So I think uh this is very exciting time for AES and and we look forward to hearing from uh all of you from time to time. 9:28 9 minutes, 28 seconds over to you. 9:34 9 minutes, 34 seconds So with this remarks I now now request uh uh any questions that anyone would have happy to take uh questions from the investors. 9:45 9 minutes, 45 seconds Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touchdown telephone. If 9:54 9 minutes, 54 seconds you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies 10:01 10 minutes, 1 second and gentlemen, we will wait for a moment while the question queue assembles. 10:08 10 minutes, 8 seconds The first question comes from the line of Mohit Kumar with IC securities. Please go ahead. 10:14 10 minutes, 14 seconds Yes, good morning sir and thanks for the opportunity. Uh my my questions are more on the industry side. Of course we 10:21 10 minutes, 21 seconds haven't seen too much of activation in the smart meter uh smart meter order book right I think whatever we have won 10:28 10 minutes, 28 seconds was from the last year do you think in the next 12 to 18 months do you think that there will be some some more 10:36 10 minutes, 36 seconds opportunity for the smart meter from the smart meter side 10:43 10 minutes, 43 seconds so mo thank you so much as always uh you are the opening best uh uh as far as smart me is uh concerned uh there are 10:52 10 minutes, 52 seconds few states where bidding uh is yet to happen uh uh or yet to conclude. One is 10:59 10 minutes, 59 seconds Tamil Nadu that bidding happened but I I think they will reinvite the bid but there are few other states like 11:08 11 minutes, 8 seconds Karnataka, Telangana uh they initially were not got that DPR approved under RDS. 11:17 11 minutes, 17 seconds uh I believe those states have now uh filed the DPR with MOP and on receipt of that approval they will also come out 11:26 11 minutes, 26 seconds with bidding. So we expect that uh significant action we will see in smart meing bidding in next couple of quarters. 11:37 11 minutes, 37 seconds Understood. And on the transmissions of course we have done phenomenally well in this Cisco. I think added I think uh 40 11:45 11 minutes, 45 seconds 50,000 worth of new new transmission uh new transmission projects. My question is more about the future. How do you think about the next uh 12 to 18 months? 11:56 11 minutes, 56 seconds It seems like the the transmission bits have slowed down. Do you think in your opinion that we can do at least 60 12:03 12 minutes, 3 seconds 70,000 core additional uh bidding in the next uh 12 months? 12:09 12 minutes, 9 seconds So Mohit uh uh the project that has been approved by uh NCP and uh uh those state 12:17 12 minutes, 17 seconds uh various state uh STU if you add all those project it crosses one lakh cr 12:25 12 minutes, 25 seconds bidding opportunity conservatively we we think that bidding for at least 70 12:33 12 minutes, 33 seconds 80,000 cr will happen in next 12 months last question my side why this HBDC of 12:40 12 minutes, 40 seconds course or HBDC line is we are thinking about we were guided earlier that will it will get commission in the Q2 it 12:48 12 minutes, 48 seconds hasn't happened and uh what is the new tentative commissioning date so all the work is completed there 12:56 12 minutes, 56 seconds testing and commissioning is going on so we expect that to get commission in another 30 to 45 days 13:05 13 minutes, 5 seconds anything which is cause a delay I think so the delay was so there were two major 13:12 13 minutes, 12 seconds HDD that we had to do uh on that Vasai Creek and uh there were some uh working 13:22 13 minutes, 22 seconds permission related uh issue the because of which it got delayed and uh there is also 4 kilometer of stretch 13:30 13 minutes, 30 seconds of cabling that is to be done in array colony there we took little more time because that rain get prolonged and we 13:40 13 minutes, 40 seconds have to make very very uh focused effort there uh that while we uh uh do 13:49 13 minutes, 49 seconds that under uh cabling work we don't damage any ecosystem and because of that 13:56 13 minutes, 56 seconds uh prolonged rain in Mumbai it got little late both the both the terminal are ready uh 14:04 14 minutes, 4 seconds now now the terminal uh uh testing and commissions are going on and and the last patch of cabling is also getting ready. 14:14 14 minutes, 14 seconds Understood sir. Thank you and all the best sir. Thank you. 14:20 14 minutes, 20 seconds Thank you. Next question comes from the line of Punit Kulati with HSBC. Please go ahead. 14:26 14 minutes, 26 seconds Uh yeah thank you so much. My first question is on your KPS3 HBDC. What is the cost that you are now penciling for this Kavraulpad uh project? 14:37 14 minutes, 37 seconds uh project cost uh that will be about uh close to 19,000 14:42 14 minutes, 42 seconds cr 19 and uh on the uh uh badla fatipur at 3DC 14:51 14 minutes, 51 seconds what is the stage of execution there so the uh uh all the contracts have been 14:58 14 minutes, 58 seconds awarded entire line uh uh root survey has been done uh the necessary neessary 15:05 15 minutes, 5 seconds application for forest and wild wildlife has also been uh submitted. In fact 15:13 15 minutes, 13 seconds environment clear uh this forest clearance for Rajasthan portion has al uh in fact uh uh progressed 15:19 15 minutes, 19 seconds significantly uh uh and PSC 1 committee has already given approval. Construction 15:26 15 minutes, 26 seconds at Badla site has al already began. uh most of the basic engineering has been done and um now you will see a lot of 15:35 15 minutes, 35 seconds progress in terms of execution on the ground. So all the all the preparative work has been completed. Uh we we are 15:44 15 minutes, 44 seconds finding some challenges in uh land acquisition for fatipur but we we expect to complete that also in uh 1 month's 15:51 15 minutes, 51 seconds time. So significant work uh has been done there. Uh more than uh 200 acre has already been acquired. 15:58 15 minutes, 58 seconds Okay. It's still due in a by July 29, right? So land acquisition uh challenges can still be surpassed and 16:05 16 minutes, 5 seconds can you still do it by July 29 or you think it could be delayed? 16:09 16 minutes, 9 seconds Easily. Easily. Yeah. Yeah. So the because entire engineering and other thing has been done uh the contract is 16:16 16 minutes, 16 seconds also in place. So we will now very soon mobilize the resources and we'll start construction there. and and you have 16:25 16 minutes, 25 seconds four projects due for completion this calendar year right Kava 4 Jam Nagar Navin and Pune three are these all four 16:33 16 minutes, 33 seconds on track yeah so Navinal got little delayed because the uh the issuance of 16:42 16 minutes, 42 seconds transmission license from CC got delayed but we already commenced the work and foundation for half of the line has been 16:50 16 minutes, 50 seconds done but in absence of that license we were not getting 164 approval. Now the we will get that but the given the 16:59 16 minutes, 59 seconds progress even though it is late from original schedule but we expect it to complete it uh in a current year. Uh uh 17:06 17 minutes, 6 seconds as far as u uh Jamnagar project is concerned uh there we are acquiring that substation land which is government 17:15 17 minutes, 15 seconds land. So that process is going on and we already started working on the transmission line. those uh uh RO order 17:24 17 minutes, 24 seconds under government policy is under process and we expect those orders to come out in uh 1 month to one and a half months 17:31 17 minutes, 31 seconds for the entire region and with those orders we'll we'll start uh commence the execution work as well but Jamagar 17:39 17 minutes, 39 seconds project has also as of now is delayed by one to one and a half month as compared to the original 17:47 17 minutes, 47 seconds schedule but we'll catch up on uh once we have this government approvals. 17:53 17 minutes, 53 seconds Okay. And can you give me the revised timelines for all these four if you can? 17:58 17 minutes, 58 seconds Yeah. So the HD is uh the you are talking of Jamagar and Navinal. 18:07 18 minutes, 7 seconds Yeah. The the four due this year, right? So Tabra 4 is also due I guess right. 18:12 18 minutes, 12 seconds Yeah. Yeah. Jamagar and Navinal both will get complete in last quarter of this year. 18:20 18 minutes, 20 seconds Okay. 18:21 18 minutes, 21 seconds Kava 4 A will be one one element will be in the second quarter one another element will be in third quarter. 18:31 18 minutes, 31 seconds Okay. 18:34 18 minutes, 34 seconds And in in the first quarter and the Pune 3 that's also due for this year right? 18:43 18 minutes, 43 seconds Yeah. Pune 3 also will be in the last quarter. last quarter of this calendar year. 18:52 18 minutes, 52 seconds No, next calendar. Next year. So, okay. 27. 18:56 18 minutes, 56 seconds Next year. Next financial year, not calendar year. 18:59 18 minutes, 59 seconds Oh, next financial year. Okay. So, more like Feb March. Okay. That's helpful. 19:04 19 minutes, 4 seconds Thank you so much. And lastly, I've been noticing your smart metal execution has picked up. anything that has changed 19:11 19 minutes, 11 seconds from policy support side or anything that you are doing to to pick up pace there? 19:17 19 minutes, 17 seconds So we have been making all those effort in uh in in picking up uh that execution rate. So uh we are we are installing 19:25 19 minutes, 25 seconds about uh 25,000 mters a day. Uh uh we keep on getting those challenges in the ground. But uh 19:34 19 minutes, 34 seconds now having having installed so much of meter and with this kind of uh exposure, our team has been able to do a fabulous work on the ground. 19:44 19 minutes, 44 seconds Okay, that's very helpful. Thank you so much and all the best. Thank you. 19:51 19 minutes, 51 seconds Thank you. Next question comes from the line of CARVIT with Serin Alpha. Please go ahead. 20:04 20 minutes, 4 seconds Mr. Gwith, please go ahead with your question. 20:10 20 minutes, 10 seconds Mr. Galvid, please unmute yourself and go ahead with the question. 20:16 20 minutes, 16 seconds Since there is no reply from the line of Mr. Galvat, we'll move to the next participant and that is Mr. Gor of Nigum with Tunga Investments. Please go ahead. 20:25 20 minutes, 25 seconds Yeah, hi sir. Uh, thank you for taking my question. Uh I have a first question. 20:30 20 minutes, 30 seconds We are hearing about this u policy relaxation on the Chinese side in some sectors. I think most recently um there 20:38 20 minutes, 38 seconds has been some news about the thermal power side. I just wanted to check is there anything that we can benefit from 20:46 20 minutes, 46 seconds and is there any positive benefit on the transmission side specifically that can come to us on going forward this? 20:54 20 minutes, 54 seconds So governor the if that happens obviously it will help because uh that will increase our options um for 21:03 21 minutes, 3 seconds equipment sourcing but even if it if even if it is not done we are not affected because we have that kind of 21:12 21 minutes, 12 seconds strategic relationship with all major OEM we have been doing all these project and so far with restriction on Chinese 21:21 21 minutes, 21 seconds player and we have been getting of the supplies at at a right time and 21:28 21 minutes, 28 seconds at a appropriate pricing. So obviously it will be an incremental advantage but even if it doesn't happen we are not affected 21:36 21 minutes, 36 seconds but as of now is there any uh anything where we are positively getting the benefit or nothing has happened so far. 21:45 21 minutes, 45 seconds come again. Sorry. I I was just asking is there any benefit that we have started getting as of now or that restriction is still stir? 21:53 21 minutes, 53 seconds No, it is still there. Uh so there are there were news items uh which we came across that government 22:00 22 minutes is planning to relax it. Uh we don't know the exact contour of it but if that happens then obviously it will it will increase options for us. 22:11 22 minutes, 11 seconds Understood sir. And so the second question was specifically about if you look at on the transmission side I mean we are seeing lower uh tendering I mean 22:20 22 minutes, 20 seconds first half was slow we expected third quarter to pick up I think there's some pickup uh and on the execution side also 22:27 22 minutes, 27 seconds I mean I mean as you mentioned there has been some delays I think we are hearing in the other developer also there is some delays so I mean is there something 22:35 22 minutes, 35 seconds structurally which is hampering both on the tendering side and the execution side I mean how do you think about it because I mean year on year if you look 22:42 22 minutes, 42 seconds at from last year to this year there have been both sides there have been significant uh uh lowering so I mean just wondering how do you look at both 22:51 22 minutes, 51 seconds on the tendering and execution side so governor the challenges in execution 22:58 22 minutes, 58 seconds uh uh is known to all of us so essentially those are relating to equipment supply or manpower of gut or 23:06 23 minutes, 6 seconds ro this year uh the additional challenge that we faced Especially us because our 23:13 23 minutes, 13 seconds mainly concentration of project execution is in Mundra around uh Kawa and then Gujarat and also in Maharashtra 23:22 23 minutes, 22 seconds where rain continued for quite some time. Uh it was abnormal. It continued up to almost Diwali period and that has 23:30 23 minutes, 30 seconds affected uh our our uh uh execution. uh uh as far 23:37 23 minutes, 37 seconds as manpower uh ability is concerned what we have done is that now the stringing uh manpower was a most critical one in 23:46 23 minutes, 46 seconds fact in uh last 6 months we have set up our own training facility at uh GDA 23:53 23 minutes, 53 seconds where we we it's a catchment area for people who works on a tower erection and that facility is up and running now we 24:02 24 minutes, 2 seconds will be having 200 uh people trained available uh to us from this month. Every quarter 24:10 24 minutes, 10 seconds we will have about 400 to 500 people available to us uh in the stringing which we will provide to our EPC partner 24:20 24 minutes, 20 seconds for execution and with this kind of endeavor we we we see we expect that lot of uh progress significant progress will 24:29 24 minutes, 29 seconds happen on uh on on execution side. The another challenge which remains is RO and therefore I mentioned that in 24:37 24 minutes, 37 seconds Jamnagar uh what and in most of the project what we are trying to do is while we we start the project but we 24:45 24 minutes, 45 seconds focus more on getting those RO uh orders from collector compensation related uh order from collector so that becomes a m 24:54 24 minutes, 54 seconds benchmark for ush for negotiation with the farmers. So with all this effort we 25:00 25 minutes we we expect to see lot of progress in uh uh this quarter uh as far as capex is concerned and then next quarter because 25:09 25 minutes, 9 seconds that also will be a a working season uh uh so you you'll see a lot of action on 25:15 25 minutes, 15 seconds uh that front and sir uh just your perspective on the tendering side as well. I mean there 25:24 25 minutes, 24 seconds seems to be I mean year on year there is a drop. So how do you think about that sir? 25:30 25 minutes, 30 seconds So uh as I said earlier we expect that about 80,000 cr of uh bidding will 25:38 25 minutes, 38 seconds happen combined together state as well as standard and uh and that 80,000 cr is 25:45 25 minutes, 45 seconds also a significant number and uh if we even continue to maintain our market sir we will have a significant opportunity there. 25:55 25 minutes, 55 seconds Got it sir. Got it sir. Thank you. Thank you sir. Thank you. 26:01 26 minutes, 1 second Thank you. Next question comes from the line of Sumit Kishor with Access Capital. Please go ahead. 26:08 26 minutes, 8 seconds Um thanks for the opportunity. Uh my first question is to better understand the phase out of capitalization of your 26:15 26 minutes, 15 seconds works in hand. So of these 780 billion rupees works in hand. uh uh uh uh would it be right to say that roughly 400 26:24 26 minutes, 24 seconds billion is now on HBDC and how would is the capitalization spread over FI 26 27 26:30 26 minutes, 30 seconds and 28 for this I mean you can correct the numbers 26:38 26 minutes, 38 seconds yeah sure so based on the timelines which we just mentioned the Mumbai HVDC and the NKTL project which will get 26:47 26 minutes, 47 seconds complete I mean the NKTL which just got completed around 10,000 odd crores of capitalization 26:54 26 minutes, 54 seconds uh I mean uh will get completed by in the next 2 months itself which will give an addition tariff of around 1,600 odd 27:03 27 minutes, 3 seconds crores. uh we expect the additional uh ones especially the Kawa phase 3 that is 27:11 27 minutes, 11 seconds the Halwart project and the WHSR projects that will get commissioned in the next 3 to 5 months period uh which will lead to an additional 27:19 27 minutes, 19 seconds capitalization of close to 4,800 odd crores and then all the three projects which uh Kand mentioned uh will lead to 27:29 27 minutes, 29 seconds an additional capitalization of 10,000 odd crores uh by the end of the next financial year. So all put together we 27:38 27 minutes, 38 seconds have 10,000 uh in the next one or two months uh 5,000 odd in the next uh 4 to 27:45 27 minutes, 45 seconds 5 months and the balance 10,000 uh coming up uh by the end of next financial year 27:53 27 minutes, 53 seconds FI27 end correct so uh of the so what is the visibility 27:59 27 minutes, 59 seconds right now for FI28 as well uh on the non-HBC side I I don't have the immediate visibility 28:07 28 minutes, 7 seconds of FI28 that would be too far right is that this is something which we have immediately on the end. 28:15 28 minutes, 15 seconds Sure. Sure. Uh my second question is uh in relation to uh uh uh uh you know uh 28:22 28 minutes, 22 seconds the two large HBDC projects that you are executing. uh broadly what would be the uh capex phase out uh as you complete 28:31 28 minutes, 31 seconds these projects uh uh uh uh you know uh uh uh by 2029 2030 or so broad capex. 28:42 28 minutes, 42 seconds Yeah. So roughly the capex in transmission per year on an average there could be a variation year to year 28:49 28 minutes, 49 seconds but for next five year uh it would be in the range of about 18 to 20,000 uh k 28:58 28 minutes, 58 seconds this is including everything your HBDC nonvc correct 29:05 29 minutes, 5 seconds specifically for on the later years it might go up as we add new transmission project in our KT 29:15 29 minutes, 15 seconds but given the given the project pipeline currently it will be about 18 to 20,000 29:22 29 minutes, 22 seconds okay and specifically for your HBDC projects would it be fair to say that you know uh u uh in the first two years 29:29 29 minutes, 29 seconds of execution uh less than 25% of the capex will get incurred and bulk of it will be uh in the latter part 29:38 29 minutes, 38 seconds yes Okay. Okay. And my last question, if you can uh also shed some light on uh uh uh 29:47 29 minutes, 47 seconds the phase out of the next uh HBDC project awards which is likely say uh uh till end of FI27 29:56 29 minutes, 56 seconds to name the projects and the potential size that we looking at new project new HBDC projects likely to come up in FI2. 30:06 30 minutes, 6 seconds Yeah. So the there are there are uh few HBDC project under uh uh bidding pipeline and uh we certainly would be uh 30:16 30 minutes, 16 seconds uh participating in those bid and uh uh uh uh sincerely 30:24 30 minutes, 24 seconds any specific bids that you're aware of uh you know that you can share with us there is yeah there is one project HBDC 30:31 30 minutes, 31 seconds project from Barmir HBDC which which comes up to Maharashtra South Kum that is the immediate 30:39 30 minutes, 39 seconds Yeah. Yeah. that we expect to come in the bidding process. 30:43 30 minutes, 43 seconds So can that get awarded by June or will it be you know maybe in the second half of CY26? 30:50 30 minutes, 50 seconds It's I think that it will it will be done in the first quarter of the next year. 30:57 30 minutes, 57 seconds Okay, that is great. Thank you so much. 31:03 31 minutes, 3 seconds Thank you. Next question comes from the line of Manish Somaya with Cantor. Please go ahead. 31:11 31 minutes, 11 seconds Hi uh this is Shua here from Canto on behalf of Manish. Um congrats again on another strong quarter. I had two 31:19 31 minutes, 19 seconds questions from me. Uh the first one is on the deck stack. We've had multiple bond buybacks in the year um earlier and 31:28 31 minutes, 28 seconds uh sort of wanted to understand given the surplus surplus cash um for what is the prioritized use um is it going to be 31:36 31 minutes, 36 seconds further bond buybacks or is it going to be more capex um and also given the scale of transmission and the smart 31:45 31 minutes, 45 seconds metering ramp up what leverage ceiling should we like sort of look at um that would essentially force like a 31:53 31 minutes, 53 seconds reconsideration on equity because we've discussed this before that you know you've said like there's going to be no fundraising turns by equity. So I think 32:01 32 minutes, 1 second uh this is my first question and then we'll get into the other one. 32:06 32 minutes, 6 seconds Yeah. Hi. Uh so you're right. So the company did buy uh bond buybacks and we did bond buybacks uh in our electricity 32:15 32 minutes, 15 seconds Mumbai distribution company. Uh we did a bond buyback of 120 million last year followed by a bond buyback of 70 million 32:24 32 minutes, 24 seconds uh 90 million uh 95 million uh up to uh the 9 months that we did. We did a one 32:31 32 minutes, 31 seconds buyback of 50 million and then we again followed it up with a buyback of 45 million. uh so AML distribution business 32:39 32 minutes, 39 seconds because of the surplus that it is generating uh and as we have guided we will continue to deliver that company uh 32:47 32 minutes, 47 seconds after meeting all its capex and its opex requirements. So that company has roughly a capex of around 1,500 to 1,600 32:54 32 minutes, 54 seconds odd crores. And after meeting that capex, the company still has their surplus which we will use to deliver the balance sheet and at the right times we 33:02 33 minutes, 2 seconds will continue uh to uh do the bond buybacks uh in that organization. 33:08 33 minutes, 8 seconds Uh as far as the consolidated debt profile of the company concerned, we have always guided that we would be in the range of around four to four and a 33:16 33 minutes, 16 seconds half times uh based on on our capex cycles. Uh but it would be in that guided range always. 33:25 33 minutes, 25 seconds Understood. Um also um given the progress in the newer uh verticals um can you reshare the margin structure 33:34 33 minutes, 34 seconds especially for the CNI business um sort of the expected growth and the capital intensity to scale the vertical and what are the timelines that you're targeting for this business? 33:48 33 minutes, 48 seconds Yeah. So no uh CNI especially CNI and uh district cooling 33:55 33 minutes, 55 seconds business uh uh like like uh uh you see in a smart meter which is uh the margin 34:03 34 minutes, 3 seconds as compared to the conventional transmission and distribution business. 34:06 34 minutes, 6 seconds There are very high margins in uh uh smart metering. We expect similar kind 34:12 34 minutes, 12 seconds of uh uh margin structures both in district cooling as well as uh CNI 34:20 34 minutes, 20 seconds business. In fact, CNI business would be very interesting one where we won't have 34:26 34 minutes, 26 seconds any capex to do but uh despite the fact that because of our solutioning capability the margins would be in 34:35 34 minutes, 35 seconds significantly high of the order of 75 plus pesa per unit and uh that that will 34:43 34 minutes, 43 seconds be an uh massive segment to uh where where we we are also very excited. 34:52 34 minutes, 52 seconds Thank you. Thank you for sharing that. 34:53 34 minutes, 53 seconds Um I I have to ask this question. Um especially on data centers, you know, you mentioned there's a lot of potential 35:00 35 minutes for AESL. um especially with the group's uh tie-ups um and sort of what indicators should we 35:09 35 minutes, 9 seconds be tracking u for so uh uh data centers in fact we we 35:19 35 minutes, 19 seconds bring um great amount of volume uh value when we deal with a data center because 35:26 35 minutes, 26 seconds uh the two thing uh where they find it difficult not only in India but across the globe is getting the power infra or connectivity uh and also a power supply. 35:38 35 minutes, 38 seconds Now AESL having presence in both we are in a position to offer them an end to end solution and uh this kind of 35:47 35 minutes, 47 seconds approach has been well appreciated. In fact we have been in discussion with multiple players big players who are 35:57 35 minutes, 57 seconds planning to enter into India in a massive way. So it it's going to be a very exciting one uh especially CNI 36:06 36 minutes, 6 seconds coupled with our capability of delivering that uh uh power infra as well. 36:15 36 minutes, 15 seconds Thank you. Thank you and congrats again on a great quarter. Thank you. 36:22 36 minutes, 22 seconds Thank you. Next question comes from the line of Pratik Chitalia with M&G. Please go ahead. 36:29 36 minutes, 29 seconds Thanks for the opportunity sir. Uh so my question is around uh how are we going to fund the future capeex? Are we going 36:36 36 minutes, 36 seconds to raise the debt or it will be funded through internal approvals? How it will be done? 36:45 36 minutes, 45 seconds Sure. So I'll split that uh bases the business divisions that we have. So in AML as I just told that that business uh 36:54 36 minutes, 54 seconds whatever capex that is there is being funded through its internal approvals. 36:58 36 minutes, 58 seconds uh so is the case uh with respect to the smart meter business. Smart meter business has a low gestation period and 37:05 37 minutes, 5 seconds because of that uh it is able to fund its own capex. Uh in fact the uh what we 37:12 37 minutes, 12 seconds are actually doing is that securitizing the receivables of smart meter the based on the meters that we have installed we are securitizing that uh meters and that 37:22 37 minutes, 22 seconds is funding more internal approvals for my transmission projects and uh in case of transmission business uh we generally 37:29 37 minutes, 29 seconds lever these assets uh up to 70 75% uh uh uh at the inception and then once 37:36 37 minutes, 36 seconds the asset gets completed we again launch it into into the bond markets. So we try to lever it further up to 80 85% once 37:44 37 minutes, 44 seconds the asset gets operational. So based on that uh and based on the internal acrals and the fund flows that the company is 37:51 37 minutes, 51 seconds generating uh we do not envisage any further equity borrowing which is required to fund all our under construction projects that we currently have. 38:02 38 minutes, 2 seconds Okay. Are we looking at the bond funds um funding through bonds or so we look for our debt funding once the 38:10 38 minutes, 10 seconds asset gets operational we continue to look various options uh which includes uh domestic bonds which includes uh uh 38:18 38 minutes, 18 seconds bonds in the international markets as well as bonds in the uh capital markets across. So yes we look at but only after 38:25 38 minutes, 25 seconds the asset gets completed and also sometime for refinance like and of course refinancing. Yes. 38:31 38 minutes, 31 seconds Okay. Okay, thank you sir. 38:37 38 minutes, 37 seconds Thank you. Next question comes from the line of Vishal Perial PL Capital. Please go ahead. 38:45 38 minutes, 45 seconds Uh yeah sir, thanks uh for the opportunity. Uh sir in terms of uh tendering this particular year uh can you give some color like you know how 38:54 38 minutes, 54 seconds has been uh in the last three odd quarters of FI26 and in terms of uh NCD cost I mean out 39:01 39 minutes, 1 second of that like you know how much we could have won this year so uh this year so far we had up to 39:12 39 minutes, 12 seconds 60,000 odds worth of trending which happened and this is again based on the NCT cost estim estimates and as you know 39:19 39 minutes, 19 seconds the actual cost estimates project to project differs for example HBDC especially right so uh the numbers are elevated in terms of actual cost but uh 39:28 39 minutes, 28 seconds so far I think what we are seeing is close to 80,000 odd crores worth of bidding should come through by end of this year uh again uh which is uh a 39:37 39 minutes, 37 seconds large number right and out of the 60,000 cr you mentioned so we could have won how much I think 39:45 39 minutes, 45 seconds yeah so we we've got two projects uh one is the uh HBDC which is as for NCT about 12,000 odd crores and one one more 39:53 39 minutes, 53 seconds project which is the Palika one which is about 1,600 odd crores so 13,600 odd crores in terms of NCT cost which uh 40:02 40 minutes, 2 seconds broadly gives us a market share of about 18 20%. 40:07 40 minutes, 7 seconds Okay. And and the escalation which you mentioned uh so I think the NCT is 12,000 for HBDC which you have recently 40:14 40 minutes, 14 seconds won. So in that this call only you mentioned probably the cost could be in the range of 18 20,000. So the escalation that you mentioned it is pertaining to that only right? 40:23 40 minutes, 23 seconds Correct. Correct. Correct. 40:25 40 minutes, 25 seconds Okay. Got it. And then uh uh second is is in terms of tendering you did mention like you know one lakh crit opportunity 40:32 40 minutes, 32 seconds of 80,000. So all all these are uh ISTS project or any opportunity are you seeing in the state also? 40:41 40 minutes, 41 seconds No no there are state projects as well especially from state like Maharashtra, Karnataka and Rajasthan. 40:49 40 minutes, 49 seconds Okay. Okay. Okay. And then and when you mention uh we'll see these opportunity in couple of months. So, so 40:57 40 minutes, 57 seconds probably things will move to financial year 27 also um 80,000 that you mentioned right sir or uh within this 41:04 41 minutes, 4 seconds next two months we are seeing so so next 12 to 15 months you will see almost 80 to 80,000 to one lakh cr of 41:12 41 minutes, 12 seconds bidding okay okay and then maybe like you know hopping on the same uh which you might have 41:20 41 minutes, 20 seconds answered so so uh the tendering this particular year uh was slow. Uh so uh I know I mean we have maintained market 41:28 41 minutes, 28 seconds share. uh I mean that is what is required from uh ASL but but at a sector level sir what could have been the 41:36 41 minutes, 36 seconds reason for the same or or maybe last year was there were a lot of one-offs and bump up year was there how how you 41:42 41 minutes, 42 seconds see uh things on the ground I think every year on a steady state 41:48 41 minutes, 48 seconds basis we will have about uh 80 to 90,000 uh suddenly one year because there was a backlog and they wanted to finish it off 41:57 41 minutes, 57 seconds quickly uh it bumped up this year. Uh it got little slowed down because there were certain transmission uh projects 42:06 42 minutes, 6 seconds that they wanted to re-evaluate uh depending on the change in the generation and demand profile in the 42:13 42 minutes, 13 seconds country but on a steady state basis we we we believe that it it will be about 80 90,000 uh meeting that will happen 42:21 42 minutes, 21 seconds every year because now the state sector has also started opening up. So as I mentioned three states are already very 42:28 42 minutes, 28 seconds very active in TBC and we expect many other state like UP in Bihar, Assam um 42:37 42 minutes, 37 seconds uh uh uh Tamil Nadu, Gujarat those those are all are also expected to come in TBC. 42:45 42 minutes, 45 seconds Okay. Okay. And as of now in this 80,000 cr which states are active where we are looking for 42:53 42 minutes, 53 seconds Rajasthan Rajasthan, Karnataka and Maharashtra. Okay. Okay. Sure sir. 43:02 43 minutes, 2 seconds In Maharashtra in in Maharashtra in last six month at least 7 to eight project got under a PD. 43:10 43 minutes, 10 seconds Okay. Okay. But but uh uh I mean like know has there been any even outcome or uh or yeah they have been awarded they have been awarded. 43:20 43 minutes, 20 seconds Okay. Okay. Okay. Okay. Uh sure sir. Uh that's all from my side. Uh thank you. 43:29 43 minutes, 29 seconds Thank you. Next question comes from the line of Chuni with Ice Spring. Please go ahead. 43:37 43 minutes, 37 seconds Uh hi thanks for the opportunity. I have two questions. Uh firstly is regarding the refinancing of your US dollar banks. 43:45 43 minutes, 45 seconds Um um would the company can consider more of an as option or or offshore and uh what where what are the 43:53 43 minutes, 53 seconds considerations that that the company would look at? Um looking at this from more of a um currency perspective and also um there's 44:02 44 minutes, 2 seconds a headlight say on Adani as well. So probably the from the corporate governance side there could be some uh 44:09 44 minutes, 9 seconds negative sentiment. How how would the the company approach this? Thank you. 44:15 44 minutes, 15 seconds No sure. So what we generally focus is that we uh keep our options open uh whether it is offshore or onshore and at 44:24 44 minutes, 24 seconds the right time uh we look to refinance our bonds. Uh so the options are always open whether it is offshore or onore. 44:31 44 minutes, 31 seconds Our focus is always to ensure that our bonds are always rated investment grade whether it is offshore and onshore and therefore you would see in the onshore 44:39 44 minutes, 39 seconds markets most of our projects have double A plus and AAA ratings and similarly in the offshore markets uh our bonds uh 44:47 44 minutes, 47 seconds have sovereign ratings. So our focus is to ensure that we get the highest ratings and based on that and based on the market conditions uh we would tap 44:56 44 minutes, 56 seconds the either the onshore market offshore offshore market uh for our refinancing of the existing bonds that we have. 45:06 45 minutes, 6 seconds So for for the um um US dollar bonds coming due this year um when when will 45:14 45 minutes, 14 seconds the company be consider um come out of the plan for going offshore I'm sure because I think it's saying August. 45:22 45 minutes, 22 seconds Yeah. Yeah. We are uh we are working towards that and we would uh refinance that at least in the next two to three months and complete the refinancing. 45:34 45 minutes, 34 seconds Okay. Thank you. That's very helpful. 45:35 45 minutes, 35 seconds And and another question as uh probably on the ESG uh site um I would like to know um how how does a company uh assess 45:44 45 minutes, 44 seconds the the the the race with our supply chain uh partners especially uh labor practices and um maybe environmental compliance. Thank you. 45:56 45 minutes, 56 seconds So we are very much working with our vendors especially the EPC vendors and we ensure that they follow all the 46:05 46 minutes, 5 seconds governance especially the safety practices that we follow and also comply with our own ESG standards that the 46:12 46 minutes, 12 seconds Adani group as well as the AESL as a company uh is following. So from our vendor eco vendor ecosystem we ensure uh 46:20 46 minutes, 20 seconds that all our vendors are also in compliance uh with the ESG standards that we have set uh for us as well as 46:27 46 minutes, 27 seconds for the Adani group and ju just to add to the vendor ecosystem part. So uh you know typically 46:34 46 minutes, 34 seconds uh across the value chain our focus is to tie up with tier one tier 2 suppliers. So to ensure that you know we have uh last mile or uh you know the 46:43 46 minutes, 43 seconds tracibility element is there in terms of the best uh governance as well as labor practices at the respective vendors also. 46:51 46 minutes, 51 seconds Well then and all effort you must have seen uh that is translating into our continuous uh EAG rating whether it is international or uh domestic one. 47:07 47 minutes, 7 seconds Miss are you done with the questions? 47:10 47 minutes, 10 seconds Yeah, thank you. Thank you. That's very helpful. 47:13 47 minutes, 13 seconds Thank you. Next question comes from the line of Vishal Parail with Pandan Mutual Fund. Please go ahead. 47:22 47 minutes, 22 seconds Hi, thanks. Could you talk a bit more on leverage as to be currently uh and what should be the leverage in the next 47:29 47 minutes, 29 seconds couple of years? By March of 27, where should the total debt be? And what portion of this is uh financed by US domicile banks? 47:42 47 minutes, 42 seconds Sure. So our total net debt currently as we speak is 38,000 odd crores. Uh of 47:49 47 minutes, 49 seconds which 48,000 is gross debt and we have cash balance of 9,600 odd crores. Out of 47:55 47 minutes, 55 seconds the 48,000 47,000 of gross debts we have, we have roughly uh 9,700 of the US 48:04 48 minutes, 4 seconds dollar bonds in Adani Electricity Mumbai uh and 10,500 odd crores of bonds uh in 48:12 48 minutes, 12 seconds the uh transmission business. So around 25,000 odd crores of dollar bonds uh in 48:19 48 minutes, 19 seconds in uh 47,000 of the debt that we just mentioned. 48:31 48 minutes, 31 seconds And our leverage currently is uh 4.3 uh which was uh 4.4 in September based on 48:39 48 minutes, 39 seconds the published results. Currently we are at 4.3 based on the trailing 12 months and uh we will continue to maintain that 48:46 48 minutes, 46 seconds uh uh always Mr. Bai, are you done with your 48:56 48 minutes, 56 seconds questions? No. Uh, you bought back some bonds, right? 49:02 49 minutes, 2 seconds So, correct. Correct. 49:03 49 minutes, 3 seconds FITD, FITD, what has been the total purchase of bonds that you have done? 49:07 49 minutes, 7 seconds In this financial year, we did a bond buyback of $95 million. 49:13 49 minutes, 13 seconds 50 we did in Q1 and 45 we did in Q2. 49:19 49 minutes, 19 seconds Okay. And where would this leverage re what would be the total debt by March of 27? 49:27 49 minutes, 27 seconds So it would be in this range itself. Uh the net debt would be in the range of 38,000 to 40,000 odd crores. 49:34 49 minutes, 34 seconds Because we have the natural amotization of the repayment which is also happening parallelly. Yeah. 49:42 49 minutes, 42 seconds Okay. by March. So by March 27 with this uh say 30,000 crores of incremental capex that you will do 20 30,000 crores 49:51 49 minutes, 51 seconds you your net debt you are saying will still remain at 40,000 crores is that what you are saying it is the capitalization which will 49:59 49 minutes, 59 seconds happen the capex has been done on a progressively basis uh every year so yeah so it is what I spoke was the 50:06 50 minutes, 6 seconds capitalization part agreed so but even if so if I assume say 20,000 crores worth of capex that you will do for the next financial potential 50:14 50 minutes, 14 seconds year say and 5,000 crores of capeex that you might do in fourth quarter. So saying that is where even if I assume 25,000 crores more of capex that you 50:23 50 minutes, 23 seconds would yeah yeah but that would also translate to additional earnings uh because of the capitalization which will happen right 50:31 50 minutes, 31 seconds sure sorry to har on this but so by March of 27 you were saying your net debt would still be flattish 50:39 50 minutes, 39 seconds correct correct okay I can walk you through the numbers I mean uh but it's not going yeah take that offline Yeah. 50:46 50 minutes, 46 seconds Uh okay. Uh sorry, last question is of this 25,000 crores of odd of of bonds, uh 50:55 50 minutes, 55 seconds what is the maturity that is coming about in the next two years. 51:00 51 minutes So the immediate one which is coming up is the $500 million bond which is in August 27 which I told you we are going to refinance in the next 1 2 months itself. 51:09 51 minutes, 9 seconds uh the balance have all dated maturities like the AML bonds is maturing in 2030 2031 our average debt maturity profile 51:19 51 minutes, 19 seconds of the dollar bonds as well as the INR bond market is currently 7.9 years mhm 51:26 51 minutes, 26 seconds so after this after the August 27 the next maturity you would come up in 30 of these uh 25,000 crores out bond 51:34 51 minutes, 34 seconds 29 the next is in 29 and the 2 aml bond is in 2030 and 2031. 51:42 51 minutes, 42 seconds Okay. Okay. Okay. This is helpful. Thank you. 51:48 51 minutes, 48 seconds Thank you. Next question comes from the line of Shiram Kapoor with Jeff. Please go ahead. 51:54 51 minutes, 54 seconds Hi sir, thanks for the opportunity. Just want to ask you on your capex and capitalization. So starting with uh capex are you last quarter you were 52:03 52 minutes, 3 seconds guided for um you know transmission about 114 to 115 uh billion rupees distribution 16 billion and smart meters 52:11 52 minutes, 11 seconds 40 billion for this year uh are are you on track to for that kind of capex this year uh uh I mean are you maintaining that guidance 52:20 52 minutes, 20 seconds so uh we did capex of 9,294 till 9 months uh by the end of this 52:28 52 minutes, 28 seconds financial Initial year we would be in the range of around 15,000 odd crores uh once the entire capex has been completed 52:36 52 minutes, 36 seconds uh uh for transmission smart meter and distribution. 52:40 52 minutes, 40 seconds So this is uh a slight downward revision from last time is that is there any particular segment where this revision has come? Is it from the transmission side or smart meter side? Uh would be able to quantify that? 52:51 52 minutes, 51 seconds So some of the projects uh got spilled over by one or two months in the next financial year. So that's the reason why 52:59 52 minutes, 59 seconds uh the the 12,000 odd crores I mean just about a,000 odd crores we had guided the market to around 16,000 we are currently 53:06 53 minutes, 6 seconds looking at around 14,500 to 15,000 odd crores and the downward is mainly in transmission. 53:13 53 minutes, 13 seconds Okay got that uh secondly on capitalization so I guess similarly um you know last quarter you had mentioned that in the second half we're expecting 53:21 53 minutes, 21 seconds about 120 billion of capitalization in the transmission uh segment. uh now you mentioned it's about 100 billion so 53:28 53 minutes, 28 seconds there's been a slight downward revision there as well that again I'm guessing is because of the uh deferment of projects but just want to understand this break up that you mentioned of 100 billion in 53:37 53 minutes, 37 seconds AML and the NKTL so AML my understanding is it's a 70 billion rupee uh project and uh NKTL as per your previous release 53:46 53 minutes, 46 seconds was a uh you know 965 cr project so is that is that the right number so what is adding up to the 100 billions that you expect 53:54 53 minutes, 54 seconds you are right 965 NKT is the correct number. 53:59 53 minutes, 59 seconds Okay. So, so that means so the balance um uh that we're expecting this uh in the fourth quarter of FY26 would be the 54:08 54 minutes, 8 seconds Mumbai HBDC of 70 billion and the NKT has already happened as of December. Is that going to happen in 4Q? 54:14 54 minutes, 14 seconds It it has already happened just happened in December. Yeah. Yeah. 54:20 54 minutes, 20 seconds Okay. Understood. And then so earlier in the call you mentioned this 240 to 250 billion total that would be including 4Q 54:27 54 minutes, 27 seconds as well as FY27 right of seven projects to be commissioned. Correct. Correct. Correct. 54:32 54 minutes, 32 seconds Uh uh got it understood. Thank you so much. 54:39 54 minutes, 39 seconds Thank you. Next question comes from the line of Anojadi with Invest. Please go ahead. 54:46 54 minutes, 46 seconds Uh yeah. Hi sir. Thanks for the opportunity. Uh such one thing on the smart metering we had given a guidance or a target to reach around six crores 54:56 54 minutes, 56 seconds uh over the coming few year. Currently we have a pipeline with installation in the range of 2.5c year. Any target by when can we reach this 6 number? 55:08 55 minutes, 8 seconds So uh the six cr was uh we were talking about that number of couple of years 55:15 55 minutes, 15 seconds back uh in last uh unfortunately in the last entire financial year there was no significant bidding opportunity came up 55:24 55 minutes, 24 seconds uh that I as I explained you there were many state who initially never wanted to 55:31 55 minutes, 31 seconds uh become a part of RDSS uh they didn't come out with a bidding now most of them have submitted 55:38 55 minutes, 38 seconds their proposal to Ministry of Power and we expect that bidding to happen in next year and 55:47 55 minutes, 47 seconds uh we will uh if not reach to six uh cr but we will at least maintain our market share meaning thereby we would have 55:55 55 minutes, 55 seconds about 5 cr of meter concession okay and second 56:02 56 minutes, 2 seconds yeah yeah yeah but what's what's also important is that uh the capex or capitalization got translated into the 56:10 56 minutes, 10 seconds transmission projects because at that point in time our uh under construction pipeline was just around 15,000 odd 56:17 56 minutes, 17 seconds crores which is now close to 80,000 I mean that that was a biggest shift which happened uh when we were talking 56:26 56 minutes, 26 seconds about 6 cr meters if you were referring to that period so in fact that is the biggest advantage that AESL has of diversity in businesses 56:34 56 minutes, 34 seconds like many other uh similar prayer in transmission doesn't have that kind of diversity. So we could we could utilize 56:43 56 minutes, 43 seconds opportunity in transmission to compensate uh that was not happening in smart me. 56:50 56 minutes, 50 seconds Uh got it sir and sir in uh one of the earlier answer which you responded uh to someone's query you mentioned that the smart metering segment would be 56:59 56 minutes, 59 seconds selfunded through the internal acruals now with say a run rate of around 1 cr installation or slightly higher by the 57:07 57 minutes, 7 seconds end of the current fiscal and my sense is our annual revenue on a per meter basis comes in the range of 600 odd crores. So that should uh uh 1,600 57:16 57 minutes, 16 seconds rupees sorry. So that should fetch you a revenue uh cumulative revenue somewhere in the range of 600 crores on a peranom basis just on installation of 1 cr me 57:25 57 minutes, 25 seconds mter by going or reaching a number 2.5 cr which probably we are targeting by the end of next fiscal that number would 57:33 57 minutes, 33 seconds probably you know go up somewhere in the range of close to uh 3 and a half or 4,000 cr correct me if I'm wrong sir uh by this mean can you just help me in 57:42 57 minutes, 42 seconds understanding the economics how the incremental capex in the smart metering space would be selfunded. 57:49 57 minutes, 49 seconds No, what I was saying is that we will not be doing debt funding into it. We will be securitizing those receivables 57:56 57 minutes, 56 seconds itself. So the 600 crores is over the next seven years. So I would use the securitization of that receivables 58:03 58 minutes, 3 seconds itself to fund the new meters which are going to come up. So I don't have to fund it through the acruals of the transmission business to fund smart 58:11 58 minutes, 11 seconds meter business and based on that securitization of the receivers I would be more than sufficient to fund whatever growth which is there in smart meter 58:20 58 minutes, 20 seconds business or the existing projects of two and to 2.25 cr meters that I have. 58:27 58 minutes, 27 seconds Okay. Okay. Got it. Got it sir. Thanks for the clearance. Thanks. That's it from me. 58:34 58 minutes, 34 seconds Thank you. Next question comes from the line of Pratik Tugar with Intel sense. Please go ahead. 58:40 58 minutes, 40 seconds Yeah, thank you for the opportunity. Uh I had a question on our 9month Aida bridge. Uh I mean if I look at the SC addition to the Aida, the jump in the 58:49 58 minutes, 49 seconds smart meter is understandable and uh but can you elaborate on the transmission side as well because like it has also seen a 300 cr jump like how do we read into this? 59:01 59 minutes, 1 second That's I mean the transmission business has grown generally because of the operationalization of three or four 59:08 59 minutes, 8 seconds projects that got completed especially the Kawa one the KPS one and and the Sangod one uh resulting in in the 59:17 59 minutes, 17 seconds additional revenues uh and uh distribution business gave the steady state of 1200 odd crores for the 9month 59:25 59 minutes, 25 seconds period so from that basis uh that that I mean the largest part is coming from the operationalization of the new 59:32 59 minutes, 32 seconds transmission projects which are getting completed. 59:37 59 minutes, 37 seconds So sir uh like if I understand that the uh like could I say that the SCA uh margin that we acrew or the SCADIA if it 59:46 59 minutes, 46 seconds jumps like could that be a leading indicator for our operating AIDA uh as well going forward. 59:53 59 minutes, 53 seconds So SCA AITA does not lead to increase in the operating AITA. The operating abitar largely comes from the SS the 1:00:01 1 hour, 1 second transmission project gets completed that forms part of my operational revenue and the operational AITA. Uh the capex that 1:00:09 1 hour, 9 seconds I do will give an indication of the SCA uh margin that that we put out in the uh income statement. 1:00:18 1 hour, 18 seconds Okay. Okay. Thank you from my side. And one more sir I think uh if you're aware that uh sometime back in December uh the 1:00:25 1 hour, 25 seconds CA had come out with a proposal of some uh critical items uh there was a list of some 16 items in which there were HDFC 1:00:33 1 hour, 33 seconds uh HVDC assemblies which were you know imported uh largely. So are you facing some uh you know challenges uh as per 1:00:41 1 hour, 41 seconds you know uh getting the procurement for HD HVDC valve assemblies? 1:00:46 1 hour, 46 seconds No, we are not facing any challenge. In fact uh for the recent uh HBDC project that we have gone which is Kawa 1:00:55 1 hour, 55 seconds old part uh we have already uh finalized and closed the contract with OEM. 1:01:02 1 hour, 1 minute, 2 seconds Okay. When that Yeah. Yeah. Okay. 1:01:14 1 hour, 1 minute, 14 seconds We have closed that contract with G and in fact we have been able to uh agree 1:01:23 1 hour, 1 minute, 23 seconds sorry we have been we have been able to agree with them uh for a schedule which is far more aggressive than uh 1:01:32 1 hour, 1 minute, 32 seconds completion schedule given in the uh bit deadline bit timeline. 1:01:37 1 hour, 1 minute, 37 seconds Okay. Thank you sir. That should come my side. 1:01:43 1 hour, 1 minute, 43 seconds Thank you ladies and gentlemen. Due to time constraints we have reached the end of question and answer session. I would now like to hand the conference over to Mr. Kungal Mata for closing comments. 1:01:55 1 hour, 1 minute, 55 seconds I take this opportunity to thank all the participants who participated into the call. uh and uh due to posity of time if 1:02:05 1 hour, 2 minutes, 5 seconds we have not able to answer any of your questions and if you need additional clarifications uh we are just a phone call away. uh 1:02:12 1 hour, 2 minutes, 12 seconds just would like to end our comment with that we are now uh at a strong pedigree 1:02:19 1 hour, 2 minutes, 19 seconds of completing our projects especially the Mumbai HVDC and the four projects that we just mentioned and based on that 1:02:27 1 hour, 2 minutes, 27 seconds uh we are looking to have a capitalization of at least 25,000 odd crores in the next 12 to 15 months. Uh 1:02:36 1 hour, 2 minutes, 36 seconds so that is that is something which is very important as far as the transmission business concerns. uh and the smart meter pipeline uh where we 1:02:45 1 hour, 2 minutes, 45 seconds have already completed the installation of close to 92 lakh meters and uh looking to complete the balance meters 1:02:52 1 hour, 2 minutes, 52 seconds in the next 12 months or so. So both our transmission and and uh smart meter business uh continue to have strong 1:03:00 1 hour, 3 minutes degree of revenue translation uh which will happen in the next 12 to 15 months. 1:03:10 1 hour, 3 minutes, 10 seconds Uh thank you all. Uh thank you for participating. 1:03:15 1 hour, 3 minutes, 15 seconds Thank you on behalf of Adani Energy Solutions Limited. That concludes this conference. Thank you for joining us. You may now disconnect your lines.