Adani Green Energy Ltd — Q4 FY26

Adani Green Energy Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=s200wSX_zVQ Published: 2 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to Adani Green Energy Limited Q4 FI26 earnings conference call hosted by 0:10 10 seconds GM Financial Institutional Securities Limited. 0:14 14 seconds As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation 0:22 22 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then 0:30 30 seconds zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. 0:39 39 seconds Sudhan Shu Bansen from JM Financial Institutional Securities Limited. Thank you and over to you sir. 0:47 47 seconds Thank you Ikra. Hello everybody. On behalf of JM Financial, I welcome you all to the Q4 FI26 earning call of Adani 0:55 55 seconds Green Energy. For today's call, we have with us the leadership team of uh Adani Green led by Mr. Sagar Adradani 1:03 1 minute, 3 seconds executive director, Mr. Ashish Kana, CEO, Mr. Rajat Sikara, CEO battery storage, Mr. Sorav Sha, CFO, and Mr. 1:10 1 minute, 10 seconds Vijil Jan, head along with other team members. Before we proceed, I would like to congratulate whole Ladani Green family under the leadership of Mr. Saga 1:19 1 minute, 19 seconds for phenomenal performance. More than 5 G of the capacity addition in one year is truly remarkable. More so when it is 1:26 1 minute, 26 seconds across the technologies be it solar, wind and the hybrid. Congratulations to all the team members. I would like to hand over uh now to Mr. Saga for his 1:35 1 minute, 35 seconds opening remarks after which we will open the floor for the Q&A session. Thank you so much sir for your kind presence and giving us the opportunity to host the call. Over to you sir. 1:48 1 minute, 48 seconds Hi, thank you very much uh uh for setting up the call for us. Uh good afternoon everyone. Um 1:57 1 minute, 57 seconds globally energy security is the defining priority for economies all over the world today. Uh India has already made a 2:04 2 minutes, 4 seconds strategic pivot in this direction and that is already evidenced in the scale and speed of green electron production 2:12 2 minutes, 12 seconds in the country. In FI26, our country witnessed the highest ever renewable energy share in electricity generation 2:21 2 minutes, 21 seconds and also achieved a record non-fossil fuel capacity addition of over 55 gawatt. 2:27 2 minutes, 27 seconds With this, India now has about 283 gawatt of non fossil capacity already 2:35 2 minutes, 35 seconds installed and the country is well on its way to achieve 500 gaw by 2030. At Adani 2:41 2 minutes, 41 seconds Green Energy, we are proud to be leading the country's energy transition. Our robust operational and financial 2:48 2 minutes, 48 seconds performance for the FI26 demonstrates our unparalleled execution capabilities and sector leadership. 2:56 2 minutes, 56 seconds Our energy sales surged by an impressive 34% yearonear, reaching 37.6 billion units. Just to put this into context, 3:06 3 minutes, 6 seconds this is nearly the annual electricity consumption of many European countries as a whole. 3:14 3 minutes, 14 seconds This growth has driven by significant green field capacity additions and strong operating performance at our 3:21 3 minutes, 21 seconds plants. During the year, we have added 5.1 gawatt, a 35% year-on-year grow 3:29 3 minutes, 29 seconds year-on-year growth with a cumulative 19.3 gawatt operating portfolio today. 3:37 3 minutes, 37 seconds This is the highest green field annual capacity expansion globally by any company outside of China. 3:45 3 minutes, 45 seconds With this, we further consolidated our leadership position in India's renewable energy sector and that's put us very 3:53 3 minutes, 53 seconds firmly on course to achieve 50 gawatt by 2030. 3:58 3 minutes, 58 seconds Notably, our landmark Khaba project, the world's largest renewable energy installation, 4:06 4 minutes, 6 seconds continues to make considerable progress with 9.4 4 GW of wind, solar and hybrid assets already operational in that location. 4:16 4 minutes, 16 seconds Within Kabra, we have also added 1.4 gawatt hours of battery capacity in the last year. This is one of the world's 4:26 4 minutes, 26 seconds largest single location battery energy storage project. 4:30 4 minutes, 30 seconds On the pumped hydro side, we are making noteworthy progress and we aim to complete our maiden 500 megawatt project 4:40 4 minutes, 40 seconds at Chetavati in Andhra Pradesh in this coming year. 4:44 4 minutes, 44 seconds Our our consistent efforts towards adoption of advanced technologies, digitization and leveraging sophisticated data analytics for 4:53 4 minutes, 53 seconds predictive maintenance have enabled us to deliver an exceptional operating performance. 4:59 4 minutes, 59 seconds Our industry-leading financial results further reflect our operational excellence and scale advantage. Revenue 5:06 5 minutes, 6 seconds from our power supply increased by 22% yearonear ending at rupees 11,62 5:14 5 minutes, 14 seconds crores whilst our ibida grew 23% to rupees 10,865 5:22 5 minutes, 22 seconds crores and we achieved an ibida margin of 91.2%. 5:29 5 minutes, 29 seconds One of the very significant highlights on the capital management side was last year the Japanese credit rating agency 5:37 5 minutes, 37 seconds assigned Adani green an inaugural rating of tripleB plus with a stable outlook which is equivalent to India's sovereign credit rating. 5:48 5 minutes, 48 seconds This demonstrates Adani Green Energy's ability to sustain its growth while maintaining fiscal discipline at the same time. 5:57 5 minutes, 57 seconds Adani Green Energy's commitment to sustainability and responsible business practices continues to be recognized globally and in India. 6:06 6 minutes, 6 seconds We've achieved top ranks in all the ESG platforms and benchmarks comparable globally. 6:15 6 minutes, 15 seconds Further, I take pride in sharing that Adani Green's 9.3 gawatt operating portfolio will power 6:23 6 minutes, 23 seconds more than 8.7 million homes. and will avoid about 36 million tons of CO2 emissions annually. 6:33 6 minutes, 33 seconds We are committed to continuing with a similar level of green field capacity addition going forward and we are constantly strengthening both our 6:42 6 minutes, 42 seconds organizational ecosystem and our partnership ecosystem to achieve our goal of 50 gawatt by 2030. 6:50 6 minutes, 50 seconds Thank you everyone and we'd love to open up for questions. 6:55 6 minutes, 55 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 7:03 7 minutes, 3 seconds star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you 7:10 7 minutes, 10 seconds may press star N2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will 7:19 7 minutes, 19 seconds wait for a moment while the question queue assembles. 7:43 7 minutes, 43 seconds The first question is from the line of Manish Somaya from Cantor. Please go ahead. Uh good afternoon, good evening. 7:52 7 minutes, 52 seconds Congratulations on a strong fiscal 26 and best of luck to 27. A couple of 7:58 7 minutes, 58 seconds questions in my end if I may. Uh first uh saga you talked about uh the bus 8:05 8 minutes, 5 seconds impact as you uh uh grow the operational size from 1.4 gawatt to 10 gawatt by uh 27. 8:17 8 minutes, 17 seconds If you can just help us understand uh some of the milestones to getting there uh supply chain dependencies, grid 8:25 8 minutes, 25 seconds connectivity uh you know what is it going to take to ramp to that level in 27 and how prepared are you? 8:34 8 minutes, 34 seconds Um so from our point of view at least even even where we stand today uh we we've even even in the last 30 days of 8:42 8 minutes, 42 seconds this month we've added a significant amount of best capacity in Kabra. So we we hope that in the next few days we 8:50 8 minutes, 50 seconds should reach the mark of 3 gawatt hours of installed capacity in Kabra uh by by sometime in the next week. Um so our 8:58 8 minutes, 58 seconds capacity ramp up and addition on the battery side uh is has been very significant so far and is very robust. 9:06 9 minutes, 6 seconds The only sensitivity we see with that is the capital flexibility to be able to uh 9:12 9 minutes, 12 seconds fund the growth of batteries and to be able to have the organizational capability to manage the supply chain. These are the only two sensitivities. 9:20 9 minutes, 20 seconds Batteries are delin with pretty much everything else. Um in fact batteries operate as a a hedge to the lack of grid 9:28 9 minutes, 28 seconds availability. So if there's any issues with regards to gridy or curtailment adding more and more capacity of battery storage in fact helps uh to hedge 9:37 9 minutes, 37 seconds against that because batteries absorb a lot of the generation and help uh give it um uh later in the evening. So 9:44 9 minutes, 44 seconds basically what we've done uh in the in the last year is we've added about 3 gaw 9:51 9 minutes, 51 seconds um uh of batteries pretty much so to speak in the last 3 to four months uh in effect. So if you look at the run rate 9:58 9 minutes, 58 seconds quarterly uh of about 3 gawatt hours or so that we have already achieved and we are constantly committed and we are very comfortable that we will continue to be 10:07 10 minutes, 7 seconds able to maintain achieve and probably only make better and and increase going forward. That should comfortably put us in a 10 gawatt hour plus range of uh 10:16 10 minutes, 16 seconds being able to add those many amount of capacities uh uh in a given year and that is what our target remains as well as we move forward. 10:25 10 minutes, 25 seconds Right. Okay. And then just uh related to that, how should we think about battery economics versus core solar wind 10:34 10 minutes, 34 seconds portfolio uh in terms of EVA margin, capital intensity, payback period? 10:40 10 minutes, 40 seconds So from a uh we we think that batteries give uh similar to or in in fact in many 10:47 10 minutes, 47 seconds cases slightly better. Obviously there's a market related element because we discharge capacities from our batteries many times in the evening peak and the 10:55 10 minutes, 55 seconds rates in the evening peak also contribute to how the economics are. So it's a it's there there are one or two inputs that uh uh are outside driven but 11:04 11 minutes, 4 seconds uh from from an overall capital in intensity versus returns we we basically look at funding our best portfolio at about 1 and a half crores per megawatt 11:13 11 minutes, 13 seconds hour. That's the range at which we're uh we we're setting up our of setting up our future capacities and we think that 11:21 11 minutes, 21 seconds at at a very comfortable level we should be able to get about uh um 25 lakhs uh 11:28 11 minutes, 28 seconds of of IBIDA per megawatt hour from a thumb rule perspective. 11:32 11 minutes, 32 seconds So the these economics are similar or slightly better to what we get on the renewable side as well. No different. 11:38 11 minutes, 38 seconds Okay, that that okay that that's super helpful. And then just lastly uh you you obviously right you obviously also might be aware of uh some u uh 11:48 11 minutes, 48 seconds issues that have been uh related to curtailment with which has affected AGL and many other companies in the country. 11:54 11 minutes, 54 seconds So the power that is curtailed today goes completely to waste. So when you put a battery storage capacity you use otherwise wasted power which has today's 12:02 12 minutes, 2 seconds zero economic value uh uh into the best making the cost of input very very low and hence um for a limited time 12:11 12 minutes, 11 seconds perspective the margins significantly high as well. You also have these periods and opportunities and windows of 12:18 12 minutes, 18 seconds certain months here and there where there may be may or may not be some curtailment issues in which case the economics of batteries uh improve uh even more dramatically. 12:30 12 minutes, 30 seconds Okay. No, that that's super helpful. And then just lastly u you know as we look at fiscal 27 how should we look at or 12:37 12 minutes, 37 seconds think about the blended revenue per unit uh and and realizations? Um and just I 12:46 12 minutes, 46 seconds guess if I can connect the second piece to it how should we think about merchant versus CNI exposure? 12:59 12 minutes, 59 seconds So we we we our average blended PPA rates across the board are about 3 rupees 10 pesa 13:06 13 minutes, 6 seconds u Manish and when we go forward we're looking at contracting additional solar capacity uh around the range of about 13:15 13 minutes, 15 seconds 265 and we're looking at contracting additional wind capacity around the range of about 3 375 380. So that's the 13:24 13 minutes, 24 seconds range at which uh AGL has visibility to be contracting its upcoming capacities and obviously that's that's that falls 13:31 13 minutes, 31 seconds very comfortably comfortably within the profitability and return threshold that AGL uh expects to deliver going forward. 13:40 13 minutes, 40 seconds when you look at it from a CNI etc perspective what AGL has taken a principal call to uh is is is that AGL 13:49 13 minutes, 49 seconds is not directly coordinating or or participating in opportunities for C CNI uh there is a sister company at the 13:57 13 minutes, 57 seconds group level which which is called Adani energy solutions limited that is the listed company that interfaces with CNI 14:04 14 minutes, 4 seconds customers AEL and AESL have an have an agreement at the back end where AGL will 14:11 14 minutes, 11 seconds contract capacities with AESL at marketdriven rates um between two listed companies and bases the rates that AGL 14:20 14 minutes, 20 seconds gives ASL, ASL goes forward and contracts those capacities with the CNI customers directly. 14:27 14 minutes, 27 seconds Okay, this is super helpful. Thank you so much Saga and best of luck. Thank you. 14:35 14 minutes, 35 seconds Thank you. The next question is from the line of Mohit Kumar from ICICI securities. Please go ahead. 14:43 14 minutes, 43 seconds Yeah, good evening and thanks for the opportunity. Uh my first question is sir 14:48 14 minutes, 48 seconds uh what is the loss in AIDA in FY26 due to lower availability and B lower 14:57 14 minutes, 57 seconds prices realized compared to long-term rates for the infirm power we were selling. And what 15:06 15 minutes, 6 seconds could have potential a bit for the entire Cisco? Yeah. 15:15 15 minutes, 15 seconds It could be possible. Yeah. 15:18 15 minutes, 18 seconds Yes, please. Um, so we we we moji. So we we've lost about 500 crores of IBIDA in the past year on account of curtailment. 15:29 15 minutes, 29 seconds Um and if you look at the rates at which we're looking at contracting our merchant capacities this year going forward versus the realization that we 15:38 15 minutes, 38 seconds had in the past year the loss would be in the range of somewhere between 800 to 1,000 crores. So we would have lost a total of somewhere between 1 1200 1300 15:47 15 minutes, 47 seconds to 1500 crores of Ebida in the past year which we do not expect to be happening going forward as we move in the coming year and the years after that. 15:57 15 minutes, 57 seconds Understood. So my second question is of course you are you will you will again commission 56 g gawatt in this 56 gawatt 16:05 16 minutes, 5 seconds in cisco uh how are you seeing the on the ground you know transmission connectivity coming up especially in K 16:13 16 minutes, 13 seconds cod uh my question is whether uh do you think the in firm power which is sitting right now will completely get 16:21 16 minutes, 21 seconds transferred to long-term PPS over next 20 next uh in in the next cycle and How do you uh resolve for the for the new capacity which are coming up? Yeah. 16:32 16 minutes, 32 seconds So Muji very good question uh very good questions rather and I'll try and answer all of them. Uh basically today whatever 16:41 16 minutes, 41 seconds so our our capability as an organization is to be able to execute a capacity of around the range of 7 to 8 gawatt a year 16:49 16 minutes, 49 seconds even today. Even today if AGL wished it has both the financial uh flexibility as 16:56 16 minutes, 56 seconds well as the organizational capability to execute somewhere between 7 to 8 GW in a given year. uh we are stopping our 17:03 17 minutes, 3 seconds execution at a number of about four between four and a half to five looking at the transmission and evacuation 17:11 17 minutes, 11 seconds constraints that we expect to happen going forward because unlike the past year what the mistake we do that we do not want to repeat going forward is to 17:20 17 minutes, 20 seconds have capacities coming up and then evacuation not being sufficiently available. Uh so that is something we're very cognizant of and our capacity 17:27 17 minutes, 27 seconds addition plan um makes sure to factor for that completely. An additional thing that is also affecting this in a very 17:35 17 minutes, 35 seconds significant way is the quantum of battery storage that we're adding in this coming year because um obviously again as I said uh in the beginning the 17:43 17 minutes, 43 seconds hedge to non-availability of transmission is uh the the commissioning of battery capacity so that the 17:51 17 minutes, 51 seconds batteries can absorb the power being generated during the day and evacuate it at peak hours during the evening. Uh so 17:58 17 minutes, 58 seconds we have and we are and we're in the process of very significantly ramping up our capacity addition for batteries. Uh 18:05 18 minutes, 5 seconds so once which which we expect to commission north of 10,000 uh g 10,000 18:11 18 minutes, 11 seconds megawatt hours uh 10 gawatt hours in this coming year. So that's a very very substantial battery addition that AGL is uh in the process of executing as we 18:20 18 minutes, 20 seconds speak. And um looking at both of these things, we don't expect there to be any significant evacuation constraints for us as the year moves on. 18:31 18 minutes, 31 seconds And sorry, your question about converting the merchant power or the infirm power into long-term PPS. Yes. uh 18:38 18 minutes, 38 seconds AGL has uh uh a public commitment and we've always maintained that very clearly from our side that AGL will 18:46 18 minutes, 46 seconds always look to and will always endeavor to make sure that the capacities that it is setting up are always a significant majority of them are tied up in 18:54 18 minutes, 54 seconds long-term uh contracts. Obviously, last year was an anomaly because as all of us 19:00 19 minutes know uh the ISTS benefit uh was was was going away. uh so we wanted to make sure 19:07 19 minutes, 7 seconds we add as much capacity as we can on the ground before the ISTS benefit uh goes away so that these capacities can enjoy the ISTS benefit for the next 25 years. 19:17 19 minutes, 17 seconds Uh so so obviously we had a short-term price to pay for that but it's a very massive benefit for us in the longer term but we've done that and uh from 19:26 19 minutes, 26 seconds this year onwards as well as going forward uh you will see that uh and and our long-term stated goal remains that 19:33 19 minutes, 33 seconds more than 90% of the capacities that AGL adds will be tied up in long-term uh PPAs and long-term contracts. 19:42 19 minutes, 42 seconds My last question if I if I can ask uh can you just talk about the quantum of battery in terms of megawatt and megawatt hour and number of cycle you're 19:51 19 minutes, 51 seconds looking to run and capital cost likely to incur in FI27 for the batteries. 19:58 19 minutes, 58 seconds So for us um um uh sir we are unable to hear you if 20:08 20 minutes, 8 seconds you're speaking. Oh, sorry. Uh, we'll be we'll be adding about uh 10 g we'll be adding north of 10 gawatt hours of 20:16 20 minutes, 16 seconds batteries. Uh, that we we we are setting up our batteries in a 3h hour configuration. So that would be about 3.3 gawatt equivalent of dispatch 20:24 20 minutes, 24 seconds capacity uh multiplied by 3 hours equivalent to about 10 gwatt hours or north of 10 gawatt hours. Um, we have 20:32 20 minutes, 32 seconds the flexibility to design our plants both between 2 hours to 3 hours. So there's some uh different plants we designing in different manners 20:40 20 minutes, 40 seconds specifically but basically uh the gawatt hours is fixed is 10 gawatt hours but we may put the AC capacity depending on 20:49 20 minutes, 49 seconds whether we want the dispatch to happen within 2 hours or 3 hours and that is a call we will progressively make depending on how we see the market 20:56 20 minutes, 56 seconds evolving as we move forward from a capital cost perspective you can consider a cost of about 1.5 crores per megawatt hour. So that should be about 21:04 21 minutes, 4 seconds 15,000 crores uh uh total capex in the coming year for the battery storage that we want to set up. 21:11 21 minutes, 11 seconds Understood sir. Thank you. All the best sir. Thank you. Thank you. 21:17 21 minutes, 17 seconds Thank you. The next question is from the line of Nikil Neania from Burnstein. Please go ahead. 21:25 21 minutes, 25 seconds Hi. Uh thank you for taking my question. 21:27 21 minutes, 27 seconds Uh and good to see the numbers. Uh my first question uh is on the future uh growth plans. uh you of course have two 21:34 21 minutes, 34 seconds big PPAs in the manufacturing link PPA and the Maharashtra PPA uh but beyond that we don't see Adani green actively participate in some of the recent 21:42 21 minutes, 42 seconds renewable tenders uh so is the plan beyond that to focus more on the CNI/ data center space via Adani energy 21:50 21 minutes, 50 seconds solutions uh as you mentioned earlier or are there some other plans to build the pipeline beyond that? 21:59 21 minutes, 59 seconds No sir, absolutely. Um, from our perspective, uh, today in addition to whatever the capacity is operation, we we have a total of 28 gawatt that's 22:08 22 minutes, 8 seconds already signed up. So, we we we probably have one of the highest PPA signed up capacity of any company in the country 22:16 22 minutes, 16 seconds today. Um, as I said, directionally it's very clear that uh there's obviously a lot of developments happening in the market. The nature of contracts that 22:24 22 minutes, 24 seconds discoms are coming up with is changing very significantly. and the type of power that uh CNI customers are looking 22:31 22 minutes, 31 seconds for going forward is changing very dramatically. There's obviously a lot of demand expected uh that our sister company Adani Energy Solutions is 22:39 22 minutes, 39 seconds working on uh from upcoming data centers from a lot of other industrial consumers that it is also in parallel tying up uh 22:47 22 minutes, 47 seconds for for for which a lot of this uh open open capacity and open power from Adani green will go for uh so there there's a lot of these things that are expected 22:56 22 minutes, 56 seconds but as I said directionally uh we will make sure that more than 90% of installed capacity of AGL is tied up in 23:03 23 minutes, 3 seconds long-term contract tracks and nothing changes uh from that perspective. 23:08 23 minutes, 8 seconds Perfect. Uh that's helpful. Uh if you could also clarify. So today Adani energy mentioned I think about 5 gawatt is what they have signed up uh on the 23:16 23 minutes, 16 seconds renewable front which I'm supposing is with Adani green. Uh possible to give some color on what are the commercial terms uh for that uh arrangement. 23:25 23 minutes, 25 seconds So Adani green and energy solutions both contract capacities on an armslength market test basis. So both companies and both managements. Sadani Energy 23:33 23 minutes, 33 seconds Solutions has an independent market test view in terms of if they wanted to buy within that time frame the given 23:40 23 minutes, 40 seconds quantity of solar power what the rates what are the rates that they would be able to contract at and similarly if Adani Green wanted to sell that quantum 23:48 23 minutes, 48 seconds of power in that time frame what is the rate that it would be able to sell at so uh it's a it's an independent market discovery on both ends and the 23:57 23 minutes, 57 seconds managements independently sit together and agree on a rate that is workable on both ends um from a market linked basis. So I 24:04 24 minutes, 4 seconds think that that's the basis on which they decide. I I don't I think that number today again as I said is 24:11 24 minutes, 11 seconds somewhere between 260 to 270 for solar and somewhere between 370 to 390 for wind. Um and those are numbers at which 24:19 24 minutes, 19 seconds they're contracting today. Obviously uh the number may move may change depending on how market situations evolve because both companies always look at 24:27 24 minutes, 27 seconds opportunities that they have from the market independently and um we'll always look to find that middle ground threshold in terms of the number that makes sense for both. 24:38 24 minutes, 38 seconds Got it sir. Uh and if I may add to that there on the battery front and the pump storage coming online this year uh is the plan to keep that uh merchant for 24:45 24 minutes, 45 seconds now and then later possibly use it as part of these contracts or or other similar contracts. 24:52 24 minutes, 52 seconds Uh yes. So basically we internally have a lot of capacities that are tagged for a lot of the opportunities we think are going to uh convert in the next couple 25:01 25 minutes, 1 second of months. So we've we have a very clear visibility and line of sight on all of the assets be that uh the the pumped 25:09 25 minutes, 9 seconds hydro assets the battery storage assets or the solar and wind uh which either go into pump storage or battery storage or 25:16 25 minutes, 16 seconds are being delivered independently. uh so we we we have line of sight very clearly on uh all of those being contracted and we're reserving those capacities 25:24 25 minutes, 24 seconds accordingly so that uh the the respective CNI customers that uh will finally be contracted with have 25:31 25 minutes, 31 seconds capacities available in the time frame that they want them. 25:37 25 minutes, 37 seconds Makes sense. Uh and if you could give some color on you know last quarter to this quarter we see a good improvement 25:44 25 minutes, 44 seconds uh in performance. uh was it due to uh the Rajasthan line getting commissioned? 25:49 25 minutes, 49 seconds Was it due to uh because merchant prices were low again last quarter? Uh so what drove the better performance uh and 25:56 25 minutes, 56 seconds possibly lower curtailment? Uh what it looks like? 25:58 25 minutes, 58 seconds No, no, very good question again. Uh it's been a multitude of factors together. It's it's been the Rajasthan line being commissioned. Yes, it's been additional lines being commissioned at 26:07 26 minutes, 7 seconds Kavda where the evacuation bottleneck that we had in Kavda has opened up very significantly. uh uh it's it's all it's it's also been uh relatively better 26:16 26 minutes, 16 seconds merchant pricing compared to what there was in Q3. uh so just all of these factors put together have have have contributed to that 26:24 26 minutes, 24 seconds and going forward would you say I we've also sorry we've also uh Ashish Khan CEO of Adani is also sitting next 26:31 26 minutes, 31 seconds to me uh he's also pointed out the fact that we've also added 2 gawatt of additional capacity uh in in the last 26:38 26 minutes, 38 seconds quarter so the the short time for which those capacities have run as well they they've also contributed to ibida 26:45 26 minutes, 45 seconds similarly makes sense and would you say the worst is behind uh given you guys are involved across the value chain on transmission 26:53 26 minutes, 53 seconds uh on generation uh for transmission curtailment and the transmission issues. Would it be fair to say that? 27:00 27 minutes Well uh we work within the regulatory framework of India which can many times be 27:08 27 minutes, 8 seconds relatively um complicated and is not always that straightforward. Right. So um we're talking about very significant 27:15 27 minutes, 15 seconds capacities being added in the country over the next 5 seven years uh uh across multiple places in the country all being 27:22 27 minutes, 22 seconds interconnected with each other at the same time interfacing with what the demand profile looks like as well. 27:30 27 minutes, 30 seconds So if your question to me is that does this do we now ensure that there will never be curtailment going forward that 27:38 27 minutes, 38 seconds everything will be hunky dory and run smoothly I think uh uh we should always make sure we we always work from the 27:46 27 minutes, 46 seconds perspective of expecting that there there in in in a country that's as complex and as interfaced as India is 27:55 27 minutes, 55 seconds that there may or may there may always be pockets of uncertainty or or complication s that come up from time to time. Um so just being very honest and 28:04 28 minutes, 4 seconds frank with you, I don't think that uh you know one or anyone can say that uh this issue 28:11 28 minutes, 11 seconds is permanently behind us. All we can do is what is in our hand which is what we are doing which is making sure that we 28:18 28 minutes, 18 seconds have enough and more battery capacities being added up that even from a country perspective if if this matter becomes an 28:26 28 minutes, 26 seconds issue it does not remain an issue for Adani green. So that is what we are focused on that that uh how do we make sure that all the elements uh linked to 28:35 28 minutes, 35 seconds Kava are coming on time. How do we support that? How do we accelerate that? 28:38 28 minutes, 38 seconds How do we make sure that that is uh tracked very very closely? And how do we make sure that our our storage capacities come online very very rapidly 28:46 28 minutes, 46 seconds and in size so that whatever constraints there may be at the sector level don't apply to Adani green because of the way 28:54 28 minutes, 54 seconds in which we're executing capacities. So we have a very clear so we we obviously understand and know what the risks are. 28:59 28 minutes, 59 seconds We know what the uh uh issues might be and that's why we have a very close eye in terms of exactly how evacuation is 29:07 29 minutes, 7 seconds coming up in various places and at the same time have a very strong push on setting up our own storage capacity so that we get insulated from many of these 29:16 29 minutes, 16 seconds country level macro uh issues to the extent that is possible. 29:22 29 minutes, 22 seconds Makes sense. One last question for my side. I think CA released a plan on generation capacity addition in India in the next 10 years and they don't I mean 29:30 29 minutes, 30 seconds as for them at least that plan solar addition is tough to take it beyond 35 gawatt a year kind of a number uh even 29:37 29 minutes, 37 seconds in a 6.4% 4% demand growth scenario. Uh would you agree to that? Uh or or do you think uh that's a conservative number? 29:47 29 minutes, 47 seconds Well, this year we have executed 55 gawatt, right, as a country. Um so, so see again I think it's it's not it's 29:56 29 minutes, 56 seconds it's not a it's not the right way to look at a 5 six year total capacity addition divided by five years and say that that is what the capacity addition 30:04 30 minutes, 4 seconds will be year on year. um uh in in in my uh relatively limited experience of 30:11 30 minutes, 11 seconds working in the sector, we see that growth in India comes in spurts and bursts. So there's there's always because these are all infrastructure 30:18 30 minutes, 18 seconds projects that have long lead time, right? It's not something it's it's it's it's not something that moves very very smoothly that every single year this is 30:27 30 minutes, 27 seconds a target. Sometimes you may achieve 20, sometimes you may achieve 50 and then they make that may go back to 30 35 again and may go up to 60 the next year. 30:34 30 minutes, 34 seconds So, so a little bit of that uh move will continue to happen on a year-by-year basis. But directionally speaking going 30:43 30 minutes, 43 seconds forward obviously the government of India and many state governments have taken very significant positive decisive 30:51 30 minutes, 51 seconds steps to make sure that the overall planning and the overall capacity addition and how to integrate the evacuation with the capacity addition 30:59 30 minutes, 59 seconds and the demand uh at the back end happens in as smooth and as synced up a manner as is practically possible. Um so 31:08 31 minutes, 8 seconds so and and regulations like those and and and uh efforts like those have led us to a 31:16 31 minutes, 16 seconds situation today where last year 55 GW was added uh of clean energy into the grid. That's a very very substantial number. If you look at India 57 years 31:24 31 minutes, 24 seconds ago people were talking about a number that would peak out at 15 or 20 um versus that we added a number of 55 in 31:32 31 minutes, 32 seconds the past year. So obviously um that's all credit to uh the really good job that the government has done in terms of 31:39 31 minutes, 39 seconds streamlining things and at the same time the private sector that has also stepped up in a very significant way across all companies to be able to put these 31:46 31 minutes, 46 seconds capacity additions on the ground uh and all the stakeholders right the EPC participants the banks who all who all rally together to make additions like 31:54 31 minutes, 54 seconds these happen uh but we we we we see that overall the sector is in a very comfortable andh positive space and we 32:02 32 minutes, 2 seconds think that's going to keep on continuing going forward. 32:05 32 minutes, 5 seconds Makes sense. Thanks a lot uh for your answer. 32:12 32 minutes, 12 seconds Thank you. The next question is from the line of Prites Cher from Lucky Investment. Please go ahead. 32:20 32 minutes, 20 seconds Yes sir. uh just uh you know in one of your previous answers about your financial execution agility of executing 32:28 32 minutes, 28 seconds 7 to 8,000 G megawatt uh and we are doing four to five and you know when you look at the annual the 32:36 32 minutes, 36 seconds five year vision of over 50,000 we need to do that 700 so it's fair to assume that uh you know what we saw is addition 32:44 32 minutes, 44 seconds of four to five in the last two years this number should move to 7,000 or what 7 to 8,000 with next year which is FI28 32:52 32 minutes, 52 seconds uh as you want to prep your battery expansion ahead of uh ahead of the you know solar expansion. 33:01 33 minutes, 1 second So again good question uh we will we will be looking at um uh an addition in the coming year of somewhere between 33:09 33 minutes, 9 seconds four and a half to five uh and the the limit on that addition is primarily due to our view in terms of how evacuation 33:16 33 minutes, 16 seconds constraints might come up. uh we don't we don't want to uh we don't want to guide to a number of FI2829 today 33:25 33 minutes, 25 seconds because it's a very uh closely evolving target. Um it's it's it's pretty much 33:32 33 minutes, 32 seconds impossible to have a view of transmission 24 months out because of so many different uh linkages and nuances 33:41 33 minutes, 41 seconds that have to do with many of those transmission lines coming because keep in mind uh it's not unlike renewables which is execution within a certain 33:48 33 minutes, 48 seconds boundary transmission line is cross country and local issues come up and uh you know stringing issues come up and RO issues come up and those those issues 33:57 33 minutes, 57 seconds have a way of cropping up right uh in a way that we don't expect. So what we have decided for ourselves at AGL is uh 34:06 34 minutes, 6 seconds we will make sure that we commit to a capacity on a 12-month forward basis uh not only from a market guidance perspective but also from an internal 34:14 34 minutes, 14 seconds planning perspective because we want to make sure that we don't either over plan or under plan basis what evacuation flexibility uh is going to open up and 34:22 34 minutes, 22 seconds come up. Uh so we we that's that's how we typically look at it and think about it. Obviously, as you rightly pointed out, um the the hedge against all of 34:30 34 minutes, 30 seconds this for us is battery storage. So, we're looking to I mean, even the 1.5 GW that we added in the last uh gawatt 34:39 34 minutes, 39 seconds hours we added in the last 3 to 4 months soon to be 3 gawatt hours actually is uh that's 50% of India. Once our capacity 34:48 34 minutes, 48 seconds touch touches 3 gawatt hours, we will have 50% of operating battery storage capacity in the country. That's very very substantial and significant. Now 34:57 34 minutes, 57 seconds we're ramping we're adding 10 to that three. Um so we're ramping that capacity up in a very significant way as well. So 35:04 35 minutes, 4 seconds 10 gawatt hours although is is a very very significant capacity addition to be done by a single company in a single year. Now our endeavor will 35:14 35 minutes, 14 seconds be to increase that even further from a run perspective in FI28. But um obviously we will see what experience we have, what learnings we have this year 35:22 35 minutes, 22 seconds and then calibrate our plan for FI28 accordingly. 35:27 35 minutes, 27 seconds Okay. Uh, does this need a review to the 50 gig capacity in FI30? 35:35 35 minutes, 35 seconds We currently not guiding to any revision of our 50 gawatt target in FI 2030. Uh, currently we are gearing up to find a 35:43 35 minutes, 43 seconds way to deliver uh on the target that we've uh announced. 35:47 35 minutes, 47 seconds Okay. Thank you very much, sir. Thank you. Thank you. 35:55 35 minutes, 55 seconds The next question is from the line of Bhavik Sha from Invexa Capital. Please go ahead. 36:01 36 minutes, 1 second Yeah. Hello sir, congratulations on a good set of numbers. So what I understand is by 5 G of execution and 10 G of B and the pumped hydro coming up. 36:11 36 minutes, 11 seconds So our capeex for the year would be at around say 45,000 around 45,000 crores if that understanding is correct because obviously we'll be executing some and 36:20 36 minutes, 20 seconds you will start some for the next year as well. So is that understanding correct? 36:25 36 minutes, 25 seconds Around 40 to 42 is what we guiding to the market generally but yes uh the number can touch around the number that you're speaking about. Yes, 36:33 36 minutes, 33 seconds understood. And sir with the recent improvement in the rating our blended uh rate is that 8.9 as seen in the 36:40 36 minutes, 40 seconds presentation. Do we see any improvement there or will it be remain same? 36:46 36 minutes, 46 seconds We we we expect downward pressure on that number. 36:50 36 minutes, 50 seconds Understood. Understood. And so when we say we are only about to add say 4 and a half 5 G in this year. So can you just 36:57 36 minutes, 57 seconds quantify the evacuation facilities coming up say at Kawa or at Rajasthan in say FI 27 and FI28 just to be able to understand how this trajectory would be. 37:10 37 minutes, 10 seconds So we expect an additional 7 GW of evacuation that is opening up in Kada by December of 2026. 37:19 37 minutes, 19 seconds Okay. And so in effect there's there's a there's a few there's a few uh uh other people who will also be participating in 37:28 37 minutes, 28 seconds those capacities. Uh and then we expect an additional 7 gawatt that is coming up by March of 27. 37:37 37 minutes, 37 seconds So in next 3 months from where we are today somewhere between 14 to 15 gawatt of additional capacity should open up in Kava over the 37:46 37 minutes, 46 seconds next uh 12 months 12 to 15 months. Obviously that number can move above or below by 3 to four months. Uh 37:54 37 minutes, 54 seconds there there's always that margin of error you have to consider when you're considering evacuation because things can move by that much. But uh yes that's broadly what we're expecting. 38:04 38 minutes, 4 seconds Understood. So would it be fair to assume that in FI28 you might see a sharp jump in our execution as well? 38:11 38 minutes, 11 seconds If the evacuation capacities ex open up as per our expectations then obviously we will look to uh ramp up our execution 38:19 38 minutes, 19 seconds uh on the ground for solar and wind capacities as well but exact numbers uh we will be guiding for FI28 somewhere towards the end of this year. 38:28 38 minutes, 28 seconds Understood sir. Understood. Thank you so much. Thank you. 38:34 38 minutes, 34 seconds Thank you. The next question is from the line of Sabri Hazarika from MK Global Financial Services. Please go ahead. 38:42 38 minutes, 42 seconds Yeah, good evening and uh congratulations on steady numbers. Uh so so I just uh just wanted to clarify. So right now we are like close to 20 gawatt 38:51 38 minutes, 51 seconds of capacity. So u this 50 gawatt could be like uh 5 gawatt for the next 5 years and another 5 to 6 gawatt of PSP. Is 38:59 38 minutes, 59 seconds that right? Right way to assume that is the right way to think about it. Yes. 39:04 39 minutes, 4 seconds Yeah. and batteries would be like on top of that but battery and PSP in a way they are like not pure capacities those would be like uh those would be 39:11 39 minutes, 11 seconds basically ESS uh uh supporting capacities right correct you're right okay and uh second is uh on this um I 39:21 39 minutes, 21 seconds mean given the current geopolitical scenario have you seen uh any sort of like uh change in the policy environment 39:29 39 minutes, 29 seconds with respect to renewable energy I know it's like quite robust all along but have you seen some more important coming up on the policy side with respect to renewable energy sector in general? 39:39 39 minutes, 39 seconds No, no, 100%. I think uh not only the renewable energy sector but every single sector that touches electricity uh uh 39:47 39 minutes, 47 seconds has a very significant thematic advantage because the the if you look at it from an India perspective the uh 39:54 39 minutes, 54 seconds answer to so much volatility happening globally is electrification which is similar to what China has done right. So instead of importing crude and importing 40:02 40 minutes, 2 seconds gas, if we're able to electrify our economy domestically, that takes away from a very significant amount of 40:10 40 minutes, 10 seconds dependence on regular crude and gas flowing from many of the areas that are and may continue to be uh affected by 40:18 40 minutes, 18 seconds the conflict that is going on today. uh so so not only Adani green and not only the renewable energy sector but any and every sector that touches 40:26 40 minutes, 26 seconds electrification uh is poised to have a very significant advantage from this because uh what we've seen and rightly so from the government that the priority 40:35 40 minutes, 35 seconds from a country perspective going forward uh is going to be a very significant amount of electrification uh that we expect to happen across the economy uh 40:44 40 minutes, 44 seconds comprehensively right and just one last question um with respect to the evacuation capacity you mention 14 gawatt to open up in the next one one 40:53 40 minutes, 53 seconds and a half years. So right now uh what is the what is the what is the number for Kavra in general and and also wanted 41:00 41 minutes to get some color on the evacuation on the grid situation on on the customer side. I think you've got like I mean not directly but indirectly one of Andraish 41:09 41 minutes, 9 seconds is one of your major customers. So what's the situation like there? 41:14 41 minutes, 14 seconds the the the situation from what perspective I'm sorry I missed like evac evacuation perspective transmission yeah 41:22 41 minutes, 22 seconds okay uh so from a kavada perspective we have 9 9 gaw of transmission capacity that is uh uh currently active from a 41:32 41 minutes, 32 seconds customer perspective I mean evacuation is something that's open for both right so from a from from 41:39 41 minutes, 39 seconds an Andra perspective or from a buyer perspective obviously their PPS come into effect only once the evacuation capacities are ready. Uh so they don't 41:47 41 minutes, 47 seconds really have much of a role in this matter. Um as soon as the evacuation capacities become ready uh by the transmission network uh the PPS become 41:55 41 minutes, 55 seconds live and active. Uh and we will at least what we can do which is what we are doing is that uh all the capacity 42:03 42 minutes, 3 seconds addition that we need to do on the back end um before the evacuation capacities get online is what we're focusing on. So when the day that the evacuation 42:12 42 minutes, 12 seconds capacities are online and the PPAs become active, our capacities are ready. 42:16 42 minutes, 16 seconds But you mentioned that 1500 K of under recovery would get elevated over the next one to two years, right? But what but 42:22 42 minutes, 22 seconds because of because of better rates uh that we are seeing visibility of contracting with and because of lower curtailment. Yes, got it. Thank you so much. 42:31 42 minutes, 31 seconds That was a one time loss. Yes. 42:33 42 minutes, 33 seconds Okay. Thank you so much and all the best. Thank you. 42:38 42 minutes, 38 seconds Thank you. The next question is from the line of Nikil Abanka from UTI. Please go ahead. 42:46 42 minutes, 46 seconds Uh thank you sir. Just one question from my side. Uh recently we have seen that uh Adani Power has participated in an RTC uh renewable bid. So just want to 42:56 42 minutes, 56 seconds understand whether this is a one-time thing or would you see them participating in NA bids going ahead as well. So I'm I can't answer a question 43:05 43 minutes, 5 seconds uh about Adani power in the Adani green u uh uh earnings call. So my apologies but uh you you will have an opportunity 43:13 43 minutes, 13 seconds to ask the Adani power management the same call uh uh when they had their earnings which I believe is sometime next week. I wanted to understand more 43:22 43 minutes, 22 seconds from a group's perspective whether I mean uh I mean from the general perception was that green will be executing the uh uh generation system. 43:32 43 minutes, 32 seconds So from that perspective basically I'll tell you for many of these uh for many of these uh contracts there are two elements to it and let me 43:39 43 minutes, 39 seconds just give you uh a macro answer and then you can um deduce it as per how how you feel is best. There's always two 43:48 43 minutes, 48 seconds elements whenever they when whenever we looking at RTC capacities. One is the element of where the one is the element of where the capacities are coming from. 43:56 43 minutes, 56 seconds So many of these RTC bids and tenders make sure that they need a certain amount of thermal power. They need a certain amount of renewable power. They need a certain amount of stored power. 44:04 44 minutes, 4 seconds They need a certain amount of wind. this they need multiple sources that come in from multiple places to be able to 44:11 44 minutes, 11 seconds bundle a power uh that can be provided on a predictable basis uh through the 44:18 44 minutes, 18 seconds day. So how do you get that power from what sources at what rates from which companies becomes one side of the thing. 44:27 44 minutes, 27 seconds Similarly on the other side um it becomes very important how do we manage the customer. So which is going to be 44:36 44 minutes, 36 seconds the entity that is facing the customer and providing this overall solution to the customer and why. Um so from a group 44:44 44 minutes, 44 seconds perspective uh the call that we've taken collectively and individually because that is how the strengths of every group 44:51 44 minutes, 51 seconds company is is that respective generating companies will be responsible for and will be participating in the opportunity 45:01 45 minutes, 1 second to provide a lot of these capacities uh uh and making them available for contracts and for such uh opportunities 45:08 45 minutes, 8 seconds which which which may be profitable in nature from a customer standpoint. And then um Adani Energy Solutions is the entity that will take end to- end 45:17 45 minutes, 17 seconds responsibility of blending all these sources of power and giving one comprehensive quote unquote energy solution to the end consumer and to the end. 45:28 45 minutes, 28 seconds So that is a principle that you will always see group companies follow as we move forward. Thank you and all the best. 45:37 45 minutes, 37 seconds Thank you. Thank you. 45:42 45 minutes, 42 seconds The next question is from the line of Anjadia from Invest. Please go ahead. 45:49 45 minutes, 49 seconds Hey. Hi. Uh thanks for the opportunity. 45:52 45 minutes, 52 seconds U Sag. I just want to get some you know uh clarity on the what strategy we are taking on this 10 GT hour in the 45:59 45 minutes, 59 seconds long-term basis. would it be exclusively parked towards the 25% of the target merchant capacity which we are uh by 46:07 46 minutes, 7 seconds FY30 so that this curtailment issue can get addressed or probably we are flexible enough to use this 10 gawatt 46:14 46 minutes, 14 seconds hour capacity either as a uh standalone storage capacity which might might be used in the SEI bits or it could be used for the upcoming FDR projects as well. 46:25 46 minutes, 25 seconds So just to get your thought on this. 46:28 46 minutes, 28 seconds No, they'll be available for all three purposes uh and we we'll make sure that they're flexible because we see again 46:35 46 minutes, 35 seconds it's a very we can't we don't we don't want to be in a situation where we have a fixed target in an evolving market. So 46:43 46 minutes, 43 seconds because the market at the end of the day is an evolving one, our planning, our uh uh uh working will always also be 46:52 46 minutes, 52 seconds evolving. So today basically what we are focused on is fundamentally having the option and the ability of 47:00 47 minutes setting up these storage capacities in a significant way is what we are focused on because that is fixed in every scenario. Whatever option you want to go 47:08 47 minutes, 8 seconds for you need to have those capacities in the first place. So our focus today is that we want to lock in those capacities. We want to commission them. 47:14 47 minutes, 14 seconds We want to get them ready. We want to install them and we want to make sure that they're available to then participate in whichever economic 47:22 47 minutes, 22 seconds opportunity seems the best for them independently. 47:27 47 minutes, 27 seconds So our focus today is to make sure that we set up these capacities and as the market evolves which is the specific 47:34 47 minutes, 34 seconds area where the economic opportunity is the highest that is where we will deploy them. 47:40 47 minutes, 40 seconds Oh, fair point uh quite clear on this thing and also you know we are witnessing a lot of curtailment happening especially in case of Rajasthan while you know we have a 47:49 47 minutes, 49 seconds long-term project but any thoughts on having standalone BS in Rajasthan as well uh yes we will be having best in 47:58 47 minutes, 58 seconds Rajasthan going forward as well but uh just to clarify our projects are not getting curtailed in Rajasthan our projects are are being evacuated but but 48:06 48 minutes, 6 seconds but that being said yes we will also be having best projects in Rajasthan management. Yes, thank you. Thank you Saga for this. 48:15 48 minutes, 15 seconds Thank you. 48:18 48 minutes, 18 seconds Thank you. The next question is from the line of Pune from HSBC. Please go ahead. 48:28 48 minutes, 28 seconds Yeah, thank you so much and uh my question is basically with respect to your slide where you talk about growth in generation generation and you've 48:36 48 minutes, 36 seconds broken this down between PPA based merchant and PPA which is currently sold on merchant right and if I look at that slide which slide number 16 it seems 48:45 48 minutes, 45 seconds only 5% growth has happened on the PPA based capacity while in your overall capacity 35% capacity got added so so 48:54 48 minutes, 54 seconds how to what extent is a PPA based capacity which you currently categorize as merchant is is still likely to remain 49:01 49 minutes, 1 second on merchant for some more period of time and if you can quantify that capacity as well. 49:06 49 minutes, 6 seconds No, so as I as I touched upon in one of my previous comments uh last year was an anomalous year because ISTS benefits for 49:14 49 minutes, 14 seconds merchant projects and future all future projects were going to go away from this year onwards. So we wanted to deliberately make sure that we do a 49:23 49 minutes, 23 seconds disproportional amount of merchant capacity addition last year because those projects get ISTS benefit for the next 25 years. So that remains on that 49:32 49 minutes, 32 seconds becomes a structural advantage for us over the next 25 years for those amount of capacities compared to all of the other new capacities coming up. So it 49:39 49 minutes, 39 seconds was a very deliberate decision on our side. Um but that is an anomaly going forward you will see all or most 49:47 49 minutes, 47 seconds capacity being added from a PPA perspective. Even this year the 4 and a half to 5 GW that we're adding uh in terms of capacity is 100% TPA and 49:55 49 minutes, 55 seconds and the way you broken down generation can you also break down your capacity? 49:59 49 minutes, 59 seconds Uh sorry the way you've broken down the generation number uh of 37,567. 50:09 50 minutes, 9 seconds Can you also break down your 19 gawatt uh capacity into base? What is Yeah, just give me one second. 50:20 50 minutes, 20 seconds Huh? So see from our uh perspective of PPA we have let me let me say that. So 50:27 50 minutes, 27 seconds we have 19.2 GW 19.3 GW of operating capacity. Yeah. Yeah. 50:34 50 minutes, 34 seconds Out of that 9.7 GW of operating capacity is going 100% under PPS. Yeah. 50:42 50 minutes, 42 seconds 5,300 megawatt of capacity is going as informed today but those are PPA 50:51 50 minutes, 51 seconds capacities that are going to conver be converted into PPAs as soon as all the elements are in place. So that's an interim merchant which is going to automatically get converted into PPA. 51:02 51 minutes, 2 seconds That's 5.3 GW and 4.2 GW is merchant capacity that is pure merchant today which we will tie up in long-term 51:10 51 minutes, 10 seconds contracts. uh uh uh ASAP understood. So the 5.3 gawatt which is in the infirm uh when do you expect the 51:19 51 minutes, 19 seconds PPA to start uh uh for this capacity? 51:26 51 minutes, 26 seconds Should it be this year or you expecting maybe next year? 51:28 51 minutes, 28 seconds This will no this will all of this will incrementally happen uh by December of 2026. 51:34 51 minutes, 34 seconds some of it might remain uh which will get done by March but that so so that will continue as infirm selling in the merchant until that point in time but 51:43 51 minutes, 43 seconds again it's a question of uh uh elements right so as soon as all the elements come up they'll automatically get converted into PPS but bear in mind please from a profitability perspective 51:52 51 minutes, 52 seconds all of the uh revenue and IBIDA we are making under these projects as infirm revenue today is over and above the PPA 52:01 52 minutes, 1 second economics so uh for for thus for us this is an additional delta that we get from an overall perspective and and and and 52:09 52 minutes, 9 seconds so it's not a value it's it's not necessarily a value destructive thing for us and and this is despite you witnessing curtailment in the same projects right 52:17 52 minutes, 17 seconds because PPA would not have curtailment I would assume yeah PPAs don't have curtailment there's a that's a take yeah so for this 5.3 plus 4.2 which is 52:26 52 minutes, 26 seconds about 9.5 again there is some bit of cutagement so the entire hit of 1,500 crores or sorry 1 1200 crores which you 52:33 52 minutes, 33 seconds said has happened to the extent of only this half of this capacity absolutely yes you're right okay understood and secondly you know in 52:41 52 minutes, 41 seconds FI25 you installed about 2.7 gawatt of solar and close to 600 megawatt of wind can you also talk about your experience 52:49 52 minutes, 49 seconds there what is the PLF you experience for this 2.7 gawatt and uh 600 megawatt of 52:59 52 minutes, 59 seconds because the overall PPA number sorry PLF number sort of dilutes the the impact of PLF on the new plants. So just 53:07 53 minutes, 7 seconds specifically for FI25 capacity what is the PLF you experienced? 53:12 53 minutes, 12 seconds Yeah. So this year only huh for this year most of the capacities or all of these capacities have come in in uh Kawa 53:20 53 minutes, 20 seconds only and in Kawa we have a very good cuf as compared to the overall cuf which we have in the uh in our uh portfolio. So 53:29 53 minutes, 29 seconds for ka even without with curtailment we have had a cuf of upwards of 27% 53:38 53 minutes, 38 seconds because of curtailment whatever has happened has happened and in wind also we have upward near to about 29 30% of 53:47 53 minutes, 47 seconds cuf in case of ka so from that aspect koda continues to increase the overall cuf for the year because of curtailment 53:56 53 minutes, 56 seconds about three two and a half 3% of cuf impact has been there which will over a progressive year will continue to come 54:04 54 minutes, 4 seconds down. So and as kawa capacities keep on increasing the cuf should see an uptick going correct. 54:11 54 minutes, 11 seconds So 27 kada from solar should have been 30 and wind also similarly 2 3% more or wind was largely okay. Wind was largely 54:20 54 minutes, 20 seconds okay but there was some cut some reduction in in Q3 generally Q3 it starts to go up from Q4 onwards but we 54:30 54 minutes, 30 seconds see we will keep on reviewing it and as we move forward we will see how well the curtailment is primarily attributable to solar much less so for 54:39 54 minutes, 39 seconds wind because wind generates in the evening where solar capacities have gone down so lot of transmission capacities available right understood and in your 9.4 4 54:48 54 minutes, 48 seconds gawatt capacity which you talk about for uh for Kabra about 742 you say is for group companies. So is that built by 54:56 54 minutes, 56 seconds you? Yeah. Is is that but it's the IBIDARS to you only right? 55:02 55 minutes, 2 seconds Is that fair to or is that no is that that IBIDA is not a part of Adani Green? No. 55:08 55 minutes, 8 seconds Okay. So that's for other group companies in a way but yes they they set it up on their balance sheet and uh the the IBIDA or the set 55:17 55 minutes, 17 seconds off in terms of the electricity costs to them. Okay, understood. 55:23 55 minutes, 23 seconds Green gets a project management charge for the capacities that they execute. 55:28 55 minutes, 28 seconds Got it. That's very I'm sorry. I think we're out of time. Um Yep. Thank you. That's all from my side. Thank you. Yeah. Thank you so much. Thank you. 55:37 55 minutes, 37 seconds Thank you. we will have to close the call. So yes. 55:41 55 minutes, 41 seconds Yeah. Yeah sir. So I'll hand over to you for closing comments. Thank you sir. 55:46 55 minutes, 46 seconds Thank you everyone for taking out the time and we appreciate your participation. Thank you. 55:51 55 minutes, 51 seconds Thank you very much on behalf of JM Financial Institutional Securities Limited. That concludes this conference. 55:57 55 minutes, 57 seconds Thank you all for joining us today and you may now disconnect your lines.