Adani Power Ltd — Q4 FY26

Adani Power Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=rjl10oNKGUc Published: 13 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Adani Power Limited Q4 FI26 earnings conference call hosted by ICC Securities. 0:12 12 seconds As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:22 22 seconds Should you need assistance during this conference call, please signal an operator by pressing star then zero on 0:29 29 seconds your touchstone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. 0:37 37 seconds Mohit Kumar from ICA securities. Thank you and over to you sir. 0:42 42 seconds Thank you Subnali. Good morning. On behalf of ICICI securities, I would like 0:48 48 seconds to welcome you all to Q4 FYI26 earning score of Adani Power Limited. Today we 0:57 57 seconds have with us from the management, Mr. SP Kalia, CEO, Mr. Diva, CFO and Mr. Nishit 1:06 1 minute, 6 seconds here at the investor relations. We'll start with the brief opening remarks which is followed by Q&A. Thank you and over to you sir. 1:19 1 minute, 19 seconds Good morning friends. I want to extend a warm welcome to everyone who has joined us today for our fourth quarter and full 1:27 1 minute, 27 seconds year 25 26 call. I appreciate you taking time out of your busy schedule to connect with us. Before we begin, I 1:36 1 minute, 36 seconds encourage you to download and read our quarterly results and the analytics presentation which are available on this stock exchange and our website. With me 1:45 1 minute, 45 seconds on the call today are our CFO Mr. Sa and our investor relations head Mit. 1:52 1 minute, 52 seconds As you all know the world is trying to endure a major energy price shock which happened due to geopolitical reasons. 1:59 1 minute, 59 seconds Most of the people have nothing to do with this event and therefore they can't avoid success. The only way to combat 2:06 2 minutes, 6 seconds this is to mitigate the fallout which means we have to become self-sufficient in our energies. This is vital for 2:14 2 minutes, 14 seconds health and growth. Luckily for India, we have natural resources, solar and wind 2:21 2 minutes, 21 seconds energy or co. They help us enhance our energy security and lead us to a position where we can enjoy energy 2:30 2 minutes, 30 seconds sovereignity. Now the world has also come to realize that fuel generated power cannot be just wasted away. It has 2:38 2 minutes, 38 seconds a crucial role to play to balance the grid as renewable energy penetration increases. As our power needs become 2:45 2 minutes, 45 seconds more intense, it is reliable and domestic energy sources like poles that come to our cell and provide electricity 2:54 2 minutes, 54 seconds that runs our ACs, our factories or data centers. I'm proud to say that Adam Power has consistently delivered a 3:02 3 minutes, 2 seconds strong performance and supplied power reliably for its customers. In the financial year of 26, we achieved a 3:11 3 minutes, 11 seconds milestone by generating 5 million units of power. This is in the backdrop of tapid growth in power demand which was 3:21 3 minutes, 21 seconds only 08% for financial year 26 and 1.6% 3:28 3 minutes, 28 seconds for quarter 4 financial year six over the previous year. As you all know this 3:34 3 minutes, 34 seconds slow growth in an early and extended monsoon that lasted almost till November 3:42 3 minutes, 42 seconds and cold weather in some parts of the country following that. However, we have started to see a revival in power demand 3:50 3 minutes, 50 seconds from March as warmer weather has arrived. Peak demand has recently 156 gawatt and it is expected to rise 3:59 3 minutes, 59 seconds further in the current year. We believe that 2027 will see a strong growth in overall power demand as well as peak 4:08 4 minutes, 8 seconds demand. Despite a dynamic demand environment influenced by variable weather patterns, we reported a robust 4:16 4 minutes, 16 seconds of 33 43 crores for the full year. Our performance in the fourth quarter was 4:24 4 minutes, 24 seconds particularly strong with aa of 6,498 cringing a significant 27% increase year. 4:34 4 minutes, 34 seconds This demonstrates our operational resilience and financial discipline. We have ended financial year 26 with a 4:42 4 minutes, 42 seconds solid 12,971 crit after tax. Our capacity expansion 4:48 4 minutes, 48 seconds program is a cornerstone of our strategy. We are making excellent progress towards our goal of adding 23.7 gawatt of thermal capacity by 2032. 5:00 5 minutes During the year, we have successfully tied up 10.4 gawatt of capacity under long-term power purchase agreements. A 5:09 5 minutes, 9 seconds key highlight this partner was curing a letter of award for a 1600 megawatt TPA from Arashstone. 5:16 5 minutes, 16 seconds With this our total Dup expansion capacity now stands at an impressive 13.3 gawatt 5:24 5 minutes, 24 seconds further we have ensured revenue visibility for our current operations with 95% of our operating capacity now 5:32 5 minutes, 32 seconds tied up under long-term and medium-term PPS. This strategy provide stability and decrease our business from short-term market volatility. 5:42 5 minutes, 42 seconds We expect higher PP officer bilateral demand in the 2027. 5:49 5 minutes, 49 seconds As we look ahead, we are sure of reaching our capacity expansion goals. 5:53 5 minutes, 53 seconds According to our targetlines, the 1600 megawatt Mahalue project in Madhya Pradesh is 86% complete. 6:04 6 minutes, 4 seconds In 30 years the Ray phase 2 has achieved 54% progress and Ryard phase 2 is 47% 6:11 6 minutes, 11 seconds complete and the corva phase 2 project is close to completion. 6:18 6 minutes, 18 seconds We expect to commission corva 2 during the course of this current year. Our upcoming capacity commissioning will 6:25 6 minutes, 25 seconds drive the next phase of thea and cash flow growth. We expect significant earnings growth in the years to come. 6:33 6 minutes, 33 seconds These new PPAs are highly earning operating which will generate significant cash flows in the coming years. We will maintain a careful 6:41 6 minutes, 41 seconds approach to capital allocation to take advantage of new opportunities in India's expanding energy sector. We are 6:48 6 minutes, 48 seconds expanding our area of focus beyond the Indian territory. We will evaluate inial projects in thermal, hydro and 6:56 6 minutes, 56 seconds transmission sectors and invest in attractive opportunities that qualify. 7:01 7 minutes, 1 second We have recently incorporated SPV in Bhutan for setting up the 570 megawatt hydropower plant with this end. We are 7:11 7 minutes, 11 seconds also aligning ourselves to the emerging long-term opportunities in the power sector such as nuclear power. We have 7:18 7 minutes, 18 seconds incorporated several SPGs in India for investing in nuclear power projects. We are identifying L for these projects and 7:25 7 minutes, 25 seconds seeking necessary approvals. This is a very exciting time for the committed IP players in India like us. I would now 7:34 7 minutes, 34 seconds like to hand over the call to our CFO Mr. Delay to elaborate further on the quarter four results and four leaders. 7:43 7 minutes, 43 seconds Thank you and over to Mr. D. Thank you sir and good morning everyone. 7:53 7 minutes, 53 seconds I will take you through the financial and operational performance for quarter 4 and FYI26 8:00 8 minutes and then share a brief update on our balances. 8:04 8 minutes, 4 seconds Our operating environment front let me start with the operating backdrop 8:11 8 minutes, 11 seconds 26 while marked by weather induced demand volatility lower peak temperatures and increased renewable 8:19 8 minutes, 19 seconds generation. As a result, merchant prices remain subdued through most of the year. 8:27 8 minutes, 27 seconds However, poor demand drivers linked to economic growth and intact and demand recovery is already visible as we move into FI27. 8:39 8 minutes, 39 seconds on operational performance despite this environment adani power achieved excellent operating performance 8:48 8 minutes, 48 seconds in the recently concluded quarters conceded PL for quarter 4 remain healthy 8:55 8 minutes, 55 seconds and uh at at quarter 4 this is 74% on annual basis this is 66.5% 9:04 9 minutes, 4 seconds reflecting profit strength in the middle of demand volatility Our quarter 4 power sales reached 27.2 9:13 9 minutes, 13 seconds billion unit while the cool year sales increased 3.4% to 99.1 9:22 9 minutes, 22 seconds billion unit. The volumes were supported by higher operating capacity, stable plant availability and new PPA for the 9:31 9 minutes, 31 seconds existing capacities. 9:34 9 minutes, 34 seconds On revenue performance quarter for FI26 revenues grow to 15,59 9:42 9 minutes, 42 seconds cr up nearly 4% yearon year. At the same time, reported revenue for quarter 4 9:49 9 minutes, 49 seconds FI26 grew 10% to 15,989 cr. For FY26, 9:58 9 minutes, 58 seconds continuing revenue was 55,583 crly stable despite lower merchant rates. 10:06 10 minutes, 6 seconds Carry for imported ping were also lower due to reduction in import prices on 10:13 10 minutes, 13 seconds IITA performance. Continuing IITA for quarter 4 FI26 increased 9% year on year 10:21 10 minutes, 21 seconds to 5573 cr at the same time reported IITA was 6,498 10:28 10 minutes, 28 seconds cr up 27% year on year versus the ITA 10:36 10 minutes, 36 seconds for quarter 4 last year this improvement was driven by higher PPA tariff contribution cost discipline 10:43 10 minutes, 43 seconds [clears throat] 10:43 10 minutes, 43 seconds better operating efficiency and contribution from recently acquired assets for FY26 continuing was 21,285 10:54 10 minutes, 54 seconds crly stable year on year basis on profitability part at the bottom line 11:03 11 minutes, 3 seconds water for FI26 PAT increased sharply by 64% year on year to 4,700 11:11 11 minutes, 11 seconds 471 This was added by strong operating performance and lower tax charges for 11:19 11 minutes, 19 seconds FI26 that increased to 12,971 crly in line with last year and 11:26 11 minutes, 26 seconds demonstrating earning resilience despite market volatility. 11:31 11 minutes, 31 seconds On the balance sheet and funding front March 31st 26 total debt is stood at 11:38 11 minutes, 38 seconds 53,556 cr while net debt was 45,22 11:46 11 minutes, 46 seconds cr. The increase in leverage primarily reflects planned bridge financing for ongoing capex. During the recent quarter 11:54 11 minutes, 54 seconds we successfully 7,500 secured non-con convertible de ventures. 11:59 11 minutes, 59 seconds We also have credit entry in front from bank in the form of corporate debt. 12:05 12 minutes, 5 seconds We have continuously maintained strong credit rating and liquidity access. We continue to follow a conservative capital management approach with a 12:13 12 minutes, 13 seconds majority portion of extension being funded for internal over time. 12:19 12 minutes, 19 seconds On contracted portfolio and visibility front 95% of our operated operating 12:25 12 minutes, 25 seconds capacity of 18.15 gawatt is now tied up under long-term and medium-term PPS. We have also tied up 13.3 gawatt of 12:34 12 minutes, 34 seconds long-term PP for the ongoing 23.7 gawatt expansion. These PP provide availability 12:40 12 minutes, 40 seconds based charges offering stable per megawatt. 12:46 12 minutes, 46 seconds New PPS carry material better capacity charges improving future return metrics. As you 12:53 12 minutes, 53 seconds may be aware the fuel cost is passed through for these PPS. The fuel availability is also assured as the 13:00 13 minutes states have to first obtain fuel allocation and then operate to the winning biders. Now to summarize our business fundamentals remain strong. 13:12 13 minutes, 12 seconds Operations continue to be highly liquid and profitable. Capacity expansion is progressing well. 13:20 13 minutes, 20 seconds Liquidity and funding access are robust. Harding visibility has improved mater. 13:26 13 minutes, 26 seconds Thank you for your continued confidence in power. We will now be happy to take your question and it over to moderator. 13:34 13 minutes, 34 seconds Thank you. 13:38 13 minutes, 38 seconds Thank you very much. We will now begin with the question and answer session. 13:43 13 minutes, 43 seconds Anyone who wishes to ask a question may press star and then one on the touchstone telephone. 13:50 13 minutes, 50 seconds If you wish to remove yourself from the question queue, you may press star and then two. Participants, you are 13:57 13 minutes, 57 seconds requested to use handsets while asking a question. 14:01 14 minutes, 1 second Ladies and gentlemen, we will wait for a moment while the question assembles. 14:09 14 minutes, 9 seconds A reminder to all, you may press star and then one on your touchstone telephone to ask a question. 14:22 14 minutes, 22 seconds We will take the first question from the line of Abin Nali from IC securities. Please go ahead. 14:30 14 minutes, 30 seconds Yeah. Hi. Uh good morning. Thanks for the opportunity. My first question is uh can you help us uh with the detailed 14:37 14 minutes, 37 seconds contours of RTC the 2.5 G MD cell uh contract uh if possible can you also 14:43 14 minutes, 43 seconds share the tariff 14:54 14 minutes, 54 seconds this capacity which we have in Maharashtra is not 15:01 15 minutes, 1 second only For any power we have in the group uh all type of products renewable is 15:08 15 minutes, 8 seconds with a battery installation is also happening with AGL. Adani power is having uh 15:18 15 minutes, 18 seconds thermal capacity and whatever will be left out uh from the PPA will be obviously offered under the this uh 15:27 15 minutes, 27 seconds trading platform. So this TPA is signed from the uh point of view of offering 15:33 15 minutes, 33 seconds these residual capacities and by creating a suitable product as per the customer. 15:42 15 minutes, 42 seconds So this this PPA will be served through the trading platform which we are going 15:48 15 minutes, 48 seconds to create under a companies. So that is the intent of uh uh this agreement. 15:59 15 minutes, 59 seconds Uh sorry sir I mean uh we will be uh I mean there will be some coal capacitor will be signed that is rated 16:06 16 minutes, 6 seconds understanding can you repeat? 16:12 16 minutes, 12 seconds Uh there will be certain coal capacity that will be signed uh and that will be what we power will be supplying right that understanding is correct. 16:20 16 minutes, 20 seconds Yeah, whatever coal capacity is left out, let's say we we have been saying it that at the end of all the tups which 16:29 16 minutes, 29 seconds will be we will be doing there is a possibility of one to one and a half% capacity left out small capacity in 16:38 16 minutes, 38 seconds different power stations. So that capacity will also be used under this PPA. We will also uh uh use the 16:48 16 minutes, 48 seconds renewable either wind or solar. We will also use the ESP. We will also use the batteries. So this would be a product 16:57 16 minutes, 57 seconds created by the trading platform and through the trading platform we will be servicing this PP. 17:05 17 minutes, 5 seconds Understood. So my second question is on um merchant power. uh when you say merchant sales trying to understand how 17:12 17 minutes, 12 seconds you exactly define it uh given that you know 20 21% of uh total uh unit sold was merchant uh that will roughly come out 17:21 17 minutes, 21 seconds to be about 4 GW so how much of this capacity is under medium-term and uh I mean is there anything that will get 17:29 17 minutes, 29 seconds converted into long-term so as stated in the uh speech that today 17:37 17 minutes, 37 seconds the merchant capacity is only 5%. The the meaning of merchant is not tied up under long-term and the medium-term. So 17:46 17 minutes, 46 seconds if you take uh 5% of 18,000 it uh uh let us say uh works out only 17:56 17 minutes, 56 seconds about uh 1,000 megawatt on RTC basis but in the beginning of the year these are 18:03 18 minutes, 3 seconds at uh 16% merchant capacity. So these units are uh supplied through 18:13 18 minutes, 13 seconds uh the this uh average capacity may have remained throughout the year ranging from 16 to today it is five. So that is 18:21 18 minutes, 21 seconds the way uh we have uh achieved this uh quantum. Apart from that sometimes uh 18:30 18 minutes, 30 seconds when a uh PPA based power station is uh out and there is a possibility and there 18:37 18 minutes, 37 seconds is a uh let us say facility which is allowed that you can buy from the market and you can service this uh uh one term 18:47 18 minutes, 47 seconds which is which is to be [clears throat] supplied under the PPA uh medium-term or long-term through buying from the 18:54 18 minutes, 54 seconds market. So uh that type of quantum is also considered under merchant. 19:02 19 minutes, 2 seconds Understood. So my final question is on uh on capacities that we expect to get commission in FI 2728 19:10 19 minutes, 10 seconds and what will be the capex plan uh capex plan for FI 2728 and the funding for it? 2728. 19:18 19 minutes, 18 seconds Yeah. FI 27. 19:24 19 minutes, 24 seconds Yeah. So uh capacity uh you know so what uh we are 100% of that so in fi 2627 we 19:33 19 minutes, 33 seconds are adding core bara 1.32 gawatt and in terms of capex for fi 19:39 19 minutes, 39 seconds 2627 it will be near about 25,000 cr for our expensive it asking 27 28 19:49 19 minutes, 49 seconds and 20 as well as so for FI 20 uh 17 28 20:00 20 minutes it will be near about uh 30 to 33,000 cr roughly you can say 33,000 cr 20:08 20 minutes, 8 seconds and what capacity will be commissioned next year our capacity will be 1.6 6 G. 20:14 20 minutes, 14 seconds So to precisely for FY267 our capacity addition will be 1.32 20:22 20 minutes, 22 seconds Gawatt. For 2728 our capacity addition will be 1.6 gawatt. In terms of capex FY 20:30 20 minutes, 30 seconds 26 27 it is roughly you know so 25,000 cr and for FY 2728 it will be near about 33,000 cr. 20:42 20 minutes, 42 seconds Understood. Yeah. Thanks. That's helpful. Thank you. 20:47 20 minutes, 47 seconds Thank you. We have the next question from the line of Manisha from Cantor. Please go ahead. 20:56 20 minutes, 56 seconds Uh good morning gentlemen. Uh just to stay on the last topic uh on Corba and maybe if you can also help us with 21:04 21 minutes, 4 seconds Mahan. Uh but first with Corba, when should we what quarter should we expect the commissioning in? 21:11 21 minutes, 11 seconds 27 uh and then uh with Mahan if you can just give us uh some sense of commissioning I would imagine that's uh 21:20 21 minutes, 20 seconds fiscal 28 and if you can also just also help us with uh that contribution from KBA and 21:29 21 minutes, 29 seconds uh from Mahan please uh man your voice is not very clear but 21:36 21 minutes, 36 seconds what I understood is that you are seeking the details of When the korba and the bahan will get commissioned, the 21:45 21 minutes, 45 seconds corba will get commissioned and kora will get commissioned something uh between June to September. So it will 21:54 21 minutes, 54 seconds be in the second quarter of this year first unit and the uh second unit will get commissioned before the year end. 22:03 22 minutes, 3 seconds And as regards to Mahan is cons concerned, Mahan's first unit is likely 22:11 22 minutes, 11 seconds to get commissioned in the last quarter of this year, but at the most it will get commissioned in the first quarter of 22:20 22 minutes, 20 seconds the next year and second unit 6 months thereafter. 22:27 22 minutes, 27 seconds Okay, that's helpful. uh and then how should we think about the contribution from uh Corba and Pamahan in 27 and 28. 22:40 22 minutes, 40 seconds Yeah. So in terms of you know contribution uh this is an estimated number that as we are adding this year 22:47 22 minutes, 47 seconds only. So it's I beta will be contributed roughly near about 1,000 cr and uh 22:54 22 minutes, 54 seconds subsequently it will you know add in its contribution. So from the next year 27 28 it will be full year and it will you 23:03 23 minutes, 3 seconds know contribute at le roughly 2,500 cr plus and it peak while it will be at 23:10 23 minutes, 10 seconds peak when it will be you know under PP we are expecting that the contribution will go to about you know 3,000 cr in 23:18 23 minutes, 18 seconds terms of mahan as we are adding this capacity in FY 2728 we are expecting that will 23:28 23 minutes, 28 seconds you know, so near about 22, you know, 100 or 2,300 cr. 23:35 23 minutes, 35 seconds Okay. Uh that that's super helpful. And then just to uh go back to the plant load factor, uh obviously we saw we saw 23:43 23 minutes, 43 seconds a nice improvement uh in the fourth quarter uh sequentially. 23:48 23 minutes, 48 seconds if you can just give us an idea of how that's uh fairing so far uh in Q1 of 27 23:55 23 minutes, 55 seconds and how should we think about PLF in fiscal 27 24:14 24 minutes, 14 seconds sorry to interrupt sir if you're speaking right now we're unable to hear So unfortunately our question is not very 24:22 24 minutes, 22 seconds clear. So we are not getting 24:29 24 minutes, 29 seconds so so let me ask it a different way on the plant in 27. How should you think 24:36 24 minutes, 36 seconds about that? uh obviously in 26 or 66.5 I was just wondering how that's fairing 24:44 24 minutes, 44 seconds so far in Q1 of this year and how should we think about PLS for the full year. 24:54 24 minutes, 54 seconds Yeah. So money though your voice is breaking but what we understood you want to know the you know the plant 25:01 25 minutes, 1 second availability and then so to to reply you that our plant availability for the quarter is more than 91%. 25:12 25 minutes, 12 seconds And the same time the you know quarter last year it was roughly uh near about 88%. 25:19 25 minutes, 19 seconds on year basis it is you know in the same line in terms of PLF BLF for this 25:26 25 minutes, 26 seconds quarter it's 74% if you'll compare same quarter in the last year it was almost in the same line but on year basis this 25:35 25 minutes, 35 seconds time the PLF is you know so slightly lower than the last year PLF you know so due to all these mergers and now in 25:44 25 minutes, 44 seconds terms of 27 uh you know the the PLF it is better. We are expecting that the 25:51 25 minutes, 51 seconds PLF will be far more better than you know last last year you know the first quarter of last year and in terms of you know s of the 26:00 26 minutes uh the expectation whats also said that and the power demand is rapidly increasing and due to all the 26:09 26 minutes, 9 seconds geopolitical scenario also the dependence on power especially for based on power is increasing. So what we hope 26:16 26 minutes, 16 seconds that this quarter first year first this year and also during the year PLF will be far more than last year. 26:26 26 minutes, 26 seconds Okay. Uh and then just lastly if I can uh just squeeze one more in on the Bangladesh Power Development Board uh 26:34 26 minutes, 34 seconds receivable collection uh and the reconciliation process. Can you just give us a quick update on where we stand? 26:44 26 minutes, 44 seconds really very sorry we are unable to know. 26:46 26 minutes, 46 seconds So no we are getting your voice but not getting so whatever we could interpret what you said because of the uh uh the 26:56 26 minutes, 56 seconds issue in about clarity of your collection is concerned 27:02 27 minutes, 2 seconds the outstanding has gone down and therefore we are getting now regular payments from the Bangladesh. As regards 27:11 27 minutes, 11 seconds to the other issue probably which you are asking or seeking details about is the uh the uh 27:19 27 minutes, 19 seconds disputed amount and it's uh uh evolution process. So as a part of uh uh the 27:27 27 minutes, 27 seconds process we have appointed an expert and uh expert is uh going to hear the both 27:35 27 minutes, 35 seconds parties soon and once uh uh the order of the expert is received. If it is acceptable to [clears throat] both 27:43 27 minutes, 43 seconds parties it will get implemented. If it is not accepted by any of the party either of the party the party can approach uh Singapore you know 27:53 27 minutes, 53 seconds international arbitration council. So that is where we are today. Thank you. 27:59 27 minutes, 59 seconds Okay. Wonderful. Well thank you so much and uh congratulations again. 28:04 28 minutes, 4 seconds Thank you. Um there is there is a feedback that our audio is not very clear. So I would request the moderator 28:13 28 minutes, 13 seconds to reconnect with us. Can you if if uh uh everybody excuses us for a minute or so, we hope that the line will become clearer after that. 28:23 28 minutes, 23 seconds Sure sir. 28:27 28 minutes, 27 seconds Ladies and gentlemen, please stay connected. We will join the management back. 28:36 28 minutes, 36 seconds [music] 28:43 28 minutes, 43 seconds [music] 28:51 28 minutes, 51 seconds [music] 28:55 28 minutes, 55 seconds [music] 28:58 28 minutes, 58 seconds feel 29:00 29 minutes [music] 29:05 29 minutes, 5 seconds pretty. 29:07 29 minutes, 7 seconds [music] 29:08 29 minutes, 8 seconds Keep 29:18 29 minutes, 18 seconds [music] 29:25 29 minutes, 25 seconds [music] 29:28 29 minutes, 28 seconds going. 29:31 29 minutes, 31 seconds [music] 29:42 29 minutes, 42 seconds [music] 29:47 29 minutes, 47 seconds [music] 29:50 29 minutes, 50 seconds Ladies and gentlemen, the line for the management has been connected. Over to you, sir. 29:59 29 minutes, 59 seconds All right. So, let's let's go ahead with the next question. 30:03 30 minutes, 3 seconds Sure. Uh we will take the next question from the line of U Omar Manolon from Bernstein. Please go ahead. 30:10 30 minutes, 10 seconds Uh hi thank you for taking my question. 30:13 30 minutes, 13 seconds Uh my first question was on the recent uh the 1600 megawatt PPA with MSEDCL. Uh since this doesn't increase our 30:21 30 minutes, 21 seconds pipeline, which project out of the uh list of projects will this be assigned to? And uh uh if you could also please share the tariff details for the PPA. 30:37 30 minutes, 37 seconds uh we have yet not uh assigned the project location so far. So uh the probability is either the Ryard or 30:46 30 minutes, 46 seconds Raipur. So these are these are the two probabilities or or at the most it can be the uh the core. So these are three 30:54 30 minutes, 54 seconds locations where where we are developing the uh power stations and where we have not uh allocated the capacity to uh 31:04 31 minutes, 4 seconds certain PP. So either it can be considered as ri or so that is the first part. As regards to 31:12 31 minutes, 12 seconds the tariff is concerned, the tariff has been stated I think in the uh the stock exchange filing it is 530 which consists 31:21 31 minutes, 21 seconds of uh 4 rupees 11 pesa uh the capacity charge and 1.19 as the charge. 31:29 31 minutes, 29 seconds Thank you. 31:30 31 minutes, 30 seconds Thank you for that sir. Uh uh my second question is on the J Praash resolution plan. uh what exactly would Adani powers 31:39 31 minutes, 39 seconds role be since in the presentation it is mentioned as an implementing agency could you please elaborate on that sir 31:47 31 minutes, 47 seconds so there are uh there's one asset uh within the uh jail that is a small uh 31:55 31 minutes, 55 seconds capacity at ch it's 180 megawatt so that uh will be taken 32:03 32 minutes, 3 seconds over by Adam power as an implementing agency Apart from that we having 24% 32:11 32 minutes, 11 seconds uh shareholding of DPV and data power ventures. So that 24% 32:19 32 minutes, 19 seconds shareholding will again be uh taken over by power as agency. So these are the uh 32:27 32 minutes, 27 seconds two uh generating assets in case of JP actually generating stations are three 32:35 32 minutes, 35 seconds uh one is in other is and third one is so these are the three generating uh uh projects. 32:44 32 minutes, 44 seconds Sir could you please repeat the three projects? Your voice broke a little bit. 32:50 32 minutes, 50 seconds Uh in case of JPL there are three uh power projects. One is at Nigree, second 32:57 32 minutes, 57 seconds is at Dina and third is Vishnu Priy. So these would be three assets under JPBL 33:05 33 minutes, 5 seconds and there is a small generating station under JL itself is Ch 33:12 33 minutes, 12 seconds which is 180 megawatt. So overall there will be these four locations and four stations. 33:19 33 minutes, 19 seconds Understood sir. Thank you. Thank you for that sir. Uh my third question would be on the nuclear plan uh that we have. Um 33:26 33 minutes, 26 seconds I think great to hear that. But uh are we planning only a small modular reactors? Is there a target capacity or timeline that we have planned for? 33:38 33 minutes, 38 seconds So far government of India has not notified the rules. So we we are only uh let's say getting ourself ready as and 33:47 33 minutes, 47 seconds when the rules will come that will give us clarity what type of which size of capacity 33:55 33 minutes, 55 seconds and how we we will proceed proceed ahead. So once we will get the rules from the government of India then only 34:03 34 minutes, 3 seconds we can I think elaborate on this. At this stage we are only preparing ourselves. So therefore we are 34:10 34 minutes, 10 seconds identifying the sites we are wherever we have already the sites we are applying for the necessary approvals. So we are 34:18 34 minutes, 18 seconds preparing ourselves ready for the opportunity as and when the rules will come so that we can move fast. Thank you. 34:26 34 minutes, 26 seconds Uh uh we are planning on the existing thermal sites only we have or are we looking for newer uh land uh sites for these? 34:36 34 minutes, 36 seconds as our in our case uh this would be all new sites it will not be at existing sites 34:44 34 minutes, 44 seconds understood sir thank you for that sir I'll join back in the queue for other questions 34:51 34 minutes, 51 seconds thank you we will take the next question from the line of Ishan warm from antique stock broker please go ahead 35:01 35 minutes, 1 second good morning sir thank you for taking my question one continuing question is for the 1600 megawatt Maharash Pa. What is the timeline of starting of this PPA? 35:16 35 minutes, 16 seconds PPA is yet to sign. So once the PPA is signed then only we can decide the timelines. 35:23 35 minutes, 23 seconds Uh we have received the LOA and Maharashtra is yet to file the 35:30 35 minutes, 30 seconds application for tariff adoption. So we expect that in next next 3 months we should be in a position 35:37 35 minutes, 37 seconds to get the PP signed and then uh we need to 48 months. So from now onwards you 35:47 35 minutes, 47 seconds can consider four to five years uh in commissioning the project related to this GP. 35:54 35 minutes, 54 seconds Okay. Secondly, uh uh what is the key fix per megawatt for the Cororba expansion and uh Mahan uh expansion? 36:05 36 minutes, 5 seconds Initially we were targeting to commission that capacity in December. Uh what has led to the delay in postponing it to F28? 36:17 36 minutes, 17 seconds Can you repeat your question? 36:20 36 minutes, 20 seconds Firstly, I wanted to understand what is the capex per megawatt for Korba and secondly what has led to the delays in 36:28 36 minutes, 28 seconds postponing commissioning of Mahan in FY28. Initially we were targeting it at around October to December this year. 36:35 36 minutes, 35 seconds Right. 36:38 36 minutes, 38 seconds Hi uh as regards to the for concern the overall capex 36:45 36 minutes, 45 seconds uh in addition to the you are asking the the cap the capex of the project which we are going to commission this year 720. 36:56 36 minutes, 56 seconds Yes. 36:58 36 minutes, 58 seconds So in addition to uh the uh amount which we spend on acquiring this uh asset uh 37:07 37 minutes, 7 seconds around 4,100 crores we are going to spend another uh 4,000 crores. So it 37:14 37 minutes, 14 seconds will be roughly 8,8,500 crores in total which includes the uh 37:21 37 minutes, 21 seconds first two units commissioned and these two units which are which we are going to commission. So it would be very 37:29 37 minutes, 29 seconds difficult to uh specifically say what would be the per megawatt cost of inex three and four because the acquisition cost includes one two also. 37:40 37 minutes, 40 seconds As regards to mahan is concerned. Mahan uh we thought of that we should be in a 37:46 37 minutes, 46 seconds position to uh commission uh both initiates uh this year. We are 37:54 37 minutes, 54 seconds still hopeful but uh because of this ongoing geopolitical situation which is 38:01 38 minutes, 1 second slightly impacting uh the availability of labor the availability of uh LTG. So therefore uh 38:10 38 minutes, 10 seconds we we are taking a preservative approach and think and of you that one minute yes we are targeting by end of this year. 38:23 38 minutes, 23 seconds If the geopert situation continues for a longer time then at the most it can go to the first quarter of the next year. 38:32 38 minutes, 32 seconds Okay. Got it. Uh lastly I just wanted to know what is the weighted average cost of boring right now post the increase in debt. 38:42 38 minutes, 42 seconds Yeah. So recently what we are getting rate from the market this is near 80% 38:51 38 minutes, 51 seconds the recent you know the recent volume that getting from market either decision or from domestic 39:00 39 minutes okay got it. Thank you sir. Those are my questions. Thank you. 39:06 39 minutes, 6 seconds Thank you. We will take the next question from the line of Vishal Pedial from PL Capital. Please go ahead. 39:15 39 minutes, 15 seconds Uh yeah, thanks sir for the opportunity. Uh sir, is my audio clear to you? 39:22 39 minutes, 22 seconds Yeah, it's it's bit better than previous. 39:24 39 minutes, 24 seconds Okay fine. Uh thank you sir. Sir in terms of the merchant share you mentioned uh currently only 5% is there. 39:31 39 minutes, 31 seconds So is it fair to say from quarter 1 FI27 we'll have a 5% as a merchant capacity 39:38 39 minutes, 38 seconds and generation or or it is staggered over the years. 39:45 39 minutes, 45 seconds No this this year since we have already achieved the 95% tie up under the medium-term or the 39:53 39 minutes, 53 seconds long-term PPA. So obviously 5% of capacity will be available for merchant during this counter quarters. 40:01 40 minutes, 1 second Okay. Starting quarter one onward and and is it fair to say I think you did 40:08 40 minutes, 8 seconds mention on Cororba as giving an example like how how the bida move in PPA nonPA. 40:14 40 minutes, 14 seconds So once we move our capacity uh to a PPA then a bida trajectory is uh better visa be what we are getting in merchant. 40:25 40 minutes, 25 seconds I uh it would not be fair to uh say in advance that whether you will get realization battery in merchant or the 40:33 40 minutes, 33 seconds PPA. Under PPA you have shorty that you will get let us say five and a half rupees or so whereas in case of merchant 40:41 40 minutes, 41 seconds nowadays you are getting 7 rupees 8 rupees also and sometimes you are getting three rupees. So so it all 40:48 40 minutes, 48 seconds depends on the uh the weather volatility. 40:53 40 minutes, 53 seconds So we will not be in a position to forecast or make a comment exactly on whether the merchant would be better or 41:00 41 minutes whether the uh PPA would be better. But obviously in PPA you get short you get complete uh uh side what we are going to 41:09 41 minutes, 9 seconds get at the end of the year but in case of merchant it can give you upside but at the same time sometimes because of uh 41:18 41 minutes, 18 seconds uh weather problems your realization may go down also. 41:23 41 minutes, 23 seconds Okay. But but is it fair to say like when we have signed those PPAs and moving from merchant to PPA? the bida 41:30 41 minutes, 30 seconds trajectory for them it is uh maybe equal or better or or anything on on the signed PPA visa with the merchant which 41:37 41 minutes, 37 seconds when they were selling power see what why we are assigning the long-term PPA is that uh uh it gives you 41:47 41 minutes, 47 seconds a stability and long-term uh stability in case of merchant of 41:54 41 minutes, 54 seconds course let's say uh the last two last year the prices or the rates were very good. 2026 27 the rates were not very 42:03 42 minutes, 3 seconds good. Current quarter the rates are very good but going forward we are not sure 42:10 42 minutes, 10 seconds but we feel we are of the view that more and when more and more renewable get 42:17 42 minutes, 17 seconds added the prices of merchant are bound to go down. So that is the risk which we are trying to mitigate by signing the more and more keys. So risk is visible. 42:28 42 minutes, 28 seconds What would be the impact of that risk? 42:31 42 minutes, 31 seconds How much that risk is? Only future will tell. But one thing is sure that renewable is going to get added every 42:40 42 minutes, 40 seconds every year in a big quantum and that is going to surprise the merchant prices. 42:45 42 minutes, 45 seconds Sure sir. Got it. And then in the PPP I think there's one slide of consolidated profile that we have which talks about 42:55 42 minutes, 55 seconds like you know how exactly has been the ne next fixed asset movement uh in FI26 over FI25 uh which has seen increase of 43:03 43 minutes, 3 seconds almost like 25 odd percent at 20 80 to 20 almost like 25% movement uh year-on-year basis but our capacities 43:12 43 minutes, 12 seconds have moved by maybe like six 7%. So, so what what's exactly could be the reason for this sir? 43:21 43 minutes, 21 seconds Yeah. So as I you know so explain uh you know so in one of the question that we 43:27 43 minutes, 27 seconds have incurred near about you know the 22 23,000 cr uh in the capex or expension 43:34 43 minutes, 34 seconds plant also we have acquired you know the some assets biga in the market so you know so capacity operating capacity 43:43 43 minutes, 43 seconds addition of bidderba adding into you know the fixed assets addition then also the the expansion plan the work in 43:52 43 minutes, 52 seconds progress expenditure is also adding that is why you know the operating capacity has not increased by that proportionate 44:00 44 minutes it is only added by 600 but in terms of expenditure capacity acquisition for 600 and also part of expansion plan so this 44:09 44 minutes, 9 seconds wip also adding into the total fixes okay okay got the CWIP is part of it okay okay got it 44:16 44 minutes, 16 seconds yeah and and and sorry to interrupt between Vishal I would really request you to please rejoin the queue again for more questions. 44:31 44 minutes, 31 seconds Thank you. Before we take the next question, ladies and gentlemen, in order to ensure that the management will be able to address all the questions from 44:40 44 minutes, 40 seconds the participants in the conference call, we request you to kindly limit your questions to two per participant. If you have a follow-up question, please rejoin the queue again. 44:52 44 minutes, 52 seconds We will take the next question from the line of Karthik Sharma from Anand Rati. Please go ahead. 44:59 44 minutes, 59 seconds Uh thank you. My question was answered by the earlier gentleman. Uh but I do have a question on a macro level given 45:07 45 minutes, 7 seconds the coal shortages uh and the real situation. Could you give us a insight? Sorry to interrupt. 45:16 45 minutes, 16 seconds Sorry Karthik, we are not hearing the audible clearly. Can you please am I audible now? 45:25 45 minutes, 25 seconds Yeah. 45:27 45 minutes, 27 seconds Yeah. I uh I have I had questions on the KEX and uh the capacities which were answered earlier but I uh if you could 45:35 45 minutes, 35 seconds give some insights on the uh coal shortages that are happening in India and how uh how insulated are we or how 45:43 45 minutes, 43 seconds how are we taking measures uh to uh uh to mitigate that more? 45:53 45 minutes, 53 seconds Yeah. How short is happening? 46:00 46 minutes So uh so far there's no call shortage which which we are facing. So and since 46:08 46 minutes, 8 seconds since the domestic coal is not directly impacted by uh the geopolitical part issue and the production of coal in 46:17 46 minutes, 17 seconds India is sufficient. So we are not really having any issue as far as domestic coal availability is concerned 46:25 46 minutes, 25 seconds as regards to uh imported coal is also concerned. There is some impact on the price because of increase in uh uh 46:34 46 minutes, 34 seconds dunker fuel etc and therefore the shipping cost has slightly high but uh since it is passed through uh we will not get impacted by that. Thank you. 46:46 46 minutes, 46 seconds Understood. Thank you so much. 46:50 46 minutes, 50 seconds Thank you. We will take the next question from the line of Mohit Kumar from ICA securities. Please go ahead. 46:58 46 minutes, 58 seconds Yeah. Good afternoon sir. Uh first question is on the uh the minority interest or non-controlling interest item in P&L. I think the sharp jump Q. 47:10 47 minutes, 10 seconds Can you please explain that? 47:17 47 minutes, 17 seconds Sorry. uh we are not getting sir your voice is breaking actually sir non-controlling interest the minority interest the entry in the P&L 47:26 47 minutes, 26 seconds consolidated P&L has jumped from 8.5 cr in Q3 FI26 47:34 47 minutes, 34 seconds to 254 cr in Q4 FI26 can you please help explain that if you see you know the moxy last year. 47:48 47 minutes, 48 seconds So the uh the financial year 256 and financial year 2025 47:56 47 minutes, 56 seconds we acquired Moxy you know so last year it was operational partly but during the 48:01 48 minutes, 1 second year 25 26 or 20 plant Moxy operational due to the timing of both the year this 48:10 48 minutes, 10 seconds year it is 12 month you know we said this last year it was not 12 month so that is why this percentage you here after increase. 48:21 48 minutes, 21 seconds My question more about the Kok momentum Q also there is Sham Jam Q. 48:29 48 minutes, 29 seconds Yeah, let me see. Let me give a moment. Please 48:50 48 minutes, 50 seconds go ahead. The next question, sir. 48:59 48 minutes, 59 seconds So your monitor uh sorry we took a few um uh you know seconds. This is due to impact in PPA actually this impact a 49:09 49 minutes, 9 seconds minority controlling interest is the impact of PP and you see the moxy we had P you know 49:17 49 minutes, 17 seconds last quarter so in quarter three there was no PCI in Moxy we entered into an agreement with you know Moxy uh with 49:26 49 minutes, 26 seconds Tamil Nadu 558 megawatt. So the impact of PPA midterm PPA we so we execute it for five years. 49:34 49 minutes, 34 seconds Understood. Understood sir. 49:37 49 minutes, 37 seconds Uh my second question is can you help us with the outlook on the new PPA from the 49:43 49 minutes, 43 seconds states? How many active tenders you see currently and has there been any development in Rajasthan which will help 49:52 49 minutes, 52 seconds us tie up the 3.2 gawatt uh Kawawaii Kawi power plant? Yeah. 50:04 50 minutes, 4 seconds So the upcoming PPA in the market we have uh almost 13 gawatt. So you know the 50:13 50 minutes, 13 seconds precisely it is from Uttar Pradesh, Rajasthan, Uttarakand, West Bengal, Gujarat. So there is there are PPs in 50:22 50 minutes, 22 seconds the market and if we make total that is 13.18 G further Gujarat has also issued 50:29 50 minutes, 29 seconds a draft bing document for breeding process for recruitment of another 4,000 gawatt so PP are in the market from 50:36 50 minutes, 36 seconds various states including Uttar Pradesh Rajasthan Uttaka and West Bengal and Gujarat 50:43 50 minutes, 43 seconds understood my last question on the you you mentioned that your merchant capacities uh is going to decline 50:51 50 minutes, 51 seconds significantly right and I understand Vidharva is going to medium-term 625 mega Karnataka will start will start 50:59 50 minutes, 59 seconds operational coastal has t 600 megawatt but still does it also mean that some of the capacities our merchant capacities 51:09 51 minutes, 9 seconds will also tie with the group in FI27 and the long-term PPS 51:18 51 minutes, 18 seconds uh No. 51:21 51 minutes, 21 seconds So Mo are you asking about the PPS that we have with group companies uh related to that? 51:29 51 minutes, 29 seconds Question I go to your question. You are saying have you signed any long-term PPA within the group? 51:35 51 minutes, 35 seconds Yes because the because because merchant capacity is declining significantly. I do understand that few of the long few 51:43 51 minutes, 43 seconds of the short-term capacity will move to medium-term and long-term but is this something which also tied to the group companies? 51:50 51 minutes, 50 seconds No, we have not signed during the year 26 27. 51:54 51 minutes, 54 seconds Understood. Thank understood sir. Thank all the best sir. Thank you. 52:03 52 minutes, 3 seconds Thank you. We will take the next question from the line of Shirram Kapoor from Jeff. Please go ahead. 52:11 52 minutes, 11 seconds Hi sir, thanks for the opportunity. Uh my first question is on your uh open merchant capacity which is 5%. Would it 52:18 52 minutes, 18 seconds be possible for you to give a a breakup uh plant-wise which uh plants have the open merchant capacity? You had shared 52:26 52 minutes, 26 seconds this in 3Q but now could you share the updated number? 52:36 52 minutes, 36 seconds Yeah. So primarily off capacities now are with Mundra. We have some open 52:43 52 minutes, 43 seconds capacity available in Mundra in the unit number nine that partially titled and apart from that we have got capacity 52:52 52 minutes, 52 seconds spread [clears throat] between different Raur Mahan. 52:59 52 minutes, 59 seconds So mainly we have now in three power station the max capacity uh Mahan the 53:06 53 minutes, 6 seconds stage one then uh Mula unit 9 and uh small capacity in Rajpur. So these are 53:14 53 minutes, 14 seconds the three stations where we have uh small small capacities which makes it to high percent. 53:22 53 minutes, 22 seconds Understood sir. Thank you. And second is you know you had last last quarter shared an annual addition plan of how you plan to get to the 42 gawatt number. 53:31 53 minutes, 31 seconds So you had mentioned FI27 you would be adding 2.9 GW, FI28 would be 2.4 GW, FI 29 2.4 but now you seem to have revised 53:40 53 minutes, 40 seconds that downwards with FY27 only being 1.32, FY28 only being 1.6 being the Mahan plant. So could you um you know 53:50 53 minutes, 50 seconds give an updated sort of uh plan till 32 of how you would be adding your capacities to achieve this 42 gaw uh 53:56 53 minutes, 56 seconds bearing in mind that 27 and 28 now have been revised down. 54:05 54 minutes, 5 seconds I think we can give this uh trajectory in the presentation because giving all those five six years trajectory on a 54:14 54 minutes, 14 seconds core maybe uh difficult but uh yes earlier we said that even the Mahan and 54:21 54 minutes, 21 seconds both will come in this current year but because of this geopolitical issue we are taking a conservative approach 54:29 54 minutes, 29 seconds because uh certain uh uh things as I said earlier here the issue of 54:36 54 minutes, 36 seconds availability of uh uh workforce there are issues of uh uh availability of 54:43 54 minutes, 43 seconds certain uh critical uh sources like LPG etc. So so therefore we are moving this 54:52 54 minutes, 52 seconds uh uh 1.6 6 gawatt of mahan to the next year but uh we are still trying that it 55:00 55 minutes should get the first unit should get commissioned in the current year and therefore on conservative side we have 55:07 55 minutes, 7 seconds uh considered this year 1.3 gawatt next year 1.6 60 and for the rest of uh uh we 55:16 55 minutes, 16 seconds will give the trajectory separately in the presentation. 55:20 55 minutes, 20 seconds Understood sir. But just directionally uh you know last time you had mentioned by 30 you would have around 34 gawatt capacity. Are we still on track for that or would it be now directionally lower? 55:33 55 minutes, 33 seconds Yeah these are on track. 55:36 55 minutes, 36 seconds So actually what's happening you know is we are only deferring the sort of commissioning time an average of 6 months and that falls 55:44 55 minutes, 44 seconds across you know that falls over the financial year boundary. So in in FY29 there would be you know the capacities 55:53 55 minutes, 53 seconds that are being shifted let's say from FY28 both will get commissioned in FI 29 and then uh similarly there would be 56:01 56 minutes, 1 second around 6 months of the government but beyond that actually it is very much in line with what we have seen so it's evenly spread out starting from FY29 to 56:09 56 minutes, 9 seconds FY32 we are commissioning 4 G or more every year and you know as said that you 56:16 56 minutes, 16 seconds know so our plan is Still so we are moving ahead as per our plan but on the conservative approach so you know so we 56:24 56 minutes, 24 seconds are completing like that but we still are confident that we are in line with our plan only. 56:31 56 minutes, 31 seconds Understood sir. Thank you so much and all the best. Thank you. 56:39 56 minutes, 39 seconds Take the next question from the line of Batshia from BCS Capital Ideas Limited. Please go ahead. 56:46 56 minutes, 46 seconds Uh namaskar. 56:50 56 minutes, 50 seconds Uh namaste. Uh uh 56:57 56 minutes, 57 seconds the uh the operational cash flow when we talk about uh uh last uh uh 2 3 years uh 57:07 57 minutes, 7 seconds the operational cash flow three year in 20 3 2 3 24 was about 14,000 cr. I'm 57:16 57 minutes, 16 seconds talking of purely operational cash flow and 25 and 26 has been about 21,000 cr. 57:23 57 minutes, 23 seconds If I look at our AITA uh they are uh 22 to 24,000 in last 3 years 24 25 and 26. 57:35 57 minutes, 35 seconds So when do we see our AITA uh kind of touching 50,000 cr number? Uh uh is that 57:45 57 minutes, 45 seconds something a matter of four years or matter of five years? 57:54 57 minutes, 54 seconds I think should clarify this can be some broader numbers 58:03 58 minutes, 3 seconds gi uh if you look at our uh has been ranging from 22 to 24,000 58:11 58 minutes, 11 seconds in last 3 years 23 24 25 and 25 26 given our upcoming capacity the target of 30 58:21 58 minutes, 21 seconds gawatt uh capacity which to come up and uh the agreements which are in pipeline 58:28 58 minutes, 28 seconds and commissioning schedule uh these 24 25,000 crita when do we see it 58:35 58 minutes, 35 seconds essentially doubling to 50 odd,000 cr in four years time 5 years time when do you 58:42 58 minutes, 42 seconds think this is most likely to be the case so by uh we should be in a position uh 58:51 58 minutes, 51 seconds to achieve 50,000 uh conservatively 2031 58:58 58 minutes, 58 seconds or uh if if we what we have learned today if if we could achieve that and 59:06 59 minutes, 6 seconds let us say no uh issues arise during this period related to like the presently we have 59:15 59 minutes, 15 seconds etc. In that case we can touch this even in 2030 but if if we miss this future of 59:22 59 minutes, 22 seconds any reasons then at most it would be 2031. 59:27 59 minutes, 27 seconds Okay fantastic. Secondly, uh given the fact that 59:33 59 minutes, 33 seconds uh while we are of course incurring uh decent amount of tipex 25,000 59:40 59 minutes, 40 seconds uh cr in 26 27 and uh 33 odd, 2728 59:48 59 minutes, 48 seconds but uh essentially the business is throwing lot of cash and um uh as we 59:55 59 minutes, 55 seconds complete our expansion program I think the level of cash would be rising. So, 1:00:02 1 hour, 2 seconds uh what are what are broad thoughts? Uh I'm sure you'll find a way to invest him, but uh given the fact of large 1:00:11 1 hour, 11 seconds upcoming uh cash flows that the business will generate uh any broad thoughts on the deployment plan subsequently. 1:00:20 1 hour, 20 seconds [clears throat] 1:00:22 1 hour, 22 seconds Yeah. So by now so as you rightly said you know that 1:00:30 1 hour, 30 seconds we are expecting that this year we will have capex of 25,000 cr and then subsequent year it will produce 30,000 1:00:38 1 hour, 38 seconds cr in the overall gamut of two lakh fl of extension expansion plan on basis you know so if you will compute 1:00:46 1 hour, 46 seconds annualized and average cash flow this is 20,000 cr we are adding now The interim gap we are either you know arranging 1:00:54 1 hour, 54 seconds from domestic capital market or domestic bank. 1:00:59 1 hour, 59 seconds Now to second part of your question uh sir the quantum of cash flow we will generate from this business or what is 1:01:06 1 hour, 1 minute, 6 seconds our strategy and what is our plan. as you know KS also said that this is the 1:01:13 1 hour, 1 minute, 13 seconds moment for thermal expansion as peak capacity is growing on every state is ensuring their resource adequacy there 1:01:22 1 hour, 1 minute, 22 seconds are PPS in the market we are moving forward you know sorry to interrupt 1:01:29 1 hour, 1 minute, 29 seconds sir your voice is not audible no sir your voice was not audible sir 1:01:36 1 hour, 1 minute, 36 seconds okay sir so you voice you know so lost or some part 1:01:43 1 hour, 1 minute, 43 seconds instead of speaker phone just lift the phone and speak that will be easier. Yeah. So it is better sir. 1:01:51 1 hour, 1 minute, 51 seconds Yeah. Yeah. Yeah. 1:01:53 1 hour, 1 minute, 53 seconds So so now you know so to repeat it again that you know so our cap plan is you know so to add 24 gawatt to load and for 1:02:02 1 hour, 2 minutes, 2 seconds this year this is 25,000 cr. Next year this is 33,000 cr. So you know so and on annualized basis we are generating any 1:02:10 1 hour, 2 minutes, 10 seconds FF 20,000 C. So there is entering cash flow requirement which we are arranging from the market for you know short-term 1:02:16 1 hour, 2 minutes, 16 seconds period but to answer sir your next part of question what is our strategy plan 1:02:23 1 hour, 2 minutes, 23 seconds for when we will have you know huge amount of cash surplus you literally by 31 32 we can pay our entire debt and 1:02:32 1 hour, 2 minutes, 32 seconds thereafter also you know from 32 33 we will have huge cash surplus so as KSR also said that this is a 1:02:40 1 hour, 2 minutes, 40 seconds moment for capacity expansion is going on across the country. We have also targeted of 24 1:02:48 1 hour, 2 minutes, 48 seconds gawatt. So this is the moment to invest all this cash flow in in Tamil. But strategically if you see s as a country 1:02:56 1 hour, 2 minutes, 56 seconds from 9 gawatt to 100 gawatt you know atomic energy you know medicine is there. So maybe when you have huge 1:03:05 1 hour, 3 minutes, 5 seconds amount of tax that one of the area or the global expenses the things are you 1:03:13 1 hour, 3 minutes, 13 seconds know so in in in plate it is opportunity in the market but it's time to focus on 1:03:20 1 hour, 3 minutes, 20 seconds execution and achieve our you know so plan capacity of 24 gawatt so we are confident that by 31 32 our capacity 1:03:28 1 hour, 3 minutes, 28 seconds will be 42 gawatt from you know the plan capacity and the quantum of surplus Plus multiple avenues we have we can deploy 1:03:36 1 hour, 3 minutes, 36 seconds to leverage far more better value and it is a debt free company. 1:03:42 1 hour, 3 minutes, 42 seconds GG uh no I'm sure uh given the growth hunger we'll always find a way to 1:03:51 1 hour, 3 minutes, 51 seconds utilize the cash flow that we generate but I just wanted to get a a kind of a glimpse into strategy or thought process. So thank you. Thank you Kay. 1:04:02 1 hour, 4 minutes, 2 seconds Thank you. Thank you. 1:04:09 1 hour, 4 minutes, 9 seconds Thank you very much. A reminder to all you may press char one to ask a question. 1:04:20 1 hour, 4 minutes, 20 seconds Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference back to the management for closing comments. Over to you, sir. 1:04:30 1 hour, 4 minutes, 30 seconds Thank you very much for your time and opportunity given to us to present you know our business and we are hopeful 1:04:39 1 hour, 4 minutes, 39 seconds that we will have same type of support and you know engagement with yours. 1:04:45 1 hour, 4 minutes, 45 seconds Thank you. Thanks a lot. Have a great day. 1:04:48 1 hour, 4 minutes, 48 seconds Thank you members of the management. On behalf of IC securities that concludes this conference thank you all for joining with us today and you may now disconnect your lines.