Ladies and gentlemen, good day, and welcome to the JSW Energy conference call for acquisition of renewable portfolio of Mytrah Energy. As a reminder, all participant lines will be in the listen-only mode, and anyone who wishes to ask a question may enter star and one on their touchtone phone. To remove yourself from the queue, please enter star and two. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ashwin Bajaj. Thank you, and over to you, sir. Yes. Thank you, operator, and good evening, everyone. Welcome to this call to discuss our acquisition of Mytrah Energy. This marks a significant leap forward in our renewable growth story. We have our CEO, Prashant Jain, and CFO, Pritesh Vinay, on the call here with us. We'll, you know, have opening remarks by Mr. Jain. Over to you. Thank you, Ashwin. Thank you, ladies and gentlemen, for joining this call. It's a moment of pride and pleasure for JSW family to welcome Mytrah in our family, which is having a very good portfolio of assets of a large volume. This is being housed in 18 SPVs, which will be taken over by us, having a portfolio of 1,331 MW of wind and 422 MW of solar. With this acquisition, once we complete, which we target to do it in next three months timeframe, our operational renewable capacity will be 3,379 MW. With our under construction of renewable capacity of 2,523 MW, which will be completed in next 18 months timeframe, we will be achieving close to 9,100 MW-odd capacity by December 2023 or March 2024. Of which 65% capacity will be renewable. With this clear visibility of more than 9,100 MW of operational capacity in next 15-18 months timeframe, we are on track to achieve our plan of 10 GW ahead of the schedule. With a lot of other activities going on, I am pretty confident that we will be achieving our 10 GW landmark much earlier than what we have envisaged. There are a number of rationales for doing this transaction. One is that this is a large portfolio which is operational, which comes with a very good talent pool, having an experience to build large capacities and having experience to operate them. Secondly, majority of its assets are adjacent to our assets where we are building. There are various operational energy synergies which we will be able to pull in. The third thing is that it offers us couple of very good opportunities, which I would like to explain to you. The transaction we did is at the valuation of 6.4x normalized EBITDA. The total enterprise value of the transaction is INR 11,934 crore, of which INR 9,134 crore is coming from long-term debt and INR 2,800 crore is coming from equity. There are net working capital assets of INR 1,403 crore, which are comprising of INR 1,876 crore of the receivables and working capital debt of INR 473 crore. Adjusted for that, the enterprise value is INR 10,531 crore. The normalized EBITDA is INR 1,650 crore at P90 level. The current EBITDA is lower because of suboptimal operations, because of certain working capital issues. Certain technical problems could not be resolved, and right now, approximately 205 MW of the capacity is not operational. Which will be made operational, 80% of that 205 MW will be operational within six months. Current EBITDA is, of the last financial year, was INR 1,237 crore, which will be improved by INR 413 crore to INR 1,650 crore to achieve P90 generation level. Of this INR 413 crore, INR 353 crore will be coming purely by generation. That means by making this capacity up and running by putting money into the company and doing the maintenance and replacing some of the defective parts, they are looking forward. Of this INR 353 crore, 60%-80% will be realized within six-month timeframe. Right now, the current O&M cost is around INR 230 crore, which was for the last financial year, which translates to INR 30 lakh per megawatt, which will be optimized to INR 10 lakh per megawatt. That means another INR 60 crore will be coming from O&M costs. Out of this INR 413 crore, close to 70%-80% will be coming within six months and balance will be coming in next 12 months timeframe. These are very, very basic interventions which we will be doing, which we are having a very good long-standing proven track record to achieve that. This normalized EBITDA is at P90 levels, which is having a potential upside by having a higher generation. The second upside is also the asset gets approximately 3.5 million volume three carbon credit units credit, which is also not considered into the valuation, what we are talking about. The EBITDA is having a higher potential going forward. The second thing which I am looking at, we have evaluated the transaction, if we are trying to build a similar kind of asset today, the wind assets are built between INR 7-8 crore per megawatt, and solar are being built between INR 4.8-5.2 crore per megawatt. The replacement cost at this current enterprise value is 5%-10% higher. On a P90 level, this asset will be generating INR 953 crore per gigawatt of EBITDA. Whereas in current bidding scenario, it is very tough to achieve even INR 800 crore per gigawatt kind of a number. Both on in terms of the EV/EBITDA multiple or replacement cost or EBITDA generation potential on the current assets which you build in today's environment, the transaction is value accretive for us and it gives us the access of a large portfolio where we can deploy our synergies. The third element in this particular asset is the transaction we are concluding effective first of April with balance sheet belonging to us. Which means when we are talking about the receivables, which is INR 1,876 crore, of that, around 45%-50% is Andhra Pradesh, and around 30%-35% is from Telangana, and rest all receivables are normal. As you know that, Andhra Pradesh issue is also settled, and I am happy to inform that Andhra Pradesh Discom has already informed Mytrah that they will be clearing all their dues within next 12 months timeframe, and first installment has also been received two days ago. Our deep expertise to manage the receivable, I am quite confident that out of this INR 2,800 of the equity check, which we need to write, majority will be realized by the receivables in next 12 months timeframe. That gives us enough opportunity on levering of the balance sheet with a minimal equity contribution and furthermore levers available for positive upside on the EBITDA and incremental large capacity. We are very happy that this transaction will be value accretive on day one. Another thing which is very, very important is, even after completing this transaction and 2,500 megawatt of the under construction capacity, which we are targeting to complete between next 15-18 months timeframe, our debt EBITDA will be lower than 4x on a completed basis. Our EBITDA per gigawatt will be higher than the industry norm. As you know that, industry is operating at 6.5x-7x that EBITDA because of the very much nature of the business. We are having enough headroom to undertake more transactions as well as to grow the balance sheet organically. That gives us enough room to accelerate our growth plan, which we have been talking about. This is all from my side, and we are ready to take questions if you are having any. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have our first question from the line of Mohit Kumar from DAM Capital. Please go ahead. Yeah. Congratulations on a very good acquisition, sir. My first question is on the Andhra Pradesh exposure. How much was the revenue for Andhra Pradesh in the last year, FY 2022 numbers? That's the first question. Mohit, we don't have DISCOM-wise, you know, balance sheet, P&L, et cetera, details. Just to help you how to think about it, the total portfolio of AP or from a capacity point of view is approximately 365 MW. About 365 MW of the 1,753 MW is what is impacted. If you look at, you know, slide number 10 of the presentation that we have put out, it has that number. You will be able to because, you know, different capacities are operating at different CUFs for reasons that Prashant mentioned. Therefore, we would not have that number with us readily. You can make that. The other important thing to understand is this, that of the INR 1,876 crores of outstanding receivables at the end of March 2022, about 45% of that was from AP. Yeah. I want to tell all the participants one part. First point is this issue is settling. Let us imagine this issue is not settled because when we were working on this transaction, we were working on a hypothesis that issue may not get settled or it may take two to five years to get settled. In that situation, we have already agreed with the lenders for a restructuring of the portfolio of Andhra Pradesh, wherein there will be the receivable at INR 2.04 will be- 43. 243. 2.43. At INR 2.43, it will be restructured at 1.2x DSCR, and then there will be a sustainable debt component and non-sustainable debt component. Under both circumstances, it's a change of management and then the entire restructuring will be undertaken. Whether Andhra Pradesh issue is settled or not settled, we have planned accordingly. Okay. My second question is, the revenues has been lower than the desired or optimal revenues for last three years, right? Consistently the revenue has been below INR 16 billion. What gives you the confidence that this can go up by INR 4 billion over next six to eight months? That's a Herculean task it looks like, you know. It may be a Herculean task for someone, but not for us. That's our bread and butter. Because if machine is not having a spare and then I need to change a particular bearing, then it will be up and running because the raw material is free. That's what I explained that in last three years because of the financial difficulties, not enough money was available, and the machines were becoming idle one by one because of capital. In next six months timeframe, 80% of the capacity will be up and running. If I am telling during this transaction, because the balance sheet belongs to us from the first of April, already the initiatives have been undertaken, and I can say out of the 205 MW, close to 35 MW will be up and running by September. We have already undertaken those kind of initiatives and it will be there. Lastly, sir, let's say in the change scenario, what is the normalized working capital you believe this particular portfolio requires? The normal cycle is two months. That we will take in next 12-14 months timeframe to achieve it. All our businesses, we are operating with all kind of a DISCOMs. Right now we are supplying to seven DISCOMs in our existing portfolios. We are operating within 55-60 days of the working capital. That's what we believe that, going forward we will be operating. There could be certain seasonalities because of which it can sometimes go to 70, 80 days also, but not the kind of a situation what you have seen in this. Mohit, if I may add to that, what Prashant has said. In our base case, as we were going through this particular portfolio. The base case that we have built in, as Prashant mentioned earlier, is this. That for the first 15-18 months. We have assumed that for the AP and Telangana, there will be a six-month receivable cycle. Therefore, the point Prashant was making that a normalization is expected only after 15-18 months. Understood, sir. Thank you, and best of luck to you. Thank you. Thank you. We have our next question from the line of Matias Vammalle from BlueBay Asset Management. Please go ahead. Hi. Thank you. Thank you very much for the call. I think it's a great initiative. I'm really sorry. I just wanna double-check some figures because I couldn't hear very well. The current EBITDA for these assets is around INR 16.5 billion. That's the one. The first thing I'd like to double-check. Secondly, can you remind me, 'cause again, I couldn't hear very well, how much debt is currently on the assets? Then lastly, with regards to Andhra Pradesh, what's the exposure of the assets? I mean, what are the accounts receivables on the assets? Then you're saying that AP has informed Mytrah that they will be clearing all the past dues within the next 12 months. I know obviously there has been a court ruling. I wonder if you have had any more color from Mytrah or even Andhra Pradesh itself as to the liquidity to be clearing these past dues. Are they using some of the liquidity facilities that have become available from the government, from REC, from REC Ltd? I'm just curious as to where that money is going to come from. Thank you. All right. Thank you for your question. Your number is correct. It is INR 16.5 billion rupees, the normalized EBITDA. The long-term debt which I explained was INR 9,134 crores. Number three, what you asked about, Andhra Pradesh, there is a court ruling post that. There was an execution petition in which, Andhra Pradesh DISCOM had informed to the court that they will clear all the dues within 12 months. Post that, they have given in writing to Mytrah also that they will be clearing these dues, and they have got the funding from REC. The first installment came directly from REC on the sixth of August this month. It's all set. I'm very sorry. When will the first installment come in? What was the amount? Sorry, I didn't mean to interrupt. 12-month installment. First installment has been received on sixth of August. Okay. What's the total amount of the past dues? I'm sorry. Hello? Yes. Yes. Hello. Can you hear me? Yes. Matias, before you can ask your follow-on question, I just want to put two things also into perspective. Yes. For the financial year that ended in March 2022. Correct. The EBITDA that this particular asset generated was INR 12.37 billion. The 16.5 billion rupee that Prashant said is the normalized EBITDA after the asset optimization and improvement interventions are done. Yeah. Correct. Yes. That's the delta exactly. Okay. Fantastic. That's the delta, exactly. 12.4 For the AP exposure. At the end of March 2022, of the total INR 18.76 billion of outstanding receivables, about 45% of that was pertaining to the AP Discom, which from a capacity point of view is 365 MW out of 1,753. Yeah. Fantastic. Thank you very much. The fiscal 2022 you said is INR 12.3 billion EBITDA. Okay. Yes. Yes. I understand. You're gonna be optimizing to try to get to the 16. This also involves the completion. I mean, part of the getting to the 16.5, the completion of the currently non-operational 205 megawatts. Is that correct? Yeah. Primarily these are the maintenance issues because there were certain spare parts which are not available, and then those needs to be capitalized. Those SPVs need to get the requisite money, and then they will be up and running immediately. That's going to take only six months timeframe. That's what we have also explained that of this, approximately 15%-16% capacity will be up and running by next month end only. Understood. Fantastic. Thank you very much. Thank you. We have our next question from the line of Puneet from HSBC. Please go ahead. Yeah. Thanks for the opportunity, and it looks like a great acquisition. My first question is, for this 200-odd gigawatts that you have to make operational, what kind of issues? 200 MW. Sorry, 200 MW that you make operational. What kind of issues are there currently? Are they, if they're related to wind, which is the OEM? It's both, related with the wind as well as solar, and they are related with OEM also and in terms of the machine, spares also. So they've got the disputes between the OEM as well as the Mytrah. Those have been settled and are under settlement. You need to make certain payments, and then those, spare parts will be immediately deployed, and then machines will be up and running. You know that wind turbine and solar, there are no complications. It's only, certain spares which are the issues. So if there is, one or two moving parts and, one or couple of electrical components, that's all. There is nothing specific other than all these things can be categorized as a financial difficulties which has led to lower generation or machines not operating. Once you provide that capital, they are up and running. Of course, everything cannot happen overnight. That's why we are talking about that 15%, 16% will be in next one or one and a half month time frame. More than 80% will be in six months, and balance will be in 12-14 months. Whatever the EBITDA improvement we are talking about, 85% is primarily coming from generation. Yeah. Wind is already blowing, so you just make it running or sun is already shining. You need to make all those intervention by providing the capital support. Right. How much capital support would you need to get this 200-odd MW up and running? Close to INR 400 crore. Okay. Do you think? Of course, it's over a period of time, like 12 months. Okay. Second is, you know, what kind of capabilities you get from this acquisition? Do you get some O&M capabilities that, you know, would you still have to largely outsource it to the vendors? We are going to get a very good team which has built these kind of projects because we are already building 2.5 GW. We know that this will be a very good addition to our portfolio because we want to grow our portfolio going forward. That's part number one. Right. The existing assets are being operated by third parties. Our philosophy so far for our construction is to do O&M ourselves. However, there are various levers which we have identified and as I said that there is a potential to reduce the O&M cost from INR 13 lakh per megawatt to INR 10 lakh per megawatt, which is a reduction of 25%. Yes. That's what. Can you talk, sir, about some of these levers as well? Over a period of time we will be looking at various other synergies. That's why whatever we have talked about, we are talking about generation at P90. We are talking about O&M costs on a third party outsource basis. There are further upside potential which we will be doing in due course of time, which we would not like to talk at this point of time. Understood. That, that's helpful. If you can also give some color on these, O&M improvements, what are the key drivers there? We will achieve it because it's not important that what are the things which we do. I think we are very clear that we will achieve this 25% reduction. Okay. That's clear. It's in our hands. Yeah. What we can do, we have talked about that. I mean, Puneet, you have to take comfort from the fact that you benchmark by any fuel type of operation, our O&M costs, whether it is the hydro business, whether it is a CFBC boiler-based lignite generation business, or whether it is a normal thermal business. You look at any of the O&M costs across the businesses, and we would invariably be amongst the lowest in O&M costs in the sector. I think the point that Prashant is trying to say is this, that the same efficiencies are going to be replicated. Right. Across these, bouquet of assets as well. Yeah. Understood. Just two more from my side. If you can share what is the underlying assumption of the EBITDA margin here for your INR 16.90 crores of normalized EBITDA and the PLFs for solar and wind? You need not to look at either PLF or the margins because these are irrelevant numbers. The only important number is that what is my generation at what probability factor? Because PLF is depending upon the various other things. Correct. What is the machine size? What is the machine height? What is the power curve? Those things cannot be benchmarked. For the same machine at a particular location you need to see that what kind of a generation you are getting as per the design. No, I understand that. The generation what we have talked about is P90. Industry normally operates anything between P75 to P90. In terms of solar, industry is operating between P50 to P80 number. We are talking both solar and wind is at P90 number. That's number one. Okay. EBITDA margins are also irrelevant because here we are not having any kind of a raw material. Only O&M is the one cost. Right. Which we have already talked about that we are talking about current O&M from INR 13 lakh to going to INR 10 lakh. We feel that there are other levers which we can further optimize it going forward. Understood. Great. Okay, that's all from my side then. Thank you so much. Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone now. Hello. We have our next question from the line of Apoorva Bahadur from Investec. Please go ahead. Hey. Hi, sir. Thank you for the opportunity and congratulations on a very good acquisition. Sir, wanted to understand if we are also getting any sites in this transaction along with the existing installed assets which we can utilize later? Sorry, I could not get your question. Can you repeat it, please? Sir, wanted to know if we are also getting any land sites or wind power generation sites along with the existing pipeline? You mean the pipeline? No, sir, not the pipeline. What I'm talking about is so a lot of the older wind developers had actually taken the permissions and the required approvals, and procured land in areas which had very high wind generation. There is none. Okay. For your information, we already have such kind of a site where we can build more than 10-20 gigawatts of the capacity. Okay. Fair enough, sir. Secondly, if you can also throw some light on how much of these wind capacities especially are based on feed-in tariff and how much of it bid-based, and the average tariff involved? Sorry, I didn't get you, sir. Hello? We will have to check that and then give you the color. If I can do some approximation, quick approximation, of the 1,331 MW of wind, approximately 1,100 MW should be, which would be the legacy assets which are on the feed-in basis. About 250 MW is what they're under the competitive bidding scenario. Is that what you were looking for? Yes, sir. That's exactly what I was looking for. That is how you have to look at it. Out of the 1,331 megawatt, 250 megawatt is the one which was under competitive bidding, and the balance was under feed-in. Okay. In that case, the average tariff would be INR 4, north of INR 4? I'm sorry, can you repeat that? The average tariff for the assets, fully operational basis will be INR 4 less. The blended tariff will be INR 4.84. 484. 482. Sorry, I stand corrected. INR 4.82 per kWh for the entire 1,753. Great, sir. Sir, also, just I think probably a last question from my side, and this is on, will there be any debt refinancing we'll undertake post the acquisition or is this like completely fresh capital? Yes. How much would that be like? Yeah. What type of rate are they currently getting from the market? If you look at the current debt, you know, for reasons that Prashant explained earlier, due to the financial and operational challenges, the current portfolio that is there on the books, I think the weighted average interest rate is in the 10.5%-11% range. We easily see a room for at least a 200 basis points reduction on that, once we come into the picture. That itself will drive substantial value, but that is all below EBITDA at the PBT level. Yeah. Right. No, sir, I think this is great. Very helpful. Thanks a lot and all the very best. Thank you. We have our next question from the line of Sumit Kishore from Axis Capital. Please go ahead. Good evening. My compliments on you know announcing this large transaction. My first question is could you speak about the average life of the PPAs remaining, the aging of the existing portfolio, and whether you have considered cash flows beyond the PPA period in arriving at your valuation? It is only 18 years for the balance life, and we have not considered any such thing. Okay. The second one is, what was the size of the first installment that you received on 6th of August from AP and latest number? Could you also speak about liquidation of the 35% dues from Telangana? What is the roadmap for that? It is approximately 10% of their receivables. 10% of AP receivables, which is 45% of the total receivables. Yes, you can say that. Okay. In case of Telangana? Telangana, there is no order. There is no dispute. What is the in terms of the receivables outstanding, what is the number of days of sales? This is around 35% of the total outstanding is from Telangana. Now, we will have to go and work with the Telangana like we work with any other DISCOM. Right. Like you mentioned, AP was a certain megawatt of that 1,753 megawatts. Similarly, how much is being sold to Telangana? Sumit, I want to explain two things. Okay. Out of the total receivable, around 85% comes from Telangana and AP. 45% is actually from Andhra Pradesh, and around 35% is coming, between 30%-35% is from Telangana. Andhra Pradesh receivable was disputed and which was going into the litigation, which has got settled and when payment will be coming. On Telangana, there is no litigation, there is no dispute. Now, rest of the other DISCOMs, it's a normal receivable. In next 12 months timeframe, the way we operate and then we work, we will be making sure that whether it is Telangana, whether it is Andhra Pradesh or other DISCOMs, we try to bring down the receivable to the normal level. We are more than reasonably confident that we will achieve it in 12-14 months timeframe. In case of Andhra Pradesh, the issue was litigation, which is settled, and in case of Telangana, we will have to work. To give you the little bit of color, Telangana has also got the funding now and from the financial institutions, and they will be also making and clearing all the payments in the time stipulated what I have explained to you. Now, one last question which you are having is about the total capacity from Telangana, Satish. Yeah. Sumit, if I can request you to look at slide number nine of the presentation that has a detail of, you know, portfolio overview of Mytrah by Optima. Okay. Slide number 10 actually specifically mentions that about 428 megawatts is the exposure to Telangana. 101 megawatt wind and 327 megawatts solar. Very clear. It's all there. Yeah. Very clear. Any, you know, as per your calculations with the improvements, and in O&M and the incremental CapEx of INR 4 billion that you incur over the next 12 months to, you know, basically improve overall generation. In your workings, what is the equity IRR of this or project IRR coming to, in your workings? If you can share that number. We will be getting mid-teens to high-teens equity IRRs. Excellent. Thank you so much. Thank you. We have our next question from the line of Parth Shah from Goldman Sachs. Please go ahead. Hello, team, and once again, congratulations on the transaction. Just a couple of quick questions from my side. Is Andhra Pradesh now paying the full feed-in tariff? I'm assuming because they have wind capacity, it's on feed-in tariff basis. Are they now paying the full amount or are they still currently paying at INR 2.4? That's my first question. As we explained that they have already. The litigation is already settled, and they have agreed to make the payment based on the feed-in tariff. It's a settled law. Now they are clearing the overdues based on the feed-in tariff. Understood. Whatever you are billing today is being paid fully and now they're just clearing what has been built up over time. Yeah. Everything will be happening accordingly. See, there are the two aspects you need to see. One is that there is a dispute. If there is a dispute, until the dispute is settled, the parties do not agree to make the payment. Correct? Now the dispute is settled. They have agreed to clear all the dues. Now, it's a cash flow issue. Now, right now they have talked about that they will be making the payment within 12 months, they will clear all the dues. Now, depending upon various other scenarios and circumstances, this could be accelerated also. If I want to give you some color, the way the country is going through the power crisis and when power tariffs are going higher, now it is a different situation and I am quite confident next three to four years you will be finding it will be a seller's market, not a buyer's market. Most of the analyst community will get positively surprised how power sector is going to perform and is performing. Understood. Got it. Thank you. Second question is on the sort of funding plan. So INR 9,000 crore of long-term debt, which you will refi and see some lower cost of debt on that piece, and say roughly about INR 1,400 crore of net equity, and call it INR 400 crore of, say, O&M expenses, that's more or less say $50 million. Let's say that's INR 1,400 crore of equity component, what is the funding plan for that? You know, the funding plan is that we will be doing a combination of you know, internal accruals and cash that is already sitting on our balance sheet, as well as you know, levering up the parent balance sheet, which is pretty under-levered at this point of time. Through a combination of both of these things, we should be pretty comfortably able to fund you know, both the net equity requirement as well as the incremental spend. For example, at the end of June, you know, I think we had about INR 1,825 crores of cash and liquidity. And of course, you know, the second quarter is when we will have hydro peak seasonality coming in as well. We are comfortably positioned in terms of the funding ability to take care of whatever needs to be done for consummation of this deal. Understood. By parent, levering up the parent, you mean JSW Energy level, right? Not JSW Neo Energy. JSW Energy. Yeah. JSW Neo Energy, as you can understand, is not an operating company with its own cash flows. It is a holdco, right? Yeah. Which is a vehicle which is housing all the green and renewable businesses. Wherever you need to do leverage up, you also need to think about where are the cash flows to service that additional leveraging up. Neo, howsoever we had wished to do, would not be able to do that. Therefore, when I say the parent company, I meant the listed entity, JSW Energy. Understood. Got it. Thank you. Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone. We have our next question from the line of Dhruv Muchhal from HDFC Mutual Fund. Please go ahead. Yeah, sir. Thank you so much, and congrats for the deal. So one remaining question is, if I remember correctly, some of these older assets, I mean, the FIT assets had this GBI benefit, Generation Based Incentive. Is that even the case for us? And if it's there, is it part of the EBITDA that you mentioned, normalized EBITDA? And, is there an expiry to this, GBI? And if it is, you know, by what time is it expiring? Dhruv, yes, there is a part of the portfolio which has those GBI benefits, but they are largely mature. If I'm not wrong, only next two years, some benefits are left. But that is not a very significant amount, you know. This part INR 216.5 billion that we're talking about will not have, you know, a heavy lifting from the GBI component. The heavy lifting is on the contrary, you know, what Prashant had talked about in terms of ensuring, you know, that the entire 1,753 MW is up and running, and more importantly, not just running, but running at P90 levels. You know, bulk of the delta increase in EBITDA is actually going to come from that. GBI doesn't have a lot of practical value actually. Sure, sir. Sir, one last thing is, just on the tariff structure, is it fair to assume that this is a flat fee around INR 4.8 that you mentioned is flat for the remaining life? Is there, I mean, it's not a declining or some adjusting structure. No, it's flat. It's flat. Thank you so much, sir. All the best. Thank you. We have our next question from the line of Mohit Kumar from DAM Capital. Please go ahead. Sir, two clarifications, sir. Sir, what is the debt number on the asset? INR 91 billion. Am I right in saying? Yeah. INR 91 billion. Secondly, on the carbon credit, sir, how much is the carbon credit you said, which you accumulated last? INR 3.5 million per year. Understood, sir. This is per annum generation, right? How much are on the books accumulated which has not been sold? From first of April, everything belongs to us. Before that, nothing belongs to us. Okay. Understood, sir. Thank you, sir. Thank you. Thank you. We'll have our last question from the line of Murtuza Arsiwalla from Kotak Securities. Please go ahead. Yeah. Hi, sir. Just a clarification. Of this 1.7 gigawatts, there's just 200 which is not being appropriately utilized, and there is no part which is under construction, right? All of it is per se completed projects. Yeah. This is all, everything is not utilized. Okay. Because, you know, just one point that. There's some capacities will be, like in case of solar, there will be certain, you know, proper overloading and other thing which needs to be done. Because of which certain panels which are either defective, which needs to be replaced or somewhere certain overloading is not optimum, you need to do the optimum overloading. Those kind of a thing needs to be done. There is nothing like a new capacity which needs to be set up. Okay. Now, because I just wanna point out slide eight, it's showing that operational capacity as a percentage of portfolio post-acquisition drops to 53% from 65%. I think there is some error there that you should probably look at. We will look into it. Yeah. Understood. Thanks for highlighting. Thank you. As there are no further questions, I would now like to hand the conference over to Mr. Ashwin Bajaj for closing comments. Over to you, sir. Great. Thanks, operator, and thanks everyone for joining us. Please feel free to reach out if you have any further questions. Thank you. Thank you. Ladies and gentlemen, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.