Ladies and gentlemen, good day, and welcome to the JSW Energy Q3 FY 2024 earnings conference call, hosted by ICICI Securities Limited. 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. Should you need assistance during the 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. Mohit Kumar from ICICI Securities. Thank you, and over to you, sir. Thank you, Ray. Good evening. On behalf of ICICI Securities, we welcome you all to the Q3 FY 2024 earnings call for JSW Energy Limited. Today, we are privileged to be joined with Mr. Prashant Jain, Joint Managing Director and CEO, and Mr. Sharad Mahendra, Joint Managing Director and CEO Designate. We also have with us Mr. Pritesh Vinay, Director Finance and CFO, Mr. Vikas Choudhary, Head, Investor Relations and Treasury. We'll start with brief opening remarks, which will be followed by Q&A. Over to you, Prashant, sir. Thank you, Mohit. Good evening, ladies and gentlemen. First of all, this is my last conference call with all of you, and so I would like to start by thanking each one of you, as well as JSW management for giving me this opportunity. And now, I'm joined along with me, Mr. Sharad Mahendra, who is going to take over from me effective 1st of February. And, if you look at the quarter gone by, the power demand was very robust at 10% in quarter three, and for the first nine months it was up by 8%. And, we first time recorded the peak demand of 222 GW in the month of October. The installed capacity in the country is now sitting at 428 GW, with the total capacity addition of 12 GW in the first nine months. Of which, close to 8.7 GW was the RE capacity, which was added up in nine months, and during the quarter, 2.1 GW of the RE capacity was added up. Another trend which we have been seeing in this first nine months, as well as which continued in quarter three, was lower hydro generation. During the quarter, it was down by 30%, and for the first nine months, it was down by 17%. Merchant tariffs have started improving now, but during the quarter, it was subdued at INR 5, and which was down 13% year-on-year. But, as we are speaking, the merchant tariffs have gone up. They are in the range of now INR 6.5-INR 6.7 per kWh. The thermal coal is showing a very declining trend. In the month of October, it was ruling at 130 and continued to slide down to $100 by December end, and then now it is ruling at $94-$95. So that is showing a declining trend at this point of time. In terms of the company, the total generation was up by 43%, which was primarily from all accounts. We saw the long-term sales went up, short-term sales went up, also the RE generation went up. And, EBITDA was up 69% at INR 1,229 crore, primarily because of the same reasons. The interesting part was, as we promised, we have been talking about the Mytrah turnaround. On a pro forma basis, Mytrah did INR 1,260 crore of EBITDA, which was equivalent to what it did in the 12 months in the previous year. The Mytrah turnaround is looking to be quite robust going forward. Eleven. Eleven. Sorry. My, my apologies, INR 1,160 crores. And, the total capacity is at 7.19 GW operating, and we are on course to achieve 9.8 GW by December 2024, as we have outlined. And, it, we are happy to share that we commissioned the Ind-Barath, unit number 1 in the month, and, it is progressing quite well. And as we are speaking, the unit is running more than 150, 160 MW of the load, and we are expecting to achieve the full load in the current month. And, whatever power we are generating, we are doing selling in the short-term sales, and, and we are quite encouraged for the trends going forward and further during the quarter. The second unit will also get commissioned in the current quarter, and, the RE, capacity addition program is also moving as per the schedule. And then, we are expecting to complete, in quarter one and quarter two, both SECI projects as well as, group captive projects. So I mean, SECI 9, SECI 10, and as well as the group captive projects. And, also the hydro projects, will, get commissioned. And, with that, we will be achieving this 9.8 GW. And, for Strategy 2.0, we are, pursuing aggressively, both on the group captive side as well as on the, SECI bids. I'm happy to share that of late in last three months, we have been seeing very encouraging trends in terms of the tariffs which are being discovered in the SECI bids, which has boosted our confidence to tap on this side immediately. And then now, we are bidding on aggressively on the quantitative side in various bids which are coming in front of us. So, for Strategy 2.0, we will be seeing both group captive as well as the SECI bids and other credible third party bids, which are in the pipeline in next two to three months' time frame, and then that will be forming the next pipeline. In terms of the storage projects, the pre-development activities are going on schedule. I'm expecting post election, there will be a substantial amount of the storage bids which will be coming, going forward. As you might be already seeing that there are increasing number of trends for the more and more wind bids are coming, and then people are, various states are looking for those kind of opportunities, to tap more power going forward. So storage will be also coming on the forefront going forward. With that, I would like to open the forum for the question and answers. 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 questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, please press star and one. The first question is from the line of Anuj Upadhyay from Investec. Please go ahead. Thanks for the opportunity, sir. Can you provide an update on your module manufacturing capacity? Because expected to be shifted to Rajasthan. Any update on that front would be helpful. So, thanks, Anuj, for the question. Actually, you know, this is another interesting aspect, and which we have been seeing in the business dynamics and which is what is also talking about the agility of JSW Energy. We have seen in the last quarter, the panel prices have been getting close to single digits, you know, as we are speaking, and now, you know, at something around 10 cents to 11 cents. So we have been absolutely ready to, you know, do the groundbreaking, but we have put the project on hold at this point of time to reevaluate the business viability for some more time. So I do not think that at the prevailing panel prices, it will be making sense at this point of time in spite of paying 40% duty. So we will, we would like to wait for some more time and then evaluate it, again. So at this point of time, we have put it on hold. Okay, that's helpful. And anything on the front side also? I believe you are targeting to commission one project, that's largely captive, correct me if I'm wrong, one next two to three years plan for. Yeah. So, on the captive side, I think in next one quarter, we will be announcing the formal agreement signing, and that's the approvals process, which is going on. However, the pre-operative activities we have already started, so we will be able to commission it on schedule, which we have to outline. So in one quarter, we should be in a position to formally sign the agreement. Thanks a lot, sir. Wish you good luck, sir. Thank you. Thank you. Participants who wish to ask questions, please press star and one on your touchtone telephone. Ladies and gentlemen, to ask a question, please press star and one. The next question is from the line of Nikhil Abhyankar from ICICI Securities. Please go ahead. Thank you, sir. Thanks for the opportunity, and wish you a very good luck for your future endeavors. So my question was regarding captive thermal capacity that you have. You will be having around 700 additional coming from next year. So are we looking at similar opportunities in stressed assets to add thermal assets going forward? ... So thanks for the question, and, thanks for your kind wishes. We see there are a substantial number of opportunities from brownfield expansion side and in thermal space. So one opportunity we see at the Ind-Barath location itself, there are the opportunity to set up another up to 4,000 megawatts of thermal capacity. And those projects are on drawing board stage at this point of time, and very soon we will be moving for necessary approvals. And as soon as we are in possession of those kind of approvals, we will be starting those projects, because in a phased manner. And second opportunity is Rajasthan, where we can expand the capacity by another 1,100-1,200 megawatts. Rajasthan state has already announced that particular project, and then, with the new government in place, very soon, that expansion could, will be started. So these are the two locations where- which are going to be the pit head and, there will be no cost because we have all land and water and other infrastructure in place. So, and, we could- we will be able to put up the new plants at a very competitive price, very quickly. Understood. So I believe these projects were not within your 2.2 project, right? That's right. They were not- That, those will be the incremental capacities which will be coming up. In all, we are looking at 5.2 giga out of thermal capacity addition? So I would like to put that as a blue sky thinking that this kind of opportunity is in place. So, but everything will be unfolded slowly, because, you know, like, there has to be a huge security, there has to be the environment and for clearance and other approvals are required. So we need to tap each and everything, because right now we are on a serious note, we are talking about is that there is a shortage of power in the country, and power demand is growing in double digits. And therefore, it is a huge expectation that more and more PPAs on the thermal side are going to happen, but yet PPAs are not happening. So, in order to do the financial closure of any thermal project, you need a competitive bid to be announced by the state government and do that. But we are preparing ourselves, shovel ready, approvals ready, and then, as and when we see the PPAs are happening, we will be able to latch upon. And then, the most important thing, what we are preparing ourselves for is that we are at a location where our variable cost will be one of the lowest in the country for the future projects. So that's how we are trying to do it. So Nikhil, if I can come in here, the keyword that Prashant have added is phase. You know, it'll be phased and modular and not like, you know, 5,200 MW in one go, right? So based on all the factors that Prashant talked about, they're falling into place, and in a modular way, you take up one phase and do it, and then you subscribe. And so we will be looking to tie up the entire capacity, whatever we add additionally, or will we like to keep some as merchant capacity as well? Well, it will be case-to-case basis. Like, you know, the current capacity is on a merchant basis, but eventually, such a large capacity, keeping one merchant is not at all a good idea. Right. So I think we need to create a balanced portfolio. Today, if you are looking at it, we were having 700-800 megawatts of open capacity, which is now increased by another 350 megawatts, and by another 350 by end this quarter. So you are talking something like 1.4 gigawatts of the open capacity, which is already quite a large capacity. So eventually, you know, on a balance sheet size of by end of the calendar year 2024, you are talking about 14%-15% is the open capacity. It's quite a large capacity. Mm-hmm. So, I think incrementally, we need to see more on the PPA tied up side. But for short term basis, there could be an opportunity to add another 500,000 MW, but not beyond that. Understood, sir. I've got more questions, but I will get back in the queue. Thank you. Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. The next question is from Rajesh Majumdar, from B&K Securities. Please go ahead. Yeah, good evening, sir, and congratulations on the good set of numbers. So, sir, I had a couple of questions. One was around the talks around Amarkantak and whether JSW Energy is bidding for this project. In hearing reports that the bid is going from 41 in the last bid, which we've seen from Adani, and there are some rumors to that effect. That was my first question. So, Rajesh, thanks for the question, and as I always mention that, we are a growth-oriented company, it is always safe to assume that we are interested in each and every place. Wherever there is any opportunity, we will be looking at that opportunity at all the times and evaluating on a continuous basis. So, so count me in for any opportunity you are hearing. Right. And, when you give a debt to EBITDA range, you obviously take into account whatever new acquisitions or expansions you want beyond the 2.0 plan that we've already outlined, right? Or if you get something that's very attractive, the debt can go slightly more than that, what we accounted for in this plan? ... So Strategy 2.0 was outlined based on certain, you know, the covenants keeping in mind as well as, you know, keeping certain headroom in front of us. So, and everything is contingent upon the kind of the cash flows we are generating and kind of a rating we would like to retain by keeping certain, you know, debt-EBITDA ratios and other ratios in mind. And we feel, based on our own estimates that our framework allows us to do better than Strategy 2.0. And, I am also seeing that on cards that Strategy 2.0 could be achieved much, much ahead, and then that's what, you know, Sharad is also is a more aggressive leader than me, and then, I see that it is going to happen much ahead of the schedule. And once, we complete Strategy 2.0 ahead of the schedule, the more cash will, allow us to do more capacity. And Strategy 2.0 was conceptualized without any, capital raise or monetization at either Neo level or at the holdco level, and those are also the opportunities at some point of time when the, when the opportunity arises. So, if there are, there is a lot of headroom to grow beyond that. So is it possible to outline some of the monetization opportunities? For example, JSW Neo, or anything like that that you have in mind? So as we have always maintained that, we have been mindful about the value unlocking and then doing that at right point of time. You know, this question has been asked to me one year ago also. But today in the hindsight, if you see that, if I would have done that monetization one year ago, I would have been doing disservice to the shareholders. And today it is the valuation where we are sitting today, and where the power sector tailwind is coming. So I think that it's a dynamic situation we are always evaluating at the board level. And at right point of time, certainly we will do that, and that's what I can assure you. Then we will be keeping the most interesting and most paramount thing for us will be the interest of the minority shareholder, that at what valuation, at what time we should do that. Rajesh, if I may supplement to what Prashant mentioned, it will also be linked to the end use. For example, if you look at our delivery and execution, we have not been capital constrained so far, right? Right. So as Prashant is saying, that, you know, the right balance will have to be struck in terms of, you know, the value accretion, as well as, you know, the need for capital. You know, so, at the crossroads of both the points, so we'll definitely not mind, moving. Yeah. Sure. That's helpful. Thank you so much. Thank you. Participants who wish to ask questions, please press star and one. The next question is from Sumit Kishore from Axis Capital. Please go ahead. Good evening, and thanks for the opportunity. My first question is if you could speak about the progress on the MOA, MOIs for the SECI BESS, PCKL, and the MOUs with JSW Steel for storage and RE capacity? Yeah. So, Sumit, BESS, I think within the current quarter, we are expecting, it will be formalized. And part of the capacity they have already closed, but part balance they are trying to close within this first quarter. So we expect that this will be done. And then the silver lining for us is that the battery prices are quite attractive now. So, so that's going to be quite good. PCKL, we have given to understand that by end of next quarter, this will be signed. And also, as I mentioned in my opening remarks, for entire JSW Steel capacity for both storage as well as for the Group Captive, will get com-signed in within one quarter. So, okay. Current quarter and next quarter put together, everything else, everything will be on stream. So you mentioned that even for JSW Steel, storage and RE capacity, something could get signed? Yes. We are expecting- The first phase of that. First phase would be how big, in terms of the overall, So we will announce that, you know, with the signing of the battery. So exactly that configuration is being worked out. Sumit, if you go back and look at our disclosures the last time, we have said that we need 6.2 GW of RE generation. Yes. and there was a storage capacity. One point, yes. But that was, that was till 2030. So obviously, you know, it, it can't be expected that that entire thing will be signed today, right? Because there are still both, you know, offtake and, and, and- Okay. all of that, right? So, a substantial chunk of that will be in phase one, and we will make the right disclosures once the boards of both the companies have, you know, green lighted that. Between one-fourth and one-third, you can see that that will be... Yeah, so around 20-25% to 30% could be in the phase one. So, and Sunil, we need to also understand that, you know, post December 2024, we have building the execution pipeline, so which is very, very important for us. And that's where we are- you will see everything getting signed and closed in next 90-120 days. Got it. And, specifically in relation to the hydro projects, is water flow turning out to be a recurring issue now for three quarters? Is there something we should worry about? Or, is the EBITDA, which is down 6% year-on-year for the quarter, just a temporary factor? So very tough call, but, it has been always a seasonality. We have seen it, but, we are close to achieve the design energy, little bit short. And then the interesting thing, Sunil, these are the two part tariff projects, where in case there is a structural change in the hydrology, it happens, then, there will be the recalculation and revalidation of the design energy, and we will be recouping our fixed cost. So, and all these are depreciated old projects, so the impact on the DISCOMs and anybody will not be there. Right. But I mean, there is no anticipated massive change in hydro levels? Nothing, no structural change, but I'm just giving you a for a hypothetical question, I'm giving a hypothetical answer. Should it happen, a permanent structural change of, of lower generation, then Design Energy will be changed lower, and, the EBITDA will be maintained by increasing the per unit cost, and that's what is under the regulation. So your ROEs will be intact? Exactly. Just one last question. I mean, there have been few bids for firm dispatchable RE power, in the last few months. Is there any, sort of impression that you have in which direction is the bidding activity for, the renewable projects with storage are taking? And, you know, what are the sustainable tariffs that you see, in such, you know, bids? So, you know, there are two things one needs to see. One is the inflationary pressure, which has been happening. So there is a cost of the projects have gone up anything between 9%-13%, because of the increase in the commodity prices, construction costs, and various other aspects, as well as the cost of the capital has also gone up. And because of which, you can see that wind tariffs are sustainable anything between INR 3.5 to INR 3.60-INR 3.70. So these are the numbers which I, I feel are the sustainable number. And of course, solar prices are contingent upon the panel prices. So at today's price, I don't know how long they are going to sustain. Current tariffs are okay at current panel prices, but I'm not sure what is going to happen in the panel prices going forward. So if the panel prices starts going up, the solar tariffs will have to go up. Okay. And, also just to add, Sharad's side, in this FDRE, basically you have to see that, it is a firm dispatch, which is a mix of wind, solar, and, the storage. And when the, whatever the, the bids which have come or are in the offering, when it has been studied, it is seen it is wind dominated, because of the requirements of the states and the peak demand which is there. And also the right mix, like some states are asking 90%, delivery at least. So it is, early to say, because right now, to go to 100% or 90%, the cost again, because being wind dominated and storage dominated, it becomes a slightly, higher priced power. How long it will go? But this is evolving right now, and it says the states are modifying some of the bids are minimum 80%, where the storage requirement reduces also, which optimizes the cost. So a right mix is being worked out. But yes, going forward, this is going to be what we see, a mix of hybrid and FDRE, is what we are also preparing ourselves for. Thank you so much for answering my questions. Prashant, wish you all the very best for coming times. Thank you. Thank you, Sunil. Thank you. The next question is from the line of Aniket Mittal from SBI Mutual Fund. Please go ahead. Yes, sir, thank you for the opportunity. Just one question. You mentioned that the module manufacturing plant, you're having a relook because of the drop in module prices. At what module prices would you say that you'd start having a relook or the project would become viable for you? So it's not that mathematically we are doing it, Aniket, because, you know, we need to really see the business environment and everything around it. So we have been. We see there is a lot of turbulence in the market at this point of time, and suddenly this kind of a trend is, was absolutely unexpected for us. So the panel prices from $0.27-$0.30 falling back to close to $0.10. So we are just trying to reassess the situation. It is not only the panel prices which is, which has made us to think this way, it is also the kind of the velocity at which this turbulence has happened. We want to understand it, that what are the core reasons for this, and then we need to really look at it. Okay. In terms of the timelines, 'cause I think on the PLI scheme, there would be specific timelines by which you would have to commission this to get the PLI benefits. And in case you didn't go ahead with this, are there any penalties also? So, Aniket, you're right. There is a timeline which I, if I recall correctly, March 25, for this project. You know, if you, if one wants to avail of the PLI concession. Interestingly, what is also happening is that, you know, if you look at all the developers who had bid for different segments, whether it was WCM or CM, even other developers who had, you know, participated in WCM. The orders that they have placed is only for CM and not for the ingot, wafer, cell, you know? So there is a very active consultation that is on between the industry and MNRE. You know, MNRE is cognizant of this. In certain situations, there are also restrictions by equipment suppliers in China that is coming in, you know. So I think government is also cognizant of this and will take a holistic view. Talking about the penalty, there is no penalty, but, you know, the performance bank guarantee, that, the worst case is that that gets encashed. You know, this is not a very significant amount, but I think it is too premature, you know, given that there is. It this is not something that is only specific to us as a company, but it is specific to the industry, and let's see how the outcome of these discussions go. Okay, I understand that. Thank you. These are the questions here. Thank you. The next question is from the line of Ketan Jain from Avendus Spark. Please go ahead. Good evening, sir. I just had one question. When do you expect the first PSP project to go online? So as we said, that in next 1 quarter, we are expecting the first Group Captive agreement to be signed, and then at that point of time, we will be announcing the schedule of commission. Okay, this is for the 300 MW project, right? 130 MW, which is equivalent to 1 GWh. Okay. Thank you. Thank you. Thank you. Thank you. The next question is from Dhananjay Bagrodia, from ASK Investment. Please go ahead. Hi, sir, I just wanted to understand now with you saying PVC prices have fallen, with module prices falling down, what are the projects in terms of bidding? How has that been going amongst competitors, and what IRRs are they looking at now? It's very tough question you're asking about competitors, what IRRs they are looking. But, you know, certainly I can talk about JSW. We have been always looking at projects to do with equity IRRs, and we are quite confident that we will be doing whatever the bids we are doing now. Okay. But are you all seeing intensity increase now? 'Cause now, with module prices going down, more players will look to get back into this, segment, 'cause they also see the same opportunity as we. Are we seeing that, or are we seeing that still considered amongst, four or five of the larger players in this segment? No, no, I think competitive landscape is changing, and now you are not seeing so much of participations. If you are following the bids closely, there is the aggressiveness is going down, and then people are becoming more and more rational, and some of the bids are going, getting undersubscribed also. Okay. Is that because the IRRs are coming below mid-teen also in those? No, other way around. I think enough equity is not available with the people to do the projects because if people are getting good dollar-based IRR in the U.S. market, then why they will putting the money at a lower equity IRR in rupee terms? So the funding is drying up, both in terms of debt as well as equity for renewable projects, because that was the attractive scenario when there was a huge liquidity globally, as well as the interest rates were very low. And at current yields in dollar market, it is not making sense for most of the platforms to get enough debt as well as the equity. Okay, okay. Understood. Okay, so that means for the larger players now, like players like us, this will be really beneficial now with lesser competition, the, sorry, module prices also reducing. So we could expect even faster growth. Would that be fair, considering there was a slowdown with prices going up? Yeah, that's the whole idea, and we would like to do that. Perfect. Thank you, sir. Thank you. The next question is from the line of Sudhanshu Bansal from JM Financial. ... Sir, so just two questions. One is, like, in the last quarter, we had the average merchant rates of around INR 8 per MWh. So how much is actually around in this quarter? Second is, in terms of the wind execution, like how you are seeing the, from execution point of view in terms of land availability and the grid connectivity? Thank you, sir. Okay. So, the merchant tariff was INR 5 in the last quarter, and, sequentially it was down, but, so was the fuel price. So, that's the situation. And, in terms of the wind execution, yes, we have been facing quite a bit of challenges, but we are on schedule to complete all the projects. We do not have any kind of connectivity issues because most of the projects what we are doing either for SECI, which is CTU connected. And, second, we are doing group captive, which, in which we are doing our dedicated transmission line. So our issues are with respect to, primarily the right of way and land and, rains and seasonality, because, you know, most of the wind projects, you have to construct the roads to move the large blades. These are the one-time movement, and every time you move one blade and then, there is a right of way, and then again, after two weeks or four weeks, again, if you are moving another thing, you have to get the again, approval. And these are the kind of things which are primarily the issues in the wind. But, we have built the capability, to manage these kind of things, and that's why, you know, if you look at it, that our execution, is the, one of the fastest. And that can be seen by, I think that we are the only company who has made a bid of around, 1,460-odd MW of the capacity, in the SECI bids. SECI 9, SECI 10, put together 1,260, and another 300 is, was in SECI 12. So out of the 1,260, which we are commissioning by another next two quarters, I think we will be the only company in the SECI 9 and 10 who is commissioning this. And, most of the other bids, competitors who had participated, other than us, maybe another 100 or 200 MW will, will be commissioned by end of this calendar year. And that's what demonstrates our capability to execute the project on a fastest pace and within the schedule. So, so but yes, it's, quite challenging, but, we are trying to build the capability to do even a, larger capacity per year by doing it all in-house. Yeah, true. I truly appreciate your execution capability, there's no doubt about that. Like, from the equipment side, is there any challenge you are facing? Other than the inflationary pressure, we don't face any other challenge. So we have been continuously evaluating on the equipment side that what, how can we, we deploy the better technology and at a lower cost, and that is what we have been doing. So we are continuously roping in the new platforms and newer turbines. And that's what is the whole idea. Because initially we went for 2.7 MW platform, then we went for 3.4 MW, now we are looking for 3.6 MW. So like that, we are continuously getting the better platform for which is giving us the lower life cycle cost. But other than the inflationary pressure, we don't see any challenge. Thank you, sir, and best wishes for future endeavors. Thank you. Operator, can we take the last question, please? Sure. We, we'll take one last question. We take the last question from the line of Rohit from Antique. Please go ahead. Thank you. Thank you for this opportunity. So my first question is more to do with the JSW Steel capital part. I believe you had highlighted about this 6.2 gigawatt that you have in the menu. Can you help us understand, Prashant, if the steel capacity expansion is largely concerned to blast furnace, would we require that kind of electricity consumption through green energy? So, I think you should consider that we are putting all the things into account when we are estimating the final requirement. Because in any case, the phase one, the whole idea will be that utilize the off gases first and then replace the coal. So this is the phase one of the decarbonization of any industry. So when you look at the steel, they use the gases for their internal consumption, and then after that, it goes for the power generation. And then balance power requirement, the option was either thermal or renewable. So the first phase was to replace coal and replace the thermal power requirement. The second phase, at some point of time, which is not included in this 6.5 GW of the requirement, is using the gas for alternate purpose, like, making various value added products from the gases, off gases. And at that point of time, the power requirement further goes up, and then, their carbon footprint further goes down. So, but that is not included in this, phase one requirement, which is, 6.5 GW. And as Pritesh said, that this 6.5 is also into the, in some time, like, by 2030, it was calculated. But at some point of time, that decarbonization will happen to the next level. Got it, sir. Thank you. That's it from my side. Wish you all the best. We can take one more question if you have two. Sure. The next question is from the line of Sumit Kishore from Axis Capital. Please go ahead. Yeah, thanks for allowing the follow-up. Quickly, I just wanted to check, in the SIGHT program, you know, where JSW Neo Energy has also been selected. I think you quoted for 10,000 tons per annum. What is your likely cost of green hydrogen production after the incentive that you have built? And if you can share any other color around the, you know, green hydrogen bidding. Yeah. So part of that will be 3,800, which is already we are doing, and we have already explained to you about the, the mechanism that we are doing on a cost plus, structure. And balance we are evaluating, but, but we are quite optimistic about the, the numbers which we were talking at, you know, initially. They are going to be better as the scale go up. But, at this point of time, we are not disclosing, the, the number, but they, they are going to be more competitive as the scale goes up. 3,800 would be part of this 10,000? That's right. So of that 10,000, the notification of award is for 6,500 tons, Sumit. Okay. Yeah. Okay. Got it. Thank you. Thank you very much. Mohit, if there's any more, or no? No, we are done. We are done. Oh, okay. Great. Thank you. Thank you. That was the last question. I would now like to hand the conference back to Mr. Mohit Kumar for closing comments. Yes. Thank you, Ray. On behalf of investor and analyst community, we would like to congratulate Prashant, sir, on a great innings, and wish him all the best in future endeavors. Would you, sir, like to make any closing comments? Well, thank you. Thank you very much for Mohit, and, thank you very much each one of you for your continued cooperation as well as trust. And, I would like to say all the very best to Sharad as well as Ashok and Pritesh, and then the rest of the management team for their... Maybe on behalf of JSW Energy and Sharad Mahendra, maybe I'd just like to say a few words for Prashant. I think the platform which has been set and last few years we have been seeing what the way JSW Energy has been growing, not only in quantity, but with quality. I think, Prashant, the benchmarks which have been set and the team which is geared up to take the next level is there, and I assure to you all that whatever Prashant has set the direction, I think the company will be moving in the right direction with right speed and right governance. And definitely the results in the coming quarters of the outcomes will be visible. Thank you very much, and all the best, Prashant, to you all from the entire JSW Energy team. It has been wonderful with you. Thank you. Thank you. Thank you, sir. Thank you very much, everybody. Thank you. Thank you very much. On behalf of ICICI Securities Limited, that concludes the conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.