Ladies and gentlemen, good day, and welcome to the JSW Energy Q1 FY25 earnings conference call. 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 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. Abhishek Nigam from Motilal Oswal. Thank you, and over to you, sir. Thank you, Sagar. Good evening, everybody. On behalf of Motilal Oswal Financial Services, I welcome you all to the conference call of JSW Energy to discuss the Q1 FY 2025 results. We have with us the leadership team from the company, including Mr. Sharad Mahendra, Joint MD and CEO, Mr. Pritesh Vinay, Director of Finance and CFO, and Mr. Vikas Chhabra, Head of Investor Relations and Treasury. Now, without any further delay, I will hand over the call to Mr. Mahendra for opening remarks. Over to you, sir. Yeah. Thank you. Good evening, everyone. Thank you for joining today's call. The past quarter has been exceptional for the power sector and especially for JSW Energy. The sector dynamics are evolving fast, presenting both new opportunities and challenges. As we know that with our nation's rapid growth, the GDP is estimated to have increased by 8.2% in FY 2024, driven by robust manufacturing and industrial activities. Notably, India's manufacturing sector grew by 9.9% in FY 2024, highlighting the critical role of the power sector in supporting increased economic activities. Before we dive into our quarterly performance, I would like to provide an overview of the current power demand landscape. The power demand for the country grew at an impressive rate of 7.5% in fiscal 2024, on the back of resilient economic activities in the country. In this quarter, we have seen acceleration in the power demand growth with a year-on-year increase of a strong 11%, even on a higher base of last year. The quarter also witnessed a record peak demand of 250 GW on 30th of May this year. In line with the power demand growth, the country's generation increased 11% year-on-year. All India thermal PLFs also have improved to 76.4% in the quarter, as compared to 70% in the corresponding quarter last year. As the demand growth continues, I believe the impetus is more on capacity additions, delivering sustainable and reliable power. Talking about the power capacity in the country, the total installed capacity has reached 446 GW. In this quarter, the net capacity addition stands at 4.2 GW, post-retirement of 200 MW of thermal capacity. This is compared to 5.8 GW of net capacity addition in Q1 of FY 2024. Renewable energy capacity addition in the quarter has been 4.4 GW. Solar dominated this capacity addition of 3.7 GW, while wind capacity addition was close to 800 MW during the quarter. It is expected that India will add 30 GW to 35 GW of RE capacity in the current year and is targeting approximately 15 GW of thermal capacity additions in the current year. With the nation aiming for annual RE bids of 50 GW, bidding activity has surged significantly, as observed in the last fiscal. Notably, the total installed capacity addition in FY 2024 reached 26 GW, of which 18.5 GW was RE capacity as compared to the target 50 GW per annum. This indicates a substantial increase in growth opportunities. The Government of India has set a trajectory to increase renewable energy consumption via RPO obligation. From current level of 22%, this is set to increase to 30% in FY 2025 and 43% by 2030. The current share of RE in the grid is 13% of the total power generation in energy terms. Taking both into account, there is an increasing need of RE generation to be complemented with storage. This is getting reflected, as now we are seeing incremental bids for hybrid power and also the FDRE solutions. Unlike plain vanilla RE generation, FDRE and hybrid projects offer a comprehensive solution tailored to the needs of DISCOM or states. Therefore, we are witnessing two things in the off, in the biddings. One, the quantum of auction has increased and is higher than 50 GW per annum, and two, the urgent requirement of these solutions. This, at JSW Energy, we see as a huge opportunity for us. Now, coming to the merchant markets, we have seen a strong demand growth. This is owing to hot weather conditions, which led to unprecedented increase in the country's energy consumption. Despite the surge in merchant volumes by approximately 17% year-on-year, the average merchant tariffs experienced a slight increase year-on-year, which indicates a strong demand environment. The day ahead market prices in Q 1 of current fiscal stands at INR 5.27, as compared to INR 5.17 in last year, Q 1. The coal prices witnessed year-on-year fall, while strengthening on a sequential basis. If we talk of a particular index like API 4, it is still at $108 in Q1 of FY 2025, as compared to $116 last fiscal, a decline of 7%. As we speak, API 4 coal prices currently are ruling at around $805 per ton. Now, coming to JSW Energy's performance in the quarter gone by, we'd like to inform that we have added 291 MW of capacity in the quarter, which is entirely wind. Of this, 45 MW was through completion of an acquisition, and balance 246 MW was new greenfield capacity, which is almost one third of the new wind capacity added by country in Q1 of current year. When coming to our net generation, the generation during the quarter increased by 18% year-on-year to 7.9 billion units, driven by a 44% increase in renewable energy generation and a strong thermal performance. Notably, our hydro generation surged by 61% year-on-year, which is the highest generation for the Q1 in last 5 years. This is primarily due to improved hydrology. For the country, the hydro generation was largely flat in Q1 of FY 2025. However, the hydro plants in the Sutlej River basin, where our Karcham Wangtoo and Baspa plants are located, have registered an average of 38% year-on-year increase in the generation. The wind generation grew by 40% year-on-year due to capacity additions, and around 4 percentage points improvement in machine availability during this quarter. Coming to thermal, the net generation increased by 4% year-on-year, driven by higher generation at our Ratnagiri plant, and also the contribution from our Utkal Unit One operations, which performed well, but were impacted by some teething issues during the quarter, which is a normal thing during the initial commissioning of the unit. But the unit has now stabilized from July onwards. For Unit Two of Utkal, I am pleased to share that we have completed the steam blowing and the boiler light up activity. We expect synchronization of Unit Two during the current quarter. To tell you more on our under construction projects, we are making good progress on our SECI wind projects set for completion in the current fiscal. Total under construction wind capacity is 1.7 GW. For the group captive wind projects, we have installed 103 MW in Q1, out of the total 737 MW work, which is under process. At our Kutehr project site, there was a severe landslide, as we all are aware, in April 2024, washing away the total access roads, which impacted project activity. Work has now resumed after restoration of road infrastructure, and we have completed boxing of Unit One out of the three units, and all three units are expected to be commissioned in the current year only. You can see the details of the under-construction projects on Slide 11. In the past six months, we have built a robust pipeline of projects with a cumulative capacity of 5.7 GW. With this, our total locked-in capacity is 15.5 GW. I am pleased to announce that we have already signed PPAs for 2 GW of these projects. Additionally, we have received necessary board approvals and are very close to signing PPAs of 1.3 GW of RE projects, including storage, for our JSW Group companies for captive use. This is part of 6.2 GW of MoU, which we have signed with our group, JSW Group, last year towards the capacity additions in next few years. With this total pipeline capacity, with PPA will become 3.3 GW. The projects where we have signed PPAs are expected to be commissioned within the next 18 to 24 months. You can see the details of the project pipeline projects on Slide 12. As part of our company's energy products and service offerings, we are constructing Asia's largest battery energy storage system with 1 GWh capacity, which is tied up with SECI. PPA for 250 MW is signed, and the other part should be, will get signed very soon. As we have communicated earlier, this project is scheduled for commissioning before June 2025. Additionally, we are building a green hydrogen plant for producing green hydrogen for green steelmaking by our group company. Like we said earlier, it's a pilot project for us with a capacity of 3,800 tons per annum of green hydrogen and 30,000 tons per annum of green oxygen. This is the largest green hydrogen project in India, which is under construction. Construction of this project has commenced at our Vijayanagar site in Karnataka, and we will be commissioning this plant before March 2025. Moving to the financial performance of the company, during the quarter, we reported 80% year-on-year increase in profit after tax at INR 522 crore. This was on the back of a strong EBITDA growth of 21% year-on-year. We continue to maintain healthy balance sheet and receivables. Our net debt to EBITDA, excluding CWIP debt, stands at 2.2. It remains well below our guided range of sustainable normalized net debt to EBITDA of 3.5 to 4. We are making significant progress towards our target of achieving 10 GW capacity by the end of current financial year, and well, well on track to achieve 20 GW capacity well before 2030. With our strong foundation and fundamentals, I am confident that JSW Energy is well positioned to excel in the coming quarters and take advantage of the immense opportunities, which have now come up with the changed landscape. Thank you, friends. Now, I will hand over to Mr. Pritesh Vinay, who will provide more details on our financial performance. Thank you, Sharad. A very good evening to all of you, and thank you for joining us on the Q1 results earnings call. Sharad has already covered, you know, most of the things, but maybe I'll just take a few minutes. If you look at EBITDA, you know, the EBITDA for the quarter stood at about INR 1,580 crores. This was up 21% YOY. If you look at slide 8 of the presentation, that gives the EBITDA bridge. But essentially, the thermal side, we gained INR 90 crores additional EBITDA YOY, which is largely due to the incremental contribution from unit one of Ind-Barath. On the renewable side, the EBITDA grew by over INR 110 crore YOY, with the addition of new organic ARE capacities, as well as, the, incremental EBITDA generation from hydro due to better hydrology. The other income was also up, YOY, due to treasury gains and some LPS payments that we received during the quarter. Balance sheet, Sharad has already touched about, you know, continuously very healthy. If you look at slide number 10 of the presentation, which gives the net debt bridge. So sequentially, quarter-on-quarter, if you see, the net debt has come down by about INR 3,300 crore, and a large part of it, this has to do with the additional liquidity with the INR 5,000 crore QIP capital raise that we did in the month of April. So we ended the quarter with a cash balance of over INR 6,100 crore. The ratios continue to be healthy. If you look at slide number 13, you know, the headline leverage ratio on a net debt to LTM EBITDA is about 3.8 x. But if you look at the sustainable normalized net debt to EBITDA by stripping off the debt, which is sitting on capital work in progress, the underlying net debt to EBITDA stands at 2.2 x, which is pretty healthy. The weighted average cost of debt, moved up marginally, quarter-on-quarter, and at the end of June, stood at, 8.75%. Receivable trends continue to be very healthy, and at the end of June, in terms of days sales outstanding, the overall receivables stood at a very healthy 65 days. And we've seen continuous improvement across each of our businesses, across locations. With that, maybe I'll just, stop here, and we can open the floor for questions. Thank you. Thank you very much. We will now begin the Q&A session. Anyone who wishes to ask a question may press star and one on their touchtone phone. 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. Our first question is from the line of Sumit Kishore from Axis Capital. Please go ahead. Good evening. My compliments on a strong bottom line performance, as well as the build up in the pipeline. The first question is, for the pipeline projects of 5.65 GW, are the ones where PPA has not been signed, I mean, what is the general expectation? About by when do you expect to close PPA signing for these projects? And, realistically, in FY 2027, what portion of this capacity could get commissioned? That's my first question. Okay. See, when, like, anyways, the bids which we have won, as I told, and that we have signed PPAs for 2 GW, and the rest all, like, the agencies who have conducted the bids, are in touch with the buyers, different DISCOM, different states, which normally takes a due course of time. And we expect very soon, this activity has already gathered pace, and very soon we expect that these PPAs will get fortified and will be signed. Giving the exact timeline may be a challenge, but we expect, as we say, normal, it takes anything between 30 to 60 days, 70 days, is the timelines normally which has been seen. And we expect that very soon these PPAs further will be signed. By FY 2027, as you say, that as I have said, that, whatever PPAs are signed, the completion from the PPA signing date is normally 18 to 24 months, depending on when we sign the PPA. Based on that, those timelines definitely will be met, and the projects will be executed accordingly. This is over and above that, whatever the captive requirements are there, keeping in mind whether it's solar, whether it is wind, within the same timelines of 18 to 24 months, those, capacities also will get added. Good. And this would also include signing PPA with JSW Steel for the group captive capacity? Yes, exactly. That will be. This will be over and above the two, which is 1.3 GW, which we expect to be signed very soon. My second question is that, you know, as the evolving, you know, with the battery prices evolving quite rapidly and we have seen standalone BESS use in and discovery. So, how do you foresee the load following FDRE rates settling down in coming quarters? We had seen the SECI two FDRE rate that JSW had won a portion. Yesterday, we saw, you know, or day before yesterday, we saw that solar plus single cycle battery storage. Could you please, you know, give a comment on the direction? The exact number that is definitely depends on what kind of requirement. As you said, day before yesterday, was a different solution Yeah. which was there, which is a mix of solar plus, and storage, energy storage, battery storage, and taking care of only one discharge during the evening peak. So the, it depends on how the project is designed, what is the requirement, and how much of energy is to be met. It depends. So the, giving an exact tariff for anything, like someone wants 80%, power, 80%, in terms of energy terms, will have a different product design. But yes, as you have, we've been seeing, it ranges from, like day before yesterday, with a single discharge in solar at about maybe INR 3.42 or whatever the tariff which has been discovered, is a reasonable tariff. And just I would like to reiterate here, for us, the tariff is our benchmark returns whenever, wherever we are getting, and we are meeting our benchmark returns, that is where only the tariffs we accept and go for winning the bid, not just for the sake of winning the bid. So we are very, very sure about what is our benchmark returns, whether we are getting or not. So tariffs, whatever we have discovered, and depending on what kind of product mix which is required, in terms of storage and solar or whether it is FDRE, which is solar, wind, and storage. So it depends on the product design rather than giving a one straight number, which is possible in a plain vanilla solar or plain vanilla wind. Here, it depends on what is the product which is required. So just one follow-up on this is that, let us say the SECI FDRE 2 rate of 5.59 or thereabouts, which was discovered in March. If the same bid were to happen today, have battery prices come down from there also? Or, you know, has the equipment price corrected so that, you know, you discover a price which is, say, some INR 5 for the same tender, you know- Yeah. 3, 4 months down the line? Yeah. Yeah, very good question. I think with the, what we are seeing, the moderation in the battery prices coming down, the cell prices, I think the same solution, we feel that can be provided in the range of maybe anything between INR 4.6 to INR 4.7, INR 4.8 also. Yeah. Sumit, if I can also come in here. Yeah. The challenge in, you know, kind of crystal balling something like this, and a very important element that we have so far not touched upon, is that relative competitive intensity and what underlying returns is anybody trying to solve for, you know? So what is the effective project cost based on the negotiation capability that any individual developer can have? And what are the returns, hurdles, hurdle rates of returns, you know, that one is solving for? So when you do an overlay of this, then it becomes difficult to kind of extrapolate where do you think something like this can normalize. Because at different points of time in the market, for strategic reasons, different people could be driven by various motivations, right? So there could be somebody who's trying to have a tick in the box for multiple strategies, for some other reasons. There could be somebody who's building a pipeline for a potential capital raise. You know, so, so it becomes, challenging in that way to extrapolate, right? Yeah. Yeah, yeah. Just last question. You know, presentation mentions that in less than a year now, you'll have your 1 GWh BESS project as well as green hydrogen project operational. You know, could you give some color on where you know, where you have ordered the battery, the electrolyzer, if something can be shared, for better understanding, and the project cost? See, as I told you, Sumit, that when we say that when we design this and whatever it is, that our project cost and other things are secondary for us, it is we have to ensure that I am getting my desired returns, which is the mid-teen. In this case, yes, with the moderation in the prices of the equipment, we are quite confident that it will be maybe high-teen returns, which we are going to get on these projects. So, rather than what is the project cost, it is important that what returns I am getting, and I'm absolutely confident that we will be getting the returns higher than what we expected when we planned these projects. Thank you, and wish you all the best. Thank you, Sumit. Thank you very much. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please restrict your questions to two per participant. If you have a follow-up question, please rejoin the queue. The next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Good evening, sir, and congratulations on a good set of numbers. My first question is about this clarification. Are you running the Ratnagiri Unit 1 on a case-by-case basis? Is that right? Yes. Yes, that's right, Mohit. Yes, yes. Second question is, we understand the number of PPAs that is floated by few state discoms for the coal-based power plants. Do you think that you're going to start coming in some work on a new power plant, or you can tie up the Ind-Barath, look to tie up Ind-Barath in a, in long-term PPA? See, Mohit, definitely now states have again started looking for the PPAs. For Ind-Barath, today the advantage with us being close to almost a pit-based plant and the sufficient coal availability which is there and our the overall our fuel cost is very, very competitive and low. We see that right now the opportunity in merchant market is significant, which may not be, maybe I will say, a very for a long term, but we see next 1 or 2 years, 3 years, till the time sufficient thermal capacities get, the capacities get added. And the way I have said in my opening remarks, of the way the demand growth, which is there, much more than what everyone has been anticipating, we see this as a good opportunity for us in near term. Right now we will be continuing in the merchant market. Yes, the landscape and what the government of India also has announced, to meet the growing demand, the new capacity additions in thermal, which is in excess of 80 GW, which is required by 2032, as and when the opportunity comes and the state comes, we will be definitely looking towards this opportunity going forward also for adding further capacities in thermal space. Anything in near term or medium term, you think the next one year you can start any new power plant, commission or new construction? No, that will not be. It takes its own due course of time, in the setting up a new thermal power plant. That time definitely will be there, but that we will be going for any significant investment based on if we have the PPAs in hand. Understood. My last question, sir: What is your portfolio of various where we are 11 and where the PPA or the LOA has not been issued? Mohit, if you can check slide number 12 Yeah. of the presentation that should help you. Okay. Thank you. Thank you. Thank you, Mr. Sharad. Thank you. Yeah. Thank you. The next question is from the line of Anuj Upadhyay from Investec Capital. Please go ahead. Yeah, thanks for the opportunity and congrats on the, on the good numbers. My numbers. My question belongs- Sir, your line is sounding a bit muffled. Maybe, maybe you need to use the headset mode, please, in case. Sure. Is it better now? Much better, sir. Please go ahead. Yeah. So my question belongs to the underperformance across the Vijayanagar station and also, the low PLF across the Barmer, which still hangs around in the range of 60% to 67% out here. Could you throw some light on the reasoning behind the same? So, Anuj, you know, we've also earlier tried to explain that if you look at Vijayanagar for the station out of 860 MW, we have only about 310 odd MW, which is tied under PPAs, right? So the balance is open for sale in the merchant markets, and that is an opportunistic trading that has to be done depending on where the dark spreads are, right? And, Vijayanagar plant, because it is inland, the fuel cost as compared to Ratnagiri is going to be higher because of the inland transportation cost. So time, from time to time, based on unit economics, we will, the team will go ahead and book, for trades in the short-term market, and hence, you're always going to see variability in the PLF or the variability of the Vijayanagar station, right? As far as the Barmer plant is concerned, in, the Q1, we had some planned outages of some of the units, all of which have got completed. So if you look at the CEA data for the current month, for example, it's running at a very high PLF. So the PLF for the Q1 is lower due to planned outages. Okay. So this was a planned outages, so would there be any underrecovery for Q1, which was good for Barmer? So the recovery or under-recovery is actually, is estimated on an annual basis. So, yes, for the quarter, there's going to be an under-recovery, but if we meet up, the deemed PLF numbers, during the course of the year, there will be an make up for that towards the back end of the year. Yeah, that's how it's going to be. Fair enough. And lastly, on the Vijayanagar again, does, I mean, like, initially we had thought that this project may operate under Section 11, so, b ut again, as you mentioned, about depends upon the unit economics and the opportunity. So the Section 11 kind of a thing- You're right, Section 11 was there till only, I think, end of June. Mm-hmm. Sorry, end of May. 30th May. For March, April and May, there was Section 11. Yeah. But I think, yeah, it's not on Section 11 anymore. Okay, fair point. Thanks for your question, opportunity. Thank you. Thank you. The next question is from the line of Ketan Jain from Avendus Spark. Please go ahead. Thank you, sir. So my first question is to follow up on the Section 11 thing. So do you expect Section 11 to be extended, to get extended by the government? No, you know, so the thing is, is that it is first and foremost very difficult to forecast or estimate government action going forward, because put yourself in the government's shoes. I believe the underlying drivers for that decision are going to be the perceived demand-supply gap, right? So while on the one hand, demand growth has been pretty strong, but you know, we are off the peak season demand of summers and monsoons are in, and you have additional sources of supply, like hydro, you know, the wind season is about to kick in. So I'd be surprised, you know, if anybody's estimating a demand-supply mismatch in the next couple of months. But who knows? For the second half of the year, post-monsoon, you know, say, October to March period, which is a peak, demand period, based on the estimated, you know, load curve and the, supply from various sources, at the right time, the government might take that call. But I think there is typically no, heads-up for these kind of situations. Understood. Understood. My next question is, what type of realizations and input costs are you seeing in Ind-Barath and Vijayanagar plants? So, what will probably help you understand is that, you know, if we will not be disclosing, you know, station-wide, unit cost details, but just it's also important to help you think about these things, right? So, for example, let's take one by one. Let's take Ind-Barath. Ind-Barath, we've said, you know, because we don't have a PPA, so there is no SSA. So the only source of coal is through the auction route. Right now, it is either the spot, the auctions or through the Shakti auction schemes, you know, under the Ministry of Power. And there we, you know, from time to time participate, and we've guided in the past that, you know, we have looked at average cost, you know, of between say INR 2.75 to INR 3, you know, on an average, for Ind-Barath. On the imported coal-based stations, we source everything from the seaborne markets, so you'll see how the API coal indices are moving. And then you'll be able to make a good, a good estimate for both Ratnagiri. I also said in a response to an earlier question, that Vijayanagar is inland, you know, so there's an additional inland transportation cost. So there will be a higher spread between Ratnagiri to Vijayanagar. Understood. Just one last question, sir. On the merchant capacity. Sir, is the demand more in the merchant capacity in the non-solar hours or in solar hours? Like, what type of PLF does, say, maybe an Ind-Barath operate in a non-solar hour? See, Ind-Barath, Ketan, I'd just like to tell that, definitely, as we are seeing, that the demand during the daytime is definitely very good, but it is due to a large availability of solar during the daytime, the thermal power is not there. But in our case, if you see how we have moved is, that we have tied up our capacities on an RTC basis with various DISCOMs in short term, maybe 3 months period or 4 months period. So we are insulated that what is happening during the daytime at Ind-Barath, and we have tied up our powers on a RTC basis for a 3-month period. That is how we have moved. Understood. Understood. Thank you. Thank you. Mr. Jain, do you have any other follow-up questions? Understood, sir. Thank you. Thank you. A reminder to all the participants, if you wish to register for questions, please press star and one on your touchtone phone. The next question is from the line of Vishal Periwal from Antique Stock Broking. Please go ahead. Yes, Sorry to interrupt, Mr. Periwal, we are not able to hear you. May we request you use the handset mode, please? Yes, sorry. Is this better now? Much better. Please go ahead. Yeah. Yeah, sure. Sir, on your project capacity addition, the slide number 12, which gives some brief on it. In terms of FY 2026 addition, is it fair to say the 2.6 GW PPA, which is already signed, that will at least see a commission? Yes. As I told you, that all solar projects which are there, wherein the timelines are around, say, 18 months. So 18 to 24 months, that I think within the timelines, we will be adding that, yes. But yes, as you have said, we are sure that this capacity addition will be there during that time period. Okay, okay. And then, in terms of our addition, I mean, from 25 to 30, I mean, like in FY 2030, taking from 10 GW to 20 GW, is there any midterm target also for FY 2027 or FY 2028 for us, sir? No, see, Vishal, as I told, in my statement also, that we are confident that we are definitely about a year and a half back when we said that 10 GW by FY 2025, which was a phase I, and 20 GW by FY 2030. But with the changed landscape and the opportunities which have come up, and the amount of pipeline which we have in hand now, we are confident that this 20 GW will be achieved earlier, significantly earlier than FY 2030. We are evaluating that what will be the numbers we are. That is a work in progress with the opportunities, and as I said, that, that our returns, what we have benchmarked, are protected, and the, the, the, the opportunities which are going to be there in the bidding space. So FY 2030, there will definitely be a different number, but FY, this 20 GW will be happening significantly earlier. That I will still maintain. Sure, sir. Sure, sure. And, one last thing from my side: in terms of our CapEx, we did mention in the previous call, INR 15,000 crore or so will be doing it in FY 2025. Any numbers that we are targeting for 2026, or it's still open? Yeah. It's pretty much for now, Vishal, but, you know, because, one quarter of the new year has finished and, you know, you are aware that there are more and more bids that are lined up, you know, for the remaining period. So I think for FY 2026, it will be a bit premature. Maybe towards the end of this year will be the right time to give you the guidance for the following year. Yeah. Sure, sir. Thanks, sir, for answering the question. I'll come back another time. Thank you. Thank you, Vishal. Thank you. Can we take the last question, please, operator? Sure. The follow-up question is on the line of Ketan Jain from Avendus Spark. Please go ahead. Thank you for letting me follow up. Sir, my last question is, sir, are we facing or are we expected to face any transmission evacuation capacity problem in the under construction wind project? No, under construction wind projects, all, all capacities in terms of transmission are tied up, which with the all projects which are under construction. Understood. And also, are you seeing any transmission supply chain tightness in the substations or transformers? No, see, definitely, everything has been lined up. Of course, with the kind of bidding space which is now the bidding, the quantum which is increasing, going forward, definitely this is going to be one area, but we have already lined up knowing that what is going to be my FY 2025, FY 2026, FY 2027. We are already taking care of the entire supply chain, not only the transformers, but in terms of execution or any other aspect in terms of completing the project well in time. Understood. Thank you and all the best. Thank you. Thank you very much. Thank you. As there are no further questions, I would now like to hand the conference over to the management for closing comments. Sure. Thank you, everyone, for joining today's call. As I have told you, I've covered most of the points, but yes, my IR team is there in case there is any other follow-up questions later or any other information required. We request you to kindly write to our IR team. We will definitely be responding on that. Thank you very much once again. Thank you very much. Thank you. On behalf of JSW Energy, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.