Ladies and gentlemen, good day and welcome to the JSW Energy Limited Q1 FY 2027 earnings conference call hosted by JM Financial Institutional Securities Limited. As a reminder, all participant lines will be in the listen-only mode. 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 zero on your touchtone phone. I now hand the conference over to Mr. Sudhanshu Bansal from JM Financial Institutional Securities. Thank you, over to you, sir. Thank you, Ray. Hello everyone. On behalf of JM Financial, I welcome you all to the 1Q FY 2027 earnings call of JSW Energy. For today's call, we have with us the leadership team of the company led by Shri Sharad Mahendra sir, Joint Managing Director and Chief Executive Officer, Mr. Chandrasekaran Prabhakaran sir, Chief Financial Officer, Mr. Vikas Chaudhary sir, Head, Investor Relations and Enterprise Risk Management, along with the other team members. I will hand over call to Sharad sir for his opening remarks. After which we will open the floor for Q&A session. Thank you so much, sir, for your kind presence and giving us the opportunity to host the call. Over to you, sir. Thank you, Sudhanshu. Good afternoon, everyone. Thank you for joining us today for JSW Energy's Q1 FY 2027 earnings call. I hope you and your families are keeping well. We have started FY 2027 on an exceptionally strong note. I am delighted to share some key highlights. Q1 FY 2027 has been a landmark quarter for JSW Energy. Excuse me. We delivered one of the largest single quarter capacity additions in our history among the highest in the sector, adding 873 MW during the quarter, taking cumulative capacity additions to almost 1.1 GW till date, if we add the capacity added during the month of July till date. Of this, 150 MW was driven by early commissioning of Tidong Hydro, originally scheduled for October 2026, which contributed also an incremental EBITDA of INR 20 crore-INR 22 crore in Q1 itself and will allow us to capture the ongoing hydrology season. Acquired only in January 2026, this pace of commissioning is a testament to the integration capabilities execution capabilities of our teams in this project. This momentum has carried firmly in Q2 also. In July till date, as I stated earlier, we have already added about 225 MW of organic renewable energy capacity thus taking our capacity additions since April 2026 till date to approximately 1.1 GW, as I said earlier. For further details, please you may refer to slide number seven of our results presentation. We remain firmly on track to deliver our FY 2027 annual target of 3 GW capacity addition INR 20,000 crore of CapEx, having already achieved close to 36% of the FY 2027 capacity guidance surpassed about 87% of the total capacity added in all of FY 2026. You may refer to slide 21 for this. Another significant milestone in our journey was the deleveraging achieved through the successful execution of INR 10,150 crore capital raise in the recent past, the largest growth capital raise in the Indian power sector. This was accomplished by a combination of strategies reflecting strong market confidence in JSW Energy's growth story. This comprised of three components. First, a preferential allotment to promoters of INR 3,000 crore, of which INR 1,125 crore has already been received, with the balance to come in before June 2027. Second, a partial stake sale in JSW Steel, monetizing 2.5 crore shares out of our total 7 crore shareholding, worth INR 3,150 crore. Third, a QIP of INR 4,000 crore anchored by marquee global and domestic institutional investors. Together, this gives us an ample liquidity cushion of about INR 12,880 crore in cash balances, comfortably funding the equity portion of our estimated INR 20,000 crore FY 2027 CapEx and 2030 growth plans with headroom for future growth. Our balance sheet discipline continues to strengthen with net operating leverage on a trailing 12-month basis improving to 4.95 from approximately 5.2 in FY 2026, even as we scale up our growth investments. By year 2030, we are committed to have our net leverage below five times. Further, I am also pleased to share that as a reflection of our strong green focus and long-term commitment to carbon neutrality, our expanding renewable portfolio enabled us to avoid approximately 16 million tons - 17 million tons of CO2 emission in fiscal 2026 and about 4.5 million tons in Quarter One of FY 2027. This is based on the prevailing Indian grid emission factor. Now, before I get into our detailed Quarter One performance, let me share a few sector observations. India's power sector delivered a strong start to FY 2027, with Quarter One demand growing 8.5% year-on-year, a sharp turnaround from the muted 0.9% growth in FY 2026. This strength was broad-based, driven primarily by prolonged heatwave conditions, delayed monsoon progression, and higher cooling appliance usage pushing up the residential and commercial consumption. This momentum has been carried into July as well, with the month-to-date demand growth in July being robust at almost 12%. Peak power demand touched 271 GW in May, already surpassing FY 2026 full year peak of 245 GW. Again, on July 16th, we saw another peak of 270 GW, and demand is expected to touch 300 GW in the near term. We view this as early validation of the medium-term structural story we have consistently articulated. India's industrialization, urbanization, and rising per capita consumption underpin a clear 5%-6% long-term CAGR in power demand. Additionally, the ongoing crisis in West Asia underscores the strategic importance of India's energy self-sufficiency agenda under Atmanirbhar Bharat, further strengthening the case for accelerated electrification and sustained long-term demand growth. India's growing global economic stature, contributing approximately 8% of the world GDP on a PPP-adjusted basis, coupled with its continued high GDP growth outlook, should support sustained power demand growth. On the merchant market, this improving demand backdrop is now clearly visible. Day-ahead market prices, which averaged around INR 3.86 per unit through FY 2026 on muted demand, have formed meaningfully in Quarter One of FY 2027, rising to INR 5.10 per unit from about INR 4.40 per unit in Quarter One of FY 2026, a nearly 16% year-on-year increase. Against this improving landscape, let me take you through our performance for the quarter. With the sizable capacity that we added, our total installed capacity now stands at about 14.6 GW, with renewables constituting around 61%, complemented by 5.7 GW of thermal capacity providing reliable dispatchable baseload. This balanced mix remains central to our strategy, participating meaningfully in India's clean energy transition while ensuring grid reliability through firm contracted thermal capacity. On the organic front, we continue to evaluate selective value accretive acquisition opportunities that complement our strategic priorities and strengthen our growth platform. Accordingly, we signed a definitive agreement to acquire Maruti Clean Coal & Power Limited, which operates a 300 MW thermal plant in Chhattisgarh. The plant has a long-term power purchase agreement of 195 MW net with Rajasthan DISCOMs, with a residual PPA life of 14 years. In addition, the plant provides 5% power at variable cost to Chhattisgarh DISCOM. While the balance 64 MW is sold in the merchant market, the coal is secured through a long-term fuel supply agreement with SECL and linkage under the SHAKTI Scheme. Further, on our organic thermal growth, please refer to Slide 22. Our first Salboni plant has received all key clearances. 100% of land has been acquired, equipment orders are placed, and the site work is now in full swing. On the KSK brownfield expansion, land, water, rail, transmission infrastructure, and environmental clearances are already in place. Coming to vertical integration, a priority we have spoken about consistently. On the thermal side, we increased our stake in Toshiba JSW Power Systems joint venture to 10.7% from 2.4% earlier. This is aimed at de-risking our equipment supply chain and building thermal capacity at one of the lowest capital costs in the industry. Combined with our ongoing acquisition of GE's boiler business, which we look to complete in this quarter, we have now fully de-risked our thermal growth ambitions, giving us full control over our build-out for both our current projects and future opportunities. On the wind side, we commissioned our wind blade manufacturing facility at Halol, Gujarat on eighth of June with an annual capacity of 450 blades sufficient to support approximately 600 MW per annum of wind installations, is strengthening backward integration in the segment and supporting a lower LCOE. The second blade manufacturing facility at Chitradurga in Karnataka is expected to be commissioned in the current year, with work currently at an advanced stage. On the 5 GWh battery plant, which we have commissioned in Quarter Four of FY 2026, we have received our first large external order of INR 440 crore. This engagement represents a step forward in the country's strategic expansion in the energy storage segment, reinforcing our commitment to building capabilities across the energy value chain. In summary, Quarter One FY 2027 has reaffirmed the momentum we built through FY 2026. We are executing at pace, strengthening our balance sheet, deepening our vertical integration, and remaining firmly on track to deliver Strategy 3.0 within defined timelines. Coming to the operational performance for the quarter. Net generation for Quarter One FY 2027 declined marginally by 5% year-on-year to 12.9 billion units, primarily driven by lower generation at Mahanadi and our hydro plants. Our hydro portfolio grew in capacity with the addition of Tidong and Kutehr year-on-year. However, overall portfolio generation declined by almost 26% year-on-year, owing to weak hydrology across the entire basin. National hydro generation was down 7% year-on-year, Sutlej basin was down 39% year-on-year, Ravi basin was down by 24% year-on-year. This comparison should be viewed in context. Last year saw an early onset of monsoon, while this year the winter was longer in various Himachal basin areas and snow melt began much later. However, with the onset of monsoons, water flow has normalized. The generation in July till date has been excellent, with our Karcham, Baspa and Kutehr plants operating at over 100% PLF. We expect the plants to catch up and achieve the design energy for the full year. Further, we also continue to receive the capacity charges for our plant availability even when the generations are lower than the design energy. On the thermal portfolio, Mahanadi generation was impacted by a one-off evacuation availability for about 17 days in the quarter, which is now fully normalized. This happened due to the extreme wind conditions, this resulted in the impact on the transmission line. The loss in MUs year-on-year was about 184 million units or 7% decline year-on-year. However, this will be categorized under the force majeure provisions. As a reminder, we had a healthy quarter of merchant sales in Utkal last year. Quarter One was exceptional. This time generation was broadly similar but was sold under long-term contracts instead. Going forward, the Utkal plant is expected to generate higher EBITDA due to its stable operation and supplying under the PPA with Karnataka and Assam. Overall, our thermal generation declined by 6% year-on-year to 8 billion units. Regarding the coal prices, coal prices witnessed an increase year-on-year. Taking a specific index like API4 as a reference, it stood at $90 in Q1 of FY 2026, compared to $113 in Q1 FY 2027, an increase of almost 25%. Our continued shift towards domestic coal has kept us resilient to this adverse fuel price movement. Further, our open capacity has reduced to under 4% currently, which renders stability to our earnings. Also to mention that the change in any import coal prices is passed through with no impact on JSW Energy's power supply through PPAs. On the RE portfolio, our solar and wind generation was up by 29% and 3% respectively, supported by increased capacity year-on-year of 1,168 MW. Turning now to our financials for the quarter's figures many of you will already be familiar from the pre-call materials. Revenue for the quarter remained flattish on a year-on-year basis, coming in at INR 5,437 crores. EBITDA mirrored this trend, growing marginally by 2% year-on-year to reach INR 3,103 crores. Our year-on-year capacity addition was 1,558 MW, with fresh assets continuing to be capitalized onto the balance sheet. Both depreciation and interest expenses have moved up in a step. On year-on-year basis, depreciation increased 20% in Quarter One to INR 890 crores, while interest costs climbed roughly 16% to INR 1,519 crores, movements that align with the pace of capacity we are adding. Coming to the bottom line, profit after tax stood at INR 533 crores, declining year-on-year on account of higher capitalization impact as new assets are commissioned. Correspondingly, the PAT attributable to shareholders was also down at INR 471 crores. As many of you are aware, we have already issued notice to exercise our call option on the remaining 26% stake in Mahanadi. Once this transaction closes, the minority outflow should shrink substantially. Turning to leverage. Stripping out debit. Sorry. Stripping out the debt tied to capital work in progress, our net debt to TTM EBITDA ratio stands at roughly 4.95, comfortably within our financial guardrails and, as noted earlier, a substantial improvement from the 5.2 x we reported in FY 2026. On the liquidity front, we remain well-placed, holding cash and cash equivalents of approximately INR 12,880 crore. Additionally, our cash return on net worth after adjusting for our JSW Steel shareholding continues to be healthy, about 14%. It has reduced year-over-year primarily because of net worth increase due to recent fund raises. Overall, as I said in my opening statement, this has been a strong quarter, fully in line with our plans, with sharp focus on organic capacity addition and balance sheet deleveraging, both of which we have delivered decisively, and that momentum is carrying firmly into Quarter Two. That concludes my opening remarks. Happy to take any questions from you. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions 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. First question is from Sumit Kishore from Axis Capital. Please go ahead. Good evening. Thanks for the opportunity. First question on the macro situation in relation to thermal. We have been seeing that between 12:00 P.M. to 1:00 P.M., several thermal power plants in the country are likely operating below technical minimum. What has been your experience for your thermal fleet? How do you see this situation progressing in coming times? Sumit, thank you. Very correct because this is the peak time when the solar generation is at its peak. Just to tell you that for us, barring, of course, the load factor reduces, but our experience during the entire quarter has been that because of the attractive tariffs now at Mahanadi, our backdowns or reductions have been the minimum because of the merit order. The minimum what we have gone, and in case of Utkal, there the load minimum it goes to, for us, the backdowns have been maybe not below 60% in majority of the cases. Overall, on a round-the-clock basis, maybe if you talk of the month of July when the power demand has grown almost 12% till date, we have been operating at almost more than 85% PLF and more than 90% availability. We have not experienced anything in terms of the technical minimum. In other plants we don't need, but we are building the capability to even operate at maybe below 50% also, which we have already done in our Ratnagiri and Vijayanagar plants. Sumit, just to add that we continue to recover our fixed costs in those kind of backdowns. We are not impacted. We also have the flexibility to sell that in the merchant in case that happens. Sure. My second question on the thermal space is, you have introduced 600 MW Mahanadi under construction projects now, combined with Salboni phase one, how is the ramp-up on BTG sourcing for these projects progressing, particularly your arrangement with GE for the acquisition that you had made? How is that shaping up? What is your nameplate capacity in terms of internal manufacturing for boilers, turbines, and generators today? Given you are looking to commission 600 MW Mahanadi by FY 2028, how is that going to pan out in terms of equipment sourcing? Right. Sumit, I'll answer to both Mahanadi as well as the Salboni, what you asked. In case of Mahanadi, as we have been saying, maybe since the first call after acquiring this asset last year, that the fourth unit of 600 MW, almost 30%-40% of the work was already complete, and balance of plant already ready. When we talk of course, coal handling plant or ash handling or railway or transmission network, everything is already in place. This unit is getting completed through the same suppliers who had supplied the material earlier because part material also of turbine and other things is available with us for the fourth unit. We have placed the orders and the material is under dispatch and all. We will be, as we have said, in FY 2028, the commissioning of the next fourth unit, we are on track for that, and it will be through the Chinese suppliers only. For another two units, we are in discussions, and we will be making the announcement at the right time very soon that what is our strategy for fifth and sixth unit to make it from 1.8 GW - 3.6 GW. Coming to Salboni, as we have announced earlier also, maybe 2 x 800 Phase 1 with the turbine generator order has already been placed to TJPS, Toshiba JSW Power Systems, and already the work has started and the suppliers and commissioning are absolutely in line with the PPA timelines. Regarding the boiler, this is the GE facility of Durgapur, which we are in the process of acquisition, maybe by end of this quarter, it is expected that it will be there. That has a nameplate capacity as of now, as is where is basis, is 1.1 GW. Means if we say 800 MW boiler, it can make 1.3 boilers in a year, but with some debottlenecking and some minor investment, what we have already planned, it's the plan, this will go to 2 x 800 MW, means 1.6 GW capacity. Because the TJPS, Toshiba JSW Power Systems plant in Chennai is already having a capacity of 2 x 800 MW. These two will be benchmarked together, and this will be there. This is the strategy. We are totally de-risked in terms of the supply chain of boiler turbine generators for all our 800 MW expansion plans. Okay. Just one last question on your external order for a 200 MW, 400 MWh, the battery assembly facility. What has the battery assembly facility scaled up to? What does this external contract mean in terms of margins and what value add is changeable? Yeah. Just to tell you the readiness of the plant, we have already completed the trials. We have already supplied, maybe not big quantity, but at least some order we have supplied also to the third party. Plant is fully ready to start producing and meet the schedules, supplies as per the schedule, which has been agreed by the buyer. Regarding the financial, I'll request Prabhakaran, he will just let you know on the margins. Sir, I think here in terms of the margin per dollar, if you look at it's in the range of about $2.75-$3. If you look at the overall capacity running, it will be about $15 million in a year. That's how we are looking at about close to INR 150 odd crores of EBITDA from this project. Okay. Thank you so much. Thank you. Thank you. The next question is from Apoorva Bahadur from IIFL Capital. Please go ahead. Hi, sir. Thank you for the opportunity. On this, the expansion for fourth unit, you mentioned that you have placed the order for remaining equipment from Chinese suppliers. Will there be any restriction on that in terms of tying this up with a state utility? Do we plan to use it in a merchant or captive market? No. See, the thing is that those are only the guardrails. There is no such regulation in which. Lot of states are looking for. One thing which has to important, there are more than one state who are interested. Keeping in mind now that with so much of solar and so much. This question was asked in the very beginning that maybe the technical minimum coming down. Some of the buyers are preferring 600 MW lower capacity tier, because even if they have to do the backdown, it is comfortably at 50%. We are seeing lot of interest, especially with the way international coal prices are moving and the way the currency direction is, lot of imported coal-based power buying, they are looking for to mix it with domestic. We are confident that this will happen. In this case, because we have got the permission also from the authorities for this partial import to complete the asset, this fourth unit. We don't see that as a challenge. There is lot of interest we are seeing in terms of signing a power purchase agreement. To remember, even if it is merchant with next to the mine and the coal cost being so low and the cost at which we will be completing this project, another 600 MW, which will be significantly lower than the benchmark per megawatt cost of capacity addition, I think this will remain attractive in both the ways, whether it is merchant or whether it is in long-term PPA. We will take a call, but PPA opportunities, we are absolutely confident it will be happening. Sure, sir. Understood. Secondly, on this BESS business return profile, I think, sir highlighted that we intend to make around $2.75-$3 per kWh of storage capacity. Do you see a glide path towards improving the value addition and the margins over here, or this is something that you are looking like an exit margin from this business? Yeah, I think this is more from the assembly, whatever we are doing, I think this is what we are looking at. We kind of keep exploring in terms of, because the government has also come up with some PLI kind of incentive to set up cells and everything. We will continue to evaluate that. In terms of whatever we have invested, I think this is the kind of return profile that will last. Yeah. Also to add what Prabhakaran just said, in terms of the value addition, the opportunities which we have identified going forward is one, as you said, that backward integration, and maybe instead of importing the cells, maybe making the cells in India for which we are in discussion with various technology partners. Second is in terms of scaling up. Like today, it is a five megawatt hour of container size which is there. Going forward, we are building the capability even if when the product is available, the components are available, instead from five to make it to six, seven, eight, which becomes more cost efficient for us as well as to the buyer also. Sir, do we have a long-term partnership with a supplier from China for importing the cells? Right now, no. The warranties for this BESS are typically in this industry are given by the OEM, right? The cell manufacturer. Yes. Okay. Sir, I would also like to touch upon the connectivity for our renewable capacity. I think very helpful you have provided in the presentation about this 3 GW remaining 1.9 GW connectivity in FY 2027. Yeah. Is all of it operational, first of all? Secondly, what's the update for FY 2028? Do we have the full connectivity capacity operational in 2028 as well? I'll come to that. As I said, that till date, in the current year since April 1st, we have commissioned 1.1 GW. We have added the fresh capacity. Just to tell you that out of this 1,100 MW, 300 MW right now is under TGNA, which is facing curtailment. This is getting converted, the new capacity is getting commissioned, and we are almost certain that before 31st August, this will get converted into GNA. Once it gets converted into GNA, there will be no curtailment. This 300 MW, which under curtailment, and one earlier project which I have said last time also in Rajasthan of O2 Power, which we acquired 400 MW, that is also under TGNA, which the connectivity was to get ready by July-end, is expected to be sometime in September or October. We'll be waiting for that till then. These two projects remain under TGNA. Balance 1.9 GW, which we have to commission in this year. I just want to tell you that out of this 28% of the capacity of 1.9 GW, what we are doing may be more than 530 MW of balance 1,900 MW, which we have to execute, is our group captive, which is a mix of off-grid also. Majority of the capacity is off-grid, which is we have a dedicated transmission line of ours, not connected to the grid, is insulated. This 530 MW is totally insulated. Another is that also the significant part, what we are doing with utilities also. There also, we have the connectivities fully in place and operational connectivities, which is a mix of STU as well as the CTU. Also the C&I projects what we are going to execute in the current year. These are the three mixes, whatever 1,900 MW we have to commission to reach the 3 GW guidance we have given, we are absolutely 100% secured from connectivity, and which is all commissioned also. Thank you, sir. For 2028? For FY 2028, we will definitely come back to you. As I have been saying earlier also, that the two areas were in focus when we give the guidance for the year. Maybe these two are the major driving factors based on which we will be giving so that there is a surety of the numbers which are being achieved. We will be definitely at the right time. Very soon, we will come back for FY 2028 also. Appreciate it, sir. If I may squeeze in just one more question on wind generation. PLFs appear to be a little bit weaker year-over-year. I think last year was exceptionally strong. Like hydro, are you also seeing them recover in July or they continue to trend lower? Yes. We are seeing a significant recovery. Normally, if you see, it is a very clearly established there are patterns. When there are huge heavy rains, the temperature drops. Normally, the wind speed is related and it improves, which we have also seen. Once the monsoon started, the wind speed season does disadvantage. This time, the temperatures have been higher, and many of the assets for us, in wind, we have reached the PLF of 100% also. Otherwise, it is 90%-100% PLFs, what we have achieved. We don't see this as a chart. In July, if you see, as compared to previous months, the PLF is already higher by around 5%-6%. Sure, sir. Thanks a lot. I'll get back in the queue. Thank you. The next question is from Satyadeep Jain from Ambit Capital. Please go ahead. Hi. Thank you. Pump storage projects, you've given some details. I think first time I'm seeing actually the two projects specified. Just maybe if you can share some details on readiness, or maybe if you can elaborate on what is the CapEx you're expecting and what is the level of confidence in achieving this commissioning that you mentioned. Thanks. As I told you that there are two power purchase agreements which we have signed. One is the Bhavali project in Maharashtra with MSEDCL of 1,500 MW, and another is in U.P. Kandhaura of 1,680 MW, out of which 1,500 MW PPA has been signed with the State of U.P. Regarding the readiness, in Bhavali, we are fully ready in terms of whether it is the environmental clearance which we have received. The land acquisition, majorly it has been done. Some part is left, but that is not in the core project area, that is not going to have any impact. That will carry on parallelly. The third is the forest Stage 1 clearance has already been received. We are at a very advanced stage. The ordering has already been placed, like for entire civil work, the order has been placed to L&T. For electromechanical, the order has been placed to Voith. We are fully ready. The mobilization, the construction power also we have been awarded, and the connectivity has already been done. Which you can see also in the slide. We are ready with that in terms of execution and meeting the timelines, we don't see as a challenge, and especially with our experience and expertise of executing greenfield hydro projects in very, very tough terrains of Himalayas in Himachal Pradesh. Here, the quality of rock, the ease of executing the project comparatively is much easier as compared to that. I'll not say easy, but definitely the difficulty levels are much lesser. The tunneling part is very, very less as compared to what it is there in the Himalayas in the projects. We are absolutely confident of meeting the timelines in terms of the PPA timelines. Of course, if there is any delay in terms of the availability of power evacuation by the state, then only it can be, but we don't see that as a challenge also. Bhavali, we are absolutely certain. Kandhaura, as I told you, that we have already secured the EAC recommendation for EC from Ministry of Environment, Forest and Climate Change. An application for the forest clearance has already been submitted, and connectivity application also has been submitted to the UP authorities. Civil work and construction award process is on, and we expect all the readiness by maybe in the last quarter of the current fiscal, the readiness to start the execution work at this site also and to be within the timelines. Regarding the CapEx, we will come back, but as I said to you, that rather than maybe we are not particularly for a project, maybe giving a CapEx is not a thing, but I can tell you that this is a very, very good high returns in terms of when we say benchmark returns of mid-teen IRRs. Here I can say it will be significantly high teen IRRs, we can say, is what we are absolutely confident with the tariff and the cost at which the most of the ordering has already happened. Is it safe to assume maybe INR 5 crore per megawatt, something any bench, any just. No, not very far from this number, you can say that. Not very far from this number. The thermal CapEx you mentioned for Mahanadi? Yes For the coming expansion. Is it possible to maybe indicate what kind of CapEx can we look for 600 and the remaining thermal? I can tell you as of what we execute the greenfield project we are doing at Salboni also for which we have placed the order. Boiler, we are going to do ourselves. Civil part order we have already placed. The work has started. We know, we have a fair idea of the completing a greenfield project there. As compared to that, Mahanadi, when we will be completing, I can say definitely that we will be at least 25%-30% lower by doubling the capacity from 1,800 to 3,600. Okay. Just lastly on TGNA, what was the curtailment that you can mention in this quarter for overall for these two projects. We had total wind plus solar put together, we had a curtailment of 69 million units during the quarter. As I told you, this has to be divided into two. There were curtailments under the GNA projects also for which the power was being supplied under the PPA. There, it is being treated as deemed as a plant availability, and we are getting the tariff against this supply, even if there is a backdown. Because my buyer has scheduled in the exchange to draw the power. My plant is available. Even if I am being asked by the load center not to put the power, my buyer is getting the power and I am getting my money for this power under the GNA. Prabhakaran, you can add. I think in terms of the overall revenue, it's not material. It's about INR 15 crores this quarter for us. EBITDA impact. EBITDA impact. Thank you, sir. Thank you. Thank you. The next question is from Nikhil Nigania from Bernstein. Please go ahead. Hi. Thank you for taking my question. It's in continuation on the earlier question on pump storage projects. Wanted to understand if there is any update on the Karnataka tender, where the tariffs look even more attractive than the ones you have in the other two projects. Yes, Karnataka also, for which we have got the letter. Some local clearances and all which are at an advanced stage, which are under discussion, and we expect that also soon to be sorted and the PPA will be signed. For this, we have already received the letter. That is in lane. That is not a clear road this time. They are not. That Neriamangalam project in Karnataka. Yes. Okay, understood. Any reason we did not participate in the recent SECI tender, where again, tariffs discovered were very attractive for pump storage projects where only three bidders had come? Yeah, that is clear. See, actually in this tender, the condition was that there has to be a FC1, forest clearance Stage 1. In place, those only can apply. That was the case. We were not having any other site ready with forest Stage 1 clearance, so we had decided not to participate. Just to give you an update that we are now ready with another site of almost close to about 9 GWh, and which as and when any opportunity comes, we will be participating in that. We have not participated because we are not ready with forest Stage 1 clearance, which was a precondition. Got it. Makes sense. One last question I had. Any plans to set up merchant battery storage plants? Can you repeat, please? Does JSW have any plan to set up merchant battery energy storage plants? See, right now, no. Yes, we are exploring, keeping in mind the gaps and the requirements which are coming up because the thermal capacity which is going to take care of the evening peak is still few years away, and the way demand growth is there. There is an opportunity because this also is somewhere where the solar plant exists, the solar radiations are good, and the connectivity is available. The same connectivity can be used for solar hours. Connectivity is not a challenge. And solar capacity to charge the battery can be built at a very attractive cost because only DC side is to be done. That reduces the solar capacity charges, CapEx significantly. Those are the things we are exploring, and at the right time we will be definitely exploring when it makes sense that our benchmark returns are protected, we will definitely be looking into this to take care of evening peak advantage. Perfect. Thank you. Those were my questions. Thank you. Thank you. The next question is from Dhruv Muchhal from HDFC Asset Management. Please go ahead. Yes, sir. Thank you. Sir, the PLF across your thermal plants this quarter are lower, say for example, YoY. This is despite a very strong demand season. For example, Ratnagiri is lower, Vijayanagar is lower, Rajasthan is also lower, but anyway does not matter much. Utkal is almost equal despite a long-term PPA. I thought you have a long-term PPA, you have better schedule, and hence you can sell more in the short term. The PLF could have been higher. KSK, I understand there was issue. Is it because of the solar thing which is causing all this, and we are not looking at rightly? I'm just trying to understand what caused this. The demand was very strong. Yeah. I'll come to plant-wide, not really because of the solar power and the backdowns which are there. I'll start with Utkal. Utkal, there was a shutdown which was planned, which was important for us to take to ensure the annual availability of the plant, which is critical after the signing of the power purchase agreement. There was a large portion in Quarter One wherein the unit was not available, one unit. That was the reason of lower PLF in Utkal. This was one. Now if we see that in the month of June, the availability and the PLFs have significantly improved, and in the month of July, the availability is in excess of 91% in case of Utkal, and the supplies are there. We are not facing, as I told in the beginning only when someone asked about the PLF. Our PLFs, even during the peak solar hour in case of Utkal, it has not gone below 58%-60%. It is almost 60% of the PLF we have been operating. Those were not the reasons. It was that we had taken the shutdown to improve the reliability and the performance because we were foreseeing that this demand now the way May started, we decided to take that because July also when we are seeing the power demand growth at maybe 12% in July. We deliberately did that, and now the plant is back on track. Coming to Ratnagiri. Ratnagiri, the PLF has been down for the reasons that one is that with no impact on our financials. Reason is that this is again a two-part tariff where we have to ensure the availability for our group captive. Large capacity is under group captive, which we are doing, and one unit is with MSEDCL. There also, it was again a plant shutdown to ensure the annual availability we have to ensure we achieve of 80%. That my fixed cost. This is not without any impact and also in the month of June, there was a reduced demand, extreme weather conditions also when the rains started when we saw that in Maharashtra. That is all by design. As I told, MSEDCL, Mahanadi you are aware yourself that what happened and which we have recovered now the availability has been 100% in July. All right. Even on the solar PLF, if you look at your slide, the number is about 21%. Last year was also 21%. Given the AC/DC that you typically do, and also this time probably the weather was also relatively favorable. I'm just wondering, is this because of curtailment that the number is low or I thought it should trend towards somewhere, I don't know, 24%-25%? Yeah. See, the thing is, if you see the trend also in the country normally, the second half of the year for solar is always better post-monsoon. Also, of course, as I told that 1,400 MW capacity, which is almost you can say for me is almost maybe 12%-14% of my total capacity where we have been facing curtailment also. All those things normalize, it is coming 21%. Otherwise, PLFs have been much higher as compared to. This is after the impact of the curtailment also. If I look at your year-over-year generation capacity, renewable capacity growth, it's about 20%, 5.7 GW going to 6.8 GW. Your generation growth is about 11%. Typically, the newer projects are coming even better PLF, I'm assuming. Yeah Of course, there could be some scheduling issue. Some projects happened at the end of the quarter, the number seems very different. I was wondering, is there some maintenance related loss or something else which is causing it. Even if I had 69 MUs of curtailment, the number is only 13% growth year-over-year. Right. Yeah, I'll come to that. If you see the generation for us, in solar generation in general, is the PLFs what we are seeing Quarter One about 22%, Quarter Two, Quarter Three, as I said, 26% and Quarter Four, 28%. This is the annualized 25% breakup quarter-over-quarter, which you can see the past data also, you will see the similar trend. Rather than going for a short-term one-quarter PLF, I think we have to wait for some longer time and wait for second half is significantly higher. Also, just to add that some capacity we've added very recently, which is also stabilizing, which is bringing it slightly lower from the average perspective. I just wanted to add that perspective. Yeah. Got it. Sure, sir. Great. That's all. Thank you so much, and all the best. Thanks. Thank you. The next question is from Rajesh Majumdar from 360 ONE Capital. Please go ahead. Good evening, everyone. Sir, I was wondering on this Maruti Clean Power, what is the logic of acquiring a sub-critical capacity like this, except for the fact that apparently it's cheap? What are the long-term plans on this, if any, and how does it fit into our overall scheme of things? You see, yes, basically the objective is, again, as I told you, the opportunity to improve upon and to take advantage of the running asset. See, once the asset is ready, it is close to the coal mine. The opportunity of the upside of a small capacity, 60-odd MW capacity, which is open, also either to go for a PPA or to take advantage of the merchant taking care of the evening, this thing. It is overall, when we say the cost of acquisition, the opportunity is lying, the tariffs which we are recognizing, it's a mix of many things. In addition to that, our team has done the technical due diligence, and after that, there is an option of utilizing part of the existing plant's resources and investing and maybe doubling the capacity or even more in the same plant, which is very close to the coal mines, is also an opportunity to take advantage of. It's a mix of a few factors which make this asset extremely attractive for us. When you see brownfield announcements on this in the future, is what you're trying to say? Yeah. There is an opportunity, and also we also do. It's a very value accretive EBITDA, if you see. At what multiple I'm acquiring this and what is prevailing in the industry as a norm. All those factors also were considered. This is a very attractive acquisition, the price at which we have acquired. We are in the process. Sir, my other question was on the debt. First of all, what is the gross debt figure as of June 30th? You've given the net debt figure, which is about INR 55,000. What is the gross debt figure? Yes, sir. Let's see. Subhash? It's about INR 74,000. INR 74,000 is the gross debt, and we have about close to INR 1,200 of cash. INR 74 and INR 1,200, I understand. Net debt is INR 55,000. Yes. Is there any balance of the cash raised during the quarter left to come in terms of the June 30th number, or it's already been factored in the entire, what, INR 10,156? Both the QIP and the JSWC, the share liquidation which we did, I think those are already in. We have about close to INR 1,900 of the preferential capital from the promoters that can come in, because that can come in within 18 months what we did. That can come in any time. That is the last date. End date is June 27. Yeah. If the requirement is earlier, this is there, that is yet to come, INR 1,875 crores. Right. If you look at it, you talked about INR 20,000 crore CapEx for the year. Essentially, that means we are looking at the gross debt increasing by another INR 6,000 crore-INR 7,000 crore. Is that a right assumption? No, I think how we look at is that, for example, we have already done about this INR 7,000 crore of fundraise, and we'll have an operating cash flow also coming in. Which can give us close to put together about 12,500 odd numbers. The balance is what we can kind of look at the balance required between whatever 20 minus 12,500 is what the incremental this one could be. Right. Next year also we plan to add about 3 GW or similar? Yeah, it will be in the same range. It will be in this range only. Yes. Okay, sir. Thank you very much. Thank you. Thank you. The next question is from Atul Tiwari from JP Morgan. Please go ahead. Yeah. Thanks a lot. My question is on the profitability at the PBT or PAT level, which has been quite suppressed over the past few quarters, obviously because of increase in depreciation and finance cost. Obviously, in your portfolio mix, there are a number of projects which are very mature now. Operating for many years on thermal side. My question is, will this situation persist over the next few quarters? Or are we likely to see improvement in the profitability at the PBT or PAT level. Because your ROE has been suppressed quite a bit after factoring depreciation. I think there are two things here. One is, if you look at the capacity additions that we have been doing, these are mostly in the RE sector, right? Now, last year we did about close to 2.3. This year we have said 3. Now, because the earlier ones which are there, which we did about two to three years back, those are the assets that which will come in. Because initially, the interest cost, the debit to the P&L will be slightly higher because there's a moratorium during the construction period. Post that, when the commissioning starts, the initial interest debits to the P&L will be higher. Over a period of about, once the asset is in place, kind of stabilized for about four to five years. That's been the kind of way we feel that the EBITDA should translate to PBT and PAT. That is how generally the industry is also like. Okay. Thank you. The next question is from Dishant Jain from Quasar Capital. Please go ahead. Yeah. Hello, am I audible? Yes, I hear you. Yeah. Thanks for the opportunity. Just a very basic question. Since, and correct me if I'm wrong, but I heard that we continue to receive the fixed charges even if we have the lower PLF on the thermal side. When do we account it, and when do we actually receive the fixed charges from the customers? In terms of, if you look at Mahanadi for this reason. Because basically, if the availability is for a period of 85%, you get that because they look at it at a period of the entire year. In this case, to that extent that whenever we start billing and whenever we reach that capacity, even though the income is recognized now, the collection will happen in the next two to three quarters, basically. Collection you will receive in the next two to three quarters. Yeah. When do you account it, sir? The accounting happens now in this quarter. For example, in this case, when we said to the extent of whatever, because we are kind of saying that 85% of the minimum availability we'll anyway reach. To the extent of the fixed charges we are eligible to get, that is already accounted in this quarter. Okay, sir. Thank you. Thank you very much. That was the last question. I would now like to hand the conference back to the management team for closing comments. Thank you, Sahil. Thank you, all of you. Thank you very much for being with us today and having the interaction. Also, in case there are any more questions which come to and which you feel have not been answered or would like to know, please connect with our IR team, and we'll be happy to take those and respond to that. Thank you very much. Good day. Thank you. Thank you. Thank you very much. On behalf of JM Financial Institutional Securities, that concludes the conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.