Ladies and gentlemen, good day, and welcome to IndiGrid Infrastructure Trust Q3 FY26 earnings conference call, hosted by Ambit Capital Private 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 this 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. Satyadeep Jain from Ambit Capital. Thank you, and over to you, sir. Good afternoon, everyone, and welcome to the Q3 earnings call for IndiGrid Infrastructure Trust. Today from the management, we have with us Mr. Harsh Shah, Managing Director, Ms. Meghana Pandit, Chief Financial Officer, and Mr. Sanil Namboodiripad, Chief Operating Officer. We'll begin the call with the opening remarks from the management, after which we'll have the forum open for interactive Q&A session. I'll now hand over the call to the management. Thank you, and over to you, sir. Thank you. I would walk through the presentation for quarter three, and me and team will discuss certain aspects of that, and then subsequently, we'll go for question answers. To start with, on slide three, I'll just reiterate our vision. Our vision is to admire the most, become the most admired utility vehicle. Focused, with a focused business model, value accretive growth, predictive distribution, and optimal capital structure. We believe we have been following these four principles over the last several years. On the next slide, slide four, just to reiterate our size today, our AUM is approximately INR 32,800 crore. We are present in 20 states and 2 UTs, so almost entire country, with about 90 different revenue-generating elements, which includes 53 lines, 16 substations, 1.5 GW of solar projects, and several BESS projects. Our transmission and solar assets have substantially longer life and average receivable contracts over 20 years, with transmission, and most of the transmission assets are on perpetual annuity basis. Going to slide number six with quarterly updates of FY 2026. We signed SPA to acquire Gadag Transmission Limited from ReNew. It's 187 circuit kilometers, 1,000 MVA capacity, an ISTS project in Karnataka, for approximately INR 332 crore. We are expecting to close this transaction in this quarter. We also raised INR 1,500 crore of equity through institutional placement. Issue was subscribed, oversubscribed by 2x, and we saw widespread participation across new, long-only, and global institutional investors. Ladies and gentlemen, we have the management line disconnected. Please stay on the call while we reconnect the management. Ladies and gentlemen, we have the management line reconnected. Sorry, sorry for the disruption. I will repeat. I was talking about the QIP as an institutional placement, where we raised INR 1,500 crore, and both our existing as well as new investors participated over newly in this issue. We also signed definitive agreements with EnerGrid to acquire two of the under construction projects after one year of commissioning, which they won during the quarter. One of them was a battery project of 500 megawatt hour capacity in UP with a counterparty as NVVN, for an EV of approximately INR 957 crore. And another ISTS project in Madhya Pradesh, with 180 circuit kilometers and 4,500 MVA transformation capacity for an EV of approximately INR 1,577 crore. This is the project which EnerGrid won in this quarter, which is located in MP, and it will be executed on lease basis by EnerGrid and transferred to us after operation, after COD. With this overall, the latest win, overall under construction portfolio across EnerGrid stands at approximately INR 7,500 crore, which offers a predictable pipeline that we see from our current AUM of INR 32,000 crore to approximately INR 40,000 crore. On the financial performance for the quarter, our revenue growth was at 11.7% on year-on-year basis on account of the new projects that we added in the portfolio over the last year. The same also flowed through our EBITDA, with EBITDA growing approximately 13%. Our AUM, as I mentioned earlier, is at INR 32,800 crore, with the quarter ended at 61% net debt to AUM. In post the institutional placement, which happened in Q4, our net debt to AUM will be approximately 56.5%. Collections in Q3 was 90% for transmission and 98% for solar assets. However, the receivable days are substantially lower, owing to the more collection that we have received, YTD. On the distribution front, we are maintaining our DPU at INR 4 per unit, which is 6.7% higher versus same quarter last year, and in line with our full year guidance. Our weighted average availability for the entire portfolio remains at 99.7%, and CUF for our solar capacity is at 21.6%. With the industry update for quarter three, in slide number seven, I think the growth on the power sector remains on a good trajectory. We've seen the peak demand that we could meet as a country raised to about 241 GW, which is sizably higher, not just over the last few quarters, but if one looks at a few years ago, where the peak demand was 200 GW. So we are clearly seeing an uptrend in terms of the ability to meet peak demand, which will eventually translate into the overall consumption of electricity going up very high. Overall install capacity also increased to approximately 514 GW, with more than 50% is from renewable energy capacity. We do feel that this, both overall consumption of electricity as well as focus on renewable, is going to put an impetus in transmission capacity that needs to be added and augmented, including battery capacity, over the next 5-10 years. The draft NEP 2026, which is at consultation level, we believe is very focused on more transmission planning and strengthening the grid reliability for the coming decade. I think that the importance of energy storage is consistently going up. Over the last few years, starting from the first bid till now, there have been sizable amounts of grid, almost 13 GWh of bids under VGF and otherwise have come up, and India is going to be targeting more than 100 GW of pump storage. So we think that overall storage market is going to be on a trajectory to grow over the next years. We feel that the RPOs and the grid and the battery capacity will consistently going up, and that would throw reasonably good opportunities for us to continue to participate and grow our portfolio and increase revenue. On slide eight, we see very active bid activity in the transmission and BESS sector. We've seen overall INR 157,000 crore of transmission and BESS bids over a period of next few quarters, in which includes a few HVDC bids, as well as smaller state bids and battery bids. So we are hopeful that we will continue to be able to participate in these bids via EnerGrid and grow the portfolio. On slide number nine, we have a quarterly operation performance. I would request Sanil, our Chief Operating Officer, to take us through the same. Thank you, Harsh. Good evening, everyone. We are on slide number nine regarding the quarter performance. The first is the safety updates. We had zero medical treatment cases, first aid cases, and no time incidents, maintaining our health and well-being. Performance-wise, the power transmission business operated with a availability of 99.77%, maintaining a stable availabilities. And the solar generation, the Q3 was 551.5 million units at 21.6% CUF. With regards to the reliability, the trips per line, we have maintained at 0.07, maintaining a steady reliable performance. Majority of the trippings that happened were due to foreign materials, lightning and thunderstorm, which were beyond our control. Substation trips per element, outages were at 0.01 trips per element, which is better than the average benchmarks. And the solar availability was 98.5%, the plant availability. And some of this was due to various breakdowns and which were recovered. Some of them were recovered under insurance coverage. If you look at the right side, the Q3 availability was of the transmission assets were beyond the normatives. Most of them, except one asset, who operated much well beyond the normative availability as per the transmission service agreements. And if you look at the key indicators, we we are better or at par with regards to the Q3 of the last year. Number of trips per line last year was 0.09 in the same quarter. Today, this quarter, we were at 0.07. Training man-hours remains steady. Loss of time incidents were better this year. Unsafe conditions reporting, we encourage always that the reports should be there, so that we are able to take preventive and corrective actions. So this has improved. And near-miss reporting also has been in a steady way. The utility solar generation was 551 million units, so slightly better than last year's. And the plant availability remains steady with 21.6% CUF and 98.5% availability. For the next slide, may I request Meghana to take over? Yes. Thanks. Thanks, Sanil. Good afternoon, everyone. I'm on slide number 10 on the Q3 FY 2026 financial performance. Starting from the reported revenue, where we clocked an increase of 11.7% over Q3 of FY 2025, and recorded the revenue at INR 862.2 crore. On the EBITDA side, consequently, clocked an increase of 13% at INR 784.3 crore. ... Both these increases were on the back of the acquisitions that we did in Q1 of this fiscal. The renewable assets that we acquired on the transmission and solar side, almost about INR 2,100-INR 2,200 odd crore of acquisitions that came through. NDCF generated for the quarter showed a muted performance at around INR 328 crore, largely on the back of changes in the working capital, on the collections bit, because Q2 of FY 2026, we had much larger collections. So comparatively on Q3, there has been an adjustment that happened. DPU for the quarter is declared at INR 4, in line with the guidance for this fiscal of INR 16. On the collection and receivable days, the transmission assets portfolio had collections of 90% in Q3, FY 2026, versus 100% year-on-year basis. The days outstanding, DSO days, stood at a very healthy of 38 days as on December 2025, compared to 48 in December 2024. On the solar side, collections remained very robust at 98%, with the DSO days again at 32, compared to 50 days in December 2024. A marked improvement on the collections and DSO days, which we have seen in the sector itself. Moving on, on the distribution update on slide number 11. As I said, the distribution per unit stands at INR 4 for Q3. Breakup of which between interest, dividend, capital repayment, and other income stands, in line with the trend every quarter. The total outstanding units for the, as on date at INR 95.26 crore. This is after the institutional placement, where we raised INR 1,500-odd crore in the beginning of January. The gross distribution for this quarter stands at INR 381 crore, with a record date of February seventeenth and tentative distribution around February twenty-fourth. The NAV per unit stands at 146.4. Basis the diluted capital after taking into account the institutional placement. So the total distribution stands at 113.32 per unit, amounting to INR 72.67 billion, which is being distributed to the investors since the time we got listed in 2017. The annual distribution trend again looks very healthy, with a 6% CAGR over the last five years, and we are on track on delivering the guidance for the year at INR 16. Moving on to slide number 12, on the consolidated EBITDA to NDCF waterfall. The EBITDA generated at SPV level stood at INR 756 odd crore, and with all the adjustment in terms of the working capital movements CapEx, the NDCF consolidated at SPV level stood at INR 678 crore. After that, adjusting the debt servicing requirements of finance costs, DSRA working capital movement, the NDCF generated during the quarter stood at INR 328 crore, and the distribution for the quarter stands at INR 381 crore. To the extent of about INR 52.7 crore, we will be utilizing it from the reserves. After the utilization of this INR 253 odd crore from the reserve, the reserve balance will stand at INR 520.7 odd crore, which is almost 1, 1 and a half quarters of distribution on the diluted capital as we speak. Moving forward on slide number 13, on the balance sheet position, we continue to remain AAA rated by all three rating agencies. The average cost of debt stands at 7.41% as on December 31st, with net debt to AUM leverage ratio at 61% in December, and after the institutional placement, it is at 56.5%, leaving a significantly healthy debt headroom for future acquisitions. On the borrowing front, the total fixed rate borrowing between the overall book stands at about 88% odd, with floating borrowings at about 12% odd. Cash balance, again, including DSRA, including the distribution for the quarter, stands at around INR 16.59 billion and an interest coverage ratio of 1.92 x. On the gross borrowing of around INR 21,000 odd crore, the mix between NCDs and bank loans stands at 72% and 28%, with a diversified debt investor across mutual funds, banks, corporates, provident funds, and a mix of PSUs as well as private banks. The refinancing schedule that we see at the bottom of the chart shows a diversified and termed out borrowing profile, ensuring that we do not bunch up any maturities in any particular year, and do not cross more than 12%-13% of gross borrowings, which comes up for refinancing in any particular year. For the remainder quarter in this fiscal, almost everything is already refinanced, barring about INR 200 odd crore of refinancing, which will come up now. Moving on to slide number 14, on the total returns to investors. Total returns depicted by the distribution till date and the price change. As you can see, IndiGrid has clocked a total return of 181% and an annualized return of 13% since the time we got listed. If we compare this with pure debt on one hand, which is depicted by the 10-year and 30-year G-Sec bond, and with pure equity, which is depicted by various indices, you can see that on a risk-adjusted basis, IndiGrid has outperformed both pure debt and pure equity indices. Risk being depicted through the beta, which is very close to zero at 0.06. Moving on to the business outlook on slide number 15. So on the portfolio strategy, we continue to ensure that our focus remains on ensuring the operations remain stable with predictable and sustainable distribution, while at the same time looking at value accretive acquisitions. The The greenfield development projects which are there between IndiGrid and EnerGrid, our focus is ensuring that execution of the augmentation work, as well as the under construction projects of 7,500 continue to remain on track and we deliver on time. In addition to that, through EnerGrid, we will proactively participate in further greenfield opportunities on battery and transmission projects. Similarly, ensure that we deliver the DPU guidance of INR 16 for FY 2026, supported by disciplined capital employment. On the balance sheet side, again, our focus remains on how to optimize the interest cost and ensure how we can elongate the tenor profile through the upcoming acquisitions and refinancing opportunities that come about. And with the kind of leverage ratio that we have achieved, ensure that the proven leverage is also maintained when we look at acquisitions. Resilient asset management, again, remains an important pillar, where we focus on sustaining at least 99.5% availability on the operational transmission portfolio. In addition to that, try and strengthen on O&M capabilities basis digital and predictive analytics, both on the transmission side as well as on the solar side. Underpinning that, ensure that EHS and ESG practices remain at the forefront. Industry stewardship again continues to be on the forefront, wherein we participate actively, on policy shaping industry dialogues through Ministry of Power, CERC, et cetera, on the power sector side, and on the other hand, on the InvIT side, through various forums and through the association also that is formed. I'll take a pause here, and, we can get into the Q&A session for any specific queries. Thank you. Please. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Shrey Singhania from Singhania Technical Services Private Limited. Please go ahead. Hello. Good evening. Am I audible? Hello. Yes, you are audible. Yes, you are audible. Yeah. So, good evening, sir. I'm Shrey Singhania from Singhania Technical Services Private Limited. I had two, two questions. Firstly, why have the collections in the transmission business reached 90% from 100% last year? Considering, like, we had some collections in the previous quarter as well, but we've constantly, like, observed a dip in the reserves. So what have you, like, got to say about that? And secondly, we've observed falling tariffs across the renewable sector as, you know, the technology improves. So companies like JSW Energy, with the initial projects that these companies had, are facing a little bit of legal issues as well. So how are we prepared to face similar situations? Thank you. Yes. I think on your first question, on slide number 10, if you can have a look at it, you have to average on an annual basis. So the last quarter was 108%, and before, the quarter before that was 93%, and before that was 115%. So if you only look at last 12 months, we have honestly collected more than 100%. I think so. So on a quarterly basis, the collections fluctuate between 90%-115%. That's how we, we have monitored. I think if, when, when he looks at the balance sheet, which is a DSO basis, is an easier way to figure out. So we have 38 days, which was 48 days in December 2024, which practically shows you that the receivable days have improved, or rather, we have collected more cash flows from the last year. So I think it's just the quarterly changes that keep happening. We don't see there is anything negative or materially wrong in that. It's rather, we are seeing it's receivable days are substantially lower than history, which means that the collections are very well done till now. On the draw of the DPU, I think we raised two capital rounds this year, approximately INR 1,900 crore, which means that we are diluted. And deployment of those capital immediately goes towards repayment of debt. And then when we acquire assets with that headroom, is where the DPU grows. So immediately, the next quarter, for example, even this quarter when we raised the capital, the dilution impact is one which reduced the NDCF, and therefore, we've drawn on our reserve. As we deploy that on the assets and acquire, that will, that will come back to normal is what we feel. So we don't see, again, negative on that. The question on JSW, I'm not sure which one you refer, but, none of our projects have been renegotiated down. All of them are consistently paid, and we do not see any, I would say we haven't felt or even, even slightly felt any of our projects coming near any kind of dispute or issues on this front. Most of the, at least, renewable projects are operating for over a year to 10 years, so I think they are more stabilized ones. ... Right. And, if there is any color that you could give me on, like, when the equity proceeds raised will be realized as project cash flows, which I believe shall support NDCF, as you're mentioning. It’s, I mean, it depends on the acquisition and as the schedule goes, immediate use of proceeds to repayment of debt, which we’ve already done. And we have a pipeline, as I mentioned earlier, of INR 7,500 crore, which we’ll be acquiring over the next—starting from three months to two years timeframe, or three months to three year timeframe, which is known. So clearly, those cash flows will add into the NDCF over the period of next three months to three years. There’s a different cycle for each project. Right. Thank you, and congratulations on the great results. Thank you. Thank you. The next question is from the line of Deep Vakil from Bandhan AMC. Please go ahead. Thank you for the opportunity. Good evening, all. Am I audible? Yeah. Yeah. Sir, you used to give the DPU slide in Q1 FY 2026, and you've been giving that historically, but since last quarter and this quarter, I think it has been stopped. So can you please give that slide? It helps us understand, you know, what the existing asset will give and what is the expansion plan. It was a chart- Sure. -with multiple, indicative DPU profile. Understood. Yeah. Sure. We'll start with quarter four and, yeah, go on. Sure, sure. Thank you. Congratulations on the good set of numbers. But, one thing, I mean, the DPU guidance stays intact, 3%-5% growth that you've been mentioning? We don't give growth guidance. We give DPU guidance, which is intact for INR 16. Right. So that will continue. Yeah, yeah. Okay. Growth, that comes in the quarter four annual board meeting is when we do, and even the DPU projection, typically we have done annually. So if you look at our last DPU slide, we would have given in quarter four of 2025. Now we will give in quarter four of 2026. So just, it doesn't change quarter on quarter, but we'll add that in the next quarter. Okay. Sir, I think there's one asset which was non-operational, Godawari Green, so due to some transformer and generator failure. So I mean, we have recognized the revenue for that. I mean, we have not recognized the revenue loss for that. If I'm not mistaken, there was a similar asset, where there was some generator failure last quarter or last to last quarter. So where ideally, I think we did not recognize the revenue. So is there some change in the policy, in the revenue recognition? Because there also, I think there was a INR 40-INR 50 odd crore revenue loss and a INR 30-INR 35 crore EBITDA loss, and for which we had filed insurance. And the second question is that, I mean, any update on that insurance claim? So I don't know where you're seeing this quarter. The Godawari Green project is operational. There is no disruption on that, and we only recognize revenue when the electricity is generated and sold. So if the asset is not working, we cannot recognize revenue. So I'm not sure where there is a dissonance coming. Can you check that or can you look at that? Yeah, yeah, it's in the, it's in your note, note number three of your unaudited consolidated financial result of, I mean, December ended, I mean, the latest result only I'm talking. Note number three, point, bullet point number four, where I think the project was not operating from twenty-first March to twenty-first July. And I think, I mean, there it is mentioned that management has not recognized the revenue loss. So I'm just trying to- Exactly. It is a matter of fact, yeah. So, no, it is a factual position that is shared, and subsequently in July, the asset has started back on track. So there is no second case. It is the same case which is repeated in the balance sheet for- Okay. Matter of fact. Okay. Yeah, there's nothing else that has happened. On the insurance one, I think that it's an ongoing process. We are confident that we'll receive, and there are positive developments. As and when we receive fully, we'll be recognizing that in the books of accounts, so you will get to realize that. Okay. And sir, one last point, I mean, we've been seeing there have been, I mean, grid availability issues in multiple states, including Rajasthan, Gujarat. So any sense on, where, I mean, the sector nuance or how can IndiGrid benefit out of this, or the, the transmission charges might increase in new projects? Any sense around that? No, I see... First, I don't call it grid availability issue. It is grid connectivity issue. Yeah. Grid availability issues are only on assets once they are available, so that is about grid connectivity for new projects. I think fundamentally the gap is coming because the transmission capacity takes time to build, 2-3 years, and solar PPAs takes probably much, much lesser to announce and sign. Right? So what happens is that it's easier to sign a PPA and announce, and unfortunately, our planning works that we can put in a plant anywhere. So connectivity is always going to be slower and takes time. So, I won't say they are short or they are delayed. It's just that the way the country has been planning, we plan generation first, connectivity later, which needs to reverse and having connectivity first, generation PPAs later. So, and I think there is a lot of appreciation of this fact now, and you're seeing, that's the reason we are seeing new bids coming in, and new pipeline for transmission assets coming in more. I don't think that has anything to do with transmission rates, because that is a competitively bid, but we are seeing a lot more bids on account of this. So that's, that's what the whole INR 150,000 crore pipeline that we showed, that we see that new assets will come. Okay. Thank you. Thank you, sir. Congratulations on a wonderful set. All the best. Thank you. The next question is from the line of Sachin Jog, an individual investor. Please go ahead. Hello, good evening. Can all of you hear me? Yes, please. Good evening, Mr. Harsh and team, and congrats on another quarter of excellent performance. My first question relates to the acquisition of GR Infra assets. So we had some kind of a MOU with them a few years back, but haven't heard anything on that. They decided not to sell assets to us. So the MOU got expired. That did not translate into a an acquisition or a signed definitive agreement. MOU was a agreement on good faith to work towards closure. However, subsequently, we could not reach an alignment on key terms, so it did not take place. What about the transmission asset that you were supposed to acquire from them? See, it is their asset, it belongs to them. They, they still own the asset. No, so, from our end, has there been any follow-up? No, the agreement expired because it was an MOU, it is not a binding agreement. So if somebody does not monetize, we cannot really do anything about it, right? So- Okay, fair, fair, fair enough, Mr. Harsh. But then, you know, we didn't hear about this agreement expiring and... You know, so maybe that is something that was a necessary communication to be sent out to stakeholders. Because you did announce the MOU, right? Yeah, it should... I mean, we'll have to consider that, because, see, the framework agreements are typically non-binding agreements, and a non-binding agreement, I think we'll think about it. If it makes sense to really announce, we will take note of this. No, because as I look at it, you know, once you, you know, announce that you have an MOU under a specific asset that you're going to acquire once it is commissioned, and if that is not happening, I would say, you know, it, I mean, to me, at least as an individual investor, I felt I should have heard about it from IndiGrid. Fair enough. I think it is a point of view. We respect that. We'll consider. Obviously, the disclosures are typically we have to see in line with the terms of the agreement. So we'll go back and see if we are able to do it. Okay. The second point was also about, you know, I think it has already been raised, about this DPU accretive, you know, that slide. I think someone have already mentioned it before. So should we get it from the next quarter in the presentation? No, we do it. If you check last couple of years of slide, we only share this slide in quarter four of a year. So you can look at, I mean, next quarter you will obviously see that slide and an annual presentation. And then subsequently, you can refer by the same slide, because honestly, quarter on quarter, things don't change in that slide. So we, anytime you can go to last quarter four slide of at 2025, you'll get the same slide. Quarter three of 2025, you'll get 2024, you'll get the same slide. So next quarter you will see it, and then again you'll see it in 12 months from then. Oh, okay. So you're making it a yearly, you know, maybe end of the year affair. Annual. Yeah, exactly. Okay. Yes. Okay. Fair enough. Fair enough. Okay. I wanted to understand, you know, we have, you know, as per your presentation, close to INR 7,500 crore of projects in the pipeline as CapEx. Our net AUM is about INR 32,000 crore. Am I right? Yes. I'm going by your slide. So, you know, typically, you know, are we sort of getting into too much of a risk zone where, you know, my understanding was that only 10% of our, you know, projects could be, of the total asset value would be under construction. So I think this is far in excess of that. So is there a risk that we are taking on and we are- No, good point. So first, we, the INR 7,500 crore includes EnerGrid assets, so we do not have... This entirely is not our assets, right? So EnerGrid builds these assets and subsequently sells to us after it is revenue generating and operational. So under InvIT regulation, we are not allowed to cross 10%. We will not cross 10%. INR 7,500 crore is over a period of three years, and IndiGrid buys it when it is completed and revenue generating. So we do not see reaching closer to 10% or breaching 10% in the future. We are not adding INR 7,500 crore of under construction risk. This portfolio is with EnerGrid, and we will acquire when it's operational. We are sharing it to showcase that we have signed the agreement. For example, we signed two agreements this quarter for, 1 for NVVN for INR 957 crore and other for NP, which is INR 1,577 crore, which is put together approximately INR 2,600 crore. This is included in INR 7,500 crore. This INR 2,600 crore will come to IndiGrid when assets are revenue generating and for 1 year, right? So it is probably gonna come 3 years from now. Okay? And for these, there are binding agreements, and that's why we signed that definitive agreements are signed. So this is not a INR 2,600 crore risk for IndiGrid. I hope I'm able to explain that. No, I understand that, because EnerGrid asset is a, I mean, technically, it's a, it's a separate entity, but I guess we still own 33% of EnerGrid, right? Am I right in that? ... Correct, correct. So we will have 1/3 of it, which is less than, much less than 10%. Okay. So, you know, it's an indirect risk anyway. I mean, because, you know, Yeah, correct. We have to buy those assets. Yeah. We have to buy those assets. That's right. That's right. That's right. No, no, so we want to buy those assets, not have to. That's why we are signing agreements. But we buy those assets when they are complete. I understand. But, I mean, you know, as an investor, we should keep it in mind that, you know, those, those assets are supposed to come to IndiGrid, and then if I look at that as a percentage, then I think we are close to somewhere around 20% of, assets under construction. Okay. But why? When they come to IndiGrid, they are completed, then you're calculating the percentage is wrong. Okay, fair enough. Again, I didn't- If you have completed project, it does not count with IndiGrid. Okay. Okay. Look, previously, whenever there was an acquisition, because I have been invested in IndiGrid for a long, long time, there always used to be a very clear figure as to how much the acquisition will be DPU accretive. So why is it that we don't have that figure in the later acquisitions, the past few acquisitions that we've had? I think a few reasons, right? One, we have found it sometimes an asset-specific accretion misleading, because an individual asset, whether we show, we show as funded in what manner, right? So what net equity? So it becomes, I would say, extremely complicated for unitholders to make interpretation. However, in the press release, we still mention how much is the NDCF coming for that acquisition. So that data is still available. So you can refer to- So in the press release, sure. So, Mr. Harsh, I think that is exactly the point. I remember that in the press release, previously, there used to be a very clear number that this is so many INR crores NDCF accretive. I don't think that number is accurate. It's still there. It is still there. It is still there. It is still there. Which— See, these are not the acquisitions which are done. The announced acquisition are signed when we complete- No, I'm not talking of... I'm not talking of these. I'm talking of the ReNew or, you know, those acquisitions also which are left. I, I, maybe I'll check. ReNew acquisition is... Please, please check. Please check. We still disclose NDCF for the acquisition. So we do mention. When we acquired the NDC, when we acquired the new asset, in, in this financial year, we mentioned over INR 100 crore in RSTCPL and KNTL asset that we acquired, which was the last asset that we acquired. These are the agreements that we have signed. So when we acquire, we do mention. Yeah. Okay. So maybe my bad, I'll check once again. Whenever we make an acquisition, are our acquisitions in some way related to the prevailing interest costs? I mean, because the NAV keeps varying as per the prevailing interest costs, right? Or maybe a triple-A rated asset. Yes. Yes. So, in that case, you know, this Techno Electric asset, is it why is it that we have signed an agreement so much well in advance? Or is it that at the time of the actual signing of the agreement, there will be a consideration if there are interest rate fluctuations? So there is no variation. There are different types of agreements we sign. This agreement is such that where we have fixed the value of the agreement, and we have synergies on that asset. So sometimes we sign framework, and if you sign framework, as you yourself mentioned, you know, GR, GR Infra did not sell the asset to us, where the value was open, right? So we prefer to lock in the asset wherever we sign the agreement, and for that, we lock in the value as well. So that's the way we have transacted on Techno Electric asset. So, if there is a change in interest rates at that point of time, that could actually go against us as well? Yes, it can go against us. It can go for us as well. It can go either ways. Okay. You know, previously, I think till 2018, 2019, one of the things that IndiGrid aspired to be was best-in-class corporate governance. This used to be specifically mentioned as a part of the presentation. Somewhere around 2020, I think we, we ignored that. So, any specific reason? We added multi-segment yield vehicle, and we removed best-in-class corporate governance. So any, any thought that went into it at that point of time? I think it's... I'll have to refer back six-year-old notes. I think what I can tell you, we do follow best-in-class corporate governance day in, day out, and therefore, we don't need to mention it, I would say. It is part of our ingrained nature, so we don't need to mention it as a strategy. And I think all our unitholders, our investment managers, and sponsor expect us to do that as a matter of fact instead of as a strategy. So I think that's the reason one can really take home to do it. I don't recollect when exactly- So, so my point is that, you know, sometimes when you put it there, it makes you a little more conscious. I understand. I have, you know, I have been a long-term investor. I think I'm invested, you know, for more than 7-8 years now. So I understand that, but I sometimes feel that, you know, you put it in the presentation, every quarter you have to look at it and, you know, maybe ask yourself some questions, so it makes you more conscious. I think there are enough things to remind us to do that. You don't need to put it in... Because we have annual reports or semi-annual reports, you can look at that. There are semi-compliances, regulations we follow. I think there is enough, but I think we take input, we'll see if this is really kind of one. ... Okay, why, why this bias towards institutional investors when you're raising funds and, you know, you know, repeatedly when recently funds have been raised? Have you ever thought of a rights issue, so that retail investors also could benefit now that, you know, 30% of your investors, which you have really proudly stated in the presentation, are retail investors? No, there is no bias of retail versus corp institutional or otherwise. I think it is a pure strategy. For example, we have done a rights issue, if I'm not wrong, 4 years ago. So it's not that we have not done rights issue. We have done it in 2021. However, what happens is that for rights issue to succeed, you need to have 90% subscription, and that requires us to give discount to ensure that 90% subscription happens, which I don't think is the right business decision for the business itself. So if, if there are unit holders who are valuing the unit at, say, our institutional placement was INR 163, we would rather do institutional placement at INR 163 rather than do a rights issue at INR 155. For the business, that is the right decision. Okay? So I think for us, what is right for the business is right for everyone, so we try to follow that. So that's the first rationale of doing institutional placement. And the second rationale is that, over a longer period of time, we are an acquisitive business. We will continue to grow, and it'll be important for both retail, all shareholders, that there are institutional shareholders who have ability to contribute large capital. Yes, the retail shareholders ability over last several years have increased massively. The liquidity has increased massively. I think that's why if we were to do a INR 1,500 crore, or rather INR 1,500 crore we did today, but let's say we acquire a larger project, if we want to do INR 3,000 crore of rights issue or INR 3,000 crore of capital raise, I don't think the liquidity is reached to the extent that one can safely assume that INR 3,000 crore will come, right, just from retail market. So I think we have to maintain a balance of long-term, large-pocket investors, as well as the first decision is that if the retail comes at a substantial discount, unit holders may feel that they got a better deal, but over a longer period of time, for business, it's a, it's a raw deal, right? So I think we have to balance both. That's why we take decision of institutional placement this time. But the right issue would be for- We've done rights issue before. Yeah. So rights issue is anyway for existing investors, right? So I don't think that should be any reason for existing investors to feel short-changed if they have the right. No, no, it's not about investors getting short-changed. For example, a INR 1,500 crore capital gives us, say, INR 7,000 crore of acquisition pipeline, right, on a 70-30 basis. If rights issue happen at a discount, the accretive nature, accretive result goes out because now you don't... Now for those INR 7,500 crore, you need a higher yield to make it accretive. If you acquire those assets, so instead of issuing 5 crore units, you'll have to raise 6 crore units, which means you need to deliver growth on 6 crore units. So mathematically, you expect the, the assets have to yield much higher to be accretive. So it's not, it's not about one unit holder. As a business, when you raise capital dilutes, so the new project that you win needs to be more profitable to meet the growth requirement for DPU, right? So it puts stress on the business if you dilute at a deeper discount. Okay. So my next question is related to operational availability of the asset. So this JK, you know, TPL, you know, I see that, you know, again, this quarter, again, it is, you know, not available. So does that mean that we are going to lose some revenue this year on that asset? We might lose some incentives on that asset, yes. That asset is a very small percentage of our overall asset, but it's... Yeah, we have a issue on that asset, so that's we restored the issue, but I think it's a very small asset that we do. And over currently, we have taken applied planned outage, so it'll be back to normal availability in quarter four. No, but I think even before in Q1, there were a lot of assets, which were well below the 98%. So, you know, now, of course, I see that most of them are well above the 98%, but this asset still continues to be low. So any other asset where we will lose revenue this year because of low availability? No, you have to read our annual report for that. I'm not sure for this quarter. If you ask me last 3 quarters, which assets have changed, I won't remember exactly. You know, we've got 50 lines, but on this asset, as I mentioned, it's less than 1% of our size, or rather, less than 0.75% of our size. So I don't see this asset having a material impact on our overall revenue for that. Second, we calculate our year-to-date availability, so at least this quarter, as you can see, none of the asset as of this is impacted. For next quarter, we'll share how it goes. Okay. Thank you so much. Last question. You know, you mentioned that you started using AI. So, you know, what are the domains in which this is being used? And, you know, are we going to see impacts in the years ahead in terms of reduced maintenance costs? I think for AI, for us, is more for productivity increase, in terms of, ability to manage our shutdowns better, ability to manage our productivity of labor on ground for inspection better, ability to predict faults, pretty much those kind of things. And, and we have been using—this is not a really, all AI/ML type of stuff. It is very basic fundamental digitization that has helped us to improve our productivity. We're already seeing that impact. I don't think that's going to materially change over the next 10, next 5 years. So since inception, which is 10 years, our EBITDA percentage has remained in the range of 88%-89% to 90%. So our core goal is to beat inflation, right? So on availability, on, on, O&M cost, and we have been consistently done that over the last 10 years. We would like to push the envelope and continue to do for the next 10 years, but it's not suddenly next year we will have 2% higher EBITDA because of AI. I don't see that kind of change or a material impact on our business today. There's an incremental impact to ensure that we keep our productivity well. Thank you. Thank you so much for being so patient and taking all the questions from... Thank you so much, and once again, congratulations for the good work that is being done. Thank you. Thank you. The next question is from the line of Sunil, an individual investor. Please go ahead. Hi. Good afternoon. So I have two questions. One is, since most of these solar or probably even wind take a lot less time than transmission assets to complete, have you considered even, you know, bidding for solar projects in your through EnerGrid? And my second question is about when is your first transmission asset that would expire, the contract will expire? Because I'm more curious to know how the renegotiations happen. That's all. And one request is, if you could limit two plus one questions to the callers, that would be helpful, because I've been waiting for 25 minutes on the call. Thank you. Thank you very much. Thank you. So, to answer your second question first, it's an asset called ENICL, which was one of the first assets that was built in by 2014. So that's, that's, November 2014 is the build of that asset. So we will see somewhere extension discussion happening in 25 years from there, because the first asset had a 25-year contract. Everything else was 35. So maybe 2030, 2029, 2030. So very, 2 years away. Not, not 30, actually, 2040. Sorry. So it's quite far, 2039. So at least 15 years from now. So fairly away. Sorry, I missed your first question, if you can... The first question is about whether you are, you know, open to bidding for solar or wind in 50. Yeah. We EnerGrid is a exclusive arrangement between IndiGrid, Norfund, and BII for transmission and BESS projects. We are not exclusive on solar. At this point in time, we have not bid for any solar or wind project, and I don't think there is anything in plan that we will expand in the next quarter or two and start bidding for solar projects. Many a times we have thought about it, but we have not taken that initiative. Thank you. Thank you very much. Thank you. Thank you, Sanil. Thank you. The next question is from the line of Deep Vakil from Bandhan AMC. Please go ahead. Mr. Deep, your line has been unmuted. Please go ahead with your question. Yes, sir, it has already been answered. Sorry. So thank you. Thank you. Ladies and gentlemen, as there are no further questions from the participants in the conference, that was the last question. I now hand the conference over to the management for closing comments. Thank you. Thank you everyone for joining on the quarterly call. This quarter has been at least last of, I mean, a fairly transformative quarter. We raised our capital, which gives us pipeline till INR 42,000-INR 45,000 crore of assets. We have our EnerGrid initiative has been yielding results, so we have signed agreements of INR 2,600 crore with EnerGrid. We acquired assets from ReNew, so we are hopeful that the growth journey continues, and we are able to deliver on our promise of predictable DPU and growing that. So thank you for investing in us and trusting us with the capital. Looking forward to see you next quarter. Thank you. Thank you. On behalf of Ambit Capital Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. Thanks, everyone.