Ladies and gentlemen, good day and welcome to the Q3 FY23 earnings conference call of Adani Transmission Limited, hosted by DAM Capital Advisors Limited. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. To assist during the conference call, please signal an operator by pressing star then zero on touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from DAM Capital Advisors Limited. Thank you, and over to you, sir. Thanks, Rutuja. On behalf of DAM Capital, we welcome you all to the Q3 FY23 earnings call of Adani Transmission. We have with us from the management, Mr. Anil Sardana, Managing Director, Adani Transmission; Mr. Bimal Dayal, CEO, Transmission; Mr. Kandarp Patel, CEO, Distribution; Mr. Rohit Soni, CFO, ATL; Mr. Kunjal Mehta, CFO, Adani Electricity Mumbai; Mr. Vijil Jain, Head, Investor Relations. We'll start with a brief opening remarks followed by Q&A. Over to you, sir. Thank you, Mohit, and once again, welcome to all our analyst friends to Q3 FY23 call. I hope the audio is clear because I'm getting a bit of my own voice back, but I assume that at your end it should be okay. Otherwise, just put it in the box or let us know. Coming back to the results, the entire ETRE's and the exchange information is available with you, so I'm not going to repeat those figures except to just very quickly add some of those aspects that typically our analyst friends are very keen to understand. Number one, the sector continues to be growing well, and you're aware of the fact that for a long time there was a bit of hiccups and delays, which we have talked in the previous quarter calls, related to the issue of Great Indian Bustard. Fortunately, based on Honorable Supreme Court's appointed committee, the issue has been resolved in the sense that all transmission lines up to 33 kV in those areas would be converted or added through cables and all extra high tension above 33 kV would continue to be overhead lines, but would be provided with proper bird diverters, which are of different specifications, which fortunately Central Electricity Authority has standardized. All in all, good development. This is which the entire set of lines which are correlated to renewable energy in the states of Rajasthan, as also state of Gujarat, are therefore going to be rolled out one by one, and we have started seeing some of those lines being put out for bid. Besides the interstate transmission system, which is primarily the CTU-oriented work and CERC-governed lines, there are states like Uttar Pradesh, states like Madhya Pradesh, states like Karnataka, Rajasthan, who have also started to compile their intrastate requirements, and they, too, have started to put out information in different formats for the tariff-based competitive bid projects to come in. That's about the pipeline in the transmission side. On the retail side, there are 3 aspects I wanted to convey to our friends. Number 1 is the issue related to the 2nd license. As we are all aware that for a long time the entire amendment to the Electricity Act has been languishing. One hopes that in the subsequent sessions of the Parliament, one would see progress. As stated before, until that happens, we will continue to pursue options of second license because that, in a way, meets various aspects and those aspects being that it does not impair anything related to the existing incumbent, except gives customer a choice in terms of more better tariff, competitive tariff or more reliable power supply. To that extent, as you would have read yesterday in the India Energy Week inauguration, the Minister for Power mentioned about the fact that it's government's view today that instead of privatization, we will encourage competition. Therefore, second license is nothing but a means to add competition and provide choice to the customer. To that extent, various regulators are now looking at drafting regulations in terms of the fact how would they govern the second license regime. That's a welcome value proposition because once that comes in, one would know whether it's going to be ceiling tariff regime or it's going to be similar to what exists today in the city of Mumbai. More of that later. We welcome this move, and we will look forward to the second license in different locations. The good part about second license is also the fact that the capital outlay in some of those networks gets spread across several years and therefore offers the geographical advantage to the customers in that area, while you continue to unroll gradually your network to the subsequent and the other geographies. Coming to the smart meters, which we have discussed in the past quarters. This is an evolving area, as we mentioned before. The country is committed to 250 million meters, smart meters to be deployed across the various discoms. To that extent, most of the discoms are partaking in this Government of India scheme. To that extent, initial vendors that one saw in 4, 5 locations clearly saw the fact that there has been a clear understanding that it is mostly the players who have the experience related to not just hanging the meter at the customer premises, but the wherewithal to make sure that in the subsequent 120 months, which is 10 long years, one will be able to provide well-informed inputs to the distribution companies. The value proposition is very befitting and suitable to ATL and its experience in the distribution segment. For several others who could either be meter manufacturer or players who don't have the knowledge about the network management or customer interface will find it challenging. We believe this is an area which is suitable to us. There has been some news with regard to UP calling off a particular tender. To that extent, one does not know in the details of that in terms of information. The first level of engagement suggested that it was on account of various qualification requirements, et cetera, which said that one should have been a meter manufacturer. It has been clarified that the Government of India's standard bidding documents do not have such a requirement stipulated, and therefore the entire subject is still under review by the respective authorities. Lastly, in terms of our growth related to other retail areas, including the fact that, there are a lot of customers who are looking for solutions, we will talk about that in the days ahead in terms of how the various new rules about green access, Green Open Access. There's also various arrangements with regard to the large customers being benefited with green power. How ATL, which is an energy solution provider company, will benefit the customers, and therefore, by virtue of that, will be able to participate in more and more network outlay between the customer and the distribution company. That is about the growth and how the sector is panning out. I just want to touch just about two other aspects which our trends are. One is what is Adani Electricity's regulated equity and debt. Just for our beliefs as of December 2022, the regulated equity is about INR 4,500 crores and the regulated debt is about INR 3,000 crores. That's for you the details, because many of you actually run your details basis those inputs. We have talked about ESG, we have talked about various recognitions. I'm not going to talk about that right now, and rather use your questions to add any piece of information, if you would have keenness to understand that. With you, and look forward to your questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question press star 1 on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star 2. Participants are requested to use handsets while asking a question. Please and gentlemen, there will be for a moment while the question queue assembles. The first question is from the line of Abhiram Iyer from Deutsche Bank. Please go ahead. Hello. Thank you for the call. I have three questions. Apologies if I'm taking some time. The first question is what was the gross and debt and cash for both ATL consolidated and AEML as of December? Not regulated, but you know, gross debt and cash. The second question is, can you just highlight give us an update on the mid-period tariff review process that's going on? When do you expect this to be completed and when do you expect any changes to the tariff if, any to come into play, to reverse the regulatory balance for AEML? The third question is, post, sorry, in the previous quarter or post-December, can you just highlight if there have been any sort of intercompany loans that's been made outside of the group, of the whole ATL group? Thank you. Thank you for those three questions. Let me take up one by one. In terms of our net external debt, the number as of Q2, FY 2023 is INR 28,348 crores. I repeat, INR 28,348 crores. In addition, there is QIA subject, which is INR 2,294 crores. Why I'm indicating QIA subject distinctly is because this we use as an equity for each of the tranche for traffic conditions that happens at Adani Electricity Mumbai level, because it qualifies accordingly for our contribution of 30% equity. Therefore, we mention that distinctly. The net external debt is INR 30,642 crores. Net debt for all purposes of servicing is INR 28,348 crores. Your second question that you asked was related to MPR. The MPR exercise is underway, as you rightly mentioned, which is related to both transmission assets, in Maharashtra, because those are regulated assets there, as also for Adani Electricity Mumbai. One is expecting that both these orders should be with us or should be in public domain before end of March, before end of the current quarter. Therefore, the effectiveness of that will happen from the next financial year, first quarter. That is the second part. Third part you asked about are there any loans from Adani Transmission, to any of the related entities, in the group side? There are no loans that Adani Transmission has to group entities, outside of ATL. Right, sir. I believe these are new loans, no new loans made, right? I believe there are a few existing ones which obviously already are in public domain. That's correct. What you said, there are no new loans and the past loans also which you talked about are in public domain, have been unwound. Understood, sir. Can you just, circling back to question one, can you give the same figure for AEML specifically, the net debt number? Okay. Just a minute. Give me a minute. Out of this, the debt as of 30th September 2022 for the distribution business is INR 13,789. This is gross. Thank you, sir. That's right. This is gross. Thank you very much. Welcome. Thank you. The next question is from the line of Harsh Shah from Jefferies. Please go ahead. Hi. Thank you for the opportunity. My first question is on the transmission bid pipeline. What is the current transmission bid pipeline and what will be bid out in next 12 months? That's my first question. Okay. Thanks, Harsh Shah. As I said, the pipeline for transmission through the TBCB could actually be large, but right now the visibility is about INR 60,000 crores. Okay. How much do you expect within next 12 months? If you're talking about how much Adani Transmission wishes to target, I would twist that point slightly in terms of the fact that we have always aimed to do close to about INR 5,000 to 6,000 CapEx each year, so that we are able to fund it from our internal resource generation comfortably. That's what we have maintained in the past. Fortunately, whatever guidance we gave to our analyst friends, we have always done better than that. We will continue to maintain, including the current year, which is 2022 to 2023. We will stay steadfast on those targets. For 2023-2024, we will have similar targets. Our entire quest to capturing the CapEx from the various possible growth opportunities would be to keep three things in mind. Number one, to build the pipeline so that we are able to maintain these CapEx targets. Number 2, to aim in such a way that we don't breach our thresholds in terms of returns. Number 3, to make sure that we stay investment grade so that our debt numbers do not reach the internal targets that we have always shared with our analyst friends, which is to make sure that net debt to EBITDA remains close to 4.5 or below. Thank you. That was really helpful. My second question is on the distribution reforms. As you mentioned in the opening remarks that, you know, you are hopeful of that being coming up in further sessions. What do you think, broadly, what's your view on that? Do you think it's more likely a post-election event now? Some thoughts on that. No, I think, very well said. We personally feel that the statements coming out from the powers being clearly allude to the fact that they will encourage competition rather than outright privatization. The competition could be through various formats. One is to look at the second license format, the other is to look at franchisee options, and the third is to broad base the concept similar to like smart meters. You could see standard bidding options coming out where they could ask you to do network management with a particular sense of reliability. They would ask you to do a particular performance on the commercial management with a particular achievement of AT&C losses. You could see those kind of interventions when the government of the day suggests that we will encourage competition rather than privatization. One is conjecturing that's what could be the order of how things pan out. We as a company will continue to pursue second license options because we believe the customer can easily be given much more competitive tariff as also much reliable power through this option. That's our driver. That's the reason we will continue to chase that option. Sure. Thank you. Lastly, just wanted to know what percentage of your total debt is up for refinancing in next 1 year on the transition side. That's all. That's my last question. Nothing in next one year, Harsh. Okay. Sure. Thank you so much for your help. You're welcome. Thank you. Next question is from the line of Apoorva Bahadur from GS. Please go ahead. Hey. Hi, sir. Thank you for the opportunity. Some questions quickly on this pursuing the second license. Wanted to check if this will entail double infra creation or is there any regulation which allows the sharing of the transmission network with the existing licensee? Second is, sir, on the Green Open Access, like you highlighted that you see a significant transmission opportunity arising from it. Wanted to check if the corrections for Green Open Access will be one or will it result in an occupation of the overall capacity on the transmission side? Thanks. Good point, Apoorva. First, question that you asked about the second license. Each of the regulators, state regulator, will come out with distinct set of regulations. As of now, the central framework desires us to own our own network. As you are aware that there is, there are subtle, orders in the past which have given regulators the strength to look at the option of specifying if they would have means through which the incumbent could earn billing charges by offering networks. The interesting framework here is, Apoorva, as it works, that assuming that the existing network of the incumbent is reliable, assume for a minute. If it's reliable and they therefore earn billing charges through the second licensee, it's a very good income for the incumbent. If the network of the existing incumbent itself is not reliable, in which case there is no point for a second licensee to fall back on that network. It is therefore important that the parallel infra is built, because that is the whole substantive point in the manner that this entire provision came in the Indian Act at that time. There are many, many areas, particularly in suburban, as also some of the outskirts of the urban areas, where the networks are in very bad shape. There is very high level of technical losses. There is also a lot of disruption and many areas where there are, you know, certain capacities to cater to the growing demands and needs of new residential apartments coming or new commercial facilities coming or new industrial establishments coming. All in all, the entire focus of second license is actually to mitigate the pain that the customer could be experiencing. We are all aware of the fact that there are certain cities where, and towns where there are a large gap in reliability, in competitiveness versus what is possible. Therefore, we are looking at those niches. That's the first part in terms of what you said. Of course, what will be most important is the regulation of the respective state regulator, which eventually will determine our models in terms of how we will pursue that path. The second question was? The Green Open Access rules, as they have come, provide 2 underlying advantages to the customer community. Number 1, that irrespective of their capacity, they can choose to buy green power without paying for ISTS charges from anywhere in India. number 1, that basically means large customers, particularly whose capacities are above 50 MW, which is the current threshold for taking a CTU connectivity. Those who are already in the CTU connectivity, they can choose to avail green power and therefore adapt transition. There are several models to that effect that are possible. We will unfold that as we go along. It's not just the transmission. If you can recall my words, which I said in the opening statement, that we will be an energy solution facilitator. By virtue of that, we will make sure that not only that we provide connectivity options, but we also provide solutions to such large customers who have desires of sourcing green electrons. That's our forte. That's what we have done that to several group entities, including our data centers. We will now have the same solution offered to large customers, including data centers and such of the international players which wish to transit to a larger percentage share of green electrons. That's the bundle of activity that we are pursuing now. Understood, sir. Very useful. Just one more question on the dual license side. I mean, just to check, on the power procurement front as well, right. Will there be separate PPAs in the same network area, right? In addition to what's already existing, or will there be like a sharing of the overall power procurement pool like it was proposed in the previous regime in my task? I think, Apoorva, again, very good question. As of now, unless the new act sets in, each regulator will eventually evolve as to what way would they want to be protected or they would want to encourage competition. When I use the word protective, it is protective of the incumbents, and therefore, the existing PPAs could be co-shared in terms of the million units that gets divided between the second licensee and the first licensee. As of now, if the current norms were to prevail, there is no such requirement. A new second licensee will eventually source the power on a competitive basis from the marketplaces through competitive bidding and otherwise, and make sure that those competitive PPAs duly blended between green options and other options are offered to the customers. That's the way today things pan out. Sure. Very useful. Thanks, sir. Thank you. The next question is from the line of Monika Gandhi from Aditya Birla Sun Life Mutual Fund. Please go ahead. Hi. Thanks for the call. Sorry to interrupt you, Ms. Gandhi. May I request you to please speak a bit louder? I just want to know what's the current liquidity position of the company and what is the key maturities in the next two, three years on a console level? Monika, the answer to that part is that the company has declared cash profits each quarter, and that's the reason why we always say cash is the king. You saw that we had for the quarter three, INR 955 crores of the cash profit, which was up 34% compared to year-on-year quarter. As of today, the cash position is about INR 3,500 crores, and which is adequate and comfortable for us to fund our existing obligations. The other part that you said, how is the situation likely to be in the next few years? Without getting into specific guidance or numbers, one does not see this trend being bucked. One would look at the similar trend continuing in the year ahead, albeit with more robustness. No, sir. Actually, I wanted to know, how is the repayment schedule for the next 2, 3 years, not the cash position? Okay. In fact, why I said cash position because that includes pursuant to repayment. Therefore, that's the reason why I mentioned that. Since you want to know specifically about maturity itself, FY 2024, the maturity is about INR 725 crore. FY 2025, the maturity is INR 9.9 crore. I think that's what is for next 3 years. Sure. Okay. I was wanting to convey one message, in fact, while you interrupted me, but for the other thread. When I talked about robustness in the liquidity, I wanted to mention that when we look at the March MPR order, which is gonna be for two of the large transmission assets and for our large Adani Electricity Mumbai business. As you are aware that we had some regulatory assets during the COVID times. One would look at those being liquidated, and therefore one would look at cash coming into our coffers. Similarly, the recent orders that we had got from ATL for NEGP PCL transmission system as also Adani Transmission India Limited. One would again look at those coming through the medium-term orders that will come in from data grid. I thought it's important to mention that the current trends will be there, but it'll be reinforced by virtue of some of these corners. Thank you. Sure. Thank you. Thank you. Next question is from the line of Love Sharma from Lombard. Please go ahead. Hi. Thanks, thank you for taking my call. I just have a quick follow-up on the previous question about. I'm so sorry, Mr. Sharma, we are unable to hear you. Can you please speak louder? Hi. Can you hear me now? Yes. Yes. Okay, great. Thanks. Thanks for the call. Really appreciate. Look, I just need to have come to the previous question. For the maturity, I think, you mentioned earlier the FY 2024 number is INR 725 crores. FY 2025, INR 925 crores, is that right? Correct. Okay. Can you split it for ATL and Mumbai and AEML? No. AEML, there is nothing. AEML is all correct. Mostly should be built on it. There's nothing there. AEML also had some shorter debts, I believe in the last quarter. I'm not sure what is the current situation there in the current quarter. That shorter debt has been repaid or extinguished. Right now from our cash flow perspective, we are planning it that way, but we typically roll that over. Okay. The amount, is it similar to INR 1,000 odd crores? About INR 1,000 crores. That's correct, Love. Very right. For AEML. Okay, understood. The you mentioned, I think INR 3,500 crores. You also speak for AEML, what will be the cash flow into that? about close to about INR 1,100 crores. INR 700 crores. Sorry, my bad. Love Sharma, it's about INR 700. Sure. INR 700 crore for AEML. Got it. I think just one last question I had was the ATL. You also have a construction facility which is which I'm not sure how the when is it due. Is it included in the maturity profile you mentioned, INR 735, or is it on, They are not due in the next couple of years. They continue for another 3 years, and post that then we have a takeout clause. We have only finished 2 of the projects out of it, and the balance 2 are still under. Okay. They're only due only after 3 years from today. Yes. Got it. Understood. Okay. One last question. I think on the CapEx side, given I think the, you know, the noise which we have been hearing, of the, you know, the, you know, the respective group entities, et cetera. On the CapEx side, is there any change in terms of how you want to spend the CapEx plan for AEML and ATL because they are quite visible amounts. Any plan to, you know, think about how the funding mix is likely to be for this CapEx? Love, as I mentioned that, we have, you know, we've sort of seen the current plan, Black Swan event, and we have our ears to the ground, so we clearly hear what the messaging is. At the same time, at the ATL level, we have sort of maintained our discipline by being investment grade and maintaining our net debt to EBITDA ratios, well within the disciplined range. We would want to make it further robust, and therefore we are right now on the drawing board in terms of what should be our perspective in terms of the feedback that we hear from different quarters. We will come back to all of you as the time goes by. As of now, as you've known, we have maintained very clearly that we will maintain a CapEx profile of INR 5,000 crores each year. To that extent, we believe we are comfortable to continue with that target in the subsequent years too. As of now, that's what we are, we are conveying. We also are also open to the fact that we will once again revisit the entire input that we have received, but at the same time maintain our growth profile for the simple reason that that's based on the fact that we stay investment grade. That's based on the fact that we maintain our threshold level. You have seen that quarter-on-quarter, we've maintained robust performance. Understood. That's well understood. Thanks for that. For For the CapEx side, I believe on the Mumbai region, is there any specific commitment that the CapEx has to be spent planned for around $3 billion that you had said next 4-5 years? Or is there a possibility to scale that back for the Mumbai region? Love, as we had mentioned in the previous quarters and since past one year, that AEML CapEx is fully funded. That's the reason why I mentioned that subject also distinctly, because that's available to us to put in our tranche of equity out of that kitty. Since AEML CapEx is fully funded, AEML plans will continue in the manner that they have been projected to their regulator and their stakeholders. Nothing changes at AEML in any way because that's fully funded in form of whatever they have right now on their capital management program. Understood. For any investment what we would expect, because, I mean, looking at the cash position currently and the cash flow generation, it is a combination of internal cash flow generation from AEML plus whatever you take as additional debt borrowings. That's correct. Okay. Got it. Got it. Got it. Okay. Thank you very much. Thank you, Love. Thank you. The next question is from the line of Nikhil Abhyankar from DAM Capital. Please go ahead. Thank you for the opportunity. In the notes to account, you have mentioned that you have. Mr. Abhyankar, I'm sorry, but- Nikhil, your voice is muffled. We are not able to hear it very well. Oh, is it so? You're audible though, but, it was muffled. Can you try again? Sure, sir. In the notes to account, you have mentioned, around INR 2.6 billion are potential interest saving from. How much is it for the past and how much is it recurring? You get the question? I think he's referring to the one-off income, what you have considered. Why don't you respond? Nikhil, of that INR 240 crore pertains to the past period, and that's how it comes as one-off income. The balance, I think close to INR 20 odd crore is for the current year, which is taken into the revenue. I hope that clarifies. Okay, sir. For the smart meter, sir. How do you see the opportunities coming up? Do we have already tied up with any manufacturers, any manufacturer of smart meters? CT, what? You must have seen the many state distribution companies are coming out with a tender for smart meters. We expect that in next financial year there will be bid for around 10,000 meters collectively by the state discounts. As ATL, we have been in discussion with various manufacturing meter manufacturing facility companies. In fact, at AE level, we have been buying from domestic meter manufacturers, and we have that kind of relationship already existing with existing meter manufacturing facilities. We'll continue to utilize that for these opportunities as well. Sir, how much do you expect to add to your top line from smart meters, let's say in the next 3-5 years? Right. As Anil Sardana said, we are, we will make sure that whatever commitment that we take, we will take it in such a way that we remain, in a investment grade and accordingly we will commit ourselves. Guidance with regard to the top line, I think it will be, it will not be fair to convey that right now. We will continue to let you know as to how much business we have captured at each point of time and share those details with you. Sure, sir. Just a final question. Are you also looking to apply for the second license in any other area? Yes, Nikhil. That I have mentioned before, that, pursuant to, the proceedings of the first license, which is in public domain already, we have started to scan a lot of areas which we believe we can add value for the benefit of the customers at large. We will share with you those details in the subsequent quarters. Okay. Thank you. Thank you. The next question is from the line of Ajay Sharma from Maybank. Please go ahead. Hi. Actually, I want to check with the operating cash flows versus now. Ajay, we lost you. Mr. Ajay Sharma, we are unable to hear you. The line for Mr. Ajay Sharma got disconnected. We'll move to the next question, which is from the line of Abhiram Iyer from Deutsche Bank. Please go ahead. Hi, sir. Question on the one-off revenue item that you mentioned, INR 258 crores. Has the cash already come in? I believe in the previous, sort of earnings call you had mentioned that this is something that you're expecting to reduce working capital. Has this cash already come in or are we expecting receipt of this in this quarter, and just book the revenue in the previous quarter because the decision was made in our quarter? Abhiram, I'll clarify. We've received the actual order in this quarter and basis which we have recognized the revenue. As mentioned by, MD sir, that the orders would get rolled up into the cash flow starting, say, March 2023 onwards. We'll get the cash flow of it starting the next year. That adds to the cash flow, which is going to happen post 2 months from now. Understood. Understood. The second question is, I don't know whether there's any clarity on this, but there have been reports on potential buyback of the Adani Electricity Mumbai bonds. Does the company have any commentary here? I mean, I don't think we have ever made a announcement or public commitment on the buyback kind of thing. We have been actively engaging with investors to alleviate their concerns, but we've not done any of those things, so far. Is the company, like, considering it or is this one of the considerations? You're leading us to say something, but I would say we are actively looking into it. That's all I would say. Got it. Thank you very much, sir. Thank you. Participant who wishes to ask a question may press star and one. The next question is from the line of Ajay Sharma from Maybank. Please go ahead. Hi, can you talk about the operating cash flow? Operating cash flow were lower compared to last year, around INR 7 crore. Could you share the trend for the Q3 and then full year? I'll take that, Rohit, here. I mean, we come out with a cash flow on a six monthly basis, so the last cash flow was sent out on 30th September. The next one is gonna come on, say, 31st March. To give you a broader thoughts here, I think the EBITDA is on upward trajectory. The working capital has come down what they were from 30th September, so it's much more positive than what it was, say, on 30th September. Okay. I wanted to check in terms of circuit kilometer, right? What sort of addition are you looking at over the next few years? You have some projects under construction, do you have any projections just like the way you project for other businesses? Ajay, it will be maybe surprised to suggest that we have a target of achieving INR 20,000 crore by 2022. We are now looking at achieving this 20,000 km by this year based on the available projects. Any idea of what was the kind of pipeline window for your addition if you keep going forward? Addition of the pipeline. Projects-wise, we have a very healthy pipeline, as we had already shared with you that we still have close to about INR 14,000 crore worth of projects for us to execute. At the same time, in terms of circuit kilometers, how it is panned out, I guess, that's something that we will declare quarter by quarter in terms of what we accomplish. Okay. Just last question on the share pledge, right? I think you released some shares were released yesterday. I just wanted to know about, I think about 5-6% odd is outstanding. I just wanna know, is this a primary collateral or secondary collateral? What sort of loans, basically are outstanding in that pledge? How does that pledge get changed depending on the share price? If you could share some caller. Vijil will respond. Hi, Ajay. I'll take up this. We had about 6% of promoter holding pledge, you know, as of last reported period. You're talking about the recent announcement from the promoter side and from the group side. That is currently under work, and we will further update as to where the pledge ratio will move. Go ahead. The person has left the queue, sir. Participants who wishes to ask a question, you press star and one. The next question is from the line of Parth Gala from Goldman Sachs. Please go ahead. Hello, sir. Thanks for taking the question. I just wanted to know about your commissioning plan. I think we have about 3,400 circuit kilometers under construction. Out of this almost 2,900, 3,000 circuit kilometers is set to commission in calendar year 2023. Just wanted to know the funding for this. Is this all locked in? By that, I mean, not just the equity component, but the debt finances as well. Has that been procured and tied in? Also for the HVDC, which we expecting it in 2025, could you just share some color on the funding for that? That's my first question. Parth, I think very aptly projected. I didn't want to in the previous, when Ajay asked this question, I didn't want to mention how much kilometers we will achieve quarter on quarter. We have already shared with you details that you rightly enumerated that close to about 3,400 circuit kilometers, something that we already have with us for us to execute, and therefore we will achieve our target of 20,000 circuit kilometers soon. In terms of your other questions, whether we are completely stitched up in terms of the capital management plan for the projects that are already with us, the answer is affirmative. Yes, you're right, absolutely, including the equity component that comes out of our internal resource solution. You are bang right. We have financial closure for the projects that you mentioned or that we have shared with you all. The next question is from the line of Ajay Sharma from Maybank. Please go ahead. Sorry. I just want to follow up actually on top of the pledge thing. I just wanna know what sort of loans are being supported by this pledge. What have you had outstanding, earlier? I mean, Ajay, Rohit here. I think, I mean, we don't do anything on the ATL level. I think you'll have more hearings from the group coming out from the family bank. I don't think, we would be in a position to answer that at this point of time. The only concern in the market, which I think if you could alleviate was in terms of whether that pledge is to increase with the drop in share price or not. Doesn't seem to be the case, but I just wanted to, if you could provide that sort of comfort, basically. Ajay, we relay the feedback to the at this point of time. Nothing to add to that point. Okay. Great. Thank you. Thank you. Ladies and gentlemen, this was the last question for today. I would now like to hand the conference over to the management for closing comments. Thank you. Thank you, Mohit, for organizing this, and thank you all the analyst friends for your Q&A. That brings us in to the end of this Q3 FY 2023 call. We will hope that if you have any follow-through questions, you will continue to send them, mail them across to Vijil, who is our investor relations PD, and we'll be happy to respond to you whenever you have such questions. Until then, we look forward to you joining us also at Q4 FY 2023 call. Please do communicate your feedback to Vijil, and we'll be, you know, we will internalize that. Thank you so much once again. I appreciate you joining this call. Thank you. On behalf of DAM Capital Advisors Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.