Ladies and gentlemen, good day and welcome to Adani Energy Solutions Q2 FY 2024 Investor Update Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone phone. I now hand over the conference over to Mr. Bimal Dayal, CEO, Transmission, Mr. Kapil Sharma, CEO, AEML, Mr. Rohit Soni, CFO, AESL, Mr. Kunjal Mehta, CFO, AEML, Mr. Vijay Jain, Head IR, AESL. Over to you, sir. Thank you. Thank you, Malcolm, and good morning, all. Good afternoon to some of you logged in from a different time zone. Welcome to all the analysts and investors who have joined us for this quarter 2 FY 2024 update call. I sincerely hope that you all are doing well. I'm sure you would have gone through the press release and the presentation that has been uploaded on our website. Let me start with an operational update, followed by a financial update for the period ending September 30, 2023. Now, I would categorize this quarter as a strong and a steady quarter for AESL. And while I run through the bullets here, you would realize why I'm saying this, as well. On operational parameters, it was a very strong quarter with an average system availability of more than 99.68, which actually led to an incentive income for the company of INR 26 crore during the quarter. The company added 219 circuit kilometers during the quarter and reached on a mark of 19,862 circuit kilometers. Two important things which happened this quarter from a transmission business perspective is we fully commissioned two very important lines, which we dedicated to the nation, which is WKTL line, Warora- Kurnool, and Karur transmission lines as well. Both of them have been fully charged, and we are very proud of this achievement because only WKTL line is whopping 756 circuit kilometers. It's the largest interregional line, which actually is 765 kV line. On Karur, it's 1,000 MVA capacity, and it actually is helping green evacuation of 400 kV system in Tamil Nadu. Very important two lines. While we did that, we've also commissioned Kharghar-Vikhroli, 74 ckm, 1,500 MVA capacity, which is now helping Mumbai, wherein 400 kV is actually coming close to the, the Mumbai for, let's say, alternate power supply as well. In terms of network addition and growth, a comparative number here is that while country level we added 1% on YTD basis, AESL network growth was 5% in first half, adding 769 ckm during this period. In terms of capacity addition, while country level growth was 2%, YTD, AESL capacity growth was 15% in first half. Also, in terms of our under construction pipeline, we are on track, and we'll make significant progress in coming quarters. As you would know, we've been talking about some of these projects which are EP2 package, the Khavda-Bhuj line, and WRSS. I'm very happy to state that the progress on these lines is going well, and the WRSS line. These projects together will add more than 1,300 circuit kilometers to the operational portfolio. While this is something which is on the table, we are very buoyant about the upcoming transmission project pipeline, which is upward of INR 126,971 crore, spanning around 12-24 months. A lot of bidding to take place, and I'm sure you would, you would be aware of, this. On the transmission business segment, it translates into the financials of almost 8% operational revenue growth, which we achieved, equaling INR 941 crores of operational revenue in Q2. The revenue growth seen in the transmission business was partially driven by commissioning of these lines and some of the incentive income as well. In terms of EBITDA growth in the quarter, we achieved 9% growth, with an EBITDA reaching an absolute number of INR 907 crores. Q2 PAT, as you would have noticed, for transmission business stands at INR 259 crores, which is an increase of 8.5%. From profitability point of view, we focus more on cash profit, which has come in at INR 501 crore in quarter two, which was 4% higher from the corresponding quarter. That was around the transmission business. Let me touch on the distribution business a little. First, the operational update and then the financial update. Then I will run into the consolidated numbers, and then we'll open up for question and answers as well. At AEML, the Mumbai Discom ensured supply reliability of 99.99%. Really a number which we are proud of, scoring well on all reliability parameters, including SAIDI and SAIFI. Strong demand momentum continued in quarter two, with energy demand improving by 9%+ year-on-year to around 2,446 million units. We managed to keep the distribution losses at a record low, which comes in at 8.81%, against 6% in quarter two of financial year 2023. The distribution losses fell deeply due to seasonal factors like higher billing and almost days, amongst others. The collection efficiency stands at 99.2%. The other great aspect, which I think we've been sharing transparently with everyone, which we are really proud of, is the share of RE procurement in AEML, which increased to 38%, which is very unique. No distribution company can boast of such numbers. By the end of September, we are at 38%, as committed under the July 2021 SLB issuance. Received LOA now for smart meters. There is a lot of excitement around this line of business. We've received LOA from Maharashtra, Andhra Pradesh, Bihar, totaling 14.76 million smart meters, with a contract value of INR 174 billion during the quarter. We stand pretty excited about this line of business coming alive soon. Our total smart metering under construction pipeline stands at 19.4 million smart meters, consisting of eight projects with a contract value of INR 232 billion. On the distribution financial side, once again, very steady performance, as well. Distribution segment revenue stands at an absolute number of INR 2,480 crores in Q2, which increased by 15% year-on-year, on account of higher units sold and on account of customer acquisitions. The distribution business continues to deliver very strong performance with double-digit growth in revenue and operational EBITDA. The distribution tax was INR 25 crore, which is up, due to one-time bookings, which were made during the, the last year of the same quarter as well. Hence, it stands at 155% up year-on-year as well. So that was a snapshot of the distribution business and the financials of distribution as well. A quick comment on consolidated financials, as well. Our consolidated revenue, as you would've noted, stands at INR 3,421 crore in quarter two, witnessed a double-digit growth of 13% on account of, you know, the, the commission, newly commissioned projects and higher consumption in AEML as well. On consolidated basis, our EBITDA increased to INR 1,443 crore in quarter two, increase of 6% year-on-year. Our PBT of INR 370 crores was 48% higher year-on-year from a lower base, and consequently, our PAT ended 36% higher at INR 284 crores, translating from a higher PBT as well. This actually gives you a snapshot and highlight of transmission business, the distribution business, and the consolidated financials. I'll take a pause here and look forward to your questions and interaction during next one hour. Thank you very much. Over to you for your questions, please. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question, may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mohit Kumar from ICICI Securities. Please go ahead, sir. Yeah. Good morning, sir. A few questions on my side. So firstly, on the transmission pipeline, you just talked about INR 1.27 trillion. Do you expect the entire pipeline to get converted into, you know, deals in the sense, subject to [audio distortion]? And additionally, is all the RFP actually have been surveyed already or you are... Hello? Yeah. Thanks, Mohit, for your question. Your question is around liquidation of this 126,971 number, which I quoted as the transmission pipeline. Let me back off a little. This is the source of all this is the document which came out in November, December last year, highlighting the 500 GW ambition, which the MOP has laid down for green evacuation. As a consequence, a lot of transmission which needs to be added, and I think the total number there was 2030, the number was almost INR 250,000 crore. What we see is, in next 12-24 months, we will be seeing liquidation of this INR 26,000-odd crore of pipeline. As we speak, the bidding and the reverse auction is going on, primarily two very heavyweight evacuations, which are actually lined up. One is the Rajasthan corridor, as well, and the second one is evacuation for for Khavda, which is almost a 30 GW, you know, the country's largest corridor, which is coming up, which we are proudly participating, both from our solar side and from the transmission side as well. I think there is a small number which is left, wherein the RFPs have not been issued, but most of the RFPs have been issued, as well. We strongly feel that a lot of this bidding will take place in next three to six months, and I think we will see a lot of movement and conversion of this into orders as well. This quarter is certainly going to be very heavy with reverse auctions coming up as well. So I hope this answers your question, Mohit. Yes, sir. Second question on this project, I think, that the largest HVDC line is up and running. What is the timeline, and are you good with it? And then the related question is that, are you facing any issues or, you know, contracting any issues from sourcing the HVDC equipment? We understand that all the factories are full across the world. So look, we are, we are, very interested in such corridors and, such projects as well, because, from the group's perspective, one of the things which we have demonstrated is, an unparalleled, project execution capabilities, right from, let's say, KVTL or WKTL or the, the India's or Southeast Asia's first HVDC line, which we brought up, as well, which we are maintaining. So we are pretty much the only ones, in this, segment. So yes, we are, we are very keen and also rightly capable to execute, this project. Well, there is... This is no secret that, you know, there is a, a, a dearth of, suppliers in, you know, 765 and above, segment as well. However, we are pretty much working on all quarters, including, you know, strategic discussions with some of them at the moment to secure our equipment. And hence, I don't think I would like to raise a red flag on this one as well. Only thing I would like to say is, to sum up, yes, we are interested; yes, we are very excited about it as well; and, yes, we are working to make sure that we, if we are successful, we will really deliver this on time with finesse, which we are known for. Thank you, Mohit. The first question, so what is the HVDC execution, which we are building up in Mumbai? And how much capital is still there? You mean the HVDC Mumbai line, which is under the- Yes. Rohit, so, so Mohit, hi, Mohit. So HVDC Mumbai project is running on track, what we had communicated. We are looking it to be commissioned in 2025, 2026. Total CapEx, what we had communicated is close to around INR 6,000-INR 7,000 crore. Again, that, our current spend is close to INR 1,100-INR 1,200 crore, which we already spent. Most of the equipments have been ordered. It's more of scheduling of those equipments, which needs to be delivered from Indian sites and also from international sites. So you will see more heavy spending coming in the next 18 months to deliver this project on track, Mohit. Understood. Thank you. Thank you. Thank you, Mohit. Thank you. The next question is from the line of Abhiram Iyer from Deutsche Bank. Please go ahead. Hi, congratulations on the results. My first question was on the regulatory change in regulatory capital balance. So we booked a reversal of about INR 300 crore in the first quarter, and then this is down to, like, INR 180 crore. Can you just help me understand why we are sort of now under the same again with respect to what we had, what we had collected in one? That's question one. Question two is more in lines of AEML debt. Could you provide us a gross debt number, including all working capital loans, and what's the cash balance at AEML? Additionally, is there any plans to provide support to the AEML bonds currently? What's your view on the current sort of rating outlook, and how will it be resolved by? Yeah. Sure. I'll request Kunjal to respond. Sure. First question was with respect to the regulatory asset base. The amount currently stands at INR 10,870 crore. Now, if you look at it. You see the reduction is primarily on account of the depreciation, which is provided in the first six months. And as you would know, the capitalization or the addition to the regulatory asset base does not happen in the first half. And the first half is generally during the monsoon, so we do not add any asset base to the regulatory asset base. Therefore, you would see that the capitalization has happened only of INR 200 odd crore, and the reduction on account of the normal depreciation is slightly higher, so about INR 300 crore. Therefore, you feel that there is a reduction in the regulatory asset base at the end of September. But if you, I mean, once the monsoon are over, the capitalization will peak, and therefore there will be a significant increase in the regulated asset base. We are working towards the capitalization or the addition of the regulated asset base in the range of about INR 1,200 crore by the end of this financial year, and this will significantly increase the regulated asset base by March 2024. It's only a timing difference that you are seeing a reduction in the regulated asset base. Otherwise, the regulated asset base by the end of the financial year would also increase in line with what we have already committed. Second, was with respect to the gross debt and the cash balance that we have. So basically there has been no increase in the debt balance or the, any additional borrowing which, AEML has done. The company currently has a gross debt of INR 11,367 crores, which includes a subordinated debt from the shareholder, that is, QIA. Without the QIA debt, the total gross debt is INR 9,350 crores. We do not have any working capital, so the gross debt is INR 9,350 crores. The cash balance that the company has is INR 1,183 crores. So the net debt is INR 8,167 crores, that is $1,300 million of two bonds, and $140 million of cash, so equivalent to $1,160 million of net debt that the company has. Understood. And with respect to, as I asked, is there any current plans in order to support the bonds in the market, given value pricing, and I believe that they don't currently reflect what AEML should be pricing? Is there any plan from the company in that sense? So we will come out with the plan as and when it is approved. Currently, there are no such plans. The company does, I mean, does note that the yields are not fairly priced. So management will work towards correcting the same. Currently, there are no such announcements. Understood. One last question, this is more on Adani Energy Solutions as a whole. Given that you've already sort of gotten approval from the shareholders for an equity raise, and you sort of indicated it by, you know, the wider group, that this is gonna be completed towards the end of this year. Are there any changes to the timeline now? Is this more equity raise gonna happen next year now? Abhiram, I mean, thanks for that. Abhiram, I mean, I would say the plan is on. So the only way, which we are thinking is what is the right timing and what are the instruments to be used. So, this was more from enabling, where we said we are looking at a $1 billion raise. So I think we're still working on it. So the time what we've given by year-end, that still holds good from our perspective. And, I mean, just to give assurance, I mean, the current, growth, what we have, the equity support 100% exists for it, because we are generating enough cash, from the transmission segment also and from the distribution segment. Given the pipeline is going to be bit more healthier than what we had anticipated, so to prepare ourselves for the higher CapEx growth pipeline, which comes as an opportunity, we thought that equity raise would help us for us to grow further. But the current pipeline projects, what we have, they are fully supported with the equity what we have in the business. Understood. [audio distortion] Thank you. Before we take the next question, a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Prapti from AllianceBernstein. Please go ahead. Yeah, thank you. I want to check with you on your credit ratings. I understand that Adani Electricity is on a negative outlook by both the rating agencies. So wanted to get some sense on what kind of conversations the company has had with the rating agency, and what are they looking at to resolve this outlook back to stable, hopefully. And if there are any timelines around that. That is the first question. Secondly, I do recall in a couple of quarters back when we had met, there was this mention of potential U.S. private placement as part of your debt management plan. So are there any updates around that? Would appreciate your response on this. Thank you. Thanks. Prapti, thanks. Thanks for your questions. So first of all, the rating, I think, we have been actively communicating. In fact, I would say we are over-communicating with the agencies, given the last six to seven months through which we have been. So the engagements happen at multiple levels. And if you see, we have gone through the whole grind of the rating agencies, both domestic as well as international. Now, our ratings remain intact. The only thing which... What changed was the outlook, and predominantly stemming out of two reasons. One is, the noise around the, the wider portfolio, that's part A. Part B, given the noise around it, there can be any possible cost increase on some of the loans that the company might have to tie up in the days to come. Given those two reasons, the rating agency has put on a negative outlook. We have been actively engaging with them. I think last six months have been, I would say, learning from our perspective and also from the market. Last three months, I would say, a lot of positive development. I think active engagements are on. We should shortly see certain positive developments, but that's more coming out of what the noise is, that kind of thing. So that's the part on the rating side. We are actively engaging and towards, engagement is starting at this point in time. That's part A. I think probably the part two was, U.S. private placement. I mean, yes, we were, we were and we are looking for a private placement of, $360 million of transmission assets, which were commissioned in the last, three, four years. That's a size of $360 million. The, you know, transactions, paperwork, all are underway. We are just, working with would be the right, opportunistic time for us to, conclude the deal. So the homework and the paperwork is happening at the back end. So we are still working, if we can, get, early next year. That's what we are working. So the, work is still in progress. Okay, thank you. Just one follow-up on the part A of the question. Is there any trigger or any event that the rating agencies are waiting for? Say, for instance, completion of this U.S. private placement, they will check the cost of funding or for that matter, even a Adani Green or a refinancing that happens. Is this something that these rating agencies are waiting for before revising the outlook, or there could be various other elements as well involved in this? No, no, Prapti, there's nothing of that sort. I mean, I'll again, reiterate, all our financing happens at, cash flow generating SPVs, and they all are recent, on their own operations. So there's nothing which we are waiting at this point of time. I think, it's more on the noise, what we have on the outlook side, that's the only part. The USPP, I don't think, there's any, rate for which we are looking, because all, whatever we have done, they either express coupons, they are just contained by themselves. So I don't think we're waiting anything at this point of time for. Okay. Thank you so much. Thank you. The next question is from the line of Bharanidhar from Avendus Spark. Please go ahead. Good morning. Can I go ahead? Is it audible? Sorry to interrupt you, Bharanidhar. Your voice is not audible. Could you speak a little louder? Are you speaking from a speaker phone? I would request you to speak from your headset. So I've changed to the phone only. So is it audible now? Headset, is it audible? Yes. Better, better, better. Yeah, sure. Go ahead. Sorry, sorry for that. So I just wanted to find out, because in the initial remarks, you spoke about a INR 127,000 crore opportunity in the next 12-24 months. Even the National Committee on Electrification is talking about a INR 70,000 crore kind of a pipeline in the near term. But, if we see the actual projects that have been awarded, it's closer to INR 10,000-INR 15,000 crore kind of number on an average per year. So I just wanted to find out, what are the reasons why, actually on the ground, projects getting awarded on a much lower level? And what are the challenges for, this awarding activity? Yeah. Thanks, Bharanidhar, for this question. Once again, I'll take a step back. I think if you go back few quarters, you will realize that there was hardly any bidding that was taking place. And I think at that time, one of the mature corridors of Gujarat, of Rajasthan was actually stuck because of the GIB issues, which actually got cleared, I think if my memory serves me right, around the first quarter or second quarter, calendar quarter from this year. Post that, we've started to see a lot of traction. At the moment, as we speak, even, I think today and tomorrow, there is bidding and reverse auction taking place as well for one of the Rajasthan corridors as well. So, I think as I mentioned earlier, that this backlog is being cleared, you know, in a very fast manner as well. Let me give you the significance and the reason why this, this, I believe, this backlog will be cleared off as well. As you would know that, Rajasthan corridor needs a lot of upgradation and lot of evacuation as well. And, on Gujarat side as well, the, the Khavda project evacuation is almost getting ready at the moment. In next, let's say, quarter or two, and you will, you'll realize that, you know, the generation will possibly start, as well. Once it starts, I think we'll see very heavy numbers coming in as well, and I don't think, this time w e will actually miss out on evacuation, that the transmission lines are not ready, and we have, you know, the farms ready as well. So I think in next one quarter, you will certainly see the large bids coming out as well. So I'm not too worried about months, year or two. Yes, whatever has happened is a smaller number, but what is going to happen in next two quarters, there will be a lot of catching up that will take place as well. So there are big ones lined up, including HVDC as well. Okay. Okay, that is very clear. So if I were to just ask about the potential on the HVDC line, this is this Bhadla-Fatehgarh line, right? That's right. So there are- Yeah. There's one HVDC line there and two coming up in Khavda as well, phase 5. What would be the name of that, sir? This is phase 5 A and C, if I'm not mistaken. These are fairly heavy projects in Khavda. So this Bhadla-Fatehgarh and the two in Khavda. Put together, how much would be the total price, sir? Would it be each INR 10,000 crore kind of a number? First, for the Bhadla is 12,000, or the... I think phase 5A is 24,000, and C is 12,000 as well. This is very helpful. All the best, and thank you very much. Thank you. The next question is from the line of Nikhil Abhyankar from ICICI Securities. Please go ahead. Thank you, sir, thanks for the opportunity. So my question is regarding the smart metering. So what is the current order, like, the bidding cycles that they have, which are the large tenders that they are expecting to open up in, say, next fiscal year? Thanks. I'll request Kunjal to respond. Sure. So basically, as already communicated, so the total smart metering pipeline that we have is around 19 million meters. And that roughly works out to around total contract value of about INR 232 billion this thing. The total size, which is there, is around 23 million quantities of smart meters which are available, out of which we have already signed or are selected as well under the 19 million meters. Sir, I was asking for incremental order inflows going forward. So basically, see, this is a bid process, and as and when the bids are won, we implement them. But the total size which is available across India is about INR 25 crore meters. So that is—that's a huge pipeline, out of which we have won around close to INR 2 crore meters. Sir, out of this INR 252 billion worth of order that you have, so what is the expected CapEx for these? And when should we expect the revenues to start coming in? Sure. So the CapEx part is dependent on various types of technology and various types of the topography that is there included in it. I mean, the typical size of the project as well as the total the entire architecture that we deploy on smart meter is dependent on that. It's very difficult to quote a particular number as to what would be the CapEx, right? But suffice to say that the entire smart metering project is significantly value accretive to AESL. And roughly in that range of around 15%-20% incremental returns are expected from smart metering. Okay. So and also, since a lot of smart metering orders have been given out in the past 1.5 years, so are we—do you expect to face any sourcing issues for such a large number of meters? And are we also compliant with the 65% local value addition norms? Do we expect to meet that? Smart metering is not a very, very technology, let's say. So basically, the entire technology, entire infrastructure, which is there, is locally available in India, so we will be able to comply with whatever requirements are there. Metering technology has been prevalent in India since several times. There could be certain pieces of communication which we could need to import it, so that also is evolving, and we will be able to meet the requirements of whatever Make in India or the local requirements are there. So the more important thing which is there is that the entire back end or the supply chain has now evolved, and there is an entire ecosystem which will cater to this demand of completing the smart metering. On your earlier question as to when the revenue will arise, the most important part of this project is that the cash to CapEx cycle is very, very limited. I mean, we do not have to wait for 24 months or 36 months for the entire project to get completed and then start earning the revenue. The revenue will start earning as and when the meters are installed, so it's more like a churning of a working capital deployment, which is required or the capital which is required. So in three months, four months time, as and when the CapEx is incurred, we will immediately start earning the revenue. That's the beauty of this project, is that the cash to CapEx cycle is very, very limited, unlike other projects or other infra projects. So have you started ordering for these meters already? Yes, yes, we have or started ordering. So the first project that we won was in the west region, which is in South Mumbai. The other project is in Assam. For both these projects, we have started ordering for meter, for meter requirements. Okay. So and just one question on parallel licensing. So any update on that? Kapil, do you want to- Yeah. Yeah, yeah, Nikhil. So the application which we have made to MERC for Navi Mumbai and UPERC for, Gautam Buddha Nagar, there are certain additional requirement which commission asked us to submit, which we are, we have submitted recently. So now they'll be processing our application at both the sites. Okay. Okay, thank you and all the best, and wish you well. Thank you. Thank you, everyone. See you. Thank you. The next question is from the line of Love Sharma from J.P. Morgan. Please go ahead. Hi, thanks. Thanks, everybody, for the, for the time. Just a couple of questions. If you could just highlight on the CapEx side, what is the total CapEx you are looking to at Transmission for the entire year, and how much has been spent in the first half? Next in the AEML. And secondly to that would be on the funding side, has there been any new facilities or any new funding which you have arranged on the debt side to take care of, of the CapEx requirements? And third one would be the go-to-market construction facility. Just highlight how much is available there, and if you're looking to add something more to that. Thanks. Sure, please go ahead. Love, thanks a lot. Good to hear from you again. So I think, CapEx, you are asking the questions, I think, on CapEx. The guidelines, what we have been giving is, every year we look between INR 35 billion-INR 60 billion of CapEx. That's for it. So we have been on track for it, and our first half numbers are also in line with those numbers. I think we have done close to around INR 25 billion of CapEx so far, and that's our CapEx number. Second part is funding. I would say very good quarter from funding perspective. So we have been able to do the financial closure for HVDC line, which is under construction in Mumbai. The first drawdown happened in this quarter, so that has happened significantly. Then, there were four more projects, for which we were working on the financial closures, which got concluded in this quarter, of which, two projects we've been able to draw the funds also to the tune of, approximately $85 million. So that is on the financial closure and funding, so that's, working very well. The third part of this was go-to-market facility, which you are referring to the construction facility. If you take the construction facility, what we have seen was $700 million construction facility evolving up to $1.1 billion, of which I think two transmission lines, which were WRSS and, Lakadia-Banaskantha LBTL line, were commissioned last year. And we used $170 million from the construction facility line for them. Those lines are operational. This is what we do on the USPP. Those limits can be vacated out. KVTL, I think, Mr. Dayal mentioned about it, that KV line has been connected to the grid. We are just waiting for the LILO circuit to be completed. With that, the KVTL project should also be done. We are targeting that to happen in this quarter. So with that, the third line also gets constructed. So all the funds will be available for the HVDC construction. Currently, $300 million is what is the first tranche of it. I think that would take care for most of the requirement for this year and early for next year. So the go-to-market facilities are working well for us. The projections have also happened, which is a very positive turn, I think, and they have been in line with what we expected. So that's where we stand, Love. Great. Thank you very much. I appreciate. So just to confirm, the go-to-market, each of the companies, how much again? 1.1. So for KVTL, we have a balance, I think it was close to $230 million. That is available for KVTL. We have drawn, I would say, between $80 million-$85 million. The balance will be kicked out or there might be some direct pay. Then HVDC is a $300 million tranche one. That fund is available, so that take out the balance quarter would be available. So total $300 million go-to-market facility available for HVDC line. Understood. Okay, and then on to you. Just one more question on the financial closure of the line, which you mentioned, those are the facilities in the onshore loan market? Correct. So we have drawn those funds from the onshore markets. So we have not done any offshore. Offshore, we have done the construction facility, and we've done the onshore. So before the completion, I mean, we have been communicating earlier also, I mean, as a de-risking strategy for management, post the completion period and say one year of the street, look at go-to-market facilities or take out a long-term ultra bond, where the interest are fixed, so that the return to the shareholder and the tax rules and everything are known, and they minimize the risk. So that would happen. That's a part of the normal cycle, which we'll do it. So that's the reason why we have this private placement discussions going on. That again, say, a year or a year and a half later, we'll again look at similar kind of facilities to be done. Okay. And on, just one last question from me. Could you share the pricing on this onshore project, on what average, what kind of pricing and then have you got? So I would say at market, I mean, if you're looking at exact number, it ranges between, say, 9.5-10 kind of number. Then after this. Okay, thank you very much. I'm sorry, one more question and last question from me. For AEML, we have not received Q1 results. Is there any timeline as to when you expect from AEML? Again, we couldn't get it in the last six years. So no, I meant for AEML, Mumbai. I believe, I couldn't see the Q1 numbers. So, is there a timeline as to when you will be releasing those? So, we'll release it today. Between today and tomorrow, we'll release. Okay. Thank you. Thank you. The next question is from the line of Abhiram Iyer from Deutsche Bank. Please go ahead. Yeah. Sorry, just a follow-up question on the HVDC line. Is this still structurally under AEML as of now, or has this shifted already? Yes. So the structure is still the same, Abhiram. Okay. The plan is still to complete the construction under AEML and then shift it later. Yeah, that will be decided at that point of time. Got it. Understood. Mr. Abhiram Iyer, are you done with your question? Yeah, I'm done. Thank you. Before we take the next question, a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Sharon Chen from Bloomberg. Please go ahead. Hi. Congratulations on a good set of results, and thanks for taking my question. Just to clarify on CapEx guidance, can you break it down this year's CapEx guidance by transmission, smart meters, and also distribution? Given, you know, you've talked a lot about a strong pipeline, do you expect CapEx to increase from next year? Thank you. Sharon, I think, the annual CapEx guidance, what we had said, INR 57 billion-INR 60 billion. If you take, broad numbers for this current year, we should be looking at between INR 45 billion-INR 50 billion coming on the transmission segment. If you take, AEML, which is a distribution segment, that's between, INR 10 billion-INR 13 billion. That's part B. And smart meter, I think, commissioning and, deployment just started, in this current year, so I think it will be a small number even for that. So that should progress it up. We have got a 30-month, minimum for construction, so that would happen predominantly in the next, year and then year later to it. You were asked what is it likely to happen going forward? I think, with the HVDC line connecting Mumbai, that is going to be a capital investment of say, INR 6,000-INR 7,000 odd crore. So that would see more spending coming on that line in the next couple of years. So you might see a bit elevated spending, more or less in line with the guidance, what we've been communicating earlier. So that's why we said, Sharon. Okay, great. Thank you. Thank you. So if there are no further questions, I would now like to hand the conference over to Mr. Bimal Dayal for closing comments. Please go ahead, sir. Thank you. Thank you very much for all your questions, and thank you for joining in on this call. We really remain excited about what we are doing, excited about the sector we are in, and the growth and the participation in you know the coming tenders as well. So there is a lot happening, as you would know. With this, I would only say that eyes down for the coming quarter. And as you would know that we are also entering into this festive season as well. I don't want to miss an opportunity to wish you and all your loved ones you know a Happy Diwali and a Merry Christmas as well. Stay safe. Thank you very much once again for joining in. Thank you. Thanks, Malcolm. Thank you very much, sir. On behalf of Adani Energy Solutions, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.