Ladies and gentlemen, good day and welcome to Adani Energy Solutions Limited Q1 FY 2027 earnings conference call. From the AESL side, we have the following on the call as main speaker. Mr. Kandarp Patel, CEO, AESL. Mr. Ashok Jagetiya, CFO, AESL. Mr. Raj Kumar Jain, Head Energy Solutions Platform. Mr. Prashant Soni, Head Finance, AESL. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Prashant Soni from AESL. Thank you, and over to you, Mr. Soni. Thank you. Thank you and a very good day to everyone. A warm welcome to the Q1 earnings call for AESL. We hope you had an opportunity to review the earnings presentation and financial results that we shared on our website. To outline the flow of today's call, we will begin with the opening remarks from our CEO, Mr. Kandarp Patel, following which we will open the floor for Q&A session. The call will conclude with closing remarks from our CFO, Mr. Ashok Jagetiya. For those who wish to ask questions, we request you to start joining the questions a little in advance to help us manage the Q&A efficiently. Thank you. With that, I would like to hand over to Mr. Kandarp Patel for his opening statement. Thank you. Hello. Good day, everyone. Welcome all of you on this quarter one call. In this quarter, AESL has in fact now transitioned into a full-scale utility. So far, AESL was getting a significant contribution from transmission, distribution, and smart metering. From this quarter, we have fully scaled up and operationalized our energy solution business. With all these four business firing on all cylinders and with all of our future growth locked in, now you will see those numbers and results consistently quarter-on-quarter. Besides scaling up all these four business vertical, we continue to make sure that our execution discipline and capital discipline are maintained even in this high growth period, and thereby reducing our cost of capital and improve consistently our credit quality. This is going to be our focus going forward. In quarter one, as you must have seen from the numbers, we have seen significant growth in transmission and energy solutions, and distribution and smart metering is growing at a stable pace. Today, AESL, with all these four businesses operating at full scale, has become most diversified utility platform. Nearly with 28,000 circuit km of transmission lines, a leading urban distribution utility serving Mundra and Mumbai. India's largest smart metering platform and a rapidly scaling energy solutions platform across emerging customer demand. One significant thing is that we delivered a quarterly CapEx of close to INR 35,100 crore of CapEx. That is what we are focusing on, and we will continue to focus, that we continue to deploy all those locked-in opportunities on the ground and complete these projects one by one. We have also now completed smart meter installation of 1.34 crore or 13.4 million meters cumulatively on the order book of 2.46 crore or 24.6 million meters. In addition, you must have seen that news that we are acquiring IntelliSmart and combined IntelliSmart and AESL will have a portfolio of about 4.7 crore or 47 million meters. This contract also has provisions for natural growth of volume within the given contract. We expect that volume to increase beyond 4.7 crore. The energy solutions platform, which we were talking since last couple of quarters, has now transitioned to a full-scale business. We were incubating that. We tied up about 5,000 MW of capacity on a supply side. These are mainly green energy supply. We are now also tying up with various consumers. We have about 350 MW of C&I customers. We are also expecting a few long-term contracts very shortly, and thereby we will keep on scaling up this business. In C&I business, essentially there are two parts. One is where we are taking a position on the capacity on a long-term basis. We contract those capacities on a long-term and take that position, and then we sell it in a market. We also provide energy solutions services to various consumers, like our cement or port, where they have developed the capacity, and we are managing that solution. There are two different segments in C&I business. We would want to scale up both the businesses, because our essential aim is to provide energy solutions to any customer that is requiring solutions. Typically those margins on those capacities where we are taking a position would be higher, whereas on the services side, we will be taking the service charges. You will see this platform growing significantly going forward. Therefore Q1 FY 2027 demonstrates that AESL has arrived as a full-scale utility platform and with a structured growth opportunity, which is going to be a consistent one. Coupled with our execution record and with energy solutions, we hope that we will continue to do better in terms of results and businesses. We remain confident in delivering sustained and compounding value for all stakeholders. I will stop here and we will take all the questions, and we will try and answer all the questions and queries from the investors and analyst friends. Thank you. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on your touch-tone 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 comes from the line of Lavina Quadros with Jefferies. Please go ahead. Yeah. Firstly, congratulations on a great set of results. Just wanted to check, can you throw some color on the smart meter business, on the IntelliSmart acquisition in terms of whether a similar returns profile as your existing portfolio will be there? What are the smart meter balance tenders that are left over the next three, four years by the central and state governments? Balance portfolio is about INR 10 crore to INR 11 crore or INR 100 million to INR 120 million. The remaining states are Tamil Nadu, Karnataka, Telangana, a part of Andhra, and there are few state where part quantum is also left out. As far as IntelliSmart is concerned, we are before the CCI for approval, once those all approvals are in place, we will formally take over that entity. As far as return profile of IntelliSmart is concerned, more or less it will be on the similar lines that we have, because what we have done in last two years, that we have also reduced our CapEx and OpEx, utilizing our scale. We will also have advantage of that in the IntelliSmart volume as well. More or less profitability or those numbers would be very similar to what we have for AESL. Okay. Thank you, sir. Sir, on the energy solutions business, longer term strategy in terms of how much you would want to tie up and have an assured EBITDA per unit, let's say, and how much you think you might leave open, just so that we get a good sense on the sustainability on the operating EBITDA that the business has reported. Thank you. Lavina, we will certainly would have a situation where most of the tied up capacity on a purchase side has also tied up on a sale side. We would not want to have that kind of variability on our P&L. To start with, we contracted this capacity and now we hope to tie up the sale side very soon. Once we have done that in essentially long run, we would not want to have, barring a few percentage of capacity that will remain liquid, rest we will tie up on both sides. Got it, sir. Thank you so much and all the best. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Ashish with MLP. Please go ahead. Hi, sir. Congratulations on a good set of numbers. Thanks for the opportunity. Sir, on the C&I segment where you said that there will be two type of businesses which we would be doing, one is managing solutions where we have a service charge or a fixed spread. What is the amount of fixed spread that we could generate on such type of business? Sorry, can you repeat the question? Yeah. On the C&I segment, on the trading segment, we are envisaging two types of business. One is the managing solution business, where we manage solution for lot of- Correct providing solution. Yeah, where we take a position. Then where you take position, yeah. What type of spread should we expect in both this type of business? Currently, the spread obviously on the solutioning side or service side, it can be seen as a spread, but it's basically a service revenue. Unit probably may not be that relevant. Currently, given the number of this quarter, it is about INR 0.03. Okay On a contract that we will take a position, it will certainly be a much higher volume, that will depend on a contract-to-contract basis. It will be difficult for me to put a specific number on those transactions. Understood. When we take position, because this would be long-term, say 20 years. Once if we, say, lock in a 3 GW- 4 GW, like this quarter, we have generated around INR 500 + crore. Is it fair to assume that once we lock that in, that becomes an annuity business for the next 20 years? Correct. Our objective would be that only. Every time you may not have the contract tenure matching to matching 100%. Yes, we will endeavor to do that, then most of the capacity is back-to-back locked up, and we don't create much of the volatility in our numbers. You will have some part which is locked in with generates annuity type of revenue. You can have some open position which even in a bad market environment, it might at the max offset the annuity profit, but it gives us an upside that we can have substantial upside. Correct. Essentially, we would try to convert those revenues into annuity kind of revenue with some bit of open position, which we can take or revise depending on the market condition. There will be no CapEx which would be incurred by us while generating this annuity type of revenue? There may not be any direct CapEx, but we expect that some CapEx we might have to incur to enable those transactions. When I say enabling those transactions means creating those power infra, last mile connectivity for consumer or sometimes even for a generator. Understood. Right now [crosstalk] we are selling it. Yeah. Sorry. Go ahead. Sorry, go ahead. Sorry. Yeah. It is not CapEx based business, but we might incur some CapEx for enabling those transactions. Okay. Currently in the last quarter, we sold it over an exchange, right? I mean, there was no such facilitation which we have. Yeah. We have about 350 MW of C&I customer. Rest we sold it on an exchange and also in a bilateral contract with the different utilities. Understood. If you can share the term, like tenure of the bilaterals that we have. Sorry, come again. If you can share maybe the price and the tenure of the bilaterals that we are having with the utility so that we Yeah, there are basket of contracts. Some are from 1 month to 13 month, even those prices are also very different because sometime we sell it as a bundled power, sometime we sell it as a individual. Those price are ranging from INR 3 to INR 13 or INR 15 as well. Now we also have a 3,500 MWh of battery storage as well, and we are also utilizing that to create a different product and then sell in a market. When we say we have battery, this is our investment or we have taken the battery capacity on a fixed charge from Adani Green? We have contracted wind and solar, we have also contracted battery storage on a long-term basis. Understood. On a fixed charge. Perfect. Understood. Perfect. Thank you so much for that. Thank you. Thank you. Next question comes on the line of Vishal Periwal with PL Capital. Please go ahead. Yes, sir. Thanks, opportunity, and congratulations on a good set of numbers. Sir, regarding this energy solution platform, can you give Mr. Periwal, sorry for interrupting. Your voice is breaking. Can you come in the range and talk? Can you speak a little louder, too? Thank you. Yeah. Is this better? Yeah, Vishal, go ahead. Yes, sir. Is this better now? Yes. Yeah. Yeah, sorry. I was saying that INR 590 crore EBIT that we have made in the energy solution as a platform, is it possible to first break up between the energy solution services, what is the proportion in this, and the contract that we have in terms of power, the back-to-back and in terms of megawatts. What could be the breakup between these two? The breakup is about INR 570 crore is from the volume where we have taken a position, where we have a long-term contract. The balance revenue is from power trading and power solution services activity. Okay. This INR 570 crore, that's an EBIT number that you mentioned, right, sir? Yes. Okay, fine. In terms of kilowatt units or maybe some bit of generation number, or probably not generation, but what kind of volume that we have done for this INR 590 crore or INR 570 odd crore, will that be available? We have done about 3,325 million units in that segment, and in the balance segment where we are providing services, we have done about 9,800 MUs. Again, in that segment, volume is not important. It is basically a services. Okay. Is this fair statement to make that in terms of quarterly, we have done pretty strong numbers, but going forward, are these more like take and pay sort of contract, even when we are selling things and this number is sustainable? It's more of opportunistic, given there has been a delayed monsoon and then we get high margins. How exactly to look at this particular number panning out for us? Vishal, this is a very relevant and very important question. Obviously, this year, because of a delayed monsoon, the demand was high, and then the market prices were also high as compared to the last year. If you are keeping your position 100% open, then obviously all those variability will come into play. See, not only year-to-year variability, but there will also be quarter-to-quarter variability. The average rate in the market during summer period obviously would be higher as compared to the monsoon or winter. Even within winter, in few months where irrigation demand will be very high, that number could be different. If you are keeping all those position open, then you will have those kind of variability. What we are trying to achieve is that we will not want to keep that position open, and we will close it on both sides without much of the time lag. Okay. Sure, sir. Maybe one last thing. In terms of back-to-back contract in this, the MUs that we have done, what could be the share of back-to-back and what is more of open and then we have got a high margin. Currently, out of the 3,300 odd million units, about 400 million units or 500 million units would be on a contract basis, which is with 350 MW of C&I customer. You will see most of the volume getting absorbed in a long-term sale contract very soon. Our focus is to work on that, having done this long-term tie-up for purchase. Sure, sir. I think this is helpful, sir. I'll come back to you again. Thank you, sir. Thank you. Just to slightly add further here. While we have the long-term contracts tied up on our supply side, the purchase side, as Kandarp has mentioned, we have 350 MW. At the same time, there are long-term contracts which are in very advanced stage, which will cover up the most of the capacities which we have signed up on the purchase side. There is hardly a timing gap which we are currently seeing, where you are able to see a revenue which is coming from short-term tie-ups with the distribution utilities or from markets. It is clearly destined for long-term offtake contracts also on the purchase side. Okay. Sure, sir. Okay. Thank you so much, sir. Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Nirmal with Aditya Birla Sun Life AMC Limited. Please go ahead. Hello, good morning. Am I audible, sir? Yeah. Okay. Thank you, sir, for the opportunity. Sir, my question is on the 13 billion units, the assurance that you have received from C&I data center and utilities. What proportion of this is from data centers? The data center volume today is very negligible. There is only one contract that we are doing servicing for about 20 MW- 25 MW. On a sales side, you will see a lot of long-term substantial contracts coming from those big customers and utilities. We are working constantly towards that, having taken this position, and we will also continue to increase our position in purchase side, and we will accordingly start taking back-to-back or position on a sales side as well. Okay. Currently, data center is not significant. Okay. We expect to see significant volume in time to come from data center segment. Okay. Sir, just to follow up on that. If you can share in terms of demand that is coming from data centers, what sort of power mix are they looking for? I'm asking this especially in context of their catering to their non-solar demand. Raj, would you want to take this question? Yes. Sure. Thanks, KP. See, I think there is a large, significant plans which you have seen from the group itself, obviously there is from a market perspective also, there is a significant capacity additions, which is expected in the data center space. From the overall demand side, we are looking at a very robust pipeline, where for every gigawatt of IT loads, you're talking about 1.5x of the consumption load. Say, for 1.5 GW of consumption load, we are talking about, if we want to supply from renewables, 3.5x-4x of renewable capacity required, apart from significant storage. As part of your second question, these guys vary based on their own mandates. On the green side, we have seen interest ranging from not being very finicky about how much green, to people who really want to adopt a very high percentages of green in their power mix. It's a diverse market, and every customer has their own choices. Okay. Catering, what sort of batteries because if we were to install batteries for non-solar hours and maybe four or five hours of battery, then would that economics be favorable for the offtakers? Yeah, sure. The offtakers understand that for the kind of solutions they are asking, they would need different kind of mix. It's a pretty mature market. From that perspective, if someone is looking for a significantly higher share of green, then he understands that he has to pay for the cost of that kind of a storage. I think that is there in the understanding of all our consumers. Okay, sir. Just last on here. Going ahead, do you expect the data center demand mainly will be off grid and on-site, or it can be on grid supplied by DISCOMs also? To our understanding, as we see the data center development in India, not many instances or I don't think I have heard any instances of off-grid data centers. All of them are coming mostly on grid scale and in lot of cases also on the national grid. Okay, sir. Thank you so much. Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes on the line of Raman K.V. with Sequent Investments. Please go ahead. Hello, can you hear me, sir? Yes. Sir, I just have one question with respect to the Adani Energy Solutions business. Sir, can you just give a brief idea about what kind of business does Energy Solutions platform cater to? Can you just walk me through how does the revenue, like the cash flows from revenue to EBITDA? What are the main expenses with respect to the Energy Solutions platform business? Sure. Raj, please go ahead. Yeah. Yeah, sure. Thank you. That's a very interesting question and would set the understanding of the business in a clear manner. As KP mentioned, there are two kinds of businesses which we are currently pursuing here. One is a simple services business and a trading business, where to lot of companies, we provide simple services of managing their power loads and how do we bring in the optimization of their cost, as well as whatever green content they may want. That is a business where volumes are very high, but the margins are supposed to be lower, which is what was the initial number of INR 0.03. However, this also includes a lot of trading, which is basically simply buying and selling in exchanges on behalf of the clients. The second business, which is a larger piece here and which is more an EBITDA generator, is the supply stack and the consumption stack. Supply stack, as we have mentioned until now, that we have close to 5 GW of supplies, which have been secured on take or pay basis from the generator. Now, that includes the internal generators as well as external generators, which are more like normal utility PPAs for those guys, and for us, we have to buy that power. Similarly, we have, as was the query of one of the earlier querist, we have also tied up storage capacities of 3,500 MWh. These are, again, all take or pay firm contracts. Against these contracts, we are sourcing multiple consumers. Those consumer categories are, as has been mentioned in our presentation, data centers, utilities in complex contracts, as well as the normal conventional C&I contracts, and as well as there is certain areas where we also try to optimize the cost of group companies, cost of power. These are again, long-term contracts on a take or pay basis. Between the two, because we are able to provide complex solution and manage the overall flow in a sustained and certain manner, we are able to have certain margins there. Basically, my revenue is sale to those utilities. There is a cost of power, which I am paying to the generator. That is my cost. The gap is something which we are able to earn as revenues. As our CEO earlier mentioned, there is expected to be both some kind of a time mismatch between the two because we try to tie up capacities in advance versus the consumption because that provides certainty to our consumers when they tie up with us. There is expected to be certain timing mismatches, sometimes on the slightly higher capacities tied up or on the purchase side and sometimes even on the buy side. The nature could also be different between the two, which provides us the opportunities to be able to trade those capacities in short-term markets and we are able to garner some margins within that window as well. This is what the business is all about. You have a revenue stack which is based on supplying on a long-term contracts to buyers, augmented by certain short-term revenues, and then cost which we are paying to our suppliers on a long-term basis. On a CapEx side, we do provide certain last mile infra to some of these consumers. Being a transmission company, it is natural to us that we can do that. When we provide that transmission infra, that basically builds in as a CapEx to us, and there would be certain margins on that as well. This is how the revenue expense and the CapEx and the margins are stacked up in this business. I hope I could make it clear. Sir, correct me if I'm wrong. The second part of the business is basically you buy the power from outside and then supply it to your end-use customer. It can be a group company or it can be non-group company as well, right? You're 100% right. It depends on the attractiveness of my solution, which is what makes the consumer to be able to tie up. You have signed long-term contracts to buy the power at a fixed price, right? Yes, right. Your cost is fixed. The only way the EBITDA will move is if the power demand for the end- user is high, that time your margins will move towards the upward and during the non-power demand season, your margins with respect to this segment will have a dip. Directionally, what I would want to clarify there is that, yes, I could tie up on a long-term basis where the rates are conventionally fixed. At the same time, on the buy side, the rates are fixed directionally for longer tenure. That is where the spreads between the buy and sell are sustained. We take limited market exposure and on that market exposure we will have certain margins which would also flow through the P&L. If my understanding is right, only the buy side you have a fixed contract. On sell side you can sell it in the open market as well, right? Yeah. There is no fixed contract. Sorry? There is no fixed contract on the selling side, right? See, fundamentally, again, let me clarify. I'm not looking quarter-to-quarter outcomes and variations. Okay? As a business strategy, I am fixing up on the buy side for long term. I am also selling on the sell side on long- term. There would be temporary differences because we are talking about multiple contracts, and there would be differences in their timings, quantums, and the nature, which gives an opportunity where some of that can be in the short-term markets with various kind of clients, including exchanges, and that is where there is an additional revenue which will flow in. However, those numbers on a long-term basis would be minimal. Understood, sir. Thank you. Thank you so much. Thank you. Next question comes from the line of Nikhil Nigania with Bernstein. Please go ahead. Hi. Thank you for taking my question. My questions are on the energy solutions business. wanted to understand this 5 GW of tie-up that you have done for renewable power. How much of that is from your sister company and how much is it from other companies? Sir, roughly 4,000 MW is from AGL, rest is from third parties. Understood. Could you please shed some light on how the price discovery is happening for this 4,000 MW that has been tied up? Is it a tendering basis? Is it market link? If you could share some details on that, please. It is essentially a market link. We evaluate when we buy as to what are the options available with us in terms of quantum and pricing, we decide based on that. Understood. If I think from an Adani Green's perspective, why would it be more beneficial for them to go through energy solutions rather than directly tap the customer? Put it the other way, are you also competing then with Adani Green to sell to the same, let's say, data center or some other customer to the market? No. Adani Green don't sell to data centers. They create capacity and they tie up on a long-term basis, essentially with the utility, SECI or some third-party customer. They don't provide solutioning part. We are one of the customer of AGL, so they will sell it to DISCOM, they will sell it to me as well. That is how it works. Currently they have a contract with SECI and distribution companies as well, and now they have a contract with me as well. Understood. Is it fair to assume then almost their entire C&I exposure will be through Energy Solutions entity and not directly to the customer? Correct. Understood. One last question I had is, there is another contract with Maharashtra around the clock, 2.5 GW power, which we see Adani Power has won, which involves sourcing power from Adani Green. Just wanted to clarify if Adani Energy Solutions is also part of that contract in any shape or form, or is it only those two entities who are there, Green and Power? Group level, the solutioning is natural to AESL, we will certainly be a party to that contract. Okay. PPA signing with MSEDCL is with Adani Power and not AESL. Adani Power participated in the bid, LOI was issued in favor of Adani Power. We had that understanding with Adani Power as well. Obviously we might even buy some power to fulfill this solution from Adani Power. Eventually, AESL will be a major participant in that contract. Got it. Okay. Maybe I'll take it offline to get some more color on it. Thank you. Those were my questions. Thank you. Next question comes from the line of Anuj Upadhyay with Investec Capital Services India Private Limited. Please go ahead. Mr. Upadhyay, please go ahead with your question. Mr. Upadhyay, please unmute yourself and go ahead with the question. Since there's no reply from the line of Mr. Upadhyay, we'll move to the next. The next question comes from the line of Aditya Sahu with HDFC Securities. Please go ahead. Hello. Hi, sir. I hope I'm audible. Hi, Aditya. Hi, sir. Thank you for the opportunity. My question pertains to the HVDC project pipeline that we have. The two projects that we have right now are the KPS-I and the Bhadla-Fatehpur. Just wanted to check on the decommissioning timelines over here for this particular project, and also, looking at the bid pipeline for the HVDC, what is the bid pipeline that you have right now for that project? Thanks, Aditya. See, this KPS HVDC would be somewhere in FY 2029, around December 2029. Okay. Rajasthan would be at the beginning of 2029. Understood, sir. As far as pipeline is concerned, you must have seen all those NCT approved project details. Right Other things. We expect that every year we would have an opportunity of about INR 1 lakh crore bidding, that is a minimum, combining central as well as various state projects. We expect that a lot of opportunity will now arise from various STU projects. You must have seen Maharashtra is very active now. Rajasthan, U.P. has started. Rajasthan has started. See, essentially what has happened in last four, five years, lot of interstate line has been built to deliver power to the state. Now state will have to augment their transmission capacity within the state to deliver and take it up to the end consumer. We see lot of action on STU side as well. Understood, sir. If I have to put it this way, what sort of inflows are you expecting, if you have anything in mind, from the STUs and the HVDC projects? What would you be targeting on an annual basis for these two categories? See, Aditya, we have been doing a market share of about 25%. Nice. We will at least continue that part from our side. Roughly about INR 20,000 crore-INR 25,000 crore of CapEx addition every year. As far as HVDC is concerned, there are two projects, in fact, one is under bidding, one will go bidding very shortly. We expect that HVDC project will keep on continuing because fundamentally, when you have to deal with these kind of renewables and deliver over a longer distance, I think HVDC is the most appropriate technical solution. We believe that HVDC volumes will continue. Now we see demand of HVDC project coming from load center side as well. Like last year, we commissioned that HVDC project in Mumbai, and that has helped Mumbai region per se immensely during this summer. Most of our cities are now witnessing a massive demand growth. If they have to meet those demand growth, they will also have to augment transmission capacity around their city center and where you won't be able to put up those overhead lines. Obviously, those kind of opportunity will also come from various cities, and we expect that will gain a momentum now. Right, sir. You did mention STUs. How do you see that visibility on the STUs, at least in the near- term? STU, I think annually, the volume would be about, to start with, about INR 20,000 crore-INR 25,000 crore projects. That is the least that I expect from STU side. On an annual basis. On annual basis. Understood. Thank you. Thank you so much, sir. Thank you. Thank you. Next question comes from the line of Darshan Parmar, Jefferies. Please go ahead. Hi, sir. Am I audible? Yeah. Sir, I just had one question. As you have given the EBITDA split for the Energy Solutions Platform business, can you also give the revenue breakup of the same in long term as well as trading? The Energy Solutions revenue split has already been given in our page number 12 of the result presentation. No. Yeah. Breakup of it. Okay. The long-term PPA sales, we have clocked the revenue of INR 1,838 crore against the sale of 3,325 million units. Whatever in terms of power management services, we have managed 1,603 million units and clocked the revenue of INR 16 crore. C&I merchant and power trading generations, we have clocked the revenue of INR 12 crore and managed the units, just a second, of about 8,253 million MUs. All in all, 13,181 MUs we handled. Thank you. Essentially, the breakup is INR 1,800 odd crores coming from long-term PPA and balance about INR 30 crore coming from those services. Got it, sir. Thank you. Thank you. Next question comes from the line of Mahesh Patil with ICICI Securities. Please go ahead. Yes. Hi, sir. Thanks for the opportunity. My first question is on the smart metering numbers that we have reported, right? In the presentation, if we see operating revenue and EBITDA for this quarter and the same number for Q4 FY 2026, right? There is this quarter-on-quarter, some decline is there. Just wanted to understand because the smart meter base, installation base could have gone up, right? Just wanted to understand, is there some change in how do we recognize this revenue and EBITDA? Let Prashant answer this, but just to clarify, the revenue from already commissioned meter has improved from last quarter, INR 68 crore to INR 161 crore. The reduction is on account of reduced CapEx, because this year we could only install 12 lakh meters, and that is where the overall reduction that you see. Mahesh, I hope I am audible. Hello. Yes, sir, you're audible. See, as sir already mentioned, if you see the operating revenue, that has gone up, okay, from INR 68 crore to INR 161 crore. For a better understanding, what you can also do is you go to our press release where we have already provided operating EBITDA for the smart meter based on what you see as a conventional method. Okay? This is more accounting treatment where you have to book the construction or CapEx as an expense as well as revenue. Okay? That number you see is accounting treatment. Otherwise, if you see the operating revenue, that is still on the higher side compared to the last quarter of previous year. One presentation. Their quarter-over-quarter, I see some decline. Yes. Mahesh, is that clear to you or? Yes, sir, I got it. Basically, I have to look at the press release numbers versus the presentation numbers of Q4, right? Yes. Yeah. Essentially what Prashant is saying, the revenue from commissioned meter, which is operating revenue, has increased to INR 160 crore from last quarter of INR 68 crore. Correct. Got it. Sir, second question is, just wanted to understand the status of our parallel licenses that we had applied it. That matter is still pending with Commission. There is no movement. We believe that the state Maharashtra Government has given a policy advice to Commission to wait till the amendment in act or tariff policy, which the central Government is planning to do. Once that is done, we believe that it will move ahead. Okay, sir. Thank you so much. Thank you. Next question comes from the line of Anuj Upadhyay with Investec Capital Services (India) Private Limited. Please go ahead. Mr. Upadhyay, please go ahead. Mr. Upadhyay, please unmute yourself and go ahead. Since there's no reply from the line of Mr. Upadhyay, we'll move to the next. That is from the line of Ashish with MLP. Please go ahead. Thanks for taking the question again. Just one small question. On the energy solution trading business, which is managing solution and managing positions, what is the quantum that we are looking at over the next maybe three, four year, in terms of gigawatt or gigawatt hour? Either gigawatt or the units that we are trying to manage. Any target that we are looking for? Raj, please go ahead. Yeah, sure. If you look at our disclosure already in the presentation, we have mentioned that the market opportunity we believe we'll be able to cash is 7.5 GW + by 2030-2031. It's a grind which is there. We have a lot of data centers which are being installed, as you know, within the group itself. AEL itself has disclosed in the recent publications, which they had on their website, the kind of pipeline they have on data centers, and that's one key area. Separately, we also have distribution companies which are working right now in a manner where they are looking for not solar or wind or storage separately because they have seen lot of stress in those capacities coming on time because of various issues. They are now mixing some of that and looking for complex solutions to be given on a RTC manner, which is again, something which is aligned to the strategy of this energy solution platform. There are few things which are developing on that side. Similarly, the C&I space, as we understand from various reports, is a burgeoning space with close to 50 GW+ market by 2030-2031. That's a huge set of opportunity within that for us to tap in this particular portfolio. I think with a lot of these near-term things, we believe that we will be able to scale this business up as a large vertical within the Adani Energy Solutions Limited company. Sorry to ask this again, but you said 7.5 GW, is that correct? If you see our website, the publication we have, our presentation has that 7.5 GW Is the market opportunity we are targeting. Yeah. The reason I ask this is because we have already secured 4GW across solar, wind, and one more gigawatt of energy across C&I. Let me clarify. When we said that there are two parts of the opportunity. One part of the opportunity is how do we tie up the generation side, and second is how do we tie up the consumption side. As I had answered to one of the queries earlier, every gigawatt of opportunity we tie up on the data center needs roughly three and a half gigawatt of renewable capacity to be available for that. Is the case with any RTC tender, which any distribution or utility will bring in. 5 GW tie up on a RE basis is not huge in terms of MUs. Okay. Understood. These are RTC loads which we are looking to serve. From the market perspective, there's a huge space available for us, both on the side of tying up capacities, as well as on the generation side, as well as on the load to be serviced in a customized bespoke manner for our consumers. Understood. 7.5 GW we are tying in RTC? Yeah, broadly. It will be- 7.5 GWh? No. There is nothing called 7.5 GWh. That is 7.5 GW we have mentioned as the capacity which is available in the market, as a market potential, which we believe we can easily tap. It will have different kinds of consumer stack. As I have said the current stack easily is DISCOMs as well as data centers and the conventional C&I consumers, which can be tapped for this. Okay. It's 7.5 GW into [inaudible] into 365 billion units is what we would be targeting. Is that the right way to think about it? Whatever capacity on the input side is required. That is not the way you should interpret a number. It is going to be a mix. Okay. I take it offline. Good. Thank you. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Mohit Pandey with Citi. Please go ahead. Yeah. Sir, thank you for the opportunity. Sir, just wanted to get a sense on the right of way challenges that were there in the transmission side of things last year. Any sense you can share on where we are on that? Yeah. Yeah. Mohit, right of way challenge certainly are there on the ground, and it is industry specific issue. As we have been mentioning, we deal with this problem very differently. We make sure that, those RoW decisions are taken at a ground level. And, we remain practical. We don't 100% depend on state machinery or administration support to clear the RoW. We work in parallel, and therefore, we have been able to show a little better effectiveness as far as managing RoW is concerned. Second is that, you must have seen most of our projects are concentrated in a region, and where we already have a good amount of presence. We are fully aware about what are the kind of challenges that we are going to face on the ground when we go to implement the project. Therefore, we have the ability to prepare ourselves better in advance and execute the work. I've got it, sir. Just second question was on incremental STU pipeline on transmission. How would the payment mechanism work there compared to the central- It is identical one. The role that the CTU plays in central or project in a payment mechanism, the same role is being played by STU. They will collect revenue from all the distribution company. Like in Maharashtra, there are multiple distribution company. Those distribution company is being billed by STU on a monthly basis, depending on their usage of the transmission network. All the distribution company pays to STU, and STU pays to all the transmission companies on the other side, which could be MSETCL, CLS, there are multiple other players as well. It is identical, but at the state level, that is at the central level. Okay, sir. Thank you so much, and wish you all the best. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. We have reached the end of question- and- answer session. I now hand the conference over to Mr. Ashok Jagetiya for closing comments. Thank you everyone, for taking time out and attending this call. Hope we are able to answer all your questions and queries. If anything remains pending unanswered, we are happy to take it offline. Thank you. Thank you. Thank you, everyone. Thank you. On behalf of Adani Energy Solutions Limited, that concludes this conference. Thank you for joining us. You may now disconnect the line.