We have with us today Mr. Vneet S. Jaain, MD and Chief Executive Officer, Mr. Kaushal Shah, Chief Financial Officer, and Mr. Viral Raval, Head - Investor Relations. We will have an opening remark from Mr. Kaushal Shah, Chief Financial Officer, followed. We will have Q&A for that. Over to you, gentlemen. Yeah. Good afternoon, friends. Thank you for joining this call. A warm welcome to all the participants in this earnings call of Adani Green Energy Limited to discuss the operational and the financial performance for the half year ended on 30 September 2021. We have uploaded earnings presentation on our website, and I'm sure that you would have a chance to go through the same. Let me take you through some of the, you know, the recent developments and accomplishments, followed by an overview of our operational and financial performance. Let me start with the capacity growth. As you are all aware that, you know, the largest acquisition of 5 GW of the solar portfolio of SB Energy, we have successfully completed on the 30th of September with the EV of $3.5 billion. $3.5 billion on full completion basis, where some of the projects are under construction. SB Energy is a 100% subsidiary of AGEL. The acquisition was completed within a record time of four months with all the statutory clearances and smooth handover of assets. The most important part is that the portfolio comprises of almost 100% of the sovereign-rated counterparties. This acquisition includes addition of a high-quality operating solar portfolio of 1.7 GW, with the planned grid availability of near to 100% and CUF of around 27%. This value-accretive acquisition enhanced the AGEL operational portfolio to 5.4 GW as we speak, and its overall portfolio to 20.3 GW, implying 4x lock-in growth. Just to highlight, you know, 4.5 GW of EPC which we have won, you know, that is a strategic win. Once if that comes in our favor, then this portfolio will go to 24 GW almost. With this, overall, counterparty mix of this 20.3 GW is 88% sovereign rated counterparties, and the remaining is state counterparties. One of the updates, friends, you were asking all the time was the progress on the SECI manufacturing-linked solar projects. I'm happy to report that we have been able to. PPA has been commenced with the SECI. In September and October, we have signed PPA for 867 MW and a tariff of INR 2.54 per unit for a period of 25 years. Further, we have also aligned contract agreements with the SECI for setting up a solar PV manufacturing plant for a capacity of 2 GW already. Another important highlight is that we have been awarded 450 MW wind projects from SECI in October 2021. The tariff for this is INR 2.77 and this is a wind portfolio. Now, I shall brief you about the progress and important milestone in respect of our journey towards the ESG commitments. AGEL is the funder for a new climate change gallery at the Science Museum in London. The gallery named Energy Revolution: The Adani Green Energy Gallery would explore how the world can undergo the fastest energy transition in the history to curb the climate change. In this quarter, also, AGEL has become founding member of the Global Alliance for Sustainable Energy, joining hands with several other large global players committed to the growth of renewable energy. The alliance has been formed with the aim to ensure that the renewable energy segment is fully sustainable and respects human rights across the entire value chain. Moving forward on the UN Sustainable Development Goals, AGEL has also signed the UN Energy Compact for alignment with SDG seven, which is a clean and affordable energy. This is one of the big focus area apart from the other three focus area which we have. AGEL has also joined Science Based Targets initiative, a incubator project in order to advance its SDG7 commitment. On corporate governance front, the board today has approved the revision in the board charter in favor of more independent board committees and formation of a new board committee to monitor the key aspects of the business. Among the new committee, you know, one of the important highlight is that now the audit committee will only comprises of independent directors. That is one of the important development. Apart from that, there is a corporate social responsibility committee has been formed. This committee has been assigned with the regular monitoring of the ESG program assurance at AGEL level, and it again consists of 100% independent directors. These are big steps which we are, you know, taking towards our commitment on improved corporate governance. Now let me brief you about the operational and the financial performance. The robust capacity addition and best-in-class O&M process have led to a continued impressive operational and the financial performance. Coming to the numbers, you know, if you look at the solar CUF has improved by 50 basis points year-over-year to 23.2%. Wind CUF has improved by 710 basis points year-over-year to 40.7% in H1. The solar CUF improvement is backed by significant improvement in the grid availability and consistently high plant availability of almost 100% even in this pandemic time. We have been able to deliver the solid performance thanks to our O&M team. Wind CUF improvement is backed by the technology advancement and more efficient newly added wind turbine generators. This has improved the plant availability and the improvement in the wind speed. All of this has led to a solid financial performance. If you look at, the sale of energy has increased by 54% to 3,954 million units in the first half. Similarly, you know, this is backed by the addition of overall 2,610 MW of renewable capacity over the last one year. This is supported by the strong operational performance. AGEL revenue from power supply has again increased 38% to INR 1,682 crores in H1. EBITDA from power supply has increased by 15% year-on-year basis to INR 1,577 crores, which is 150 basis points improvement in margin to 93%. The cash profit has increased by 45% to INR 859 crore in first half of the year. Overall, if you look at the, you know, the, for the 5,410 MW of the operational capacity which we have, the run rate EBITDA will be anticipated by March 2022 will be INR 676 crore. If you look at the net debt, which is INR 29,292 crore, we have overall cash balance as on 30 September of close to INR 5,800 crore. Again, a very strong and robust performance which we have delivered on all fronts. We are committed from the net debt to EBITDA at the year-end, which we have, you know, promised to the various bond holders. In conclusion, the robust solar and the wind portfolio performance led by considerable improvement in the CUF sustains that we are on the right track in terms of incorporating the finest O&M practices and adopting the latest technology. Our team is working relentlessly towards the target of 25 GW of operational capacity. You know, we are very positive that we should be able to achieve this target even ahead of 2025. In terms of the ESG, I already covered both on the environment and the social front as well as on the governance front. Again, for the sake of repetition, I would like to say that our Kamuthi plant, which is the largest 648 MW, is water positive. It is plastic-free already, and we are committed to do this across all our plants in India. Thank you very much. You know, now we can open the floor for the question answer. Thank you so much for patiently hearing. Thank you. Ladies and gentlemen, we will now begin with the question and answer session. Anyone wishing to ask a question, may please press star and one on your 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. Participants, if you wish to ask a question, you may please press star and one. The first question is on the line of Mohit Kumar from DAM Capital. Please go ahead. Good afternoon, and congratulations on decent numbers and acquisition of SoftBank portfolio. My first question is on the SoftBank portfolio. Is it possible to get us the date of acquisition? I am assuming that this has not been consolidation on the P&L. It seems like balance sheet has been consolidated. Yes, yes, Mohit, you are right. Actually, this transaction got completed on 13th September itself. As per accounting principles, you know, balance sheet normally we feature as on date, we need to, you know, incorporate all the balance sheet items. The P&L is not carried into these results. Right. What is the expected EBITDA from the operational portfolio of SoftBank? What is the kind of, you know, the commissioning you expect for our entire portfolio by exit of FY 2022 and exit of FY 2023? Mohit. Hi, this is Vneet here. As far as the commissioning schedule is concerned, this portfolio consists of the operational assets of 1,700 MW. This is operational. We are expecting that around 400 MW or something will be completed by the end of this financial year by March 2022. The remaining, because there are certain the portfolio projects for which the commissioning as per the DPs are in the financial year 2022-2023, and few may spill over in 2023-2024. This is as of date. That's why the EBITDA number that comes to you. EBITDA number, Mohit, will be in the range of around INR 700 crore for this 1.7 GW of the operational portfolio. Understood. For our entire company, what is our existing, you know, capacity, which you expect at the end of FY 2022 and FY 2023? Is it possible? Can you please share? Mohit, you know, by the end of this financial year, we are expecting, you know, something, you know, ranging between 7,500 MW -8,000 MW operational. Okay. By this March 2022, we are expecting, approximately, you know, between 8,000 MW-8,500 MW. Okay. No, sorry, 7,500 MW-8,000 MW by the end of this financial year. Okay. Thank you. Secondly, also coming back to the solar manufacturing link tender, I think you have agreed for a lower rate of INR 2.5 crore. Do you think the balance of those only 867 MW has got tied up? I think the balance around roughly 7.2 GW is getting tied up. Will all the remaining portion happen at a similar rate or is there be a case it can go further lower as we go ahead? Mohit, you know, as recently reported in the media also, SECI has signed PSAs for 500 MW with Odisha, 300 MW with Chhattisgarh, and around 1,000 MW with Tamil Nadu discoms. Additionally, we also believe that, you know, another 7 GW -8 GW. The discussions are going on between SECI and other governments for which, you know, we are expecting that very soon, you know, some outcome will come. As far as we are concerned, we have signed PPAs of around 867 MW. It consists of Chhattisgarh 200 MW, Tamil Nadu 667 MW. The tariff which we have signed the PPAs are INR 2.5 per unit. Mohit, if you see, given the changed market dynamics, since we submitted our bids, we believe that we will be able to maintain our expected return thresholds for, you know, the revised tariff. Therefore, this is the reason we have signed the PPAs. Because this is a cost saving as compared to, you know, 2019 when we submitted the bid because of the large, you know, the enhancement in the efficiency of the modules and, you know, the saving in the balance of system cost. We are not thinking there is any compromise on the return expectation at this, you know, point of time. Okay. This last question on the Science Based Targets initiative. The other one in London, I think you've done something in the London some event, right? If I'm not wrong. Some commitment front. Does it mean that our you know the output scope of the work we do will enhance? Yeah, I'm asking this question primarily to understand that whether we'll be doing only Liverpool PPP or we'll be specifically helping hydrogen or let's say some other new areas. Mohit, you know, as Adani Group, if you have heard, you know, our chairman, you know, the speech also in this industry summit. Okay. We are good, you know, in the, you know, basket of energy transition, which includes, you know, the battery storage, which includes the renewable generation, which includes the green hydrogen. Okay. In all these areas, you know, we have a lot of focus, and we are working as a group, you know, in all these areas. I'm trying to focus on here. Do we have as our company, Adani Green, what we are focused? Will we be delving into any other areas or the other areas are completely no-go for us? Mohit, I mentioned, you know, as Adani Group, we are focusing on all these, you know, the green energy initiatives. Okay. Now other than this renewable generation, which is the solar hybrid and you know, the wind, whether the green hydrogen and others will be a part of Adani Green or this will be decided in the due course. Sir, one last question, sir. All the other hybrid portfolio which we had under our portfolio, all of them are on track. We expect all these three to be installed by end of February? you know, the all these three will be completed, you know, not financial year 2023, but even, you know, by financial year 2022. Okay. Right. Okay. O kay, sir. Thank you, sir. Understood. Thank you. Thank you. A reminder to participants, anyone wishing to ask a question, please press star and one. The next question is from the line of Puneet from HSBC. Please go ahead. Yeah. Thank you so much. My first question is on, you know, Q2 FY 2022 capacity of now 5.4 GW. What should be the run rate EBITDA associated with this? FY 2025, the run rate EBITDA for FY 2025 will be INR 4,555 crore. INR 1,600 crores. Okay. The gross block for this? You want the gross block? Will be around INR 25,000 crores. INR 28,000 crores. Debt I don't have this only for these things. I have a number, it's for example, I will be ending up with around 8,000 MW by March 2022. Okay. The run rate EBITDA will be INR 6,700 odd crore. Okay. Roughly by March 2022. You know, overall debt on these particular things will be INR 15,000 crore. Debt and gross block for this 8,000 MW? The gross block, the additional will be the gross block. The CapEx, I can say, the additional CapEx which we are going to do will be around INR 18,708 crore-INR 19,000 crore. INR 19,000 crore over the existing INR 28,000 crore? Yes. By year-end, we should be INR 46,000 crore. Understood. I wanted to check, is there any progress on the GIB issue? Has any work been impacted into the commissioning timelines et cetera? No, no. We are absolutely bang on target as of now. Entire hybrid project of 1.6 GW, you know, we expect it to commission by February. There is no impact on the timeline. whatever transmission capacity which needs to be set up is being set up as well? Yeah, yeah. Everything, the work is going on in full swing, and there is no issue on that particular front. Okay. What are your expectations on the module cost? Are there any significant module purchases that you need to do between now and end of FY 2022? Whatever is required for at least FY 2022, we have already ordered for the entire modules. We have, you know, because Amjad Sir, as a financial discipline management program, what we do is that we have a letter of credit facility at the holding company level. As soon as we won the project, we immediately start opening the LC in favor of the suppliers. Mm-hmm. We have already for this entire 8,000 MW, whatever is imported modules, further et cetera, whichever is required, we have already opened the letter of credit. You know the, that, all the modules and everything are under control, so we don't have to worry on that particular piece. Yeah. Basically there is still a 1.6 GW that you will commission by next 4-5 months, right? Yeah. Out of which around 1.6 GW will be the hybrid projects, mainly. The larger one will be the hybrid. There will be the SECI's 600 MW and Sara, a couple of more projects and the SB Energy projects of 400 MW. We are confident as you know, Vneet S. Jaain in his first ever remark, you know, maybe out of 8,000 MW, maybe 200 MW, 300 MW can be spillover in April. More or less it will be in target. You know, we are on target. What is your module cost? Have you locked in for this? As far as the module cost is concerned, you know, fortunately, you know, we have signed some contracts, you know, for our ongoing projects, you know, long back, you know, contracts on track. Okay. You know, we have locked in something in January this year, something in March, something in November last year as I said. These are varying, but you know, all the existing projects you know, for which we mentioned that you know, toward the end of this financial year, we will have an operational capacity of 7,500-8,000 MW somewhere in between. Okay? Right. We have the complete, you know, the visibility both in respect of the module also and in respect of other projects also for hybrid projects. No, no. Visibility because I'm just trying to understand, you know, given that module prices have now gone up from $0.65 to $0.27, how low have you been able to lock this purchase? On the price thing, you know, Mohit, you know, I frankly, Vneet, you know, I can't say, you know, on this. Because as I mentioned, you know, this is at the various stages we have done by the purchase of the module for our various projects, you know. For FY 2023, what is the commissioning plan? Roughly around 4,000 MW will be added. Anything between 3,500 MW-4,000 MW will be added in [FY 2022]. Modules have been locked. Is that also or are you in discussions currently? No, not fully. Not 100%. Some yes, some not. Okay. We are looking in last, you know, two, three months the module prices have gone up, you know, after the break. We are just, you know, waiting for the right moment. Okay, understood. That's very good. Thank you so much. Thank you. Thank you. We'll move on to the next question that is on the line of Ashwin Reddy from Samatva Investments. Please go ahead. Yeah, hi, good afternoon. Thank you for the opportunity. So basically I wanted to understand how is the company thinking about the opportunity in the wind part of the business, for now. Basically, given what has happened in the wind sector in the last 3-4 years in India, and given that in India there is a lot of capacity actually available, and it is not subject to the fluctuations of the pricing of the raw material and all, like what's happening in solar. How is the company thinking about the opportunity in wind and in general, overall thoughts on the sector in terms of that would be very helpful. Hi. Thanks, Ashwin, for your question. Look, Ashwin, we are, you know, going, you know, wind also like we are doing in solar. There is a mix of both wind and solar in our portfolio. Going forward also we will have a mix of both. Ashwin, as far as the wind, you know, the capacities are concerned, you are correct. You know, there are, you know, the sufficient capacities available in the country for wind. If you see in the past few years also, you know, the large wind is going to the export because these OEMs, they find, you know, because in India, the prices of wind turbines, you know, are much lower, you know, at which they have to sell, okay, as compared to the export. A lot of things are being exported by these OEMs. Okay? You know, the wind, you know, there is a possibility of variation in the price of wind also like solar, Ashwin, because, okay, they're 100% again a commodity driven business. Okay? There is a possibility, you know, like in case of any other, you know, business, there's a possibility of variation. We as an organization, which are, really serious on the wind also, similar to that, you know, we are serious for solar. Okay. Got it. Any thoughts on the regulatory approach that we are seeing towards wind? Because at least from outside it looks like solar is getting much more preferred treatment versus wind, is how we are seeing it from outside. But any thoughts on what has to change in terms of making wind more attractive or it can be helpful to us. You know, Ashwin, from the regulatory side, frankly, you know, there is a lot of, you know, the push from the regulatory side and from the government side for the enhancement of usage of the renewable power. A lot of promotion is made by the government, not only by the central government, but by all the state governments also. There is no effort, you know, if there is a focus for solar or focus for wind, or there's more encouragement for wind as compared to solar. It's not like that, you know. It is for overall renewables, there's a lot of push and, you know, the focus from the government side. Okay. What you're saying basically is that the market forces are now determining that solar is in a better position versus wind as of now. Is that fair? Uh- Market forces are determining that solar is a more attractive opportunity versus wind or do you think wind has the potential to be as solar at some point? Or it's not as good, at least 30%-40% of what solar can be. Is that something which the industry can do? Ashwin, you know, from the developer point of view like us and even from the consumer point of view, it is not, you know, either/or. It's not whether it's solar or whether it's wind, because the solar and wind, they have their own, you know, pluses and minuses. Also, you know, both the generation comes at a different point of time. You know, the wind generally comes early in the morning and late in the evening, whereas the solar is only, you know, in the noon period. So the generation profiles are different and both are required to be grid. Okay? Do you think only solar can fulfill the aspirations and the requirement of the country, nor, you know, only wind can fulfill that requirement. So both are required. Therefore if you see the bids also which are being issued by the SECI or other PSUs, and even by the state governments, okay, they are coming with the bids of both. Now the more and more hybrid bids are coming. That is the reason, you know, why hybrid bids going forward will be much more preferable by the governments, various state governments, because they are able, you know, to maintain their demand profile and also the grid stability pattern. Understood. Thank you so much for the clarification. Yeah. Thank you, Ashwin. Thank you. Thank you. The next question is on the line of Apoorva Bahadur from Investec. Please go ahead. Hi, sir. Thank you so much for the opportunity. Sir, as you were giving an update on the Andhra Pradesh, basically what SECI had offered. I think media house has reported that SECI has approved at INR 2 per unit as including the margin. Probably the tariff will come out to be around INR 2 for the capacity for us. Are we okay with that, with that pricing? I mean, if SECI is offering to us, will the tariff remaining be as it is? You know, so far we are not aware of that, you know, that if the government or company has approved, you know, the 30.49% and if they have approved, you know, so regardless of what was the SECI margin and how much, you know, because if they, you know, as far as we are concerned, SECI has not informed anything to us so far. Once we will have, you know, the communication from SECI, that time, you know, we will see about that. Okay, fair enough, sir. Secondly, on this solar module manufacturing, and we are seeing that under the PLI scheme as well, lot of capacity is going to come up. For something which is partially owned by us, how do you see Adani Group sort of targeting this area? What sort of economics, I mean, what is the benefit for us as well? Yeah. You know, you're absolutely you know, the PLI scheme, you know, which came out, you know, by Government of India, we have, you know, applied for the integrated, you know, 4 GW, under this PLI scheme. Which includes, you know, starting from polysilicon, then ingot, then wafer, then cells and modules. We are, you know, as you are aware that Mundra also, you know, one of our group company, we are the largest, solar cell and module manufacturer in the country with an installed base of around 1.5 GW. We are further expanding the same by another 2 GW. Without this PLI scheme, you know, participation, we will have 3.5 GW cell and module, within Adani Group on the manufacturing side. Besides that, the 4 GW we have applied for PLI. We are as a group serious about it, and we are working on that. Okay. What sort of allocation, how much, I mean, on that 4 GW that is coming up in, will we also be participating in terms of providing capital to that business? You know, about this solar manufacturing ecosystem, okay, is absolutely a separate business line which is not a part of Adani Green. Frankly, you know, I am not aware of, you know, the capital allocation and all of this manufacturing business, Apoorva. Okay, got it. Lastly, if I may, I squeeze in one more question, and that is, as you pointed out in the module prices have gone up. Just wanted to know if we have to like kind of some capacity currently, there's some current rates, what would cost on a per MW basis work out to? Apoorva, you know this, as far as the module prices are concerned. If you see this is, you know, the modules right now, you know, is like a commodity. Okay. Now as it is, if you see the pricing, you know, [audio-distortion], these are, you know, we believe that it is a temporary phase which is there. It is having no logic, you know, except that, you know, in China, the power cut has happened in last 3-4 weeks. Because of that, you know, the Polysilicon is a highly, you know, the power intensive industry. Okay. Because of that, you know, the output of Polysilicon has reduced. Because of that, there is a, you know, a temporary scarcity created of Polysilicon. That is the reason, you know, the prices have jumped, you know, in last 2-3 weeks. Which we hope that, you know, is not a, you know, permanent or not a long term, you know, the phenomenon and the input which we have because we are one of the large consumer of the solar panels from China, and we are having a very good relationship with all the available manufacturers, okay, based out of China and also in Taiwan. Input which we have is the starting from January, okay, maybe the prices will remain at that level or slightly, you know, more or less level for the next 2 months. Starting from January, the module pricing will go down, you know, to their normal level, you know. This is the input which we have, Apoorva. Okay. Got it, sir. Thank you very much. Thanks a lot. Thanks a lot, Apoorva. Thank you. The next question is from the line of Girish Achhipalia from Morgan Stanley. Please go ahead. Yes, sir. Thanks for the question. I just had one question. There was a discussion on this already earlier, but I wasn't so sure if I got the right information passing through. The under construction capacity available at Adani Green- Girish, in your call there is an echo which is coming. We are not able to listen. Yeah. Is this better now? Yeah. It is better. My question was around the financials. I just wanted to understand that whether it is Adani Green organic portfolio or whether it is SoftBank, the under construction, we've ordered the modules maybe five months back. Maybe there's something more left. I just wanted to understand if you have done some analysis on the EPC IRR versus at the time of bidding versus now how the module prices have moved. There are two things that have happened. Obviously the risk in the system and for you have come down a little, and also the module prices have gone up. I just wanted to understand versus your targeted range of EPC IRR, how much is it going to have an impact? Is it 100 basis point? Is it 200 basis point? Is there any risk mitigation measures that you've taken to ensure that the damage is the minimum on this, increase in module costs that may have happened? This is a good question, and we are conscious about the IRR which we are earning. See, there are two steps which we have taken. One, obviously, as you all are aware that there is an increase in the module pricing. At the same time, what we have done is that there is other areas where we can save some of their costs. Overall, impact on the cost is not more than 4% in our overall portfolio basis. That is number one. Secondly, what has happened is if you look in our presentation, the interest cost which we were having, which was 11.2% in 2017, which has now come down to almost 9%. The recent bond issuance at the holdco level also we have done at 9%. And there's the efficiency on the EBITDA fronts on all the operational which was at barely 1%, it has now moved to 9%-10%. In all in all costs, you know, based on the efficiency which we have achieved, both in terms of the capital management program, saving in the other components of the project cost and, you know, the improvement in the operational performance, you know, all put together, you know, we are not impacted by any of these events. For you, if you need some numbers or any other calculation, you can contact Viral. They can, you know, share offline, and we can explain you in detail all of that stuff. Yes. For the clarification, sir, the 3%-4% engineering cost that you mentioned was on CapEx side or is it more on, or was it something else? CapEx side. Okay. Just one small clarification, and it's a general question. The interest that you would have assumed, when you were bidding, let's say a year back, and what it is revised today based on the different forms that you are drawing the debt from. How much is this difference roughly? I mean, is it 50 basis points lower, or is it significantly lower? Let's say you were to borrowing 12 months back, what- No, I can explain to you. No, no, it's a good question, and let me clarify. See, what is happening when we bid conservatively always in terms of all the pricing of the module as well as the cost of borrowing. It was in the range of 10.5% to 10% depending on the, you know, type of risk and other stuff which we have. What we do is that we have a non-fund-based limits available at the holding company level. We are able to open the letter of credit in favor of the supplier, the cost of which is only 50 basis points. Then even if they discount the, you know, LC, that is a cost of 4.5%. Overall, you know, at the time of manufacturing, the cost went in the, in the case of 5%. You know there is a huge saving which is coming up. When we take the actual project investment, this ranges to 8.5% to around, you know, 9.5% depending on the counterparty risk and other stuff with the lesser DSCRs. Even there also, with the construction facility tie up, our overall cost of borrowing is in the range of 10%. All in all, there is a substantial saving which we are making it when we do this, you know, the capital management program. Hence, you know, we are saving substantially. Thank you. Thank you. [audio-distortion] Line of Mohit Kumar from DAM Capital, Please go ahead. Thanks for the opportunity once again. Sir, I have one question on the solar module, you know, buying given that the basic customs duty which is getting imposed from the first of April 2022. How will our sourcing change, you know, under the new scenario? I hope that I think that most of the procurement will be done in India itself. Am I right in that? And what is the kind of procurement we'll do in a single year in 2023 or 2024? And is there any thought process to get linked up or to have a long-term tie-up with some domestic module manufacturer of specific quantity? Yeah. Mohit, thank you for your question. Mohit, you know, this BCD imposition from first of April next year. Okay. So far, you know, the Ministry of Finance has not, you know, issued a notification to that effect. We are not very sure, you know, whether it is coming from [au dio-distortion] or not, unless, you know, the notification is issued because there is a, you know, some communication or some we can use that, you know, the government may be thinking, you know, of, you know, becoming effective by six months or a year. This could be the case for coming effective for six months a year. Even if this event which will come, you know, we will have, you know, we have access, okay, not only in India, but across the globe. Okay. Depending upon what, frankly, and when we require the modules, okay, depending upon the situation there, we will decide, you know, whether we will import or we will buy from some local market or, you know, we will import the cell, you know, and then convert it from cell to module, okay, or whether it all will depend upon, you know, as a part of our supply chain management, okay, you know, which methodology, you know, which is the best, you know, suited for that, you know, given point of time, you know. Maybe on the battery storage, I think there's a battery storage tender which you opened now. Are you going to participate? Have you worked out some numbers on that as of expectation of some kind of cost estimate if you can provide? Mohit, you know, cost, you know, it's frankly, I can't provide, but we are looking for all the opportunities in the renewables, you know, space, including, you know, for the battery storage, you know, and also, okay? We will, you know, decide, you know, whether we shall, you know, bid or not in this one or we'll go in the future bidding and what would be the pricing. As a principle, as we mentioned to you in the beginning, we in Adani Green, we are looking for all the opportunities in the renewable space, whether it is only solar, whether it is only wind, whether it is hybrid, whether it's energy storage, okay? End-to-end, you know, for the whole portfolio we are looking for that. Sir, is there any reason for not participating in the RTC 2 tender which happened recently? I think. The round-the-clock tender with thermal or storage. It was a combination of renewable plus thermal. One second. Do you expect more such tenders in the offing? Mohit, you know, frankly, you know. Can you just repeat your question please? There was a tender which came, I think we just discussed a few days, I think, there was a round-the-clock tender. Mm-hmm. I think we also participated. I was trying to understand if there is a large pipeline, if it will come, of this kind of tender, where, you know, you have to supply 24/7, and you have to mix your thermals, renewables or storage. Yeah. Mohit, okay. Now it is clear. No, this is big, you know, because there for this 2.5 GW, okay, we have bidded, you know. From Adani Green we have bidded in this particular bid, and your second point is going forward, we hope that, you know, the similar the number of bids will come going forward. My question is that is this a segment of interest to you or you think this is not something, you know, worth it? No, Mohit. You know, of course, you know, Mohit, again, you know, my reply would be, you know, see anything which is related with the renewables, of course, you know, we'll, you know, we have interest in that. This RTC bid also, I think constitutes, you know, it will be minimum 51% renewables. Okay? When, you know, these are bids wherein more than 50% is renewable, we are always, you know, keen and serious about that. Understood, sir. Thank you and all the best. Understood. Thanks a lot. Operator, a reminder to the participants, anyone wishing to ask a question, please press star then one. As there are no further questions, I now hand the conference over to Mr. Puneet Anand for his closing comments. Thanks everyone for participating in the call, and I would like to again thank the management for the interest for this opportunity. Thanks, everyone. Thank you. Thank you.