Ladies and gentlemen, good day and welcome to the Adani Green Energy Q3 FY23 earnings conference call hosted by Elara Securities Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing * then 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Tripesh from Elara Securities Private Limited. Thank you and over to you, sir. Good afternoon, everyone. On behalf of Elara Securities, we welcome you all for the Q3 FY23 conference call of Adani Green Energy. I take this opportunity to welcome the management of Adani Green Energy Limited, represented by Mr. Vneet Jaain, MD and CEO, Mr. Phuntsok Wangyal, CFO, Mr. Raj Kumar Jain, Head Business Development, and Mr. Viral Raval, Lead Investor Relations. We will begin the call with a brief overview by the management, followed by Q&A session. I will now hand over the call to Mr. Phuntsok Wangyal for his opening remarks. Over to you, sir. Hi. Good afternoon. Good afternoon to all the participants. On behalf of Adani Green, thank you for joining AGL's Q3 FY23 earning call. I will take the participants through some of the recent updates, starting with capacity growth. In terms of capacity, as we stand today, we have 7,324 megawatt of legally declared COD. Apart from that, as we have advised, we also have another 830 megawatt of operational capacity, which is in the process of being legally declared COD. Effectively, as we stand today, we have 8,154 megawatt of operational capacity. Now, during the 9-month period, some of the notable achievements which we have is we commissioned the largest hybrid cluster in India, 1,440 megawatt. Apart from that, 1 of the largest wind projects in India, 325 megawatt in MP. Apart from the fact that a solar plant of 150 megawatt was also commissioned. This is from a capacity growth perspective. During the same period, we also signed PPA for our manufacturing cluster projects, 450 megawatt wind projects with SECI and another 50 megawatt solar projects with SECI during this period. Also strengthens our project pipeline, demonstrates that, okay, Adani Green has got a firm portfolio of committed capacity. I will go to operational and financial performance. During the 9-month period, from a solar portfolio perspective, what you will see is our CLF has increased to, by 140 basis points. Today, as we stand, it is 24%. This is, this reflects the integration of our robust operational philosophy in off which we have, which has led to a CUF better than what we achieved during the same period last year. In terms of wind, after excluding the 1 of 4 major event, our CUF is towards around 30%, which is slightly lesser than what we achieved last year. During the same period, as you know, we have commissioned our hybrid cluster and the hybrid cluster CUF stands at 34%. The CUF of hybrid cluster clearly demonstrates that, okay, why there is a good push for hybrid stroke with RTC type of tenders by Government of India. During the same period, in terms of energy units which we have sold have increased by 59%. This is primarily on account of the capacity augmentation which we did. During this period, actually, compared to last year, we have added a capacity of around 2,064 MW, which is a combination of greenfield operational capacity of 1,914 + our M&A, basically a Hainoff capacity of 150 MW which was integrated. Okay. Purely from a power supply revenue, actually, during the same period, it has increased by 39%, INR 3,695 crore. This, mind you, excludes the infirm revenue which we have generated from our operational feed. If we add the infirm revenue, during the same period, actually 9 months, we have generated an infirm revenue of INR 1,645 crore. EBITDA from power supply remains at a robust level of around 92%. EBITDA from power supply during the same period increased by INR 3,570 crore. This effectively has led to our cash profit increasing by 41% to INR 1,827. What effectively it means is, today as we stand from an operational capacity of around 8.1 gigawatt, if we really look at the run rate EBITDA, it's basically INR 7,380 crore. INR 7,380 crore run rate EBITDA means net debt to run rate EBITDA of 5.26, which is much beyond the various covenants which we have agreed under the international bond issuances which we did. I will also briefly make you speak about it. Okay. From a regulatory perspective, during the period actually, as we spoke during the last time. We have achieved a favorable APTEL order from, in case of our Kamuthi, Tamil Nadu project. Where APTEL has reaffirmed our contention that the tariff for our projects stand at INR 7.01. This effectively means that there is a revenue upside of at least INR 570 crore, which is not factored in the financial numbers which has been presented, apart from a recurring impact of INR 90 crore. Apart from the tariff reaffirmation, during the same period, we received a favorable order from APTEL for same Kamuthi project actually, where APTEL has accepted our contention that CUF beyond 19%, we are entitled to receive revenue actually. The numbers impact of that is also not being factored on a conservative basis as a part of the financial numbers which has been presented. 3rd point which I thought of briefly we could talk about is the credit position. Now, as we speak right now, the liabilities which we have, AGL's various rated credit facilities, 97% of our credit facilities are rated between A to AAA rated equivalent credit scale actually. This clearly shows the strict discipline which AGL has maintained in the debt management as well as the prudent capital management philosophy which we have been consistently following. This is getting reaffirmed from the fact that during the same period for our Kamuthi plant, our rating was upgraded from A+ to AA-. What we do understand is on a project finance basis, for a project with tangible as a credit profile, this is the highest credit rating which any project has achieved in the country. What I would also like to highlight is from a counterparty perspective, because during the beginning of the call I talked about some of the PPAs which we have signed. From our locked-in portfolio today as we stand, 89% of our portfolio are with sovereign and sovereign equivalent counterpart. Our prudent capital management as well as high grade of counterparty profile is getting reflected from the fact that all the rating agencies, whether it was international rating agencies or domestic rating agencies, have recently reaffirmed our rating. That's the 3rd point. I would like to talk about the ESG, which remains a very, very important pillar for AGL first. You know, AGL has got a robust ESG framework and policy which is in line and guided with internationally accepted principles. Apart from the fact, in line with internationally accepted principles, we have been making all the public disclosure. During the Q3 period, some of the notable achievements is now as we speak, our entire operational capacity is 0 waste to landfill. We have received the Leaders Award in Sustainability by Frost & Sullivan and The Energy and Resources Institute. During the same period, we have been honored with Platinum Award by The Asset ESG Corporate Awards 2022. In conclusion, what I would like to state is we are making a steady and sustained progress in our endeavor to have a large scale adoption of cleaner and affordable energy in the country and be on track on a prudent and conservative basis towards our long-term renewable energy capacity goal. Thank you. Open for Q&A. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press * and 1 on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press * and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the 1st question from the line of Mr. Mohit Kumar from DAM Capital. Please go ahead, sir. Good afternoon, sir. Sir, 2 questions, sir. First is, sir, can you spend some time explaining the debt position once again and the repayment schedule specifically in FY 2024 and FY 2025, and debt which has been capitalized on the books and which are for under construction? Can you just separately mention it? Sure. From a debt perspective, actually, as you would have seen for December end, we have a net debt actually. We net debt of around INR 41,000 crore. From a gross debt perspective, it is around INR 47,000 crore. A large part of this debt is already capitalized actually, because as I talked in the beginning, a larger part of capacity was commissioned during the intervening period per se. Going forward, as far as next financial year is concerned, that is where a part of our capacity which is either in the form of the wind IPP which you may have noticed, plus a partial commission capacity which is yet to declare legal POD 830 megawatt, those are the capacities which will be capitalized upon. sir, repayment schedule, sir, for the next FY 2024 and FY 2025? From FY 2025 actually. We have a loan repayment of INR 1,305 crore. INR 1,305 crore based on the legal maturity which we have agreed. INR 1,305 crore. This is for FY 25, right? Yes. FY2024? FY 2024 actually. FY 2024, INR 1,305 crore. Sir, FY 2025? FY 2025, we will be having 1,541. Apart from the fact that as you are aware, there is a HoldCo bond which needs to be repaid as a part of FY 2025. For both bond as well as RG1 bond actually. Understood, sir. 2nd question, sir, has the PPA been signed for all the 8 gigawatt PPA manufacturing for the manufacturing tender? 2nd, and the related question is that RP and is our solar manufacturing capacity, which we had committed up to gigawatt, is it up and running? What stake we have in this capacity? Do we have any economic interest in that particular, you know, entity? Sure. On the 1st part, on the manufacturing link tender PPAs, we have signed up in the initial part of January, additional 50 megawatt there. Now we are left with close to 2,100 megawatts of the PPA to be signed. We are already in an advanced stage to sign up another 250 megawatt of the PPA, hopefully, within the current, probably, in 2 weeks from now. Hopefully it will pass. Our balance are in advanced stage, and we expect to close them over the course of next quarter or so. Coming to the next question with respect to the manufacturing capacity. Yes, we need to hold to the tender condition 26% stake in the 2 gigawatt cell module manufacturing capacity. We are currently holding that. Okay. The last question is on the 2023, you said that run rate EBITDA is INR 24 billion. Can you expect INR 19 billion EBITDA starting from Q4? Is that a fair assumption? As I said in the beginning, actually March 2023, we are expecting a run rate EBITDA of INR 7,523. From a run rate EBITDA perspective, March 2024, this should be nearer to INR 8,800 crore actually. This is based upon capacity which may get commissioned in next financial year. INR 8,524 is the run rate EBITDA at the end of March 2024. This number will most likely come in FY 2025. Is that the understanding? A part of this capacity will come in FY 25 actually. As we speak by March 23 around 8.3 gigawatt will anyway be operational. For 8.3 gigawatt, if you, if I, our press release also talks about around INR 7,523 will be our run rate EBITDA actually. On the top of it, the capacity which will be commissioned in next financial year, a part of that will be a part of FY 24. Hope it clarifies the matter. Understood, sir. Thank you, sir. Thank you. Best of luck, sir. Thank you. Thank you. Thank you. We take the next question from the line of Lavina Quadros from Jefferies. Please go ahead. Hi. Just wanted to check at the more at a policy level, there was a policy talking about open access for green energy, which might have helped Adani Green charge slightly higher tariffs, right? Any progress on that, sir, at the state level that you're hearing about? 2 parts. If you can just let us know. P lease go ahead. Sure. 2 parts. As far as Adani Green's current portfolio is concerned, as you know, it's mostly contracted or is virtually fully contracted with the DISCOMs, except a very small capacity. The current run rates and all the EBITDAs we are talking about, or 20,400 megawatt roughly we are talking about, is tied up under those things. The open access of what was notified in the middle of last year as a new initiative by the MNRE, now that is getting operationalized through various procedures, but not much has happened on that in terms of capacities below 1 megawatt until now in the country. 1 megawatt and above open access was already allowed, so it basically opens up that market which is below 1 megawatt. Yes, that is, that will take probably few more months as some of the states starts doing under the process which has been formed and the bodies are notified. It is taking some time. Yes, it's a great move for decarbonization of the industry. understood. Sir, generally on the construction side of your existing portfolio, are there any headwinds that you're facing? I know you'll have all the land already, but let's say there's volatility in module prices or is there anything that's leading to, let's say a delay beyond 6 to 12 months in your as far as what you can see today? Hi, Lavina. This is Dimit here. There is, it is on the positive side, Lavina. If you see the prices, which were on the higher side, okay, the prices have gone down. In last 3 months, the prices of the cells and the modules have gone down a lot, okay. If we import, you know, either from China or from, you know, Southeastern Asian countries. In any case, as you are aware that all the PPAs are, you know, covered in the Change in Law, so it's not having any impact on us. In the nutshell, okay, we are not, you know, seeing any, you know, the headwind, okay, for in respect of the construction of any of our ongoing project cycles. Okay. Thank you. Thank you, Lavina. Thank you. Thank you. We'll take the next question from the line of Apoorva Bahadur from GS. Please go ahead, sir. Hi, sir. Thank you for the opportunity. sir, I think during your opening remarks you highlighted that the company earned INR 1,945 crore from sale of Inform Bar. Can you please share the number of units which were sold over here? I think the number was INR 46.6 crore actually, not INR 9,045. How many units is this? Number of units, Mulki, just give me a second, actually. Oh, okay. 3,000 million units. Approximately 3,000 million units. Approximately 3,000 million units actually. Okay. We sold this all on the exchange, right? You know, while it is primarily exchange, but it is not necessary. We look at opportunities, with various buyers in the market and identify where we get the best money. But yes, mostly it reflects the prices around the exchange actually. Understood. Sir, also if you can share the HoldCo debt that we have? HoldCo debt actually is, Mulki, today, Mulki, as we speak, is around INR 5,800 crore actually. Out of which anyway, hedge reserve around INR 360 crore is already in place. Effectively it is INR 5,400 crore of HoldCo debt, Mulki, which is there. Okay. How much becomes due in FY 25 for repayment? No. As we said, Mulki, okay, this is a bullet repayment actually. In September 24th, we will be having the HoldCo debt, Mulki, repayment, which is proposed to be refinanced as a part of the rating process, which we have agreed with the rating agencies. Okay. We have around 18 months, Mulki, till date to refi it. Right. Right. I understand, during the last conference call that we had, there was this understanding that the domestic banks would be more than happy to refinance, right, the debt which is becoming due in FY 2025. Is there any change in their view or do you expect this to go through? No, we don't feel any change in it actually. As we spoke in the last call, from our perspective, actually, we have wider pool of Mulki funding base, including but not limited to domestic Mulki institution. Domestic institutions still remain, Mulki, committed actually. Okay. Thank you so much. Thank you. We take the next question from the line of Mr. Nikhil from AllianceBernstein. Please go ahead, sir. Hi. Thank you for taking my question. My question again relates to the debt repayment in FY 2025, which is a sizable amount. Just wanted to clarify the holdco bond again. I know it's been discussed. What I understand is a few domestic banks typically are not keen to refinance holdco level debt. If that is the case, and in case that happens, what is the plan? Is there any interest to pursue asset divestments like some others in the renewable company due to free cash? From a refi perspective, what I can say is we don't envisage any issue per se actually. What we also need to be mindful is, today AGEL is, by the end of this financial year, 8.3 gigawatt portfolio operating company actually, and it shows sufficient amount of free cash flow to service all the debt including, but not the HoldCo debt actually. From an asset divestment perspective, we don't envisage any such scenario to arise. Okay. Understood. Any plans to buy back the HoldCo bond because it's trading at a 30% discount, right now in that case? Various options are being evaluated. Let me put it Mulki that way actually. I'm not sure, Mulki, when we spoke Mulki last time, what we also highlighted is, okay, Mulki, once those options reaches a certain stage, we will make a market announcement, if it is required. Understood. Just my last question is then on the construction pipeline. What a lot of other renewable players are highlighting that, you know, due to this ALMM list challenge, there has been slowdown on their new project commissioning. Glad to hear it's not been the case for Adani Green. If you could just elaborate on that because that at least I found others difficult, found it difficult to navigate. S ure. The good part here is in our portfolio of 20.4 gigawatt, there is hardly a very small capacity, if I remember right, close to 1% which needs to satisfy the ALMM. Otherwise, the ALMM requirement does not apply right now for any of our projects which we are implementing. As we build our pipeline, going forward, obviously, we will be compliant with the ALMM and that is where we are working actively with various producers. Okay. Great. That's it. Thank you so much. Thank you. We take the next question from the line of Mr. Rupesh from Elara Securities. Please go ahead, sir. Hi, sir. Sir, 1 question is related to our current and future cash flows. Will it be that sufficient to meet our target and current pipeline, and just wanted to understand what are the challenges we are seeing today in terms of capacity ramp up? From our ability to sustain the capacity augmentation, Mulki, which is being envisaged, we don't envisage any issue actually. Now if you Mulki really look at it, AGEL is basically a mature company with 8.3 gigawatt of operational fleet actually, and 8.3 gigawatt of operational fleet throws sufficient amount of free cash flow after meeting all the obligations to sustain the capacity growth which we are envisaging. Okay. The 2nd question is on, sort of from Hydro Fund that, earlier we had sent few MoUs. Can a guidance on CapEx or timelines on that front, sir? S ure. I think while we have been working on the hydro projects, and there are multiple such projects that are at different stages, whether it is getting the statutory approvals, environmental assessments and all of that. But as of now, there is no FID on any of those projects, and we will come to the market as we reach to that stage and announce those. But there is still some time left for that. Okay. Sir, 1 more question on the bidding. There have been slowdown in bidding process. We have not seen that aggressive on the bidding part. Can you throw some light on that 1? Sure. I think what is important to understand that within our portfolio of this 20.4 gigawatt pipeline, we have significant flexibility to pre-pone or do the projects as time. That basically gives us ability to wade through the uncertainties in the market. That is where when the prices were higher in the last 1 year, where you have not seen us too much active. We didn't chase the very competitive bids. With the prices moderating, it obviously opens an opportunity for us. At the same time, we have a significant pipeline to deliver. It's not necessarily a significant compulsion for us, but we will look at market, identify the opportune bids where we can actually have a significant value add for us beyond the normal returns and then bid there. Hope this satisfies. Yes. Thank you. Thank you, sir. Thank you. We'll take the next follow-up question from the line of Mr. Mohit Kumar from DAM Capital. Please go ahead, sir, with your question. Hi, sir. Thanks for the opportunity once again. My 1st question is, what is the capital expenditure you have made in FY 23 till date, and what is the budgeted amount for FY 23? S ure. Just 1 second. S ure. Till date on a gross basis, actually, if you would have seen our CapEx is nearer to INR 5,600 crore. By the end of this particular financial year, we expect this capital, gross CapEx basis to increase to around INR 6,800 crore. Just to reaffirm, all these CapEx are fully funded. Understood. What is the CapEx expenditure you have penciled for FY 2024 and FY 2025? FY24, actually, okay, FY24 will be broadly related towards INR 10,000 crore. I will put it that way. This will be a combination of committed and discretionary CapEx, actually. As my colleague, Managaraj, was talking about, for many of our projects, we have got necessary flexibility in terms of either pre-pone or postpone because there are certain elements which are yet to be firmed up. For FY25, numbers will also broadly be on similar lines. Sir, when you say there is discretionary, it is due to the procurer's inability to provide some something? What is the hurdle there? What happens, as we would have tracked the Indian RE space, in lot of these cases, now we are in a very strong position where we have the land, we have visibility on evacuation of power, but our scheduled COD dates under the projects are still later. It is our choice whether we would want to do some of those projects prior to their CODs or keep it as per their CODs. In some cases, while we have a clarity that the power can flow, but still, as you would have seen in some of our existing projects, the legal CODs are not done because the evacuation infrastructure, which consists multiple elements may not be ready. Based on that visibility, again, we have time. This thing is something which provides us significant flexibility to be able to plan our CapEx. At the same time, as I said, we have with the full control over the land and a very clear visibility on evacuation, we are in a very strong position to decide when we want to do and what we want to do. Sir, any color on the funding of this, you know, INR 100 billion, some color will be helpful,. Part of it is already will get tied up actually, through long-term financing from domestic sources. As far as balance part is concerned, it is in the process of being tied up. We expect the entire tied up to happen by Q1 of next financial year. Do you expect the borrowing mix to change towards domestic financing going forward? Is that a fair assumption? No. See, as we stand today, actually, a larger part of borrowing was towards non-domestic sources because that also gives certain flexibility in our ability to tie up multiple sources. If you're asking in terms of in the near term, yes, in the near term it may be slightly towards the domestic sources. On a average and on a medium term level, we expect this mix to remain same. In near terms, let's say Q1 and Q2, yes, maybe slightly more from domestic sources. Last is on the Kamuthi power plant. You said that you received the APTEL order. Is the entire power plant now billing the Tamil Nadu DISCOM at the rate of 7.01? Has this APTEL order been challenged? That's the reason you have not recognized it even as of now. Yes, Mohit. The whole, you know, the 648 megawatt now as far as the tariff issue is concerned, has been resolved. Further, you know, the APTEL has given the order in our favor. This, Tamil Nadu government and TANGEDCO, they have gone, you know, for appeal in the Supreme Court. However, there is no stay by the Supreme Court so far. Okay, understood, sir. This will help us in case the judgment comes in our favor, it will help us to get INR 5.9 billion, is that number for the past period and INR 9 billion on a recurring basis. Is that understanding correct? Absolutely. Understood, sir. Thank you, sir. Thank you. Mohit, just to add, actually, this excludes the late payment surcharge also on it. For the purpose of this discussion, we have only included the base value. Understood, sir. Understood. Thank you, sir. Thank you. Thank you. We'll take the next question from the line of Mr. Nikhil from AllianceBernstein. Please go ahead, sir. Thank you for the opportunity again. Just on the plan for 10,000 crore CapEx for the next 2 financial years every year. A, wanted to understand it's implying effectively 2.5 gigawatt capacity addition every year. Am I correct to understand that? B, would there be a need to tap equity markets to support this, assuming 30% equity finance part of the CapEx? I think as we have advised in the past, actually, usually the debt equity mix, Mohit, which we have is around 75/25. For the CapEx in near term, actually we don't envisage any capital market to be tapped upon because, Mohit, the capacity and the CapEx which we are talking about can easily be met by our free cash flow, which 8.1 gigawatt will generate. Understood. The direction is 2.5 gigawatt capacity every year. That's what is being envisaged next couple of years. B roadly in these levels, Mohit. Understood. Understood. 1 more question. I mean, the related group companies are doing so many renewable projects like the hydrogen project in enterprises and renewable growth in the cement business, renewable capacity growth. Any synergy being drawn by Adani Green from those 2 ventures? Yes, there are. There is a significant ESG push across the Adani Group portfolio. Obviously, some of the They would be looking to set up certain capacities in future. We would be helping them in terms of conceptualizing their thought process with respect to implementation of that. Based on the market factors, they would implement those capacities. It may give us opportunities in terms of we being able to implement some of those on an arm's-length basis in a transparent process. That is an additional upside which we may have. We have not currently factored any of that in our- Yes. projections. Got it. Understood. Understood. Just 1 related question to that. If I understand the hydrogen plant, the land it is planned on. Just want to clarify, is it the same land which Adani Green has in its portfolio for renewable, future renewable growth or is it a different portion of land in the Kutch area? As far as Adani Green is concerned, it has that land parcel which you are talking about for its own development. At the same time, what we understand, the new vertical, which is ANIL, has also applied for additional land with from the Government of Gujarat. It is their discretion whether they would want some capacities from us or not. Right now we are not necessarily allocating something from them because they have their own applications which are under consideration of the Government of Gujarat. Understood. Thank you. 1 last clarification. Sorry. The new businesses like even manufacturing, I know you've clarified it previously, they are not part of Green. That still holds, right? I mean, Adani Green is focusing only as a renewable developer, not in hydrogen, not in manufacturing. Yes, you are 100% right. As, as guided earlier, there is no change in that. There is only 26% stake we currently hold in a 2 gigawatt cell and module manufacturing facility. That is the only manufacturing exposure which Adani Green carries. It does not intend to get into manufacturing of any RE equipments right now. Got it. Any plans to target corporate customers which some other renewable players are doing and that looks like a, growing market? I think 2 parts of the answer. 1, as I have narrated in the earlier question, I have enough capability within my own ecosystem to augment or expedite the implementation. 1, I do not need too many corporate customers base PPA for my own growth plan. However, yes, you are right. It's a significant opportunity currently available. As I have mentioned, even within the group also that opportunity lies. We are also looking within the group as well as outside the group. At an appropriate stage, we will get back to you whatever we tie up. Okay. Thanks for answering my question. Thank you, sir. We take the next question from the line of Ms. Sonali from Elara Securities. Please go ahead, ma'am. Thanks for the opportunity. So we had seen the receivables have improved, so wanted to understand, do you see this sustainable low receivables ahead? 2nd, we are seeing your carbon credit income growing over the last few quarters. Can you throw some light on your payables over here and where do you see this renewable on a full build-out portfolio? On the receivables side, there has been significant efforts made by the Government of India to resolve the issue of DISCOMs receivables. With the joint effort of all the players in the industry and the Government, a lot of receivables has been resolved from various state DISCOMs. However, you would agree that our exposure to state DISCOMs is limited to a significantly smaller capacity. As we grow higher, as a percentage, this number comes down. With the new LPS Rules and all of those coming in, payment security mechanisms, this has become very difficult for DISCOMs not to pay. That is where it is helping us to resolve the receivables. We are very confident that this would continue, and we will be able to have a very healthy receivable positions, probably better than what we have today. That is number 1. What was the 2nd question? Carbon credit. Carbon credit. Okay. Yes, this is an additional stream of consideration, which in normal cases we do not factor in. This is an additional stream of considerations where we have been able to tap the global carbon credit markets and have been able to augment our returns. However, this is market dependent in terms of the pricing, so there may be variation. At the same time, yes, as the business model, we will see meaningful carbon credit revenues coming in year on year, obviously, which will further go up as we augment capacities. What you see is for a capacity which was available with us, say 1 year, 1 and a half year back, and this is expected to ramp up. Again, it's a market which is, which moves based on global considerations, various geopolitical situations. The pricing is something which is market dependent. Just to add on the receivable side, actually, 2 more points. 1 is, okay, all the payment securities in the form of letter of credit has been given by all the off-takers, actually. That is 1st element. Secondly, okay, till date, we never had to draw upon the letter of credit. This effectively shows that there is a discipline at the end of all the DISCOMs to adhere to their contractual obligations. Thank you. Sure. Thank you. Thank you. We take the next question from the line of Mr. Mohit Kumar from DAM Capital. Please go ahead, sir. Go ahead, sir. A clarification, sir. How much of carbon credit is available with us as of now for the past period? For the new power plants, under which scheme you are trying to, we are eligible to for the carbon credit? You know, broadly. 1 second. Broadly, we have currently 5 schemes which are in vogue when it comes to carbon credits globally right now, for, especially for projects registered out of India, which are RE projects. You have GS credits, you have the VCS credits. You have a 3rd standard, which is CDM. 4th standard, which is I-REC, and 5th standard is Indian REC. These are the 5 standards which are currently there. In terms of the credits which we have, we follow a yearly cycle. Okay? Most of our credits for GS and VCS are already registered, so our projects are already registered, so those are now in the yearly cycle. For the projects which we are currently doing, the de facto registration is happening in CDM because the standards required under GS and VER now provide that since India has a certain kind of an energy mix, Indian projects are no longer eligible for registration under GS and VER, VCS. Now the reliance is on the CDM. There are few projects where we are able to tap the I-REC market as well as the Indian REC market. It's a combination of all these. In terms of number, I think you have seen a number last year in terms of credits, revenue until now. We expect that this number would further increase in future. I think, we have disclosed that earlier that it is on a fully built out basis, we will be having close to $250 million-$260 million of credits available. Everything is registered. That's every year per annum. Is that right? We are talking, this is basically starting 2025, 2026. Understood. Understood. Thank you, sir. Thank you. Thank you. Very helpful. Thank you. I now hand the conference over to the management for closing comments. Over to you, sir. Yes. I think from our side, thank you for all the participants who will be joining. We want to just specifically mention that from our side we are on track to achieve our sustainable goal. Thank you. Please reach out to us if you have any further questions. Thank you. Thank you very much. Ladies and gentlemen, on behalf of Elara Securities Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.