Ladies and gentlemen, good day and welcome to Adani Green Energy Limited's FY25 Fixed Income Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Pritha Majumdar, Managing Director from the Leverage and Acquisition Finance Team from Standard Chartered Bank. Thank you, and over to you, ma'am. Thanks, Michelle. Good afternoon, everyone. This is Pritha Majumdar from Standard Chartered Bank. On behalf of Adani Green Energy Limited, we are very pleased to welcome you all to the FY25 Earnings Call. From the company on the call today, we have with us Mr. Ashish Khanna, CEO; Mr. Saurabh Shah, CFO; Mr. Anupam Misra, Head Group Corporate Finance; Mr. Raj Kumar Jain, Head Business Development; and Mr. Viral Raval, Head Investor Relations. With that, very quick round of introductions. I would like to hand this over to Viral to take this forward. Viral, over to you. Thank you. Thank you, Pritha. A warm welcome to all the participants in this call. Adani Green Energy has continued its strike of delivering robust operational and financial performance. We hope you have had the opportunity to go through the earnings presented here uploaded on our website. Let me take a brief moment to introduce Mr. Ashish Khanna, who has now taken the charge as the CEO of Adani Green from 1st April of this year. Mr. Khanna is an industry veteran and a campaigner for green growth. Prior to joining us, he was at the forefront of leading the renewable business of Tata Power as CEO of Tata Power Renewable Energy. His 36 years of career span ranges from oil and gas, petrochemicals, thermal power, and renewables. Mr. Khanna has completed an executive program from IIM Ahmedabad, both Master's Degree in Management and Systems from IIT Delhi, and a Bachelor's of Engineering from Delhi College of Engineering. Along with Mr. Ashish Khanna, as Pritha said, we have Saurabh Shah, CFO, Raj Kumar Jain, Head of Business Development, Anupam Misra, Head of Corporate Finance, and I am from Investor Relations. Let me hand over to Mr. Ashish Khanna for a brief opening remarks to be followed by Q&A. Thank you, Viral. Good afternoon, everyone. Welcome to this call. I'm thrilled to share the outstanding operational and financial performance of Adani Green Energy for the fiscal year 2025. As you know, FY25 has been a record year for India's renewable energy growth, with a remarkable addition of 30 GW, which includes, of course, the hydro efforts too. At Adani Green, as always, we have contributed significantly by adding 3,309 MW of new capacity. This is the highest ever by any renewable company in this country. Our efforts accounted for 16% of India's utility-scale solar and 14% of wind power installations in FY25. We have done more than double than anyone else or any other developer in this country. As you know, we are also making significant progress towards developing the world's largest renewable energy plant at Khavda in Gujarat. In a short span of two years, we have operationalized more than 4 GW of renewable power there. We are well on track now to complete 30 GW from Khavda by 2029. It's a great place to have the renewable assets. Of course, it took us time to initially stabilize and install and develop that particular area. Now, we are well tuned to take full advantage of the solar and the wind potential at Khavda. Testimony of the same is that we have achieved 32.4% of solar PLF in the last quarter. All of this has also been made possible because of our focus towards advanced technology, whether it's in the parts of a product like bifacial N-type modules, electric trackers, and, of course, cleaning from a waterless robotic cleaning system. This relentless focus on execution and, of course, operational excellence, duly aided by the advanced technologies which we are deploying at Khavda and other projects too, is further cementing our leadership in the renewable sector in this country. In FY2025, we surpassed more than $1 billion in EBITDA. Our energy sales increased by 28% on a YoY basis, reaching 28 billion units. Revenue from power supply grew by 23% to INR 9,495 crore, and EBITDA increased by 22% to INR 8,818 crore. We continue to prioritize digitization, robust capital management, and best-in-class governance. Our advanced analytics techniques, automation, and AI-driven decision-making processes are helping us to optimize not only the cost but also the time for executing projects and excellence in operations. Our higher standards on safety and governance. This year, FY2025 was also an important milestone in our capital management journey. Adani Green refinanced its neighboring construction facility of $1.06 billion. This long-term refinancing, rated AA plus, represents door-to-door tenure of 19 years, and it is well aligned with our cash flow lifecycle of underlying asset portfolio. We have a comprehensive capital management framework to fully fund our growth up to 50 GW by 2030 while maintaining a strict credit discipline. We remain committed to our environment, social, and governance goals. All of our operations are now water positive. This goal we have achieved even before our target. We continue to maintain top rankings from esteemed global ESG rating agencies like ISS ESG, who has ranked us number one in Asia, and Sustain alytics, which has ranked us amongst the top 10. We attribute our success to the dedication and the motivation and the hard work of our team, the steadfast trust and support of our shareholders and partners. Together, we are committing to create a lasting value for our shareholders and delivering whatever Chairman has envisioned and give us the vision for clean and affordable power of 50 GW by 2030. We also have a target in our endeavor to achieve 5 GW in this financial year. I will now leave it on for your question and answers. Thank you very much, sir. We will now begin with the question and answer session. Anyone who wishes to ask questions may press star and one on the touchtone phone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use only hands while asking a question. Ladies and gentlemen, please wait for a moment while the question queue assembles. You may please press star and one to ask questions. The first question is from the line of Love Sharma from JP Morgan. Please go ahead. Hi. Thanks, Management Project, for hosting this call. Just a few questions from me. I think one, firstly, on the cash balance side, which is highlight on the two RG bonds, RG1 and RG2, what would be the year-end cash balance in those two assets? Secondly, in terms of given the movement in the bond prices for both the RG1 and RG2, because of global markets as well as the U.S. Treasury rates, the dollar prices on those seem to be very attractive. Any thoughts on if you could consider any kind of bond buyback in those two bonds? That's it. Request Saurabh our CFO to answer this, Love. From the perspective of your cost question, which was on the cash balance, which is there on RG1 and RG2, we would just like to inform you that in our presentation, it is on slide number 34, where the cash balance in RG1 is about INR 600 crore, which is there. RG2, also, that number is in the range of about INR 700 crore. Okay. Got it. In terms of how much could be distributed based on the covenants which were on the two bonds from the INR 600-700 crore, would you give it a sense? See, from the aspect of distribution, it is also to do with there are certain assets which we have with our heavy partner. That distribution takes place based on that also. The portion out of this which is distributable is to the tune of about INR 400 crore. Okay. This is total across the two? Yeah. Each to 400 each in both. The distribution is now when we issue the compliance certificate. In the compliance certificate, there is a proper cash flow waterfall mechanism which is followed. That's right. We keep the necessary reserve. We keep the necessary amount of cash for the regular maintenance, and then only it is upstream. That is full working of how much will be upstream will come in the compliance certificate, and only then it will be upstream. Before the compliance certificate issuance, there is no upstreaming that happens. It will not be able to. Understood. Understood. Okay. That is very clear. Thank you for that. Just one last question. I think a follow-up on the previous question related to that would be any thoughts on the buyback of the two bonds? No. I'll take that question. I think. Sure. Love, I think these are two bonds which are amortizing bonds where the cash flow generated is sort of used for repayment over a period of 20 years, 18 years, right? In these two bonds, ideally, we are not in the process. In a corporate bond structure like Adani Ports, Adani Electricity, we would strategically keep doing buybacks and market actions. We would not look at buyback in these kind of structures, right? Tactically, if there is market dispute, like what happened during the tariff situation, it gives us an opportunity to sort of make a small profit and also indicate to the short sellers that we have a very strong technical curve, and therefore we would not incentivize short sellers to come into our paper. I think from that standpoint, we can still look at it. As of now, nothing decided, so I would be going ahead of myself here. The philosophy from a group standpoint is here that it makes sense. If, for example, the 2030 Adani Electricity, we would not address this in 2029, but we would start addressing it way in advance. From that standpoint, similarly would be the case here. Okay. Okay. That's very clear. Thanks. Thanks. That's it from me. Thank you. A reminder to all the participants that you may please press star and one to ask questions. Anyone who wishes to ask questions may please press star and one on the touchtone phone. The next question is from the line of Michael Stansfield from UBS Asset Management. Please go ahead. Hey. Yeah. Thanks, Management, for the update. Just quickly, for FY2026, I just want to confirm I heard correctly. For this year, FY2026, we have 5 GW of operational projects coming online. If you could just reiterate what the guidance is for the total CapEx on that. Also, you made a statement that for the 50 GW guidance for FY2030, can you walk through what is funded at this point for that? I mean, I think that we've talked in the past about FY2026 and 2027. That's awfully funded, but longer term, are there equity and debt finances that have to be put in place? Yes. Hi. See, from a CapEx perspective, based on 5 GW of addition that we are looking at for the current year, we are looking at a CapEx of about INR 31,000 crore in FY2026 to be done, which is more or less fully funded from debt as well as equity perspective. For our overall target of 50 GW, the equity perspective, once the entire warrants is completely converted to equity, then our entire equity funding for up to FY2030 for 50 GW is fully funded. From a debt perspective, we constantly keep on reviewing the longevity of the tenure of our debt. Based on that, we continue to look at how to target and get that debt completed, debt existing. From a perspective of debt, we also have a $3.4 billion construction facility which is available. Plus, we also have a non-funded limit of about $ 1.2 billion, which we constantly utilize for that. All in all, our debt tie-up, which we keep on looking at over a one year period, we keep on doing it. For the next one to one and a half years, we target to complete that, which we are doing for this year. From that way, we will continue to do that for the remaining next three to four years. Hope this answers your question. Sorry, just I might have misheard. Is the total CapEx for this year INR 31,000 crore? Yes. At that, we're going to be, we're talking around $3.6 billion, of which INR 7,525 crore debt that way. INR 7,525. Most of that debt is already tied up. Got it. Okay. Fair enough. Cool. Thank you. Thank you. Thank you. Anyone who wishes to ask questions, may please press star and one now. You may press star and one to ask questions at this time. The participants who wish to ask questions, may please press star and one on the touchtone phone. We'll take the next question from the line of Eric from Nomura. Please go ahead. Eric, I have unmuted your line. Please proceed with the question. I'm sorry, Eric. We are unable to hear you right now. Hello? Can you hear me? Yes. Please proceed. Okay. Great. Sorry. I think it's a more generic question. I think I understand Management is expanding the solar park across the solar mainly with wind. How do you see any other new types of, let's say, pumped storage hydro? I mean, is the company also looking forward to develop this kind of, I mean, this kind of complicated structure? How do you see the economics over these kind of new technologies? Thank you. I think can I summarize what I understood from your question? There were some challenges on the line. What you're asking on a generic level is that besides the project like Khavda, how is the Management looking at other types of RE, including hydros and PSP? Is that the question or misconstrued it? Sorry. Can you hear me clearly? I think right now I'm going into a quiet level. I think, Eric, we could not be able to understand your question that well. I will tell you my understanding of your question. You are asking that other than Khavda, how are we looking at other renewable assets like hydros and PSP? Is that your question or we have misconstrued it? Yeah, yeah. I think more about the capacity expansion, how do you see the economics in the pumped storage hydro, I mean, or those kind of battery storage? I mean, is the company also looking forward to expanding into this field apart from the plain vanilla or wind solar hybrid? Yes. I think we are looking into both of those storage assets as well as the pump storage and the battery storage with pumps. We are looking at it very closely. As you know, on the pump storage, our first plant of Chitravathi, which is 500 MW, is all set to be commissioned by September 2027. We are committed for it. In totality, we are all set for gigawatt capacities in PSP. As far as the generic tariffs are concerned, I would say that on a pump storage, one does get, because of the advantage of adding storage with the renewable power, on less than INR 5, which makes the overall cost very attractive in that sense. You will be hearing from us about the battery storage part very closely. We are looking at it very closely. I think we have a great opportunity there. In the last two years, the whole market of round-the-clock renewable power. Thank you. I'm saying that in the last one year or two, we have seen that there has been a demand of the peak power or the round-the-clock renewable power. I think our company is very well poised to take full advantage of these opportunities which are available. Like I said, we are looking very closely on the battery storage. In the times to come, you will hear about it from us. As always, our plans have been big and what serves the country best. So is in the case of the pump storage too. Got it. Can I understand right now how is the, I mean, in terms of IRR across these kind of projects, how do I see it right now? Yeah. Sure. I think as Ashish mentioned, from an India perspective, the opportunity is huge when it comes to pump storages and the batteries. The economics actually is moving towards a place where these are the cost is less than the grid prices. There is a lot of opportunities which are there in front of us. The IRRs are better than what you get in a normal plain vanilla solar or wind project by close to a couple of percentage points above 10. It finally depends. It is difficult to answer as a singular number, but it finally depends on what is the site you have. You would understand in case of pump storage, how many reservoirs someone is making, natural reservoir is there, closed loop, open loop, all those things are there. We try to ensure that whatever pump storages we are developing are efficient when it comes to capital cost. That in turn leads to a significantly better IRR than a lot of competition you would hear in the market. Got it. Thank you. Thanks a lot. Thank you. A reminder to all the participants that you may please press star and one to ask questions. The next question is from the line of Love Sharma from JP Morgan. Please go ahead. Hi. Thanks again. Maybe just to follow up on some of the topic which I think the company has also mentioned in the earnings release about the DOJ case and the SEC case. Where do we stand currently on that? If you could just highlight, is there any progress there, anything in terms of hearings, anything which you could share with us? Thanks. I think we have been publicizing on what is available all across. First of all, let us reiterate that this is against the individuals and not the company. The matter has been there in public. You know exactly what is happening. We have an independent review too, which was also shared across or shared with our auditors, independent directors. From a group standpoint, as a better government and transparency as well as regulatory compliances, it has been done. I think it has been mentioned too. From a DOJ standpoint, like I said, it's all quite going forth. The allegations are there. I think we should be seeing the positive results on it too from the individual standpoint. Okay. Okay. Okay. Could you share if this case has progressed to any kind of hearing stage at all, or are we still in sort of the situation where we were a couple of months back, basically the indictment stage? Now we are not a party to it. As a company, whatever disclosures and whatever information that we have is all shared in public. We do not have anything further on that to add. We are not aware if there is any further development within that case. Okay. That's useful. Thanks. Yeah. Thank you. Please press star and one to ask questions. Anyone who wishes to ask questions may press star and one now. You may press star and one to ask questions. A reminder to all the participants that you may please press star and one to ask questions. As there are no further questions from the participants, I would now like to hand the conference over to the Management for closing comments. Thank you and over to you, sir. Thank you. I think it was short and crisp. I once again appreciate all the participants who have come out here. We would like to reiterate from a Management standpoint our commitment for excellent execution as well as the operations of AGL in this coming year. There are lots of learnings which are going to help us in achieving the targets which we are clearly on track to achieve, as well as the physical and the financial targets which we have in front of us. Once again, thanks for your participation. I hand it over to you. Thank you very much, Pritha, StanC, and the team and Chorus Call for organizing this call. Thanks a lot to all the participants for taking the time out to join this call. Please feel free to reach out to us if you have any further questions. Thank you. Thank you, sir. Thank you, members of the Management. Ladies and gentlemen, on behalf of Adani Green Energy Limited, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.