Ladies and gentlemen, good day and welcome to NHPC Limited Q2FY25 earnings conference call hosted by Elara Securities Private Limited. As a reminder, all participant lines will be in 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 phones. Please note that this conference has been recorded. I now hand the conference over to Mr. Rupesh Sankhe from Elara Securities Private Limited. Thank you, and over to you, sir. Yeah. Good afternoon everyone. On behalf of Elara Securities, we welcome you all for the Q2FY25 conference call of NHPC. I take this opportunity to welcome the management of NHPC represented by Mr. R.K. Chaudhary, Chairman and Managing Director, R.P. Goyal, Director (Finance), Mohit Agarwal, Director (Personnel), and Mr. Sanjay Kumar Singh, Director (Projects). So we will begin the call with the brief overview by the management followed by Q&A session. I will now hand over the call to Mr. R.K. Chaudhary for his opening remarks. Over to you, sir. Good afternoon, friends. The NHPC board has adopted half-yearly financial results for the period ended 30 September 2024 in its meeting held on 7 November 2024. The same has already been communicated to stock exchanges. By now I hope you all would have got chance to go through the quarterly and half-yearly set of numbers. First I will just touch upon major highlights and then detailed analysis of the results shall be discussed by our Director (Finance) Shri R.P. Goyal ji. Brief highlights of the half-yearly financial results and important updates on the company are as enumerated below. During half year financial year 2025 our power stations have achieved generation of 15,013 million units as against 16,797 million units generated in corresponding period of the previous year which is lower by about 11% or 1,784 million units. This is mainly due to heavy flash flood in Teesta Basin in October 2023 which has resulted into complete shutdown of Teesta-V Power Station which has generated 1,928 million units. In the corresponding previous year the restoration works at the power station was going on. But in August 2024 a landslide occurred at the power station site affecting the tail race tunnel outlet structure and the GIS building. Necessary remedial actions have already been started and the restoration works are expected to be completed by third quarter financial year 2026. Our plant availability factor for half year financial year 2025 stands at 82.68% against the corresponding previous period plant availability factor of 91.93% which is about 9% lower. This is mainly due to lower water availability, complete shutdown of Teesta-V power station and partial shutdown of TLDP-III power station due to flash flood and high silt in the river, less inflow in various power stations and outage of unit at Uri-I power station. During half-year financial year 2025 Company has earned revenue from operation of INR 4,969 crore as against INR 5,056 crore in the corresponding previous year which is about 2% lower. During half-year financial year 2025 Company has earned profit after tax of INR 1,929 crore as against INR 2,500 crore of corresponding previous period which is 23% lower. On fiscal front as we have been sharing that the active construction work at Subansiri Lower project site is going on in full swing. Recently we have achieved a major milestone in the completion of the project with the successful lowering of the rotor of unit 3 weighing 673 tons on 17th October 2024. Overall 94% physical progress of the project has been achieved. We are very hopeful that we can commission three units of the project by March 2025 and rest of the units one by one by May 2026. The revised cost of project at completion is under process. We have incurred INR 22,027 crore till September 2024. The estimated levelized tariff based on the anticipated cost is INR 5.60 per unit. In respect of Parvati-II Hydroelectric Project as we have already shared that we have achieved the daylighting of 31.5 kilometer long head race tunnel of the project, all the major works of the project except 159 meter overt lining and 3,630 meter invert lining of HRT have been completed. Overall, 98% fiscal progress of the project has been achieved. We are trying our best to complete the remaining over lining and invert lining of HRT and commission the project by February 25. The anticipated cost of the project is INR 12,160 crore out of which we have already spent INR 11,879 crore till September 24. The estimated levelized tariff based on the anticipated cost is INR 6.73 per unit. In respect of Dibang Multipurpose Project, 2,880 megawatts, 5 out of 7 packages related to design and engineering infrastructure works, construction of HRT and powerhouse, E&M works and HM work of pressure shaft have been awarded. The remaining two packages related to dam and HM works are in the tendering stage. We have already shared that we have achieved a significant stride towards ensuring all-weather road access to the project site. The estimated cost of the project is INR 31,876 crore which includes grant of INR 6,716 crore for flood moderation and enabling infrastructure works out of which we have already incurred INR 2,525 crore since September 2024. Further estimated levelized tariff of the project is INR 4.46 per unit and the scheduled completion of the project is 2032. In respect of Lanco Teesta Hydro Power Limited Teesta-VI Project 500 megawatt as we have shared that work was progressing well at site. Work for construction of new bridge is under progress for making permanent approach to Powerhouse. Further concreting at barrage area and excavation of HRT is also in progress. Overall 64% fiscal progress of the project has been achieved. The estimated cost of the project is INR 5,748 crore out of which we have already incurred expenditure of INR 3,732 crore till September 2024. Estimated levelized tariff of the project is INR 4.07 per unit and expected commissioning schedule of the project is December 2027. Further, we are in the process of merger of LTHPL with NHPC and the order for the merger is pending with Ministry of Corporate Affairs. Jalpower Corporation Limited and Rangit-IV Project 120 megawatt is also progressing well. On 22nd July 2024 the project has successfully achieved the daylighting of the HRT. Overall 80% future progress of the project has been achieved. The estimated cost of the project is INR 1,828 crore out of which we have already incurred expenditure of INR 1,241 crore till September 2024. Further we are in the process of merger of JPCL also with NHPC and first motion application has been filed with Ministry of Corporate Affairs. The project is expected to be completed by December 2025. In respect of Ratle Hydroelectric Project Union Territory of Jammu and Kashmir 850 megawatt. The work is progressing well at the project site. Overall 17% physical progress of the project has been achieved. The estimated cost of the project is INR 5,282 crore and we have incurred expenditure of INR 784 crore till September 2024. Estimated levelized tariff of the project is INR 3.92 per unit and the project is expected to be completed by December 2027. Presently NHPC through its subsidiary Chenab Valley Power Projects Limited is executing three projects in Chenab Basin Union Territory of Jammu and Kashmir. Construction work at Pakal Dul Hydroelectric Project 1000 megawatt is progressing well. Overall 60% physical progress of the project has been achieved. The estimated cost of the project is INR 8,112 crore out of which we have incurred expenditure of INR 5,092 crore till September 2024. Estimated levelized tariff of the project is INR 4.28 per unit and the project is expected to be completed by September 26. During half year financial year 2025 company has earned PAT of INR 1929 crore as against INR 500 crore of corresponding previous period which is 23% lower. In respect of Kiru Hydroelectric Project 624 megawatt overall 45% physical progress of the project has been achieved. We have incurred expenditure of INR 1867 crore till September 24th out of estimated cost of INR 4288 crore. Estimated levelized tariff of the project is INR 4.64 per unit and estimated completion of the project is September 26th. In respect of Kwar Hydroelectric Project 540 megawatt the work is progressing at site. Overall 17% physical progress of the project has been achieved. The estimated cost of the project is INR 4,526 crore out of which we have incurred expenditure of INR 770 crore till September 2024. Estimated levelized tariff of the project is INR 4.44 per unit and the project is scheduled to be completed by December 2027. Apart from above under construction projects, NHPC is also working on some projects such as Teesta-IV 520 megawatt Sawalkot 1,856 megawatt Uri in stage 2 240 megawatt Dulhasti Stage-II 260 megawatt Kirthai-II 930 megawatt and Dugar project 500 megawatt which are at different stages of clearances in respect of our hydroelectric projects in Nepal. Final detailed project report for the West Seti hydroelectric project 800 megawatt has been submitted to the Investment Board of Nepal on 18th October 2024 in line with our commitment under the Memorandum of Understanding. Further an MoU has been signed between NHPC and Rastriya Prasaran Grid Company Limited. Nepal for grid connectivity for West Seti Hydroelectric Project on 13 May 2024. The inception report submitted by NHPC has been accepted by Investment Board of Nepal in respect of 460 megawatt With Seti River-VI hydroelectric project and the DPR is under preparation for the review. Report of DPR has been submitted to Vidyut Utpadan Company Limited Nepal in March 2024 in respect of Phukot Karnali Hydroelectric Project 624 megawatt in Nepal. PPAs for all under construction projects of NHPC including its subsidiaries have been signed too or consent has been received from the DISCOMS for the same. In respect of 1000 megawatt capacity solar power projects allotted under CPSU Scheme 2, the works are progressing well in respect of 300 megawatt project in Bikaner, Rajasthan. In a significant development, Ministry of Power has conveyed approval for laying transmission line for evacuation of power to be generated from the project to Bikaner-II pooling station addressing execution challenges due to Great Indian Bustard GIB issue. Further land acquisition is in progress in the sector 600 megawatt projects in Gujarat and 100 megawatt project in Andhra Pradesh. NHPC Renewable Energy Limited, the subsidiary of NHPC, has fully commissioned 88 megawatt floating solar power project at Omkareshwar Reservoir on 10th of October 2024 with the commercial operation COD obtained on 29th of October 2024. The cost of the project is INR 589 crore and the tariff of the project is INR 3.22 per unit. NHPC has awarded the EPC contract for 200 megawatt grid connected solar power projects stage one located in 600 megawatt solar park at Khavda, Gujarat to M/s Apollo Green Energy Limited on 5th of August 2024. The cost of the project is INR 929 crore and tariff of the project is INR 2.73 per unit. The project is expected to be commissioned by August 2025. NHPC has awarded the EPC contract for 50 megawatt floating solar power project in Kerala's West Kallada District to M/s Apollo Green Energy Limited on 26th of July 2024. Further, the lease deed for transferring the water body or land was executed between NHPC and the concerned agency in Kerala, a company owned by land water body owners on 7th of September 2024. The cost of the project is INR 260 crore and tariff of the project is INR 3.04 per unit. The project is expected to be commissioned by February 26. NHPC has signed an MoU with the government of Rajasthan during the Rising Rajasthan Investor Meet on 30th of September 2024 with an investment plan of INR 50,000 crore. The MoU envisaged development of pumped storage projects, renewable energy, solar, floating solar and wind power projects and battery energy storage system in the state of Rajasthan. NHPC is also exploring to develop pumped storage projects in the state of Andhra Pradesh, Odisha, Jharkhand, Madhya Pradesh, Chhattisgarh, Gujarat, Tripura, Punjab and Maharashtra. We have submitted pre-feasibility report of Indira Sagar, Omkareshwar 640 megawatt, Tekwa 800 megawatt and Satpura 1500 megawatt pumped storage scheme situated in Madhya Pradesh. Further, pre-feasibility report of Savitri Pumped Storage Project 1,800 MW, Kengadi PSP 600 MW situated in Maharashtra, Mochinda PSP 1,000 MW situated in Odisha, and Kupa PSP 900 MW situated in Gujarat have also been submitted for other projects. Preparation of PFR is in process. The detailed project report for Savitri PSP is under preparation. This is all from our side. Now the forum is open for question and answer. Now I will hand over the MIC to our Director Finance Shri R.P. Goyalji for his address. Good afternoon friends. I am going to share with you detailed quarterly and quarterly set of numbers with a detailed analysis. The NHPC Board has adopted quarterly financial results for the period ended 30 September 2024 in its sitting held on 7 November 2024 and the same has already been communicated to Exchanges. Brief highlights of the financial results and important updates on the company are agenda. During FY25 our power stations have achieved generation of 15,013 million units as well as 16,797 million units generated in corresponding period of the previous year which is lower by about 11% or 1,784 million units. During second quarter FY25 our power stations have achieved generation of 8,034 million units as against 9,010 million units generated in corresponding period of the previous year which is lower by about 11% or 976 million units. Our PAF for hydro identified stands at 82.68% against the corresponding previous period PAF of 91.90% which is about 10% lower. Our PAF for second quarter FY25 stands at 84.87% against the corresponding previous period PAF of 89.78% which is about 5% lower overall. FY25 company has earned revenue from operations of INR 4,969 crore against INR 5,056 crore in corresponding previous period which is about 2% lower by INR 87 crore. The decrease in revenue is mainly due to lower generation during Q2. FY25 company has earned revenue from operations of INR 1,025.51 crore as against INR 1,008.87 crore in the corresponding previous period which is about 3% higher by INR 16.64 crore. The increase in revenue is due to increase in sales pertain to previous years by INR 170 crore and unbilled revenue towards insurance and security expenses by INR 169 crore which is further offset by decrease in energy charges by INR 190 crore and decreased due to reimbursement of water sales by INR 85 crore. Other income for half year FY25 is of the order of INR 739 crore in comparison to INR 408 crore during the corresponding previous period which is about 81% higher or by INR 331 crore. This is mainly due to increase in realization of business interruption loss against insurance claim by INR 155 crore mainly related to Teesta-V power station. Further, there is an increase in provision not required by INR 104 cr, which is mainly pertain to reversal of provision in respect of expenditure incurred on Bursar project 29 cr and increase in dividend income by INR 55.54 cr. Other income for FY25 of the order of INR 370 cr in comparison to INR 129 cr during the corresponding previous period, which is about 187% higher or INR 241 cr. This is mainly due to realizational of business interruption loss against insurance claim by INR 138 crore pertain to Teesta-V power station and increase in dividend income by INR 67 crore. During FY25, the generation expenses have come down for INR 915. 915 to 595 crore, a decrease by 320 crore, which is mainly due to non-creation of liability on water cess for the power stations located in the state of Himachal Pradesh, where the relevant Act has been deemed unconstitutional by the Hon'ble High Court of Himachal Pradesh, and in the state of Sikkim. Here, management is of the opinion that obligation to pay water cess beyond what has already been paid is at best contingent in nature. During Q2 FY25, the generation expenses have come down from INR 397 crore to INR 313 crore, a decrease by INR 84 crore, which is again mainly due to the same reason I just mentioned. During Q2 FY25, the employee cost has gone up from INR 619 crore to INR 629 crore, an increase by INR 10 crore, which is almost flat. During Q2 FY25 the employee cost has come down from INR 321 crore to INR 318 crore means by INR 3 crore which is almost flat. During H1 FY25 there has been increase in the finance cost from INR 245 crore to INR 526 crore means by INR 281.4 which is mainly due to increase in interest on arbitration / court cases of INR 331 crore which is further offset by decrease due to change in better rate of interest by INR 15 crore and decrease due to repayment of loans by INR 20 crore. As per CERC Regulations 2024-29 the applicable interest on arbitration and court cases has to be recovered from the beneficiaries. After CERC order for which petitions are being filed there has been increasing the finance cost from INR 126 crore to INR 298 crore means by INR 172 crore which is mainly due to increase in interest on arbitration and court cases. Of which 203 crore which is further offset by decrease due to change in weighted average rate of interest by INR 7 crore and decrease due to repayment of loan by INR 9 crore. During half year FY25 the depreciation and amortization expenses same at the INR 553 crore as against corresponding period of previous year. During Q2 FY25 the depreciation and amortization expenses have come down from INR 277 crore to INR 271 crore by Rupees. 6 crore which is almost flat. During half year FY25 other expenses have gone up from INR 790 crore to INR 899 crore means by INR 190 crore. This is mainly due to increase in insurance expense by rupee and the due to increase in R&M expense by 30 crore and increasing CSR expenses by INR 11 crore. As per CERC Regulation 2024-29, the applicable insurance expenses and security expenses are recoverable from beneficiaries after CERC order for which petition is being filed. During Q2 of FY25 other expenses have gone up from INR 344 crore to INR 489 crore means by INR 145 crore which is mainly due to the increase in insurance expenses by INR 64 crore and increase in R&M expenses by INR 18 crore. During half year FY25 tax expenses have gone up from rupee from negative INR 34 to INR 668.4 by INR 698 crore. This is mainly due to the result that during corresponding previous period MAT credit of INR 529 crore was recognized. During this period no MAT credit has been recognized whereas MAT credit of INR 221 crore has been utilized. This has resulted in a negative impact of INR 221 crore on the P&L of the company. During Q2FY25 tax expenses have gone up from negative INR 73 crore to INR 360 crore meaning by INR 633 crore. This is mainly due to the reason that during corresponding previous year period MAT credit of INR 519 crore was recognized. During this period no MAT credit has been recognized whereas MAT credit of INR 141 crore has been utilized. This has resulted in a negative impact of INR 141 crore on the P&L of the company. During FY25 we have earned PAT of INR 19. 29 crore as against INR 2,500 crore of corresponding previous period which is down by INR 571 crore or 23% approx and the reasons for decrease increase in the line items we have just discussed. During Q2FY25 we have earned PAT of INR 905 crore as against INR 1,447 crore of corresponding previous period which is down by INR 542 crore or 37% approx and the reasons for decrease increase in the line item we have just discussed. During Q3 FY25 the incentives to the tune of incentives on account of secondary energy and deviation charges of INR 27 crore which is equal to the amount in corresponding period. This element, there, during Q2 of FY25 the incentive on account of secondary energy and deviation charges was to the tune of INR 16 crore which is again equal to the amount in the corresponding previous period. There is no pendency on account of these two incentives. The PAF incentive for the quarter and half year is nil due to change in methodology for recognizing incentive income. The PAF incentive shall be recognized once the capacity charges of a particular power station is fully recovered. CapEx of INR 4,812 crore has been incurred during half year FY25 against target CapEx of 51,762 crore for the whole financial year 2024-25 on consolidated basis. The company has paid final dividend at the rate of 5% that is INR 0.50 per equity share for the financial year 2023-24 in the month of September 2024 which is in addition to interim dividend at the rate of 14% that is INR 1.40 per equity share resulting in total dividend at the rate of 19% that is INR 1.90 per equity share on the face value per equity share of INR 10. Other major highlights of the company are Advance on Realization Front. NHPC has received INR 4,588 crore from the beneficiary states against sale of energy during a year FY25 as compared to INR 5,065 crore in the corresponding period of previous year. Trade receivables as on 30th September 2024 stands at INR 4266 crore as against INR 5970 crore as on 30th September 2023. This includes INR 2812 crore as unbilled revenues as on 30th September 2024 as against INR 2685 crore as on 30th September 2023. The net receivable out of total reported trade receivables as on 30th September 2024 is. Under that reported trade receivables are INR 4266 crore which includes unbilled INR 2812 crore and billed revenues INR 2812 crore. So billed receivables works out to INR 1454 crore. Out of that INR 209 crore is on account of debtors converted into installments under Electricity late payment surcharge rules. So net receivables are INR 1245 crore which have been raised and billed to the beneficiaries and out of that debtors more than 45 days are only INR 499 crore. So there is no issue on account of unbilled or debtors outstanding receivable. Unrealized losses mainly include impact of HP Bill and Recovery Regulations 2019-24 including security expenses of INR 756 crore. Unbilled sales for the month of September 2024 which is INR 716 crore. Impact of effective tax rate on return on equity of INR 459 crore and energy shortfall of INR 376 crore. Net credit receivable as on 5th November 2024 stands at INR 870 crore which includes more than 45 days debtors of INR 118 crore only. This is all from my side. Now the floor is open for question and answers. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wish to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to only use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assemble. The first question is from the line of Ragini from Elara Capital. Please go ahead. Yeah. Sorry for interrupting you. Your voice is not clear. Now. Am I audible? Hello. Yes, now it is clear. So, sir, what is the under recovery in the hydro plant? Yes please. As you know our Teesta-V power station is down since October 23rd due to flash flood in the Teesta Basin. Our business interruption loss is fully insured for one year period. So one year period has completed in September 24th. So after September 24th we will not be getting any business interruption loss from insurance company. And whatever expenditure is being incurred that will go to the property loss. So you can say there is loss of revenue in the export of Teesta-V. Sorry, what is the amount? You said the loss. What's the loss amount? Yeah, Ragini. So on annual basis the total loss of Teesta-V HEP is around INR 450 crore. And the recoverable amount from insurance companies INR 410 crore. Out of which we have already recovered INR 250 crore so far. So if you consider at annual basis the total loss on account of Teesta-V without business interruption loss. You know BI loss claim would be around INR 450 crore. But since for 12 months in indemnity period our insurance policy is there. So recoverable amount stands at INR 410 crore. So in a way you can say that under recovery is around INR 40-50 crore only. Okay. And when will this plant begin operations? Latest estimate this plant will commence generation by December 25th. Reason being this, we have suffered a second incident in August 24th. Okay. Answer. For the project for which the PPA exit information which had signed the power purchase agreement. Is there an issue in signing the power supply agreement for the renewable project? As a renewable energy implementation energy so. Hydropower systems are concerned. Our power is totally tied up and there is no issue of signing PPA. But in case of renewable energy from solar or hybrid, wherever the solar power is in the range of INR 2.60-INR 2.65 there is no issue. But in case of some of the tenders in REIA mode we are facing prolonged signing PPA. But that there is no risk from NHPC side. Because we have implemented these projects in REIA mode only. True. And if there are risk of cancellation of TPA for such a. No, no. Whatever PPAs have been signed, they are being honored. But in case of future in REIA mode if tariff is in viable range, PPA will be certainly signed. But if tariff is high, certainly respondents may refuse to sign. Okay, I'll join that. Thank you. Ladies and gentlemen, participants who wish to ask a question may press star and 1. The next question is from the line of Rupesh Sankhe from Elara Capital. Please go ahead, sir. Good afternoon Sir, a couple of questions. Firstly on regulated equity, what is the regulated equity you are expecting post commissioning of a JV standalone projects by let's say in the next three to four years? And second question is we have significant CapEx ahead over next seven to eight years. So how are these placed in terms of cash flows equity CapEx contribution? That is the second question. Yeah. Yeah. Since we have been discussing regarding. This regulated equity, you are aware that. Currently the company is placed at the regulated equity level of almost INR 13,000 crore. Right now going forward we have capacity addition from Parvati 2, Subansiri then Rangit 4 and then you know couple of projects from our J&K side subsidiary side also. So if you look at the capex year wise capacity addition and their resultant regulated equity. So I can share with you. By end of FY25 the after commissioning of Parvati 2 our regulated equity will be INR 16,500 crore. From the current level of INR 13,000 crore. Right. Then in FY26 after commissioning of Rangit 4 the resultant regulated equity will be INR 17,000 crore. And by FY27 after commissioning of Subansiri full commissioning of Subansiri Lower. Pakal Dul thousand megawatt. The resultant regulated equity will be INR 25,365 crore. By FY28 which is a major, you know, year from the commissioning perspective we are going to commission three projects. 500, 514, 850. Regulated equity will be INR 18,000, 28,590 crore. Meaning thereby in next four years our regulated equity is going to be more than double. Current level of INR 13,000 crore is going to be INR 28,500 crore. You know. Regarding your question about cash flow for incurring Capex, our present debt equity ratio is in the range of 0.84 only. So there is no issue of cash flow. After commission of these ongoing projects, we will have sufficient internal accruals for increasing equity in the upcoming projects and for raising debts. We have no issue because we are very underleveraged. Yeah. Okay. Focus. Thank you. The next question is from the line of Anuj Upadhyay from Investec Capital. Please go ahead. Yeah. Hi. Thanks for the opportunity, sir. So if you can share details on the secondary charges, UI and incentives for the quarter in comparison to the last year for corresponding quarter that would be helpful. During this half year we have earned a secondary to the tune of INR 3 crore as against corresponding previous period of INR 6 crores. Deviation charges we have earned INR 24 crore in this half year as against INR 21 crore in the corresponding previous period. For the quarter the secondary energy is again 3 crore as against 6. Cr in the corresponding previous period. Deviation charges are INR 13 crore as well as INR 10 cr in the corresponding previous period. Anything on incentives? As I told we have changed the system of recognizing PF incentive. PF incentive will be recognized after achieving the NAPAF. So whatever the PF incentive will be that will be recognized in the fourth quarter. In the fourth quarter. Okay. It's a follow up on the previous question where you are referring that the. The insurance cover is for the one. Year on the interruption for the T stop. So. So as again the INR 450 crores of fixed cost we have recovered INR 410 crores. And INR 40 crores is the roughly under recovery till September. But INR 450 crores. We will be recovering INR 410 crore after absorbing INR 40 crore on account of excess loss. So out of INR 410 crore, we have already recognized INR 250 crore up to September quarter and balance INR 160 crore will be recognized in coming quarters. Got it sir. This insurance cover is only for the one year since the plant has gone for the outages. So sir, from here on, as you mentioned, the COD is expected in December 2025. That is to say another 15 months from now. So is this fair to assume that? For next one year or 15 months your under recovery would cross closer to around INR 450-500 odd crore. Yes, yes, you correctly understood there is no cover for this. Yes, because cover is limited to one year only. Fair point, sir. This was helpful so thank you. Thank you ladies and gentlemen. Participant who wish to ask question may press star and 1. The next question is from the line of Rupesh Sankhe from Elara Securities Private Limited. Please go ahead sir. One more question. Sir, can you just give us update on demand projection and an awarding of EPC tender for the Savitri and Kengadi. For Dibang project. The works are as I explained the five contract packages out of the total seven contract packages. So five packages have already been awarded and the works are going well on the project site. We have established the permanent access which is without interruption to the project site. So that is one. And the progress on the various underground structures, the diversion tunnel, these are going well. Presently we are in the process of tendering the dam contract and we are hopeful that by the another two, three months we will be able to award the dam package and thereafter only one package will be left hydro-mechanical. So that will take some time and it is required to be awarded after few. Months. So no issue. Dibang is going well. No problem. Are there any more questions regarding. This EPC tender for Sawalkot and Kiru. Sawalkot and Dugar. Dugar. We have already floated tender for civil works and it was likely the last date was November 11th. November. So just at the request of the few bidders so we have extended the bid. Now we have recommended to extend the bid by another three weeks and the Sawalkot? We are just in the process of floating the tender for infrastructure and diversion tunnel works and also for the floating tender for the consultancy works. So consultancy works for design and drawing solutions the then package. Thank you. Thank you for that. Thanks. Thanks. Thank you. The next question is from the line of Kushal from Antique Stock Broking. Please go ahead. Yes sir. Sir, thanks for the opportunity, Sir. I joined the call a little late. It's a pardon for repetition. Can you share the adjusted tax number for this quarter and the same last year? So in that adjusted PAT adjustment you can just consider one item which is, you know, reversal of provision of Bursar which is around 104 crore. Apart from that all other items. So accordingly you can find out the adjusted PAT. Our operating profit comparable with last year. The dip is only on account of MAT credit which we recognized last year and which is not available in current year. Otherwise our operating profit is just comparable with last year. Okay. And then this INR 100 crore which you mentioned. This is for. I mean like from 905. Yeah, yeah, sorry. Net CR is on account of reversal of one provision which we created in past and which has been reversed during current year because it is recovered from the Government of India. Okay, so this is more like a prior period income booked than this quarter. Quarter. Okay. So. So to that extent I mean like you know ideally from INR 905 crores we should subtract this INR 100 crore to come to adjusted. Is that fair? No. 905 cr does not consist. This INR 100 cr was recognized in first quarter. Oh, sorry. Okay, got it, got it. And this other income increase that we see is. So that is primarily the insurance claim is getting booked out here or. Yes, this is in tax close in the spot of 3.5 and. Subsidiary income which is higher by 54%. crore in current quarter. And in the call you did mention that for this insurance claim CR is booked till now. Yeah. So, which means the incremental to reaching INR 410-odd crore, which is almost like INR 160-odd crore. So, we'll be booking in the next what 12 months. 160 crore will be booked in next two quarters. On the basis of certainty we received from insurance company for INR 250 crore. We have already either amount have been issued or we have received their acceptance. But for 164 we have to receive the consent of the insurance company in coming period. Right. Then this you see AFC is roughly INR 450 crore. But as far as expenses is concerned say to the extent of. I can understand like you know there won't be any O&M since the project is not operational. So what are the fixed charges that you need to incur? I mean like you know then that. That probably has to be there for the next. Let's say December 25th. So what are the fixed charges that you incur? Operational maintenance stuff is there which will remain there, and interest charges will be there. Depreciation will be there. So 90% cost are in the nature of, and it will be incurred in the coming period. There is no variable partnerships in our case. Okay. No, no. My question was more to do with, like, you know, because there are certain fixed costs which we need to incur on equipment. Maybe, like, you know, interest you need to pay to the banks, accounting. So to that extent I was trying to understand. Am I audible, sir? Hello, ladies and gentlemen. Line for the chairperson seems to have disconnected. Please hold while we reconnect. Sam. Ladies and gentlemen, thank you for patiently holding. We now have the line for the management reconnected. One question on this INR 460 crore, the AFC. What is the ROE? Components? ROE 228 crore. Okay, got it. Annual expenses in the range of INR 220 crore. Got it, sir. Got it, and then this Parvati-II again, I think there is a quarter cut delay. That's fair to understand, right? Commissioning, as per our plan, it was to be commissioned December 24th. But you know hydro has some challenges. That's why we are setting our goal post to February 25th. We are starting filling the reservoir and we are testing gates etc. of the reservoir then and all balance of activities are being completed, and it is very much open that we will become in this period in February 25. Right, sir. Right. And then what could be an ideal phasing of this four units? I mean, February and then how? All the units will be commissioned at a time on single stroke. Because units have been tested and these are. These have been operated one by one with the available water. So. Or something will happen in a single stroke only. Okay, sir. And then this, even for Subansiri Lower over the quarter one of FY27. So again, it is a one stroke. Or it is a freezing will be there. In respect of Subansiri, as per our plan, we will be commissioning three units by March 2025 and rest five units will be commissioned in phased manner. And the complete project will be commissioned by May 2026th. May 26th. Yes. Okay. Okay. Okay. Got it sir. Got it. But in. Okay. No, got it. Yeah. So that's all from my side, sir. Thank you very much. Thank you. The next question is from the line of Nikhil from UTI Mutual Fund. Please go ahead. Hi sir. Thanks for the opportunity. My first question is regarding the Note 8. We are basically booking the insurance. Claims, and then again we are expending them through the other. Understand why we are doing that. Mr. Nikhil. It is a contingency, it's per accounting guidelines and accounting is made. The loss is to be moved under other expenses. These two activities are separate activities. Happening of loss is one activity and recovering the insurance claim is the separate activity. So recognize the claim on account of insurance is being shown under other income. Of the total AFC of around 4. 450 crores. How much are we recovering through the Insurance? Out of INR 450 crore annual FC, we are expecting to recover INR 410 crore after deducting excess cess. So INR 40 crore will be under recovery. So out of INR 110 crore, we have already covered INR 250 crore. The balance INR 160 crore will be recognized in the coming. Understood. And so my second question is regarding. We were looking to monetize. I mean securitize ROEs for Dulhasti. Yes. So what exactly are we? Are we on track on that? And how much cash flow should we expect from that? We have already completed this exercise and we have realized 23 plus one crore of this securitization 2,300. How many years have we securitized? We have for eight years period, and the total amount which we have. Realized is INR 2,384 crore. 2,384. The regulated equity for this plant. Will be somewhere around INR 1,600 odd crores, right? No, no. In case of say INR 2,000 crore. INR 250 crore. 2000. Yes. Okay. Okay. So and you. You touched upon this point earlier as well. For solar plants you mentioned for tariff somewhere around INR 2.6 you're getting the PPA. but even for the complex projects the. FDRE is on the hybrid project. The PPA signing is taking some time. Because from the presentation I can see. That a lot of them are not signed yet. For FDRE we are getting the tariff of INR 4.73 or INR 4.75 and we are getting discoms. The PPA are being signed. Only 1,200 megawatts was pending, so we are in discussion with the Uttar Pradesh Discom, and we are hopeful that within a short period we are going to sign the PPA remaining unsigned capacity. As intermediary. How much capacity have we tendered out and for how much have we signed the PPA? If you can give us. Yeah, yeah. So just I will give. We have tendered around 9,000 megawatt capacity. Out of that we have signed PPA and we have received consent for around 7,000 megawatt. For balance we are in touch with the discoms and we are hopeful to receive their consent. Otherwise also there is no risk to an expense. Because this is in the RA mode only. We have no capacity. We will be earning INR 0.07 per unit. Sure. That's all from the day. Thank you. Thank you. Ladies and gentlemen. Due to time constraints, that was the last question. I now hand over to Mr. Rupesh Sankhe for closing comment. We thank NHPC Management for giving us an opportunity to host this call, and we really appreciate for the detailed presentation there on the website, and we also thank all the investors. Thank you. Thank you. Thanks a lot. Thank you. On behalf of Elara Securities Private Limited. That concludes the conference. Thank you for joining us, and you may now disconnect your line.