Ladies and gentlemen, good day and welcome to the NTPC Limited Q4 and FY 2021 Earnings Conference Call hosted by Motilal Oswal Financial Services. As a reminder, all participant's lines will be in the listening mode. There will be a session for you to ask questions after the presentation concludes. If you need assistance during the call please signal the operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aniket Mehta from Motilal Oswal Financial Services. Thank you, and over to you, sir. Yes, thank you, Aditi. On behalf of Motilal Oswal Financial Services, I welcome you all to the Q4 and annual FY 2021 earnings conference call of NTPC. We are joined today by the senior management of NTPC, led by Director Finance, Mr. A.K. Gautam. Without further ado, I would now hand over the call to Mr. Gautam and would request him to introduce the management team, followed by his opening remarks and the Q&A session. Thank you, and over to you, sir. Thank you, Aniket. Am I clear? Yes, sir, you are. Yes, sir. Okay. Thank you very much. A very good evening to everybody. I, A.K. Gautam, Director Finance, welcome all of you to the Q4 FY 2021 phone call of NTPC Limited. NTPC continues to provide unstinting support to the nation by ensuring uninterrupted supply of power even during the second wave of COVID-19 recently witnessed by India. Before I move further, I would like to introduce Sri Dillip Kumar Patel, Director, Human Resources, Sri Ramesh Babu V, Director, Operations, Sri Chandan Kumar Mondol, Director, Commercial, and Sri Ujjwal Kanti Bhattacharya, Director, Projects. I also have with me other key members of NTPC team. Today, the company has announced the audited financial results for FY 2021, along with the unaudited financial results for Q4 of FY 2021. The key performance highlights for the financial year and quarter ended 31st March, 2021 have also been disclosed on both the stock exchanges. Now I will touch upon certain operational highlights for Q4 and 12 months of FY 2021. NTPC standalone and group recorded highest ever annual and quarterly generation in FY 2021. NTPC's standalone gross generation in Q4 FY 2021 is 77.63 billion units as compared to 68.27 billion units in the corresponding previous quarter. For FY 2021, it is 270.91 billion units as compared to 259.62 billion units in the corresponding previous period, registering an increase of 13.71% and 4.35% respectively. Gross generation of NTPC group in Q4 FY 2021 is 91.67 billion units as compared to 76.01 billion units, and in FY 2021, it is 314.07 billion units as compared to 290.19 billion units in the corresponding previous period, registering an increase of 20.59% and 8.23% respectively. NTPC standalone and group recorded highest day generation of over 990.65 million units and 1.19 billion units on 20th March, 2021 and 19th March, 2021 respectively. In Q4 FY 2021, we have added 1,975 MW commercial capacity, which included 800 MW at Gadawara, 660 MW at Meja, 300 MW at NEEPCO, 210 MW solar capacity at Bilhaur, and 20 MW solar capacity at Korba. After running 54 years operations of 460 MW Talcher Thermal Power Station have been discontinued with effect from 31st March, 2021. With this, the commercial capacity of NTPC has become 51,725 MW on a standalone basis and 64,490 MW for the group as on 31st March, 2021. NTPC Group, being a leader in the power sector, has strong commitment towards renewable energy and would be targeting RE capacity of 60 GW by FY 2032. Our board has already approved a business plan in this regard. NTPC Group has already commissioned 1,350 MW of RE projects and under EPC mode, 2,884 MW of solar projects, including ongoing projects of NTPC REL, are presently under implementation and 3,290 MW are at various stages of tender. For FY 2021, four coal stations of NTPC were among the top 10 performing stations in the country in terms of PLF. It includes Korba with 93.66%, Sipat with 90.12%, Rihand with 89.04%, and Vindhyachal with 88.73% PLF. NTPC flagship unit Singrauli unit one and Korba unit two recorded highest annual PLF of 100.40% and 100.06%. During FY 2021, PLF for coal stations of NTPC was 66%, as against the national average of 54.56%, thereby maintaining a spread of over 11%. During the period, we have suffered losses due to grid restrictions and fuel supply. The generation loss due to grid restrictions in coal-based stations was 94.12 billion units in FY 2021. For the gas stations, the loss was 28.29 billion units. The generation loss on account of fuel supply constraint was 0.18 billion units in FY 2021. Now, the status of supply of fuel. During the FY 2021, materialization of coal against ACQ was 86.87% as against 92.95% in FY 2020. Coal supply during FY 2021 was 170.37 million metric tons, comprising of 169.29 million metric tons of domestic coal and 1.08 million metric tons of imported coal. The coal supply during the corresponding previous period was 173.67 million metric tons with 170.67 MMT of domestic coal and 3 MMT of imported coal. Despite COVID-19 pandemic and the stoppage of work for about 94 days at Pakri Barwadih mine, NTPC has achieved a total coal production of 11 million metric tons during FY 2021. FY 2020 was 11.15 million tons. Cumulatively, 32.36 million metric ton of coal has been excavated from Pakri Barwadih, Dulanga, and Talaipalli coal mines till 31st March, 2021. Cumulative expenditure of INR 8,182.87 crore has been incurred on the development of coal mines till 31st March, 2021. A MoU was signed between DVC and NTPC Renewable Energy for setting up of floating solar PV park and projects in the reservoirs under the command area of DVC in Jharkhand and West Bengal. These projects are under UMREPP and CPSU scheme of the Ministry of New and Renewable Energy, GOI. Power management consultancy assignment under ISA platform was secured for 500 MW in Republic of Mali in June 2020, and 100 MW in Republic of Malawi in March 2021. Very recently, Cuba has also appointed NTPC as PMC for 900 MW solar park. With this, the total capacity under implementation is now 1,785 MW, including earlier secured 285 MW with Republic of Togo. NTPC has collaborated for international business through signing of MoUs with EGENCO, Malawi, IOCL, Inter RAO Export of Russia, Bank Muscat of Oman, and MASEN of Morocco. Through this route, NTPC intends to have more effective presence in the respective focus region so as to contribute further in the power sector development. Environment management. Initiatives for preserving environment taken by NTPC include flue-gas desulfurization system are under various stages of implementation for 64.39 GW of group capacity. FGD systems have already been commissioned for 1,340 MW capacity. FGD system package for 58.94 GW capacity are under implementation, and FGD system package for 4.11 GW capacity are under various stages of tendering. For compliance with NOx control, combustion modification has already been implemented at 16 units with 7.44 GW of thermal power capacity. Supply and installation of low NOx combustion system for 14 GW of capacity is under implementation. Now I will touch upon the financial highlights. Gross sales of FY 2021 is INR 99,039.63 crore as against previous year gross sale of INR 97,443.33 crore, registering an increase of 1.64%. Total income for FY 2021 is INR 103,552.71 crore as against previous year total income of INR 104,078.41 crore, registering an increase of 3.06%. For FY 2021, NTPC has registered its highest ever PAT of INR 13,769.52 crore as against INR 10,112.81 crore in the corresponding previous year, registering an increase of 36.16%. For FY 2021, the board has recommended final dividend of 31.5% of the paid-up capital. That is INR 3.15 per share, subject to the approval of the shareholders in the annual general meeting. As you are aware, interim dividend for the financial year 2021 at the rate of 30% of the paid-up capital, that is INR 3 per share, has already been paid in February 2021. An update on various other financial activities. The regulated equity as on 31st March, 2021 was INR 66,337.94 crores. Total assets of the company stood at INR 3,43,219.39 crores as at 31st March, 2021, as against INR 3,27,067.45 crores as at 31st March, 2020. The gross block has increased by INR 18,659.35 crores to INR 2,11,557.37 crores as at 31st March, 2021, mainly on account of capitalization of new units. Capital work in progress, including advance, stood at INR 80,679.63 crores as at 31st March, 2021, as compared to INR 77,881.03 crores as at 31st March, 2020. At the group level, capital work in progress, including advance, stood at INR 1,05,778.44 crores as at 31st March, 2021 compared to INR 1,05,411.92 crores as at 31st March, 2020. Regarding fund mobilization, during Q4 of FY 2021, NTPC had issued bonds with a door-to-door maturity of 10 years aggregating to INR 2,500 crores at effective coupon of 6.43% on 27th January 2021. NTPC has signed its indicated term loan in euro equivalent to $260 million on 23rd March, 2021 with a consortium of State Bank of India, Frankfurt Branch, Bank of Baroda, IFSC Gift City Branch, and Sumitomo Mitsui Banking Corporation, Singapore Branch. The facility has a door-to-door maturity of seven years. Average cost of borrowing for FY 2021 is 6.24% as against 6.81% in FY 2020. Now, a small brief about the CapEx. In FY 2021, we have incurred a CapEx of INR 20,338.68 crores on a standalone basis and total group CapEx of INR 33,981.64 crores. The capital outlay for FY 2021, FY 2022 on a standalone basis has been estimated at INR 23,736 crores for NTPC. I will talk about certain commercial issues in NTPC. NTPC has realized more than 100% of the billed amount, crossing INR 1 lakh crore during the year, which is the highest ever realization. The trade receivables are maintained at the level of 50-day sales. I will briefly touch upon some NTPC group companies. NVVN, our trading subsidiary, transacted 18.54 billion units during the FY 2021 as against 14.53 billion units during the FY 2020, registering a growth of 28%. This is the highest ever trading volume achieved by NVVN. NVVN has signed an MoU with South Delhi Municipal Corporation for implementing rooftop solar projects of 10 MW, 20 MW ground-mounted solar projects along with charging infrastructure development. CIL NTPC Urja Private Limited bagged its first assignment for project coordination for setting up of a 50 MW solar power project in Nigahi Coal Mines of Northern Coalfields Limited. It is a major step towards green energy by the two major PSUs, NTPC and CIL, joining hands to create such projects utilizing CIL's vacant land and NTPC expertise. NTPC will act as a project management consultant for this solar project. During the FY 2021, we have accounted dividend income of INR 1,283.18 crore from our subsidiary and joint venture companies, as against INR 210.40 crore received during FY 2021. NTPC continues to win laurels and awards in various fields. Major awards received in Q4 FY 2021 are as follows. NTPC received Role Model Award at 11th CII National HR Excellence Award 2021. This award is the highest level of recognition in the field of human resource by CII. This is the second time when the award of Role Model has been conferred to any organization. This award has been given after a period of 10 years to any organization. NTPC has been conferred with the Certificate of Appreciation for Best Corporate Social Responsibility Practice and COVID-19 Relief. NTPC has been conferred with CSR Leadership Award under the category of Best Corporate Social Responsibility Practices by World CSR Day. NTPC has been awarded for innovative training practices by ISTD. NTPC has won the prestigious ISTD award in learning and display for the innovative training practices for the FY 2019 and FY 2020. NTPC has been ranked as number one buyer by GeM under CPSE category. NTPC has also achieved second rank under the number of distinct projects on GeM during FY 2021. Apart from this, NTPC has been selected as the best place to work, yesterday only, by the GPTW. These were some of the highlights I wanted to share before we begin with the question and answer session. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes 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 two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mohit Kumar from DAM Capital. Please go ahead. Yes, sir. Good evening, sir, and congratulations on good set of numbers. My first question is, other income is way too high and the finance cost is slightly lower QOQ, and employee benefit expenses are also low QOQ and YOY. Can you please explain the reason behind it, and what is the adjusted PAT? I will talk to your questions. One is regarding other income, is why other income is high. Other income is high on account of accounting of late payment surcharge and accounting of dividend, mainly dividend from the joint venture and subsidiary companies. Employee cost decrease is mainly due to retirement of certain of the employees and increase in the PRP ex- gratia in the previous year. We come to interest and finance charges. Decrease is on account of exchange difference, positive exchange difference, that is rupee appreciation against the dollar and JPY loan. Against this decrease, a corresponding minus entry is also appearing in the regulated movement in rate-regulated deferral account. You have to consider both the items together. If you consider that also, it would be minimal decrease in the interest and finance charges. Understood. My second question is. I have answered. My second question is on the renewable capacity. What is the renewable capacity operational and pipeline and in FY 2021 with PPA? Secondly, what do you mean by capacity under tendering? Does it mean that 3 GW of capacity, which under tendering has got a PPA or this is without PPA? I will request Mr. Mohit, who is the Executive Director, to answer this question. Yeah, good evening. The installed capacity today is about 1,340 MW, and the capacity under construction is 3,019 MW. All of these have PPAs except 125 MW. The capacity which is under tendering does not have a PPA right now. Understood, sir. Thank you, sir. Thank you, and best of luck. Thank you. The next question is from the line of Ajinkya Bhat from Macquarie. Please go ahead. Hello, can you hear me? Yeah. Thank you, sir. Thanks for the opportunity. Sir, I just wanted to check a couple of things. Number one, did you say that the renewable capacity targets have now been increased to 60 GW by 2032? Yeah. Sir, on that background, just a couple of things. Number one, your earlier target was to reach, say, 30 GW, 32 GW with total installed capacity of 130 GW. Now, let's say that goes to 60 GW renewable in, say, 160 GW total capacity. Even, say, 10 years down the line, your renewable capacity would be about 40% of installed versus 60% thermal. That's still probably not meeting the criteria of, let's say, various ESG funds. Have you thought about it? Is there any plan or thought process about some sort of spin-off of this renewable entity going forward? Obviously, it might be too early to talk about it, but have you thought about it or discussed about it with the board? No, I think probably you missed the point. It has already been mentioned that NTPC has created a wholly owned subsidiary for renewable, NTPC Renewable Energy Limited, which is now operational, and generally all of our new greenfield capacity is being put out through this subsidiary only. In addition to that, we have also signed a joint venture agreement with NIIF for development of solar power projects. No, sir. I basically meant that, so I understand you have a separate subsidiary, but is there any plan or thought process about spinning it off in the sense that listing it separately from the current NTPC structure? That was my question. Listing it separately from exchanges. We are thinking on those lines. Okay. Sir, the second question is, how has been the competitive intensity in the renewable tenders that are out in the market, especially considering the fact that some of the other PSU companies, such as Coal India, have also expressed desire, basically, they are also getting into these solar power plants. In renewables, the biggest cost item is basically the interest cost, where all the PSUs might be on a similar footing, enjoying better cost of debt compared to private operators. Other PSUs getting into it, is that increasing competitive intensity for you? That's my last question. Thank you. That is there, but still NTPC is in the advantageous position so far as arranging of low-cost finances are concerned. That advantage is always available in NTPC, and with this, we expect that we will get some priority in the tenders. Okay. No specific increase in competitive intensity from other PSUs, or at least not yet is what you're saying. Yeah, we are not thinking on those lines. Okay. Thank you so much, sir, and all the best. Thank you. Thank you. The next question is from the line of Vishal Dalaya from Aviva Insurance. Please go ahead. Thank you for the opportunity. Sir, two, three questions. Why was the borrowing limit enhanced? Are there any acquisitions in store? Could you break up the composition of, I mean, could you give the composition of FY 2022 CapEx that you outlined at about INR 200 crore, about INR 230,000 crore? INR 23,000 crores. Yeah, sorry. Actually, the capital enhancement has been done considering the merger and acquisitions because two of our subsidiary companies, that is Nabinagar and Kanti, they are likely to be merged with NTPC in the next year. Their borrowing costs will also be included in NTPC. You just mentioned that we have also considered a capacity, this CapEx of INR 23,736. In addition, we also increase this for any acquisitions which may carry out in the field of RE or any other acquisition, business combination acquisitions. Okay. Of the INR 23,000 crore of CapEx that you planned for FY 2022, what portion of this could be for thermal and what portion for RE? Right now, that I think we just cannot tell you, but you can obtain this separately from our Aditya. Okay. Any targets for CapEx for FY 2023, FY 2024 that you can point out? 2023, 2024 CapEx. We are working at something like INR 22,000 right now. We are in the process of preparing our BE and RE also. The numbers will be more clear by 31st of August. Thank you very much. Thank you. That's all the questions. The next question is from the line of Rahul Modi from ICICI Securities. Please go ahead. Thank you for the opportunity, and congratulations. Just two questions I had, sir, mainly on RE. Sir, any timelines on the CPSU tender, which we were expecting, the 5,000 MW tender? Over the next two, three, or four months, what are the quantum of tenders, both solar and wind hybrid, if we are participating in, that could potentially come up for bidding? The CPSU scheme tender has been postponed to 30th June. We expect it shall be bid submission date 30th June. We hope that it can happen then. As regards upcoming tenders, there is quite a few in the pipeline. We are looking at bidding around close to 5,000 MW in the upcoming tenders. Of course, the results will depend on how the bids work out. Sure, sir. Thank you. Okay. Thank you. The next question is from the line of Atul Tiwari from Citigroup. Please go ahead. Yeah. Sir, are you possible to share consolidated regulated equity? Sorry. Hello? Consolidated, you can get it from Aditya separately. Actually, I have tried in the past, somehow it appears that it is not readily available. Now obviously NTPC Group is much bigger than NTPC standalone. It would be great if you could make it a part of your press release. There is one critical number that we always miss, actually in the previous conference call also, it has been told to us that we can get it separately, somehow it is not available. Okay. It will be around INR 84,000 crores. That helps. What was the total receivable as of 14th April overdue receivable as of Q4 2021? Receivables. Actually, your voice was cracking. I think you are asking about the total receivables as at 31st March, 2021? Yes, sir, and overdue receivables. Total receivable as on 31st March was INR 12,750 crores and beyond due date was INR 6,500 crores. Okay. Sir, what were these numbers last financial year, March 2020? Just for comparison. Yeah. Just a second. March 2020 total dues were it's INR 14,189 and overdue amount was INR 9,580. INR 9,580? INR 585. Okay, sir. Thank you, sir. Thanks a lot. Thank you. The next question is from the line of Sumit Kishore from Axis Capital, please go ahead. Good evening, sir. Thanks for the opportunity. I have a few questions. The first one, could you elaborate on your target of 60 GW by 2032 and the roadmap to achieving that? Can we have a two-year target or a three-year target as well? Particularly because we have heard of targets on the solar and renewable side for 2022, four or five years back, but clearly we are nowhere close to achieving that. Have you reviewed your thermal targets over a 10-year timeframe, and what can we expect over a three to four-year timeframe beyond what is already under construction? That's my first question. Okay. In FY 2021, we will be adding 1 GW, FY 2022, 3 GW, FY 2023, 8 GW, FY 2024, 15 GW. These are cumulative numbers. Okay. Your capacity by FY 2024 will be 15 GW, is what I understand. Yeah. FY 2022, what did you say, sir? Three. Okay. This is very clear. Basically you are saying that if you are going to get to 15 GW by FY 2024, so 1.34 GW as on date. You're going to add 13 GW in the next three financial years. What do you think is the size of the Indian market on an annual basis in terms of solar installation? I'm assuming FY 2024 15 GW will be your installed capacity. We are at 95 GW as a country on renewables, 40 GW is solar. Please tell us by FY 2024, what do you think the Indian solar capacity will go from 40 GW to? Because it appears like a very big number for NTPC to do versus past track record. It is 10%. Yeah. I think, again, you're being asking very speculative question. Broadly, the intent of the Government of India is to build out close to 20 GW every year. However, how much of that actually comes through depends on how things work out when you have other agencies like SECI, et cetera. That's one. If we take 20 GW, it will be 50 GW in three years, of which NTPC will do 13 GW. That is the market share that we should be looking at. No, I think that's not correct assumption. When we're talking about putting up 15 GW, we need to assume that these are the capacities which will come online, which means some of these capacities are already on, or under implementation, and some of these will be under construction. It's a mix of both. You need to look. Understood. On the thermal side, can you please tell us, have you reviewed your thermal target over that timeframe of 2032, or the old target remains? Because we're clearly seeing that the appetite for fresh coal plant build-out has gone off meaningfully. We are going ahead with our ongoing projects, as per the construction schedule, we are going to achieve 6,092 of total capacity, out of which RE will be 1,062. If I knock it off, around 5,000 MW will be the thermal capacity, given the NTPC and JV stacked together, group basis. If you ask me standalone NTPC, then thermal capacity additionally is to the tune of 2,370. That is by 31st March, 2022. No, sir, I was meaning to say by 2032. Earlier, you had a target of 132 GW by 2032. As the previous participant said, has that target now become 162 GW by 2032? Has your thermal capacity addition plan not changed at all, or have they changed? I'll tell you, this solar projection of 60 GW has been made, and that is our plan for solar. Our 130,000 MW we have not changed so far because we are waiting for the newly constituted committee under CEA by the Government of India to look at the demand and supply projections. Once that comes in maybe a year or so, we'll look into our numbers and accordingly restructure it. Sure. My second question is on the impact of implementation of MBED on NTPC. Could you also cover the potential impact on PLF incentives or savings on interest on working capital? The technical challenges which are foreseen on the implementation of MBED starting 1st of April, 2022. Actually, MBED, now that the Government of India has given some guidelines, I think the detailed procedure is yet to evolve. There are certain issues which will be addressed, I think, in the detailed procedure. As far as MBED is concerned, since fixed charge is already protected, we don't anticipate there will be any problem in case of MBED. Okay. Basically, you think that April 2022 is a timeline that can be met, or do you foresee delays? We cannot say right now because this will all depend on whether discoms are giving consent to this or not. Ultimately they have to give consent, because they have to have working capital upfront for making payment. It will all depend on the discom, whether they'll be giving consent or not. Okay. Finally, thanks for the dividend of INR 6.15 in FY 2021. Could you articulate your dividend policy here on what percentage of profit, or how do you see the payouts going forward in light of the CapEx plan that you have? Actually, our dividend policy, we have been telling in the past, it is governed by the DIPAM guidelines, which says 30% of profit or 5% of net worth, whichever is higher. We will continue to follow those guidelines. Sir, you're already doing better than those guidelines. I was wondering whether those guidelines were relevant when there was no dividend tax applicable on the dividends. Because that is no longer applicable, those DIPAM guidelines are outdated now. In light of that, could you- No, those guidelines are not yet outdated. Government of India, DIPAM, they continuously ask regarding compliance of those guidelines. Even today also, we have mentioned in our board. In addition to that, we are also doing buyback also, 2%. Yeah. I think because NTPC has actually done better than the DIPAM guidelines, that is why I was saying whether we should stick to the DIPAM guidelines or should have an independent NTPC dividend payout policy. As of now, it is DIPAM guidelines. Congratulations for the good numbers and wish you all the best, sir. Thank you. Thank you. Thank you very much. Thank you. The next question is from the line of Girish Acharya from Morgan Stanley. Please go ahead. Thanks for the opportunity. I had a couple of questions. Firstly, on the renewable side, before the monetization of subsidy happens, is it fair to assume that all your renewable assets, wherever you're raising debt, will continue to be in the standalone parent entity and will continue to have some advantage on the cost of borrow? No, I think in previous questions it has been told by Mr. Mohit that for renewable energy, a separate subsidiary, wholly owned subsidiary, NTPC Renewable Energy, has been created. Apart from that, we have also signed a joint venture agreement with NIIF. So far as this wholly owned subsidiary is concerned, we expect that they will continue to enjoy a similar rate of interest as NTPC is getting from the market. Okay. Second question, right now you are outsourcing EPC. Is there a possibility, as the size of the renewable tenders become bigger, that you in-house renewable capacity in terms of EPC and O&M? Yeah. EPC will continue, but of course, we are looking at splitting the packages so that we can buy some of the items separately also. That's already started happening in one or two tenders. Going ahead, that will also be considered in view of the competition. O&M is already in-house. It's being done in-house by NTPC. Okay. Third one was just around dividends. Is there a thought process on quarterly dividends going forward from this year onwards? Any light that you can share on that process? As of now, we have not thought on those lines. Okay. Those are my questions. Thank you so much, sir. Thank you. Thank you. Thank you. The next question is from the line of Anubhav Sahu from HDFC Securities. Please go ahead. Yeah. Hi. Thanks for the opportunity, sir. Two, three questions. First, on the under-recovery part. Could you just mention what was under-recovery for 2021, which was last year? In this FY 2021, it is INR 601 crore as against INR 249 crore in the corresponding previous year. In Q4 FY 2021, it is INR 31 crore. In the corresponding previous years, it was incentive of INR 130 crore. Okay. Any specific reason, sir, for the rise in under-recovery? Sir, initially what the management had guided that probably we will better out somewhere close to INR 350-INR 400 in FY 2021, right now we're going to INR 100 or so. The main reason is because of three units. One at Darlipalli, the other one is Lara and Kahalgaon. Specifically in Lara, these are the new units, new stations. There were some initial commissioning stabilization issues, therefore we had some leakages in the boiler and also a turbine issue, therefore we had some under-recovery. In the case of Kahalgaon, there was a dike breach, we had to stop some of our units. Right now, these issues are sorted. All these stations are back to normal, they're running above 90% capacity. Those are the reasons. In addition to that, because of COVID, there are two stations where we had done the overhauling. During the overhauling, because of COVID, the time was extended, we are actually approaching CERC with the petition. We'll be able to get around INR 26 crore back on that. The main decrease is contributed around INR 550 crores. That's helpful, sir. Could you throw some light on the capacity which are likely to achieve commercialization of COD in FY 2022 and FY 2023? In the year 2022, we have a target of capacity addition, NTPC standalone basis, 2,370 thermal, JVN subsidiary 1,860, and. Sir, plant-wise. It would be helpful if you can provide plant-wise, sir. Which are the plants which we expect the COD? I can right now give you the name of the plant on the thermal side, and we can give you further details. Like, NPGC unit two, the COD will be achieved sometime in July, we're expecting. Tanda unit six, we are in the process of declaring COD in June itself, this month. Barauni unit nine, July is our target of this year. Darlipalli unit two, we are just going to start the trial operation from tomorrow and expected to do the COD in July 2021. Barh unit one, we're targeting September 2021. BRBCL unit four, October 2021. NPGC unit three, attempting somewhere in March 2022. Rourkela, which is through our joint venture, our target is last quarter of this financial year. Durgapur 4 is a 40 MW through NSPCL, again, joint venture, sometime in March of 2022. This is the target as of now for the thermal station-wise. RE, as I told, 1,062 confirmed by March 2022, but we are looking for adding some more facilities here, and we're looking to that, which will be clearer by end of next quarter. Right. for FY 2023, sir? Pardon me. 2023 details I'll give later. Definitely I can give you some names like Telangana unit one and Telangana unit two, then NPGC and North Karanpura 2 units, both the units one and unit two. Barh unit number two, 660 MW. There is one project we are doing outside India, that Bangladesh-India Friendship Power Company Limited. One unit we'll be doing definitely this year. Another, we are trying to do at the last quarter of this year, else in the next year, definitely. That makes it 4,900 total MW of thermal capacity. RE, we are based on the new plan. We'll come up with the details, and we'll let you know. Thank you, sir. You mentioned that doubling of the renewable target to 60 GW. Is it by 2032? Am I right, the timeline? Yes. By far, we are aware that the two major solar parks which are coming up in Gujarat and Rajasthan could add somewhere around 10 GW-12 GW of capacity to our portfolio. Now as we have doubled our target, could you just mention which are those states or area where we are eyeing with major capacities to come up? You are right. The main capacities will come up in Rajasthan. We are also pursuing with Andhra Pradesh and Maharashtra. These are the two other areas. We are quite hopeful that in Rajasthan the number will increase further as more traffic comes from the government side to lease land further for these areas. These will largely contribute because these have the best potential in terms of solar radiation. Okay. One last question, sir. While the quarter has witnessed a significant double-digit growth in generation, that is not getting purely reflected on the revenue front, sir. Could you just throw some light on that, sir? Even at the EBITDA level, things remain as flat. The earning growth is largely fueled by higher other income, fall in interest expenses and the tax credit which we have received in the quarter. Yes. No, that he is mentioning. It is because of tax. Actually, if you see, EBITDA, just alone basis you cannot compare because certain portion of the Vivad Se Vishwas Scheme has reduced my sales in the quarter. That is to be excluded because the corresponding item is appearing in the provision for tax. If you eliminate both, then you can see the EBITDA, or you have to see the adjusted profit. Could you quantify, sir, what would that be, or if, say, later on we can get that? I think Aditya will give you separately. Fair enough, sir. That is from my end. Thank you, sir. Okay. This is the operator. Does this answer your question, Mr. Anubhav? Yeah. I said it answers. I'm through. Thank you. The next question is from the line of Subhadip Mitra from JM Financial. Please go ahead. Good evening, sir. Just wanted to understand what would be the adjusted PAT number for FY 2021 and for the fourth quarter? Okay. FY 2021 will be INR 14,218.07 crore as against INR 12,173.49 crore. Okay. For the fourth Q? Q4 will be INR 3,831 crore as against INR 2,924 crore. Okay, understood. Thank you. That's it from my side. Thank you. Thank you. The next question is from the line of Rohit from HDFC Fund. Please go ahead. Yes, sir. Thank you so much. Sir, in the segmental accounting, if I see the other segment, the generation, you have two segments, generation and other. The other have a significant drop this year on a full year basis. What is causing this? I think in the other it's a- Generally it is a consistent number. This time it has come down significantly. No, actually it is coming because of this THDC and NEEPCO loans which we have taken, that is coming under the others in segment. That would be in the finance cost in the segmental. I'm looking at the standalone number. Standalone segment you are saying which portion? The other. Other? The other. Yeah. You have generation and other. Other used to be around 400, 300-500 odd number generally. Okay. This time it is around - INR 34 crores. Rohit, we will give you this. Jutu, call Aiharamana. Sure. Actually, we have created some provision with respect to certain mines which have been de-allocated. Okay. In your adjusted PAT number, you would be adjusting for that number. No. You are asking segment result or you are asking adjusted PAT number? How you want? No, segment result only. No, I'm asking for the segment result only. This number you will adjust when you give the adjusted PAT number, this number will be adjusted for. Yes, definitely. This provisional number will be adjusted. Definitely. Sir, in the earlier comment you mentioned that the other income is high because of dividend income. If I look at the consolidated other income also, that number is also decently high, about INR 1,500-INR 1,600 crore versus the run rate of INR 500-INR 600. In consolidated also those companies are also getting dividend. Surcharge. I told this is on account of two items. One is the dividend from JV subsidiary companies. In the consolidated that will be eliminated. The second item is late payment surcharge, that will continue to appear in both the consolidated as well as standalone accounts. What would be late payment in fourth quarter? Standalone or consolidated? Late payment surcharge in? Late payment surcharge in Q4, in your fourth quarter. For the year it is INR 1,633 crores. In the last year. Sorry, it was in March 2020. In March 2021, it is INR 2,316 crores. If you see quarter, it is INR 620 crores in the current quarter as against INR 393 crores in the previous quarter. 620 crores this one. Okay. Sir, two small questions. One was on the Telangana issue. I recently noted that you have got an NGT order. Sir, is that stopping your work and could this result in a delay in the project execution? No. The work continues? Yeah. We have already approached the Supreme Court of India against the order of NGT. The work has not stopped. The case can continue, and by the time you can continue to work on it. That has happened in Kudgi also. Got it. The last question was on the RE business. This is similar to what one participant asked earlier. We have done a reasonable work in the solar segment and have gotten some edge there. Sir, I think the incremental bit that would be coming our way is probably in the wind or in the storage side. Do you see that as a hurdle for us? If not, how are we preparing for wind or storage? Because that has not been there for us so far. Yeah, we are looking at wind also, as well as hybrid and solar. These are things which will depend on how many bids do come out. Depending on that, we are working on this front as well. Portions or parcels of land which we are trying to tie with government are also those which also have a reasonable or decent wind potential. That is how we propose to tackle it. As such, getting hybrid contract and executing them, versus what you were doing in solar, you don't see that as a hurdle or as a significant challenge? You see, every project has a challenge that way. You can't say that project has no challenge. Whether it's solar or wind, because we go through the EPC route and we engage capable parties to execute that, so we don't see that as a challenge. Got it. Sure. That's all. Thank you. The next question is from the line of Mohit Kumar from DAM Capital. Please go ahead. Hello. Sir, thanks for your opportunity once again. Sir, my first question is, are you looking to tender out Lara, Talcher, and Singrauli? Do you think this gets postponed given the current environment? Second question is, are you achieving ramp rate in all these stations? I think the ramp rate regulation kicked in from April 2021. Do you see any adverse impact on the profit on account of that? Thirdly, sir, what are we trying to ensure that under-recovery is reduced to bare minimum in FY 2022? Last question first. We are able to achieve the ramp rate except in the Barauni 199 MW and Birsal 290 MW. Other than these two stations and units, everywhere we're achieving ramp rates. Therefore, we don't see any issue in achieving the ramp rate. Regarding the AF and under-recovery, since these two units we had, as I said, in Lara and Darlipali, we did have a problem. Based on this feedback, we have constituted a special team for improving the quality during construction, and this team is going to all the upcoming projects and ensuring that these things will not be repeated. Second, the Kahalgaon, where the derating center happened, again, we have made a team at our corporate center that these things can be taken care of, more compliance, more supervision will be there, that we can eliminate these AF centers. Regarding Talcher, Lara, and Singrauli expansion, we'll tell you when Amby Valley comes up. [Non-English content]Sorry for that, sir. Please go ahead. I'll again repeat. Regarding expansion through award of Talcher, Lara, and Singrauli. Talcher, we are almost ready. We are looking for Government of Odisha permission and clearances. We are also looking at the last moment discussion with the bidders. Regarding Lara, we are awaiting environment clearance from Ministry of Environment and Forest. Singrauli received the clearance. We are looking at the specifications and preparing the specifications. In fact, we had gone for technical bidding first stage also for that. With one rider, as I said, that we are waiting for the Government of India CEA committee to come out with the Indian scenario by 2020-2023. We are ramping up on the RE sides. We are giving more stress on the greener power. Whatever is the demand gap required to fill fast, based on coal and fossil fuel, we'll go by that Government of India study and try to take that. This is the position today. Understood, sir. Thank you, sir. Best of luck. Thank you. Thank you. Hello. Thank you. Ladies and gentlemen. Hello, some more questions? Yes, sir. Do you have some more questions? Sir, this was the last question. I would now like to hand over the conference over to the management for closing comments. Okay. Thank you very much. We have paid a decent dividend this year, and we hope that we will continue to pay good dividend to our investors. Thank you. Thank you. On behalf of Motilal Oswal Financial Services, that concludes this conference. Thank you for joining us, and you may now disconnect your line.