Good morning, ladies and gentlemen. Welcome to the NTPC Limited Q2 FY 2022 earnings conference call hosted by DAM Capital Advisors. 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 the 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 Mr. Mohit Kumar from DAM Capital Advisors. Thank you, and over to you, sir. Thank you, Lisa. On behalf of DAM Capital, I welcome you all to the Q2 FY 2022 earnings conference call of NTPC. We have with us from the senior management of NTPC, the Director (Finance), Mr. A.K. Gautam, the Director (Human Resources), Mr. Dilip Kumar Patel, Mr. Ramesh Babu, the Director (Operations), Chandan Kumar Mondol, the Director (Commercial), and Mr. Ujjwal Kanti Bhattacharya, the Director (Projects). Without further ado, I will now hand over the call to Mr. Gautam and would request him to introduce the management team followed by opening remarks and the Q&A session. Over to you, sir. Thank you. Thank you, Mohit. A very good morning to everybody. First of all, apologies for being slightly late. I, A.K. Gautam, Director (Finance), welcome all of you to the Q2 FY 2022 phone call of NTPC Limited. I have with me Sri Dilip Kumar Patel, Director (Human Resources), Sri Ramesh Babu, Director (Operations), Sri Ujjwal Kumar Bhattacharya, Director (Projects). I have also with me the other key members of NTPC team. Company had announced the unaudited financial results for the second quarter and half year of FY 2022 on 28th October 2021. The key performance highlights for the quarter and half year ended 30th September 2021 have already been disclosed on both the stock exchanges. Now, I will touch upon operational highlights for Q2 and H1 of FY 2022. NTPC standalone gross generation in Q2 FY 2022 is 74.81 billion units. H1 FY 2022 is 146.56 billion units as compared to 67.67 billion units and 127.86 billion units in the corresponding previous periods, registering an increase of 10.55% and 14.63% respectively. Gross generation of NTPC group in Q2 FY 2022 is 90.97 billion units, and in H1 FY 2022 is 176.78 billion units as compared to 77.93 billion units and 145.88 billion units in the corresponding previous periods, registering an increase of 16.74% and 21.19% respectively. In H1 FY 2022, we have added 2,160 MW to our commercial capacity, comprising 800 MW at Darlipali, 660 MW at Tanda, 15 MW solar capacity at Bilhaur, 25 MW floating solar capacity at Simhadri, and 660 MW at Nabinagar. With this, the commercial capacity of NTPC has become 53,225 MW on standalone basis and 66,650 MW for the group as on 30th September 2021. NTPC group has already commissioned 1,390 MW of RE projects under EPC mode. 3,017 MW of solar projects, including ongoing projects of NTPC Renewable Energy Limited, are presently under implementation. 3,365 MW capacity has been won through tariff-based competitive bidding, for which power purchase agreements are yet to be signed. In addition, 3,100 MW capacity is under tendering. For H1 FY 2022, three coal stations of NTPC were among the top 10 performing stations in the country in terms of PLF. Korba station was ranked first with PLF of 92.88%, followed by Darlipali with 88.28% and Sipat with 88.11% PLF. During H1 FY 2022, PLF of coal stations of NTPC was 69.63% as against the national average of 67.70%, thereby maintaining a spread of almost 12%. During the period, we have suffered losses due to grid restrictions and fuel supply. The generation loss due to grid restrictions in the coal-based stations was 36.82 billion units in H1 FY 2022 as compared to 61.19 billion units in H1 FY 2021. For the gas-based stations, the loss was 14.99 billion units in H1 FY 2022 as compared to 12.33 billion units in H1 FY 2021. The generation loss on account of fuel supply constraints was 3.43 billion units for H1 FY 2022. Now I will touch upon the status of fuel supply. During the H1 FY 2022, mechanization of coal against ACQ was 94.14% as against 87.43% in H1 FY 2021. Coal supply during H1 FY 2022 was 90.08 million metric tons, comprising of 89.20 million metric tons of domestic coal and 0.88 MMT of imported coal. The coal supply during the corresponding previous period was 78.75 million metric ton, with 78.40 million metric ton of domestic coal and 0.35 million metric ton of imported coal. NTPC has achieved a total coal production of 5.54 million metric ton during H1 FY 2022. H1 FY 2022-21 was 4.46 million metric ton. Cumulatively, 37.90 million metric ton of coal has been excavated from Pakri-Barwadi, Dulanga and Salai-Salli coal mines till thirtieth December 2021. Cumulative expenditure of INR 7,500.45 crore has been incurred on the development of coal mines till thirtieth December 2021. NTPC has become the first energy company in India to declare its Energy Compact goals as part of UN High-level Dialogue on Energy. NTPC has set a target to install 60 GW of renewable energy capacity by 2032. NTPC is also aiming at 10% reduction in net energy intensity by 2030. Further, NTPC has declared that it will form at least two international alliances groups to facilitate clean energy research and promote sustainability in energy value chain by 2025. During H1 FY 2022, NTPC has commissioned India's largest floating solar project of 25 MW capacity at Simhadri. During H1 FY 2022, NTPC Green Energy Limited has won 775 MW capacity under various competitive bids comprising of 105 MW at the rate of INR 2.35/kWh and 220 MW at the rate INR 2.33/kWh in Adani Rasal, Shajapur Solar Park tender, and 450 MW at the rate INR 2.34 in SECI hybrid tender. During H1 FY 2022, NTPC has won 1,990 MW in IREDA CPSU scheme, Tranche III at the rate of INR 44.95 lakh per MW of VGF with a tariff of INR 2.45/kWh. This capacity will enable reduction of over three million tons of CO2 every year. NTPC was the single largest capacity winner, and together with this capacity, NTPC and NTPC Renewable Energy Limited now has over 6.3 gigawatt capacity won through competitive biddings. This shall pave the way for NTPC plan for attaining 60 gigawatt RE capacity by 2032. Further, the CPSU scheme shall also promote Atmanirbhar Bharat since projects have to necessarily use domestic content. NTPC Renewable Energy Limited signed a MoU with Union Territory of Ladakh to set up country's first green hydrogen mobility project in the region. The MoU will enable NTPC to help Ladakh develop a carbon-free economy based on renewable sources and green hydrogen. NTPC has planned to ply five hydrogen buses to start with in the region, and company will be setting up a solar plant and a green hydrogen generation unit in Leh towards this end. This will put Leh as the first city in the country to implement a green hydrogen-based mobility project. This would be zero emission mobility in true sense. NTPC has become signatory to the prestigious UN Global Compact CEO Water Mandate, joining the committed league of companies that focus on efficient water management and recognizes the ever-growing importance of water stewardship and have been working to conserve this precious natural resource. NTPC has already taken a series of measures across its plants location on sound water management. NTPC will further imbibe the three Rs reduce, reuse, recycle for water conservation and management while carrying out its core business activity of power generation. The CEO Water Mandate is a UN Global Compact initiative to demonstrate commitment and efforts of companies to better their water and sanitation agendas as part of long-term sustainable development goals. NTPC signed a MoU with Uganda Electricity Generation Company Limited, a government of Uganda company, for cooperation in power sector. NTPC has signed a MoU for cooperation in overseas power sector with RITES and NHPC for taking up infrastructure related projects, power development and capacity building, O&M, RFU and consultancy assignments outside India. Environmental management. The company has taken following initiatives for preserving environment. Flue gas desulfurization systems are under various stages of implementation for 63.86 GW of group capacity. FGD systems have already been commissioned for 1,340 MW capacity. FGD system package for 59.94 GW capacity are under implementation and FGD system packages for 2.58 GW capacity are under various stages of tender. For compliance with NOx control, combustion modification has already been implemented at 25 units with 11.55 GW of thermal capacity. Supply and installation of low NOx combustion system for 10 GW of capacity is under implementation. Award for DeNOx system package for 42.61 GW are under process. Now, I will touch upon the financial highlights for the H1 and Q1 of FY 2022. Gross sales for Q2, FY 2022 is INR 28,148.52 crore, as against corresponding quarter of previous year gross sales of INR 24,617.54 crore, registering an increase of 14.34%. On half year basis, there is an increase of 12.74% in the gross sales, that is from INR 48,033.77 crore in H1, FY 2021 to INR 54,155.63 crore in H1, FY 2022. Total income for Q2 FY 2022 is INR 29,273 crore as against corresponding quarter of previous year total income of INR 26,023.33 crore, registering an increase of 12.49%. On half year basis, there is an increase of 12.05% in the total income, that is from INR 50,044.33 crore in H1 FY 2021 to INR 56,075.25 crore in H1 FY 2022. Profit before tax for Q2 FY 2022 is INR 3,730.50 crore as against INR 3,666.93 crore in the corresponding quarter of the previous year. On half year basis, profit before tax is INR 7,269.26 crore as against INR 6,564.72 crore in H1 FY 2021, registering an increase of 10.73%. Profit after tax for Q2 FY 2022 is INR 3,211.91 crore as against INR 3,504.80 crore in the corresponding quarter of the previous year. On half year basis, PAT is INR 6,357.54 crore as against INR 5,974.96 crore in H1 FY 2021, registering an increase of 6.40%. Total income of the group for H1, FY 2022 is INR 63,486.27 crore as against corresponding period of previous year total income of INR 55,472.32 crore, registering an increase of 14.45%. Profit after tax of the group for H2, FY 2022 is INR 7,134.67 crore as against INR 6,443.55 crore in the corresponding period of the previous year, registering an increase of 10.73%. During the H1, FY 2022, we have accounted dividend income of INR 736.73 crore from our subsidiaries and joint venture companies as against INR 556.73 crore received during H1, FY 2021. Now, I will give an update on various other financial activities. The total regulated equity as on September 30, 2021 was INR 67,823.61 crore. Now, fund mobilization. NTPC has issued the bonds aggregating to INR 6,996 crore during H1 FY 2022. These include INR 3,996 crore at the rate of 6.87% on April 20, 2021 for a period of 15 years. Another INR 3,000 crore have been issued at the rate of 6.69% on September 30, 2021 for a period of 10 years. Average cost of borrowing for H1 FY 2022 is 5.96% as compared to 6.37% in H1 FY 2021. NTPC Renewable Energy Limited has signed working capital facility for INR 505 crore with Bank of Baroda and signed its first green term loan agreement for INR 500 crore at a very competitive rate with the Bank of India for its 470 MW solar projects in Rajasthan and 200 MW solar projects in Gujarat. Now, an update regarding CapEx. In H1 FY 2022, we have incurred a group CapEx of INR 15,137.67 crore as compared to INR 12,983.14 crore in the previous period. The capital outlay for FY 2022 on standalone basis has been estimated at INR 23,736 crore for NTPC. Now I will briefly touch upon some of NTPC group companies. NVVN, our trading subsidiary, transacted 11.98 billion units during H1 FY 2022 as against 8.29 billion units during H1 FY 2022, registering a growth of 44.51%. NVVN has signed a MoU with Tirumala Tirupati Devasthanams for setting up of solar projects, 5 MW ground-mounted and 2 MW rooftop solar. Airports Authority of India has authorized NTPC Vidyut Vyapar Nigam for setting up total 45 MW of solar rooftop ground-mounted solar capacity spread over its 44 different airports under RESCO CapEx mode. NTPC continues to win laurels and awards in various fields. Major awards received in H1 FY 2022 are as follows. NTPC has received PSU award for the year 2020 and Roll of Honor from Dalal Street Investment Journal in the category of Maharatna of the Year and the Most Efficient and Profitable Maharatna of the Year Manufacturing in recognition and appreciation of the contribution made in the year 2020. NTPC has been recognized as a Great Place to Work for the 15th year in a row by Great Place to Work Institute. NTPC is the only PSU to consistently feature in India's top 50 best workplaces. This year, NTPC ranked 38th, up from 47th position last year. NTPC has featured among the LinkedIn Top Companies 2021 India. In recognition of the digitization effort, NTPC has been chosen for Digital PSU Award in Maharatna category in ACE PSU Award 2021. NTPC has received Dun & Bradstreet India's Top PSU Award 2021. NTPC has received the Champion of Champions Trophy for NTPC Corporate Communication under various categories at the fifteenth Global Communication Conclave organized by Public Relations Council of India. These were some of the highlights I wanted to share before we begin the question and answer session. Thank you. Should we open up for questions? Yeah. Thank you. Ladies and gentlemen, we will now begin with the question and answer session. Anyone wishing to ask a question may please press star and one on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is on the line of Apoorva Bahadur from Investec. Please go ahead. Hi, sir. Thank you so much for the opportunity. Congratulations on a good set of numbers. I wanted to understand this upcoming MBED implementation. What sort of impact do you see of this on NTPC? And, how much would you see as a fair brokerage to be paid to the exchange for the power to be scheduled and delivered? I'll ask him, the commercial person, Ajay Dua, to answer this question, please. Ajay. Good morning. As far as this MBED current stipulation that is proposed to be implemented, we probably will not be affected in any way because the capacity charges are protected through the bilateral contract settlement mechanism. Similarly, the energy charges would also be. We will get the energy charges as per the regulated tariff. We don't foresee any impact. Due to MBED implementation on our regulated plants. Sir, margin which will be payable to the exchange on whichever exchange this power gets scheduled. Any update on that? You are asking about the trading margin that Yes, sir. We are not aware. I think this is being deliberated in the ministry or regulatory level. We are not aware of any changes that the trading margin for power exchanges is being contemplated or not. Okay. Got it, sir. Sir, secondly, if you could share some of your insights around the space again looking to sign thermal PPAs given the current shortage which we witnessed. Is there any discussions around that or any update on our plans which were due for PPAs? Can you repeat new thermals? Basically new thermal capacity. Good morning. I am Ujjwal Bhattacharya. Let me answer this. We are in discussion with Government of Odisha for a 2 x 660 MW power project at Talcher region, very next to our own Talcher thermal power project. This is what is at the very advanced stage of negotiation. PPA has already been signed with GRIDCO and other beneficiaries earlier. Thank you. Okay. Thanks, sir. Sir, just a couple of bookkeeping questions, if you could help us with the fixed cost under recovery, PLF incentive and the surcharge income for the quarter or any other one-offs if it was there. Fixed charges under recoveries is around just INR 55 crores in the half year and INR 22 crores in the quarter. It is not much. This is variation. The figures, if you want the exact figures, they are INR 441 crores in the April to September half year, as against INR 497 crores in the corresponding half year of the previous year. If you want for the quarter, during the current quarter is INR 249 crores as against INR 271 crores in the corresponding quarter of the previous year. What was the PLF incentive? Pardon? PLF? Yeah. Yeah. Incentive in the current half year is INR 236 crores as against INR 279 crores in the corresponding half year of the previous year. For the quarter it is INR 66 crores as against INR 137 crores in the corresponding quarter of the previous year. Okay. Just one last question, if I may. I mean, are there any other one-offs which were there during the quarter? During the quarter there are no one-offs. If you see, there is a reduction in surcharge by about INR 711 crores in the half year as compared to INR 500 crores in the quarter. Variation. Okay. Got it, sir. Thank you so much. I'll get back in touch with you for more questions. Thank you. Thank you. We'll move on to the next question. That is from the line of Puneet from HSBC. Please go ahead. Puneet, your line is on the talk mode. Please go ahead. Okay. Yeah, sure. Thank you so much. Just a bit of clarification on this, reduction in surcharge. This INR 711, is the surcharge income or is it the reduction versus the previous, half? It is a reduction previous, versus previous half. If you want absolute numbers- Yeah. In the half year, April to September 2021, it is INR 420 crores as against INR 1,130 crores in the corresponding half of the previous year. Okay. For the quarter? The current quarter it is INR 755 crores versus INR 657 crores in the corresponding quarter of the previous year. Okay. This is largely a function of what the change in the percentage and also- That is a combination of change in percentage, and materially it is dependent because most of the money we have realized in the current half year and quarter. Understood. What was that number for INR 249 crore, which you said for fixed charge under recovery? Fixed charge under recovery, I told for the half year. Yeah. Current half year it is INR 441 crore. Right. As compared to INR 497 crore in the corresponding half of the previous year. Okay. Quarter it is, current quarter INR 249 crores versus INR 271 crores in the corresponding quarter of the previous year. Why is this fixed charge under recovery? For what plants have contributed to this? Plant-wise detail you may obtain from MCA. Okay, fine. My second question is largely, do you foresee any such under recovery to continue on account of coal shortage in the current quarter as well? Or are things normalized for NTPC? We expect that whatever this disincentive we have accounted in H2 or in the quarter, we expect that by the year end, most of this will be recovered. Okay. Okay. Yeah. Excellent. It will be minimal. Understood. These have occurred mainly because of extended overhauls at some of our stations due to COVID. Okay. Next, Director of Operations. Gautam sir? Yeah. Please. Due to coal assets, there will not be any standard recovery. We have still maintained a 69% PLF as in the last quarter. Okay. We have touched more than one billion generation on the number of days. As our Director of Finance has said, as of now, the coal portion has become normal and the coal stocks are improving in a daily basis. We won't face any loss in generation. For the under-recovery due to the extended overall, we have already approached the CERC for the situation. At the end of the year, all this will be recovered. Understood. The Delhi PPA which was to be relinquished, any plan, what's happening there? Ajay, would you just come on this? Yes. Delhi DISCOMs have written to us for relinquishment of the PPA. The MOP policy that the government of India issued in March 2021 provides that they have to approach their regulatory commission. Once the regulatory commission, following the due process, checking the resource adequacy and adequacy of power availability, then they will permit them to relinquish. Then after six months that becomes applicable. We understand that they have approached the DERC for relinquishment of power from Dadri plant. Have you moved to tie this up with something else? We're waiting for the process to complete? We are waiting for the process to complete. Okay. That's very helpful. Thank you so much. My last question is on the- Sir, finally, I've got a certain request from the DISCOMs seeking to reallocate, get this power reallocated to them, this relinquished. What else, whatever is proposed to be relinquished, some of the DISCOMs have approached to get that reallocated to them. Okay. That's super. Lastly, now that you have a separate renewable subsidiary, you already have some bit of experience, you know, with you. Is there a thought process to increase the aggression in winning new bids or should we expect status quo of renewable projects? Yeah, Mohit. I think that's a very subjective question, Rahul. I don't know what aggression means. I think we have been fairly aggressive in winning the bids. It has to be a call based on the overall picture. We are making money. Okay. Fair enough. Yeah. Thank you so much. Thank you. Thank you. The next question is from the line of Aniket Mittal from SBI Mutual Fund. Please go ahead. Yes. Thank you for the opportunity. My first question is on the renewables front. I think we've got a 6.3 GW pipeline right now under construction. If you could help me with the timeline, in terms of how does this 6.3 GW phase out over the next few years? Out of the 6.3 GW, close to 3 GW is under construction, and which we hope to complete in the next 18 months or so. In fact, we already started commissioning part of that. Some of it we get commission in this quarter as well. There's another 3.5 GW transformative under CPSU scheme, in which the timeline given is about 30 months. Another 1.5 GW is likely to be commissioned by 2024. Okay. By 2024, you would essentially become a 7 GW renewable portfolio? Yeah. I mean, if we are counting this alone. In terms of that outlook, what are the sort of capacities beyond this that you are looking to add or win over the next two years? No, beyond this also, the bids, the bid process is continuing. We're also looking at other options of setting up capacity, because now as you would have seen that there are various other options that have been opened by the government also, like going to the exchange or tying up with industrial customers. All those are also options. Understood. My next question is actually something that an earlier participant had talked on this 25-year PPA relinquishment. Apart from Delhi, we've actually seen some of the other states also looking to deallocate some of the gas-based power plants, in particular the likes of, I think Rajasthan and Punjab have been looking to do that. In the midst of all of this, there's also the MBED that's coming in. I just wanted your understanding based on your discussion with the ministry and the DISCOMs. How are things shaping up on that front? Let's say four years, five years down the line, do you see risk of some of these gas-based power plants being untied in nature? Yeah. Ajay? Actually, there are three, four questions in it. Ajay, you please answer one by one. First is the relinquishment. Even from gas stations, some of the beneficiaries have gone to their regulator for relinquishment of power from gas stations. The process is on with the regulator. On the MBED front, probably, if we believe that whatever capacity is relinquished under the MoP scheme, if it is relinquished, would get relocated seeing the demand of power that has increased recently. Other DISCOMs may come forward for getting this reallocated. In any case, some of it is still left out. Probably then the MBED mechanism would take care of that, and we'll be able to recover our costs from them. Okay. It's largely still being deliberated, is what I understand, with the MOP. Yes. Okay. Just one last question on the thermal front. If I have a look right now, I think we have around 11 GW of thermal capacity under construction. Let's say if I add Talcher to it's around 12, 10.2, which would come in, I believe in the next three or four years, right? Beyond. If I were to take a call beyond FY 2024, FY 2025. Mm-hmm. What sort of growth do you think can actually come in terms of capacity addition for thermal? Because if new capacities were to come after 2024, 2025, we've got to start in the next couple of years. Some sort of view on that would be very helpful. As you are aware that we are already working on almost 12,000 MW of capacity, which are at the various stages of construction and commissioning. This year, we have kept a target of commissioning 5,382 MW, and these are mostly thermal and with some amount of solar. Next year, we have a target of 6,507 MW. 2023-24, 3,224. 2024-25, 2,900. These are based on the projects which are already under construction. As I have already told you, the Talcher is being seriously negotiated, but we'll also keep an option that as we have committed to progressive decarbonization, we are being very careful and cautious about adding any kind of different kinds of fuel options. We are giving a lot of thrust on the renewables, but we are not shying away from thermal as such, depending on the country's requirement and which way the world opinion moves. You must have noted that India has not committed anything so far about COP26 regarding net zero. We are also waiting for the government policy in this regard. We have seven other thermal projects at different stages of FR, feasibility report, and on the drawing boards. Depending on the country's requirement and as much as our strategy fits into for progressive decarbonization, we work on them. Thank you. Sure. Thank you. Thank you so much for taking my question. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in this conference, we request you to limit your questions to two per participant only. The next question is from the line of Deepesh Agarwal from UTI AMC. Please go ahead. Yeah, good morning, gentlemen. My first question is to understand the timelines for the appointment of independent directors. It seems existing independent directors have retired. What is the thought on increasing the proportion of independent directors? Actually, in case of government companies, independent directors are appointed by the Government of India. We understand that the Ministry of Power has already forwarded recommended appointment of some of the independent directors, and that is pending with the other branch of the Government of India, and we expect that this will be cleared soon. Okay. Second question is, since you have not won the recent distribution license bid, so what is the thought process or what are the future bidding pipelines out there? Secondly, if you can also touch upon the aspiration on the EV charging business. Good morning. I am DK Patel. Actually, we are looking for different options. Actually, you may be aware that we had submitted our bid for both the Chandrapur as well as TPDDL and NDMC. We are looking for various options and searching for, whenever there is a feasibility, then definitely we'll go for distribution business. Thank you. Okay. On EV charging? EV charging. Yes. Mohit Bhargava from NTPC. On the EV charging side, this is being handled by our subsidiary, NTPC Vidyut Vyapar Nigam. We already have as on date about 140 public charging stations operational across various cities. We've also been allocated another 200 charging stations across cities under the same scheme. These are in pipeline over the next year and a half. Beyond that, we're also supplying chargers along with the bus services wherever we are providing, but that's an under mark- Right. How was it then? 27. Mm-hmm. Pardon? Sorry, I guess there was some disturbance from someone else's line. Okay. I think this Mumbai Pune highway. Yeah, yeah. Apart from that, we are also looking at setting up chargers on non-highways, and we have already submitted a bid for one of the highways, Mumbai Pune highway. Okay. Last bookkeeping question. Can you help us with the gross block of the operational renewable portfolio and what is the EBITDA from this? I think this Aditya will give you separately these figures. Okay. Thank you. I'm done. Thank you. The next question is from the line of Ajinkya Bhat from Equity Research. Please go ahead. Hi. Good morning, sir. Thanks a lot for the opportunity. Two questions from my side. Number one, we recently read in media articles that you have issued an expression of interest for procuring 15 gigawatts of solar modules, domestically manufactured modules over the course of next few years. If you could just highlight what is the thought process around it. Is it mainly to secure reliable supply, or do you expect material cost advantages against imported modules going down the line? If you could throw some light on that. Yeah, we have done that. I think you've already answered the question yourself because that's exactly the intent that we need to not only tie up on a long-term basis, so we have a better visibility as we are bidding for various projects. It will also help us take care of, you know, issues regarding volatility and all those things. That's exactly the intent. Okay. Any timelines on when do you think you would issue this kind of tender? Would more such tenders be issued in the future considering that you have a very large ambition and right now it's only 15 GW of tender that you have issued? No. I think you need to also remember that 15 GW will broadly cater for about next three years or so. If we do anything beyond that right now, it doesn't make sense because no one is willing to give a much longer- Yeah. comfort on prices. It has to be done on a regular basis, but right now this is what we are planning to do. Okay. Understood. Second question is, if you could just talk about a little bit about your broader energy transition strategy. Now, I see that, you know, beyond renewables you have several pilot projects going on, right? There is carbon dioxide to methanol with L&T. There is hydrogen production with Technip. And there is 1 GWh of battery storage tender which has been issued. Now, my question is the thought process that if you are able to commercialize all these aspects, could the existing thermal projects of NTPC be shielded from any sort of thermal PPA relinquishment from discounts? Because then you can basically repurpose those projects to produce hydrogen or methanol and essentially supply energy in alternate form to different set of customers. Is that the thought process here? I'll answer the specific question on CO2 to methanol. As you are rightly aware of that we have already started actual implementation of a CO2 to methanol project in one of our projects, and we expect to get the project on stream by December 2022. That is our target. Now, this is an R&D project going from lab to the land at the prototype level, and we will be trying to reduce the cost of the methanol. We are also experimenting with using the same methanol for refiring in our boiler in place of LDO. That has two purposes. First of all, we can go for carbon capturing to reduce the carbon footprint from our coal-fired power stations. At the same time, we'll obviate the requirement of LDO and reuse our own CO2 converted to green hydrogen into LDO equivalent of things. Now, going forward, if methanol becomes successful and we can reduce the prices, methanol can be used progressively more into boiler firing, for which we are also discussing with boiler manufacturers like GE and others to get into further research more into it. We are also in touch with worldwide institutes in this regard, and beyond methanol also with ammonia firing and other possibilities. Coming to the issue of relinquishing PPA, I don't see there much of a link into this. We are not rather hesitant about the PPA or relinquishing of PPA. Our commercial department are very squarely and strongly positioned about this. Coming to the option of the methanol, if it becomes viable, yes, definitely that will definitely reduce the carbon footprint overall and help us in decarbonizing. Also, this itself can create another revenue for NTPC to venture into the chemical industry by cracking the methanol to get into other kinds of things like mixing with petrol and all these things. Thank you. Thanks a lot, sir. Have a nice day. Thank you. The next question is from the line of Rohit from Antique Stock Broking. Please go ahead. Thank you for this opportunity. So my first question is on the there was a meeting in the month of September that Ministry of Power chaired an action plan for LNG investments, which has lowered the hurdle IRR from 10% to 8%. What is the context here, sir? I mean, is this because of the competitive intensity or the hardening of module prices? Why was this contemplated as such? I think you need to see the context. That was a reference made by some of the other PSUs. As far as NTPC is concerned, we are a Maharatna company, and there are no restrictions on NTPC taking investment decisions. A few of the other PSUs are having directives from the government as to maintain whatever levels of hurdle rate. From that context, we are not aware what decision has been taken. This was a point which was discussed. As far as we know, there is no decision aspect on the government side. In any case, like I mentioned, it's not going to affect us. Sure, sir. Sure. My second question is on those monetization news which have come up, few days back where you have stressed that you are looking at the monetization, but you haven't- Your voice is very low. Please speak louder. Voice is not clear. Can you speak louder? My question was on the monetization part. INR 15,000 crore NTPC, NVVN and NTPC REL monetization. Is there any timeline to it? Are you looking for a timeline for the monetization? Yeah. The timeline has been indicated in next two years, and we are going ahead. Whatever, these companies you mentioned, this is regarding monetization, we are going ahead. We are working on that. Sure, sir. That's it from my side. Thank you. Thank you. We'll move on to the next question. That is on the line of Apoorva. Sumit Kishore from Axis Capital, please go ahead. Sumit Kishore, your line is on the talk mode. Please go ahead. Thanks for the opportunity. Am I audible? Yes, sir. My first question is in relation to overdue receivable position. Could you please tell us what is the overdue receivable as well as the gross payable position as of September? Has the cash been realized against the bill discounting which was done in FY 2021? Yeah. Second question first. Whatever, wherever we are doing bill discounting, we are receiving the payments by the discounts in time. The total receivable position is this much. INR 13,702 crores total bill discount. Total debtors position. Overdue? Overdue is around INR 4,000-INR 5,000 crores. INR 4,500 crore. Just a minute. If you want the exact number, let me just give you. It is INR 6,045 crore. Okay. My second question is, over the next five years, how many existing operational coal-based capacity is likely to be phased out? I mean, retired, like you did for Badarpur or, you know, one odd unit at Ramagundam. It is 110 MW. There is not much capacity. four units of Ramagundam. four units of Ramagundam. That will be, what, 440 MW? Yeah. Okay. My last question is, you know, what was the fixed charge under recovery on account of fuel in first half of the year and second quarter of the year? Because zero. Zero. Yeah. In the PSU scheme, how many gigawatt can come up for NTPC in renewables? So far, how much has come under PSU scheme out of the pipeline of 6.3 gigawatts? Okay. Come again? How many gigawatts has come to NTPC under the PSU scheme in renewables so far, and what is the prospect there over a two to three year perspective? Renewables, under CPSU scheme Yes. There have been two rounds of bidding so far. In the first round, out of around 2,100 MW, NTPC had got about 1,700 MW. In the second tranche, out of 5,000 MW, we have got 990 MW. That's the total capacity which NTPC has won under the CPSU scheme. The projects are expected to start getting commissioned sometime in the last quarter of this fiscal. That is what we expect. Okay. Going forward, I mean, what is the size of the CPSU scheme going to be? Because you seem to be very successful here. Again, what's your question? Yeah. What is the, you know, kind of size of project opportunities that are left to be tendered out in the CPSU scheme, say, over a three-year time frame? Yeah. MNRE had taken approval for overall 12 gigawatts under the CPSU scheme, out of which 7 gigawatts have been tendered out. That leaves another 5 gigawatts to be tendered out, maybe after a year or so. We are not sure on that. That's still pending out of that. Okay. Thank you so much, I wish you all the best. Thank you. Thank you. The next question is from the line of Apoorva Bahadur from Investec. Please go ahead. Right. Thank you again, sir. Sir, again, going back to this renewable capacity addition theme. I understand that we will be roughly 7 GW by FY 2024, given the current pipeline. In order to meet our target of 60 GW by 2032, what would be an ideal. What are we targeting by 2024, 2025? I think when you said 7 GW is actual right now consisting of the under construction and the bid one. That's 7. That might get expanded by a few if we are winning the bid with short timeline. Our broad target was to do about 15 gigawatts by 2025, which is what we hope to do. Okay. Great, sir. Secondly, on this storage EOI that we have sought interest for 1 GWh battery capacity. Wanted to know how do we intend to use this? I mean, does this add renewable plants or basically, how will we offer this to states and what will be the costing structure? This is an EOI. We don't intend to finalize orders based on EOI. What we plan to do is that we have got a good response, we've got a good understanding of what kind of bids and capacities people are willing to offer. We are in the process of finalizing the RFP for various capacities for storage. These are broadly to take care not only of the tenders which SECI or other agencies might bring out either on RTC basis or storage purchase basis. This is also to take care of other opportunities available to NTPC, which could be to meet the requirements of the grid or ancillary services, which is also under discussion. We have to take that final call on where exactly these will be located, but most of them could be linked to the RE capacity. Okay. Very useful, sir. Sir, also correct me if I'm wrong, but right now we are outsourcing almost all of our renewable EPC. Do we intend to shift that to in-house any time soon or will that continue to be outsourced even as we grow? We have already started doing that. In fact, we have two small projects where it's not a full EPC, where we have gone ahead with the packaging tender mode, and that could be the way to go depending on how we work out our numbers. Okay. All right, sir. Just lastly, if on a housekeeping side, if you could please share the consolidated regulated equity with us. Consolidated would be given to you by Mr. Aditya Dar separately. Sure, sir. Thank you very much. That's all. Thank you. The next question is on the line of Dhruv from HDFC AMC. Please go ahead. Yeah, thank you so much. One question was on the financials. Sir, if I, you know, look at the PBT after the regulatory line item, so adding the regulatory line item there. From that PBT, if I reduce the other income just to normalize for the impact of all the LPS and all the dividend income that we get. If I look at the first half numbers, there is a decline of about 6%-7%. At the same time, regulated equity on an average has grown by about 6%-7%. It seems there is some decline in the underlying performance. Is there a particular reason why this could be happening? Some other underrecoveries? Because the fixed underrecoveries are similar, what they were in last year. Dhruv, we can discuss with you this separately because before PBT, I think, just a minute. Consolidate. Just open consolidate. Numbers. Results. Dhruv, I will give you separately. We can discuss this separate, this question. Yeah. Sure, sir. The second question was just an observation, was that if I look at the regulated equity, this quarter you said INR 67,800 crore. Last quarter it was closing on INR 66,000 crore. The increase is about the increase if I gross up at the rate of 30%, the absolute increase is about 4,000 or 5,000 odd crore versus the capacity increase for you is about 1,500 MW. The per megawatt increase in gross block comes to about, in respect to the regulated equity, comes to about only 3.5 crore per MW. This seems a very low number in terms of the. What I'm trying to say, the increase in capacity that you have got and the increase in regulated equity corresponding seems to be very different. Hmm? Is that because the order is pending, so you're not recognizing the full regulatory? I'm just trying to understand what could be. Dhruv, with respect to this, when we are declaring COD of second unit, the capital cost with respect to the second units are always lower because most of the common systems are commissioned with the first unit itself. In addition to that, this TTPS has been decommissioned. So Oh, okay. The regulatory tariff with respect to that has also not been available to the company now. Okay. Just one second. TTPS was decommissioned in Q4, right? Not in Q1. On a comparative basis, I am telling. Oh, okay. Okay. Yeah. I'll add with the permission of the Head of Finance one more thing, that you see when you go for COD of a project, not necessarily we make all the expenditures at that stage. We continue to make certain expenditures which are allowed by CERC up to the three years to beyond the- Yeah. Up to three years. Two years. Two years beyond the commissioning of the stage. Some more regulated equity are expected to come for each of these projects. Okay. The already commissioned project, the regulatory equity will also, that'll be as you spend it. Okay, got it. Yes. The process of cash basis. Perfect. Got it, sir. Sir, there's one last quick question. If I look at the past numbers for gas-based plant, this time it was 82%, which is, I've seen historically, if I see, this is the lowest quarterly number that you have seen. Is it because of the high gas prices that you are not able to do that or is there some other reason for this? I think, DO Mr. Ramesh Babu will answer this question. Babu sir? The gas generation was less because. That was what you were asking why the gas generation was less? The past number. I was looking at the past number. 81.6 if I'm not wrong. What number? PAF availability for gas-based plant. Availability was because we had one overhauling of our Anta station temporarily. That was the only reason. That does not affect our availability in any way. That will make it up in the next month, in the remaining days. Okay. This was from our gas update, but that also got affected. Okay. Nothing to worry here. Sir, your voice was a bit low, so I could not hear it. The generation was low because of the high gas cost. That was it. Okay. I was wondering about the past, I think I understand. Got it, sir. Thank you so much. Thank you. Ladies and gentlemen, that was the last question. On behalf of DAM Capital Advisors, that concludes this conference call. We thank you for joining us and you may now disconnect your lines. Hello?