Ladies and gentlemen, good day, and welcome to Q3 FY 2022 earnings conference call of NTPC Limited, hosted by IIFL Securities. As a reminder, all participants' lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Harshvardhan Dole from IIFL Securities. Thank you and over to you, sir. Thank you, Margaret. Greetings, everyone. On behalf of IIFL Securities, I welcome you all for the third quarter earnings call of NTPC. To discuss the stellar performance of the NTPC group, we have today the entire senior management team of NTPC, whom I'd like to congratulate. Also like to congratulate and appreciate the board's, you know, token of paying out a handsome dividend. To discuss the numbers in detail and share the performance outlook, we have Mr. A.K. Gautam, Director Finance, Mr. Dilip Kumar Patel, Director Human Resources, Mr. Ramesh Babu V, Director Operations, Mr. Chandan Kumar Mondol, Director Commercial, Mr. Ujjwal Kanti Bhattacharya, Director Projects. Without much of a delay, I'd like to hand over the line to NTPC management who will make the opening remarks, subsequent to which the floor can be opened for Q&A. Over to you, sir. Thank you, Harsh. A very good evening to everybody. I, A.K. Gautam, Director (Finance), welcome all of you to the Q3 FY 2022 con call of NTPC Limited. I have with me Sri Dilip 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 have also with me the other key members of NTPC team. Company has announced the unaudited financial results for the third quarter and nine months of FY 2022 today. The key performance highlights for the third quarter and nine months ended December 31, 2021 have already been disclosed on both the stock exchanges. Now briefly upon operational highlights for Q3 and nine months of FY 2022. NTPC standalone gross generation in Q3 FY 2022 is 72.70 billion units, and in nine-month FY 2022 is 219.26 billion units as compared to 65.42 billion units and 193.28 billion units in the corresponding previous periods, registering an increase of 11.13% and 13.44% respectively. Gross generation of NTPC Group in Q3 FY 2022 is eighty-seven point nine two billion units, and in nine-month FY 2022 is 264.70 billion units as compared to 76.53 billion units and 222.41 billion units in the corresponding previous period, registering an increase of 14.88% and 19.01% respectively. In Q3 FY 2022, we have added 1,327.42 MW to our commercial capacity, comprising 660 MW at Barh, 80 MW solar capacity at Jaisalmer, 49.92 MW solar capacity at Fatehgarh, 37.50 MW floating solar capacity at Ramagundam, 250 MW at Barauni, and 250 MW at Bhartiya Rail Bijlee Company Limited. After the expiry of validity of the PPA entered into with the erstwhile BSEB, the board of directors of NTPC has accorded approval for discontinuation of operations of Muzaffarpur Thermal Power Station, stage one, 210 MW of our wholly owned subsidiary company, Kanti Bijlee Utpadan Nigam Limited. With this, the commercial capacity of NTPC has become 54,302.42 MW on a standalone basis and 67,757.42 MW for the group as on 31st December 2021. NTPC Group has already commissioned 1,557.42 MW of RE projects under EPC mode. 2,999.58 MW of solar projects, including ongoing projects of NTPC REL, are presently under implementation. In addition, 3,115 MW capacity has been won through tariff-based competitive bidding. For nine-month FY 2022, NTPC Korba station has ranked first with PLF of 94.07% among the top ten performing stations in the country in terms of PLFs. During nine-month FY 2022, PLF of coal stations of NTPC was 68.95% as against the national average of 57.02%, 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 restriction in coal-based stations was 53.52 billion units in nine-month FY 2022 as compared to 84.12 billion units in nine-month FY 2021. For the gas-based stations, the gross loss, the loss was 22.75 billion units in nine-month FY 2022 as compared to 20.25 billion units in nine-month FY 2021. The generation loss on account of fuel supply constraint was 6.02 billion units for nine-month FY 2022. Now, regarding status of fuel supply. During the nine-month FY 2022, materialization of coal against ACQ was 96.20% as against 88.71% in nine-month FY 2021. Coal supply during nine-month FY 2022 was 143.42 million metric tons, comprising of 142.02 million metric tons of domestic coal and 1.40 million metric tons of imported coal. The coal supply during the corresponding previous period was 124.57 million metric tons, with 123.96 million metric tons of domestic coal and 0.61 million metric tons of imported coal. NTPC has achieved a total coal production of 9.65 million metric tons during nine-month FY 2022. Nine-month FY 2021 was 7.12 million metric tons. Cumulatively, 42.053 million metric tons of coal has been excavated from Pakri-Barwadih, Dulanga, Talaipalli coal mines till 31st December 2021. Cumulative expenditure of INR 7,527.16 crore has been incurred on the development of coal mines till 31st December 2021. Environmental management initiative for preserving environment. Flue-gas desulfurization are under various stages of implementation for 64 GW of group capacity. FGD systems have already been commissioned for 1,340 MW capacity. FGD systems package for 60.94 GW capacity are under implementation, and FGD system package for 1.45 GW capacity are under various stage of tendering. Now, some update over the financial highlights. Gross sales for Q3 FY 2022 is INR 28,705.04 crore as against corresponding quarter of previous year gross sales of INR 24,471.07 crore, registering an increase of 17.30%. On nine-month basis, there is an increase of 14.28% in the gross sales. That is from INR 72,504.83 crore in nine-month FY 2021 to INR 82,860.67 crore in nine-month FY 2022. Total income for Q3 FY 2022 is INR 29,837.13 crore as against corresponding quarter of previous year total income of INR 25,268.56 crore, registering an increase of 18.08%. On nine-month basis, there is an increase of 14.07% in the total income that is from INR 75,312.89 crore in nine-month FY 2021 to INR 85,912.38 crore in nine-month FY 2022. Profit before tax for Q3 FY 2022 is INR 5,409.01 crore as against INR 3,516.59 crore in the corresponding quarter of the previous year, registering an increase of 51.87%. On nine-month basis, PBT is INR 12,678.27 crore as against INR 10,126.31 crore in nine-month FY 2021, registering an increase of 25.20%. Profit after tax for Q3 FY 2022 is INR 4,131.99 crore as against INR 3,315.34 crore in the corresponding quarter of the previous year, registering an increase of 24.63%. On nine-month basis, PAT is INR 10,489.53 crore as against INR 9,290.30 crore in nine-month FY 2021, registering an increase of 12.91%. Total income of group for nine-month FY 2022 is INR 97,269.89 crore as against INR 83,859.59 crore in the corresponding period of the previous year, registering an increase of 16%. Profit after tax of the group for nine months FY 2022 is INR 11,760.78 crore as against INR 10,319.91 crore in the corresponding period of the previous year, registering an increase of 13.96%. The board has declared interim dividend at the rate of 40% of the paid-up share capital, that is INR 4 per share. During the Q3 FY 2022, we have accounted dividend income of INR 628.39 crore from our subsidiaries and joint venture companies as against INR 5 crore received during the Q3 of FY 2021. An update on various other financial activities. The regulated equity as on December 31, 2021 was INR 70,452.69 crore. Now some updates about fund mobilization. NTPC has issued unsecured debentures aggregating to INR 1,075 crore at a yearly coupon of 6.74% on 20th December 2021 for a period of 10 years, three months and 25 days. Average cost of borrowing for nine months FY 2022 is 5.95% as compared to 6.26% in nine months FY 2021. During Q3 FY 2021, NTPC has signed term loan agreements of INR 3,000 crore and INR 1,500 crore with HDFC Bank and IndusInd Bank, respectively, totaling to INR 4,500 crore. Now certain update about CapEx. In nine months FY 2022, we have incurred a group CapEx of INR 25,064.10 crore as compared to INR 12,983.14 crore in the previous period. NTPC Limited has awarded project of standalone fuel cell based microgrid with hydrogen production using electrolyzers at NTPC Simhadri that is in Andhra Pradesh. This will be India's first green hydrogen based energy storage project. It would be precursor to large scale hydrogen energy storage projects and would be useful for studying and developing multiple microgrids in various off-grid and strategic locations of the country. The hydrogen would be produced using the advanced 240 kW solid oxide electrolyzer by taking input power from the nearby floating solar power project. This unique project configuration is designed in-house by NTPC. This unique project for India would open doors for decarbonizing the far-off regions of the country like Ladakh, Jammu Kashmir, et cetera. These are too dependent on diesel generators. The project is in line with the vision of Honorable Prime Minister for becoming carbon neutral by 2070 and making Ladakh a carbon neutral territory. NTPC and EDF, France has signed an MoU to explore power sector related investment opportunities in Middle East, Europe, Africa and Asia. The MoU also envisages collaboration in the areas of R&D, efficiency improvement, consultancy, capacity building, hydrogen economy, electricity distribution, apart from joint development of power generation projects, including but not limited to solar, wind, hydro and waste to energy projects. NTPC along with ISA signed grant agreement with Comoros and Ethiopia for implementation of solarization projects as a PMC consultant of ISA. NTPC has been supporting 19 member countries of ISA under this solarization program for last one year under a partnership agreement with ISA. NTPC and IndianOil signed a memorandum of understanding to collaborate in the field of renewable energy and mutually explore opportunities for supply of low carbon RE RTC captive power. This is the first of its kind novel initiative by two leading national energy majors of India to support the country's commitment to achieve renewable energy targets and reduce greenhouse gas emissions. An MoU for cooperation in overseas power sector was signed between NTPC and Inter RAO Export LLC. MoU was signed for cooperation in taking up project development, capacity building and consultancy assignment outside India. NTPC NETRA signed MoU with Greater Noida Industrial Development Authority for long term supply of 20 tons per day refuse derived fuel from Greater Noida Authority to NTPC NETRA. This initiative will help NTPC NETRA to demonstrate an environment friendly technology to produce green power and chemical from RDF. It is planned under the theme of at NTPC NETRA Green Campus, where the campus will have 24/7 green power from solar PV, battery storage, hydrogen and RDF. Now, I will briefly touch upon some of the NTPC group companies. The performance of our JV and subsidiaries is exemplary. In nine months FY 2022, our subsidiaries have earned a profit of INR 1,788.04 crore in nine months FY 2022 as compared to INR 1,042.54 crore in the corresponding period of the previous year, registering an increase of 71.51%. The share of NTPC in JV profit has increased by 73.66% from INR 480.50 crore in nine months FY 2021 to INR 834.44 crore in nine months FY 2022. NVVN, our trading subsidiary transacted 17.92 billion units during the nine months FY 2022 as against 12.7 billion units during nine months FY 2021, registering a growth of over 40%, 41%. In an endeavor towards sustainable development, NTPC Vidyut Vyapar Nigam Limited, a wholly owned subsidiary of NTPC Limited, has signed an agreement with Varanasi Nagar Nigam for setting up a waste-to-energy plant. The plant shall help in mitigating environmental hazards caused by solid waste and bring clean surroundings contributing towards Swachh Bharat. The plant shall be a milestone for the holy city of Varanasi towards Atmanirbhar Bharat using the latest indigenous Make in India technology for solid waste management in the country. Varanasi Nagar Nigam has allocated about 20 acres of land for setting up the plant. NVVN has signed a similar agreement with Bhopal Municipal Corporation also. NTPC continues to win laurels and awards in various fields. Major awards received in Q3 FY 2022 are as follows. NTPC has received ESG India Leadership Award 2021 for playing a key role in air pollution management. The award was presented for excellent practices for reducing and monitoring air pollutant emissions. NTPC has been conferred prestigious HRM Special Recognition for Learning and Development for the year 2021. NTPC has been honored with seven CSR Impact Awards in the WASH, Water, Sanitation and Hygiene large category for the project Revival of Municipal Solid Waste Plant Karsada at the India CSR Summit. NTPC received Company with Best CSR Practice Award in eighth Asia Business Responsibility Summit organized by Asian Centre for Corporate Governance & Sustainability. These were some of the highlights I wanted to share before we begin with the question and answer session. Thank you. Margaret, can we open the floor for Q&A? Thank you very much. Yep. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the 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. Anyone who would like to ask a question, please press star and one at this time. 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. Good evening, sir, and congratulations on very good set of numbers. My first question is on the adjusted profit. Is it possible to share the adjusted profit for the quarter? In those accounts, 3B, you mentioned INR 6.7 billion as prior period. Is there any amount which is also recognized in the fuel? Regarding adjusted profit, you can contact Aditya Dar. He will be submitting separately. Regarding, you were asking about note number 3 B. 3B out of INR 6.7 billion. Uh. of the income which you recognized. Yeah. It also includes the previous year fuel of INR 61.81 crore in Q3 FY 2022. Understood, sir. My second question is, I understand that you have roughly around 7.4 GW of renewables portfolio, which includes under operation, under implementation and the amount which you won in the bids. How much you expect to commission over the next three years based on the contractual commitments at this point of time? Is it possible to share that number over next three years? Sure. I will request Mohit to answer this question, please. Mohit. Next three years, contractually there is practically no commitment because generally the lead time is about 18-24 months only. Over the next two years, our target is to do over close to about 3.5 GW. Beyond that, once we get the LoS, we'll start working on that also. Understood. Lastly, sir, is there a proposal to transfer the standalone renewables portfolio to NTPC Renewable Energy Limited? Yeah, today we made a disclosure. In the board, we have decided that we will be creating a SPV, under which the certain identified solar assets will be transferred, through which a monetization we are planning to do some monetization. Understood, sir. Thank you and all the best, sir. Thank you. Thank you. The next question is from the line of Deepika Mundra from JP Morgan. Please go ahead. Good evening, sir, and thank you for taking my question. Sir, I just wanted you know, over the next two-three year period, guidance on CapEx and how much of that is likely to go towards renewables. Also, you mentioned certain projects in green hydrogen and battery storage. Are those CapEx commitments that will be going in from NTPC? Yeah. Director Projects may be answering this question. See, this year we have a CapEx target of INR 2,373.6 crore. We are more than 90% already. We are sure to achieve this. Maybe we'll try to go a bit more. Next year, our target is INR 22,500 crore, and out of which, the proportion of renewable will be of the order of 40%. This is the position today. Second question regarding RE. Regarding hydrogen, I think one of the points was mentioned earlier that we already started work on a hydrogen-based microgrid. We also intend to take up a couple of other pilot projects relating to hydrogen, green hydrogen-based mobility, and then also for green hydrogen blending. Other than that, we have already issued a tender for procurement of 3,000 MWh of storage capacity, which we intend to use mainly for entering into contracts for supplying round-the-clock power to the customer. We also intend to come out separately with CapEx-based battery solution as well. Understood. Sir, can you talk a little bit about the procurement strategy for these kind of projects, for battery as well as for electrolyzers for the green hydrogen project? No, you see, as a government-run company, all our procurement has to be through a transparent bidding process only. What we intend to do in this case, on the electrolyzer side is that we intend to come out with a medium-term partnership basis, the lowest price offered by the manufacturer, so that's on that angle. On the battery side, like I said, we've already come out with 3,000 MWh bid, which will be used. Once we are able to tie that up, we'll be coming out with larger capacities also. Right, sir. Thank you. If you can just give a CapEx number for it would be helpful. We will be tied up once we have the numbers on the table, once we have the final best bid. Okay. Thank you so much. Thank you. The next question is from the line of Apoorva Bahadur from IndusInd. Please go ahead. Yeah. Hi, sir. Thank you so much for the opportunity. Thanks. Sir, any updates on the renewable business IPO or possible monetization now that we are planning to add the standalone renewable assets as well? So timelines on that. Yeah, yeah. As already told that identified renewable assets will be transferred to our SPV or a separate subsidiary company, for which we will be seeking an exemption from the Government of India regarding exemption from the capital gains tax. As soon as that exemption is available, we will be doing most probably this in the next financial year, say by October 2022. Okay. Very useful, sir. Secondly, on this storage tender for which we have come out with recently, can you throw some light on the economics there? Will we be doing like a back-to-back agreement, or will it be more like we will be tying up that capacity and as and when the opportunity comes up for RTC Power, we will be bidding based on that. Also the renewable capacity which will be used to charge this storage, will this be separate from our existing pipeline, or do we intend to use the curtailed electricity from our existing project? Okay, I think part of that you answered yourself because this tender for battery will be used largely for back-to-back orders only. Obviously, we cannot be sitting on this capacity. Once we have this capacity in place, people who are interested can look at this and order for it. Secondly, the charging power, and these are all expected to be RE-based storage solutions only. All that RE capacity is not yet included in the pipeline and would be taken up once we enter into firm contracts offtake. Okay. We had also come out with a domestic module EOI. We wanted to check what sort of interest have they received, given that there is probably going to be a module shortage, since the government will be imposing BCD on Chinese modules and domestic capacity is not yet there. We have received interest from practically all the module manufacturers, including the guys who have applied for the PLI scheme, practically all of them. We intend to come out with a firm RFP maybe by the end of March. Okay. Last question from my side, if I may. This is on the thermal capacity addition. Any new projects have been added to the pipeline? I think there were discussions on Talcher. Yeah, yeah. I think Ujjwal Kanti Bhattacharya will be giving this answer. As we told earlier also, we are consistent to that. We are going for higher renewable capacity addition in our portfolio and reducing our dependence on coal per se and fossil fuel in general. We are also going through a transition process. You know that, Government of India has declared 2070 as the net zero. We in consultation with Ministry of Power are now on the drawing board and creating a new paradigm. Some capacity on the thermal are going to be added. We have already advertised an NIT for a 1,320 MW coal-based power project at Talcher, and you must have seen it in the newspaper already. The process of Talcher expansion by 1,320 MW based on coal is on. Okay. Yes, please. Thank you very much. I'll get back in the queue for more questions. Thank you. Ladies and gentlemen, in order to ensure that the management will be able to address questions from all participants, we would request you to please limit your question to two at a time. Should you have a follow-up question, please rejoin the queue. Thank you. The next question is from the line of Subhadip Mitra from JM Financial. Please go ahead. Yeah, good afternoon. My question is largely with regard to the CapEx that you're looking at. While I think you gave us the FY 2022 and the 2023 numbers, any clarity on, you know, what the FY 2024 CapEx number will look like and, you know, how that gets bifurcated between, you know, thermal as well as renewables? The FY 2024 are being built up now. What we have at present so far is 1,892.1, and we'll definitely add much more. As I told, the current year is 2,373.6. Next year we have already firmed up 2,254.54. For the FY 2024, as I told, 1,829.1 has been firmed up, and we'll be adding much more on that. We'll come back to you as we proceed. Sir, within this 18,291, how much would be the renewable part? I told that for the next financial year approximately 40% will be renewable and going progressively forward the renewable will be more. Since we have started adding some of the thermal capacities I think in FY 2024 also the proportion of renewable will remain around 40%-45%. It will go up progressively very high. Understood. Lastly, if you can also help us with the plant-wise capacity additions that you're looking at in FY 2023 and 2024? Okay. For FY 2023, that, North Karanpura, unit 1, 660 MW. Barh, unit 2, 660 MW. Telangana, one unit of 800 MW, unit number one. Telangana unit number two also of 800 MW. Durgapur, there's a small unit of 40 MW. Bangladesh is going to be completed, both unit one and two, 1,320 MW. Solar 1,207, and we'll be adding probably more. We are working on that. These are standalone. If you look at the group, THDC hydro pumped storage at Tehri, 4 x 250 MW will come 1,000 MW. Through NTPC REL, we'll be adding probably another 820 MW-1,200 MW more. If I conclude it, the NTPC group, the capacity will be something between 7,300 MW-8,000 MW. For- This- FY 2024, the total capacity on the board is 4,034. As I told that we are going to go add more and more renewable, we'll add some more renewable capacity. As of now, it is 4,034, predominantly thermal. Barh stage one, unit number three, 660 MW. North Karanpura, unit number two, 660 MW. North Karanpura, unit number three, 660 MW. Patratu in the Jharkhand state near Ranchi, 800 MW, first unit. On the THDC thermal, which is near Khurja, first unit of 660 MW and THDC hydro project at Vishnugad Pipalkoti, 444 MW. Through NREL, we are planning 150, but definitely this 150s have a capacity to become, in my opinion, no less than 3,000 by that time. On the drawing board as on date, it is 4034 roughly, but likely to go around 6,000 with RE. Thank you so much. Hi. Sorry. Sorry, you were saying something. Yeah. No, no. I told that beyond this we are not projecting because we are reworking on the thing. Regarding thermal, I was just answering the question of somebody a couple of minutes ago. As we are going increasingly into renewables, but considering the transition and the transition fuel requirement, we are going for addition of some thermal power stations. Talcher we have started. We're also looking at some other power projects like Singrauli, Lara, Darlipali, etc., amounting to 5,300 MW. One thing I will like to share with all of you, our beloved investors, that consistent with our approach of reaching the decarbonization process and net zero ultimately by 2070, these thermal capacities will not be business as usual. We'll be going for what we are terming as Blue Coal technology, where the carbon footprint we are trying to bring down as progressively lower and possibly if we can, up to the level of CCGT. That's a tall talk. Let's see what we can do. Thank you. These incremental thermal additions will all be on the ROE based mechanism? The incremental thermal capacity will be all based on? Yes. ROE. Yes, yes. Yes, yes. ROE. For sure ROE. Yeah, yeah. Through PPA. Understood. One last question, if I may sneak in. While I think there was an earlier question on your divestment of the solar assets, just wanted to get some clarity. I think there has been, you know, a lot of news flow around the fact that you're looking at, probably a strategic partner or a strategic sale happening at the renewables subsidiary level. Just wanted to understand that this exemption on capital gains for sale of certain solar assets that you mentioned, this would be separate from the strategic partner that you're looking at for the overall solar subsidiary? No, no. As I mentioned earlier also, we will be transferring certain identified solar assets to the new subsidiary or a new SPV, through which we will be doing this monetization either through IPO, regular IPO, or through some strategic partner. These transfers will be made only after we receive exemption regarding the capital gain tax from the Ministry of Finance. Understood. Very clear. Thank you so much. Thank you. The next question is from the line of Puneet Gulati from HSBC. Please go ahead. Yeah, thank you, sir. Can you also talk a bit about what is the plan for the FGD completion? When can we expect all these FGDs to be commissioned, at least the ones which have been tendered out? See, FGD, you as you are probably aware that we have already started working on 6,280 MW of FGD all across the country, out of which 1,340 have already been completed. Right? Right. That spans five units. Another 129 units we are working. The Dadri unit five and unit six will be commissioned by June. Dadri unit five is already commissioned, so to say, and we'll declare it in another seven days' time. Jhajjar, the one unit will be ready by, you can say, February commission. Progressively four months afterwards, second and third unit. These are the things which are going to be commissioned in this financial year itself. We are also expecting that Khurja 660 MW in this financial year 2021-2022, and Meja 500 MW in this financial year itself. Tanda 220 MW, and that takes us to total of 2,370 MW. By the- Should I give you in totality the numbers? Yeah, yeah. I think that's it. 2370. Yeah. Yeah, yeah. The total is 62,280 MW, of which 1,340 has been completed. FY 2022-203, we will be completing around 22,790 MW. FY 2023-2024, we have a target of 15,270 MW. Balance 22,880 MW we will be completing in FY 2024-2025. Understood. This is very useful. Thank you, sir. Can you also talk a bit about what kind of EBITDA are you expecting from your renewable assets getting into 2023 or FY 2024? What kind of? EBITDA. It is very premature to say. Yeah. We are expecting return on equity, what we are expecting in case of our thermal power projects. Because normally the thermal power projects, they take a minimum gestation period of 6-7 years. Mm-hmm. Here in case of renewable energy projects, it is say 12-18 months. Right. We are considering the corresponding ROE in case of renewable energy projects. On IRR basis. Yeah. Okay. IRR of 13% or there's something that you would be looking at since you get 12.5% ROE? 12%. Not 13%, 12% you can say. 11%-12%. Okay. Equity IRR? Yeah. Okay. This is very useful. My last question is, you know, while you've been doing a lot of work on solar, there is also talk on storage. So far, what I know is there will be a 50 MW wind. Am I missing something or are you deliberately not doing wind? Or is there any hurdle in doing wind? No. Can you come again? What was the question? Not clear, your voice. Yes. Yes. To my knowledge, there is only 50 MW of wind in your portfolio so far. Have I got it wrong or is this correct and you are deliberately trying to avoid wind or is there a reason to avoid doing wind? No, no, that number is correct, but we are not avoiding that. We have already started work on another 150 MW, and we intend to take up wind in a major way. There's no deliberate avoidance of any kind. Okay. I would presume hybrids would follow post that as well. Yeah. For your information, we have already won a 450 MW hybrid tender. Yeah. Four months ago, it's done by SECI. We are well into that, and we are also participating now in new hybrid and wind tender processes. That's very useful. Thank you so much. That's all from my side. Thank you. The next question is from the line of Anuj Upadhyay from HDFC Securities. Please go ahead. Yeah, thanks for the opportunity and congrats on good set of numbers, sir. Two questions. One is the reason for low availability during the quarter, and was there any underrecovery for the quarter and nine month? If you can provide, it would be very helpful, sir. Secondly, I missed on the figure of NTPC share across the JV and subsidiary for Q3 and nine month. If you can share those, it would be helpful, sir. Regarding first question, our Director Operations, Mr. Ramesh Babu V, will be answering this question. See, the low availability was because we have taken the planned outages of our units, compared to last year. It was 4.4%, it was a planned outage. This year it was around 7.67%. Due to COVID, whichever the units that we could not take for outage, all these units have been taken. In the last year, in the first nine months, we did only 24 rollings. This year we have done already 35, another five overhauls are in progress. That was the reason why there was a availability loss. But number itself is more than the required 85%. Regarding the underrecovery, there has been around INR 650 crores is the underrecovery as of now. By the end of the year, it would come down to around INR 350 crores. As of now, already it is less than 50 crores. Now, it's only 590 as of today. By end of the year, it will be around INR 350 crores. In this also another around INR 70 crores we will be approaching the CERC because three of our units actually had to take overhauling for a longer time due to COVID. This will be approaching CERC for relaxation. It could be around INR 350 crores at end of the year underrecovery. Sorry, sir. Just to confirm, you mentioned nine-month underrecovery was in the range of INR 650 crore. Am I right, sir? six. Yes, yes. Okay. Target is to bring it down to 350. As it, as we move along, then another three months is there. See, the DC would increase and slowly we'll be reducing the underrecovery. Okay. For the quarter, sir, if you can quantify Q3? This underrecovery, we generally consider in the cumulative basis only. Underrecovery is always considered the cumulative basis. Oh, fair point, sir. Yeah, on the- INR 218 crores. 218 or 280? Yeah. Yeah, 218. Okay. Thank you, sir. On the JV share, sir? Yeah, yeah. With respect to your second part, the subsidies, they have contributed INR 1,788.05 crores in nine-month period. Quarter it is INR 814.52 crores. Joint ventures, INR 834.44 crores and INR 307.99 crores. Thanks, sir. Thanks a lot. Thank you. The next question is from the line of Anupam Goswami from B&K Securities. Please go ahead. Namaskar. First of all, congratulate on the good set of numbers. My first question is on a follow-up of the previous question. You mentioned about the capacities that are likely to come up in FY 2023 and 2024. My question is on the CWIP amount, equivalent amount that will be transferred from CWIP to gross block on FY 2023 to 2024. Here. We just can't mention right now, but you can. You can estimate based on this, which has been mentioned by Director Projects regarding commissioning target. Multiply by. You can identify how much CWIP will be converted into fixed assets. Right now it will be difficult to tell. 6 MW. Can we think about the ballpark of what's the You can consider roughly multiply it by around INR 4 crore-INR 5 crore. Around INR 5 crore per MW. Thank you. Okay. Sir, what is your receivables amount at the end of quarter three? Trade receivables. Trade receivables will be well within the 45 days. Right, right now, if you see our outstanding dues beyond due date is only approximately INR 4,500 crore. More or less we will, I think, by 31st March also it will remain like that only. Total outstanding will be within the 45 days limit. Okay. The last question on the capacity addition, on 33 and 34, how much could be brownfield and how much could be greenfield, on the thermal side? It will be all brownfield only. It will all be brown. It will be all brownfield. We have stopped going for greenfield projects. Whatever expansion we go for, these are all will be brownfield. Where we don't need to go for fresh land acquisition, we have water availabilities, and we have also grid connectivity available. Okay. Thank you, sir. Done then. Thank you. We would request participants to limit your question to two at a time. The next question is from the line of Atul Tiwari from Citi. Please go ahead. Yes. Thanks a lot. What will be the regulatory equity at the end of third quarter? 70,000 - It is INR 70,453 crores. Okay. INR 770,430 crore in this. Sir, you mentioned about- 70,453 Okay. 70,453. Okay, sir. Sir, what was the total amount of dividends received from subsidiaries and JVs in the quarter? INR 600-odd crore, right? I mean, I didn't get that number correctly. Can you please repeat that? It is October to December quarter. It is INR 631 crore. What was it last year in the same quarter? Last year was only INR 7 crore. Okay. Sir, I mean, if I exclude the dividend from the other income of both the last year and this year, it looks like other income has come off quite meaningfully year-on-year. What will be the reason for that? There is a reduction in surcharge amount. Sir, broadly speaking, I mean, if I kind of reduce the prior period sales of INR 600-odd crore and the dividend from subsidiaries of INR 600-odd crore, it looks like that the recurring PAT has declined year-over-year. Is that a right understanding or is there some other one-off item which I'm missing here? No, it has not declined. This, I think, you are going towards the adjusted PAT numbers. I think Aditya would be giving you separate. Okay. Okay, we'll wait for that. Thank you. Thank you. The next question is from the line of Rahul Modi from ICICI Securities. Please go ahead. Thank you and big congratulations for a great set of numbers. Just a couple of questions I had. Where are we in the process of you know moving Nabinagar and Kanti into the standalone entity? We were looking to do that. When do we expect to conclude that? Actually, that issue is pending in the MCA. We were thinking that this process will be completed by 31st March, but probably this will go up to June. My second question is, sir, in the one, you know, the older tender also in the renewable space, obviously there has been a significant increase in the module prices. Are we facing any delays or cost overruns on that account? Or we are fairly confident that the delivery will be met on schedule and on the contracted price? You know, there are definitely delays because, not only because of the increase in module prices, but also on account of COVID and all. We don't expect any price increase because mostly these are fixed price contracts. If there is any change, that is mainly on account of change in law. Right. For the CPSU tender, what is the progress there, the 2 GW that we had won? On the CPSU tender for 2 GW, we've already signed the power purchase agreement for 1,000 MW, and we hope to start work on that by the end of March, hopefully. For balance capacity also we hope to start work in another six months or so. Right. Sir, in this we are in this 2 GW, we'll have to procure modules locally. This is under DCR? Yes, this is under DCR. The cells and modules have to procure from domestic, Okay. For any upstream Which is why the time given. Okay. Yeah, which is why the time given is also slightly longer by the government under DCR. Right. Noted. Sir, what are the tenders, which you are expected to see in the market? Any quantification on that, in the both, in renewable overall, over the next 12 months? I'm not very clear what you want to know. You want the tenders which we plan to issue or the tenders which- What among tenders which you are expecting to win? You will be participating in the bid? That's a very rough number. SECI says it, they might be coming out with tenders of close to 10 GW in the next six months. That's all based on information not available with an accuracy. Sure. Thank you and all the best. Very helpful. Thank you. Thank you. The next question is from the line of Sumit Kishore from Axis Capital. Please go ahead. Thanks for the opportunity and congrats on a good set of numbers. My first question is, what is the total commercial capacity which has completed 25-year PPA period currently? How much of this capacity has seen an extension of PPA? Also, if you could clarify what is the current status on the Dadri PPA with BSES and Tata, given the news flow that we have seen in the media. Only the total by March 2022, I think around 14,000 MW will complete 25 years. What was the second question? So- About Dadri regarding. For the 14 GW, has the PPA been extended, and for what duration? Look, PPA. PPA is already there. In all our PPAs is 14 GW. As far as we are concerned, it is only a perpetual PPA, so there is no exit clause from this PPA. It is only that government has come out with a guideline. By virtue of that guideline, DISCOM can exit from the PPA if they are following that guideline. Otherwise, there is no clause in the PPA to exit after 25 years. Sure. On the Dadri, Yeah. On Dadri. Sorry, what was the second question? Yeah, yeah. Dadri, I think, this Delhi DISCOM, they approached CERC, and CERC has given order that they can exit subject to that government reallocated power. Because as far as we are concerned, this government, under their sovereign power, they are allocating this power. Our PPA does not talk about any megawatt. This allocation is done by Government of India. They have challenged. One of the DISCOM, they challenged it in APTEL. That hearing is complete, order is expected anytime. Another DISCOM went to Delhi High Court to address this issue. That was rejected by Delhi High Court. Again, that DISCOM has also landed up in APTEL. You mentioned that for Muzaffarpur, you know, two 110 MW units the board has approved for shutdown. In the next five years, you know, what is expected for shutdown as far as thermal units are concerned because of pollution? We have in Tanda four units, 110 MW, and in Barauni two units, 110 MW. These are the only units which we will be considering for shutdown, but other 210 MW units will be running if required with proper R&M. Okay. Finally, what was the late payment surcharge for Q3 and the nine-month period? Yeah. For the last nine-month period, it is INR 1,695 crores in the April to December 2020. Corresponding current period, it is INR 593 crores. If you go through the quarter, October to December 2020 is INR 565 crores, and October to December 2021, it is INR 173 crores. Okay. Finally, one bookkeeping question. What is the addition to regulated equity based on the commissioned captive coal mine? Is there any regulated income that you're earning on, say, Pakri-Barwadih, where the project is commissioned for some time now? Yeah, yeah. We are earning, but I think right now this figure is not readily available with me. You can obtain this from Mr. Aditya Dar. Regulator has allowed 14% ROE. Yeah, yeah. 14% ROE. Thank you and wish you all the best. Thank you. Thank you. Ladies and gentlemen, due to time constraints, that was the last question for today. I now hand the conference over to Mr. Harshvardhan Dole for closing comments. Thank you, Margaret. I'd sincerely like to thank NTPC management for, you know, explaining the results in detail and taking the Q&A. I also like to thank the management for giving us an opportunity to host the call. Ladies and gentlemen, thank you very much for, you know, attending this call. Sir, any last comments that you would like to make? No, no. Thank you very much, Harsh. You people should be very happy that this time we have announced a very good dividend. NTPC, I can only say that we will continue to perform better. Yeah. We are on a growth path, and we are showing results. Yeah. Market should cheer up. Cheer up. Thank you. Thank you. On behalf of IIFL Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your line.