Ladies and gentlemen, good day. Welcome to the Q3 FY 2023 Earnings Conference Call of NTPC Limited, hosted by DAM Capital. As a reminder, all participant lines will be in the listen only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from DAM Capital. Thank you. Over to you, Mr. Kumar. Yeah. Thank you, Michelle. On behalf of DAM Capital, I welcome you all to the Q3 FY 2023 Earnings Conference Call of NTPC. We have with us the senior management of NTPC, represented by Mr. Jaikumar Srinivasan, Director of Finance, Mr. Dilip Kumar Patel, Director of Human Resources, Mr. Ramesh Babu V., Director Operations, Mr. Chandan Kumar Mondol, Director Commercial, and Mr. Ujjwal Kanti Bhattacharya, Director Projects. With this, I would like to hand over the call to Mr. Srinivasan for his opening remarks. Then we can have a Q&A session. Over to you, sir. Yeah. Am I sufficiently audible? Yes. Yes. Yes. Yeah. Very good evening to all the participants. I am Jaikumar Srinivasan, Director of Finance. Welcome all of you to the Q3 FY 2023 Earnings Conference Call of NTPC Limited. I have with me, Sri Dilip Kumar Patel, Director of Human Resources, Sri Ramesh Babu, Director Operations, Sri Chandan Kumar Mondol, Director Commercial, and Sri Ujjwal Kanti Bhattacharya, Director Projects. I have with me other key members of the NTPC team as well. Today, the company has announced the unaudited financial results and key performance highlights for the third quarter and nine months ended 31st December 2022. The same have already been uploaded on both the stock exchanges. NTPC has completed yet another remarkable quarter with very strong operational and financial performance. We have made significant progress on various strategic initiatives as well, which I shall share with you. Operational highlights for Q3 and nine months FY 2023 are as under. During Q3 FY 2023, NTPC has added 630 MW of commercial capacity to its portfolio from renewable sources. As on 31st December 2022, the commercial capacity of NTPC stands at 58,269 MW on standalone basis and 70,884 MW for the group as a whole. NTPC group generated 295 billion units in nine months FY 2023, as compared to 265 billion units in nine months FY 2022, an increase of around 11%. NTPC standalone gross generation in nine months FY 2023 is 255 billion units, as compared to 227 billion units in the corresponding previous period, registering an increase of around 12%. During the nine months FY 2023, average PLF of NTPC coal station was 74.45% as against the national average of 63.27%, thereby maintaining a spread of over 11%. For nine months FY 2023, five coal stations of NTPC, which is Korba, Singrauli, Vindhyachal, Rihand and Talcher were among the top 10 performing stations in the country in terms of PLF. During nine months FY 2023, there has been an improvement in scheduling by the beneficiary, thereby reducing the backing down from 76.28 billion units in nine months FY 2022 to 72.38 billion units, a reduction by around 4 billion units. I now share the status of the fuel supply. Coal supply during nine months FY 2023 improved to 166 million metric ton, including 11.59 million metric ton of imported coal, from 148 million metric ton, including 1.4 million metric ton of imported coal in nine months of the corresponding previous year. During nine months FY 2023, materialization of coal against ACQ, which is the annual contracted quantity, has improved to 98.2% as against 97.80% in the corresponding previous period. NTPC's own coal production, captive coal production, during nine months FY 2023 was 14.55 million metric tons, with around 51% growth as against 9.65 million metric ton in nine months FY 2022. Cumulative expenditure of INR 8,933 crores have been incurred on the development of coal mines till 31st December 2022. NTPC Limited dispatched its first coal rake from its Talaipalli coal mines to NTPC Lara Super Thermal Power Project in Chhattisgarh on 22nd November 2022. The commencement of rake loading paves the way forward for Talaipalli mines to dispatch coal in efficient and smooth manner to meet the coal requirement of 1,600 MW Lara station. I'll update on the various other financial highlights. Total income for Q3 FY 2023 is INR 42,149 crores as against corresponding quarter of previous year total income of INR 31,161 crores, registering an increase of 35.26%. On nine months basis, there is an increase of 39.6% in the total income. That is from INR 89,315 crores in nine months FY 2022 to INR 1,24,685 crores. Profit After Tax, PAT, for Q3 FY 2023 is INR 4,476 crores as against INR 4,246 crores in the corresponding quarter of previous year, registering an increase of 5.42%. On nine month basis, PAT is INR 11,524 crores as against INR 10,664 crores in the nine months FY 2022, registering an increase of 8.07%. Total income of the group for nine months FY 2023 is INR 1,33,231 crores as again corresponding previous period of total income of INR 97,270 crores, registering an increase of 36.97%. PAT of the group for nine months FY 2023 is INR 12,250 crores as against corresponding previous period PAT of INR 11,761 crores, registering an increase of 4.16%. During nine months FY 2023, our joint ventures and subsidiaries have earned a profit of INR 1,771 crores as compared to INR 2,225 crores in the corresponding period of previous year. During nine months FY 2023, we have received dividend income of INR 1,046 crores from our subsidiaries and joint venture companies as against INR 1,142 crores received during nine months FY 2022. The regulated equity as on 31st December 2022 stands at INR 75,449 crores on standalone basis. As regards fund mobilization, NTPC has issued unsecured debentures aggregating to INR 500 crore at the rate of 7.44% per annum on 16th December 2022 with a tenor of around 10 years. Average cost of borrowing as on nine month FY 2023 was 6.32% as compared to 5.95% in nine months FY 2022. NTPC Renewable Energy Limited has signed a green term loan agreement of INR 1,325 crore with Union Bank of India, which includes secured loan of INR 825 crore and unsecured loan of INR 500 crore at very competitive rates. The secured loans has been tied up for a tenor of 20 years, longest ever tenor from any domestic lender with NTPC. The unsecured loan is of five years tenure with bullet repayment and can be used for any under construction projects of NTPC Renewable Energy Limited. As regards capital expenditure in nine months FY 2023, we have incurred a group CapEx of INR 26,058 crores as compared to INR 25,064 crores in the corresponding previous period. The capital outlay of NTPC on standalone basis has been estimated at INR 22,454 crores for financial year. I would like to list on few other highlights. Towards achieving the country's net zero energy target by 2070, NTPC plans to have a foray into nuclear power. For this, NTPC plans to execute nuclear power capacity addition through pressurized heavy water reactors through Anushakti Vidhyut Nigam Ltd., a joint venture between NTPC and Nuclear Power Corporation of India. Additionally, nuclear power, additional nuclear capacity addition through implementation of small modular reactors and pressurized water reactors with government to government agreement is also being contemplated. NTPC is also looking for making fuel tie-up with Uranium Corporation of India Limited to ensure requisite fuel availability. The modalities for asset transfer of two pressurized heavy water reactors, PHWR project, which is Chutka, 2x700 MW in MP and Mahi Banswara, 4x700 MW in Rajasthan from NPCIL to ASHVINI, the joint venture company, are in progress. NTPC holds a strong commitment towards renewable energy. NTPC has added more than 1.3 GW of renewable capacity in financial year 2023 till December 2022. Company has also forayed into a variety of business areas, including e-mobility, green hydrogen solutions, and waste to wealth. NTPC Group has also 3,154 MW of RE project under EPC mode as at 31st December 2022. Presently, 4,718 MW of RE projects, including ongoing projects of NTPC REL, are under construction. Further bids for 340 MW capacity RE projects have been won, which will be awarded soon. Plans for development of another 24 GW Ultra Mega Renewable Energy Power Parks are in various stages. Carbon capture utilization storage, CCUS, is one of the key component of India's CO₂ mitigation strategy to facilitate the transition towards a low carbon energy economy and onwards to net zero emission levels. To achieve this goal, NTPC research wing, NETRA, and Council of Scientific and Industrial Research, CSIR-Central Building Research Institute, Roorkee, have rolled out a R&D project for development of carbon negative carbonated aggregate, which can be used in building, road and other construction activities. As part of this study, CO₂ captured from flue gas, fly ash, and other industrial waste will be converted into CO₂ sequestered engineered aggregates, also called as carbonated or mineralized aggregates. Upon development, carbonated aggregate is expected to become a viable alternative to natural aggregates and thereby conserve ecology and environment. Amongst the several MOUs signed by NTPC and its subsidiary, a few are being highlighted here. NTPC Renewable Energy Limited has signed a memorandum of understanding with National Institute of Wind Energy for strategic collaboration in developing onshore and offshore wind power projects in India. The MoU shall help in building long-term partnerships with NIWE and shall develop the capabilities of NTPC REL in a longer term for assessment, identification, and studies for development of onshore and offshore wind projects. The MoU shall also be helpful in identification of new wind sites for further development. NTPC Green Energy Limited, NGEL, signed a MoU with GRIDCO Limited for the development of large-scale ground solar, floating solar, and pump storage project in the state aggregating to 3,000 MW. To facilitate the transition towards a low carbon energy economy and subsequently net zero emission, NTPC and GE Power India Limited signed an MoU for partnering on research, development, and engineering of technologies that will enable NTPC to reduce the amount of coal fired in their units and gradually replace it by co-firing of alternative fuel biomass. Both companies will jointly explore the pathway to reduce CO₂ emissions from Tanda Thermal Power Plant and further implement across the NTPC projects in India. NTPC has signed a non-binding MoU with Tecnimont Private Limited, an Indian subsidiary of Maire Tecnimont Group Italy. The objective of the MoU is to jointly evaluate and explore the possibility to develop a commercial scale green methanol production facility at NTPC project. The green methanol project involves carbon capturing from NTPC power plants and converting it into green fuel. Green methanol has a wide range of application, including serving as a base material for the chemical industry, storing renewable electricity, and even as a transportation fuel. This project, along with pilot scale green methanol project under execution, aligns with NTPC's commitment to sustainable and renewable energy and will significantly contribute to India's energy transition. NVVN, our trading subsidiary, transacted 22 billion units during the nine months FY 2023, as against 18 billion units during the nine month FY 2022, registering growth of around 24%. NTPC has been conferred with prestigious SHRM HR Excellence Award 2022. NTPC has been awarded the winner for excellence in developing leaders for tomorrow. Sir, please continue. For following the best practices to identify individuals from within the organization and develop them into leaders who will take on challenging roles in the future. ET Ascent named NTPC Limited as Star of the Industry for Excellence in Leadership. NTPC won the award for Dream Company to Work For in area of excellence and leadership. The award honors NTPC's constantly evolving talent strategy and people's practice that are in line with business requirements and work to create a meaningful environment that fosters business excellence. It acknowledges NTPC as a pioneer in the field and an ideal location to work by supporting the business people first philosophy. NTPC has received Best Globally Competitive Power Company of India in the overall power sector award at Prakashmay 15th ENERTIA Award 2022. The award marks its contribution to the power sector that includes building a strong RE portfolio for NTPC and leading the company as a top global power sector enterprise. CMD NTPC has been bestowed with the CEO of the Year award at the 24th annual Platts Global Energy Award for his outstanding contribution to power sector. The CEO of the Year demonstrates the ability to sustain the sector amid universal headwinds while supporting the employees who propel their organization in the future. NTPC has been recently conferred with the Institute of Chartered Accountants of India Award for Excellence in Financial Reporting for financial year 2021-2022 in the category of public sector entities. The award showcases the best practices followed by company for comprehensive and transparent reporting of financial statements. These were some of the key highlights I wanted to share with all the participants in this earnings conference call before we begin the question answers. Thank you so much. We can take on the questions now. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may please press star and one on their touchtone phone. 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. We have the first question from the line of Sumit Kishore from Axis Capital. Please go ahead. Mr. Sumit, I have unmuted you now. Kindly go ahead. Thanks, thanks for the opportunity. My first question is regarding the fixed cost under recovery. What is the figure for nine months, FY 2023 and the corresponding number for previous year? Yeah. The fixed cost under recovery for nine months has been INR 548. This is much less than the corresponding previous period, which was INR 692. However, we are targeting that in the fourth quarter, this will be brought down significantly to a level of INR 250 crores. Okay. You had mentioned in your opening remarks the share of profits from JVs, in nine month FY 2022. I couldn't get the number. Could you please give the corresponding number for previous year and the reasons for the decline? See, as far as subsidiaries are concerned, yes, there has been a 7% drop in the profits and JVs there is a significant drop. However, the underlying reason for this is common that most of these companies are, you know, are subjected to the LTS rules where their outstanding dues have been subjected to the installments. There has been a drop as far as the Late Payment Surcharge is concerned. That is the reason, broad reason for that. Okay. Can you please give us the numbers? Also, what is the impact because of HURL, the fertilizer JV? Give me a second. HURL, variation could be around INR 76 crores. Because the gas consumption is on higher side as compared to norms. That's the basic reason. NTPC's share is 29.67%. Compared to previous year, there's an adverse of around INR 17 crores. Can you please repeat the number of share of profits from JVs, in nine months FY 2023 and the previous year? You want overall or HURL? No, no. Overall, overall for JVs and subsidiaries. Yeah. Overall JV and subsidiary. As far as subsidiary is concerned, the profit is INR 1,290 crore, which was INR 1,391 crore in the corresponding last year. Share of profit from joint ventures, which was INR 834 crore last year, is now INR 481 crore. Okay. Also, if you could give us an update on the total under construction and development capacity which you have for RE right now. And, update on the UMREPPs that you have been pursuing of 24 GW. What is the update, you know, since we last spoke? Let me. Yeah. Let me give you a broad perspective on the whole capacities. Is, currently the installed capacity is 70,884. That is as at the end of December 2022. Now it's slightly more in January. The under construction projects aggregates to 18,253, wherein the coal projects under construction is 11,290. Hydro is 2,255. I am telling this for the group as a whole. Renewable capacity under construction is 4,718. There is a total of 18,253 under construction. Going ahead, around 42 GW is under feasibility and, you know, planning. Out of which we are planning 6 GW from coal-based plants. RE would constitute around 36 GW, so that out of 42 GW. Out of the RE, around 26 gigawatt will be implemented through solar parks and balance 10 GW would be under CPSU schemes. Okay. I will join the queue. Thank you so much. Thank you. We have the next question from the line of Nikhil Abhyankar from DAMW Securities. Please go ahead. Thank you, sir. Thanks for the opportunity and congrats on a good set of numbers. Can you just throw some light on the ash transportation cost of around INR 31 billion? How much was it booked in the present quarter? Also, why is there a spike in the finance cost in Q3 over Q2? Yeah. See that there is an increase of around 524. You are talking about Q2 versus Q3. Mm-hmm. Isn't it? Yes. The increase is on account of ERV, exchange rate variation, to the tune of INR 421 crores. There is an increase in the cash credit of INR 17.48. Rupee term loan is INR 68.14 crores. Interest on foreign currency loan is close to INR 29.28 crores. Interest on bond is INR 28.96. These are the differentiators. The increase is partly offset by decrease in interest on foreign currency bonds by INR 45.22 crores. Discount on commercial paper by INR 44.33 crores. These are the broad reasons for the comparison between Q2 and Q3. What was your first question? The ash transportation cost. How much of it was booked in this quarter? Ash transportation cost. Nine months you're asking or the quarter? The total is around INR 31 billion, so how much was it booked in this quarter? Give me a second, please. See, the net ash transportation cost last year was INR 1,600 crores. If you deduct the INR 270 odd crores that we received on sale of ash, it works to around INR 1,400 crores. This year, we have only spent around INR 1,225 crores on ash transportation. Generally, ash transportation is higher in Q3 because Q2 is a monsoon season, there'll be less ash transportation. Okay. Understood. sir, also, I wo- Sorry, Mr. Abhyankar, your voice broke. Can you please repeat your question? Am I audible now? Yes, please proceed. Yeah. Any idea, can you throw some more light on thermal capacity ordering pipeline? Any status on 1.6 GW Lara expansion? Lara is, expansion is under NIP, you must be knowing. This is two into 800 MW, 1,600 MW capacity, and we expect to open the bid in the month of March itself and award it by April. Sir, the pipeline for FY 2024 and 2025? For, even for this year itself, 2023-2024, we are targeting Pirauli, which will be by December 2023. Overall, if you take, FY 2023-2024 and 2024-2025, other than Talcher thermal, it will be around 6,100 MW total capacity, roughly. Okay, sir. Understood. Sir, just a final question. Any status on the renewable thing, sir? Has there been any changes due to the high prices of the modules? modules. I will request Mohit Bhargava, the CEO of RE Limited, to take this question. Yeah, what exactly was the question? Can you repeat your question for more clarity? What is the status of the renewable team, the monetization plan? Monetization plan. Monetization plan is mostly on track. Sir, I'm sorry to interrupt. I would request you to come closer to the Polycom and speak, please. Monetization plan, I think it is on. I think by financial year end, March we'll conclude it. Sir, I did not get you. Can you please repeat? This monetization is on track, and we'll be concluding it by March. March. Okay, sir. Thank you. I'll get back in touch. Thank you. We have the next question from the line of Abhineet Anand from Emkay Global Financial Services. Please go ahead. Yeah, thanks for the opportunity. Sir, if you can just let us know the adjusted PAT and incentive for the quarter or nine months. Yeah. Yeah. the adjusted PAT for Sir, I'm sorry to interrupt, sir. Your voice is echoing. Yeah. Can I answer? Any question? Gotcha. Somebody open the second line. Sir, please proceed. The adjusted PAT for Q3 financial year 2023 would be INR 4,424 crores as against the reported PAT of INR 4,476. This compares favorably from the nine-month of the corresponding last period. Adjusted profit would be up by 18%. The incentive, sir, can you highlight the incentive as well? Yeah. Yeah. The incentive for Q3 is INR 125 crores, which is the highest ever in the Q3 in the last two, three, four years. With this, the nine-month incentive has reached to a level of INR 424, which is also unprecedented level. If you can let us know for 2020, 2023, 2024, 2025, what can be the capacity expansion addition expected from the group? Capacity? Capacity addition expectation. Capacity addition. Yeah. Yeah. Director Projects will be answering. 2023, 2024? Capacity addition expectation. 2023, 2024. Yes. we are expecting 5,940 total capacity in 2023, 2024. 2025, sir? 2025 will be 4,684. Thank you, sir. Those were my questions. Thank you. We have the next question from the line of Anupam Goswami from BOB Capital. Please go ahead. Hi, sir. Congrats on the good set of numbers. My first question on the FGD CapEx and the total outstanding on the FGD. Where are we? Your voice is not very clear. Can you repeat? Hi. My first question is on the FGD pipeline. Where are we and how much is required and the CapEx amount as well? The FGD, we have already awarded the entire 62,000 MW capacity approximately, and they'll be commissioned progressively. Seven units, total 2,330 have been already commissioned long ago, and there are ongoing 129 units under construction. That is 60,940 MW. That includes DSI at Tanda unit 1 2, total 62,270. The CapEx as awarded on FGD is INR 29,331, but there might be some amount of price variation, so this may go up CapEx wise. Okay. We have 1,454 MW equivalent, total 12 units under retendering. Once we complete that retendering, it will be 148 units and total cumulative capacity 6,472,724 MW. The CapEx will be of the order of INR 31 billion as awarded. Okay. We are hoping to get it commissioned by FY 2025, all 62,000? No. We have A, B, C category. We all know by this time government has come out with this categorization. We'll be completing within that category limits. Like for A category, it will be the deadline is December 24th. We'll be on track. For B category, it will be 26th. For C category, 25, sorry. C category, 26th. Okay. We'll be on track for all these units. Okay. Okay. Sir, my second question on the, we have seen in the industry that we have crossed about 200 GW of peak capacity in December, that also in winter. Going forward in the summer time, looking at a similar level last year, we have faced a little shortage on the coal. Do you see a similar scenario coming up or forming going forward or, where should we look at the tariff rates also, going forward? Coal shortage. What was the question? Can you repeat the question? Yes, sir. Mr. Goswami, I would request you to use your handset to ask a question. Thank you. Hi. Am I audible now? Yes, sir. This is much better. Please continue. Much audible. Yes. We have seen 200 GW of peak capacity crossing in December. Going forward, do we envisage any fuel supply shortage and that to where the tariff, you know, goes over there? Do we have any kind of risk to this fuel supply? In the month of April, it is likely to go to around 230 GW is the peak capacity expected. As far as NTPC is concerned, we have around 15 days stock of coal as of now. We are better off than last year, we have also some coal coming from abroad that's in pipeline. We don't see any shortage this year. Moreover, our captive mines have increased production by around 50%. Therefore, we are comfortable on coal front. Okay, sir. Okay. I'll join back in the queue. Thank you so much. Thank you. Ladies and gentlemen, please note if you're using a speakerphone, please pick up your handset while asking a question. This is required to ensure optimum audio quality on the call. Thank you. We have the next question from the line of Apoorva Bahadur from Goldman Sachs. Please go ahead. Hey. Hi, sir. Thank you so much for the opportunity. Sir, in your opening remarks, you briefly touched upon the company's plan to enter into nuclear power generation. If you could share some numbers over there, what would be the target capacity addition and the timeline? Yeah. See, as said, we'll be implementing this through a joint venture called as ASHVINI. It's a joint venture of NTPC and nuclear power. There are two projects lined up, which is Chutka 2 into 700 MW in MP and Mahi Banswara 4 into 700 in Rajasthan. Broadly speaking, if you take two unit of 700 MW, the completion cost would be close to INR 25,000 crore, which would translate to a tariff of INR 7.36 per kWh. As far as his question was the capacity addition. Mm-hmm. See, as per our plan by 2032, when we aspire to become 130,000 MW company, we have a target of 2,000 MW from nuclear. We are confident that out of this Chutka and Mahi Banswara, we'll be definitely completing 2,000 MW out of these two projects. There is one more information I can give you. This is part of the fleet mode as Government of India has already identified them. These are going to be of the same vintage, same design and same category, that is PHWR, which is almost indigenized. We'll be working jointly with Nuclear Power Corporation through JV. I don't see any reason not to achieve. By 2032, we'll have 2,000 megawatt of capacity as planned from nuclear. Okay, sir. Nothing beyond these two? No, no. As the Director of Finance already told, we have already identified 1,400 MW projects at Chutka, 2 into 700, and 4 into 700 in Mahi Banswara. Already six units of 700 MW are lined up. These 4,200 MW will be completed within 2035. That is my anticipation. As we have already entered into this, we'll be progressing. As, see, it's far too long to decide about the plan in 2050. My anticipation will be by 2050, we'll have around 20,000 MW capacity in NTPC from nuclear. Okay. Understood, sir. Second, I think, there was this concern around nuclear, especially on the liability clause, right, when post the deal happened. Has the government provided any comfort over there? Would there be any limit to NTPC's liabilities over here? See, the liability clause, we are working with government and the Nuclear Power Corporation is already comfortable with this. We are talking to them. I don't think this is going to be any kind of problem for us. Problem is not with the developer alone. The problem is EPC contractors, they want the problem. They want to get some kind of shield. In case of this fleet mode, we are comfortable because we don't have any specific EPC fundamental here. That's the advantage here. Okay, sir. Typically nuclear, I mean, these plants will be under the cost-plus model like our thermal portfolio. It is, typically price is, tariff is decided by Atomic Energy Commission by their set rules. INR 7.36 per kilowatt hour, per unit, which DSN said, you must be knowing this is at 68% availability factor. Now, if we increase it to 80%, if we can manage to do that, the tariff will come down. The other advantage with. Okay. This is one part tariff. It would be a must. It's a single part tariff. Correct. Right. Sorry, sir, you were saying something on the advantage of nuclear. Yeah. I was just adding that single part tariff and a must-run plan, so it ranks high in the merit order. Understood, sir. Very useful. Just one, I think maybe, more a bookkeeping question. If you can share the late payment surcharge number for the quarter nine months, that will be very useful. Yeah. The late payment surcharge for Q3 was INR 67 crores, so that makes it INR 459 crores for the nine months. Understandably, you know, the trend of late payment surcharge all across power sector is going down because of stringent payment conditions, security mechanism, and also the Late Payment Surcharge rules. However, one should understand that late payment surcharge is not a main source of income. It's incidental. These are more of a deterrent rates of, you know, recovering the financial cost. The low trend is in one sense indicator, indicative of a better collection efficiency. Indeed, sir. Thank you so much. Thank you. We have the next question from the line of Girish from Morgan Stanley. Please go ahead. Thank you, sir. I wanted to understand a little bit on the renewable side. This 4,718 GW which we have under construction and the 36 GW under feasibility and planning. Just wanted to understand how would the run rate pan out in the next few years? That's the first question. Yeah. I'll just give you a broad picture, and then I'll hand over to the CEO of, the 60 GW strategy would be that 40 GW would be through tariff-based competitive bidding, which would include some kind of bundling through, you know, 24 hours RTC power also. 5 GW would be targeted through CPSU scheme, wherein 3.7 GW is already won in the bidding process. 15 GW is broadly earmarked for non-PPA, wherein 5 GW we have plans for flexibilization. We already have internal approvals for 1 GW rolling non-PPA linked project. Merchant would be another 5 GW plan. We are also targeting commercial and industrial consumer, including battery energy storage scheme, which would be 5 GW plan. Besides that, 5 gigawatt would be broadly through the hydrogen space. For a little more detailing, I would request Mohit Bhargava, our CEO, to add on. Good afternoon. I think most of the points have already been told by Mr. Srinivasan. You asked about run rate. Run rate would obviously I mean, that's a simple math. We could look at about 5-6 GW starting sometime up to 1.5 Years. When we hope all these issues regarding module supply and everything are sorted out. That's the broad thing. Otherwise, the details have already been shared by Mr. Srinivasan. Mr. Girish, I would request you to kindly unmute yourself and speak, sir. Sorry. Just wanted to check whether land is already tied up for almost 70%, 80% or, like, how comfortable we are at land right now? We are in the process of tying up land, Girish. It's a continuous process. We have already tied up in Gujarat. We have some land in MP. We are in the process of tying up more in Karnataka and Rajasthan. That's how we are proceeding. Just on CapEx, if you could help us, the total CapEx and then broken up into various subs, JVs and for this year and next year, and also full CapEx, if you could just provide that data for fiscal 2023 and going forward? Specific to RE or overall? Overall, sir, and the breakup. As I mentioned in the beginning, for the financial year 2022-2023, the CapEx projection is INR 23,082 crores. Over the next three years, we have of INR 26,000 crores booked in 2023-2024, followed by INR 22,484 in 2024-2025, and INR 24,957. These are broad numbers. On an average it would be close to 25,000 per annum. For subs and JV, sir, and any renewable, CapEx here, if you could, provide any data around subs, JVs, renewables. Well, I don't have a breakup. This was on a NTPC standalone basis. We really don't have a captured figure here on the renewable, which will be implemented through the subsidiaries. I'll just check whether we have a broad... Okay. We'll follow it up with the we'll give you the details, Girish. Sure. Thank you. Thank you. We have the next question from the line of Anuj Upadhyay from HDFC Securities. Please go ahead. Yeah, hi. Thanks for the opportunity, sir. This is Anuj Upadhyay from HDFC. A few bookkeeping questions, sir. One is on what has contributed to a rise in other expenses and the employee expenses for the year. You referred to a decline in the JV and subsidiaries profit. This is to the tune of INR 400 crore to INR 500 crore. Is it purely attributable to the low payment surcharge income or is anything else which has contributed to this? No, as say, yeah, I'll give you account of that. As regards subsidiary, it has gone down by INR 102 crores, and for JV it has gone down by INR 374 crores. As far as the subsidiary is concerned, out of INR 102 decline, one of the subsidiary, the THDC itself was INR 136 crores, and that's due to LPS reduction by INR 240 crores. Significant part of significant contribution is because of the declining interest, but there could be some other reasons, in terms of data discounting, impact of the data discounting and accounting entry which we have to do for discounting of future re-receivables. On account of that also, there has been some increase. Mm-hmm. As far as JV is concerned, again, NTPC Tamil Nadu, NTPTN, there is a decline by INR 173 crores. Again, the increase INR 237 crores due to data discount and decrease in surcharge by another INR 100. So INR 337 crores is on account of this thing totality. But out of that, NTPC share is INR 168 crores. These are the major listing. There could be some reduction on account of some forced outages under recovery in other subsidiaries. Meja, for instance, a INR 70 crores decline is due to operational reasons. As already I said about HURL, it has gone down by INR 76 crores Fine, sir. The reason for high other expenses and employee expenses for the quarter, sir. One second. Employee expenses? Other expenses. Reasons for high employee and other expenses. No, I think this details are already given that, you know, the increase in other expenses by INR 2,674 crores, that's significant reasons are being the exchange rate variation has gone up by INR 1,783 crores, Ash utilization and marketing expense were INR 483 crores, R&M expenses is INR 239 crores because there was more outage and, you know. More overall. More overalls that were done during this quarter. Interest, interest to beneficiary, INR 69.06 crores. Electricity duty commensurate with, you know, the sales has gone up by INR 55.61 crores. Source consumption is INR 40.71 crores. Security expense has gone up by INR 20 crores. Insurance by INR 16 crores. Rent by INR 13 crores. Advertisement, 11. There is a decrease in the provision for arbitration by around INR 60 crores. Net-net basis, 2,674. 2,674 is the increase. Fine, Sir. Lastly, Sir, can we mention how much do we plan to raise through the monetization across the renewable deal? I don't want the percentage, but at least the quantum which we are eyeing to raise through this monetization plan. No, we can't, you know, hazard a guess as far as the quantum is concerned. We are contemplating offloading some very minor shares. Up to 20%. Up to, between 10 to 20%, depending on the response. It would be difficult to, and it would not be appropriate also to give an expectation here when the bidding process is on, bidding the book. Fair point, sir. That's it from my end. Thank you. Thank you. We have the next question from the line of Dhruv Muchhal from HDFC Mutual Fund. Please go ahead. Yeah, sir. Thank you so much. Sir, in the notes to accounts, there is a mention of ash transportation related some charges after the CERC order. Is there a impact on the financials because of this and also a recurring impact going ahead? No. In fact, you know, we were provisionally accounting for this under regulatory income. When the final order has come from CERC, there is an accounting change that we are booking it under revenue rather than the regulatory income. To that extent, there is a reversal in that account head. It has helped to improve the PBT. You know, the differential, the PAT would remain the same. Got it. Got it. It improves the cash flow collection. Earlier, we're not billing to the DISCOMs. Now you are able to bill it to the DISCOMs. Absolutely, yes. Got it. sir, the second question. It has no financial impact. The order is in line with what we were provisioning. Order is fairly in line with our, what we are provisionally billing. The second question is, there were some reports that. Added to that we have the add-on is that there is an interest carrying cost on that which we have. Okay. Sure. The second is, there were reports that the government is likely to offer you gas at probably discounted rate or some reimbursement given rate so that you are able to operate your gas plants. I believe that is for peaking power support. Sir, is there some further development to it? This I'm asking in context because there were some earlier news that some of the DISCOMs wanted to, you know, surrender the PPAs as they expire for the gas plants. Can there be some hope to further extension to these PPAs? This matter is under discussion from the point of view of addressing the expected, you know, increase in the demand. However, there are no definitive numbers I can give at this particular point of time. Definitely, in order to cope up with the peaking demand, that could be one of the alternative. The government is asking GAIL to supply gas at a reasonable rate. The discussions are still going on. Hopefully in the next 10 days it will fructify. Sure. Just technically, how does this work? Say for example, do you still say if you have to provide peaking support from a gas plant, do you have to run this 24/ 7 at some minimum load so that the peaking power can be provided or you can, you know, go from zero to whatever levels you want? I mean, whatever the demand level is, depending upon the request from DISCOMs. These gas plants, even now we are providing peaking power. They are normally run on peak load hours. They can immediately start, go to full load within 25 minutes. They can run for two, three hours, and then we can again stop them. This is an open cycle Okay. Okay. Sorry, sir. Thank you so much. Thanks. Thank you. We have the next question from the line of Puneet from HSBC. Please go ahead. Yeah, thank you so much. Can you give some, you know, update on what all plants should we expect to commission in FY 2024? Far as thermal power projects are concerned, in FY 2024, Barh, 660 MW, unit number two to three. Mm-hmm. North Karanpura, unit number 2, 660 MW. Telangana, unit number 2, 800 MW. RE projects of the order of 735 MW. Total 2,855 is the capacity addition target for FY 2024. Okay. Just that's what I said, the target was a bigger number than. I'll tell you. This is NTPC standalone with RE projects only. If we go for VIP sale, which is our international project- Yeah. There we have already added 660 MW. We'll add another 660 MW in FY 2024. NREL is expected to bring around 2,300 MW. NHDC is expected to add 1,000 MW. If we take this almost 4,000 MW capacity addition with NTPC standalone, our total capacity addition as a group will be 6,810 MW. Got it. Got it. That's useful. If you can share the dividend income for this year, I might invest it. Dividend income. One second. Yeah. The dividend income from JV for nine months is INR 710 crores. From subsidiary it is INR 336 crores. Total is INR 1,053 crores. Okay. That's useful. What is the CapEx spend in the nine months on the standalone part? Standalone CapEx target was INR 22,300 mega crore. Approximately we are at 84%. 84%. That's it. That's all from my side. Thank you so much. Thank you. We have the next follow-up question from the line of Nikhil Abhyankar from DAMW Securities. Please go ahead. Thanks for the opportunity again, sir. I wanted to understand whether the revision in energy charges due to grade slippages affect our profits. Yeah. What was the question? Does the revision in energy charges due to grade slippages affect our profits? Grade slippage. Nein, nein. We have not done anything this year. If it's a generic question, whether the grade slippage will reduce your energy charges. Is this what you're saying? Yes, sir. The energy charges are not calibrated in that way. Energy charges are based on the particular grade that we calculate at the mine end. If there is any dispute, the referee sample is raised, and whatever the referee results come, that will be taken care. It can increase or it can decrease, it can remain same. To that extent, the energy charge can be revised. See, just to add to that, the calorific content could be different in different grade of coals. Your energy passthrough in the tariffs is determined by the norms that is there for heat rate. Okay. If you are using inferior grade of coal, you will be requiring more quantity of coal. That adjustment mechanism is automatic. I will clarify, grade slippage has no role in our energy charge. Our energy charge is calculated based on the GCV, what we receive at our site. There is no role of in grade slippage in ECR. Okay, sir. Understood. Just to check on Tapovan Vishnugad Power Plant, so how much have we spent, and what is the way ahead over there? Tapovan Vishnugad, you must be aware that, pursuant to government, I mean, state government order on 5th January, due to subsidence, which has come out in Joshimath, we have stopped construction activities at the project. We are awaiting government clearances. Meanwhile, some PIL has been filed in the Patna High Court, and the High Court has taken cognizance, and they have set the next hearing date, I think in the month of May, 22nd May. We are pursuing the government as well as the other authorities to come out of this and have an early hearing so that we can start construction. This is so far as the status of the project is concerned. And, uh- As the expenditure is concerned, I think we have spent around INR 5,800 crore. Huh? Roughly INR 6,000 crore as on date. That includes ITC, IITC, everything. Okay, sir. That's all. Thank you. Thank you. We have the next follow-up question from the line of Apoorva Bahadur from Goldman Sachs. Please go ahead. Sir, you provided the breakup for the renewable capacity addition plan. I apologize, I missed that. Can you please repeat? Well. What, what did he want, sir? Renewable capacity addition plan, you want me to repeat? Yes, sir. Please. Which. I think that is what he's asking. Renew capacity, renewable capacity. Yes. 735 is of NTPC and 2,300 is with NREL. About 3,000 MW of additional capacity. Right. The remaining, for, like, 60 GW, I think you had guided that 40 GW will be bid-based and the remaining will be open. Breakup for that, if possible. Yeah. That's a broader picture, perspective plan. That 40... I had mentioned that, we hope to reach 60, RE capacity by 2032, and that contribution would be 40 GW coming from tariff-based competitive bidding. 5 GW, of that would be from CPSU and 35 through tariff-based competitive bidding. 15 GW is, will not be tied up on a long-term basis. It's more on... 5 GW will be merchant. 5 GW we are planning through commercial and industrial, consumer direct sale. And 5 gigawatts through a flexibilization, plan. Remaining 5 GW of, hydrogen fuel cells, green hydrogen blending with PNG, green methanol, et cetera. Okay, sir. This flexibilization is mainly with storage? Not audible, please. Sir, the remaining 5 GW of flexibilization which you stated, that is with storage, right? With battery and pump hydro. No, I think flexibilization is part of the scheme which government has notified, wherein we replace the thermal power during the day by solar power. That is the flexibilization scheme we are talking about. Wherever the thermal variable costs are on a higher side, this is an attempt to replace that variable cost of thermal by a cheaper solar power during the daytime. NTPC has been given a target by Government of India. 22 GW? 12 GW of renewable capacity to be established for flexibilization or purpose, which will replace high-cost solar, I mean, thermal power plant during the daytime. Since NREL also will be participating on that, we have invite bid. We have already initiated process of inviting bid of around 2.5 GW this year. NREL is going to participate in that bid and REC is our bid, provider bid services, they are providing. NREL will be expecting that under that scheme, that is not only NTPC, NLC and other CPSUs who are having the coal capacity, they are supposed to invite bid for this purpose. This 5 GW will be expected to be set up through that route. Thank you, sir. As that was the last question for today, I would now like to hand the conference over to the management for closing comments. Over to you, sir. Thank you very much, for your participation in this conference call. I, on behalf of my colleague, directors and the entire team, would like to thank you for your participation and very pertinent questions. Wherever there is any additional information needed as told during the meeting, we'll follow it up. Thank you so much. Thank you, sir. Ladies and gentlemen, on behalf of DAM Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.