Ladies and gentlemen, good day and welcome to the NTPC Q4 FY 2024 conference call hosted by Nuvama Wealth Management. 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 an operator by pressing star, then zero, on your touchtone phone. I now hand the conference over to Mr. Subhadip from Nuvama. Thank you, and over to you, sir. Thank you. Good evening, friends. On behalf of Nuvama Institutional Equities, welcoming you all to the fourth quarter FY2024 results call of NTPC. We have with us today the top management of NTPC, represented by Mr. Jaikumar Srinivasan, Director of Finance, Mr. Shivam Srivastava, Director of Fuel, Mr. K. Shanmugha Sundaram, Director of Projects, and Mr. Ravindra Kumar, Director of Operations. I would now like to hand over the call to Mr. Srinivasan for his opening talk. Over to you, sir. Thank you so much. A very good evening to all the participants. I, Jaikumar Srinivasan, Director of Finance, welcome you all to the Q4 FY2024 earnings conference call of NTPC Limited. I have with me Shivam Srivastava, Director of Fuel; Mr. K. Shanmugha Sundaram, Director of Projects; and Mr. Ravindra Kumar, Director of Operations. I also have with me other key members of the NTPC team. Today, the company has announced audited financial results for the financial year 2023-2024, along with the financial results for Q4 FY 2024. Keeping up with the expectations of our stakeholders, NTPC has again recorded multiple progress in its operational and financial performance. The key highlights of our performance in FY 2024 are as follows. First, I'll share with you the operational highlights. During FY 2024, NTPC Group has added 3,924 MW of commercial capacity to its portfolio. As of 31st March 2024, the commercial capacity of NTPC stands at 59,078 MW on standalone basis and 75,958 MW for the group as a whole. NTPC Group generated 422 billion units in FY 2024, as compared to 399 billion units in FY 2023, an increase by around 6%. The standalone gross generation in FY 2024 was 362 billion units, which is an increase of around 5% over the previous year's gross generation of 344 billion units. During FY 2024, the average plant load factor of NTPC coal station was 77.25%, as against the national average of 69.49%, a spread of around 8%. For FY 2024, four coal stations of NTPC, which are Korba, Singrauli, Vindhyachal, and Rihand, were among the top 10 performing stations in the country in terms of the plant load factor. During FY 2024, there has been an improvement in scheduling by the beneficiaries, thereby reducing the backing down from 91.86 billion units in FY 2023 to 86.39 billion units. I'll share with you the status of the fuel supply. Total coal supply during FY 2024 was 241.21 million metric tons, including 9.57 MMT of imported coal, as against 223.85 MMT in the previous year, which included 14.56 MMT of imported coal. There has been an increase of around 48% in the NTPC's captive coal production from 23.20 million metric tons in FY 2023 to 34.39 MMT in Financial Year 2024. Now, I'll update on various other financial highlights. Total income of NTPC for FY 2024 is INR 1,65,707 crores, as against the previous year's total of INR 1,67,724 crores. Profit after tax for FY 2024 is INR 18,079 crores, as against INR 17,197 crores in previous year, registering an increase of 5%. Total income of the group for Financial Year 2024 is INR 1,81,166 crores, as against the previous year's total income of INR 177,977 crores. Profit after tax of the group for FY 2024 is INR 21,332 crores, as against the previous year's profit of INR 17,121 crores, registering an increase of almost 25%. During FY 2024, our share of accounted profits in our joint ventures and subsidiaries is INR 5,533 crores, as compared to INR 2,246 crores in the previous year. This steep increase indicates the healthy performance of our investments in these ventures, which has contributed to the company's overall financial performance. During FY 2024, we have received dividend income of INR 1,630 crores from our subsidiaries and joint ventures, as against INR 2,336 crores received during FY 2023. For FY 2024, the board has recommended final dividend at the rate of 3.25 per share, subject to the approval of shareholders in the ensuing annual general meeting. As you are aware, the interim dividends for Financial Year 2024, INR 4.50 per share, have already been paid to the investors in the month of November 2023 and February 2024. Thus, the total dividend for FY 2024 works out to 7.75 per share, as compared to INR 7.25 per share in the previous year. Standalone regulated equity as of 31st March 2024 was 87,713 crores, as against INR 77,628 crores as of 31st March 2023, an increase of 13%, while consolidated regulated equity as of 31st March 2024 was INR 104,331 crores, as against INR 94,180 crores as of 31st March 2023, an increase of 11%. The gross property plant equipment of NTPC stood at 298,418 crores as of 31st March 2024. On group level, gross PPE has increased by INR 35,260 crores to INR 373,696 crores, INR 373,696 crores. Capital Work in Progress of NTPC stood at INR 47,154 crores as of 31st March 2024, as compared to INR 61,744 crores as of 31st March 2023. At the group level, CWIP stood at INR 87,593 crores as of 31st March 2024, compared to INR 89,133 crores as of 31st March 2023. Overall, this indicates a better effort in conversion of investment into completed assets. As regards fund mobilization, as indicated, unsecured term loan of EUR equivalent to $750 million was executed under the automatic route of the Reserve Bank of India's external commercial borrowing regulation. Proceeds of the loan shall be utilized towards capital expenditure for ongoing and/or new capacity addition program, including flue gas desulfurization projects, renewable energy, including hydro-based projects, and refinancing of existing ECBs through P loans availed for CapEx in the past. Another unsecured loan from JPY 15 billion under JBIC's Green Initiative in India was executed under the automatic route of RBI's ECB regulation. The loan proceeds shall be utilized by NTPC for funding its CapEx requirement for FGD projects. Rate of interest on borrowings in FY 2024 was 6.67%, as compared to 6.4% in FY 2023. In Financial Year 2024, we have incurred a group CapEx of INR 34,943 crores, as compared to INR 35,204 crores in the previous year. Standalone CapEx in FY 2024 was INR 19,319 crores, as compared to INR 24,591 crores in the previous year. Cumulative expenditure of INR 10,733 crores had been incurred on the development of coal mines till 31st March 2024. On a standalone basis, capital outlay has been estimated at INR 22,700 crores for the Financial Year 2025. As regards the commercial front, a robust payment security mechanism has proven highly effective in managing trade receivables and ensuring timely and reliable payments from customers, resulting in highest-ever realization of more than INR 1.56 crores during Financial Year 2024. Trade receivables, excluding unbilled revenue and discounting, as of 31st March 2024, are equivalent to 31 days of sales in comparison to 36 days of sales as of 31st March 2023. The NTPC Group is deeply committed to advancing renewable energy initiatives. As of now, we have successfully commissioned 3.6 GW of renewable energy projects. Currently, an additional 8.4 GW of renewable energy projects are in various stages of construction. Moreover, we have 11.2 GW of renewable energy projects under tendering process. Further, 6.6 GW equivalent land and connectivity tenders are under process, and a substantial 4.8 GW equivalent land bank is at our disposal already. As part of our overall energy security plans, we are actively considering adding thermal capacity of 15.2 GW in the near future. This is in addition to 9.6 GW thermal capacity already under construction for the group. Furthermore, to have greater fuel security, we are enhancing our coal mining capacity as well and expect to reach annual production of 50 million tonnes in the next three years. Going higher on generation, lowering greenhouse gas intensity remains our motto for environmental management and drives our efforts to comply with new environmental norms. For ensuring a substantial reduction in SOx emissions, 66.8 GW capacity of FGD projects have been undertaken, out of which 8.9 GW is already commissioned. NTPC successfully conducted a first-ever biomass pellet auction through a digital marketplace selected through a Startup India Grand Innovative Challenge for the consistent supply of biomass pellets for coal firing in power plants and resulted in a significant seller response. NTPC has achieved a new milestone by successfully and safely demonstrating coal firing of 20% torrefied biomass in Unit 4, Stage 1 of NTPC Simhadri plant on 30th March 2024. The initiative is the first of its kind in India's power sector, which may go a long way in decarbonizing the existing coal-fired fleet and achieving the net-zero emission targets. Amongst the several memorandums of understanding signed by NTPC and its subsidiaries, a few are being highlighted here. NTPC Green Energy Limited, NGEL, has signed MOUs with Gujarat State Petroleum Corporation and Gujarat Pipavav Port Limited. The MOU with GSPC focuses on blending green hydrogen into its gas network and establishing green hydrogen filling stations in Gujarat. The MOU with GPPL aims to develop a green hydrogen ecosystem, including producing green ammonia on GPPL land for export and domestic markets. Additionally, it seeks to explore Pipavav Port as a base for offshore wind farm operations in Gujarat. An MOU was signed with Numaligarh Refinery Limited to explore opportunities in a bamboo-based biorefinery on NTPC at NTPC Bongaigaon and other green projects. The collaboration seeks to expand presence in green chemicals and sustainable solutions to support the nation's net-zero targets. MOU on cooperation in the power sector between NTPC and Nepal Electricity Authority, NEA, was signed during the seventh Indo-Nepal Joint Commission meeting. Under this MOU, both NTPC and NEA shall jointly work on identification and finalization of power projects. NGEL signed an MOU with the Government of Maharashtra to develop up to one million metric tons per year of green hydrogen and its derivatives, two GW of pumped hydro projects, and up to five GW of renewable projects, with or without storage. This MOU, part of Maharashtra's Green Investment Plan for the next five years, envisions potential investment of approximately INR 80,000 crores. Green Valley Renewable Energy Limited, a subsidiary of NTPC Green Energy Limited, signed power purchase agreement with Damodar Valley Corporation for 310 MW solar projects, floating plus ground-mounted. GVREL is developing 705 MW floating SPV and 50 MW ground-mounted SPV at reservoirs of DVC in the state of Jharkhand and West Bengal. NTPC and Rajasthan Rajya Vidyut Utpadak Nigam Limited (RVUNL) signed an MOU to explore capacity expansion opportunities and collaborate for performance improvement in existing Chhabra. The MOU also aims to explore the possibilities of annuity-based R&M of other units of RVUNL. As regards awards and accolades, NTPC Limited has been named a winner at the ATD Best Awards 2024. This is the seventh time that NTPC has been declared as winner of this award that recognizes organizations that have achieved enterprise-wide success via talent development. NTPC Limited has been certified as a top employer in India by the Top Employers Institute. The certification showcases NTPC's dedication to its people before PLF approach, progressive HR policies, and people practice. NTPC has been confirmed with prestigious Sports Star Ace Award 2024 in the category of Best PSU for promotion of sports, contributing significantly to archery sports in the country. NTPC has been confirmed with Excellence in Corporate Social Responsibility Award in the prestigious 18th CII ITC Sustainability Awards 2023. With the trust of our shareholders having placed in the company, we now have the largest market capitalization among non-financial PSU companies. 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-and-answer session. Thank you all for your patient listening. Thank you. Thanks a lot, sir, for the detailed comments. It is also my pleasure to inform everyone on the call that Mr. Jaikumar Srinivasan, Director of Finance at NTPC, has been confirmed with the Best CFO Award under Excellence in Corporate Governance for Large Enterprises by the Economic Times. The award was presented to him for his outstanding contribution in the field of corporate governance by exemplifying innovation and adopting Best Corporate Governance practices. Many congratulations, sir. Thanks, sir. Right, sir, should we begin the Q&A session now? Yeah. Perfect. So, Sagar, can you please open the queue for Q&A? Thanks. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone 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. Our first question is from the line of Mohit Kumar from ICICI Securities Limited. Please go ahead. Good evening, sir, and thanks for the opportunity. The first question is on the thermal power plant. I think you mentioned 15.2 GW, which you are looking to award in the near future. Can you give us a year-wise tentative plan for this capacity which you are looking to award, a fiscal year-wise? Yeah. You are not very audible, but I could still get it. Let me answer your question. The whole capacity planned for tendering during Financial Year 2024-2025 would be around 10,400 MW. That is 10.4 GW. So this would fall in different quarters, Q2, Q3, Q4. This includes Sipat 3, 800 MW, Darlipali 2, 800 MW, Meja 2, 2,400 MW, NPGCL 2, 2,400 MW, and Telangana 2, 2,400 MW, Gadarwara 1,600 MW. So that totals to 10,400 during year 24-25. During the year 2025-2026, it would be Anpara 1,600 MW, Obra 1,600 MW. So totaling to 3,200. And for the year 2026-2027, it would be Patratu 2, which would be 1,600 MW. So this adds up to 15,200. And this does not include 1,600 MW of Singrauli 3 already awarded to BHEL during Q3 of financial 2023-2024. This would be implemented both by NTPC on a standalone and JV subsidiary taken together. The roughly 53% would be standalone and 47% would be through JV and subsidiary. Understood, sir. My second question is on the under-recovery. What is under-recovery in the full fiscal on the standalone basis and consolidated basis? And what is the outcome for the under-recovery? Under-recovery has been the disallowance because of lower declaration. Disallowance. The lower availability, yes. This is the difference. Yeah. For the whole year, it was INR 776 crores. And for Q4, it was INR 36 crores. Significantly, the major part of this, a chunk of this is coming from two power plants. One is Barh and one is Barauni. Barauni, which was a very vintage plant, has been decommissioned. So this problem will not remain. And the problem with Barh has been significantly addressed because of tube leakages. So going ahead, we don't see. So apart from these two units, the disincentive was close to INR 150 crores only. And this has been significantly due to the requirement of high and low demand season regulation, which has now been discontinued. So this compartmentalization of low demand and high demand season, which was a pre-decided thing, whereas the actual realities were different. System demands were different. We are creating this, but through a policy and the advocacy, we have been able to discontinue that with persuasion. And so this problem will not continue. So we are hopeful that in the coming years, this disincentive would be either brought to the minimum level. Understood. My last question is, is it possible to give the revenues, EBITDA and profit for the NTPC Renewables Subsidiary for FY 2024? The EBITDA of NGEL is INR 1,820 crores. The PAT for Financial Year 2024 was INR 343 crores. Understood, sir. Thank you, sir. Thank you and all the best. Thank you. Thank you so much. Thank you. The next question is from the line of Sumit Kishore from Axis Capital. Please go ahead. Good evening, sir. My first question is related to the renewable pipeline projects. So in auctions which were concluded in FY 2024, what was NTPC's win across wind, solar, hybrid, FDRE, basically all RE auctions? And yeah, that is the first question. You want to know exactly how much is the bid won during the financial year? Yes, please. Across categories, if you can spell out. And in your opinion, what were the total quantum of auctions in FY 2024? So just want to gauge how NTPC has played. So that figure is more than 5 GW exactly. You don't have the breakup right away. We can share the breakup with you, but the aggregate what the CEO of NGEL is sharing with me is it is 5 GW. Aggregate 5 gigawatt one. And so what is the sort of in the past one quarter, only about 0.2 gigawatt of renewable was commissioned, while on the third quarter conference call, you had spelled out about 1 gigawatt could get commissioned in the fourth quarter. Just want to understand here, what are the execution impediments? And now, what is the earning capacity likely to be commissioned in FY 2026 and 2027? So there are primarily two reasons which led to this situation. One was the delay in the procurement of modules because we got a late clearance from the government to import the modules from the countries outside India. And the second was there are some delays on the land acquisition front. Both have been now largely addressed. The modules are already at our sites. We have been able to procure 1.5 GW, and they have been already at sites by March. This capacity should progressively come in the first half of this year. The total capacity which we target for this year is about 3 GW. Sorry, 3-0? 3 GW of capacity we target to commission in this particular year, financial year. The next financial year, we will commission about 5 GW. And subsequent to that, 8 GW. Okay. Could you also provide an update regarding your medium-term plans for green hydrogen, pumped storage hydro, and nuclear? We are looking at maybe the next 5 years to 10 years. What is NTPC thinking about the scale of investments and what quantifiable targets have been outlined in your vision plan? PSP. So we have got one PSP order from Tamil Nadu for Upper Bhavani 1,000 MW. We are preparing the DPR. The DPR will be released timely in the concessioning route after 2 plus 5 years. Then we are expecting more PSP orders from Chhattisgarh, Himachal Pradesh, Karnataka, Gujarat, Maharashtra, and Meghalaya. We are holding to our target, our target of 10 GW in PSP. We are coming to nuclear. The joint venture with NTPC and ASHVINI has moved up. It is expected to get the cabinet clearance maybe by next month. And it is likely that Mahi Banswara project, Rajasthan, shall be allotted to this joint venture, wherein 4 into 700 MW capacity is there. So this project is expected to achieve its FPC, first pour of concrete, in the financial year 2026 and expected to be commissioned by 2032. Okay. And on green hydrogen? On green hydrogen, we are running various pilot projects as of date. We have a few projects on the mobility side. And one of the projects is at Leh, where we are planning to run five buses by the timeframe of July 2024. And another e-mobility project is at Delhi, where also we are planning to run five buses by December 2024. In addition to that, we have signed an agreement with ARPI for establishment of a microgrid based on green hydrogen. And that project is already awarded and underway. We are also establishing a hydrogen hub at Pudimadaka. And as far as other pilot projects are concerned, we have tied up, as we mentioned before, with Pipavav for export of ammonia. So as the offtake gets crystallized, I think the plan will emerge on what's the quantum of this market. Thank you. One bookkeeping question. If I may, the dividend from subsidiaries and JVs, if you can mention for FY 24 and how has it grown. And similarly, what is the profit from subsidiaries and JVs in FY 2024 and how has it grown year- on- year? The profit from JV and subsidiary is, first of all, I'll tell the subsidiary. Subsidiaries' profit has grown by INR 2,430 crores, which was earlier INR 1,466 crores. Current year, it is INR 3,897 crores. So increased by INR 2,430 crores as far as subsidiaries is concerned. The share of profit of JV has grown by 856 crores. That is from INR 780 crores to INR 1,636 crores. So as far as the dividend is concerned, give me a second. Yeah. The dividend from JVs and subsidiary, subsidiary is INR 905 crores. And as far as joint venture, it is INR 726 crores, which totals to INR 1,630 crores. Last year, it was INR 2,336 crores. There has been a reduction? Reduction in the sense that although there is a profit, there are some retained earnings in order to plough back in various projects on the hydro renewable side. Thank you so much, and wish you all the best. Thank you. Thank you. The next question is from the line of Subhadip from Nuvama. Please go ahead. Thank you, sir. Just wanted to check if you can help us with the adjusted PAC number for the fourth quarter and for full year FY 2024. Okay. As you know, the reported PAC for the Q4 is INR 5,556 crores. For the Q4, the adjusted PAC is INR 5,107 crores, which is a 6% raise over the previous year. As far as the full financial year is concerned, as against INR 16,032 crores during the last year, the adjusted PAC would be INR 16,405 crores and increased by 2%. But there is one thing I would like to share just as a perspective. That while we are trying to give you the figures of adjusted PAC, always while reporting the current year, there is this certain disadvantage because we are effectively discounting or deducting the previous year's sales. In a regulatory mechanism, always there is a deferred realization due to the regulatory process. So it has been our experience that every year, on an average, around INR 1,600 crores to INR 1,700 crores is the revenue that is received pertaining to past year. By the same standard, the current year's revenue, which is rightfully due in the current year, we may be getting a year later or a couple of years later. So that has been the average. So we should keep that in mind also because only deducting this amount will not give a complete picture. That was the thing I wanted to volunteer. Understood, sir. So also just clarifying on a point that I think the regulated equity has gone up by 11% and 13% on the standalone and I think on a consolidated basis. So is there also a lead lag effect that is there because maybe some of the regulated equity addition has happened in the middle of the year and hence we might see a higher growth coming into next year? Absolutely. So typically, if you see the regulated equity, we start reckoning once the plant achieves a COD. But however, while the denominator is increased suddenly, the full year effect of the earnings will not be there. So the complete effect of the capitalization and the incremental equity, regulated equity, benefit will be shown in the next year, seen in the next year. Perfect, sir. And then lastly, with regard to the renewable portfolio, I understand that we have talked about a 20+ GW portfolio with PPA signed and around 50% of that being corporate PPAs. Have those same numbers gone up over the last few months? Have you seen a higher PPA signed number or any color on that? More or less, it is at the same. There can be some differential numbers, but broadly speaking, it is the same. We have given you an account previously also that right now we have a 23 gigawatt, which is visible with 3.6 GW commissioned, 8.4 GW under execution with PPA available, construction contracts awarded, and roughly 11 gigawatt is in pipeline where we have either won the bid or LOA has been received, PPA signed or the JVA signed, term sheet signed, or a consent is received. So this is clearly visible. And to be precise, it adds to 10.57 GW. So the breakup, if you want, I can give that. LOA PPA available is 4.08 GW. We have one LOA is awaited for SECI Baran 14 solar thing, around 0.2 GW. For JVA, term sheet signed or under advanced discussion stage, it is 5.49 GW and consent received for close to 0.8 gigawatt. So that adds 10.57 GW. So of this total 22 GW that is under execution and in pipeline, it adds up to around 22 gigawatt. Solar would constitute 16 GW. Wind would constitute 6 GW, and remaining from would be 0.2 GW. Perfect, sir. Thank you for a very detailed answer. Thank you. Thank you. The next question is from the line of Dhruv Muchhal from HDFC Asset Management Company. Please go ahead. Yeah, sir. Thank you so much. The government is seeking gas-based plants to run and giving an allowance of about 1.2 times the gas cost. I believe we have this Ratnagiri plant which I think is not under PPA. So do we stand to gain there? And are there any other gas plants that will also probably benefit out of this scheme? Primarily, the RGPPL plant which you mentioned is under PPA. It is not out of PPA. The PPA is there with predominantly Maharashtra and a small portion with Goa, Daman and Diu. So that's point number one. But yes, as per the directives, it is being continuously declared. And depending on the schedule that we are receiving, we are generating to the tax return. So all plants have PPA. So from a merchant basis, it does not benefit? No A s far as RGPPL, we do have some plants in NTPC where it is at present, which are 25+ year plants, where the customers have voluntarily relinquished it at some certain point of time. And these are the plants where we are selling it under various segments of the market or as per the system requirements of the grid operator and trying to optimize their revenue over here. So sir, on standalone, how much capacity would be without PPA? I believe that would be large with gas. So how much would be without PPA? 908 MW as far as the gas is concerned. Another 900 MW as far as gas is concerned. And a little portion of thermal was relinquished, but it has since been reallocated to somebody. So right now, you can treat it as 908 MW. That's all, sir. Thank you so much. Thank you so much. Thank you. The next question is from the line of Girish from Morgan Stanley. Please go ahead. Yes, sir. Thank you for the opportunity. I may have missed this. So can you give us the commissioning outlook for the coal-based plants for Fiscal 2025 and Fiscal 2026, and if you can tell me the plant names? Yeah. This was shared already, but I'll repeat for your sake. The COD expected during the Financial Year 2025 is 2,178 MW. And as far as on a standalone basis, and for JV subsidiary, it is 4,602 MW. So on a group basis, we are expecting 6,780 MW during the coal-based plants for Financial Year 2025. And this would be thermal 2,780 MW, hydro would be 1,000 MW, and renewable 3,000 MW. So that accounts for 6,780. For Financial Year 2026, this would be 6,460, the breakup being 1,460 MW thermal and 5,000 MW renewable. For Financial Year 2027, we are expecting 9,244 MW with the breakup of thermal 800 MW, hydro 444 MW, and renewable 8,000 MW. The next three years, that aggregates to 22.5 GW. Sir, just in terms of consolidated CapEx, you mentioned standalone CapEx of 22,700. Can you articulate for 2026 standalone and consolidated CapEx and for Fiscal 2025 consolidated CapEx? See, going forward, we are expecting INR 35,000 crores to INR 50,000 crores per annum in the next two, three years. Just to give you an idea, for 2023, 2024, the standalone CapEx was INR 19,319 crores. At a group level, it was INR 35,000 crores. The figure I mentioned, INR 35,000 crores to INR 50,000 crores per annum, was on a group level. Sure. This includes all types of CapEx around coal mining as well as renewables as well as FGD as well as everything. Okay. That is the amount of our operation. Just another point, sir. Other income, if you can help us with fiscal 24, breakdown of surcharge income and others. Give me a second. See, as far as surcharge is concerned for Q4, it was INR 118 crores. And for the total year, it is INR 303 crores as far as the surcharge is concerned. That occupies a significant portion of the other income. But evidently, as we have shared with you in the past, that with a more robust collection mechanism, security mechanism, and surcharge is incidental, and if it goes down, it's a mark of better collection efficiency. Absolutely. So just final one on subsidy and joint venture profit. I know you've highlighted the delta. Is it possible to just call out which are the key subsidies which are driving this delta and joint ventures as well? Which are the key joint ventures which are leading to the increase? See, the significant upside as far as subsidies concerned would be BRBCL, which from INR 248 crores, it has gone to INR 517 crores. RGPPL is another one where there is a significant variation. And NTPC Green Energy Limited has doubled its profit and increased by INR 169 crores. NEEPCO, again, it has gone up from INR 396 crores to INR 548 crores. And these are the upside. And there are marginal reductions in NVVN and THDC. All put together, it's an upside of INR 2,430 crores. As far as subsidies concerned, coming to joint venture, all of our major joint ventures have done significantly well. HURL, Hindustan Urvarak & Rasayan Limited, the profit is up by INR 411 crores. BIFPCL, the Bangladesh plant, after achieving COD of both the units, the profit is up by INR 309 crores. Meja, the other joint venture with the UP, is up by INR 131 crores. Aravali Power is up by INR 125 crores. EESL, the differential is INR 83 crores rather. The last question on monetization of renewable, can you comment on anything around timelines expected and how the process will be based on whatever you can share at this stage? See, as far as the monetization, we are going ahead with IPO plans. This would be tentatively around October or November. That's the broad plan. So post-June, it will be DRHP activities of filing and other due diligence process would take shape. And sir, can you comment on whether this will be an exact split of the current entity or NTPC will be the holding company? Any callout on the structure as to how the IPO will pan out? No. NTPC would, of course, be the holding company. NGEL would remain a subsidiary of NTPC even post-IPO. There's no structure. What I meant was that will the existing shareholders exactly get the same proportion of shares in the new entity? I mean, because there are two ways of doing it, right? So I just wanted to check. This is the nature of a fresh issue. Okay. Okay, sir. Thank you so much. Thank you. The next question is from the line of Atul Tiwari from Citi. Please go ahead. Yeah. Sir, could you just mention the standalone regulated equity again? I just missed that. Regulated equity? Yeah. For the standalone entity. This year and the last year. Standalone, the regulated equity is INR 87,701 crores, which is grown up by nearly 10,000 crores. It was INR 77,000 crores last year. Oh, okay. Thanks. Thank you. The next question is from the line of Nikhil Nigania from Bernstein. Please go ahead. Hi. Thank you for taking my question. My question is on the renewable listing plans. In the earlier discussion, it was brought up that you want the business to be a certain size before it's listed. But given that the renewable commissioning has been slow due to the reasons mentioned earlier, land, module availability, just wanted to understand why, if you could share why the rush to list it so soon in October, November, why not wait for some time? And wouldn't equity funding become a challenge once it's separated from the parent for the big pipeline? No, we don't think that it would be any kind of a rush because we are going as per our plan and our conviction. And there is immense value capturing, which we foresee. And given the visibility of almost 22 GW, which I was sharing with you, and the plans for going ahead and reaching 60 GW by Financial Year 2032. So we are of the view that the market is quite conducive. And there is a buoyancy. Investors are upbeat as regards investment opportunity in the green area. So we are of the view that it will be quite opportune to do that. Go ahead with that. Coming to the support of NTPC, depending on our investment plans and expansion plans, the equity requirement would be taken care of primarily through follow-on public issue, which in any case, we are mandated to reach 25% progressively. And besides that, in case of need, of course, the holding company will stand behind to support any kind of supplementing the equity requirement. Got it. Thanks for that. My second question is on the renewables again. So module prices are down significantly. Last year, the tender tariffs were up as well. So wanted to get a sense of the equity IRRs one can expect in upcoming renewable projects. Any update you see on that compared to the earlier guidance given of around 12% equity IRR for renewable projects? Well, these are the equity IRR is something which it would be a strategy which is internal to the company because predominantly, we are going through the bidding route. So however, broadly, the indications which we gave you about given the level of competition and given the level of expected IRR, so it would much remain the same. However, as I mentioned, that we will have a blend of both option route as well as forging a joint venture with other PSUs and tapping the C&I segment. We hope to see that. The other advantage in the renewable side is the lower gestation period. That would also help to bring us an IRR which is comparable with our existing line of business in thermal where you have a bigger although you have a regulated return close to 15.5 because of the larger gestation period. We are trying to see that our strategy matches to the expectations in line with our existing business. Got it, sir. Thank you. My last third question is on the thermal side. Just wanted some clarification. The 15 GW to be ordered on the thermal side, the PPA for that, if you could just share some color, it's all in place or how m uch is left? PPA is predominantly available as far as how many would that be? Mr. Duwa, would you like to give a number of how many of the PPA is signed and how many is waiting? We've got PPAs for Sipat 3, 800 MW. Darlipali-2, which is again 800 MW. Meja-2, 2400 MW. That PPA is also available. And Nabinagar-2, 2400 MW, where PPAs for 2 into 660 MW are available. We have to sign for 3 into 800 increased capacity. So in short, out of 15,000 MW, broadly, 8,000 MW PPA is available, and 7,000 MW we will be taking up for PPAs. There is ample demand. As you know, that PPA and allocation to different state also comes under the domain of the ministry. So we are in discussion with the states as well as the ministry to tie up. Great. Thank you so much. Those were my questions. Thank you. The next question is from the line of Shashi Ranjan from B&K Securities. Please go ahead. Mr. Ranjan, your line is unmuted. Please proceed with your question. I have the question. Can you hear me? Am I audible? Hello. Am I audible still? The voice is not clear. You are audible, but there's a lack of clarity. Okay. I'll try to be more clear. Can you just help us that for the CapEx, there is 70-30 debt equity that we're planning. And in view of the interest that we are incurring at 6.67 rate of interest, any measures to cut down the gearing ratio for valuation of the company or investing those money into green technologies like battery energy storage system? I mean, are you suggesting that are we rethinking on the debt equity in the existing business? Is that your question? I mean, trying to improve the debt equity ratio and whatever we say, we can let me try and answer. That, as far as our thermal business is concerned, it has been and it will remain a cost plus, which is regulated where there will be regulated equity. And in order to optimize over there, there's a clear stipulation, normative stipulation of 70-30. So we would definitely be trying to invest optimally over there up to 30%. And as far as the renewable business is concerned, while this will again depend on in tune with the segment which we are trying to get the business, whether it is a bidding route or whether it is some kind of a hybrid cost plus through a memorandum of understanding with other entities. So again, there, in order to do a higher gearing, the option route would be the one where we would do a higher gearing in order to be competitive in the bidding process. Whereas it's a negotiated deal, we'll try to see that the equity component is more so that you have an assured return on equity also. Thank you, sir. That helps. The last question is that are we planning towards any newer technologies like? Sorry to interrupt there. Mr. Ranjan, you're muted again. You're not very clear and audible. Please. Can you hold on? You can speak to me? Are we moving towards newer technologies like battery energy storage system or small modular reactor with collaboration with NPCIL? Absolutely. We have plans on the nuclear side in terms of newer technology, be it in terms of SMR or you have PHWR also. So these are at a more exploratory stage. Director of Projects would like to add anything further? We are planning to move ahead in SMR, predominantly integral type. And of course, source of uranium fuel, then FBR. And coming to battery storage also, we are working on that. Thank you, sir. Thank you so much. Thank you. Ladies and gentlemen, we would take that as our last question for today. I would now like to hand the conference over to Mr. Subhadip for closing comments. Thank you, Sagar. I would like to thank the management of NTPC for giving us this opportunity to host the call. Any closing remarks from your side, sir? Thank you so much for that good level of participation and all these questions were very, very informed and pertinent. So it was a pleasure interacting with you and sharing our plans and numbers with you. Thank you so much, Subhadip, and all the participants. Thank you. Thank you. On behalf of Nuvama Wealth Management, that concludes this conference. Thank you for joining us. You may now disconnect your lines.