Ladies and gentlemen, good day, and welcome to NTPC Limited Q2 FY 25 Earnings Conference Call, hosted by JM Financial. 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. Please note that this conference is being recorded. I now hand the conference over to Mr. Sudhanshu Bansal from JM Financial. Thank you, and over to you, sir. Thank you, Sudhanshu. Hello, everyone. On behalf of JM, JM Financial, I welcome you all to the conference call of NTPC to discuss the Q3 FY 25 results. We have with us the leadership team of NTPC, comprising of Shri Jaikumar Srinivasan, Director of Finance, Shri Shivam Srivastava, Director Fuels, Shri Shanmugam Sundaram, Director of Projects, Shri Ravindra Kumar, Director of Operations, Shri Anil Kumar Jadli, Director HR. Thank you so much, sir, for your kind presence in giving JM Financial the opportunity to host the call. Friends, before, before we start the call, I would just like to share one good thing. Like amongst the various awards won by the NTPC Limited, it gives me an intense pleasure to inform you that Shri Jaikumar Srinivasan, the Director of Finance, NTPC, has been bestowed with the prestigious Leading CFO of the Year award by CII in a ceremony held on nineteenth September at Bangalore. The award is an acknowledgment of his contribution to towards corporate transparency, governance, and financial leadership. Many congratulations to you, sir, and with this, I will request Shri Srinivasan ji for the opening remarks and taking the call forward. Over to you, sir. Thank you so much. Am I audible? Yes, sir, you are. Hello, am I audible? Yes, sir. Yes. Okay. A very good afternoon to all the participants. I, Jaikumar Srinivasan, Director of Finance, welcome all of you to the Q2 FY25 conference call of NTPC Limited. I have with me Shri Shivam Srivastava, Director of Fuels, Shri K. Shanmugasundaram, Director of Projects, Shri Ravindra Kumar, Director of Operations, and Shri Anil Kumar Jadgale, Director, Human Resources. I also have with me other key members of the NTPC team. Yesterday evening, the company has announced the unaudited financial results for Q2 FY 25, along with half-yearly results for FY 25. The key performance highlights for the quarter and half year ended 30th September 2024 have already been disclosed on both the stock exchanges. NTPC has completed yet another outstanding quarter, showcasing a robust operational and financial performance. We have made substantial progress on various key strategic initiatives, particularly the renewable energy. I share with you a few operational highlights for Q2 and H1 FY 25. During H1 FY 25, NTPC group has added 485 MW commercial RE capacity to its portfolio. As on 30th September 2024, the commercial capacity of NTPC stands at 69,168 MW on a standalone basis and 76,443 MW for the group as a whole. NTPC group generated 220 billion units in H1 FY 24, as compared to 212 billion units in H1- 24, registering a growth of 3.77%. NTPC's standalone gross generation in H1 FY 25 was 186 billion units, as compared to 179 billion units in the corresponding previous year, with a rise of 3.91%. During H1 FY 25, PLF of coal stations of NTPC was 76.31%, as against the national average of 70.63%. Lara station of NTPC, with a PLF of 91.63%, is the fifth ranked station, and Singrauli station, with a PLF of 88.83, is the 13th ranked station in all India PLF ranking during April-September 2024. During H1 FY 25, materialization of coal against the annual contracted quantity was 97%, as against 95.8% in the corresponding previous period. Coal supply during H1 FY 25 was 119.41 million metric tons, including 2.02 million metric ton of imported coal. The coal supply during the corresponding previous year was 113.47 MMT, including 3.73 MMT of imported coal. NTPC has registered highest ever coal production of 19.23 million metric tons in H1 FY 25, with a growth of over 19.74% as against 16.06 MMT in H1 FY 24. Cumulative expenditure of INR 11,585 crores have been incurred on the development of coal mines since 30th September 2024. Now, I turn to some of the financial figures. For NTPC, on a standalone basis, total income for Q2 FY 25 is INR 41,245 crores, as against INR 41,518 crores in the corresponding quarter of previous year. The revenue, lesser revenue is on account of lesser average price of the coal. The average price of coal was 3,791 per ton in the last year. Now it is 3,584, thereby a reduction of INR 207 per ton, with a reduction of 5.46%. Compared to this, the revenue reduction is only 6.66%. NTPC's profit after tax for Q2, FY 25, is INR 4,649 crores, as against INR 3,885 crores in the corresponding quarter of previous year, registering an increase of 19.66%. On a half yearly basis, PAT is INR 9,160 crores, as against INR 7,951 crores in H1 FY 24, registering an increase of 15.2%. Total income of the group for H1 FY 25 is INR 94,179 crores, as against INR 88,775 crores in the corresponding previous period, which signals an increase of 6.09% over previous year. PAT of the group for H1 FY 25 is INR 10,886 crores, as against the corresponding previous period PAT of INR 9,634 crores, registering an increase of 13%. During H1 FY 25, our subsidiaries earned profit of INR 1,362 crores, as compared to INR 1,117 crores in the corresponding period of previous year, registering an increase of 21.91%. NTPC's share of profit in JV has also increased from INR 1,082 crores in H1 FY 24 to INR 1,124 crores in H1 FY 25, which is a 3.88% increase over previous year. During H1 FY 25, we have accounted for dividend income of INR 762 crores from our subsidiaries and joint ventures, as against INR 541 crores during H1 of FY 24. Standalone regulatory equity for power and mining business as on 30 September 2024 was INR 89,430 crores, which was INR 83,059 crores previous year, registering a growth of 7.67%. On a consolidated basis, the consolidated regulated equity as on thirtieth September 2024 was INR 1,05,049 crore, which is 95.5% over last year figure of INR 99,611 crore. The board has declared the first interim dividend of INR 2.50 per share for the financial year 2024-2025. Regarding fund mobilization, NTPC has signed a term loan agreement of INR 5,000 crore with HDFC Bank on 31 May 2024. The overall average interest rate on borrowing during H1 FY 25 was 6.63%, as compared to 6.67% in H1 FY 24. In H1 FY25, we have incurred a group CapEx of INR 17,474 crores, as compared to INR 13,204 crores in the corresponding previous period. While on a standalone basis, NTPC has incurred a CapEx of INR 14,040 crores, as compared to INR 7,959 crores in the corresponding previous period. The capital outlay of NTPC on standalone basis has been estimated at INR 22,700 crores for the financial year 2025. Further, I would like to list a few other highlights. As India aspires to achieve its net zero target by 2070, NTPC is also poised to contribute significantly to the energy transition through an optimum combination of renewable energy, energy storage technologies, and clean base load generation technologies like nuclear power. NTPC plans to execute its nuclear business through the following parallel streams: Anus hakti Vidhyut Nigam Limited, ASHVINI, a joint venture company of NTPC and Nuclear Power Corporation of India Limited, has been established for commissioning pressurized heavy water reactor nuclear projects. The Government of India has recently accorded its approval for the transfer of Mahi Banswara Nuclear Power Project, 4x700 MW, to ASHVINI. A wholly owned subsidiary of NTPC, which will implement small modular reactors, SMRs, and fast breeder reactors, FBRs, and pressurized water reactors. NTPC group has a strong commitment towards renewable energy. We have already commissioned 4,013 MW of RE projects. As you are already aware that we have filed the draft red herring prospectus for the IPO of NTPC Green Energy Limited on 18th September 2024, and the process is proceeding as planned. During the Rising Rajasthan Investor Meet at New Delhi, NTPC Green Energy Limited, a wholly owned subsidiary of NTPC, signed a memorandum of understanding with the Government of Rajasthan. Subsequently, on seventeenth September two 2024, a joint venture agreement with Rajasthan Rajya Vidyut Utpadak Nigam Limited, RVUNL, was signed for development of 25 GW of renewable energy projects and 1 million metric ton per annum of green hydrogen derivatives in state of Rajasthan. NTPC Green Energy Limited has entered into a joint venture agreement with Mahatma Phule Renewable Energy and Infrastructure Technology Limited, acronymed MAHAPREIT, on twenty-fifth September two 2024. The JV company will undertake development of 10 GW of renewable energy parks and projects in Maharashtra or any other state of India. As part of our overall energy security plans, investment approval has been accorded for Sipat Super Thermal Power Project, Stage 3, 1 x 800 MW, and Darlipalli Super Thermal Power Project, Stage 2, 1 x 800 MW. EPC contracts for both the projects have been placed. We are actively considering awarding thermal capacity to the tune of 13.6 GW by the financial year 2026-2027. This is in addition to 11.16 GW thermal capacity already under construction. Furthermore, to have greater fuel security, we are enhancing our coal mining capacity as well. It is planned to enhance estimated NTPC group coal production from 40 million metric tons in FY25 to about 67 million metric tons up to financial year 2029. Going higher on generation, lowering greenhouse gases intensity remains our motto for environmental management and drives our efforts to comply with new environmental norms. We have taken significant steps to control SOx and NOx emission. Over the next three years, we plan to commission FGD systems for our entire operational and under construction capacity, ensuring substantial reduction in SOx emission. We have commissioned 14,600 MW, and work in FGD package for the cumulative capacity of 49 GW is under progress. In the areas of ash management, nine of our stations achieved 100% ash utilization during H1 FY25, and approximately 245 lakh metric tons of ash has been supplied to various road projects during H1 FY25, as against 215 lakh metric tons in H1 FY24. Our wholly owned subsidiary, NVVN, signed a PPA on third October 2024 with Nepal Electricity Authority for the sale of 230 MW of power. A trilateral agreement was also signed between NVVN, NEA and BPDB for the supply of 40 MW of power from Nepal to Bangladesh. As part of its ongoing sustainable measures to reduce greenhouse gases, NTPC stations received 2.62 lakh metric ton of biomass in the first half of financial year 2025, a remarkable increase compared to 0.31 lakh metric ton during the same period last year. NTPC has been conferred with the Asia's Best Employer Brand Award 2024, at the Asia's Best Employer Brand Awards, held on sixth August 2024 at Singapore. Asia's Best Employer Brand Award 2024 features the top organization from Asia region having exemplary people practices. NTPC was included in the TIME World's Best Companies 2024 list, announced in September 2024. This award was presented by TIME and Statista, the world's leading statistical portal and industry ranking provider. The listing was done considering employee satisfaction surveys, revenue growth, environmental and social corporate governance data. NTPC won three awards at the prestigious Economic Times Future Skills Award 2024. NTPC received the Generation Company of the Year award in thermal category at the Powering India Award, held on fourth September 2024 in New Delhi. The Pakri Barwadih Coal Mining Project was honored with third prize in the large open cast coal mining category at the first Pan India level Mine Safety Award, MSA 2024. Now, these were some of the key highlights I wanted to share with all the participants before we begin the question and answer session. Thank you. Over to you. Over to you, financials. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question, may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Our first question is from the line of Mohit Kumar, from ICICI Securities. Please go ahead. Yes. Good afternoon, sir. Congratulations on a very good quarter and on the prestigious award. My question is, sir, our first question is on the one thing I observed is that you're not participating in the RE bids are very, very selective, sir. How do you think about, you know, participating in- Your voice is not clear, please. Sir. This has to be louder. So one thing we observed is that you're not participating in the RE bids, or your participation is very, very limited. So what is hindering us, and how do you think about the strategy of, you know, participating in the, in the upcoming bids? No, our participation is selective in a sense that, you know, we are participating in pure play, solar and wind also. But when it comes to some structured bids like RTC and your FDRE, there we are evaluating, you know, the mix and what is the stipulation, what is the guaranteed parameters. Based on the risk profile in each of this and the returns expectation, we are selective in that approach. However, it is not that we are staying away from this thing. We are being only selective because we have to look at the returns profile also, the risk also. So we go about it very judiciously on that. Not solely for the purpose of adding capacity, but we are trying to calibrate the different aspects of the project and then taking a call on that. Sir, so is it fair to say that you're not facing any constraints on transmission, connectivity, or land acquisition? Is it right to say, sir, on the RE capacities? Sorry, sir. Please repeat. Is it fair to say that you're not facing any constraints on transmission, connectivity or land acquisition? No, we are not, because we are following a strategy, a dual strategy of creating land banks through a separate tenders. We are also, as I was mentioning to you, that we are tying up in big way with the state governments, Rajasthan and Maharashtra, which I mentioned. Where essentially, the partnering is because the state government has a better control over land. So this would ensure that the JV partner brings the land on the table. We bring our operational expertise and finance. So by this methodology, we are ensuring the land. As far as transmission connectivity is also concerned, we are not facing any major challenges here, and we have a early mover advantage also. The other issue is that because of taking up large size projects of 1.5 GW - 2 GW, 1.2 GW - 2 GW, then there is a mandate that, you know, naturally, the transmission evacuation has to be made arranged over there. So we are scaling up the size at an individual location in order to ensure that, you know, transmission doesn't become a constraint. Understood, sir. My second question is on the under recovery, sir. Can you give us the under recovery in H1 versus last year? And are you seeing an improvement in FY25 compared to earlier years because of new CRP regulations? How is your experience there? See, as far as... You're talking about disincentive or under recovery? Under recovery. If you are talking about the disincentives, compared to the last year was Q2 was 381, was the disincentive or under recovery. Compared to this, it is 495 in the current quarter two. But however, let me share with you that this has a bearing on what is the level of planned outages we take every year, and the composition of what is the capacity charges of individual power plant. But going ahead, so the plan, overall planned outages last year was 5.19%, whereas it is on a higher percentage, it is 6.12%. Almost 1% higher planned outages were there. So accordingly, this, if you translate it to MU terms, last year, eleven thousand seven hundred and eleven MUs were there. It is now 14483 MUs. So on an average MW basis, 2000, instead of, as against two thousand seven hundred and thirty, it is three thousand two hundred and ninety-five average MW. A number of units, four more number of units were taken into the planned outages. However, going ahead, we are confident that, in the busy season, this would be eased out, and we will be able to substantially mitigate this by the end of the year. Understood, sir. Thank you and all the best, sir. Thank you. Thank you. Our next question is from the line of Gaurav from Axis Mutual Fund. Please go ahead. Hello, sir. Thank you for this opportunity. I just wanted to ask you about the recent media article that highlighted that government might consider stopping issuance of new FGD tenders. Any thoughts around that, sir? I mean, how will it impact any existing orders that you've given out, and how do you see this going forward? I'll ask our Director of Projects, Mr. Shanmugam Sundaram, to reply to this. Over to Mr. Shanmugam Sundaram. What you heard is based on, as said, there is no order. This order has to come from MOP and MOE with the pending case in Supreme Court. And even if you see that report, what has been mentioned is wherever FGDs are commissioned, say, for NTPC, those will be used as a baseline for the future decision. So in any case, we will not be affected. See, just, if I may just add to that, this FGD is coming out of a statutory stipulation depending on the environmental imperatives. These are policy decisions at the highest level. However, at a company level, this becomes a change in law, even if it is introduced, altered, withdrawn. As far as the company is concerned, it operates on a cost plus principles, and we are completely hedged against this kind of a decision. So this is, it's a completely national level policy decisions, and the company per se remains unaffected because we are entirely into a cost plus business. Very nice, sir. Thank you. Thank you. Our next question is from the line of Subhadip Mitra from Nuvama. Please go ahead. Good afternoon, sir, and thank you for the opportunity. My first question is with regard to the deferred revenue. We've seen a pretty chunky number that has come in this quarter. If you can throw some light on this particular item and if this is a better needle of the between it. You are talking about the Regulatory Deferral Account? Yes, sir. Okay. See, it is like this, that a chunk of this net movement in the regulatory deferral account balance is on account of the unfavorable ERV expenses, close to INR 1,997 crores. So what happens is, the cost is booked on the relevant account head of either interest rate or the finance cost, other expenses, and we are capturing the passthrough because it's a cost plus mechanism. If the passthrough happens through below the PBT. So that is the reason this is captured under the net movement in regulatory deferral account balances. So it then evens out. For the company, it is profit neutral in that sense. Because as you know, that in the regulatory principle, the cost of hedging is a passthrough, interest rate is also a passthrough. Saving in interest rate is also a passthrough. So accordingly, the only thing from the statement reporting point of view, while the cost gets captured in the relevant account heads, the passthrough is captured in the regulatory deferral account. I hope that makes it clear. Understood, so no, this makes it, really very clear. Thanks for that detailed explanation. So secondly, if you can also, help us with the regulated equity. I think you mentioned consolidated regulated equity at INR 1 lakh 5000 crores. I'm not sure if I got that right number. So the consolidated and the standalone regulated equity, if you can help us with both. Yeah. This, see, as on 30th September 2024, the standalone regulated equity is INR 89430. Okay? Okay. Now, this was INR 83,059 last year. Okay? Now, as far as the consolidated is concerned, it is INR 105,049 crores, which was at INR 99,611 previous year. Got it. Got it. And so lastly, the adjusted PAT number for this quarter for standalone and consolidated? Yeah. As far as, I'll just make a comparison, that, as far as on a standalone basis for Q2, while the reported PAT is INR 4,649 crores, for Q2, the adjusted PAT is INR 4,202 crores. On a consolidated basis, that's against INR 5,380 crores of reported PAT. Adjusted PAT is INR 4,867 crores. Got it. Got it. Thank you. One last question, if I can squeeze in. You mentioned that about 13.6 GW of fresh ordering is active. If I understand correctly, is most of this thermal, and if you can just spell out some details on that. Can you please repeat for better clarity? Sir, what I was asking is, on the future ordering of projects, I believe you mentioned 13.6 GW of fresh ordering, to be done in the current year. Yeah. How much of this is expected- Yeah. -to be thermal, and some details on that? All are thermal. All are thermal. I was mentioning about thermal only. Okay, understood. And these are all in the tendering phase to be ordered out by March? That's right. That's right. 8.8 GW is already bid out, and balance 4.8 in next two months. So the eight point eight that is bidded out have not been awarded yet, right? They are in the bidding stage. That is expected to award in the third quarter. By December, it will be awarded, 8.8 will be awarded. Okay, eight point eight by December. Got it. Thank you so much. I've distinguished my questions. Thanks a ton. Thank you. Our next question is from the line of Puneet Gulati from HSBC. Please go ahead. Yeah, thank you so much. Can you also lay down what is the expected commissioning size on the thermal side for this year and next year? And how's the progress on those projects? For this year it will be 2.7 GW thermal. Okay. For the next financial, it will be- Yeah. For this year it will be 2.7 GW. Yeah. Consists of the North Karanpura, one unit of Patratu, and one of our Lara unit number one. So 2.7 GW thermal in this financial year, FY24-25. Okay. And next one? For the next year it is 800 MW Patratu and Talcher, 660 MW, so 1.46 GW for next financial year. Okay. That's good. And in terms of your projects which you are awarding out, Sipat and Darlipalli, you said is now done, right? What are the next three in pipeline, and what is the status for ratification of PPAs there? Our next in pipeline is around 8.8 GW, consisting of Nabinagar Stage-II, 2,400 MW; Telangana Stage-II, 2,400 MW; Gadarwara Stage-II, 1,600 MW; Meja Stage-II, 2,400 MW. Of which, Meja Two and Nabinagar Two, almost PPA consent is there. For Telangana, around 73%, and for Gadarwara, around 68%, consent for PPA is there. Balance PPA we are expect to achieve within four months. Okay. That's very helpful. Thank you so much, and all the best. Thank you. Our next question is from line of Aryan from BofA. Please go ahead. Hello, sir. Sir, please can you guide what would be the capacity addition in renewable in FY25, 2026 and 2027? So as for the capacity expansion in renewable is concerned, this will be done majorly through the NGEL, the 100% subsidiary. The current year, the capacity addition expected is three GW. Next year, it will be five GW, and the year next it will be eight GW. So by FY 27, the operational capacity will be 19.4 GW. Okay, sir. And sir, can you also give an update on Tehri PSP and one thousand MW project? What's the status of that? When will it get commissioned? The three projects with respect to the commissioning in this quarter, by December. Okay. All the four units. Thank you, sir. Thank you. Our next question is from the line of Varani from Avendus Spark. Please go ahead. Hello, am I audible? Yes, sir, please go ahead. Yeah. Yeah, yeah. My question is on the renewable projects on NGEL, in NGEL, like, where in the details of project-wise PPA, whether it is has or not, is given. So there are some projects where there is PPA yet to be signed. So can you highlight why these projects don't have PPA? If there are any challenges in signing PPA, what is the way forward? So let me give you an overview, that right now the operational capacity is close to 4.3 GW. Now, I will classify it into two further categories. A further 12 GW is contracted and awarded, for which there are some PPA have been signed, all documentation done. A further 11 GW is at different stages. These are definitive projects where there is a commitment, but however, the documentation in terms of award, in terms of PPA, are in various stages, and we hope to take this into the control this year. So we will have, with this, a clear pipeline of 20GW - 25 GW of RE project, comprising of solar, wind. 20.26, everything. Yeah. So my question is, among these contracted awarded projects. Up to FY26, that is our plan for which entire all tiers are in place, including offtake. Yeah, please? I appreciate that. I appreciate that, sir. My question is on the 11.5 GW of contracted and awarded projects, list of projects given in the DRHP, where certain projects do not have PPA, like it says, no PPA. So for example, there is REMCL two or a SECI solar, AE- No, no. That, what you are saying is the other category which I said. There are two categories. Twelve is firmly in place. Another level is under the process. This is what I was trying to explain. Okay. Broader question is: Are you seeing any pushback from discoms or states in signing PPAs, or is it going to be smooth sailing for that? No, no, absolutely, we are, we have no such challenges. That's it from my side. Thank you. Thank you. Our next question is on the line of Satyadeep Jain from Ambit Capital. Please go ahead. Hi, thank you. Couple of questions, one on thermal. Recently, some of the project awards we've seen on thermal, the CapEx figure has gone beyond INR 12 crore per MW. Just wanted to understand what's driving that increase in CapEx for some of the new projects? Actually, we have added ACC also. Now we are looking for conservation of water also. That also adds to the cost, and of course, the number of players have come down to a single ACC. Air-cooled condenser. Air-cooled condenser. So it actually comes around point seven four per MW. We have seen this. Otherwise, if you see our set is being one unit, slightly it has gone high. If the number of units are three, definitely the cost will come down. Of course, AC is the major contributor, and since the number of bidders have come down to only one, there is a slight increase in cost. Okay. On the renewables front, I wanted to ask, these three, five, eight, obviously this includes the MOU projects. So when you look at locking in transmission, would it be fair to say you've locked in transmission for the entire sixteen upcoming capacity, GW? You've already identified, you've already put in the GNA request, you're confident the transmission will come in for this capacity by twenty seven, you think? Our capacity plan of 60 GW with total capacity plan up to 8.32. But right now, as I was explaining, that everything is tied up in terms of whatever is our commissioning up to FY 2026. Going beyond that, it has to be a progressive plans. We'll be simultaneously entering into the bidding process. We are parallelly procuring it and also seeking land connectivity on a parallel. So all on all the fronts, we have to work. Okay, so you're saying three and five, you've already planned the remaining ones for 27 years? Because there are certain prerequisites when it comes to seeking connectivity. So you have to demonstrate, so you have to have the land, isn't it? So we follow step those processes will have to be followed, and it will be a gradual progressive action. Okay. So within the three, three and five, how much from Khavda, the entire Khavda can come within this by 2026? Khavda. Yeah. Yes, correct. About 1.2 GW. 1.2 GW would be coming from Khavda in this. You say eight GW in the next two years? Yeah. Thank you. Thank you so much. Thank you. Our next question is on the line of Vishal Periwal from Antique Stock Broking. Please go ahead. Yes, sir. Thanks for the opportunity. Two questions. One, in your brief initial commentary, you mentioned that the NTPC standalone interest cost is roughly 6.63. So, is it fair to say NTPC Green will have a similar number when we see its cost coming time? It would be fair to assume this broadly, given the fact that, you know, NTPC Green Energy Limited has been rated as triple A domestic rating, which is equal to the parent. And the loans that they have contracted after their formation only gives a feeling that they are equally able to raise at a competitive rate equal to their parent. And going ahead further, they will also... NGEL will also have an edge, that they will have access to a lot of, you know, multilateral loans from financial multilaterals who are with a clear exclusive focus on green energy, renewable energy and ESG. They will be able to access these cheap funds, and in fact, they have already done that to some extent. Okay. Second, I think though you have clarified this, so for NTPC Green, contracted awarded PPA as per DRHP is 11.7 GW. Right, sir? Further, there are certain, like, you know, line items in that list mentioned, like, you know, PPA is open. So is that the same reason you mentioned, like, you know, the in terms of tie-up and everything, PPA and award is up to FY 26 that we have, which basically means it's not 11.7, it's actually three GW in FY25, and then five GW in FY 2026. So it's actually eight GW regarding 11.7 in terms of awarded and the PPA tied up. Yes. Okay. Okay. So as I was mentioning, the current operational capacity is 4.3. We'll be adding 3 GW. These are already awarded. So I mean, this will be fructifying. 3 GW will fructify during the current year, 5 GW fructify during the next year, and 8 GW the next year. So as far as the classification, as I was, I may repeat, that 12 GW, around 12 GW, because there is a continuous process. The status, what we find in the DRHP, there have been more improvements on that. So, Thank you. So these things keep happening on all the fronts. So I may share the latest thing that around 12 GW, it is awarded, contracted, and further 11 GW, 11.5 GW is in different stages. Part of this even have been converted into PP, and partly they are in the process. But these are projects which are clearly identified as definitive, and it's a matter of time that all this will be converted into a awarded and contracted category. Okay, okay. Thanks a lot for the detailed explanation, sir. Thank you. Thank you. Our next question is from the line of Mohit Pandey from Macquarie Capital. Please go ahead. Yeah. Good afternoon, sir. Thank you for the opportunity. So firstly, in the initial remarks, you mentioned 22,700 as the capital outlay for the parent entity. What would the corresponding number be for consolidated for FY25? On a consolidated basis group, it will be 27982. Is the plan, overall plan. Okay, sir, and is it possible to give a breakup of this? Sorry? Is it possible to share a break-up of this as to how much will it be across different elements? A broad break-up. Maybe we can share this with you separately. Okay, sir. I don't have it exactly the breakup with me. I will share it with you. Okay. Okay. And sir, secondly, Sir... Yes, sir. Okay. Please continue. Yeah, yeah. So secondly, I think earlier, in previous calls, it had been mentioned that the entire thermal capacity, incremental awards would be over the next two financial years. But I think today you mentioned by FY 27. So, which are the particular projects that are now planned for FY 27, sir? See, right now, the director for project had given you the detail of this thing. I may give you similarly that there will be a total of seven projects, which will be, which is planned for tendering up to FY27. So this includes Meja Two, two for combined capacity, I'm saying 2,400; Nabinagar, 2,400; Telangana Two, 2,400; Gadarwara Two, 1,600. So that makes it 8,800 within the current year. Anpara will be in 2025-2026, 1,600. Obra will be 1,600. That makes it 3,200 in the next year. And in the financial year 2026-2027, there will be 1,600 in Patratu II. That makes it a total of 13,600 MW, 6,400 of which will be from the NTPC and 7,200 will be through JV subsidiary. Okay, sir. Thank you. Thank you so much, and wish you all the best. Thank you. Thank you. Our next question is from the line of Rajesh Majumdar from B & K Securities. Please go ahead. Yeah, sir. Most of my questions are answered. I just wanted to ask you that, will the NTPC Green IPO still happen on time in the light of current market conditions? And what kind of a approximate valuation are you looking at in that? A range would do, sir. No, we are still, No, no, there is no valuation that has been decided right now. So we are still in the process, and we are hopeful that we will be going ahead as per our plan. So it will be concluded by 3Q, as per original plan? Sorry? It will be concluded by 3Q, as per original plan, the IPO? Q3. Q3, hopefully. Q3. Yeah. Yeah. Thank you. Thank you. Our next question is from the line of Nikhil Nigania from Bernstein. Please go ahead. Hi, thank you for taking my question. I have two questions. My first question was, given the way at which battery prices have fallen, are we seeing any pushback or delays in signing of PPAs for thermal power plants? We don't anticipate such because, you know, given the overall demand/supply scenarios, and also the, you know, the projection that those are available both in terms of your overall requirement of energy and also the peaking, it is expected to grow by 75 GW over the next seven to eight years. So all this will necessitate that, you know, we'll have to add capacity. Thermal capacity for the country as a whole has been projected, that 80 GW will still be needed. We have our share of 25 GW that has been assigned to us, and we are confident that all this will be tied up. And most of our thing are tied up. Something we are partly tied up, and we are expecting responses from the... Understood. Thank you. My second question was on the nuclear side. So, Mahi Banswara, Chutka, any broad sense of timelines that you could guide us on? Historically, we have seen nuclear plants take about ten years to be set up. So any sense, any guidance on timelines for those assets? Director Projects will be replying to this, Mr. Sundaram. Our Mahi Banswara, the first milestone, first concrete pour, is expected in March 2026. Our first unit will, of course, come to criticality by FY 31-32. All the four units will be commissioned by FY 32. Understood. And so Chutka, any development or, is that not part of the plan as of now? Yeah, at this instance, Chutka has not been transferred to our JV. So right now there are some land issues, NTPC is looking. We won't be able to say anything definitive at this stage. Yes, that was a proposal, different proposal, but right now we are taking up Mahi Banswara in the first place. We'll let you know as and when there are more developments. Understood. Thank you so much. Those were my questions. Thank you. Our next question is from the line of Harshal Setia from Renaissance Investment Managers. Please go ahead. I saw the 60 GW target by FY 32 is for the renewable energy capacity, correct? It is for the renewable energy, broadly. But when you talk about renewable energy, it consists of your solar wind projects. It comprise of your storage also. And also some of these capacities will go for green molecule business also, which we plan to go ahead. So that will require some solar energy and wind energy for feeding it to the, for the generation of the green hydrogen. All this will be comprised under the 60 GW. And this will be purely done in NTPC Green Energy? All this, sir, will be under NTPC green energy only. The, so NTPC green broadly will have solar, wind, storage, be it in terms of battery energy storage or PSP, and also, the molecular, green molecular business. Okay. And the nuclear energy will be in the current entity, the standalone entity? No, nuclear energy will be, of course, with NTPC, but that is being implemented in a joint venture through NPCIL, as I was mentioning. We also have a 100% subsidiary for our future nuclear endeavors on the nuclear side. Okay. So to answer your questions quietly, NGEL will not have nuclear energy, although it is a non-fossil fuel-based. Okay. Understood, sir. Thank you. Thank you. Our next question is from the line of Amit Bhinde from Morgan Stanley. Please go ahead. Hi. Hello. Sir, I just wanted to understand the update on pumped storage hydro, and just to clarify, you said in the last question, PSP will also be a part of NGEL and not in the NTPC entity, right? No, please repeat for clarity. Yeah, so I wanted to get an update on the pumped storage that we were exploring, one. And second, as you said in the previous question, that PSP would be a part of NGEL and not NTPC. Just wanted to re-confirm on that one. Yeah. PSP will be broadly, you know, for achieving, you know, renewable energy solution on a RTC basis or a firm or dispatchable. So many of the PSP will be driven by this thing. But there are standalone PSPs which will also be implemented by our other two subsidiaries, which is THDC and NEEPCO. So, it will not be purely restricted to NGEL also. Some of the major, because, you know, we have acquired THDC and NEEPCO, so some of the- Mm. There was an earlier query about Tehri. So Tehri was- Mm. itself a PSP only, pumped storage. Right. Right. So any broad breakup, because in the last call, you were talking about some 11 GW of pumped storage being explored. Any broad breakup in which subsidiary or which entity would each for, each one of them is sitting? Already, 1 GW PSP, our subsidiary is doing. And- Yes, yeah. 8 GW. Sorry? Tamil Nadu and Maharashtra, we have got the order for going ahead. Another 4.2 GW is in the pipeline. So expected is around 8 GW PSP, we'll be able to get in NGL. So if you support 8 GW, Tamil Nadu and Maharashtra, that is, that would be a part of NGEL, is it? Yes. Right. Yeah, those were my questions. Okay. Thank you. Our last question is on the line of Rishika from GS. Please go ahead. Thank you for this opportunity. I have two questions. First, what was the decline in PLF of coal and gas this quarter? And second is the 400 capacity addition that we're seeing this quarter when compared to the previous one, what is the breakup here between renewable and thermal? Okay, as far as your first question regarding PLF is concerned, you know, PLF has a bearing on what is the demand, other than it's no longer the efficiency parameter. It is more to do with what is the system demand. And with more renewable coming into the play, increasingly the renewable energy may find a lesser PLF, because it will be playing a role subservient to the renewable energy during the daytime. So the PLF will be lesser compared to the previous periods. So that is one point. Suppose your second question, can you repeat? The second question is on the capacity addition this quarter. Could you tell me the breakup? Is it all renewable or was it thermal or any other source? So capacity addition, which has been achieved, is 485 MW. Out of that, the breakup is 90 to 90 will be your renewable. Entire thing is renewable 395. Okay. The breakup is ninety will be in NTPC, and three hundred and ninety-five will be with the group companies. So that makes it total 485.