Ladies and gentlemen, good day and welcome to NTPC Limited Q3 FY25 earnings conference call, hosted by IIFL Capital Limited. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Apurva Bhattacharyya from IIFL Capital Limited. Thank you, and over to you. Thank you, Rajashree. Good evening, everyone. Thank you for your patience. On the call from NTPC, we have Shri Jaikumar Srinivasan, Director Finance, Shri Shivam Srivastava, Director Fuel, Shri K. Shanmugha Sundaram, Director Projects, Shri Ravindra Kumar, Director Operations, and Shri Anil Kumar Jadli, Director Human Resources. Over to the management team. Thank you. A very good evening to all the participants. I'm Jaikumar Srinivasan, Director Finance of NTPC and NGEL. Welcome all of you to the Q3 FY25 conference call of NTPC Limited. I have with me Shri Shivam Srivastava, Director Fuel, Shri K. Shanmugha Sundaram, Director Projects of NTPC and NGEL, Shri Ravindra Kumar, Director Operations NTPC, and Shri Anil Kumar Jadli, Director Human Resources NTPC. I also have with me other key members of the NTPC Group. Today, the company has announced the unaudited financial results for the quarter and nine months ended 31st December 2024. The key performance highlights for the aforementioned periods have already been disclosed on both the stock exchanges. NTPC Group has completed yet another outstanding quarter, showcasing robust operational and financial performance. The successful listing of the NTPC Green Energy Limited, NGEL, during the quarter marks a significant milestone in NTPC's journey towards sustainable energy leadership. With its successful listing on 27th November 2024, NGEL has positioned itself as a key player in the Indian renewable energy sector. This strategic move highlights NTPC's commitment to accelerating the nation's energy transition and its leadership in clean energy initiatives. Coming to the operational highlights for third quarter and nine-month financial year 2025. During nine months FY25, NTPC Group added 640 MW commercial RE capacity to its portfolio. As of 31st December 2024, the commercial capacity of NTPC stands at 59,168 MW on a standalone basis and 76,598 MW for the group. In the current quarter, we have added 135 MW RE capacity and 660 MW coal capacity of our subsidiary THDC India Limited, which is being declared commercial from tomorrow. I repeat, 660 MW coal capacity of our subsidiary THDC is being declared commercial from tomorrow. NTPC Group generated 327 billion units in nine months FY25, as compared to 315 billion units in nine months FY24, registering a growth of 4%. NTPC's standalone gross generation in nine months FY25 also grew by 4% to 278 billion units, from 268 billion units in the corresponding previous period. During nine months FY25, PLF of coal stations of NTPC was 76.20%, as against 67.20% PLF of coal stations of rest of India. Rihand Station, with a PLF of 89.42, is the seventh-ranked station, and Singrauli Station, with a PLF of 88.59%, is the eighth-ranked station in the All India PLF ranking during the nine-month period ended 31st December 2024. Overall, seven NTPC stations are ranked among the top 15 stations. As regards the status of fuel supply, coal supply during nine months FY25 was 185.15 million metric tons, including 2.26 million metric tons of imported coal. Coal supply during the corresponding previous period was 175.84 million metric tons, including 5.88 MMT of imported coal. NTPC has registered highest-ever coal production of 30.88 MMT in nine months FY25, with growth of 23%, as against 25.12 MMT in the nine-month FY24. Cumulative expenditure of INR 11,841 crores has been incurred on development of coal mines since 31st December 2024. Coming to the financial performance, for NTPC on a standalone basis, total income for Q3 FY25 is INR 42,303 crores, as against INR 40,288 crores in the corresponding quarter of previous year, registering a growth of 5%. For nine months FY25, the total income increased by 6% to INR 128,601 crores, from INR 121,486 crores in the corresponding previous period. NTPC's profit after tax for Q3 FY25 is INR 4,711 crores, as against 4,572 crores in the corresponding quarter of previous year, registering an increase of 3%. On nine-monthly basis, profit after tax is 13,871 crores, as against 12,523 crores in nine-month FY24, registering an increase of 11%. Total income of the group for nine-month FY25 is 139,777 crores, as against 132,349 crores in the corresponding previous period, an increase of 6%. EBITDA of the group for nine months FY25 is 16,056 crores, as against the corresponding previous period EBITDA of 14,842 crores, registering an increase of 8%. We expect to maintain similar growth on full-year basis also. During nine months FY25, our subsidiaries earned profit of 1,908 crores, as compared to 1,516 crores in the corresponding period of previous year, registering an increase of 26%. NTPC's share of profit in JVs has increased from 1,425 crores in nine months FY25 to 1,581 crores in nine months FY25, registering an increase of 11%. During nine months FY25, we have accounted for dividend income of 1,309 crores from our subsidiaries and joint venture companies, as against 653 crores during nine months FY24. Standalone regulated equity for conventional power and mining businesses on 31st December 2024 is 90,289 crores, which was 84,498 crores in the previous year, registering a growth of 7%. On a consolidated basis, regulated equity as of 31st December 2024 is 105,854 crores, which is 5% over the last year's figure of 101,116 crores. The board has declared second interim dividend of INR 2.5 per share for the financial year 2024-25. First interim dividend of INR 2.5 per share was paid in November 2024. The average interest rate on borrowing for the company during nine months FY25 was 6.64%, as compared to 6.66% in nine months FY24. In the nine-month FY25, we have incurred a group CapEx of INR 31,133 crores, as compared to INR 21,642 crores in the corresponding previous period. While on a standalone basis, NTPC has incurred a CapEx of INR 16,305 crores, as compared to INR 11,963 crores in the corresponding previous period. As part of our overall capacity expansion plan, the investment approval has been accorded for 8 GW thermal capacity during the current fiscal year in aggregate, at an approximate current estimated cost of 1 Lakh crores. Total thermal capacity under construction now stands at 17.56 GW. In addition, hydro and RE capacity under construction is 2.2 GW and 10.3 GW, respectively, taking total capacity under construction for NTPC group to over 30 GW. We are actively considering awarding additional thermal capacity to the tune of 7.2 GW by the financial year 26-27, and with an ambitious target of 60 GW of renewable energy by 2032, NTPC is poised for significant growth in the coming years. Furthermore, to have greater fuel security, we are enhancing our coal mining capacity as well. It is planned to enhance the NTPC group coal production from 14 million metric tons in financial year 25 to an estimated 67 million metric tons by FY25. To accelerate our growth, NTPC is also positioned to make significant contributions to the energy transition through clean baseload generation technologies such as nuclear power. For taking this forward, Anushakti Vidyut 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. We have recently signed a supplementary joint venture agreement with NPCIL for transfer of 2,800 MW Mahi Banswara, Rajasthan Atomic Power Plant project from NPCIL to ASHVINI. Further, NTPC Parmanu Urja Nigam Limited has been incorporated on 7th January 2025 as the wholly owned subsidiary of NTPC Limited for undertaking nuclear energy business. We are planning to conduct site studies at many locations. We have already got permission for four locations in NP for site studies. Going higher on generation, lowering GHG 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 NOx emissions. Over the next three years, we plan to commission FGD system for the entire operational capacity, ensuring a substantial reduction in SOx emissions. We have commissioned 16.48 GW, and work in FGD package for a cumulative capacity of 52 GW is under progress. As part of its ongoing sustainability measures to reduce greenhouse gases, NTPC stations received 4.29 lakh metric tons of biomass in nine months FY25, a remarkable increase compared to 0.71 lakh metric tons during the same period last year. We have signed a joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam Limited for Chhabra Thermal Power Plant. RVUNL has 2,320 MW plant at Chhabra, and we have mutually agreed to form a 50-50 JV company, which will own and operate the said power plant and also explore opportunity for its capacity expansion. Now turning to the highlights of NTPC Green Energy Limited, during nine months FY25, NGEL has added 550 MW commercial RE capacity to its portfolio. As of 31st December 2024, the commercial capacity of NGEL stands at 3,475 MW, as against 2,761 MW as of 31st December 2023. NGEL has added an additional 135 MW of renewable capacity in the fourth quarter to date. NGEL generated 4,742 million units in nine months FY25, as compared to 4,199 million units in nine months FY24, registering a growth of 13%. During nine months FY25, CUF of NGEL stations was 22.99%, as against 23.37% in corresponding period of previous years, mainly due to lower GHI and extended monsoon. NGEL's total income for Q3 FY25 is INR 581 crores, as against INR 463 crores in the corresponding quarter of the previous year, registering an increase of 25%. For nine months FY25, the total income grew by 15% to INR 1,714 crores, from INR 1,485 crores in the corresponding previous period. NTPC's total EBITDA for Q3 FY25 has risen by 22% to 500 crores, as against 412 crores in the corresponding period of previous year. On nine-month basis, total EBITDA is 1,483 crores, as against 1,337 crores in nine months FY24, registering a growth of 11%. I stand corrected this. It is NGEL's total EBITDA for Q3 has risen from 22%. You can stand corrected. In nine months FY25, NGEL on a consolidated basis has incurred capex of 7,261 crores, as compared to 2,779 crores in the corresponding previous period. Total contracted and awarded capacity has increased by 63% during last one year to 13,921 MW, as on 31st December 2024, from 8,550 MW as of 31st December 2023. NTPC Renewable Energy Limited, subsidiary of NGEL, successfully secured 1,000 MW in solar power auction by Uttar Pradesh Power Corporation Limited, UPPCL, at a tariff of ₹2.56 per kWh. Additionally, NTPC REL won 500 MW of solar capacity in a SECI auction, which also includes the installation of 250 MW by 1,000 MWh energy storage system at a tariff of INR 3.52 per kWh. NTPC REL also won 300 MW capacity in NHPC auction, which also includes the installation of 150 MW by 300 MWh energy storage system at a tariff of INR 3.90 per kWh. In total, we have won 2,200 MW of tariff-based competitive bids during the current fiscal. To take its growth journey forward, NGEL has incorporated several joint ventures during this fiscal. NTPC Rajasthan Green Energy Limited, the 74:26 JV with Rajasthan Rajya Vidyut Utpadan Nigam Limited, aims to develop renewable energy park and green hydrogen projects in Rajasthan with up to 25 GW capacity. NTPC UP Green Energy Limited, 51:49 JV with UPRVUNL, focuses on developing renewable energy parks and projects in Uttar Pradesh. Mahagenco NTPC Green Energy Private Limited, a 50-50 JV with Mahagenco, will develop and operate renewable parks in Maharashtra. ONGC NTPC Green Private Limited, 50-50 JV with ONGC Green Limited, will explore and develop renewable energy projects, including offshore wind initiatives. NGEL has signed two joint venture agreements, one with Mahatma Phule Renewable Energy and Infrastructure Technology Limited, MAHAPREIT, to develop 10 GW of renewable energy parks, and another with New Renewable Energy Development Corporation of Andhra Pradesh to establish 25 GW of renewable energy capacity, 0.5 million metric tons of green hydrogen, and 10 GW of pumped storage project in Andhra Pradesh. NGEL has signed two key MoUs during the quarter, one with the Government of Bihar for investment and renewable energy projects, including solar battery storage and green hydrogen, with the government facilitating necessary approvals. Second MoU with Chhattisgarh State Power Generation Corporation Limited focuses on developing up to 2,000 MW of renewable energy projects, including floating solar. As regards our green hydrogen initiative, I would like to share that NTPC commissioned the Green Hydrogen Mobility Project at Leh, comprising 1.7 MW solar plant, green hydrogen filling station of capacity 80 kg per day, and five hydrogen intra-city buses. Honorable Prime Minister laid the foundations for the NGEL Green Hydrogen Hub in Andhra Pradesh, marking India's first green hydrogen hub under the National Green Hydrogen Mission. Detailed engineering for enabling infrastructure for Green Hydrogen Hub has started. NTPC Renewable Energy Limited, NTPC REL, signed an MoU with Kandla Port to set up hydrogen filling station and 11 hydrogen buses. NTPC also signed an MoU with GRIDCO and CRUT in Odisha to implement a green hydrogen mobility project. Additionally, NTPC launched a solar hydrogen microgrid project for the Indian Army in Ladakh, providing 200 kilowatt of power year-round. Regarding the various awards received by us in the Q3 of FY25, Aravalli Power Company Private Limited, a joint venture of our company, received the first prize at the 5th National Water Awards 2023 for water management and water conservation. NTPC was confirmed the first runner-up in 2 024 UN Women's Initiative (WEP) award in the category Community Engagement and Partnership for its flagship CSR project, Girl Empowerment Mission. NTPC was confirmed with CSR award in the category Swachh Bharat Sanitation and Hygiene at the 12th National CSR Summit 2024 for municipal solid waste project at Karsara, Varanasi. NTPC also won CII DX 2024 CII award for best practices in digital transformation. NTPC has been recognized as one of the progressive places to work 2024 in the ET Now Progressive Places to Work 2024 event. NTPC received four awards in the PSE category at the SHRM HR Excellence Award for Excellence in Developing Emerging Leaders, Benefits and Wellness, Learning and Development, and Community Impact. These were some of the key highlights I wanted to share before we begin the question and answer session. Thank you, and over to you. 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 telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take a first question from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yeah. Good afternoon, Gurdeep. And congratulations on the publicity of NTPC Green. My first question is on what was the under-recovery in the coal-based power plant in nine months FY25? See, as we had shared during our last conference call, that we stood at INR 700 and INR 600 recovery. But now we have improved during the quarter three. We have improved it by 238 positive. So at the end of December, we stand at an under-recovery of INR 468 crores. And going ahead in this, because this third quarter is normally not the very best, performance is always on the fourth quarter. So accordingly, we hope to improve it further and bring it to the range of INR 250-INR 300 crores. Understood. My second question on the NTPC Green. I just wanted to reconfirm the number. You said the 3.5 GW operational capacity, 14 GW of LO and awarded, plus 2.2 GW of LOI. Is that right? You are referring to the NTPC Green? NTPC Green type portfolio. Correct. The number right. So my question is, what is the capacity expected to commission NTPC Green in Q4 FY25 and FY26 and FY27 based on the current portfolio? See, for the sake of this thing, I'll repeat that I said that during nine months FY25, NGEL has added 550 MW commercial RE capacity to its portfolio. As of 31st December, the commercial capacity stands at 3,475 MW, as against 2,761 MW as of 31st December 2023. And we have added an additional 135 MW renewable capacity in the fourth quarter to date. Yeah. Now, what is your question? My question is, what is the capacity expected to commission in F25, F26, and F27? On the NTPC Green. You're talking about NGEL or NTPC Green? Okay. So renewable capacity for the current year, till date, 21st January, we have added 685 MW. And for entire financial year, we expect to touch around 3,088 MW. The F26 and F27, similar number? That's close to 5 GW and 8 GW. Understood. Understood. Sir, someone requests from outside, sir, given that NTPC Green is now not separately listed, is it possible to share some press release detailing the portfolio of the renewables? It will be very helpful. Current portfolio? No, no. Something going forward, I think we have requests from outside that there should be an update on the RE portfolio by every quarter. That will be very helpful for us. Okay. Noted. Understood. Thank you, sir. Thank you. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to answer queries from all participants, please restrict your questions to two at a time. You may join back the queue for follow-up questions. We'll take our next question from the line of Shubhadeep Mitra from Nuvama. Please go ahead. Good evening, and thank you for the opportunity. Sir, if you could please help us with the adjusted PAT number for this quarter for both standalone and consolidated? Yeah. See, as far as standalone is concerned, for Q3, we have 4,618 as adjusted PAT, as against a reported PAT of 4,711. And as far as nine months is concerned, as against a reported PAT of 13,871, the adjusted PAT is 13,050, which would be 14% compared to the nine months last year. Okay. And the growth for the three Q would be how much? YOY? Sorr y? The third quarter, INR 4,618 crore number, that's a growth of how much? YOY? 6%. 6%. On a standalone basis, it is 6%. The 4,618 compares favorably to 6% above 4,356, which was the last year's figure. Understood. And the similar numbers for the consolidated? Similar number, 4,964 was the adjusted PAT. And as far as the nine months is concerned, I have already given 14,796 compared to 13,473, 37 last year, which is a 10% above the previous year. So the consol PAT is for nine months is 10% YOY growth. And for the third quarter, the consol adjusted PAT would be a growth of how much? It would be close to 1%. Okay. Okay. So the flattish number in three Q for consolidated, is there any particular reason that's worth highlighting? Was there a higher base of last year because there was something that came in in that quarter and there is some lumpiness? I think I would urge you to we'll get into the reason, but I will urge you to look at the nine-month figure. That should show the overall trend. There could be. The Q3 is showing a 1%, but there could be some peculiar reason for that. It's not there right before me. Maybe we can share it with you later on. Understood. Understood. Lastly, two points from my side. The incentive earnings under the new CERC guidelines, I would assume much of that would come in a chunky form in fourth quarter. Would there be any indicative number that you're looking at, given that nine months are already past, and are you looking at larger chunkier incentive earnings in four Q? No, no. This is incentive. See, incentive, we have a figure of INR 762 crores, and we expect to maintain the same trend. It should be similar to quarter three, I should say. Okay. And in terms of awarding, you did mention that the new thermal awards are expected to be about 7.2 GW by FY 2027. So are we expecting this to be more front-ended, that much of this award will be completed over FY 2025 and 2026? Any timelines on that, on the awarding and the commissioning, both of these? See, there is presently an ITT, we have brought around 2,400, and we expect this to be concluded in this quarter, Q4 FY 2025. I think we should take it to the logical end for 2,400 MW. And further, 4,800 MW is something which would be there in the agenda for FY 2026 and 2027. Okay. Last point is. And Shubhadeep, I would join back the queue, please. Just a follow-up. Just a follow-up. The last point is in terms of the commissioning numbers for the thermal piece for, let's say, FY25, 2026, and 2027. That's the last point from my side. See, as far as the COD guidelines is concerned for financial year 2025, on a standalone basis, we expect 2,178 MW coming from two thermal projects and renewable projects. And considering the JV subsidiary, the figure would be 4,798, which comprises of 3,088 of renewable. And there would be two projects of THDC, one 660 MW thermal project, the hydro pump storage, and one 800 MW of Barh-II. So all this put together, the JV subsidiary tally is 4,798. And for a group level, it would be 6,976 MW for the current financial year. So if you want to overall break up, the thermal total will be 2,780, hydro will be 250, and renewable will be 3,946. So total of 6,976. This is FY25. This is by March of 2025, correct? Yeah, absolutely. Yeah. Okay. And anything from 2026 next year? I would like to ask you to join back the queue, please, as we have other participants waiting. Sure. Thank you. We request participants to restrict to two questions at a time, please. You may join back the queue for follow-up questions. Next question is from the line of Gautam from Axis Mutual Fund. Please go ahead. Hello, sir. Thank you for the opportunity. So you did mention that we are targeting another close to 3,100 MW for the year in NTPC Green in terms of addition. I just wanted to check the current commissioning pipeline, the current commissioning momentum, is it in line with your initial targets? And how much more do we have to scale up in terms of resource mobilization in order to achieve both the current year target as well as the subsequent year target? See, up to Q3, we had achieved a figure of 640 MW, and a major portion of that, as things are lined up, it would be in the fourth quarter only, and put together, we are expecting something upper side of the 3,000 MW for the group as a whole. This would include the capacity addition in NREL, NGEL, NTPC, and some other inorganic growth also. Okay. Understood, sir. Sir, second question? Yeah. The 5 GW and the 8 GW, which we have mentioned, there is a complete visibility about this capacity addition. Understood, sir. Just one more follow-up. So you did mention that you have one or two new projects as well in terms of solar plus battery kind of tenders. What kind of IRRs are we targeting in those equity IRRs? Are we targeting in those two or three projects that we want? Look, you have to repeat your question. Your voice is not very clear. Hello, sir. Can you hear me now? Yeah. So I was just asking, we said that you want new solar plus battery kind of tenders. What kind of equity IRRs are we targeting in those projects? It would be in the range of 12.5%. Understood, sir. Thank you. Thank you. We'll take our next question from the line of Puneet from HSBC. Please go ahead. Yeah. Thank you so much for the opportunity. My first question is, the first nine months of capacity addition seems to be a bit slow on the NTPC Green side. Is there any particular reason for that? And what is the confidence level for the fourth quarter commissioning? Where are the big hurdles we are seeing? No. I think capacity addition is something it depends on the nature of the site, the listing. It is incidentally lined up in a way that the chunk of the capacity addition is coming in the fourth quarter. It can't be, as per my desire, that it should be completely equated. So it so happens in some year, some year there could be a spillover, and you can see a greater capacity addition in the first and second quarter. But largely speaking, these set of projects which are on hand, they are destined to or planned to be commissioned in the fourth quarter. Understood. And on the thermal side, if you can also give some guidance for FY 2026 and 2027 for NTPC standalone and the JV separately if possible? Yes. As far as FY 2025, I had elaborated it with the earlier participant. But for financial year 2026, we expect I'll give you a total figure. The total figure we have is of 7,771 MW, comprising of 1,460 MW of thermal projects, hydro 750, and renewable of 5,561 MW. And if you dissect that between standalone and JV subsidiary, JV subsidiary would constitute a chunk of that. It is 7,569. And standalone, it will be 202 MW of renewables. No thermal projects is lined up on a standalone incidentally in the next financial year. But in the JV, Barh to two, THDC Khurja unit two, and THDC hydro PSP 750 MW is lined up. Renewables will constitute 5.35 GW, as I mentioned to you. So that tally is 7,569 of JV subsidiary, 202 standalone, which takes the figure to 7.77 GW for the financial year 2026. Understood. Very clear. And 2027? 2027 is a gross figure of 9,904 GW. That would have an element of thermal 1,460 MW, hydro 444 MW, renewable 8,000 MW. And if you split it between JV subsidiary and standalone, JV subsidiary will be 9,244 MW, while standalone is 660. That would be the Talcher unit one, Talcher three unit one. And there will be in the JV subsidiary side, Barh to unit three, 800 MW. THDC is Vishnugarh Pipalkoti 444. Renewable, as I mentioned to you already, it would be eight GW, which takes the total to 9,244 of JV subsidiaries and the overall tally to 9,904 MW. So on a whole, for the three years, FY25, 2026, and 2027, we have a figure of 24,651 MW of overall capacity addition in the three years, three fiscal years, where thermal will constitute 5,700, hydro will be 1,444, and renewable total would be 17,507. I think that makes it amply clear. Yes. Absolutely. Thank you so much. Last one, if I may. You talked about the pipeline of 7.2 GW to be ordered out. All of them are in JVs. Is there a plan to add something at standalone level also beyond this? That's an exploratory process. See, in the sense that I think we don't do this by any design. See, we have to look at the overall capacity addition, the adequacy, the demand, the transition imperatives. All this in mind, and we have to keep it in mind, and our stated policy that we would initially go for a Greenfield. So whatever fits into this philosophy, we'll have a priority, the merit order as per that, rather than any other order, so if need arises, there are some potentials in the standalone NTPC also. But then we will go as per this and subject to feasibility, of course. Every project is not with feasibility, so we have identified this as the most potential, but going ahead, we may change the order also, and we can progressively keep you apprised about that. Understood. That's very helpful. Thank you so much and all the best. Thank you. We'll take our next question from the line of Ketan Jain from Avendus Spark. Please go ahead. Mr. Ketan Jain, please share your question. Hello. Yes, yes, yes. Am I audible? Yes. Go ahead. Sir, hi. Good evening, sir. So my question is on the under-construction renewable capacity. As you said, it was around 10 GW. Sir, how much of this capacity would we have land and transmission tied up? A lot of noise over there in the background. Yeah, please repeat your question. Ketan, you are not audible. Hello. Can you hear me now? Yes. Sir, how much of the under-construction renewable capacity will we have the land and transmission tied up? See, as far as evidently, FY25 is there. And FY26, what we have targeted of 5 GW, we have all the resources in place, including land. Okay. Thank you, sir. Okay. Thank you. Next question is from the line of Ragini Pande from Elara Capital. Please go ahead. Ragini? Sir, what was your PLF incentives in this quarter and the last year, if you can share? Hello? You talked about incentive of PLF? Yes, yes. No, I didn't hear you. Is it plant load factor or incentive? What was it, Puneet? Sir, plant load factor-based incentives, if you can share. Okay. This year, it was INR 507 crores compared to previous year's rewards last year. We sell this to PLF, sir, 507. Can I paraphrase your question? You want to know what is our incentive we have gained, or you are wanting a physical parameter of your plant load factor? No, no, sir. The PLF-based incentive income because your PLF was yeah. Okay. Now it is clear. See, nine months, we have INR 762 crores of incentive. We did INR 255 crores during the Q3, taking the tally to 762. As I had answered already, we expect a similar kind of a figure for Q4 also. Okay. Thank you. Next question, sir. What is the income from the late payment surcharge regulations? I mean, how has the receivables improved after the implementation of the LPSC rules? See, our late payment surcharge figure stood at INR 177 crores till H1, half year, current financial. For the Q3, it is INR 71 crores. So for nine months, it is INR 248 crores. Now, with the implementation of the LPSC rules, as you rightly said, the surcharge income is not by design. It is by default. In the sense that higher surcharge figures beyond the point should be a cause for worry because then the debtors control, it talks about a higher debtor figure. So with the LPS framework in place, the payment trend has been quite good. So that is the reason generally in the sector as a whole for all the generators, if you look at the figure of income from late payment surcharge, it is dwindling. So to give you an example, financial year 2019-20, we had a figure of INR 1,240 crores earnings for nine months. And since comparing nine months, it was INR 1,240 crores. For financial year 2020-21, it was INR 1,695. And then it started going down, INR 642, INR 459, INR 186 last year, and now it is INR 248. So it is a sign of a better collection efficiency. Thank you. Ragini, I request you to join back the queue, please, as we have other participants waiting. Thank you. Next question is from the line of Mohit Pandey from Macquarie Capital. Please go ahead. Yeah. Good evening, sir. Thanks for the opportunity. Sir, firstly, if you could clarify the 7.2 GW of thermal capacity that is to be tendered out by FY 2027, that will be predominantly on brownfield mode or greenfield also? Okay. No, as I mentioned to you, NTPC is going predominantly for brownfield only. I would say entirely for brownfield. We haven't gone in for any thermal in recent period, which is a greenfield. So your question stands answered that yes, it is a brownfield only. Okay. Okay. Yeah. So the question pertains to the 7.2 that is yet to be tendered, but that's clarified. Thank you. So secondly, with regards to SOx, while you mentioned the GW in the construction, if you could help with what kind of commissioning in rupees gross terms is expected over FY 2026 and 2027? See, we have broadly two sets of FGDs. One is what we are implementing along with the projects. So this is the project itself. The one which is done on the FGD, which is being implemented separately for the existing commissioned plants. Now, the entire MW capacity of the FGD existing would be 59,880 MW, which would constitute roughly an expenditure of INR 32,800 crores. Now, out of this, 12,120 MW of capacity equivalent of FGD has already been under commercial operation as of 31st December 2024, which would be INR 5,368 crores of corresponding costs. Now, if you look at the upcoming COD status for this additional FGDs, 4,360 MW we are expecting during the balance part of the current year. For financial year 2026, it would be 13,310. For financial year 2027, it would be 14,110 MW. And financial year 2028, it would be 15,980 MW. So that totals up to 59,880 MW. If you talk about the corresponding cost of this, I am mentioning only the approved cost, not the completed cost. It could differ slightly. For financial year balance, it would be INR 2,626 crores. Next year, it would be INR 7,645 crores. Financial year 2027, it would be INR 8,105 crores. Financial year 2028, it would be INR 9,030 crores. These are tentative figures as per the schedule of commissioning. Thank you. Understood. Thank you so much. And the last question is on fixed cost under recovery. While we have seen very good progress in this quarter, what will drive further progress as you indicated that by the end of the year, you plan to get it down to INR 250-300 crores? That would be my last question, sir. See, this is based on our optimism, not mere optimism. It is based on the ground conditions. Q4 is something where most of our units are up and running. And so this is the period where you have the least plant outages. So taking into account that, we are doing this. Understood. Thank you so much and wish you all the best. Thank you. Thank you. Next question is from the line of Aniket Mittal from SBI Mutual Fund. Please go ahead. Yes, sir. Thank you for the opportunity. So my first question was on NHPC and THDC. I remember earlier you had highlighted about 12 GW of additional hydro-based capacity that you want to add over there. Could you give some details on when can we expect awarding for those happen and which projects are in advanced stages? No, no. I didn't mention anything in terms of a fresh award for NIPCO and THDC. I had given only COD guidance for FY25 and beyond based on already awarded projects. Are there plans to undertake new projects within that, only hydro front? I suppose there are some distant projects which are under feasibility study, but I can't say anything very categorically at this stage because I don't have the figures right before me right now. Okay. Just one last bookkeeping question. On the consolidated financials, the other income has gone down very drastically for the quarter on a YoY basis. What is leading to that decline? Let me have a look. It's roughly a 30% fall in the other income on YoY. Yeah. I have this figure before me. The other income was INR 754.27 crores, and now it is 5,554. So it's a drop by 209. So the change is contributed by NTPC 118 crores, NGEL 65.86. This is because of increase in the interest from bank deposits. RGPPL, there is INR 30 crores. So this is the broad breakup for this. And this stands eliminated by these are the upsides. It stands eliminated by INR 424.71 crores of higher dividend from JVs and subsidiaries. So that brings it to 209. Okay. Maybe I'll discuss this offline. Thank you. Thank you. We'll take a next question from the line of Nikhil Nigania from Bernstein. Please go ahead. Thank you for taking my question. My first question is on the Bangladesh plant, if you did the joint venture plant, if you could give some update on what is happening there, what is the status of the plant, any issues you are facing there on that plant. Yeah. I would request Director of Operations, Mr. Ravindra Kumar, who is incidentally in the board of the company as the chairman, to take on this question. Both plants of the Bangladesh BIFPCL comes in and is operating. But right now, because of the coal and dollar crisis, coal is not available, so it is at a shutdown. Whenever the coal will be available and the dollar will be available, then we will understand. I'm sorry to interrupt. Sir, can you come closer to the microphone, please? Both Bangladesh plants are commissioned and are running, but now it is under shutdown because of the want of coal. And coal is expected temporarily, and coal is expected to be arriving very soon, so we will start the plant again as per the requirement there. But if I'm to give you some context, how much investment we have made in terms of equity into that plant? How much investment? I think 1,600 crores. 1,324, 1,324. 1,324 crores we have already invested there. Understood. I think it will be prevented. Sorry. One last question. There was an article that there were issues with BHEL, which were leading to delays in commissioning of plants, and a meeting was held. If you could share some color if there has been any progress or is there likelihood of further delays in commissioning of the pipeline plants like Patratu, Khurja, etc.? Director Projects will take on this question. Actually, there was a meeting on the way forward of BHEL was being conducted. Now, BHEL is able to take care of these vendors' cash flow. Earlier, even vendor cash flow was an issue. They are improving on all fronts. You must be knowing, Khurja has been unit one has been commissioned. Tonight, it will be declared commercial operation declaration. So that seems to be a positive approach from BHEL, and we have to see how it moves. We are planning to commission Patratu unit one in this quarter and North Karanpura unit three also in this quarter. Both are BHEL supply companies. Understood. Those were my questions. Thank you. Our next question is from the line of Richard D'Souza from Antique Stock Broking. Please go ahead. Yes, sir. Thanks for the opportunity. Two questions from me. One on NGEL. You did mention there could be some bit of inorganic growth. So anything that happens, so it will be over and above our capacity addition target of three, five, and eight GW for the next three years? At this moment, you can assume that all this put together would be about 33 GW. Okay. But this is part of the target that we have to manage. For the current financial year, since it's only two months down, so I would give you a figure as a guidance that you take a figure of 3 GW rather than asking for a split-up in very specific terms. Okay. Got it, sir. And then second, for this Rajasthan project, that 50-50 JV that we have done, for operational assets, so does this involve any investments or will this be part of a consolidated capacity, or is this just the O&M that we are doing? See, there is a thermal plant of 2,320 MW operational. And there is always a hope for expansion depending on the availability of land and several other inputs. But right now, it would be a 2,320 MW of operational assets only. Okay. So I mean, does this involve heavy investment for this, or it will be only for the incremental CapEx that we are doing that will envisage investment? No, it is for the existing capacity. It is for the existing capacity of the running plant. Okay. Okay. Sure. Sure. That's all from my side. Thank you. Thank you. We'll take a next question from the line of Sumit Kishore from Axis Capital. Please go ahead. Thanks for the opportunity. My question is in relation to the multiple. And I mean, just in our company. In outline, what kind of investments or capacity additions are envisaged in these JVs of NGEL? I would put it this way that there is a planned capacity addition that we have given you guidance in terms of five GW, eight GW, and an average of seven to eight GW. Now, these are facilitators. These need not be looked at as incremental capacity over and above what we are stating, but these are the aid towards that. These are the avenues for bringing capacity additions, and these are recently formed joint ventures, which would involve that identification of suitable land, which the respective state government would be bringing to the table and with their own equity participation, so I won't be able to say in concrete terms in terms of the timelines for this, but definitely, all this would come very handy for our targeted capacity of 60 GW by 2032. Okay. Just to understand this, the 3 GW, 5 GW, 8 GW guidance for NGEL is at a consolidated level, including all JVs and potential inorganic growth that you might do. Will also go towards meeting this target? I would say that going ahead, most of the expansion would be from NGEL. A chunk of that, I would say, but for the current year, you can take us up for the group. Going ahead, more and more capacity additions would be from the NGEL. I don't rule out there would be some capacity additions from our hydro subsidiaries also, so some could be a small capacity addition can come from NTPC also, wherever there is a feasibility in proximity to our existing plants. The substantial part would, in the future, next two, three years, will come from NGEL. I mean, in the light of the previous participant, I just want to be very sure. So Chhabra project, are you acquiring a 50% stake in that project, and what is the consideration? No. Consideration is something which I will not be sharing at this moment. It is subject to price discovery, modalities, and other things. But I will share with you that it is 50%, and the capacity is 2,320 MW. Okay. This you had not included in your overall capacity addition for NTPC through FY27 that you had mentioned earlier. This will be over and above that. Whatever is the capacity addition I shared is about the project under implementation. This would be over and above that. Very clear. Thank you. Thank you so much, and wish you all the best. Thank you. Ladies and gentlemen, we'll take that as the last question for today. I now hand the conference over to management for closing comments. Over to you, sir. I, along with my colleague directors here, and on behalf of the NTPC and NGEL, would like to thank all the participants for raising their queries, very pertinent queries, and giving us an opportunity to share our thoughts as well as numbers for your perspective getting. Thanks a lot. Thank you. On behalf of IIFL Capital Limited, that concludes this conference. Thank you for joining us, and you may now.