Ladies and gentlemen, good day and welcome to the Power Finance Corporation Limited 3Q FY 2025 conference call hosted by Equirus Securities. 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 the star, then zero on your touch-tone phone. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as of the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Shreepal Doshi from Equirus Securities. Thank you, and over to you, sir. Thank you, Steve. Good afternoon, everyone. I welcome you all to the earnings conference call of Power Finance Corporation to discuss the 3Q performance of the company. Today, we have the senior management of the company represented by Ms. Parminder Chopra, Chairman and Managing Director, Mr. Rajiv Ranjan Jha, Director Projects, Mr. Manoj Sharma, Director Commercial, and Mr. Sandeep Kumar, Director Finance. I will now hand over the call to Parminder ma'am for her opening remarks, post which we can open the forum for question and answer. Over to you, ma'am. Thank you. Good evening and a warm welcome to all of you. We have declared past Q3 and nine months FY 2025 results today, and I'm happy to connect with all our investors to discuss the performance. For nine months FY 2025, the consolidated profit after tax today is INR 22,157 crores. That is a 17% increase year on year. The consolidated loan asset book today is INR 10,69,436 crores, a 12% year-on-year growth. On the asset quality front, the consolidated gross NPA has reached below 3% and is at 2.30% in nine months FY 2025. The consolidated net NPA ratio is at 0.73% for the nine months of the current financial year. Now turning on to PFC's standalone performance. For nine months for the current financial year, the net profit stands at INR 12,243 crores. That is a 20% increase from the previous nine months. On the dividend front, the board has declared an interim dividend of INR 3.50 per share, bringing the cumulative interim dividend for FY 2025 to INR 10.25 per share. If we talk of the ratios for nine months '25, that continues to be within our expected range. The yield is at 10.07%. The cost of funds is at 7.47%. The spread and the NIM continue to be range bound at 2.60% and 3.65%. Now coming on to PFC's foreign currency portfolio, which is around $9 billion. As you may all know, that forex markets have been witnessing volatility since January 2025, particularly with respect to USD/INR exchange rate movements. So considering this changing scenario, I want to share that the USD/INR closing rate for 31st December 2024 is INR 85.62. If the depreciation trend continues, there would be some additional impact on the profit and loss in quarter four. However, we are expecting some provision reversals on account of stressed asset resolution, which would provide sufficient cushion to set off the impact of exchange rate variation. Now, if we talk on the asset quality front, this quarter we saw no major changes. The gross NPA ratio for nine months '25 is at 2.68%, and the net NPA ratio is at 0.71%. We continue to maintain 73% provisioning on our NPA portfolio. Talking about NPA assets, as shared in previous quarters, we are envisaging resolution in three projects of around INR 4,961 crores. As we have earlier shared also, first is the KSK Mahanadi project of INR 3,300 crores. It's a 6 into 600 megawatt partially commissioned project. The resolution plan submitted by JSW Energy Limited has been unanimously approved by COC. Thereafter, the resolution plan application has been filed in NCLT on 17th of January 2025 for approval. We expect more than 100% recovery against the project basis the current bids received. We have maintained around 55% provisioning on the project. The other two projects are Shiga Energy loan of INR 522 crores and TRN Energy loan of INR 1,139 crores. Both these projects are being resolved outside NCLT. Being a regulatory process, there have been certain delays in these resolutions. However, we are expecting some of these resolutions to come through in this quarter. So now coming on to the disbursements and loan asset growth. This quarter, we have disbursed INR 34,151 crores, and cumulative disbursement for the nine months in FY 2025 is at INR 1,297 crores. This translates to a year-on-year loan growth of approximately 10.24%. I would also like to share that PFC's disbursements typically ramps up in the last quarter of the financial year. Considering this, we maintain our guidance and expect to achieve similar growth levels as last financial year. Before I close, I would like to share that our renewable book has been growing steadily. Our renewable energy portfolio saw 28% year-on-year growth and is currently around ₹69,500 crores. We continue to have the largest renewable book in the country. Also, to further expand this portfolio, we have recently entered into the largest green loan agreement ever executed by JBIC of JPY 120 billion. This further solidifies our position as a key financing partner for India's energy transition. Thank you very much, and now we are open for the questions. 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 handset while asking your question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Avinash Singh from Emkay Global. Please go ahead. Yeah, hi. Good afternoon. Thanks for the opportunity. Two questions from my side. The first one is, ma'am, on growth front, if I were to look at the kind of four growth drivers: the conventional generation, renewables, loan-to-state utilities, and the non-power infra. Now, renewables and non-power infra, of course, on a smaller base, seems to be doing fine. Yet the challenge is more on the conventional generation and state utilities front. Now, incrementally, there are certain noise around renewables PPA getting stuck and also, I mean, a bit looked at the optimism could be kind of, at least in the near term, under a cloud. So in all this kind of backdrop, not just for Q4, for Q4 and FY 2026, if you were to kind of highlight or provide some kind of guidance about growth in these four separate growth drivers that your conventional generation, if this were to pick up in FY 2026 also, or how the renewables and even the loans-to-state utilities panning out, particularly state utilities, because, I mean, the RDSS project progress has been slower than what one would have expected earlier. So, I mean, how do you and when do you see that RDSS-related disbursement to pick up? So that's the question, more broader question on growth. Second, on your NPA side, if you can just quantify the kind of recoveries and resolutions that happened in this quarter, that if at all that has kind of resulted in write-back and all, and how do you see the write-back panning out in Q4 and FY 2026? Thank you. Okay. Let me talk first on the growth front. You said that, I think from the news, we have heard that there has been some PPA in the renewable front which has not been entered into, and there is a capacity which is not supported by the PPA. But let me assure you that we don't have any such. We have not funded any such asset. And if you see during the current quarter, our disbursements are primarily one on the renewable front, and the other is on the distribution side, what we have experienced. So the disbursement renewable, we have disbursed around ₹ 6,000 crores, and out of the total 28% disbursement on the generation side, the balance 63% is on the renewable and 37% is on the conventional side. Distribution still accounts for the major disbursement during the quarter at around 60%, and the transmission and infrastructure at 7% and 4%. So going forward also, in the next quarter, we are looking majorly on the distribution side that our disbursements are going to be there, and followed by on the generation side. We have in pipeline good disbursement planned out for the current quarter for the financial year FY 2025. So we are quite hopeful that this quarter also we are going to have good disbursements on distribution as well as on the renewable side. And yet, on the conventional side also, we have certain sanctions on which the disbursements are ongoing. So you talked about the RDSS slowdown also. RDSS, as everybody knows, that during the initial phase of RDSS scheme, since the scheme was being conceptualized, there were a lot of modalities which were required to be put in place, so at that point of time, there was a slow pace for the RDSS. But now, since most of the sanctions have already been done, and 94% of the sanction works under loss reduction, and 90% of the works under smart metering have already been awarded, so we are expecting that now onwards it's going to pick up for the disbursement as the execution is going to happen as contracting stage has been over, so on that front also, we are seeing a positive momentum on implementation of the scheme. On the NPA front, this quarter, we don't have any upgradation of any of the NPA assets, as we have already shared that KSK, we have filed the final resolution plan in January 2025 in NCLT. Shiga and TRN is in advanced state. So wherever we are doing it outside NCLT, we are expecting that Shiga and TRN we will be able to conclude in this financial year. And for KSK, since now the plan has been submitted to NCLT, once we receive approval, then we will be able to implement it. Okay. I mean, you expect AUM growth or loan growth to be 12%-13% for this year and next? Yeah. For the current financial year, we are expecting that we will be able to maintain the similar level as was done in the previous year. Okay. Thank you. Thank you. The next question is from the line of Raghu from Travis Capital. Please go ahead. Excuse me, and congratulations on a good set of numbers. I have two questions. One regarding the foreign currency borrowings that we have. In the presentation, it was written 95% of the borrowing is hedged. So something around INR 4,000 crores will be unhedged. So what will be the rough provision we are going to make on the INR 4,000 crores in Q4, if you can give us an idea based on the current rupee value? See, on the current rupee value, the dollar is as on 31st of December, dollar closed at $85.62, and now it is at around $86.5. So maybe if you take a INR 1, so unhedged portion, if it is at with INR 1 out of $9 billion, I'd say $900 million is unhedged, so you can work out maybe around INR 90 crores. It will be around INR 90 crores for each INR 1 of depreciation in rupee. Okay. No, because it was 5%, right? So it will be INR 450 million, right? Because 95% is what? If at any rate, what I have worked out as 10%. So it will be 45 crores, as you rightly said. Okay. INR 450 million. So not that much of a material impact is going to be. Okay. And the second question. It's rupee depreciation in rupee. Sure, sure. I get it. I get it. The confirmation is clear. The second question is, in KSK Mahanadi, the lenders are going to get a 26% equity stake, right? So what is the share of PFC's equity stake, and what is the value you're going to realize out, and the timeline for that particular realization of the equity stake in the project? See, it will be too early to say anything in this regard. The lenders in total are going to get 26%, and proportionate to our share, we will also be getting. But initially, I don't think that it will be valued at any substantial amount. It will be at an agreeable amount as per the RBI guidelines for accounting of the same. And in future, it's very difficult to predict the valuation as of date. I think we own 10% of the loan book, right, of the INR 30,000 crore claims. It's around 2.6. Can I expect that is the equity stake we're going to receive? Yes. Is my calculation correct? Yeah. We have around 12% stake. 12%. Yeah. Thank you so much for the clarification. I'll join back in a few. Okay. The next question is from the line of Shreya Shivani from CLSA. Please go ahead. Hi. Thank you for the opportunity. Ma'am, I have two questions. First is on the transmission book. I know it's a relatively smaller portion, but it seems like your repayments over there were a little elevated this quarter. Any color on that? And also, while we are talking about the repayment trend, would the repayments in fourth quarter be substantially lower? Because that could be one of the ways of you managing to achieve 13%-14% loan growth. So I wanted a color on that. My second question is on gross stage three. See, in absolute amount, there's some slight increase in the GS3 between 2Q to 3Q, INR 133 billion-INR 135 billion. Any color on that? Any understanding you can help us on that bit? Thank you. The reduction to your first question about the transmission loan book, so there is some reduction, which is in the normal course of business, one, that the repayments which we are getting on a regular basis. So I think majorly it is on account of that only. And there is one loan which has been prepaid also in case of transmission. So the net impact you must be seeing in the book. And with respect to your other question about the slight increase in the Stage 3 asset, there has been one promoter that for the waste-to-energy project. So that has slipped in the Stage 3, and it has a small amount of around INR 130 crore, which has been categorized as Stage 3 asset. Okay. And this asset which has slipped, this is from biomass waste energy project, is it? No, no. It's a waste-to-energy project. Okay. Got it. Technical issues in the project, which is how we have seen that slippage into the Stage 3 asset. Okay. Yeah. That helps. Ma'am, and just one follow-up question. Your peer had indicated that though it's a small amount, their disbursal on RDSS loss reduction plan has started. So you also mentioned that the work there has been quite complete. So have we started disbursals on the RDSS loss reduction bit, or is that something we should expect from fourth quarter onwards? We have till now under RDSS, we have cumulatively disbursed around INR 2,500 crore. And during the current quarter, maybe around INR 600 crore was the disbursement amount. Okay. Okay. Thank you so much, ma'am. Hello? Hello? Yeah. Yes. Ms. Shreya, does that? Yes, yes. Yeah, yeah. I'm done. Thank you. Ladies and gentlemen, in order to ensure that the management is able to answer questions from all participants, please make sure that you please limit your questions to two per participant. If you have more questions, please come back in the queue. The next question is from the line of Suraj Das from Sundaram Mutual Fund. Please go ahead. Yeah. Hi. Hello. Thanks for the opportunity. My questions have been partly answered. Just a follow-up to Shreya's question, ma'am. That slippage is, I mean, one project slipping into NPA. Was that one project or three projects? Because the number of outside NCLT cases has increased by three this quarter versus last quarter. So. It was one promoter three projects. Okay. Understood. Sure. Thanks. The next question is from the line of Shweta from Elara Capital. Please go ahead. Thank you, ma'am, for the opportunity. Ma'am, I have two questions. One is, so can you provide some color on the backdrop of two, three loans? So one, you had given one infra loan to BEML last quarter. So what could be the rates there? Second, you also extended loans just, I think, a couple of days ago to ACME Renewables. And given the fact that there has been quite competitive intensities on the renewables side, so what is the range of yields looking like there? So against this backdrop, wherein we are seeing competitive intensities flaring up both on the infra and renewables side, how are the yields shaping up going forward? That's question number one. Question number two, so partially you answered this question. So you are maintaining full year growth targets at 14%, which is similar to FY 2024 levels. But to achieve that 14% growth target, sequentially, next quarter, you have to grow at 9%. And does it mean then that, and for that, your repayments also have to be substantially lower in Q4? But apparently, historically, I see Q4 has been traditionally slightly heavier on repayments. So what gives you confidence, or what are the levers to grow immediately in Q4 for achieving that 14% growth? Thank you. I couldn't get your first borrower name, what you said. BEML or what it is? Yeah. BEML on the infra side and ACME Renewables on the renewables side. So what are the yields looking like for these kind of projects, say, infra and renewables? And how then do you expect the yields to shape up going forward? See, with the BEML, we have not sanctioned any loan. It was an MOU which we have entered into with BEML. So there was no sanction. And with respect to the ACME Renewables, which project you are referring to, because it will depend on the rating of the project that whatever is the rate of interest is being charged. For the renewables, our interest rates are starting from at around 9% and going forward. And we are seeing slightly the mix disbursement or our loan book mix is being changed. You must have seen from conventional generation, we are moving to renewable as well as we are in higher outstanding on the distribution sector also. But still, we are able to maintain our yield and spread as you are seeing. Sorry, I'll correct myself. So you had extended loan to Juniper Green Energy a couple of days ago. So what are the rates looking like now on the renewables side? So I think you answered that. That's around 9%, right? It starts at around 9%. I don't know about the rating of the project. So depending on the risk profile, it is slightly increasing. So that you can, I don't know about exact rating of the Juniper Green, which you are referring to. No problem, ma'am. Yeah, ma'am, and the first question on the loan growth. Yeah. On the growth front, whatever your question was. See, in the Q3, we have grown on 10% basis year on year, which is, I think, better than last year, and if you see that generally, our disbursements are more happening in the Q4, and you must have seen from the past trend that our growth is generally higher in the Q4, so if we compare on year-on-year basis, that we have disbursed 25% more as compared to the previous corresponding period. If you see the last year trend, 37% of our total disbursement is happening in the Q4, so on that basis, we are expecting that we will be able to maintain our guidance, which we have given for the loan book. The second thing you have talked about, the repayments during Q4. What I can see is the expected repayment, which is there in the normal course of business, is on quarter-on-quarter basis, is lesser if we see this particular Q4 for FY 2025. So on an average, around 24-25 thousand crore of repayment we receive on quarterly basis. However, against that, this quarter, it is somewhere around 18-19 thousand crore. So it is there. So accordingly, you can work out whatever you were already working out, repayment and disbursement taken together. Next, what I can say that we will be able to maintain the target given by us. Sure, ma'am. And just follow-up question there. So which product segments, particularly in Q4, is going to aid this kind of 9% and 14% growth? Sanctions. See, we have done around INR 252,000 crore sanctions during FY 24-25, so with nearly 62% for generation projects, so we are expecting that both on the generation as well as on the distribution front, we will be working during the last quarter. Okay. Okay. So generation and distribution. Fine. Thank you so much. Thank you. The next question is from the line of Sarvesh Gupta from Maximal Capital. Please go ahead. Good afternoon, ma'am, and thank you for giving the opportunity. Just a clarification. So on the unhedged forex exposure, you are saying that given the current exposure, we will lose around INR 45 crore for every one rupee of unhedged depreciation. So this has been around a rupee in this quarter. So as things stand now, it would be a INR 45 crore hit to the P&L. Is that the right understanding? See, the question was specifically with respect to the unhedged portfolio. So unhedged portfolio for each one rupee, as we have said, that considering our loan book of $9 billion, so it is going to have an impact of 45 crores. But there are certain other things that wherever, because the net impact on the profitability is the change in the exchange rate less the mark-to-market valuation. And you know that mark-to-market valuation, when we go for the hedged portfolio, depends on not many things because of the forward premiums, because of the exchange rate, current exchange rate, and the protection. So not many other things are factored into mark-to-market. And that is how we will be seeing that how going forward it's going to impact during the current quarter. On this $9 billion book, how much is unhedged as of now? On the unhedged book, it's going to be the similar way because there will not be any mark-to-market losses. So everything will be going to the profit and loss account, whatever is the exchange rate into the unhedged exposure. Understood. Understood. And for FY 26, I mean, given our current disbursement mix, do we expect to maintain the NIMs as it is, or we see some decrease given that renewables are gathering momentum in terms of the total percentage mix in favor of renewable? See, definitely, when we talk of the renewable, then we are earning slightly our spreads are slightly lower. But as the profit increases and loan growth continues at the same pace, we are expecting that NIM will be revolving in the similar range. However, in quarters where there is an accelerated loan growth, so it all depends, so there could be some impact on the NIM. Okay, and then REC, in its phone call, had given one number, which was basically these resolutions which were basically in advanced stage. They were expecting around INR 2,200 crores of recoveries net of the provisions, excess recoveries. So what would be the figure in your case? What is, basically, the advanced cases, how much net recovery or net addition to the P&L will get because of provisions being higher than the recovery? What is that net figure from the advanced projects which are under resolution? See, the main is under the KSK, where we have provided for around 55%. As per the current resolution plan, which has been submitted to NCLT, we are expected to recover more than 100%. So, we are expecting that there may be reversals. Similarly, on the Shiga, in case of Shiga also, we are expecting that whatever resolution plan is under discussion, we may have 100% recovery. So. Do you have the absolute amount, ma'am? See, right now, I don't think that we should discuss any absolute amount because, let all those things come to a final conclusion. Only then we will be able to share the absolute amount. All right. Thank you and all the best. Thank you. The next question is from the line of Romil Oza, an individual investor. Please go ahead. Hi, ma'am. Ma'am, based on the exchange rate movement from last quarter, we haven't had an impact on the profit and loss statement. Whereas this quarter, with the RBI's Reserve Bank of India's intervention, the rupee has appreciated, and there's only a one rupee difference. So you have to start explaining better, not only in terms of foreign exchange, not only in terms of your non-performing assets recoveries, because what you guys are doing is, first of all, with NCLT, you should be we've already discussed this offline before. You have to talk to the government and say, "Hey, this is for the energy security of the country," right? This is a basic need. And you guys are getting projects stuck in NCLT. We don't know which projects to greenlight, which are brownfield, etc., etc. So why is there no coordinated effort in telling the Power Ministry and the Finance Ministry and the Law Ministry that this is needed for the energy security of the nation? So why and why are you guys not able to tell us what the recovery amounts are when the newspapers are telling us that this is the recovery amount? You guys have made the loan. So it's your loan. You guys are negotiating. We are the investors. It's our money which we are investing. Tell us what the recovery amounts are. Tell us what you have provisioned. Tell us what is under liquidation and how much you are putting 100% liquidation, 100% provisioning out there. You are not going to recover anything on those assets. So it's becoming your you have to report stuff in a better manner because even you are reporting standalone earnings, then consolidated earnings. You are giving standalone book value. The consolidated book value matters. Why is it taking you guys so long to disclose stuff? It is not for me. It's the president of India who has invested 52% in you. So you owe it to the public. You owe it to the population of India to report properly. Why are you not reporting stuff properly? See, I don't know that from where have you gathered that we are not disclosing the numbers. We have. You are not. You are not disclosing the numbers. We are asking you, what is the recovery amount of KSK Mahanadi? You don't have an answer. Rural Electrification Corporation is a subsidiary of yours. They are talking about Hiranmaye and Sinnar, where you are a lender too. They are reporting those numbers. You are not reporting those numbers. Why is there no coordination? I believe you are on the board of at least you used to be on the board of Rural Electrification Corporation. It is a subsidiary of yours. Why is there no coordination? And I know there is coordination between you guys. So why is it that there's no coordination in reporting the numbers? Why are you not giving me the Hiranmaye numbers? Why are you not giving me the Sinnar Energy numbers? Sinnar is being bought out by NTPC, which is a Maharatna that you guys are. You guys have no coordination when I know you guys are working extremely hard towards the energy needs of the country. You guys can't tell us that, "Okay, we will get it done in one month, two months, three months." This is a Maharatna company. See, I think you have some misunderstanding about the thing. You might not have heard it properly. What we said that these are the resolutions we are targeting in this quarter. So we have never said that Sinnar is not there or any other project is not there. What we were talking, you have to listen to it properly, that this is only that these resolutions we are looking at in the current quarter. We have clearly told you that we have 55% provisioning in KSK. We have provisioning. We have been sharing the number of provisioning for other assets on one-to-one basis also and in the calls also. I don't know why you are not aware of all these things, whereas PFC has always been telling all these things in the open forum. So this is what we said, that exact number, what is there. We have said that we have received we are expected to receive more than 100%. So I don't know from where this disconnect is coming. So this, if you want, I think we can talk separately, and you need to correct your numbers first. If the credit committee has reported, has already passed the plan. Mr. Romil, please fall back in the question queue for further questions. The next question is from the line of Nishant Shah from Millennium. Please go ahead. Hello. Ma'am, just one question. I wanted a clarification, and you've discussed adequately about the unhedged portion of the foreign currency borrowings. Is there any at all kind of expense that we can expect or a forex currency translation that we can expect from the hedged book as well? Do our hedges only protect us up to a certain level of currency depreciation, or is it covered no matter where the currency goes? That's my only question. Thank you. Yeah, it's a mix. We have taken some cost-effective instruments also for the hedging, where we have an upper cap of the protection, and in that case, it all depends on the closing rate of the rate of exchange about the protection. Okay. As a follow-up, if theoretically the rupee goes to 90, what kind of total losses that we can expect on the hedged and the unhedged combined? See. Just a very theoretical, yeah. It's very theoretical, and we have to see that in each individual case up to what level is the protection involved. But on a broad figure, if the rupee is ranging somewhere around 88, so we may have around additional maybe 4-500 crore of impact, which is going to be there on the P&L. Okay. INR 4 crore-INR 500 crore of impact if the rupee goes up to 88? Yes, probably. It's a very rough figure. Understood. Understood. Yeah, this is useful. Just one small follow-up again. Would REC be similar in their hedging strategies? Since it's your subsidiary, would you have any insight? Yeah. I'm sorry, I don't have any figures for the REC in this regard. All right. Thank you. This is useful. Thank you so much. The next question is from the line of Ashish Sharma from Oaklane Capital. Please go ahead. Yeah. Thanks for the opportunity. Just wanted some color. We haven't shared the sanctions number in the presentation. If you can give some color on the sanctions part, how they are trending. And then also, we used to give the exposure on the electricity board also. I mean, even that is not in the presentation. Also, one more question was on the rating upgrades for the rating upgrades expected. Would that lead to a provision release in Q4? See, on the sanction numbers for the year, we have sanctioned INR 252,662 crores, of which INR 93,000 crores was during the current quarter. So if we bifurcate INR 252,000 crores, around 62% is towards generation, including renewable and conventional. Around 16% is towards distribution. Around 7% in the transmission and around 9% in the infrastructure. On your another question on the rating upgrade about the state utilities discount, which I understand that this is what you are asking? Yes, ma'am. So that, I think we will be coming out completing the rating exercise for FY 2024 soon. And maybe in 10-15, another 10-15 days, we will come out with that exercise. And what was your third question? So the question was similar. If there is a rating upgrade, do we see any substantial write-back on the provisions on these? Is there a write-back possibility if the rating is upgraded? See, the integrated rating, when it comes only, then we will be able to know what is their rating and what is their likely impact because it varies with each individual utility and then the exposure, what is there with that utility. Okay. Okay. Okay. Perfect. That answers. I was just also referring that we used to provide the top 10 exposures in the presentation. It's not there in this Q3 presentation. And also, we had mentioned that if we can give some granularity on the private sector exposure, which is now closer to 1 lakh crore, it could help us in this is that would be great if you can provide it quarterly, some granularity on the private sector exposure. Thank you. Okay. Right. That we keep in mind for the next quarter. Sure. Thank you, ma'am. Thank you, and all the best. Thank you. The next question is from the line of Puneet from Equirus. Please go ahead. Hi, ma'am. Thanks for taking my question. Just two questions from my side. One is on the NPA, the marginal increase you highlighted in the waste-to-energy account. What is the total exposure in this account? And are we seeing any, like you mentioned, a technological issue is there? And anything we are seeing with respect to other players or any qualitative color on that? That's one. And second, on the repayments bit, have we seen any balance transfers or anything to banks or any other such peers or anything? Because the repayment rates have been pretty high, not just this quarter. I'm talking over the nine months as well. So any comment on that? Yeah. Hello. See, on the NPA account, the total exposure is only INR 130 crores. And it's, I think, unique to that project. We are not seeing any other project which is going to be impacted by this type of issues. So it is specific to this project only. And taken together, all the three projects, it's INR 130 crores is the total exposure. On the other issue is about the prepayment thing. I think this is in the normal course of business. It's a common risk, which is in the financing sector. And this financial year, we have in total of around INR 13,000 crores of prepayments during the nine months. Okay. Ma'am, just on the waste-to-energy, what is that exposure to a total book? If you could let us know. 130 out of INR 5 lakh crores. Okay. So that is this 130 is also for the entire waste-to-energy book, or there are more accounts? There are more accounts. I don't have that breakup right now. Okay. Got it. Yes, Puneet, does that answer your question? Yeah. Yeah. That does. Thank you. The next question is from the line of Alok Srivastava from UBS. Please go ahead. Yeah. Good evening, ma'am. Thanks for taking my question. So, ma'am, firstly, there has been some news article that there has been delay in PSA signing between SECI and certain discoms, which is leading to overall renewable disbursements being slower. Are we, ma'am, seeing something of that kind on the ground? And secondly, in context to that, what will be our undisbursed portion of sanctioned loan book and renewable, if you can give some idea around that? Thanks. See, what you are saying, we also have read in the newspaper, but we are not seeing right now in PSC any slowdown in the renewable disbursement. During the financial year, we have sanctioned around INR 90,000 crores towards the renewable generation, and I think out of which around 50% is during the current quarter itself. And on the disbursement side, also, we have disbursed INR 6,000 crores during the current quarter. And in the financial year, INR 16,000 crores we have disbursed during the financial year. So if we compare it with the previous year, it's more or less in line with the previous year. So we are not seeing, as of now, any stress on that. Yeah. Okay. That's fair, ma'am. And just another one, in terms of repo rate change, is there any portion of our liability or asset which gets repriced in the near term? INR 25,000. Around INR 5,000 crores of our borrowing is linked to the repo rate, and I think timing may be either it's a reset on monthly or on quarterly basis. Okay. And it's only on the liability side, not on the asset side? Yeah. It's only on the liability. Sure, ma'am. Thanks a lot, and all the best. Thank you. Thank you. Ladies and gentlemen, that was the last question for today's conference call. I now hand the conference over to Shreepal Doshi for closing comments. Thank you, Steve. Thank you, everyone, for being part of the call, and special thanks to the management of the company for giving us the opportunity to host the call. Thank you, ma'am. Yes. Thank you. Thank you very much. Thank you. On behalf of Equirus Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.