Nikhil, can we go live now? This meeting is being recorded. Yes. All right. Thank you. Greetings, ladies and gentlemen. On behalf of IIFL, I'd like to welcome you all for the third quarter FY 2023 earnings call with Power Grid management. To discuss company's business and share performance outlook, today we have the entire senior management team of Power Grid. It's my pleasure to welcome and introduce Mr. K. Sreekant, Chairman and Managing Director. Good morning. Mr. G. Ravisankar, Director (Finance) and CFO. Sir. Mr. Abhay Choudhary, Director Projects. I request now the CMD to make the presentation and the opening remarks, subsequent to which the floor will be open for Q&A. Over to you, sir. Thank you. Thank you, Harsh. Very good morning to all the participants. I welcome you to the investor interaction for the third quarter results following. I will make initially a very brief presentation and will look forward to your queries and interaction. We are today the third largest CPSE in terms of cross block. We have our India transmission network of 28 subsidiaries, primarily for the TBCB ventures and then 11 joint ventures. This is the summary of our asset base, 1,73,797km with 1,448 numbers of lines. 270 substations all across the country. 85% of the inter-regional transmission capacity is owned by Power Grid. In terms of current years and performance highlights. On the project execution front, against a target of INR 8,800 crore CapEx, we have done INR 5,429 crore. On a consolidated basis by the end of Q3, our capitalization was about INR 5,190 odd crore. In terms of our... Yeah. Operational performance, 99.81% has been the availability, which is above the 99.75% cutoff for the purpose of receiving incentives. Trippings per line are better at 0.21 compared to 0.28 for the corresponding period in the previous year. In terms of... Yeah, these are some of the technologies which we continue to adopt for the asset management, including use of drones and helicopters for patrolling. Lot many apps and software have been developed for asset management in-house. These include asset health indexing, and also particularly for large equipment such as transformers and reactors. There are plans afoot to develop an in-house AI, ML-based tool to do asset defect identification and rectification planning. You would have seen the financial performance which we have disclosed date for yesterday. For this quarter, there has been a growth in the income by 8%, and PAT has seen a growth of 11%. This quarter, the consolidated income has been INR 11,530 crores, and the PAT was INR 3,645 crores. On a nine-month basis, consolidated revenues were INR 34,048 crores, and the PAT is INR 11,097 crores. About 8% growth on the top line and 11% on the bottom line. I think I'll skip these slides. You can see them in the presentation which we'll upload giving the details. I'll just draw your attention to this slide here. The debt equity has been steady at 61-39. Going forward, we will see a little bit more improvement in the debt/equity, primarily because of the deleveraging that is happening following repayment of debt which has been deployed in the past for construction projects. These are some of the key information which is of interest, analyst questions based on this experience we have given. Incentive for the quarter has been INR 130 crore. For the previous nine months, it has been INR 408 crore. Surcharge income has been INR 146 for the nine months. I think these are some of the key. One of the major points is that the short-term loan has been repaid in this period, but I think this is a temporary thing. We may again have to raise short-term loan. In terms of our other two key businesses, telecom and consultancy, this quarter we had about INR 187 crores of revenues from telecom. INR 68 crore worth orders have been received. New customers have been added. This is one of the key growth areas we are looking at for the data center business, where we have received the approval from the CERC for the use of the land at Manesar substation to set up a data center. We are also expanding the own network of OPGW through agreements with other state utilities to increase our reach. On the consultancy side, our income this quarter was INR 142 crore, primarily in the transmission and sub-transmission works. Commercial performance, though billing and realization shows a tad less, 86% realization compared to INR 34,000 crore billing. We had about INR 30,000 crore of realization. This is primarily because of the past dues for the Raigarh-Pugalur system, so that is yet to be realized. A large billing has to be done for the past period. Otherwise, the receivable position is fairly quite okay. The PRAAPTI portal and that system is working, dues beyond 75 days are automatically recovered. I mean, it is quite okay. A few other businesses. Smart metering, we have received the tenders. Price bids have been opened, now we are in discussions with the Gujarat utilities for the price and other parameters. Solar also, the 85 M-W plant at Nagda, we have opened the financial bids, and hopefully next year we should see the work starting there. This is one key award which we have received during this quarter. The 2022 Platts Global Energy Awards under Corporate Impact for one of the CSR initiatives. We have received two patents which we filed long back. One is for the energy efficient all-season roof screening. Another is smart circuit and smart home energy manager, which we developed in collaboration with IIT Kharagpur. These are more demonstration projects. I'm not sure what will be the commercial potential of these patents. Briefly, I'll turn towards the sectoral outlook in terms of the total power sector as such. As you are aware, there is a energy transition, so focus on renewables. You can see that, the installed capacity is expected to grow at a CAGR of 9.55% from current 404 to 838 gigawatts by 2030. The renewable capacities are likely to grow at about 20% CAGR. In terms of energy requirements, we see about 5.06% CAGR growth. That requires significant investment in the transmission sector. There has been a plan released by the CEA for development of transmission system for integration of over 500 G-W renewable capacities by 2030. covers various schemes such as the Ari-Pak in Leh, Fatehgarh-Bhadla, Bikaner's schemes, and in Gujarat at Khavda. wherever there is potential, how do we plan to integrate that into the grid? This is the schemes, I mean, various schemes identified and shown. Nearly 51,000 circuit kilometers of transmission lines are planned at an investment of INR 2,44,200 crores. Currently, bids have been submitted and process is on for investment of project cost of about INR 23,000 crores. Another INR 34,000 crore investments have been approved, and they will be put to bid shortly. there is a robust pipeline of transmission projects which will come predominantly in the TBCB category. As far as Power Grid is concerned, we have works in hand about INR 47,000 crores ongoing. INR 20,000 crores, including TBCB. As I mentioned, our CapEx plan is about INR 8,800 crores this year, and we are putting all efforts to achieve this target by the end of 31st March 2023. I conclude my presentation here. Thank you very much for your patient hearing and I am open to your questions. Thank you. Great, sir. Thank you very much. Ladies and gentlemen, the floor is open for now Q&A. I'd request you to raise hand. There's a raise hand tab there. We'll call out your names and also unmute lines. Alternatively, you can also type in question in the chat box, and I'll read out the question for the management for them to answer. We'll take the first question from Lavina Quadras. Vidushi, can you unmute her line? Lavina, go ahead. Lavina, your line is unmuted. Go ahead. Okay. I'm trying to speak. You can't hear me? Hello? Can you be a bit louder? Hi. Am I clear now or no? Let me type my question. You can move on to the next question. I think there is an issue in my line. Vidushi, next question from Mohit. Mohit, your line is unmute. Go ahead. Yeah. Hi, good morning. Can you hear me? Good morning, we can. Yes, sir. Thanks for the opportunity. First question is, sir, on the monetization, why is the monetization getting delayed? Is there any new timeline which you're looking at? I understand that FY 23 is not expected, how do you see in FY 24? That's the first question. As far as monetization is concerned, this year we had initially targeted about INR 6,800 crores. You know, there has been an uptick in the interest rate regime, and the yield expectations have gone up. We are seeing a decline in the valuations which, compared to what we had initially at the time of the IPO, for the initial round of monetization assets. That is one. Second, in terms of, there is also a change in the basic thought process that the assets have to come back under the NMP structure. We have to... Last time what we did, we transferred the shareholding and it was completely transferred. There is no getting it back at the end of the concession period or any such thing. Under the current NMP, this is one of the requirements that to the owner. Preparing a new structure for that which is tax efficient and all took time. I think, instead of monetization through InvIT, we are looking at securitization of the cash flows and raising funds. That is something which we are doing, and hopefully about INR 3,000 crores we will raise before the end of this fiscal through this route. Does it mean that we'll not transfer the asset in InvIT in FY 24 also? Is it the right understanding? we have to look at it. I mean, it's not that we will not do. There are issues which we have to resolve in terms of a fair price discovery, in terms of the yield expectations. See that, you know, how do we balance the interests of our shareholders, the requirements of funds, and raise funds at an optimal cost for Power Grid. I think, these are all considerations which we would go into this monetization decision. Understood, sir. Second question on the smart meter. I think you've conducted the bid, at least for one crore smart meter, right? Are we doing this smart metering only for one discom or all three discoms of Gujarat? Second question is there any more opportunity in the smart metering apart from Gujarat? Yes. We are looking at two discoms where we have MOU in Gujarat. We are also looking at Mizoram and then, other places, progressively once we gain a little of an experience, we'll look at. Last questions on the, on the transmission bidding. Of course we have a large opportunity to integrate the renewables. The bidding has been pretty, or is very, very slow. There hardly been any bidding in the last nine months. How do you see it going forward, especially for FY 2023 and FY 2024? Sorry, Mohit. Your voice has been cracking, I think. No, I'm talking about the transmission bids. The bidding has been very muted for nine months. How do you see- No, no. Now you will see much more pickup. As I mentioned, INR 22,000 crore bids have been submitted. You know, like today there is one project for which reverse auction is on. A day before we won a small project in reverse auction. There are INR 22,000 crore worth projects, about 14 of them which have been bids have been submitted. As I said, INR 33,000 crore have been approved, so they will come for bidding shortly. There is a good pickup, I believe. Understood, sir. Thank you and all the best, sir. Thank you. Thank you. Ladies and gentlemen, my request is, please limit your questions one, at any initial round so that, you know, we can get maximum participation. Vedshree, can you mute, unmute line of Nitesh Jain. Nitin, go ahead. Audible? Yeah. Thank you for the opportunity. My, I have two questions. Year-on-year and quarter on quarter, there has been a drop in the total borrowings, but the finance cost has gone up in the last two quarters. Is it due to the rise in interest rates? If yes, then what is the quantum of rise that we have experienced? Secondly, we have loans to related parties. Who are these related parties, and what are the securities that we have against these loans? Thank you. Loans to related parties are all loans to our own wholly owned subsidiaries. These are not secure. They are wholly owned subsidiaries. There is no security which we have. These are typically on-lent for the purpose of TBCB projects. It is more efficient to raise debt at a parent level and on-lent to the subsidiary. Regarding the increase in the finance cost, there are two, three reasons. One is the increase in capitalization. That is one. Second, FERB, that is the exchange rate variation. A part of it is treated as finance cost as per the accounting standards. That has contributed because the rupee has depreciated vis-a-vis U.S. dollar, and we have some foreign currency borrowing. Third is the increase in the interest rates of the floating debt. As far as Power Grid is concerned, a significant amount is fixed debt in terms of debentures, so there is no impact of interest rate movement there. We also have borrowings from the financial institutions which are on a floating rate basis, where due to the change in the rates, the base rates, the MCLR, we are seeing the increase in cost. Typically we borrow at MCLR, so the impact is whatever movement you have seen in the SBI MCLR or HDFC MCLR, that is the kind of impact we have. A couple of them are linked to repo, so the repo movement is also impacting it. Okay, great. Just one last follow-up, if I may, sir. The total employee count has been declining over the last three, four years. How should we, like, read this development from, you know, growth point of view for the company? That employee count, it will increase. At the same time we are also kind of rejigging a bit of our composition going for outsourcing and engaging on a fixed-tenure basis. It will be stable to a moderate increase, but it will not be significantly declining. Okay. Thank you, sir. Thank you. That's all from me. Vedashree, next is Puneet from HSBC. Unmute his line. Yeah. Hi, can you hear me? Hello? Can you hear me? Yeah, please go ahead. Okay. Yeah. My first question is with respect to the, you know, the bidding pipeline. You said the total opportunity is INR 244,000 crore. That would all be ISTS, I would presume, right? Can you identify the opportunities outside the ISTS as well, and will you be participating in the same? You are right. These lines are investment opportunity set is for ISTS. Ideally, I mean, it's very difficult to say how much requirement is there in the intrastate, because it is all fragmented state by state. Assessments are not readily available. As a rule of thumb, I will believe that similar investment will be warranted in the intrastate system also. The opportunity set there is a bit limited because some of the states are doing it on their own. They are doing at a slow pace, but they are doing it on their own. They are not doing any bidding process. A few states like UP, Rajasthan, MP are doing bidding, but again, the pace is not commensurate with the requirement in my view. Okay. For the ISTS, what kind of competitive intensity are you seeing? It is extremely high currently. We can see anywhere between 7-8 bids if the project size is smaller. Where the project size is larger, there are 5-6 bids. When I talk of large, I mean say about, INR 900 crore-INR 1,000 crore kind of bids, investments. There are schemes where the investments are all less than INR 500 crores. There we see more bidders. As such, the competitive intensity has significantly gone up. Okay. Will it be fair to say when you say the reverse auction was conducted, you get to see the other person's bid and you can lower your bid? It's the same process, right? Absolutely, true. You are very right. The moment you see a bid, you feel that if somebody else can do it at this price, I can always do it less than 0.25%, and then the race starts. There is this issue which we are facing. Understood. That's very helpful. Secondly, on the smart metering side, is it possible to quantify the opportunity set in Mizoram and how more can you do in Gujarat and what is the pace of execution there? The pace of execution is that, you know, these are to be done in next couple of years. Though the total requirement in the country is about 25 crores, initially 10 crores is being targeted. We are targeting to do about 1-2 crores of meters here. in next 2, 3 years. We are doing it directly ourselves and also through one of the joint ventures of our joint ventures. Intellismart, which is a joint venture of EESL and NIIF, is in the business. They are targeting to do about two crores, and we have 33% stake in EESL. There is a kind of indirect participation there as well. How do you view this competition between IntelliSmart and Power Grid? We don't compete. They have a separate opportunity set and you look at another one? Is that In a way, yes. Okay. Okay, that's great. Thanks. I'll come back and join in the queue. Thank you so much. Vidushi, could you unmute Anuj Suneja, please? Anuj, go ahead. Your line is unmute. Been outlaid for the next 7-10 years. Another competitor of yours was mentioning that the overall CapEx outlay is of the likes of INR 410,000 crore. We are working with, I think, a very different number of about INR 2.5 lakh crore. Even though 500 gigawatt numbers that have just come in for the. Can you please give the difference, some clarity on how these numbers are different and what would be the right number to look at? I think the INR 2.44 lakh is the number in respect of IPDS. There are investment opportunities other than that in the intrastate and all. Maybe, you know, we are not putting a number there. Somebody is venturing out to put a number perhaps. Does it answer your question, Anuj? I think there's some issue with his line. Vidushi, can you unmute- No. Yeah. Yeah. Yeah. Yeah. Yeah. It broadly answers the question, yeah. My second question is on the lines of, so what would be the impact of tax changes on InvIT? Post, like, policy changes, would the, like, would it ever go ahead? That's the second question. Thank you. I think, InvIT questions I will pass. Okay. Thank you. Thank you. Vidushi, can you unmute line of Anshuman, please? Anshuman, go ahead. Hello. Yeah, please. Yeah. Good morning, sir. Sir, the first question on the Ladakh transmission lines. Yesterday, the finance minister also remarked on it and announced that the project cost is INR 20,700 crores and the grant is INR 8,000 crores from the central government. Sir, just wanted to know some details on it. Does this include the battery storage component as well, and on the timelines of the project? It does not include any battery storage component. As far as timelines are concerned, after the approval, we have to bid out and it will be about five years at least to execute the project. Sir, should we assume that the project CapEx should start from FY 2024? Yeah. Okay. sir, previously we had mentioned that, the total project cost is INR 27,000 crore, including the battery component. Is that true? There was a 1 gigawatt hour battery which has since been changed. There has been, as the process was in deliberation, the project was under deliberation and review at various stages. There it has undergone slight modification in the scope. Current cost is INR 20,772. That doesn't include the IDC. If you add the IDC and all, it becomes somewhere around INR 22,500 or so. Okay. Sir, the second question, sir, in the notes to accounts, sir, we have mentioned that as per the LPS rules, the total charge that we have taken is around INR 94 crore on the fair value difference. This was INR 127 crore in Q2, chair mentioned. Has there been any reversal or how should we look at this? Any quarter. Every quarter. Unwinding doesn't come exactly See, yeah. It is like this, that you initially recognize the total discount at 127, and then, it gets revised to, every quarter you again. Fair value. Fair value it and then account for the interest, no? Yes. In effect, it becomes, 97. Nine, no. It will be- Okay. This whole 127 will get unbound and recognized as income at the end of the, whatever, 48 months or 36 months. What is the total outstanding receivables which has been converted? About 2,400. INR 6,000. Yeah. INR 600 thousand. It is. INR 2,400 was the total, no? INR 2,400 we have converted, of which INR 600 we have received. Yes. INR 600,000 received. Any further amount which is expected to be converted through these rules? That date is passed, no. That is only one time up to June, whatever was there. It was done. Okay. Thank you so much, sir, for answering my questions. Thank you. If you don't mind, we'll take a couple of questions from the chat box. The first question is from Krishna Kumar, and the question is: Are you planning to exit your stake in PTC India? If yes, then what is the reason? Yeah. Are you planning to exit your stake in PTC India Limited? If so, what is the reason? PTC. It is an option on the table. Got. Next question is what is the CapEx in the last five years? Yes. I think partly this has been answered, so that is the reason why I, you know, I'd like, we'll move on to the other one. The other question is what is the status of GEC phase two, you know? What is the opportunity size available here, if you can quantify? The GEC phase 2 is mostly being executed by the states themselves. It is partly funded by the grant of the government and partly funded out of debt being provided by the multilaterals through the government. There is hardly any opportunities out there. I think, they are not going to bid out these projects. It is mainly intra-state. you know, the potential opportunity with upcoming thermal CapEx by NTPC and some others, and some other states, what extent of it is included in 2028 interim plan? Can you help with total transmission opportunity size on RE plus conventional power projects until 2030? Conventional is not yet very clear where are the new projects coming, though there has been some, you know, deliberation to add, I think nearly 27 gigawatts or so of conventional power. It is still those plans are not yet formed up, so we are not having the transmission schemes drawn for them. As far as RE potential is concerned, the roadmap has been given in this plan for reaching 500 gigawatt RE by 2030, which I discussed briefly in the presentation. About 51,007 kilometers of transmission lines, from various RE potential zones in Rajasthan, Gujarat, Tamil Nadu, Karnataka, all over the country have been drawn, and that has the potential identified investment opportunity of about INR 2.44 lakh crores. Sure. Great. We'll come back to the questions, live questions now. Vedri, can you unmute line of Srip Kishor? Over this fiscal so far, how many TBCB projects have been bid out in value terms, and how much have you won? What is your equity IRR expectation for the projects won? Which period you are asking, sir? So far this fiscal. Fiscal FY 23 so far. I think there haven't been many projects. We won two projects. I'll just get you that. We'll go to the next question. I'll come back to you in terms of this number. We'll also want the total value that has been awarded so far this year, including your win. What is your capitalization target for FY 2023 and 2024? Could you please refresh, you know, those expectations as well? Within your works in hand, what is the value of the Leh Ladakh project currently and was that the portion that was spoken about in the budget yesterday as well? Yeah. In the works in hand, Leh Ladakh is about INR 22,000 crore. Next year we should be seeing capitalization of about INR 10,000 crore. As far as the return expectations on TBCB projects are concerned, I think the margins are under severe strain because of the intense capital, I mean, intense competition. I think there will be some time we have to focus on market share and, you know, forgo some amount of returns to maintain the market share. In the next 12 months, because there has been, you know, less award in the last couple of years, what would be your rational expectation of awards in TBCB projects? As I mentioned, the next 12 months, we should see somewhere around 22 plus 33. I say nothing less than INR 40,000-50,000 crores. That will be, you know, very good to see it. Finally, just one more. Yeah. INR 50,000 crore is already under bidding. INR 33 crore odd has been approved. INR 33 crore, when it goes to the market and then gets awarded, it should be six months. I believe in the next 12 months, definitely INR 40,000 crore-INR 50,000 crore will be there for award. Just one bookkeeping point. If I look at the P&L for the first nine months, the taxes, the total tax has reduced by 51% to INR 11.8 billion. If I were to exclude the reduction in taxes, then the profit growth, gets wiped off. How should I understand this? Sorry, it's not clear. I said that if I look at the total tax in 9-month period, you know, that you have in your P&L, it is down. You are trying to compare the PBT? Yes. Okay. I think part of it is that, you know, you also have to adjust for the regulatory deferral, receipts for the Exchange Rate Variation. Because Exchange Rate Variation expense, which is there in the other expenses.. finance....and finance cost is offset through the regulatory deferral. You need to adjust for that as well. That has a large tax impact. That is not tax impact because it is below the profit before tax and regulatory, so you need to adjust for that. We made that adjustment at the EBITDA level. We took those, you know, line item above the EBITDA line, and then we looked at PBT. There was almost a flattish to a slight decline in PBT for the first nine months. No, it's not. See, if you look at this presentation where the EBITDA gross margin is given, you see that movement in regulatory deferral balances is adjusted. Therefore, you see about 6% growth here. It is for the quarter- Sure. has grown up to 6%. We'll look at the presentation when it. Yeah, please have a look at the presentation. Thanks. Right. Thank you. Thank you. Vedashree, can you take the next question from Chinmay Kabra? Sure. Yeah. I think just 1 follow-up. We just have the information. The 1 question was how many we won in 2020-2023. There were 5 projects. We won 2 out of the 5 in the TBCB. Helpful, sir. Vedashree, can you please unmute line of Chinmay Kabra? Chinmay, go ahead. Hello, am I audible? Yeah. Yeah. Hi, sir. I might have missed it. If you could just repeat what is the expected commissioning in FY 2024 and FY 2025. If you could just probably repeat it. It will be about INR 10,000 crores. All right. This is total FY 24 and 25, or? No, no, in 2023, 2024. Could you give the breakup on a standalone console level? No, this will be on console level, including TBCB. All right. Thank you. Much of it will be TBCB. Sorry? Much of it will be TBCB. All right. Understood. Thank you, sir. That's my question. Thank you. Vedashree, can you please take question from Sunil Kothari? Yeah, Sunil. Lord, looking at last five, seven years experience and looking at five, seven years ahead, how you see the major change and what is the opportunity for us? 5-7 years going ahead, I think, one is the RE and related transmission because that is one's very apparent trajectory we see. There will be growth in the solar and wind renewable energy capacities, and therefore, there has to be more transmission for that. That is one. Mm-hmm. Second, Which is potential is the battery storage. Though there is a lot of discussion around pump storage and investment and approvals for pump storage. That is one area, but then we don't have much of an opportunity there as Power Grid. Okay. Because pump storage is more civil-oriented and generation-oriented business. Whatever battery storage opportunities which will arise, that is something we have to look at. At present, the battery storage costs are still high. The third opportunity set is, you know, in terms of transmission for hydrogen and offshore wind. That is a bit more time consuming. I mean, horizon is much longer than five to seven years. In five to seven years, we will definitely see crystallization of offshore wind on the Tamil Nadu coast or Gujarat coast, and the projects would have taken off. As far as green hydrogen is concerned, I think, there is significant push in terms of investments in green hydrogen and for export and all. There will be opportunities for the transmission of electricity for green hydrogen. Related RE projects. I think these are some of the dimensions on which we can see growth going forward. Yes, sir. My last question is, sir, we being industry of Power Grid, it seems that. Sorry, can you louder and clear, please. Yeah. sir, it seems that securitization is better opportunity than monetizing assets through InvIT. What is your thought process? Why we should not do more securitization and get this asset building going up? Yeah, that is right. Securitization, being a better opportunity, it is one of the ways to raise funds, so we are, yeah, definitely adopting it. Right. Thanks a lot. Thank you. Sir, can we take a couple of more questions from chat box and then we'll come back here live. One question is, can you give us some guidance on smart metering CapEx over the next, you know, couple of years? That's number one. One is, smart CapEx, you know, it is about, say for 1 crore of meters we can see somewhere around INR 5,500 crore to INR 6,000+ crores of investment. Sure. Great. The second question is, can you provide some more color on why receivables have gone up? The receivables have gone up primarily because there has been order for the Raigarh-Pugalur system, which is, you know, effective somewhere around September 19, I think, when the first pole was commissioned. That has accumulated a bit, and the entire amount had to be billed when the orders have been received from the CERC in the last couple of last quarter and the previous one. Therefore, there is accumulation. The states of Tamil Nadu, Andhra Pradesh, I mean Telangana, they are also asking for this system to be declared as a national transmission scheme so that it is, you know, apportioned to all the. States. Constituents. As it is right now, it is predominantly loaded in favor, I mean towards the south states. That is one of the reason why they are not paying up until this is resolved. I think this will get sorted sooner than later, and we should see a reduction in the receivables. This is one of the main reasons. Otherwise, you know, beyond 75 days, nobody is holding up any amount. That's great to know, sir. Thank you. Vedashree, let's, you know, come back to the online questions. Can you unmute line of Swati Jhunjhunwalla, please? Swati, go ahead. Yes. Thank you for taking my question. Just a small question on the CapEx. What is your expected CapEx for the next year? Secondly, the 1 crore smart meters, which you are saying is around INR 5,500 crore-INR 6,000 crore, what is the timeline for this to be completed? The smart meters will be completed, I think in 2 years' time. As far as the next year CapEx is concerned, it will also be similar number, about INR 8,000, INR 8,800 crores. It depends, you know, if we get more projects out of this TBCB which are under bidding, we should be able to increase this guidance. Great. Thank you. Swati, any further questions you have? Okay. Vedashree, let's move on. Can you unmute line of Anuj Badani? Am I audible, sir? Yeah. Okay. Sir, what is the capitalization target for the current fiscal and the work in hand which we have to the tune of INR 47,000 crore, can you mention the executable time for this project? This year we should be seeing around INR 10-12,000 crores of capitalization. The INR 47,000 crores includes LA scheme, which is INR 20,000 odd. Suppose that rest should be executed within the next 2-3 years. This scheme will take more, about 5-6 years. Yeah. Got it, sir. One of the smart metering thing you just mentioned that it would take around 2 years' time. Was this you were referring to the Gujarat tender for 1 crore smart meter, or it was for something else? Same thing. Okay. How much would be, you know, our proportion of revenue? Should I say it's a revenue or it would directly flow to the EBITDA level? How much would be our portion? Because I don't think so we are venturing into the manufacturing of the smart metering. We would be acting more as. No. We are only. No. It is purely rental for that smart meter which we are talking of. Ha. No, no. On an annualized basis, I mean. Okay, I'll just speak on an annualized basis, how much do we target to earn from this thing? Sir, revenues will be when the 1 crore meters are all on, they should give you revenue of around INR 700 crores. This is for our side you are saying, sir? Or it is a portion of the income which you are referring to, which would be attributable to Power Grid. It is our, direct 1 crore meters. Our part, our section you are saying. Yeah. would receive somewhere around INR 700 crore through this 1 crore meter. Yeah. Okay. Thank you, sir. That's it from my end. Thanks for the opportunity. Sir, if you don't mind, I'd like to ask a question on behalf of one of our shareholders who has not been able to attend the meeting. The question is mainly on the policy of dividend distribution. This year the board has been, you know, quite generous and looks like of the INR 15 standalone EPS, INR 10 has already been paid out. If you can lay or guide us in terms of, how would this, you know, dividend distribution policy be for FY23, and can we expect a continuation of the same policy in FY24? Yeah. I think our dividend distribution policy is well exposed, and it is followed also. Since last few years, there has been significant increase in the payout. So long as we will continue to balance the requirement for our CapEx and distribution. I mean, it will continue. I don't think Last year we distributed around 60%, right? That is the payout which we have done. I don't see any reason to reduce it. That's great to know, sir. I think in the interest of time, that was actually the last question. I really appreciate, sir, for sparing your time and giving great insights. Any last remark that you would like to make before we conclude this session? Well, thank you very much for your participation and support, and we look forward to your continued interest in Power Grid. Thank you very much, sir. Ladies and gentlemen, on behalf of IIFL, I thank you all for joining in, for this webinar. You may please disconnect your line. Thank you. Nikhil, I'm disconnecting my line. Yes, sir. Thanks. Thank you. Bye. Kushagar, we can close. We can end the meeting and you can send accordingly. I'm ending. Okay.