...On behalf of Power Grid Corporation of India Limited, we welcome you to the analyst meet to discuss the fourth quarter and annual financial statement for the financial year 2023-24. I now invite Mr. Satyap rakash Dash, Company Secretary, to initiate the proceedings. Thank you. Good morning, ladies and gentlemen. On behalf of Power Grid, I welcome you all to this investors and analysts meet. Today, our senior management is there with us, to discuss the company's business performance and, financial things of, based on the present recent, recently published financial result. It's my pleasure to welcome the senior management of Power Grid and introduce them. Mr. R.K. Tyagi, our Chairman and Managing Director, Mr. Abhay Choudhary, Director (Projects), Mr. G. Ravisankar, Director (Finance) and CFO. Before proceeding further, we are presenting a short video on Power Grid. I will now request our Chairman and Managing Director, to address the gathering. Subsequent to this, the floor will be open for question and answers. Chairman, sir, please. Good morning, everyone. Honorable investors, our partners, and colleagues. On behalf of Power Grid, I want to thank everyone for attending this investors meet. Along with my board colleagues, Mr. Abhay Choudhary, Mr. G. Ravisankar are there. Our Director, Personnel, Dr. Yatindra Dwivedi, has gone to U.S. for receiving one of the very prestigious ATD Best Award 2024, which we have received for the third time. It is a matter of pride for all of us. I also want to congratulate each one of us for surpassing market cap of INR 300,000 crore on 20th May, 2024. The speed at which it has surpassed INR 300,000 crore from INR 200,000 crore in first week of December 2023, by 20th May 2024, almost five and half months. So there are many more achievements, milestones, in future to come. On behalf of Power Grid, I assure every one of you that we are committed to achieve many more milestones in future. Today, I will cover Power Grid overview, major highlights, performance of Power Grid, what is the growth outlook in next seven to eight years, and what awards and accolades we have received in recent past. As you know, we are a Maharatna company, Schedule A. As per DP, we are third profit-making CPSE, after ONGC and NTPC. Market cap, as I told that, we have achieved on 20th May, INR 300,000 crore. We have our operations throughout India. With neighboring countries like Nepal, Bhutan, Bangladesh, we have cross-border interconnection of about 4,000 MW. We also have footprints in 23 countries with 47 subsidiaries, 12 joint venture companies, and four associates. We are handling huge asset base, one of the largest transmission company in the world. Our operations, our credit rating are excellent. It is at par with sovereign rating, credit rating, domestically and international. As I told that, the widespread transmission asset, about 177,000 circuit kilometer and 1,503 transmission lines are spread across India. You go to any state, our transmission tower is there. We have 278 substations, 527,000 MVA capacity. Inter-regional capacity, about 99,580 MW, which is almost 83% of inter-regional capacity. This indicate that more than 100,000 MW can be transmitted from one corner of the country to another corner of the country. Power generated in Tamil Nadu can be transmitted to Leh and Ladakh. Similarly, hydropower generated in Arunachal Pradesh can be fed to Delhi and Haryana. We are handling almost 99% system availability. We are achieving. Last year, it was over 99.80% availability, which is one of the highest in the world. Our trippings also, it is one of the best in the world. So our operations are excellent, and our experts, technical expert team, is working day and night to ensure availability and reliability of power system in India. Two years back, in 2021, 2022, during COVID period, everyone witnessed that power supply was maintained reliably, and our dedicated manpower worked day and night, even in COVID days, and ensured that reliability of power, be it Leh, be it Arunachal Pradesh, be it Sikkim, so everywhere it was maintained. We have HVDC systems, about 18 stations, 800 kV and 500 kV, which is one of the highest system voltage. One multipole carries almost 6,000 MW. That means one tower of HVDC line, it can carry 6,000 MW, which is more than the requirement of cities, metro cities like Mumbai, Hyderabad, Chennai and other cities, except Delhi, where power demand is about 8,000 MW. Otherwise, one tower of HVDC can feed one full big city, metro city. We have 62 765 kV substations, 167 400 kV substations, and for reliability and dynamic compensation. For reactive power management, we have dynamic compensation of SVC, static var compensator, and STATCOMs, 20 numbers. 63 GIS, especially where land scarcity is there. We have state-of-the-art technology through GIS, up to 765 kV. Our transmission towers, which are spread on hills, mountain top, river, everywhere, whether it be desert, be it dense forest, everywhere our towers are spread across country. We have more than 3,800 transformers and reactors. Major highlights, we have won 13 IESTS TBCB projects in financial year 2024. Like Bidar, which, which is, Bidar substations and Bidar to Maheshwaram transmission line, 765 kV level. Sikar Khetri transmission system, that is two transmission line from Sikar to Khetri and Narela. Koppal II and Gadag II Transmission Limited, which is also two numbers of 765 kV lines and one 400 kV line with, two station, one 400 kV and one 765 kV. Vataman Transmission Limited, it is for evacuation of power to be generated in Khavda area. Khavda, it is a huge potential is there, over 40,000 MW, so it is part of that transmission evacuation system. Neemrana to Bareilly Transmission Limited, Bikaner-III to Neemrana, this is for evacuation system of Rajasthan Renewable Power, Bikaner-III Substation, and associated Bikaner-III to Neemrana II transmission line. Ramgarh II Transmission Limited, it is, Ramgarh Substation plus Ramgarh to Bhadla III, 765 kV transmission line. Then Beawar Dausa, 765 kV. Ananthapuramu Kurnool Transmission Limited, Rajasthan, we have Barmer complex, Jaisalmer and Barmer complex. It is part of 5.5 GW, Part E and Part C. Then Khavda area of Gujarat, phase four, Part Two, Part E-2, which is basically augmentation capacity of Khavda II and Khavda III, KPS-2, KPS-3. In terms of NCT cost, the... It was about 65% of total project, which were bid in 2023-2024, and annual tariff is about 64% of the total. Other highlights, the cabinet approved Green Energy Corridor, especially for Ladakh, Pang to Kaithal HVDC, and at Pang and Kaithal VSC stations, and associated AC transmission line at Pang and/or Leh end. This was approved in financial year 2023-2024. Then MOU, we have signed with RVPN, Rajasthan, for formation of 76/24 JV company for intrastate transmission projects, initially for about INR 10,000 crore transmission system, and maybe later on, many more will be there. Similarly, we are also in discussion with Andhra Pradesh Transmission Company, APTRANSCO, for formation of JV company similar to Rajasthan, and also with Assam and UP. So intrastate transmission system also is likely to be developed by Power Grid through joint venture or through TBCB, intrastate TBCB companies. We have successfully completed five numbers TBCB projects in financial year. We are not only winning the project, but also completing. Power Grid Ramgarh Transmission Limited, which is this execution or setting up of Fatehgarh III substation, and Fatehgarh III to Fatehgarh II transmission line, Fatehgarh III to Jaisalmer transmission line at 400 kV level. Power Grid Bikaner Transmission System Limited, which is setting up of Bikaner-II substation, then from Bikaner I to Bikaner -II, 400 kV line, and then Bikaner-II to Khetri, two numbers of 400 kV double-circuit line, then Khetri to Bhiwadi. Then Power Grid Meerut-Simbhaoli Transmission Limited. It was basically intrastate transmission system, part of UP, where we have set up Meerut Substation, 765 kV by 400 kV, and Simbhaoli, 400 kV substation, with a 400 kV transmission line between Meerut and Simbhaoli... and LILO of Hapur Noida at Meerut, then Muradnagar to Simbhaoli 400 kV line. So this was commissioned in financial year FY 2024. Then most prestigious Power Grid Neemuch Transmission Limited, which was linked with generation of solar power in Neemuch area. This we have completed in last financial year, which involved Neemuch substation at 400 kV by 220 kV, and 400 kV transmission line from Neemuch to Mandsaur and Neemuch to Chittorgarh. Then in another intrastate transmission line, Gomti Yamuna Nagar Yamuna Transmission Limited, which involved setting up of 400 kV Mohanlalganj, Mohanlalganj substation, which is close to Lucknow, and associated transmission line in UP. That was also completed last year. Then we also signed supplementary agreement with Ladakh Power Development Department for setting up our border area works for Ladakh UT, sanctioned under RDSS scheme of government of India. We also granted patent for thermal energy storage based air conditioning system, and a method to manufacture the same. It is a matter of pride for Power Grid that our operations have been certified for ISO 55001. For asset management system certification, only limited companies worldwide have been certified for ISO 55001 in recent past. It ensures that reliability of our system is maintained. All risk, be it political, be it financial, be it safety, be it reliability of system, are taken care if we have ISO 55001, and our reliability is maintained. There will not be any surprise for the management that something has gone bad. So if this system is implemented, then our systems are in place, and all risks are taken care beforehand. So it is a very prestigious. I want to compliment Power Grid team for achieving this, ISO 55001. Your company has also shown transparency. We have been certified by BIS for implementation of anti-bribery management system, ISO 37001:2016. It was recently certified by BIS. So the code of integrity, pact, transparency, and ethics in Power Grid will be ensured. They are already there in place, but we have been certified also now. Performance highlights. We have, as I told, we have executed these five TBCB companies, which involved 19,720 MVA capacity, six numbers of substations, and 4,036 circuit kilometer of transmission line. The name of transmission line are, as I told, Bikaner to Khetri, two number double circuit lines. Then Lower Subansiri, Lower Subansiri-Biswanath Chariali, which is linked with hydro generation of about 2,000 MW at Lower Subansiri of NHPC. So these have been commissioned before generation. So one line was commissioned in 2022. Second line has been commissioned now, second double circuit line. Then Khetri-Bhiwadi, what... This I had told, and Neemuch-Chittorgarh, Sitamarhi-Dhalkebar, the international line between Nepal and India. Fatehgarh III to, Jaisalmer II, and these are the stations at Meerut, Fatehgarh III, Bikaner -II, Simbhaoli, Mohanlalganj, and Neemuch. In project execution, we had target of about INR 8,800 crore in FY 2024. But with the support of our partners, we were able to achieve INR 12,500 crore CapEx in FY 2024, which is about 4% of our... more than our, over 4% of our gross block, which is about INR 275,000 crore. This year, we have target of about 6% growth, from 4% to 6% even, which will be around $2 billion, maybe about INR 17,000 crore, or we will try to achieve even better than INR 17,000 crore. Capitalization, it was INR 7,638 crore. This year, we will try to double it, and we have many projects in pipeline, and we are working day and night to achieve our capitalization double of what we achieved last year, maybe around INR 15,000 crore-INR 60,000 crore. Our operational efficiency, I told that it is one of the best in the world, and continuously we have been achieving. That means our operations are in safe hand. Our experts are working day and night. We were able to achieve 99.85% availability last year, and trippings was 0.28 trippings per line. That indicates that four lines out of four lines, only one line trips in, or one line trips in four years. 0.28 trippings per line. And this has been possible by adoption of latest technology, intelligent inspection in Power Grid. We are using headgears to ensure that every activity is monitored by experts sitting at control center, and person working at site will be transmitting the picture or the details of the work being done at site through headgear to the expert sitting in control center. Then reliability-centered maintenance, I told that all assets are being mapped, and we are mapping each asset. If we have 290,000 towers or 3,800 transformers and reactors, around 15,000 breakers, about 20,000 current transformers, about 14,000 CVTs, 12,000 about surge arresters. So put together, we have about 400,000 equipments together. So manually, it is not possible to monitor and analyze and map, map the risk involved in each asset. So we have mapped each and every asset digitally, and we have mapped risk associated with each element digitally, and action taken for repair and maintenance, monitoring, are being done considering risk involved in each element or each equipment. So through reliability-centered maintenance, we will be able to ensure that there is no surprise for the management. Everything will appear on the dashboard, and all risk will be mitigated before time. Then remote operation of substations. As you know that our all substations are being remotely operated from our control center at Manesar and regional control center in each region. So all stations are unmanned, operations are remotely done, so chances of human error are minimized to ensure that reliability and fatal accidents and everything can be ensured in a better way. Then equipment through PALMS, Power Grid Asset Life Management System. Digital substations we have implemented at Malerkotla and Chandigarh. Now we have two more stations, one at Navsari, 765 kV, and Kanpur, 400 kV. Through patrolling of transmission line, we are using a high zoom camera, and drone patrolling is also being done. Once picture is taken through camera, through drone, or manually, this picture is transmitted to the software through internet, through our internal communication system. Then automatically, defects are identified, and defects will be identified in each and every tower. And automatically, through artificial intelligence and machine learning, the data will be transmitted to the maintenance engineer or maintenance crew at site, and automatically, defect will be communicated and defect report will be made so that action can be taken by the concerned maintenance engineer. So without waiting for the report from site, the report is generated automatically, so that action and reliability of the system can be maintained. We have Center of Excellence for Control and Protection System at our control center in Manesar, and PG Darpan and other applications are in place to ensure that our transmission network is safe, it is reliable, it is properly maintained. I will tell that, we are in process of implementing asset management performance through world-renowned vendors like IBM, Accenture, GE, TCS, LTI Mindtree, Areva. And this asset performance management system has been implemented by world best utilities like Terna Italy, Fingrid Finland, ISA Colombia, National Grid U.K., TenneT Netherlands, TNB Malaysia, OETC Oman, then EirGrid Ireland, DEWA in UAE. Our experts have visited Terna Italy. ISA Colombia, Finland, Fingrid Finland, and ElectraNet Australia, to see their system, so that best of these utilities can be implemented in Power Grid. These utilities claim that the operations cost can be optimized, it can be reduced by 15%-20%. So after implementation of this asset performance management system, we are hopeful that at least 10% operations cost can be reduced in Power Grid. Also, apart from ensuring reliability and security and risk management. The financial performance, if we talk of quarter four, FY 2024, income was about INR 12,254 crore. Profit is INR 4,128 crore. Then, on consolidated basis, this was INR 12,305 crore, and the profit is INR 4,156 crore. There is a slight dip in Q4 because of one-time order of Raigarh-Pugalur. We got some arrears in last quarter of financial year 2023, and there was some AR pending. There was some CRC order received in last quarter of FY 2023, and we got somewhere about INR 200 crore for Nagapattinam, our TBCB project, which was pending for some time. And we got some one-time tariff for our these assets. So that is why last year it was slightly more as compared to this year. If you see the profit, so it is slightly different. This is because of that reason. If we talk of financial year, we have achieved about INR 45,815 crore income, profit of INR 15,475 crore, which is slightly higher than the total income we achieved in FY 2023. On consolidated basis also, it is slightly better, the INR 46,913 crore, and profit is, again, INR 15,420 crore. Our overall on consolidated basis, profit was INR 15,987.3 crore. So on Q4 to Q4 comparison, we are slightly lower at, considering our one-time order for Raigarh-Pugalur and Nagapattinam. But on overall basis for the financial year, we are slightly almost 1% higher than the last one year—last year, FY 2023. These are the details of our financial performance in Q4. So total income from operations was INR 12,254 crore. For complete year, it was INR 45,815 crore. EBITDA was INR 10,358 crore, and for complete year, it was INR 40,045 crore. Profit after tax, INR 4,128 crore and INR 15,475 crore. On consolidated basis, also, it is slightly better than last year, almost 1% higher than last year. If we see our overall financial performance, as I told that on consolidated basis, we have INR 275,991 crore gross fixed asset or gross block, and we achieved about INR 12,500 crore CapEx, which was more than 4%. So this year, we will, we are targeting to be more, about 6%-7%. Work in progress, we have INR 19,468 crore projects in progress. Long-term debts have decreased from last year. It was earlier INR 125,000 crore, now it is INR 120,000 crore. Net worth is INR 87,000 crore from INR 83,000 crore. Earnings per share, INR 16.74 crore. Then book value per share, INR 93.70 crore. Debt equity has improved from INR 61:39 crore -INR 59:41 crore, and return on net worth is INR 17.87 crore. Other key financial parameters, income for previous periods, consolidated basis, INR 826 crore. Interest on differential tariff, INR 966 crore. Interest from subsidiaries and JVs, INR 1,459 crore. Surcharge, INR 146 crore. Incentive, INR 573 crore. Dividend from JVs, INR 68 crore. Dividend from subsidiaries, INR 891 crore. Dividend from associates, the companies which we have given to PG InvIT, about INR 79 crore. CSR expenses, INR 312 crore. FERV, INR 191 crore. Equity in TBCB operation, we have about INR 3,809 crore. Equity in TBCB under construction, INR 598 crore. Short-term loan, about INR 2,694 crore. If we talk of dividend, so, next. Yeah. This year, happy to announce that this year, financial year 2023-2024, we are the highest dividend payer company in the history of Power Grid, which is INR 15,463 crore as compared to—sorry, INR 10,463 crore as compared to INR 10,289 crore last year. Last year, it was 67% of PAT, and this year it is about 68% of PAT. In terms of dividend per share, in September 2023, we have given bonus share, one share for every three shares. If we consider that last year, we gave dividend of INR 14.75 per share, this year we have given if we don't consider the dividend this bonus share, then it will be INR 15 per share. If we consider bonus share, then this year it is INR 11.25. Last year, it was somewhere about, INR 10 or INR 11 or something like that. So it is better than last year, if we consider one to one. Next. As I told in the starting that in last four years, our market cap, Power Grid market cap, your market, your company market cap, has increased by 210%. On seventeenth November 2016, we were market cap was about INR 100,000 crore. On December 5, 2023, it crossed INR 200,000 crore and, within almost five and a half months, on twentieth May, we achieved more than INR 300,000 crore. So, future is bright, company is in safe hand, and we are committed to achieve many more milestone in future. Highest price, share price, which Power Grid share has achieved, is about INR 328 crore on twenty-second May. In consultancy, last year we earned about INR 553 crore. We have nine new international assignments, 19 ongoing international assignments, 21 new domestic assignments, and 79 ongoing domestic assignments. We have international assignments from TANESCO, Tanzania, Zambia transmission line in Africa. Then Fiji, we have transmission line construction work, then UETCL in Uganda, then Nepal, Gorakhpur-Butwal, we are executing that transmission line for international cross-border interconnection. The telecom performance also has improved from INR 720 crore to INR 822 crore in FY 2023-2024. 121 new customers have been added. INR 870 crore multi-year order have been received. 3,000 locations, pan-India locations we have. Our telecom network is spread across the country. We have about 1,000 circuit kilometer, 1,000 kilometer of OPGW network, and our backbone availability is 100%. Business segments, leased lines, MPLS, VPN, data services, infrastructure services, upcoming services like ILD connectivity with neighboring countries like Nepal, Bhutan, Bangladesh, and Myanmar. In terms of commercial performance, we have billed about INR 42,793 crore last year. We have achieved INR 42,820 crore, which has been realized, which is 100.06% of realization, total. Next. If we look at sectoral outlook, energy transition is to happen. We are committed, Power Grid is committed to participate and contribute for energy transition, which is the vision of country, vision of the world. In this direction, India to be a $5 trillion economy by 2030, so lot of growth is expected. So if growth is there, transmission sector has to grow. Without electricity, growth is not possible, so if the GDP growth is 6%, so it has to be, the electricity growth has to be more than what GDP growth will be there. Then 50% non-fossil fuel capacity by 2030, 500 GW-... is to be installed by 2030, then government has announced hydro green hydrogen mission. For that also, about 125 GW power requirement will be there for producing green hydrogen for local consumption and for export. We have intermittent renewable power, so for grid stability and for reliability of our network, energy storage is required in terms of pumped storage or battery storage. So Power Grid will play a role in connecting these battery storage system and pumped hydro stations. Then international connection, if sun energy has to be utilized by all countries of the world, One Sun, One World, One Grid mission of government of India and international commitment, we had to have international interconnection, like India to Singapore, India to Oman, India to UAE, and other countries. Similarly, there'll be interconnection from Middle East to Africa, Africa to Europe, and many interconnections between European countries, so that the concept of one sun, one world, one grid can be achieved. So that means many more projects are in pipeline, for which also Power Grid is getting ready, and we are hopeful that we will also contribute for one sun, one world, one grid. In this concept, the power generated may be in Myanmar, Thailand, and other countries in east, can be transmitted to Europe, and once sun is there in Europe, that power can come to various other part of the countries, various other countries. So one sun, one world, we are committed, and we are seeing the potential in this aspect also. We see Power Grid how it looks like by another seven, eight years. We have mainly outlook in transmission business. Intra-state, we see it is on conservative side. I will say INR 136,000 crore or INR 136,000 crore is on conservative side. We are hopeful that it will be much more than INR 136,000 crore, but even if we consider INR 136,000 crore, the intra-state transmission system, about INR 37,000 crore. Cross-border, like neighboring countries, about INR 10,000 crore. International projects, like we have one in Kenya, which is getting matured now. We have got the in-principle approval, and final details are being worked out, and work will start shortly. The subtotal of transmission system will be about INR 190,500 crore, if we consider other businesses of Power Grid, solar generation, smart metering, data center. So put together, this is about INR 207,000 crore by 2032. I will say it is on the conservative side. It. We are expecting that this is this to increase. Work in hand as on today, as I told that work in progress was INR 19,000 crore. Apart from that, we have work in hand about INR 86,700 crore, and more than 80% towards renewable energy evacuation, out of which we have INR 11,200 crore RTM projects, INR 24,700 crore new RTM project, about INR 50,000 crore other projects, these are RE-linked projects. This year, I told that we have, as per our MOU target with government of we have INR 15,000 crore, but actually it will be about $2 billion or even more than that. Towards sustainability aspirations, we are committed to reduce our electricity consumption from fossil fuel by 2025. That means more than 50% power will be through renewable for our auxiliary consumption and other requirements. We are committed for net water positive organization by 2030, then zero waste to landfill status by 2030, net zero by 2047. These are some of the awards. As I told that, Platts Global Energy Award, International CSR Award, ATD BEST Award 2024, Brandon Hall Group Human Capital Management Award, ISO Gold Award, and many more awards are expected in future. Our papers, our contributions have been given awards. They have been recognized by ISGF Innovation Awards 2024 in smart technology, energy transition, and Gold Award, adoption of artificial intelligence, machine learning, and robotic for our transmission line. For human capital excellence, Certificate of Excellence in Learning and Development at SHRM HR Excellence Awards. Thank you very much. Thank you for your patience in hearing. Thank you. Thank you, sir. That was a really comprehensive and very, very enriching presentation. I now open the floor for questions and answers. Please put your mobile phones on silent, as usual. Also, please raise your hand, introduce your company that you represent, and you may ask the question. Yes, gentleman. Sir, I'm Sumit Kishore from Axis Capital. My compliments on a year where you have garnered almost 65% share of the bid out TBCB projects. My first question on TBCB is that could you outline how the EBITDA and profit contribution of your TBCB portfolio has moved from FY 2023 to FY 2024, given now the equity base of operational TBCB projects has increased slightly? That's my first question. If you could also in relation to TBCB touch upon the fact that CapEx to EBITDA ratios or CapEx to annuity ratios rather, that you know you have been winning in TBCB over the past few years, have shown a deteriorating trend, as in the annuity that you earn for the CapEx for a TBCB project has reduced if I look at the trend over the last five to six years. How do you read that as implications for the IRR that you would make for the TBCB projects? That's my first question, yeah. For TBCB projects, when we bid for any project, we are very particular about IRR, and we maintain that by ensuring our timely completion, over... cost overrun, and financial over cost is not there, and we try to maintain about 10%-12%. So it is, we ensure that. Sure. Regarding your EBITDA related question, I will request Director Finance to kindly intervene and reply. The EBITDA margin will be almost equivalent to the RTM. It will be something like 85%-87%. That range will be there. Because the IRR, like, if we say, like, 10%-12%, if we say, if we maintain and there are some projects as a, as a package, if you see all the... Like, we have 47 TBCBs, mostly in construction. Once everything gets completed as a package, if you see the EBITDA will be a, a decent one. Sure. So if you look at the total consolidated profit, the question was, what is the total consolidated EBITDA and profit of TBCB subs from FY 2023 to 2024? No, as such, we have not worked out separately for this thing. But if you see a standalone to consolidated, it's on the higher side. Sure. So naturally, it means the difference between standalone and consolidation is only the, when you see this quarter four to quarter four, and if you see 84% EBITDA, if you see in standalone, and if it's 87.2%, 87.3% in the consolidated base, it means the EBITDAs in the TBCBs are not alarming. Sure. Only the thing is that the total profit of subsidiaries, as mentioned in your BSE filing, 43 subsidiaries, the profit that is mentioned has come down on a year-on-year basis versus the last year, the number of subsidiaries and the profit mentioned there. So I was trying to understand what is driving the reduction in subsidiary profit. No, no. You mean to say any profit per subsidiary? Not profit per subsidiary, but the total profit of subsidiaries- Yeah. -that you had mentioned in your FY 2023 BSC filing for some 37, 38 subs versus 43 subs right now, was a higher number last year as compared to this year. No, last time, actually, we had one Nagapattinam transmission system, which was the first TBCB, which acquired in 2011, and we were actually filing the petitions for a change in law, for which we got an income of INR 200 crore for all the years together. Understood. That was a one-off item which we got in the last year. That's why, probably if you compare, exactly, so it may be like that. Mm-hmm. Otherwise, if you see, if you remove that one-off item, as such, I don't think in this availability transmission tariff process, there is no chance of much turbulence. Thank you. Just a bookkeeping question. The capitalization that you mentioned for FY 2024 on a full year basis, there was an asterisk mark there, and it mentioned that there were assets capitalized on finance lease basis that were included there. That is intrastate. Yeah. That is how much is the finance lease on the asset capitalization on finance lease basis? I think it's something like INR 1,500 crore-INR 1,600 crore. Okay. Because when we subtract the, you know, the net block for FY 2024 minus FY 2023 and add back the consolidated depreciation, we got a number below INR 60 billion. So maybe that INR 1,500 crore-INR 1,600 crore is explaining the difference. Yeah, you may be getting a figure of, like, INR 5,000 crore. Yeah. That, that's why we thought that the numbers were... Thank you so much, and wish you all the best. Thank you. Yeah, go ahead. Yeah. Yeah. Hello, sir. This is Subhadip here from Nuvama Institutional Equities. Firstly, thank you for such a detailed presentation. My first question is with regard to the intrastate model that you mentioned, right? Where the MOUs are getting signed, and the JVs are getting signed. What quantum... I remember, I think, in your slide, you... INR 37,000 crore of potential by FY 2032, but would you see this to be more front-ended or back-ended in terms of, you know, winning these projects and execution, et cetera? Can you repeat what is front-ended and back- No, what I mean by that is, would this come up in the next couple of years, or would this? Yeah. Take a longer period of time? Yeah. Okay. So, the model with Rajasthan is we are going to have about INR 10,000 crore worth transmission projects in next three to four years, and they have about INR 2,000 crore projects, especially from their solar generation. In next two to three months, they want to give to us about INR 1,500 crore-INR 2,000 crore. So from two to three months to next three to four years, these INR 10,000 crore projects are to be executed or is started to be executed, and subsequently, many more projects as per them, are in pipeline. And the model is that 76%-24%, that means 76% equity will be done by Power Grid and 24%... sorry, 26% by them, and 74% by Power Grid. Similarly, for Andhra also, they are also targeting INR 10,000 crore, because if you see, interstate transmission system is coming in, in a big way. In case interstate transmission system is there and intrastate transmission system is not there, then this power cannot go smoothly to load centers or to the consumer. We require intrastate transmission system, so they cannot wait. Now, it is to be done on immediate basis. So that is why we are getting requests from Odisha, we are getting requests from Andhra, we are getting requests from, Assam and UP for setting up JV companies with them. These would be on regulated ROE basis, or? It will be on regulated, but it will be on state level regulation. It will not be through CRC, it will be through SERC. Through the SERC. Yeah. Okay. And the voltage level at which these lines would come up would be what? Around 400 kV or 220 kV? There will be some 400 kV also. Mm-hmm. Even people are talking about 765 kV, but mostly I will say it will be at 132 kV and 220 kV level. There will be some at 400 kV level and 765 kV. Bulk of it is 132 kV and 220 kV. 132 kV and 220 kV. Understood. So second question is with regard to your dividend payout. We've been seeing very healthy dividend payouts, given that you were surplus on cash, but as you move towards an, you know, an annual CapEx, which is probably between INR 25,000 crore-INR 30,000 crore, would you see the dividend payouts also probably coming off a little bit because you will have pressure on cash? No, not really. Like, if we see the profit this year, it is INR 15,475 crore. What I was taking that CapEx, it will be about INR 17,000 crore-INR 20,000 crore, even if we consider INR 20,000 crore. So we require only INR 4,000 crore, INR 20,000 crore into 20, so INR 4,000 crore. So out of, say, INR 15,475 crore, even if we take out INR 4,000 crore, it still we have more than what we have paid dividend this year. So we don't see any reduction in dividend in near future. Understood. Whatever additional CapEx will be required, so we expect that more and more projects will be commissioned, and we will have more profit to take care of that CapEx requirement. Roughly 20% equity contribution is what you're looking at? Yeah. Normally, in TBC projects, we are maintaining about 20% equity. My final question on a bookkeeping basis, can you also help us with what is the regulated equity number that we have as on date? Regulated equity? Yeah, on which we earn the regulated ROEs for the regulated part of the business. Uh, okay. Now you see, we have, like, INR 86,000 crore we were showing in console, and then we have showed the equity as, like, INR 3,500 crore as the amount we have put in, in TBCPS. You deduct that, and then it will be there. This INR 86,000 crore is the consolidated- Consolidated, and then- Within that, is there something that is also sitting in cash, work in progress, et cetera? The amount that is actually earning you money- Not much that's rolling. I don't think we don't have much idle cash or something like that. It's- Okay, I understand. Thank you so much for answering. Yeah. One small correction in that PPT, like, it's not 76, 24, it is 74, 26, RVPN. Just there is a typo. Yeah, 74, 20. Yeah. There's one typo, just you can put it. Thank you. Yes, sir. Sir, I'm Atul Tiwari from Citi Research. Sir, just one question on one of the slides where you showed outlook till 2032, so about INR 200,000 crore rupees, you know, worth of potential, CapEx in the sector. So fair to assume that this is FY 2025 to FY 2032, right? And given that now there is a lot of talk about new, you know, uses of energy, you know, from the data centers, you know, which India is beginning to see in a big way, I mean, can you share your thought process or what government or the CA is thinking about kind of revising this number? I mean, is there a chance that this number over the next three, four, five years gets revised up? And if it happens, what, that number could be? As I told... A very good question. As I told that these are very conservative figures, and we are expecting numbers to increase. As per the requirements, especially for green hydrogen, data center, and other requirements, maybe EV vehicles... So requirement is going to increase, so we are expecting these numbers to be increased. Apart from this, we are as per the goal and goals and sec- Goals and SEC. Yeah, that report that say that up to 2050, for energy transition, $1.68 trillion are to be spent only in transmission system. So $1.68 trillion, that means maybe around INR 135,000 crore-INR 140,000 crore are to be spent by 2050 for energy transition and for transmission system. So that means number will be much higher than what we are projecting now. So we see a better future as compared to what we have shown. And so my second question is on the smart metering initiative that you were involved in. What is the status of that? How much money has been spent, or is it going slow? Yeah, we have already awarded about 69,000 meters for Gujarat, Madhya Gujarat, and Uttar Gujarat, and about 30,000 meters have been installed. So because this metering system, prepaid, but now, earlier days it was post-paid basis, now it is on prepaid basis, so there will be some teething problems. So we are facing some teething problems, which are being taken care, especially in software. And very shortly, this will be taken care and our progress will improve. So yes, so far we have been going slow comparatively, what we expected earlier. Any idea about how much money has been spent on that, or is that not a big number yet? Can you- Not a big one. Not a big one. Okay, thank you. Sir, a quick guidance. We have five more minutes, and I think we'll have to wrap up very quickly, so, last two questions, if possible. Yep. Mic here, please. For the first few years, the TBCB projects that the Power Grid had won, we had seen a, you know, annuity schedule, where for the first five years there was a higher number, and then it fell to a lower number and remained like that. Yeah. So given that four, five years have now passed and few initial portfolio assets got transferred to the InvIT, so they are not in contention, but for the others, the five-year period might be coming to a close. So does the EBITDA actually for those projects, as it comes to the new annuity, reduced annuity base, will that have an impact on the EBITDA earned for the gross block? No, but actually, if you see, we have, like, 47 now, two more to acquire, 49. The TBCB may be indicating maybe like after the... If you take out this five, which we have given it for InvIT, maybe some seven, eight will be there. On an overall basis, if you see, their contribution will be very less, and it doesn't... And also, like, there is a method of quoting year-on-year, that there cannot be much variations. Like, they have a limit, like some only, like 1% or something, can be only varied between year-to-year. And I don't see any much big drop because of that, so the weightage of that will be hardly seen. One suggestion is that in your presentations, if you can put a consolidated P&L for TBCB subsidiaries- Okay. It will be really helpful for us in our analysis. That is the only thing we have given to you. Yeah, so that will be really helpful. Okay. Thank you. Okay. Well, taken. Yeah. Thank you. One last question over there. Yep. Yeah. Hi, sir. Thanks for the opportunity. This is Koundinya from Jefferies. So just want to understand, what does TBCB bid pipeline look like at the moment? And also, if you can exclude the three HVDC projects in that, and comment little bit on the status of those HVDC projects as well, please. As you know, that almost INR 100,000 crore projects are already under bidding. Another INR 28,000 crore-INR 30,000 crore projects in the near future, they will be ready for bidding. Maybe about INR 130,000 crore in near future, including near future, yeah. The INR 100,000 crore includes all the three HVDC projects? Yeah. Yeah. What is the status of the first one? It was supposed to be bid out, I think, and it's getting delayed. Uh- Any comments on that? Yeah, OBD was already done on 7th May. Mm-hmm. Now, very shortly, maybe next week or so, the reverse auction is, may be there, it may be scheduled. So very shortly, it is going to be finalized. Sure, sir. Thank you very much, and all the best. Thank you. I now invite Mr. Satyap rakash Dash to deliver the vote of thanks. Thank you. We express our sincerest thanks to all the esteemed investors for coming here and attending this conference. We also express our sincerest thanks to Chairman and other directors for sharing the business outlook and performance of the Power Grid. Thank you, everybody. Thank you, one and all. Thank you.