Good afternoon, ladies and gentlemen. We welcome you all. Thank you for taking out your time from your busy, busy schedule and being here. On behalf of Power Grid Corporation of India Limited, we welcome you to the analyst meet to discuss the company's performance and the way forward. On the dais we have with us, Shri R.K. Tyagi. He is the Chairman and Managing Director. Shri G. Ravis ankar, he's the Director of Finance. Shri Chetan Bansilal Kankaria, he's the Independent Director. Dr. Yatindra Dwivedi, Director, Personnel. Shri Ram Naresh Tiwari, he is the Independent Director. Shri Naveen Srivastava, he's the OSD, Operations. Shri Burra Vamsi Rama Mohan, OSD, Projects. To begin the proceedings, I request my team to start the company film, the video, and please, if you can, switch off the lights. I now invite Shri R.K. Tyagi to initiate the proceedings and to share the company's performance and the way forward. Thank you, sir. Good afternoon, everyone. I'll be giving brief about Power Grid, various operations. So my presentation will include agenda on overview, major highlights, performance highlights, growth outlook, then awards and recognition, what we have won. As you know that India's largest power transmission utility, Power Grid, a Maharatna company under Ministry of Power. We have been ranked first in profit after tax rank in service sector, CPSEs, by PE, public enterprises and DPE. Also, first position in net worth in service sector. Then cross-border interconnection, 4,750 MW with Nepal, Bhutan, Bangladesh, and Myanmar. We have 23 countries, we have footprints, and market cap is about INR 3.2 lakh crore or INR 3.2 trillion. We are this international credit rating and domestic credit ratings are good. Our transmission network is one of the largest in the world. Our transmission line is located in various parts of the country, whether it is Leh, Ladakh, Himachal Pradesh or Arunachal Pradesh or deserts of Rajasthan, Gujarat, South India, North India, and Northeast, where lot of floods and landslides are there. We have put together 1,507 transmission lines, 1,77,000 circuit kilometers. Substations, we have 278 numbers, and for carrying this huge power, we have transformers with capacity of 5,28,000 MVA. Inter-regional capacity is 99,580 MW, with 84% of the total inter-regional capacity of 1,18,740 MW. Inter-regional capacity means power generated in one corner of the country can be transmitted to any other part of the country. That is, the hydropower generated in Arunachal Pradesh can be transmitted to Kerala or to Leh by our transmission network. So there is no constraint to constraints in transmission of power across the country. So it is the strongest grid, the One frequency, One nation, One grid, so, and the power generated in Rajasthan, Gujarat, or anywhere can be transmitted to various other parts of the country. Our dedicated team of engineers and workmen are working day and night to maintain transmission system with availability of more than 99.80%. Our reliability and this system availability has been benchmarked by UMS U.S., and we are identified, or we have been classified in quadrant one, which says that our efficiency is good and cost is optimized. So we are in quadrant one, and we are comparable with best utilities in the world. We are transmitting more than 45% of India's electrical energy, with 18 HVDC station, 62 numbers of 765 kV substations, and 400 kV, 167 numbers. For grid stability, like voltage variations, if there is a fault, there is a disturbance in the system. For controlling those dynamic constraints or dynamic disturbances, we have SVCs and STATCOMS at 20 locations. Wherever there is a constraint of land or land scarcity is there, we have GIS station to mitigate that requirement, and as on today, we have 63 numbers of GIS station at 765 kV level, 400 kV level, and 220 kV level. We have more than 290,000 towers, with transformers and reactors, 3,800 numbers, and we are transmitting power from generating stations of central generating stations of thermal, hydro, nuclear, or renewable energy. We are transmitting this power to various states, to Delhi metro cities, and this power is further distributed by respective states. In this financial year, Q1, we have won, we have emerged L1 bidders in three ISTS TBCB projects up to June, with a levelized tariff of INR 4,172 crores. These include Rajasthan RE power projects in Jaisalmer and Barmer area, part B- phase IV, part B, and phase IV, part D. This is another project. Fatehpur- Bhadla HVDC project, phase III, part I. This, in terms of annual tariff, it is 69%, and in terms of NCT cost, it is 65% of the total project cost, and in terms of numbers, it is 50%. In July, till date, we have another 3 projects which we won. One is dynamic reactive power compensation in KPS1 and KPS3, with NCT cost of INR 501 crore and tariff INR 107 crore. Then transmission system for interconnection of various RE parks, Bhadla-III and Bikaner-III in Rajasthan, with NCT cost of INR 1,382 crore, tariff INR 97 crore. Then we have RE evacuation in Khavda area of Gujarat, phase IV, part B. That includes, 765 kV by 400 kV station at South Olpad, and South Olpad to, Ahmedabad, and South Olpad to Baroda transmission, 765 kV transmission line. And, connection at, 400 kV with Gandhar, transmission line of GETCO. So put together, out of 10 projects, we have won six projects. And total tariff out of, a total tariff of INR 7,045 crores, Power Grid has won INR 4,935 crores, with percentage share of 70%. Other highlights, this MoU was signed with ISRO to create a spatial decision support system for transmission tower management, especially on hills, on river side, where landslides are there or river course is getting changed, or forest, the trees growth is very high. So to manage this transmission line, we are having this MoU. So by use of satellite and the application being developed, especially for monitoring of our transmission system, this project is going to help us in a big way. With help of IIT Kanpur, we have developed substation inspection robot, presently being used at Kanpur for inspection of transformers, breakers, CTs, CVTs. And with this monitoring system, with Artificial Intelligence and Machine Learning, the efficiency of our transmission system will be improved in future, and based on this, we will be having using these similar robots at other station also. Then in performance highlights, I will give a brief about project execution, operational performance, then financial performance, other businesses, and commercial performance. In CapEx, in Q1, we have on consolidated basis, INR 4,615 crore. Standalone, that is RTM, that is 1,711. In capitalization, put together on consolidated basis, it is INR 2,320 crore, and standalone, INR 1,348. Our operational performance is good. We are maintaining availability more than 99.80%. At 99.75%, our incentive as per CRC regulation is capped, so we have been maintaining transmission system availability better than 99.75%. In Q1, this is 99.80%, and in last five years, it has been 99.85%, 99.82%, 99.83%, 99.82%. So it has been pretty good, and we have been receiving incentive at maximum level. Reliability of our transmission network is also good. It is one of the best, as I told initially, that our systems of our operational performance is being benchmarked by UMS U.S., and we are in quadrant one. That means our reliability and availability is also good, and cost is also optimized by use of various technological use, like various techniques we have. In quarter one, our trippings per line is 0.09, and in last financial year, it was 0.28. Before that, it was 0.27 trippings per line. That means one line trips in four years. So that is a pretty good reliability of a transmission system. In Q1, financial year 2025, our revenue is, income is INR 11,280 crore, and profit after tax is INR 3,724 crore. These are the details of our financial performance. Total income has increased from INR 11,258 crore to INR 11,262.80 crore, and profit has increased from INR 3,597 crore to INR 3,724 crore, with increase of about 4% in profit. On a standalone basis, these are the figures for various areas like transmission charges, consultancy, and other income, and expenditure in various heads. If we talk about our gross fixed asset or gross block, today, on 30 June, we have INR 277,000 crore gross fixed assets. Work in progress is around INR 21,758 crore. We have debt of INR 123,465 crore, and net worth is INR 90,913 crore. Earning per share, INR 4 per share. Book value of share as is about 97.75. Debt to equity ratio is 58/42, against 59/41 last year. Return on net worth is 4.10 for considering only for Q1. These are some other key financial information on income of for previous periods, in interest on differential tariff, and these are various details, equity in TBCB, short-term loan, comparison with respect to Q1 of 2024 and Q1 of 2025. Average cost of borrowing is 7.76% in Q1 of FY 2025. In telecom, we have added about 35 numbers, new customers in quarter one of FY 2025. As you, as always, our backbone availability of trans, telecom, link is, is more, a hundred percent, and network capacity enhancement, we have added 1.8 TB/s. In terms of income, it is for Q1, INR 219 crores, against INR 191 crores in last, financial year, or, Q1 of last financial year. We got some appreciation letters from NIT Bhopal, IIITDM Jabalpur, and Narmada Control Authority for providing satisfactory telecom services to these customers. Our commercial performance, realization with 91.87%, with billing of INR 9,262, and realization INR 8,509. Outstanding is about, last, year in Q1, it was INR 7,140 crores. This year it is INR 5,548 crores. Then, sectoral outlook, business outlook, and works in hand. I will briefly touch upon these, areas. The sectoral outlook, what are the growth drivers? As you know that India is poised to become $5 trillion economy by 2030, and that requires rapid industrialization, urbanization, and e-mobility, et cetera. Then, we are committed for non-fossil capacity addition of 500 GW by 2030. Green hydrogen mission of government of India, that requires, transmission capacity for evacuation of about 125 GW for producing green hydrogen. Then energy storage, to meet, the peak demand or, demand in, during evening hours. Battery storage, pump storage, so they are also be connected through transmission system. Then international connection for one sun, one world, one grid, that requires interconnection between various countries. So India is also getting ready for international interconnection with various countries like Sri Lanka, Myanmar, then Gulf countries, and Bangladesh, Nepal, and other countries. So one sun, one world, one grid, also, it is one of the major driver for growth of Power Grid also. If we see business outlook of Power Grid, as of now, what we see that INR 207,500 crore. It, it can be, it will be still more, but as of now, what we are seeing that it will be around INR 207,500 crore, out of which one lakh ninety thousand five hundred crore will be mainly in transmission business. With interstate transmission system, intrastate, cross-border, and international projects put together, we will have INR 190,000 crore now. On other business areas like smart metering, data center, and solar generation, we will have around INR 17,000 crore. As on today, we have about INR 114,139 crore work in hand, out of which INR 10,318 crore worth RTM projects are ongoing. New RTM projects like Leh to Kaithal HVDC 5 GW HVDC link, then offshore wind projects in Gujarat and Tamil Nadu, and other projects, TBCB projects and other projects like meter, solar generation, and data center. Put together, we have about INR 66,811 crore. For this financial year, we have CapEx plan of INR 18,000 crore against what we discussed last time, INR 15,000 crore. We now see about INR 18,000 crore CapEx plan for FY 2025, with RTM INR 5,000 crore and other projects at INR 13,000 crore. In sustainability, CSR and awards. So sustainability aspirations, what are the aspirations of Power Grid, then, how we are working for corporate social responsibility area, and what awards and recognition Power Grid has won. So we are committed towards sustainability, with 50% electricity consumption from RE generation by 2025, net water positive organization by 2030, zero waste to landfill status by 2030, and net zero by 2047. We have main challenge of replacing SF6 gas by green gas. So there are innovations going on worldwide. So once we get some alternative to SF6 gas, so our journey towards net zero will become simpler. So today, we have challenge of replacement of SF6 gas, because SF6 gas, it is almost 23,000 times harmful as compared to CO2. So that means one kg of SF6 gas, if it goes to atmosphere, it is equivalent to 23,000 times of CO2, and it remains in environment for almost 3,000 years. So it is very, very harmful gas for the environment. So we have to look for an alternative to this SF6 gas. In CSR, we have this our flagship projects of Vishram Sadan adjacent to various hospitals. Recently, one Vishram Sadan of Ranchi was dedicated by our Honorable Union Minister of Power and Housing on ninth July 2024, at RIMS, Ranchi. This is a five-floor 310-bedded Vishram Sadan with cost of about INR 17.82 crores. Similar to this, we have also established Vishram Sadan at AIIMS, New Delhi, with 302 beds, INR 32 crores project cost. It was handed over on 18th January 2018. Then Vishram Sadan at Darbhanga, 260 beds. Completion cost was around INR 14 crore, handed over on 20th October 2022. Then, Vishram Sadan at Guwahati with 153 beds. Completion cost INR 14.40 crore. It was handed over on August 31st 2022. Then Vishram Sadan at Bengaluru, Vishram Sadan at Lucknow, Vishram Sadan at Patna. And around seven projects of Vishram Sadan at Banaras, Gorakhpur, then Jhansi, then Berhampur in Odisha. So around six, seven projects are going on for development of this Vishram Sadan adjacent to various hospitals, which are very useful for patients and relatives of patients who are coming from various villages or from remote areas. So, these are very useful for various local areas or villagers. We have supplied some cancer treatment equipment to various hospitals. In Navi Mumbai, Modular Operation Theater complex, we have developed. Then Operation Theater at Navi Mumbai in Tata Memorial. Then Ring Gantry Linear Accelerator, we have given to Thiruvananthapuram in Kerala. So like that, we are giving services for health area to poor and needy people, so that our social responsibilities are taken care, and we are trying to help each and every needy person. Then, we have... One minute, sorry. Yeah. We have participated in Namami Gange, an integrated river conservation mission of INR 7 crore. Then construction of boulder revetment on right bank of the Mahananda River at Ramesha village, Kochadhaman Block, Kishanganj, Bihar. Integrated Watershed Management in Kurnool, Kudgi, and it is Kudgi is in Karnataka and Kalahandi in Odisha. Rejuvenation of pond at village Daultabad in Haryana. Works for rural development and revitalization of water bodies, the farmer-centric integrated watershed management. At villages near PowerGrid, Kurnool and Kudgi substation, through measures increased at cost of about INR 18 crore. This has improved rural livelihood through integrated watershed management at Jaipatna Block, Kalahandi district, and cost of project was INR 4.02 crore. We have won projects this awards and recognition. Silver Award in Adoption of Artificial Intelligence, Data Analytics, and Predictive Technologies, and Skill Development and Capacity Building Categories at ET Government PSU Leadership and Excellence Awards, 2024. The artificial intelligence, as I was referring, that robot, through use of robot, through use of drones, through use of helicopters, the VR, taking readings, or we are taking the details of transmission system and automatically through our engine artificial intelligence and machine learning engine these details are getting analyzed automatically through artificial intelligence, the logic. And we are getting the maintenance report prepared automatically, and which is sent to a maintenance engineer for taking corrective and rectification action. So we got the award for this particular application by ET Government PSU Leadership and Excellence Awards. Then we were conferred Outlook Business Editor's Choice Sustainability Champion for sustainable development initiatives. The Power Grid has been honored with prestigious Platts Global Energy Awards 2023 in corporate impact, targeted program category for flagship CSR project in Odisha. Yeah. Thank you. Thank you very much. Thanks you. Thank you, sir. That was a very nice roundup of things that are happening at Power Grid. We now open the session for questions and answers. A general reminder to kindly identify yourself and the company that you represent, and then you could raise your hand. In the interest of time, we are going to not repeat the questions that have already been answered. Yeah, so let's start. I can start? Yeah, you can. My name is Sharad Chandra. I'm an investment advisor. I have a couple of questions, but I'll ask only one now, a slightly longish question. The question which comes to my mind is, that in our country, there are huge opportunities in the power sector, you know, whether it is renewable, whether it's distribution, whether it's generation. The question is, that your profitability is about INR 15,000 crore. Your CapEx is only about INR 18,000 crore. Why can't this be double? You know, your payout ratio is very high. In a growth industry, why do you have to pay out? Obviously, there are some government regulations, but I think you are beyond that, and you are paying more than what is required. So, you know, I see in tier two, tier three cities, there are inverters which are used because power is not available 24/7. I have also seen in so many places there is, you know, fuel-based, you know, what's called generators, which cost INR 15 per unit. So obviously, there's a problem. So if this problem cannot be fixed by, you know, big companies like you, which have such high profitability and such, you know, what's called a dividend payout, and you can also increase your debt equity. You are only 1.5 x. You are in a very stable business, and there's not much competition, so you can go to 2 times debt equity. So that's the question which, you know, comes to my mind. I've been seeing power sector reforms since Enron times, you know, and I think some of the things have still not been fixed. That's part of the, my second question, which I'll come later on. Thank you. Sir, I'll request Director of Finance to... Yeah. Yeah, thank you. Regarding payout, yes, we have a profit of INR 15,000 crore. But if you see, the minimum, the requirement is only 30% of the PAT or 5% of the net worth, whichever is higher. So almost 30% of the PAT is almost equivalent to 5% of our net worth. Now, it's almost matching. This, so why we pay 67%, two-third, as a dividend, is that the balance, INR 5,000 crore, is sufficient to fund a CapEx of... Because we put, like, 80/20 in the TBCB projects and regulated. We used to put a mandatorily 30% because, we can get a return of 15%. Still, we are able to fund a CapEx of something in the range of INR 20,000 crore very easily. We have shareholders approval of INR 1.8 trillion as the debt, but still, we are sitting at only 1.2, because this, the debt has come down primarily because of the lower CapEx in the previous years. If you see in the last two, three years, the CapEx was only INR 9,200 crore, INR 9,000 crore, INR 8,000 crore, and last year, some of it has gone to INR 12,200 crore. But still, we had scheduled repayments of in the range of like, INR 12,000 crore-INR 13,000 crore. That's why it has come down. Otherwise, once the CapEx picks up, then naturally the repayment will be lesser than what we are going to borrow. So again, there is a chance of again going up, this debt equity ratio will go up. I think, I think I have answered this. Yeah. Yeah, next one. Hi, sir, this is Apoorva Bahadur from Goldman Sachs. Sir, my question is regarding the recent offshore wind order that has been given to us on a cost-plus basis. I think that's a large order, INR 13,000 crore for 1 GW of capacity. So just wanted to understand whether this includes only, I mean, the capacity to be built only for this 1 GW, or does this include, like, future planning for more evacuation? It includes only this 1,000 MW, 500 MW at Gujarat and 500 at Tamil Nadu. So one is around INR 6,900 crores, other is INR 6,200 crores. In that case, I mean, if sort of the country proceeds with offshore wind, do you see that the cost benchmark over here holds true for future projects as well? Yeah, actually, in India, this offshore power evacuation system is yet to be developed. So this will be basically first project of its kind. So based on this, we will have a benchmark for cost and technology. So further cost can be optimized later on. So first project may be, it may have more cost as compared to the now routine projects. So this is Sumit Kishore from Axis Capital. So in your opening remarks, you spoke about the wins that had happened in TBCB in Q1 and July. Could you please specify what is the total NCT project cost of wins in Q1 and in July so far? And the other part of the question is what is the ratio of NCT project cost to levelized tariff for projects that were won in Q1 and July, and how does this compare to FY 2024? Okay. One minute. So in terms of Q1, as I told that, levelized tariff is INR 4,172 crore. And these three projects were which we have won, NCT cost of one project was INR 3,779 crore. Other project of Part B, Part D, it was INR 2,227 crore. Then HVDC, it was, it is, INR 12,700 crore. And the projects which we have won in July, dynamic reactive compensation at Khavda, with NCT cost of INR 501 crore, tariff of INR 107 crore. And for Bhadla-III and Bikaner -III, with NCT cost of INR 1,382 crore and tariff of INR 97.97 crore. Then Part B, which includes South Olpad station of 765 kV voltage level, NCT cost INR 4,766 crore, and tariff of INR 556 crore. So as I told that, put together, NCT cost is INR 37,064 crore. Power Grid share is INR 24,855 crore. In terms of tariff, it is out of INR 7,045 crore. Power Grid share is INR 4,935 crore, which makes it 70%. Has the ratio of NCT project cost to the- No, no, your question- Tariff- Yeah, I got your question. Actually, Sumit, we can't have, like, NCT cost is only a guidance. So we have another cost, which naturally you will come to know once we commission, we are publishing it. So at least I think you can hold on for a year or two, it will become into the public domain. And you also aware of that, that is the only thing we which we keep with us. So let us keep that. Because that invariably feeds into the IRR of the project, you know, as you execute it. If IRR will be good, otherwise, I can win all 100%. So be sure that we have a certain hurdle rate within the board, and then we take a call cautiously. We don't play blind and then win all the projects. Sure. Second question is, you know, how should we think about, dividend distribution by TBCB subsidiaries to the standalone? Because see, what has happened is this quarter, you had consolidated profit growth of 3.5%, and because of prior period items and the dividend distribution, there was a decline in the standalone profit. Yeah. I don't know, the right way is to look at the consolidated, but still, if you could tell us how the distribution works. Naturally, like, last time, what happened is, like in FY 2023, in the last quarter, we didn't draw everything, so we could draw something in the FY 2024 in the first quarter. Whereas, so if you compare that, that's why you were showing a declining trend of dividend, which we have drawn in the FY 2025 in the first quarter. Ultimately, that's lying in other pocket only. So it's on a consolidated basis only, as you say, we have to see that. And then maybe after that, since the board meetings will be over by the SPVs, we will draw the amount, and before Q2, I think all this, again, it will be. There is no purpose of, like, keeping any money in SPVs. Fair enough. This last question, the 5 million ton green hydrogen plant, requires 125 GW RE. What proportion of this 125 GW would be grid- connected, RE capacity? What is the plan now? It will be mostly connected to the grid, maybe, whether it is inter- ISTS or intrastate. So, so far, I don't think we have planned for this. No. Yeah. Because the NEP plan did not include the- Yeah, it was not- Grid requirement for 125. Can this be like a number over and above the NEP plan- Uh till 2030, whatever, 2027 was specified? NEP plan was not there, so we can get you the details, I think. As of now, we are not having the details. We can share with you later. Thank you so much, sir. Wish you all the best. No, thank you. Yeah, go ahead. This is Manish Saxena from Mirabaud Securities. Hi, this is Manish Saxena from Mirabaud Securities. So my question on your comment for the upgrade from INR 15,000 crore to INR 18,000 crore of capitalization. So reason for the upgrade, and the second is your comment of the viability of utility, so 99.75 we have. So can you share your experience with respect to the? How is our performance vis-a-vis the largest utilities companies operating in China, Europe, and U.S.? That will be grateful to us. Yeah, last time we told that our CapEx plan is, say, INR 15,000 crore. But, in between, we got more projects, like when we are saying these projects, 6 projects which we have won. So the completion schedule for these projects is 18 months to 21 months. So this, in this financial year, we had to spend money, so that automatically CapEx of these new projects will be added into the CapEx plan, which was there earlier in, when we discussed INR 15,000 crore. So that makes INR 18,000 crore as of now. So maybe if we win more projects in this financial year, so INR 18,000 crore also can become more, because we have to spend some money in this financial year. So that is a reply to your question of INR 18,000 crore. As far as our transmission system availability and reliability and performance is concerned, as I told that our transmission system is being benchmarked internationally since 2010. Since 2010, every two years, we get our transmission system performance benchmarked by independent agency in U.S. And our availability of 99.80% is best as compared to other utilities, whether it is SGCC, China, or it is AEP, USA, or Furnas, Brazil, or Eskom, South Africa, or NGC, U.K. Best one is U.S. NERC, U.S., it is 99.50%, NGC, U.K., 95%, and like that, other countries. So 99.80 is one of the best, basically. The data shared by the International Benchmarking Agency, it says that Power Grid transmission system availability is best. And as far as other performance, like if you consider a transformer failure rate, our transformer failure rate is 0.46%, as compared to international average of 1%. Our breaker failure rate is about 0.05%, as compared to 0.2% internationally. Our instrument transformer failure rate is also very low as compared to international average, as data published by various agencies. So that is why we say our O&M performance, O&M benchmarking is one of the best in the world. Thank you, sir, and all the best for the coming quarters. Thank you. Hi. Hello, am I audible? Hi. Yeah, yeah, please. So my first question is, how do you think about the CapEx and commissioning in FY 26, given the current pipeline? Current pipeline of projects you have. Yeah. So FY 2025, as we are mentioning that it is, as of now, INR 18,000 crore, we are thinking. But and of FY 2026 and 2027, let me just give the details. If we say that total works in hand is INR 114,000 crore as of now, which will further increase when more projects are under bidding. So, out of INR 114,000 crore, if you minus HVDC project of Leh and Kaithal, which is costing around, say, INR 20,000 crore, then Fatehpur-Bhadla, around INR 12,000-13,000 crore. So that makes this thirty, 25 plus 12, 37,000, if you minus from INR 114,000 crore. So balance becomes around INR 70,000-80,000 crore. So that is to be commissioned or to be completed in next 24-30 months. So that makes that around INR 70-80 thousand, minus INR 18 thousand. So we have to complete in 2 years, but after this financial year 2025. So we are targeting next year, maybe INR 25 thousand plus, and maybe in FY 2027, around INR 30 thousand plus. Understood. My second question is on the green hydrogen. I think Sumit asked it, but my question is, in your opinion and discussion, do you think that the government is moving on the green hydrogen transmission capacity, especially in the committees meetings? Yeah. Like there are projects in Odisha, and Odisha, like Gopalpur, and one more place is there in Paradip. Paradip. Paradip. Paradip and Gopalpur, two places already, this green hydrogen hubs are being developed. Similarly, in this one area in Andhra Pradesh, that the Kakinada, then this Kandla, and Gujarat, two two green hydrogen hubs are being developed. And in one in Tuticorin in this Tamil Nadu. My last question on the bidding pipeline. How is the bidding pipeline looking like? And what is the expectation of the bids which can be closed in this fiscal? Can you repeat? Like- My question on the bidding pipeline- Bidding pipeline ... tender pipeline. Like, uh- How it is and how much do you think it, we can- We have- By end of the fiscal. We have about more than INR 100,000 crore power transmission projects in pipeline. Maybe more than that, but at least INR 100,000 crore projects are inside. So, most of them will be maybe 70%-80% will be clear in this financial year. Understood. As of now. Thank you, sir. Thank you. Over here. Yeah, yeah, continue. Girish from Morgan Stanley. My question firstly is on equipment availability. You had recent strong order book right now, INR 100,000 crore plus of orders in hand. What visibility can you provide right now for transformers and substations and transmission towers? Can you quantify that for us? Yeah, like, there is a challenge for supply of, mainly two items. Breaker, circuit breaker, CT, current transformers, surge arrester, tower structure, there is no challenge. So we, everyone will get these equipments, but GIS and transformers and reactors, supply is a big challenge. So what we are doing, we are going for, advanced procurement or bulk procurement of these equipments in advance. We are, like, considering that so many projects are in pipeline, so what could be the requirement of transformers and reactors and GIS? So in advance, we are taking procurement action, so that when the project execution will be there, and these equipments will be required, so we will have these transformers and reactors well in advance with us. Especially for GIS, the equipment part, availability is there in India, but GIS part is challenged, so we are taking up with manufacturers, so that GIS of GIS equipment is also taken care of. This challenge is also mitigated. Typically, what is the inflation that you see right now for equipment, which is in slightly more tight supply? Is it, like 10%? Like, especially transformers and reactors and GIS, if you compare with 2017-18, the cost has become almost 70%-80% more. So every year, you are right, that may be 10%. If we keep supply schedule of, say, 15 months or 18 months for these equipments, so cost is coming more. So what we are doing, we are procuring, giving time schedule of 24 months or 30 months, so that supply challenge is not there. Because they have to procure, they have to purchase copper, they have to purchase core, they have to purchase the paper insulation, so that cycle can be easily managed. My last question is on data centers. So can you talk about your current project that is in hand, and any outlook for this business? What role you expect, you know, how much capacity can you create on that side? Yeah, this project is being developed at our Manesar 400 kV station, and this is of about 1,000 racks, and in phase I, it will be about INR 7,000+ crore, and in phase II, it will be around INR 2,000 crore. We are also considering Bangalore, Hyderabad, Chennai and other metro cities for data centers. So we want to play a big role in data center. In terms of other details, I request my colleague Mr. Vamsi; he can give more details. Yeah. As already informed, about 1,000-rack commercially available data center is being implemented as we speak. So we expect that to be in the quarter four of this financial year. We basically look forward for trying to fill in the gap of government-owned data centers because we find a lot of depth in that. We would like to position over there, apart from meeting the other needs of the private sector. With the increasing boom in digitalization, we find that this is a good opportunity since data centers being measured in terms of power and also it has a typical characteristics of what we otherwise implement in the substations. We have a good, strong backbone of telecom as well. So we find that there's a natural progression for us to put in the data centers. We find a good amount of traction in this. So presently, the first data center, as what is said, is in NCR, which is coming up over there. Apart from other, different system locations, that's what we are working. Thank you. Over there. Yeah. Yeah. Good afternoon, this is Subhadip from Nuvama. So you did spell out the estimated CapEx over the next 2-3 years, but can you also tell us about the capitalization expected in FY 2025, 2026? Sorry. As I told that, this around INR 70,000 crore projects we have to commission in next three years. This year, we have target of about INR 18,000 crore, and balance, maybe around INR 60,000 or INR 55,000 crore projects in next two years. Maybe around 25,000-30,000 crore projects, capitalization in FY 2026 and FY 2027. Sir, with regard to the HVDC projects, because these are relatively longer gestation, when do you see those getting commissioned? These would be over a 4, 4-year period or longer? This Leh to Kaithal, it is 5 years, because it is to be developed at a very high altitude, about 4,500 meters, which is for the first time in the world of this size project is being developed at this altitude, so this will be 5 years. And this Fatehpur-Bhadla is 4.5 years. First bipole will be in 48 months, and second bipole in 54 months. So 4 and 4.5 years. Understood. And with regard to the other AGTC project, the Khawda project, is there any estimated timeline by when you can expect an award? We are expecting bid submission by another 10 days. And, after that, it will be- Bid, bid should conclude, then only we can award. So first we should... Understood. First, the bidding is not yet over. Okay. Understood. And with regard to the equipment ordering for Bhadla and Leh Ladakh, I presume you would be looking at those awards going out in the current year itself, right? Yeah. It's like, for Leh and Kaithal, we have already tendered out on July 17th. So we expect that... Because it is two-stage bidding, two-stage, two envelope bidding. And by December, we are expecting that we will get the commercial bids, and by maybe January or February, we will award it. And as far as the Fatehpur-Bhadla, it is almost ready for award, so anytime we can award it. Understood. Lastly, with regard to the current quarter's results, at least on the standalone side, the numbers look very flattish. So just wanted to understand that despite the fact that regulated equity would have gone up over the last one year, why are we seeing a flattish bottom line? No, you see, it's because like, as like, I think Sumit was already asked this question, is we, we didn't take much dividend from the SPVs compared to last Q1. And another one is last Q1, we had a one-time order impact of around INR 150 crores. So if you add that, and then, you add that the discontinued operations of telecom also, because like last time, telecom was part of our standalone, but now that it was carved out, and then we formed a PTSL, a separate SPV. So, if you take out that discontinued operation of INR 58 crores, it's hardly INR 70 crores. And, we took, I think, around INR 80 crores lesser dividend than the Q1 of FY 2024. Understood. Otherwise, you can always refer the console for your guidance, because going forward, if you see more and more projects will come in the TBCB route, so, you have to look as a console business. That will help. Of course. Thank you so much. One last question, and then sir has to go. Okay, I think thank you very much. I now invite Mr. Tandon. Tandon, sir. Okay, I think he's gone out. You can come from here, sir. No, here. Das is there. He's here. He can. Last question? Okay. You want to give? Okay, come. Yeah, thank you, our investors. We express our sincere thanks to all our esteemed investors for coming here and attending this conference. Anand. This is nice interaction with our management. We also express our thanks to Chairman, other directors for sharing the business outlook and performance of Power Grid. Thank you. Thank you all, everybody.