Good afternoon, everyone. Welcome, ladies and gentlemen, to the Power Grid Corporation half-yearly and Q2 results analysis and the analyst meet. Thank you for taking your time out, coming over here. I would now like to begin the proceedings and call up the company secretary, Mr. Satya Prakash Dash, to initiate the proceedings. Good afternoon, ladies and gentlemen. On behalf of Power Grid, I extend a very warm welcome to all of you for this analyst and institutional investor meetup, Power Grid Corporation Limited. First of all, today our senior management team is there to discuss the company's business and share the performance outlook of Power Grid. That is after the post-declaration of the Q2 and half-year ended 30th September 2024 financial results. It's my pleasure to introduce senior management team of Power Grid. We have with us Sri R. K. Tyagi, our Chairman and Managing Director. Sri G. Ravisankar, he's Director of Finance and CFO of Power Grid. Sri Naveen Srivastava, our Director of Operations. And Sri B. Vamsi Rama Mohan, that is OSD Projects. Thank you. I now invite, before inviting CMD, I would like to have some corporate presentation, corporate video within, yeah. So afterwards. Power Grid Corporation of India Limited, lighting the path of progress. Electricity is a vital part of our lives. In today's world, we can hardly imagine life without it. But have you ever wondered who are the people that ensure power supply to our homes, farms, offices, and factories? Towering snow-covered mountains, scorching deserts, and remote dense forests. Every step is a challenge. An indomitable spirit that pushes forward. A dynamic company, Power Grid, a dedicated mission, bringing light to every corner of the country. Established on 23rd October 1989 with just 30 substations, Power Grid in over three decades has become one of the largest transmission companies in the world. A massive network of 280 substations, over 178,195 kilometers of transmission lines, a transformation capacity of 540,961 MVA. These aren't just numbers. They are a testament to the power that brings light to every corner of India every day. Through our tireless efforts, electricity now reaches even the most remote areas of the country. This light not only brightens homes but also brings new hope for development, illuminating dreams. This success wasn't achieved overnight. Since the 1960s, grid management has been done on a regional basis. The government of India entrusted Power Grid with the challenging task of unifying all regional grids, envisioning a robust national grid. वन नेशन, वन पावर ग्रिड, आज देश की ताकत बन चुका है. To establish One Nation, One Grid, One Frequency, we connected the country's five major regional grids, creating a resilient national grid, one of the world's largest synchronous grids today. एक इलाके में बिजली रहती थी, कोई लेने वाला नहीं था, और दूसरा इलाका बिजली के लिए तड़पता था, अंधेरे में जीता था, कारखाने बंद हो जाते थे. और उसको बदलाव लाने के लिए, वन नेशन, वन ग्रीड, वन फ्रीक्वेंसी, उसमें हमने सफलता पाई है. Whether it's the icy peaks of the Himalayas, where every breath is scarce, or the scorching Thar Desert, where life struggles to survive, Power Grid's warriors overcome every challenge with courage and steely determination. During times of disaster, when the need for electricity becomes even more crucial, be it a storm, an earthquake, or a flood, Power Grid teams are the first to deploy themselves, restoring power swiftly using their ERS system. Our presence isn't limited to India. Power Grid has made its mark in 23 countries across the world. We've established cross-border electricity connections with Nepal, Bhutan, Bangladesh, and Myanmar, bringing new energy to South Asia. Beyond power transmission, we have left our mark in areas like telecom, distribution, grid automation, and communication, renewable integration, capacity building, smart grid, smart metering systems, solar power generation, and emerging businesses like battery energy storage systems and green hydrogen. Innovation and adoption of cutting-edge technologies is key to our success. We are laying the foundation for tomorrow's grid, shaping a brighter future by integrating renewable energy. We've launched several landmark projects and contributed to the global energy transition. Some notable achievements include the world's longest multi-terminal HVDC, 6,000 MW, Agra-Biswanath Chariali HVDC system, the 1,765 kilometers long HVDC Raigarh-Pugalur-Thrissur RPT transmission system, adopting the voltage source converter technology for the first time in the country, Srinagar-Leh transmission system, which includes the world's highest substation and four GIS substations, including Dras, the world's second coldest inhabited place, the world's highest voltage line at 1,200 kV in Bina, Madhya Pradesh, upgradation of Varanasi's electrical infrastructure under the Integrated Power Development Scheme for one of the world's oldest cities. We haven't just lit up homes, towns, and cities, but have also illuminated the values of empowerment with our new vision. From pink substations to challenging projects, Power Grid's women play leading roles, changing narratives and advancing a significant step towards change. To complete projects on time, we address not only technical and geographical challenges but also issues like land acquisition, statutory clearances, and environmental complexities, which have become significant concerns in recent years. Whether it's right of way or legal approvals, we resolve every issue with sensitivity and determination. Through our CSR initiatives, we are building a brighter future for various communities across the country, sharing their struggles and lending a helping hand. Power Grid employees don't just deliver electricity; they are the bearers of light. We are ready and committed to meeting the new energy needs of a new India and global transition. We are channeling energy towards growth. We are Power Grid. Power Grid, transmitting power, transforming lives. Now I would like to invite our chairman, Mr. R. K. Tyagi, to make the opening remarks and presentation, after which the floor will be open for questions and answers. Chairman, sir, please. Good afternoon, everyone. Welcome to Power Grid's analyst meet today at Mumbai. As you have seen, the operations of Power Grid through video, I will just give a brief about some details of various operations. My presentation will cover overview, major highlights, performance highlights, growth outlook, then sustainability and awards. Today, we are one of the Maharatna companies in India. We became Maharatna in 2019 with 64 subsidiaries and 12 joint venture companies. As given in video, we have footprints in 23 countries. Telecom network also is there, about more than 100,000 kilometers. We have about 150-plus domestic and international 25 numbers of consultancy projects. Cross-border interconnection with Nepal, Bhutan, Bangladesh, Myanmar. We have a capacity of 4,874. Our rating international and domestic rating is at par with the sovereign rating of the nation. Our transmission line towers and transmission lines are spread across various parts of the countries. It includes 1,515 transmission lines, 280 substations, interregional capacity. That makes One Nation, One Grid, One Frequency by the portion which we have 99,580 out of about 118,000 MW. Our operations are good. We have transmission system availability about 99.80%. We are transmitting power through state-of-the-art technologies like HVDC at 800 kV level, 500 kV level, then transmission network, of AC level 765 kV. We have 63 substations, 400 kV substations, we have 168 numbers. Then, for dynamic reactive power compensation, we have SVC and STATCOMs, 20 numbers, 64 GIS stations, and transmission line towers which are located on the top of hill or in rivers in various parts of deserts and in plain areas. It more than 290,000 transmission line towers. Transformers, we have more than 3,800 numbers. We have become L1 bidder in TBCB projects in Q2. Total, we have about eight numbers projects. We have one out of 13 projects which includes 78% in terms of annual tariff, 75% in terms of NCT cost, and about 62% in terms of numbers. That includes dynamic reactive power compensation project at Khavda, transmission system at Bikaner 3 and Bikaner Bhadla 3. Then Khavda area, we have phase four part B for transmission network. Then Jam Khambhaliya in Gujarat, Jaisalmer Barmer in Rajasthan. Then one of the very prestigious projects, HVDC project between Khavda to Nagpur. So these projects we have won in quarter two. And up to till date, we have again won, in October and November out of six projects, we have won four projects. That includes Shongtong Karcham Wangtoo in Himachal Pradesh, then in Bikaner, Rajasthan, then another part B, part A, part B in Rajasthan. Then Kudankulam transmission system, also, this is also one of the projects which we have won. Some of the performance highlights, these are the assets which have been commissioned in quarter two. That includes 1,500 MVA 765 kV ICT at Phagi, then 1,500 MVA capacity at Fatehgarh 2, 1,500 MVA ICT at Bhadla 2, 500 MVA, upgradation of 315 MVA transformers at Nagarjuna Sagar in Southern Region one, then Subhasgram in West Bengal, 500 MVA, then Jind in Haryana, 500 MVA, Mysuru 500 MVA, Pune 500 MVA, then Bikaner, 500 MVA ICT. Then in Navi Mumbai, this substation was ready for so many years. Now it has been commissioned where we charge two numbers of 315 MVA, 400 kV ICTs. Then in Arrah, Bihar, one 200 MVA capacity ICT has been commissioned. And for RE evacuation in Rajasthan, Fatehgarh 2 to Bhadla 2, a very prestigious line has been commissioned, which is almost 400 and 5 circuit kilometers. Then the transmission line at Navi Mumbai. These were commissioned on 16th September. Our CapEx up to September 2024 was INR 10,002 crore. And on capitalization, we have INR 4,000 crore worth projects that have been commissioned up to September 2024. On the operational front, we have always been achieving operational benchmarks higher than the incentive we get at 99.75%. So we have been achieving transmission system availability more than 99.75%. In this year, we have achieved 99.80% till Q2. And in case of reliability, it is 0.17 trippings per line in Q1, Q2. Then financial performance on a standalone basis, income is INR 11,383 crore, profit after tax INR 3,711 crore. On consolidated basis, which includes most of our operations of TBCB projects, we are INR 11,846 crore as against INR 11,530 crore last year. And profit after tax has become INR 3,793 crore against INR 3,781 crore last year. Then up to half year September Q1, Q2, we have standalone basis INR 22,234 crore against INR 22,094 crore, and profit is INR 7,123 crore. On consolidated basis, which is INR 7,517 crores against INR 7,379 profit after tax. Revenue or income is INR 23,126 against INR 22,788. These are the details of various heads of our financial performance transmission charges in Q2, INR 10,877 up to half year, INR 21,543. Total income INR 23,126 up to half first half year, and profit after tax as I told INR 7,517 crores. This is on a standalone basis. These are the details. The gross fixed assets as of 30th September 2024, on consolidated basis, it is INR 278,000 crores. Work in progress INR 25,391. The loan or debt is INR 122,499 crores. Net worth is about INR 92,061 crores. Earnings per share INR 8.08, and book value per share is INR 98.96. Our debt equity ratio is 0.5743, and return on net worth is 8.17%. These are some key financial information. Income on previous period is about INR 229 crores. Interest on differential tariff, then interest from subsidiaries, incentive, dividend from joint ventures. These are the details given in this tab in tabular form. The income from telecom is INR 267 crores in Q2. New customers we have added about 13 numbers. Our backbone availability has been 100%. In consultancy, in international, we have 16 ongoing assignments, and in Q2, three orders have been received. In domestic front, 77 are ongoing assignments and two numbers orders received in Q2. Our income in Q2 from consultancy is INR 134 crores. In commercial performance, we have billed about INR 19,000 crores, and realization has been more than 100%, 100.31%. These are the details of outstanding dues for Q1 and Q2. Growth outlook is good because key drivers for growth are India to be a $5 trillion economy as per the Government of India vision. That requires rapid industrialization, urbanization, e-mobility, energy transition. Then 500 GW installed capacity by 2030. Green hydrogen in for various applications. That requires power requirement of 125 GW for production of green hydrogen. Then battery energy storage, pumped hydro for energy storage daytime when sun is there. So renewable energy is available, but in nighttime when sun is not there or renewable energy is not there. So we require energy to be stored. So battery storage and pump storage is going to help us. Then One Sun, One World, One Grid vision of our Honorable Prime Minister. That requires international interconnections between various countries. So we have some growth options there for interconnections between various countries. As per NEP, National Electricity Plan, recently announced by Ministry of Power, peak demand which is 249.85 GW as on 30th September 2024. It is going to increase to 296 GW by March 2027 and about 388 GW by 2032 March. Installed capacity which is about 453 GW, it is likely to increase to 69 GW by 2027 and 997 GW by March 2032. RE capacity as of now, it is about 201 GW, and it will increase to 537 GW and 613 GW by March 2027 and by March 2032 respectively. Transmission lines which is about in interstate sector which is 211,805 circuit kilometer, it is going to increase to 251,000 circuit kilometer in 2027 and 294,000 by 2032. Transmission capacity, MVA capacity which is 529,000 MVA capacity, it is likely to increase to 933,000 by 2027 and 1281,000 MVA capacity by March 2032. In interstate transmission lines which is about 277,000 circuit kilometer as of 30th September 2024, it is likely to increase to 320,000 circuit kilometer by 2027 and 353,000 circuit kilometer by March 2032. Similarly, transformation capacity in MVA which is 747,000 MVA capacity on 30th September 2024, it is likely to increase to 1,130,000 MVA capacity. If we add this transformation capacity 1,281,000 and 1,130,000, 1,130,000, so it becomes more than 24 lakhs MVA capacity by 2032, so it requires large number of transformers. And interregional capacity which is 118,000, it will increase to 142,000 and 167,000 MVA capacity. So these are the drivers for growth of transmission network in India, and Power Grid is playing a very important role, and it will continue to play an important role in building nation, building transmission system in India. So definitely, the prospects or outlook of Power Grid is very bright. As per this NEP, total INR 916,000 crores are to be spent up to 2032. So which is from 2022 to 2027, it will be INR 425,000 crores. From 27 to 32, it will be INR 490,000 crores. So, out of which almost INR 330,000 crores, projects have been already, some have been executed, some are under execution, some have bid out, and balance are to be bid. So if we consider this, growth that will require execution of many HVDC projects and AC projects, HVDC projects being very high CapEx intensive, so it will require a lot of CapEx utilization in various projects like 320 kV 500 MW between Paradeep to Andaman, then Khavda area between KPS3, Khavda 3 to South Olpad, 2,500 MW at 500 kV. Then Barmer 2 to South Kallam, it will be 6,000 MW at 800 kV LCC. There is a possibility of HVDC link between India and Sri Lanka. Then Bhadla to Fatehgarh, 6,000 MW, then 6,000 MW between Bikaner 5 to Begunia in Odisha. Some planned cross-border between India and Bangladesh, 765 kV HVDC, sorry, AC double circuit line, link is there between Katihar to Parbatipur and Barnagar. Then India to Myanmar, Imphal to Myanmar at 400 kV. India-Sri Lanka, 500 kV, 500 MW HVDC link is there. If we consider all the projects which we have in hand, then as on today, we have INR 143,295 crores worth projects in hand, and which includes RTM projects of about INR 8,896 crores, TBCB projects of INR 93,000 crores, and others like metering and other area about INR 3,300 crores. New RTM projects like offshore wind and Leh-Pang HVDC link, that includes INR 38,008 crores. The CapEx planning for FY 2024-25 is about INR 18,000 crores, but it is likely to increase to more than INR 20,000 crores. So, it will have about RTM of INR 4,000 crores, RTM projects, and TBCB projects, more than INR 12,000 crores, others about INR 1,000 crores. So projects under bidding, about INR 84,000 crore projects are under bidding. And another new projects as per NEP, about INR 3 lakh crore projects are yet to be bid out. So if we consider that and consider winnability of Power Grid about 50%, so about INR 192,000 crore projects are likely to be won by Power Grid in addition to 143,000. So put together, it will be more than INR 335,000 crore projects execution by 2032. So our outlook will be at least INR 3 trillion rupees projects or CapEx by 2032. In sustainability and awards, we are committed for 50% electricity consumption by 2025 from RE, net water positive organization by 2030, zero waste to landfill status by 2030, and net zero by 2047. We are taking various actions to achieve these targets. Awards which we have won in various areas. CMD Power Grid got a Lifetime Achievement Award category. Then Power Grid in Grid Edge Award category. Then Power Grid in Corporate Impact Award comprehensive portfolio category by S&P Global Platts Global Energy Awards 2024 finalist. This is the finalist list basically in S&P Global Platts. Then awards and recognition. CMD Power Grid was conferred with The Economic Times Energy Leadership Award 2024 for significant contribution in energy sector. Our Director of Personnel, Power Grid has been conferred with CHRO Pride Award by Top Rankers Management Club during 24th National Management Summit 2024. Power Grid was conferred with prestigious Dun & Bradstreet Award 2024 in Power Transmission Central PSU category. Power Grid also was conferred with Transmission Company of the Year Award 2024 by Bharat Excellence Powering India Awards 2024. Power Grid was also conferred with Gold Award by the SKOCH Group for its CSR project, Farmer Centric Integrated Watershed Management Project at Kalahandi District of Odisha. Power Grid was adjudged the Green Ribbon Champion of Sustainable Development by News18. Then also Power Grid was conferred with prestigious SHRM HR Excellence Award 2024 in the category Excellence in Learning and Development. Thank you. Thank you everyone for your time. Thank you. Hearty congratulations, sir, for the Platts Awards. That's the industry benchmark. Platts is the global platform on which all energy companies, all the metal companies, etc., they get listed and enlisted. We now open the forum for questions and answers. Please do put your mobiles on silent mode and do raise your hand, do introduce your company and yourself, and then you could raise the query. I can just see someone right at the backside. Go ahead, please. Good afternoon and thanks for the opportunity. This is Subhadip Mitra from Nuvama. My first question is, I think in the opening remarks you mentioned that out of the INR 9 lakh crore that is planned under the NEP, about INR 3 lakh crore is already tendered out or executed. So does that mean that the balance INR 6 lakh crore odd is still yet to be tendered out? Yes, it is yet to be. As I told that it will be tendered out, yeah, in days to come. Understood. And of the 3 lakh... Like, let me clarify. Out of 9 lakh 16,000 crores in interstate, total 6 lakh 60,000 crore projects are to be constructed, out of which about 3 lakh crore projects are already being executed or already bid out, and balance are yet to be bid out. Understood. And of this 3.3 lakh crore which are already under execution or bid out, is a large component of the equipment ordering also done, or the equipment ordering is still pending? Most of the projects are already whatever projects. Suppose we have, say, 143,000 worth projects. So barring HVDC projects, which includes this Fatehgarh, sorry, Khavda to Nagpur and Leh to Pang and offshore wind, which are yet to be awarded, others are maybe 80% projects are already awarded, and equipments are already tied up. I understand. I understand. And for each of these HVDC projects, roughly what is the size of, you know, ordering in, let's say, rupee crore terms that you're looking at, let's say for the Khavda project or for Leh-Pang? Like Khavda project density cost is INR 24,000 crores, so which will include terminal at Khavda and Nagpur, and it may be almost 70% of the 65%-70% will be the cost of the terminals, and about 35% cost will be for the transmission line. Understood. And the Leh-Ladakh project is also on the anvil by end of the fiscal? We have already tendered out this project, and now we are discussing with our prospective bidders, and very shortly OBD will happen, and by end of this financial year, or maybe by February or maybe March, we are likely to award this project. Understood. We have to also restrict questions, maybe, you know, two per person so that the others can also ask. But your last question. Just to follow up on this one, the upcoming HVDCs that you see coming up for tendering beyond Khavda and Bhadla, which are the ones that you're expecting coming up, let's say in FY 2026? Like under bidding already Fatehgarh Bhadla is there. Then after this, this KPS3, Khavda 3 to South Olpad, will come very soon for bidding, and others will be followed subsequently. Understood. Thank you so much. Thank you. Hi, this is Mohit Kumar from ICICI Securities. My first question is, sir, when you look at your portfolio of projects, the scheduled commissioning date for almost the entire pipeline is 2 to 2.5 years, barring the HVDC, right? Is it fair to say that the commissioning will pick up and will become more than INR 400 billion in F27, F28? Is that a fair understanding? Yeah. Like we have about INR 25,000 crore projects. This work in progress is about INR 25,000 crore projects are already, which are already, CapEx is already done, which are due for commissioning. Then out of INR 143,000 crores or INR 143,000 projects which are in hand, so barring HVDC and offshore wind project, which will be about, say, 22 plus INR 60,000 crores. If you reduce INR 64,000 crores, maybe 1 lakh worth, 1 lakh crore worth projects are to be commissioned in next 2.5 years. So you are right that our capitalization should be about INR 40,000 crore, INR 35,000-INR 40,000 crores each year now from the next year. Sir, my second question is that the loss of INR 1 billion in the JV accounting in this quarter, is it related to EESL, Energy Efficiency Services Limited? Yeah, we have around, there is a loss of around INR 100 crore we have accounted this half year on account of EESL at the time of consolidation of our share. This particular associate company is making losses for a long time, sir, no? Yeah, we have stopped putting equity. Last one year we are not putting equity. This is the equity was put up. We made the equity contributions over the years, basically. So, and the last one year we have also told them to take up the receivables. Basically, they have done on an annuity model, some of the businesses for which they will have, they have put the CapEx upfront, and then it is recoverable on the per month basis. So the problem is the receivables are mounting, so that's why they were taking some short-term loans for the servicing and all for the interest portion. So now they are gearing up for the collections, and then they will do. So still the first half year on the provisional results, we have accounted INR 100 crores as our portion comparatively from the compared to last half year. That is one of the reasons that you will find the jump of only hardly 2%-2.5% because this 100 crores will contribute another 1.5% in my jump. So is it fair to say that this losses will stop from here on? These losses will not occur henceforth? Yeah. We have been taking up this issue as a joint venture company. We are like four partners in this EESL, NTPC, Power Grid, PFC, and REC, so we are taking help of our ministry to realize the dues of EESL from various ULBs and various state utilities, and now they have taken up already with various state governments. And further, it is likely to be discussed in the forthcoming Power Ministers Conference on 12th November 2024. Thank you, sir. Bye-bye. Yes, please. Just give the mic. This is Sumit Kishore from Axis Capital. In the first half of the year, capitalization has been about INR 40 billion at the consolidated level. Are you still on track to achieve what, INR 180 odd billion that you had spoken about on a full fiscal basis? And for the next year, given that, you know, works in hand are going to get converted, part of it, would you think that that INR 350 billion rupee achievable in terms of capitalization for next fiscal itself, or would that be an aspiration more for FY 2027? This year we are targeting about INR 18,000 crores CapEx as well as for capitalization, but the next year it will increase from INR 18,000 crores, maybe somewhere between INR 25,000 to INR 30,000 crores, and next year it will go about maybe INR 40,000 crores. Not next year, it will not touch INR 35,000 to INR 40,000. Next 40,000. Maybe one year later. Yeah, and so your CapEx next year is likely to touch what about? CapEx also, it will be between 25,000 to 30,000 next year, FY 2025, 2026. The second question is, you used to put a slide, you know, in terms of your CapEx target till 2032, which used to look like something like 1.8, 1.9 lakh crore on the transmission side. So that number is now moving to about 3 lakh odd crores. So could you disaggregate in terms of both inter-state and intra-state, what would be your expectation? Like 90%, 85%-90% will be interstate. Like we have some joint venture companies with like Rajasthan and some TBCB projects which will come in interstate sector. They will be done for interstate. But we are expecting that our share from interstate will be about 90%. So if we are saying more than INR 3 lakh crore projects to be executed or our CapEx will be more than INR 3 lakh crores, so it will be about 90% will be from interstate. Sure. So your implied win ratio in interstate will be north of 50%? Yeah. Yeah. Yeah. Thank you. I now again request Company Secretary sir. No, I think we can call it. Shikhar. Anyone who has got a question can ask the question. Yes, sir. We can do that. Yeah. Somebody wants to do the. You have a question? We have a question, sir. Yeah. Okay. Sir, this is. Okay. Yeah, yeah, please go ahead. Yeah. So this is Mohit Pandya from Macquarie Capital. Just wanted to get an update on the smart metering projects. Yeah. Yeah. As far as smart metering projects, we are doing in Gujarat, Madhya Gujarat and Uttar Gujarat, where we are going to put around 63 lakh meters, smart meters. And out of that, we have already awarded 35 lakhs will be in one Madhya Gujarat, similarly in 30 lakhs in the Uttar Gujarat, out of which 28 lakhs we have already awarded. At present, almost 2 lakh meters have been already supplied in both the cases, so at least 4 lakhs have been supplied. And we are installing at present, the progress is around 1 lakh meters we have already installed, sir. Okay. Maybe, you know, the other questions. There is one. Sorry. Started, so now you can end it. Thank you. So just a follow-up from my side. So I just wanted to understand that in this current quarter, we've seen relatively weaker numbers. Is it a function of some of the TBCB projects maybe seeing a decline in the tariffs in line with the way the bidding has been done? Are you seeing any weakness in the ROEs for some of the TBCB projects? You are referring to which number? Can you? So if I'm looking at the general profit after tax growth, it's not been very encouraging for this quarter. So just wanted to understand that, you know, as we go ahead and as the share of TBCB rises, can we see some weakness in terms of, you know, the normal threshold ROEs that we see, given that there is higher competitive pressure in TBCB projects? Not really. Like we have commissioned projects worth INR 4,000 crores. So tariff for which will be realized in days to come because if you commission, say, in September or August, so we will not get tariff in, say, April, May, June, and till it is commissioned. So there is incremental increase or there is increase of tariff and profit. But because of our depreciation, because we have the legacy assets under RTM, where the depreciation is decreasing after 12 years from 5.28%, it becomes about 2%. Similarly, our loan also, we keep paying loan also principal amount. So loan amount is reduced, then interest on loan is also reduced. So effectively, our revenue will reduce for RTM projects. So when we are adding revenue in TBCB projects, then it is almost getting compensated by the decrease in RTM projects. As far as this profit is there, if you remember that as per the CERC tariff regulation for 2024-29, our as per the new CERC regulation, our O&M charges have been reduced by almost INR 600 crores. So for half year, the effect is almost INR 300 crores. So that effectively it is positive by, say, 1% or 2%. But it is not in the same range where it should have been because there is a loss of about INR 300 crores, which is a major contributor for our profit, not increasing, say, 4%-5%. It is 1%-2%. Understood. Lastly, would you be able to tell us what is the regulated equity number that we have for the RTM projects? Regulated? Equity. Equity. Normally for any project, it is 70-30%. So 30% is equity and return on equity is about 15%. Understood. But for the overall bank of projects that we have right now, is it like a INR 90,000 crore kind of a number or some number like that? If you can help us with that. Yeah. You see, we have 92,000 as net worth. And we say that the investments in TBCBs are around 4,000-4,200. So what you assume is somewhere around 88-90,000 is fair. Perfect, sir. Thank you so much, sir. Well, one more question. Yes? Last. The final last. Yeah, sir, just one bookkeeping question. So for the projects won in October and November, if you could share the NCT cost, if possible. Yeah. I'll do it. You want in? October, November. October, November. Okay. Yeah. So this is Shongtong project. NCT cost is INR 2,286 crores. Then Rajasthan phase four, part A is INR 5,969 crores. Part B is INR 5,357 crores. Then Gopalpur green hydrogen project, NCT cost is about INR 2,898 crores. That has been won by Tata Power. Then Kudankulam, which is won by Power Grid, NCT cost is INR 548 crores. Then Bijapur Raichur, which was concluded yesterday, the cost is about INR 1,000 crores. It is won by G R Infraprojects. So out of six projects, we have won four projects. Okay. Yeah. Thank you so much, sir. I think now any more questions? I still have a minute. Okay. May I now request Mr. Anantha Sarma sir to come and give the vote of thanks? Followed by that, please, the Power Grid team be ready for a group photo. And then followed by that is Advocate. Yeah. Good afternoon. I take pleasure in thanking Sri R. K. Tyagi ji, Chairman and Managing Director, Power Grid. Sri G. Ravisankar ji, Director of Finance and CFO of Power Grid. Naveen Srivastava ji, Director of Operations and Projects, Power Grid. Sri B. Vamsi Rama Mohan ji, OSD Projects. And I also take pleasure in thanking all of you, the investors and the analysts who have made it convenient to come over here and participate in the investor meet here and make the event a grand success. I would like to thank ICICI Securities for organizing this event and also Adfactors who organized everything for us here and made the event successful. I thank everyone, including our company secretary and all, for making this event successful. Thank you so much.