Hi. Good morning, everyone. On behalf of ICICI Securities, I extend a very warm welcome to all of you for the annual meeting of Power Grid Corporation of India Limited. Today, our senior management team is there to discuss the company's business post-Q3 and nine-month financial results. It is my pleasure to introduce the senior management team of Power Grid. We have with us Shri R. K. Tyagi, Chairman and Managing Director, Shri G. Ravisankar, Director of Finance and CFO, Dr. Yatindra Dwivedi, Director of Personnel, and Shri Naveen Srivastava, Director of Operations, and Shri B. Vamsi Mohan, Director Projects. Thank you, and over to you, sir. Thank you. Hi, thank you, sir. Yeah, you can. Good morning, everyone. I'll just give a brief about Power Grid, our achievements in Q3 and up to Q3 for nine months. Brief agenda for today's meeting is overview of Power Grid, major highlights, performance highlights, what is the growth outlook, sustainability, and awards which Power Grid has won during quarter three. Next. Yeah. As you know, Power Grid is India's flagship power transmission utility, one of the largest transmission companies in the world. As per Public Enterprise Survey 2023-2024, we have been given first rank in net profit, first rank in dividend declared, second rank in gross block, second rank in net worth, and second rank in contribution to exchange. Our international credit rating is at par with sovereign rating, BBB-, and domestic credit rating is AA A. Next. Our transmission lines, we have transmission lines across the width and breadth of our country. About 1,518 number of lines are there. We have 179,594 circuit kilometers, 280 substations, 552,961 MVA capacity. Our interregional transfer capacity is 99,580 megawatts, which is 84% of total interregional capacity of India. Our transmission system availability is maintained at par with world-based utilities, and it is 99.81%. We have assets of HVDC 18 stations, 765 kV substations, 63 numbers, 400 kV, 168 SVC and STATCOMS, 20 numbers, and GIS stations, 64 numbers, and transmission line towers, about 290,000, and transformers and reactors, more than 3,800 numbers. During Q3, we have won seven ISTS TBCB projects with leveraged tariff of 2,077 crores. It includes transmission system for evacuation of power for Rajasthan, REZ Phase 4, Part 3, Part A, and Part B, then transmission system for power evacuation from Kudankulam Unit 3 and 4 in the southern region, then transmission system for power evacuation in Rajasthan, Phase 4, Part 4, Part A. Then system strengthening at Koppal 2 and Gadag 2 for integration of RE power in the grid. Phase 1 is augmentation of transformer capacity at Khavda area, KPS 1 and KPS 2, Phase 5, Part B1 and Part B2. Then augmentation of transformer capacity, 3 into 500 MVA transformers and 1 into 1,500 MVA transformer at Bidar substations. Up to Q3, we have a share of 50% in annual tariff in TBCB projects, 58% in terms of NCT cost, and 57% in terms of number of projects won. Thank you. In asset management, for the first time in India, we have implemented dynamic line rating for controlling power flow in transmission line, depending on temperature, wind speed, and other ambient conditions. Also, we are implementing e-vegetation management program for our six transmission lines in the northeastern region, which will assist us in inspection and maintenance by mapping of transmission lines, managing vegetation, and avoiding trippings of transmission lines. This is being done for the first time in India. Then other highlights, we have secured our first green loan agreement of $200 million was signed with Sumitomo Mitsui Banking Corporation, Japan, for funding RE projects of Power Grid. Next. We have also collaborated with EPRI. It is a research institute in U.S. We have signed a 10-year master agreement with EPRI USA, a nonprofit energy research and development organization. It will help us in transmission system construction, operation, and maintenance, and promoting energy transition and sustainability. Also, Power Grid has been granted a patent for a system and method for health assessment of transformers and reactors. We are remotely operating 281 substations from our control center at Manesar as of 31st December 2024. The performance highlights about project execution, operational performance, financial performance, other business, and commercial performance are as below. We have commissioned 1,399 circuit kilometers of transmission lines in Q3 and also 9,185 MVA capacity of transformers. It includes two numbers of transformers at Sikar, one ICT at Banaskantha, one ICT at Kotra, three number ICT at Bikaner 2 station, two number ICT at Banka, and one ICT at Bahadurgarh. Then upgradation of 315 MVA ICT at Rengali substation. In transmission line, 765 kV Sikar to Aligarh circuit 1 and circuit 2, Bhadla 2 to Sikar 2 circuit 1 and circuit 2, 400 kV Sikar 2 to Neemrana circuit 1 and circuit 2, and LILO of 220 kV Jhusi-Phulpur at 400 kV Jaunpur UPPTCL substation. During Q3, a new station at Sikar 2 was commissioned in October. In project execution, our performance in Q3 has been we have done expenditure of INR 7,649 crores as against INR 3,444 crores in last year, FY 2024. During the last nine months, our CapEx has been INR 17,651 crores as against INR 7,690 crores last year. In capitalization also, in Q3, we have capitalized assets worth INR 3,417 crores as against INR 1,784 crores assets in last year. In the last nine months, we have commissioned INR 7,423 crores worth of assets as compared to INR 5,780 crores last year. In operational performance, we have been maintaining availability more than 99.75%. For the last nine months, it has been 99.81%. And in reliability, trippings per line is 0.24 trippings per line during the last nine months. As regards to financial performance, on a standalone basis, our income in Q3 has been INR 11,609 crores and profit after tax INR 3,894. On consolidated basis, income is INR 11,743 and PAT INR 3,862 crores. For the last nine months, on a standalone basis, total income is INR 33,843 crores and PAT INR 11,017 crores. On consolidated basis, total income for the last nine months was INR 34,869 crores and profit after tax INR 11,379 crores. The financial performance in details in nine months for FY 25, transmission charges INR 32,368 crores, consultancy services about INR 427 crores, telecom INR 722 crores, other income INR 1,352, total income INR 34,869 crores, and EBITDA INR 30,148, and profit after tax is INR 11,379. On a standalone basis, for nine months, transmission charges INR 30,092 crores, consultancy INR 357 crores, other income INR 3,394 crores, and total income INR 33,843 crores, and on a standalone basis, profit after tax INR 11,017 crores. Other financial parameters, our gross fixed assets as of 31st December 2024 is INR 288,801 crores, CWIP capital work in progress INR 29,603 crores, net worth sorry, debt INR 129,288 crores, net worth INR 91,620 crores, earning per share INR 12.23 per share, book value per share 98.51, debt equity ratio 59 to 41, and return on net worth in nine months is 12.42%. The key financial parameters, the income for previous periods INR 63 crores as against last year in Q3 INR 37 crores. Interest on differential tariff is INR 102 crores as against INR 184 crores during the last quarter of 2024, Q3 quarter of 2024. Interest from subsidiaries INR 560 crores as against INR 371 crores last year. Incentive from transmission assets INR 150 crores as against INR 151 crores. Dividend from JVs INR 3 crores as against INR 1 crore. Dividend from subsidiaries INR 423 as against INR 149. Then dividend from associates and others INR 32 as against INR 20 crores. CSR expenses INR 161 crores as against INR 23 crores last year. FERV because of foreign exchange INR 238 crores as against INR 77 crores last year. Equity in TBCB operations INR 4,390 crores as against INR 3,763 crores. Equity in TBCB under construction INR 302 crores as against INR 504 crores last year. We have short-term loan of INR 1,960 crores as against INR 1,279 crores last year. Average cost of borrowing is 7.54% in Q3 financial year 25. In our telecom subsidiary in Q3, our income has been INR 236 crores. And up to Q3 in the last nine months, it has increased from INR 594 crores to INR 722 crores. There is an increase of 22%. In Q3, we have added 12 numbers of new customers, and our backbone availability of telecom network has been 100%. We have received its first international long-distance business order in Q3. PowerTel also enabled fiber to home broadband for providing reliable internet for the end users in Tura town of Meghalaya in the north-eastern region. Land has been procured from SIPCOT in Chennai for disaster recovery zone 2 data center at Chennai. In commercial performance, we have done billing of INR 27,989 crores with realization of INR 28,404 crores. The realization efficiency has been 101.48%. Our outstanding up to Q3 of 24 was INR 6,633 crores. In Q2, it was INR 4,735 crores. At the end of quarter three, it has become INR 4,380 crores with major dues from Tamil Nadu, UP, Telangana, and Madhya Pradesh. As far as growth outlook is there, sectoral outlook works in hand and what is CapEx plan of Power Grid. The details are given. As far as sectoral outlook concerns, our growth drivers are that India is committed to become a $5 trillion economy. This will lead to rapid industrialization, urbanization, and e-mobility. Then there is a non-fossil capacity addition target by the government of India to add by 500 gigawatt RE power as installed capacity. Then Green Hydrogen Mission requires about 125 gigawatt RE power for producing green hydrogen up to 2030. Then energy storage target BESS about 47 gigawatt, pumped hydro about 36 gigawatt up to 2032. Then international interconnections under One Sun, One World, One Grid. Also, there are possibilities that there will be international interconnections. So that will also lead to growth of the transmission sector in India also. Then, as per the National Electricity Plan, the CapEx summary, the interstate transmission system from 22 to 27, about INR 2,69,150 crores worth of transmission systems are to be added. From 27 to 32, INR 3,91,624. And put together in interstate, it will be INR 6,60,774 crores. Then in various states for the intra-state transmission system, as per NEP, about INR 2,55,368 crore worth of transmission assets are going to be added. And total CapEx summary for the transmission system will be INR 9,16,142 crores up to 2032. For Power Grid, we have today INR 1,43,749 worth of transmission works in our hand. And today only we have one more project, about INR 3,500 crores of transmission project in Karnataka. So with this, it will become about INR 1,47,000 crores of works in hand. This includes RTM projects, TBCB projects, and other works going on like metering and solar generation. Next. For financial year 25, our CapEx plan is now INR 23,000 crores, which includes RTM projects worth INR 3,914 crores. TBCB projects about INR 14,209 crores and other works INR 4,877 crores. Till 31st January, our CapEx has been INR 19,480 crores. Capitalization till 31st January 2025, INR 7,906 crores. Regarding sustainability and awards, we have a target of 50% of renewable energy consumption by 2025. We are now tying up with various states for green tariff for our substations to offer the facility of green power. For ROW resolution, we have formed a woman cell and ROW cell for resolution of ROW in construction of transmission line. Four numbers of substations, one at Yelahanka, Tughlakabad in Delhi, Mariani, Assam, and Chandigarh have been declared as pink stations, which will be managed by all women employees. This is being done for the first time for women empowerment in Power Grid. Next. Our Director of Finance has been conferred with prestigious role model recognition at CMA Achievers Meet Vision 2030. Also, Power Grid has been conferred with World Congress on Disaster Management, Disaster Risk Reduction 2024 Award in category Response During Disaster and Emergencies. Power Grid received appreciation of support from Honorable Union Jal Shakti Minister Sri C. R. Patil for CSR contribution as highest donor to the National Mission of Clean Ganga. We have also received special jury recommendation in FICCI Women Empowerment Awards 23-24 under category Impactful Care Ecosystem for Employees under Public Sector Companies category. Our Executive Director, Dr. Sunita Chauhan, has been awarded with NPSC Woman Engineer Award 2024 for her contribution to India's energy sector during the 23rd National Power System Conference held at IIT Indore. Then an appreciation plaque in FICCI Women Empowerment Awards 2023-24 under category Development, Skill Development, and Mentorship was also received by our women employees. Thank you very much. Hi. So I think I had a mistake earlier. Note that Shri B. Vamsi Mohan, Director of Projects, has joined us separately. We'll now start with Q&A. Please raise your hand for asking a question. We'll schedule you one by one. Sumit, please go ahead. Sumit, you can unmute your line. Good morning and thanks for the opportunity. My first question is, if we look at the capitalization in the nine-month period, there appears to be a steep increase implied for the fourth quarter to meet the target of about INR 180 billion that you had set out for FY2025. Are we on track? If I look at the works in hand position as mentioned in your presentation, it's similar to what we had heard in the November 2024 analyst meet at about INR 1.43 lakh crore. So what has been the fresh wins that we have seen in the last couple of months? Has that been equal to the capitalization, roughly? Thanks. That's the first question. Okay. Okay. Sumit, what we have shown in the last quarter, actually, this is the work in hand which are to be executed, that is excluding the CWIP. If you see that last quarter, we have done a CapEx of around maybe around INR 10,000 crores we have done a CapEx. So whatever we have added to that extent, whatever we have done the CapEx, it will come down. That's why it's looking like as if it stands still, but it's not so. No, fair point. For the fourth quarter, are we on track for capitalization for the full year? Full year? Yeah. We are targeting in the same range, about that INR 18,000 crores, that range we are targeting. Okay. My second question is that what is the impact in Q3 and nine-month result of the FY2025-2029 CERC tariff regulations pertaining to O&M? And what has been the performance of PGCIL JV EESL in nine-month FY2025? There were losses in one edge, if I remember. This impact of CERC tariff regulations, the true-up portion is around INR 140 crores in Q3. If you compare the same with the Q3 of FY2024. Regarding EESL, yes, we have not put any equity in the last almost a year. Whatever we have put the equity, it was in the two years back. We are not putting further equity in that. Was there any loss contribution from EESL in nine months? Yeah, yeah, yeah. Around for the nine months, it is around INR 140 crores. It is included in the consolidated. Our portion, 39% of our stake amounts to INR 140 crores for nine months. Okay. So for the third quarter, it will be about INR 40 crores? Yeah. Together, it's cumulatively 140. Yeah. Just last quick one to check on the large contract that was won by Khavda by your competitor. What was the difference in bid for Power Grid versus L1? And could you give us, this had first come to Power Grid. So what was the sequence of events? It's a reasonably large contract. It's not Khavda. Khavda, we won. Khavda, yeah. Khavda was only like the bid was being given by our competitor, and finally, we won. So there were difference of only 0.25% between us, we were the winner in Khavda, and between the other party. I'm referring to the INR 25,000 crore project that was won by Adani Transmission. Yeah. So that was Fatehpur to Bhadla III. Yes. Yes. So they have won in about INR 3,500 crores. And considering the land policy in Rajasthan after this 14th June 2024, and we have considered that our earlier we won this project in INR 3,700 crores. So we have revised our bids. And it was not for us, the parameters we decided that we will not go beyond the L1 limit. So that was our stand on the project because it was not coming in our range. Thank you so much. I wish you all the best. We request that at least you please stick to two questions per participant. We will be moving on to the next person. When I unmute, I request the participant asking the question to also unmute on their end before they ask the question. The next question is from Sumit Kishor. Sorry. Subhadip Mitra. You may unmute. Subhadip Mitra, you may unmute your mic. Since there was no response from their end, we will move to Ketan Jain. Ketan Jain, you may unmute your mic. Thank you. Thank you for the opportunity. Good morning, sir. So my first question is on the amount of projects won in 9Q, sorry, in nine months and 3Q. If you could tell us the cost of the projects won in nine months and 3Q. Okay. Yes, around 19%. Yeah. Q3 is the submission is around 19%. For Q3, we have won projects worth INR 19,000 crores. And up to Q3. Sorry, Power Grid's share. 63,000. 63,000. So up to December 24, it is INR 63,909 crores. For Q3, it is INR 19,828 crores. Thank you. Thank you, sir. And also, what is your outlook on the awarding of projects for FY2026? Do you expect around INR 1 lakh crores worth of projects were awarded this year, this fiscal year? What is your outlook on FY2026? Do you think it will take a pause, or do you think it will continue? As I have mentioned, that as per NEP plan, total for interstate is about INR 6 lakhs. So next year, also FY2026, also it will be similar to FY2025. So we will also have similar figures for FY2026 also. Okay. So my last question. Already, there are about projects worth INR 52,000 crores under bidding. Yeah, under bidding. Yeah. Understood. Sir, my last question is on the same number which you gave for cost, can you give for tariff, sir, award of projects? Tariff, please. For Q3, it is already in the presentation. Yeah, 2077 for nine. Nine months. Tariff is 8,027. Understood, sir. Thank you. Those are my questions. The next question is from the line of Ketan Jain. You may please unmute your mic. My questions are done. My questions are done. I just spoke. The next question is from Akshay Malhotra. You may unmute your mic. Thanks for the opportunity. I wanted to, first of all, understand the progress on the interstate bidding side. And concurrent to that, I wanted to understand that on the interstate project that we have with Rajasthan, has the work started on that? That's my first question. Okay. The interstate projects are being executed by various states like UP and MP. And we are also participating wherever opportunity is there. As far as the JV for interstate with Rajasthan, still we have already made the joint venture company. Our MDs also joined there. And projects are being identified by the government of Rajasthan. As soon as projects are identified, then they will be taken up for execution. Okay. Thank you, sir. Also, quickly on the CapEx and capitalization side, I think you've helped us with the number for FY2025. Could you also, in a similar manner, tell us the expected CapEx and capitalization for FY2026 and 2027? FY2026, because whatever projects like we have projects about, say, 147,000 crores in hand and about 29,000 crores in progress. So put together, we have almost 176,000 crore projects which are to be commissioned in next five years because this includes HVDC, Leh to Pang, which is to be commissioned in next five years. Similarly, our Khavda to Nagpur, that is also to be commissioned in next four years, four and 4.5 years. Then we have offshore project also that is also to be commissioned. If we subtract these costs, this about it will be AC station will be about INR 108,000 crore projects are to be commissioned in next three years. Every year, that means next year, we will have target about INR 25,000 crore projects which will be required to be commissioned. Next year may be about INR 35,000. Maybe next year, another INR 35,000. It will be in that range. Okay. This is the capitalization number, right? Yeah, capitalization. Similar to that on the CapE x side? CapEx, like this year, we are telling it is about INR 23,000 up to March. For FY2026, it will be in the range of about INR 28,000-30,000. And for next FY 2027, it will be again 35,000. Okay. That will be very helpful. Thank you, sir. Just quickly on the last question, could you also help us on the update on the marketing side? No, thank you. Thank you, sir. Okay. Okay. Sure. Thank you. The next question is from the line of Varinder Vijaykumar. You may unmute your mic. Yeah. Am I audible? Yeah. Please carry on. Yes. Yes. So I want to ask the regulated equity in the RTM projects as at the end of December 2024 that we have invested. Can you repeat, please? Regulated equity in the RTM projects at the end of FY of December 2024? Regulated equity, see, we have given you that our net worth is like INR 91,000 crores. And then we have put 4,390 plus another 400 crores in the TBCB companies. If you deduct that and then you deduct another around 2,000-3,000 crores, which we have put in another JVs and in telecoms, roughly you take out around 10,000 crores. So maybe in the range of 80,000-83,000 crores will be the regulated equity. It's very simple mathematics. Just you see the net worth and then remove the JVs investment and TBCB SPVs investment, and then you get the regulated equity because we don't have any other business in the standalone. Understood. So related question to that is how much of equity would be required to be invested in the upcoming projects over the next three years? Normally, we put 80-20 for the TBCB projects. And on the regulated projects, we stick to 30% at least to the equity because we get the 15% return if we reduce less than 30%, it's lost for us. So we put maximum threshold of 30% in regulated projects. And TBCBs prefer us to put any equity, but so far, we are almost maintaining a 20%. So if you consider, say, INR 25,000 crores CapEx next year, so maybe between INR 5,000 to 6,000 crore will be required for including TBCB and RTM projects. Exactly. So got it. My second question is on the execution challenges in developing transmission projects. Some of the equipment manufacturers and other developers are highlighting challenges in land acquisition and equipment supply, say, be it high-voltage transformers or some conductors. So what is your view on it? And would we be able to execute and commission our pipeline of projects within time? Or in your assessment, what could be a conservative estimate of risks and how much can a project get delayed on an average? Yeah. So the challenge of procurement of these high-value items, especially transformers and GIS, is a real challenge. We are mitigating this challenge by procuring under bulk procurement. Transformers, we are procuring irrespective of the projects in hand. We are ensuring that we have an adequate number of transformers and reactors with us for meeting the requirement of future projects. As far as GIS is concerned, there are challenges, especially for GIB part. We are discussing with GIS suppliers so that they can start manufacturing in India. Now they are also ramping up their manufacturing capacity, GIS as well as transformers and reactors. Sure. Okay. That answers. But if you could give some estimate of would project be delayed, meaning if project timeline is, say, one and a half years to two years in the best-case scenario, would you expect for our projects on an average, the project commissioning would be, say, two and a half years, three years? In reality, would that be the case? Yeah. Normally, whatever two years time period we are trying to achieve, especially for any substation wherever transformers or reactors or bays are to be commissioned. So we are ensuring that all the equipments are commissioned on time. But especially for transmission line where ROW issues are being encountered, in some cases, there are challenges. So some delays are happening because of ROW issues. But still, we are taking up with the Ministry of Power and State Administration to minimize the del ays. But let me accept that there are challenges in completion of these transmission projects within two years. Sure. Thank you so much, Alder Ming. The next question is from the line of Tanvi Suri. You may now unmute your mic. Hello. Am I audible? Yeah. Please carry on. Yeah. Sir, so actually, I am a shareholder in Power Grid and the PowerGrid InvIT as well. Sir, I had a simple question. This PowerGrid InvIT was set up with the vision of monetization of Power Grid assets. But that plan seems to have been dropped. So there are a lot of shareholders, including our parents and senior citizens who have put their hard-earned money in PowerGrid InvIT. And if you see, it raised funds at IPO around INR 100. Today, the share price is nearing INR 80, primarily because it is unable to get any assets and raise its DPO. Now, I understand that Power Grid is the sponsor there. So I just wanted to understand, so much faith we are putting in the government and Power Grid, doesn't Power Grid have any plans to monetize assets via this trust? When we came out with this PG InvIT, as per that guideline existing at that time, we were planning to disinvest some assets in PG InvIT. But after new NMP guidelines, now we are not able to disinvest our assets in this PG InvIT. So we don't have a plan in the near future to disinvest our assets, Power Grid assets, because of NMP guidelines. Sir, then what does that mean? I mean, what will be the entire purpose of that trust? I mean, if the parent itself, the sponsor or parent itself is going to just abandon this particular trust, then how is it supposed to function? No, you see, the initial, the inventory was found to monetize the commissioned assets. And subsequently, when you see in the August 21, the National Monetization Pipeline Guidelines says that the assets of the shareholding is not to be transferred permanently. It is only permitted to transfer the revenue rights. So when we examine the revenue rights are to be transferred to the InvIT or any other entity, it attracts a GST of 18%, which is again not lucrative to the shareholders of Power Grid because ultimately, in the transmission charges, if you get after discounting 18% GST, it's not value accretive. So that is why this process could not be carried out. So that is the reason that Power Grid has started doing the securitization of the SPVs. So it is because of the guidelines. Yes, sir. I understand that, sir. But then in that case, the purpose of that InvIT itself, I mean, there's no purpose of it, right? I mean, how will it grow? You see, this is, I think we should have to take up this in the investor meet of the other listed entity because this is a separate listed entity. I think this will have a conflict of interest of answering the questions of the PG InvIT here. Yes, sir. That will be separate of with that management. I request you to please join the queue again if you have further questions. Okay, ma'am. Thank you. Yes. The next question is from the line of Balchandra Basan Chinde. You may please unmute your mic and go ahead. Hello, sir. Good morning. Sir, can you provide HVDC pipeline over next two years with value worth where we see traction and where we can add up in our capex? We have already two projects in our hand. One is Khavda to Nagpur, which is almost worth INR 35,000 crores, although NCT cost was INR 24,000 crores. But as per the market conditions, the cost is going to be about INR 35,000 worth crores. Second one is Pang to Leh, which is again more than INR 20,000 crore project, which will be executed in next five years. Already, it is under bidding. Then other than these two projects, one project has been won by Adani, which is Bhadla to Fatehpur. Then two more projects are coming under bidding. One is already under bidding from KPS3, Khavda to South Olpad, which with NCT cost of about INR 12,000 crores. Then there will be two or three more HVDC projects, one from Rajasthan to Maharashtra, and then one in Andhra Pradesh. And so these are the in near future, these projects are visible, which will be under bidding shortly. Got it. And sir, the figures which we have mentioned in our NAP plan framework, when we add up based on your guidance, overall CapEx for next two years translates to around something around INR 3 lakh crore. Is it fair to assume that INR 3 lakh crore kind of a CapEx will happen as per the plans in NAP? For Power Grid or for total? For total. Yeah. Definitely. Definitely. Got it. Got it. Thank you, sir. Thank you. I will come back for the questions. The next question is from the line of Aman Jain. You may now unmute your mic. Yeah. Hi, sir. Thank you for taking my question. So my first question is regarding the Bhadla-Fatehpur HVDC line where our bid was annulled. So A, what was the reason for cancellation? And B, in the rebid, another player won the project for like INR 25,000 crores while we had secured it earlier for INR 12,700 crores. So was there any change in the scope of work? And if not, what led to a significant lower bid compared to the final awarded amount, which was almost twice? So if you could give some color. Sure. You're talking about Fatehpur Bhadla? NCT cost in case of Khavda, Nagpur was INR 24,000 crores, whereas the actual cost when we go to market, it is depending on various factors. Now, I am saying that total executed cost will be somewhere INR 35,000 crores. So similarly, in case of Fatehpur Bhadla, also, although NCT cost was INR 12,000 crores, but the executed cost may be about INR 24,000-25,000 crores. But now we are not executing that project. So exact figures can be given by the transmission developer, which is Adani. So we cannot comment on that. Okay, sir. Thank you. Got it. So my second question is regarding revenue from operations declared 3% YoY. So any reason for that? The structure of the regulated tariff income is that it will decrease every year because of the interest on loan, which will be reducing based on the depreciation recovery. So if I recover around INR 12,000-INR 13,000 crore of a depreciation, to that extent, if you say some rule of like 7.5%-8% of the interest, so naturally, around INR 700-INR 800 crore, INR 900 crore of a transmission income is bound to come down every year. But the fact remains that the PAT will remain the same because that is based on the return on equity. So the transmission income of the regulated business is bound to come down. This is what the structure. The wind-up expenditure will increase, whereas the interest on loan will come down, but the PAT will remain the same. So that is where the reason that it will come down. But when we commission new assets, it is again added. That is why it's not reducing to that extent. So when I say that when the revenue is supposed to come down by like INR 800- INR 900 crores in a year, and if you compare for the nine months, maybe around INR 600-650 crores, it is bound to come down, but it is not coming down because we are adding more assets. Got it. Got it. Got it. So thank you, Steve. Thank you. The next question is from the line of Satya. You may unmute your mic. Satya, you may unmute your mic. Since we have no response from Satya, we will move on to Mayank Bora. You may unmute your mic. Mayank Bora, you may unmute your mic. Yeah. Can you hear me? Yeah, please. Yes. Yeah. Thank you. Thank you for the opportunity. I just wanted to know what was the borrowing cost of this $200 million from Sumitomo? It is based on the TONA, the reference rate, and the borrowing rate is. Interest rate is around 1%, including the spread. Okay. Thank you for that. I have a foreign exchange rate variation, whatever it depends on the movement of the Japanese currency. Okay. So we have any plans to reduce our domestic debt and replace it with the foreign debt? Not required to be replaced, but since we have a huge pipeline of CapEx and we have to raise more and more debts, we can explore further debt through the other markets instead of domestic. We should have a mix so we can mix something else through the other currencies instead of sticking only to INR because last four, five years when the SOFR was trading at close to five or four and a half, so we refrained from going to the other markets for the last four, five years. Now, since the TONA is almost at a very competitive rate, we are exploring the other markets. Maybe since this comes up with a greenshoe of another $150 million, so this is $200 million plus another $150 million will be close to INR 3,000 crores if you convert it to Indian rupees. So further, we will explore the same similar type of markets. Okay. Thank you. Thank you, Dev. We have the next question from the line of Swati Jhunjhunwala. You may unmute your mic. Can you hear me? No? Yes. Yeah. Yes. It's kind of a follow-up to the previous question. So just wanted to understand that by taking these green loans, is there any material change in your cost of debt that you're expecting going forward? Yeah. Naturally, the other markets, whoever the lenders encourage the green loan, and we expect that there should be a benefit in the rate of at least five basis points or a few basis points. Got it. And just secondly, could you highlight your CapEx and capitalization numbers for your standalone company? Standalone, you can take for consolidated because for consolidated, it will be in the range of INR 17,000- INR 18,000 crores for the current year. As our chairman has already told that we have a pipeline of almost a lakh crore of projects, excluding the HVDC and offshore projects, which have a timeline of another three years for commissioning. So in the range of maybe in the range of INR 25,000-INR 30,000 crores, the commissioning will happen for the next three to four years. And just wanted to understand because the RTM projects would be in the standalone company, if I'm not wrong. So for that, I just wanted to understand a broad kind of capitalization. RTM, we have offshore and Pang, Kathalguri are in offshore, which is around INR 22,700 plus another INR 13,600. If you add this, this will be around INR 36,000 crores. And then a few bay extension to others will be there. Around INR 40,000-INR 45,000 crores, you can assume will be adding up in the regulated book also. Sure. Understood. Thanks. Due to the paucity of time, we would like each participant to stick to one question, please. We will now move on to Anuj Upadhyay. You may unmute your mic. I' m audible? Anuj, you may unmute. Yeah, please carry on. Okay. So majority of the questions have been answered. Just to get one sense, you mentioned that the current year capitalization target is 18,000 crores. We are already halfway mark of the Q4 numbers, Q4 quarter. You said till Jan, the capitalization number had been kept to closer to 8,000 crores. So could you elaborate further on which are the big ticket size projects and at which stage that gives us the confidence that in the next 45 or 50 days, we'll be adding 10,000 crores of project? Yeah. I will give names of the projects. One is Narela project. Narela is almost this station is almost ready. Station is ready to be commissioned. But because the connecting transmission line, the ROW issues are yet to be completed. We are expecting that at least one or two lines will be completed by March. So with this transmission line and substation, at least INR 1,500 crore assets will be added here. Then Khavda 2 and Khavda 3, KPS2 and KPS3, these are two GIS stations. Each will be in the range of about INR 1,000 crores. We have GIS transformer, then transmission line between Khavda 2 to Khavda 3. Similarly, Khavda 3 is also GIS where transformers, reactors, and GIS station is there. So each will be INR 1,000 and INR 1,000 crores. So put together, INR 3,500 crores. Then we have Ahmedabad, Ahmedabad Banaskantha transmission line. Then Navsari station, Navsari again GIS station. Then Navsari to Magarwada. This line is almost getting ready by February, and we are hopeful that this project will also be commissioned by February. This will again be in the range of about INR 1,500 crores. One more project in Kurnool, Andhra Pradesh. Kurnool station is getting ready in another 20 days. Transmission line from Kurnool to Kurnool, from existing our, we have Kurnool 2 station. From there to new Kurnool 3 station transmission line is almost in advanced stage of completion. That will also be commissioned. That again, it is going to be in the range of about INR 1,500 crores. Similarly, we have projects in North Eastern Region like Namsai to Kathalguri, GIS at Kathalguri and Namsai both and transmission line. Some projects in NER and eastern region, reconductoring projects and in Odisha. If these projects are all in advanced stage of completion. One more project in Rajasthan is Bhadla to Sikar 2, which we are trying to complete, but it is very difficult, but we are trying to complete this project also. So put together, we are expecting that around INR 10,000 crore assets are likely to be completed by March because all are in advanced stage of completion. This is super helpful, sir. Thank you. And if I just ask one more question on the smart meter update on the Gujarat contract and any new states where we are in advanced stage of getting an opportunity? For smart meters, we have this order of about 67 lakhs meters to be installed in Uttar Gujarat and Madhya Gujarat. And what we are planning that once we have experience with these meters in Gujarat, then only we will consider next state. But so far, we are not considering any other state other than we are focusing on completion of this project. Thank you, sir, and wish you good luck. The next question is from the line of Apoorva Bahadur. If you may unmute your mic and go ahead. Thank you for the opportunity. Sir, we noted there was a reduction in the interim dividend per share, right, for the nine months so far. Can you throw some light on that? Why was the requirement for this? Like as you understand that last year, our CapEx was INR 12,500 crores. This year, it is going to be INR 23,000 crores. And in FY2026, it will be still more. So we require more and more equity to be infused for our CapEx requirements. So that is the reason we are slowly, slowly we may go further down. Now, today, we have INR 4.5 was the first dividend, and this is second interim dividend, INR 3.25. So put together, INR 7.75. So we are hoping that we will be somewhere in the range of about INR 9 in this financial year. It is because of the CapEx requirement. Understood, sir. When I see your CapEx guidance for the next two to three years, it seems like we plan to do almost 60,000-65,000 crores of CapEx for FY2026, FY2027, maybe around similar number for FY2028 as well. But the work in hand is still higher, right? In case even if it is spread out over four to five years, do you think that there is a possibility of further upgrade in the CapEx number, especially for FY27? For FY27, there are possibilities because there are a number of projects which are under pipeline. Considering those projects, maybe FY2027, it may go more than 35,000 crores also. Okay, sir. Lastly, on the HVDC project orderings, when do we expect to see those for both the projects in which year? HVDC project Khavda-Nagpur is already ordered. It is ordered on Hitachi. And work is already started. Our design engineering work is going on. And at site also, we have already done Bhoomi Puja. So now execution will start very shortly. As far as this second project of Pang-Leh, because it is a very challenging project. So now still there are queries being raised by prospective bidders like Hitachi and Siemens. And we are expecting that queries will be clarified to these bidders. And then we will get the bid. And maybe in the first quarter of FY2026, it is likely to be awarded. Sure, sir. Thank you so much. All the best. The next question is from the line of Narshi Shah. You may please unmute your mic and go ahead. Hello everyone. Thank you for this opportunity. Sir, I just have one question. Could you please elaborate a little more on the regulations around the National Monetization Pipeline and clarify more on the asset transfer and revenue transfers? You see, National Monetization Pipeline guidelines was published in the month of August 2021, and it envisaged that the assets of the central CPSEs are not to be transferred permanently, and only the revenue rights are to be given. And that is the reason that we have not further added the assets because once we have to add the assets, we will have to transfer the shares, which is not permitted in the National Monetization Pipeline guidelines. So for monetization, we have adopted the route of securitization of the cash flows through which we raise the bonds. And then we opened a TRA account where we used to put the money from the SPVs for servicing the debts. Ok ay. Could you clarify about the GST payment in case of a revenue transfer, please? Yeah. In case of if you transfer the revenue rights, so that it's not treated as a transmission charges, these are all considered as lease charges for which GST is to be paid. So the reason that if I transfer the revenue rights, so whatever money I get as an NPV, I will have to pay 18% as a GST. So that is not a lucrative transfer. Okay. So thank you so much. The next question is from the line of Vikram Datwani. You can please unmute and ask your question. Thank you for the opportunity. Just one bookkeeping question for me. Could you please share the nine-month impact of the CRC tariff on ONM? You alluded to the Q3 figure at INR 140 crores, but could we get the nine-month figure as well? You can multiply by three. It will be in the range of around INR 450 crores. INR 440 crores. Okay. Thank you. The next question is from the line of Kauginya. You may unmute. Hello. I'm audible? Yes, you are. Please go ahead. Hello. Yeah. Hi, sir. I hope I'm audible. Just wanted to check. You indicated about INR 52,000 crores of projects under bidding. So just trying to understand what is the potential pipeline of projects which can be added to this. And B, you also spoke about potential HVDC projects in Rajasthan and AP. What is the potential size of these projects? Also, there is a news flow of this upcoming HVDC project on RTM basis, right? So is it safe to assume that Power Grid will execute this project? And what could be the tentative timelines over here? If you can provide some color on that, please. Okay. Yeah. This INR 52,000 crores, when you say that we have a traditional rate of 50%, you can say that when this bidding happens, maybe we will be able to add another maybe INR 25,000-INR 27,000 crores. So when I say today 143,000, you add another 27,000. So it will become around INR 20,000 crores when we're bidding INR 10 crores. And your follow-up question is on the RTM project of Andaman. It is in a formative state. So as of now, there is no any concrete development or we got any intimation of getting that through RTM. Once it comes, we will naturally inform. Sure, sir. Sir, and lastly, I mean, what explains the fall in consolidated profit in this quarter despite the rising capitalization? Is it largely driven by the O&M expenses, or is there something else to it? If you can help us understand it better, please. You see, only if you see Q3 to Q3, there will be a reduction between consolidated and standalone. That is because the dividends which we have taken from the SPVs is more than the Q3 profits of the consolidation of all SPVs put together. That is the reason. As far as consolidated of nine months is concerned, you see there is an increase from standalone to consolidated. Sir, I was looking at consolidated to consolidated only. Q3 to Q3, there's a reduction in profit. That is because actually we have a loss of some of the JVs. Like we have one JV EESL, which was our share of loss is INR 140 crores. So that has slightly pulled down in the consolidated. So that's not figuring in the standalone. This is in addition to O&M effect. Like, as per CRC, we are saying that of the order of INR 140 crores, it is also hitting a profit also by almost INR 140 crores each quarter. And in addition to that, if you see, there are one-off items in the previous years, like we have a one-time CRC order impact and interest and differential, the orders between the COD date and the order dates. These are all normally to some extent it will contribute more to the bottom line. So which is lesser in the current year. That is also a reason that your PAT has come down compared to last year. Sure, sir. So lastly, if I may, how should we look at the dividend flow from here in view of the rising CapEx? What is the thesis on this? And what is the outlook on this if you can provide some color? Dividend, we have a policy that we will give the dividend. We will not keep the idle cash as well as we will fund for our CapEx also. So we will strike a balance between these two. And going forward, when we commission more and more projects, naturally the revenue as well as PAT also will increase. So that also will add to maintain the dividend to some extent. It's not going to fall very steeply to like INR 2 or INR 3, something like that. It's not even permitted as per the DIPAM guidelines also. Sure, sir. Got it. Thank you very much and all the best, sir. We have a last question of the day from Mohit Pande. You may unmute your mic and go ahead. Yeah. Hi, sir. Sir, just one question. So for the Pang-Leh project, has the technology been decided whether it will be LCC or VSC? No. From the start itself that we are executing this project as VSC only, not LCC. Understood, sir. Thank you. Thank you so much. With that, we'll conclude this meeting. I would like to thank the senior management of the Power Grid for taking the time out for this analyst meet and addressing all the queries. I also would like to thank all the investors and analysts for attending the meeting. Thanks, everyone. So would you like to conclude? See if I have any need to conclude any comments? So thank you, everyone, for your time and sparing your time and having interest in Power Grid. So I can assure all the investors and our shareholders that Power Grid outlook is very bright. And we have many projects in hand, and our projects capitalization and CapEx is going to increase. So that will lead to increase in revenue and profit. So our Power Grid future is bright. So rest assured, you are in safe hands. Thank you, sir. Thank you. Thank you, everyone. Thank you. With this, we'll conclude. Thank you.