Ladies and gentlemen, good day and welcome to the SJVN Limited Q3 FY25 earnings conference call, hosted by Elara Securities Private Limited. As a reminder, all participants' lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing 70 on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rupesh Sankhe from Elara Securities Private Limited. Thank you, and over to you, sir. Yeah, good afternoon, everyone. On behalf of Elara Securities, we welcome you all for the Q3 FY25 conference call of SJVN. I take this opportunity to welcome the management of SJVN, represented by Mr. R.K. Chaudhary, sir, Chairman and Managing Director. Mr. Sushil Sharma, Director of Projects. Mr. R.P. Goyal, Director of Finance. So we will begin the call with a brief overview by the management, followed by a Q&A session. I will now hand over the call to Mr. R.K. Chaudhary, sir, for opening remarks. Over to you, sir. So your line has been unmuted. Please proceed. Okay. Thank you. Thank you very much. A very good afternoon to all of you. I am accompanied by our Director of Finance, Rajendra Prasad Goyal, Mr. Sushil Sharma, Director of Projects. Extremely happy to share some of the major developments in Q3 of the financial year 2024-25. As we all know, we recently commissioned the 90-megawatt Omkareshwar floating solar power project on August 8, 2024, in the state of Madhya Pradesh, in Omkareshwar Reservoir. We are pleased to inform that the full capacity of the 90-megawatt Omkareshwar floating solar project has been declared as commercially operational, with effect from October 30, 2024. The project is located in Omkareshwar Floating Solar Park and generates 196 million units of energy annually. An agreement for selling the power has already been signed with Rewa Ultra Mega Solar Limited,RUMSL, and MP Power Management Company Limited. Further, consequent upon the successful commissioning of Raghanesda Solar Power Project, 100 megawatts, the commercial operation date (COD) for the balance 42 megawatts out of the 100-megawatt capacity was declared in the third quarter of the current financial year, on October 12, 2024. The project was commissioned in the previous financial year in the state of Gujarat, with the capacity to produce 252 million units of energy per annum. The power generated from this solar project is being sold to Gujarat Urja Vikas Nigam Limited. With these additions in operating assets, the total installed capacity of SJVN now stands at 2,466.5 megawatts. One of the major developments in this quarter is the signing of an MoU with the Government of Bihar on December 31, 2024, for the development of a 1,000-megawatt Hathi Dah Durgavati pumped storage plant in Bihar. Proposed on the Durgavati River in Kaimur District, the Hathi Dah Durgavati PSP will have an installed capacity of 1,000 megawatts. It is expected to generate a daily peak energy of 6.325 million units and an annual peak energy of 2,308.65 million units. The project cost is estimated at INR 5,663 crore, with a levelized tariff of INR 9.39 per kilowatt-hour. Another important development is the MoU signed with the Energy Department, Government of Rajasthan, on November 20, 2024, for the development of renewable energy in the state. Under this partnership, SJVN will develop 5-gigawatt pumped storage projects and 2-gigawatt floating solar projects in Rajasthan. Regarding the progress of our projects, we have achieved several major milestones in the third quarter. The boiler light-up for Unit 1 of Buxar Thermal Power Project, which is having a capacity of 1,320 megawatts of 2 units, 660 megawatts each, was successfully achieved on October 2, 2024. The boiler light-up for Unit 1 marks a significant milestone, as it is the most crucial step toward unit synchronization and subsequently the commercial operation of the unit. The project of this 1,320 megawatts will generate 9,828 million units of energy, with 85% of this power being utilized in the state of Bihar. For the Arun-3 Hydro Electric Project, the barrel concreting for Unit 2 commenced, and hydro test of the spiral case for Unit 3 were successfully completed. As far as our solar power projects are concerned, the erection of solar PV modules for the Bikaner solar power project of capacity 1,000 megawatts has commenced, and 137 megawatts out of total 1,000 megawatts has been installed at the site. We are also excited to highlight our power generation achievements for this financial year. Our prestigious 1,500-megawatt Nathpa Jhakri hydropower station achieved 6,830.242 million units by the third quarter of the financial year 2024-25, compared to 5,731.078 million units by the third quarter of the financial year 2023-24. Similarly, the Rampur hydropower station has achieved 1,905.059 million units by the third quarter of the financial year 2024-25, compared to 1,612.045 million units by the same period in the financial year 2023-24. Furthermore, all three of our hydropower plants, Nathpa Jhakri hydropower station, Rampur hydropower station, and Naitwar Mori hydropower station, have met their MoU targets for this financial year ahead of the end of the financial year. Overall, from all our plants, we have achieved 10,084 million units as of now, compared to 7,987 million units, which is an excess generation of 2,097 million units, which is 26.3% more compared to the last year's generation. To give you a brief overview of our projects, as of now, 12 projects with a combined capacity of 2,466.5 megawatts and 2 transmission lines are operational. We are constructing 4 hydro projects totaling 1,558 megawatts, 1 thermal project of 1,320 megawatts, and 12 solar projects with a total capacity of 2,058 megawatts. So, under construction portfolio of the company is 4,936 megawatts. In the recent past, the Government of India launched the PM Surya Ghar: Muft Bijli Yojana, which aims to provide free electricity to 1 crore households in India. We are pleased to share that SJVN has been allotted 3 states for this scheme: Himachal Pradesh, Punjab, and Arunachal Pradesh. SJVN has also been assigned the responsibility for installing rooftop solar systems on government buildings with 18 ministries allocated to us. The process of impanelment of vendors for government buildings, completion, and signing of MoU with respective estates and ministries is in process. You may also be aware that SJVN has been listed as one of the Renewable Energy Implementing Agency (REIA) by the Ministry of New and Renewable Energy (MNRE) to help meet the 500-gigawatt mission by 2030. In the financial year 24-25, we have floated tenders for 7.5 gigawatts against a target of 10.8 gigawatts, and overall, SJVN has achieved an awarded capacity of 2.4 gigawatts during this financial year. I am also pleased to share that SJVN was recognized as the first runner-up in the SHRM Award for Excellence in Managing Workforce in the Public Sector Enterprises category during the 13th SHRM India Annual Conference 2024, held in New Delhi on October 18, 2024. I am also pleased to inform you that SJVN has assigned the task of BESS. Three companies: NTPC, NHPC, and SJVN have assigned the target of implementation of battery energy storage system. So, SJVN has been given the target of installation of 1,500 megawatt-hours, and SJVN is working on this. We will install 1,500 megawatt-hours as the target is given by the MNRE and Ministry of Power. I would like to reiterate that SJVN is progressing towards achieving our mission of installing a 25,000-megawatt portfolio in operation by 2030 and 50,000 megawatts by 2040. Thank you very much. Thanks a lot. Over to you. So, should we begin the question and answer session? Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Hi. Thanks for the opportunity, sir. So, the first question is the total renewable portfolio, which you had won, I think, where you participated, and one is around 7 gigawatts, right? While you just mentioned that the under-construction portfolio is 2.2 gigawatts. So, where is the gap? Is there a gap in signing the PPA? Is the PPA signing getting? Thank you. Thanks for your question. Yes, we have already received the tenders, and the gap is because of the PSA, Power Sale Agreement, and signing of PPA. So, once we tender as REIA, then we approach various DISCOMs. And once the Power Sale Agreement is signed with the interested DISCOM, then we sign the PPA, Power Purchase Agreement, with the developer. So, as the PSA is not realized, so therefore we have not signed the PPA and have not given go-ahead to the developer for installation of the plant. Thank you. Sir, in your opinion, of course, this is a large gap. Do you think that most of the PPA will get signed in the next coming month, or do you think there could be further delay? Yes, we have approached various DISCOMs, and recently, there is a meeting conducted by the Ministry of Power and MNRE also. And now, MNRE is also going to conduct a meeting with the various state utilities, so that MNRE will impress the state utilities to sign the PSA. Once the PSAs are signed, then certainly we'll immediately sign the PPA with the developers. We are expecting that the things will improve within two months. My second question is, when do you expect Buxar to get commissioned? The related question is, when do you expect the Nepal power plant to get commissioned? Which power plant? The Nepal one, Nepal hydro power plant? Yeah, Arun-3. Yeah, Arun-3, 900 megawatts. It is under construction, and the powerhouse and the water conductor system are moving very nicely, and we are on time at these structures. But unfortunately, at dam site, we are facing certain geological challenges, and because of that geological challenges, the commissioning is expected to get delayed. During the last quarter of the financial year 2027, we will commission the Arun-3. Sir, it's on the Buxar, sir? What are the timelines? Timeline as of now, December 2027. We are talking Buxar, Buxar, Buxar, sir. Sorry, Buxar. Buxar is Arun-3, I was telling. Buxar just May month. Next, within two, three months, we are going to commission the first unit. 660 megawatts, first unit, we are going to commission during the month of May. COD during the month of May. And the second one, sir? Second one, it will take another four months. Okay, understood. Last question, my side, sir. During this year only, the entire capacity of 1,320 megawatts. We are going to commission. Last question, my side, sir, on the PSP portfolio, are we looking to award some tender in this next fiscal? Are we looking to award some start construction on the PSPs? On PSP, the first activity is preparation of pre-feasibility report, and thereafter, DPR. We are in the process of preparation of PFR for 1,200 megawatts and 1,200 megawatts and 1,000 megawatts. So, two projects. And thereafter, we will start preparation of DPR. DPR is under preparation for 2,400 megawatts. Okay? So, once DPR is prepared and cleared, it will take another four years for the construction of pumped-storage plants. Understood, sir. Thank you and all the best. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Paras Chheda from Purple One Vertex Ventures LLP. Please go ahead. Yeah, yes, sir. Sir, first of all, congratulations for a good set of results. I just wanted to know, sir, what kind of capacity is likely to be added, I mean, in terms of total capacity for FY 2025-26, and how much capacity was added in the last financial year, broadly? That's my first question, sir. Yeah. I have our Director of Projects, Mr. Sushil Sharma. I hand over the mic to Mr. Sushil Sharma to answer this question. Sir, Our CMD sir has already told you that Buxar, the two units of 1,320 megawatts will be commissioned during this FY 25-26. Then, again, this solar capacity will be able to add another 200 or 250 megawatts. Okay. So, about 1,500 megawatts will be added this year? Yeah. Yes, yes, yes. And this 200-odd capacity, when will that be added, sir? The work is going on. Maybe in the third quarter, we will be able to add this much capacity. Third quarter of FY 26? Apart from Bikaner also. Bikaner also, 1,000 megawatts. We are extremely hopeful that once the panels are supplied, then we will also commission in the third quarter of this 25-26. So, even if not third quarter, fourth quarter also, you are talking about 2,500-odd capacity that can be added this year? Yes, yes, yes. So, nearly the capacity can double in FY 26 26, yeah. Double. Okay. That is good to hear, sir, because, I mean, the interest cost is already reflecting now, additionally. So, in terms of project execution, I think that's a critical one. And secondly, sir, my other question was, there were talks about SJVN Green Energy being listed and we merged. So, is there a status on that, sir? Yeah. Just this listing, we are planning, and we are just weighing all the options. Maybe in the third quarter, we will be able to issue; we'll try listing in the third or fourth quarter. Of FY 26? Yes, FY 25-26, yes. Okay. So, about a year down the line. And for valuation, it is still time? Yes, yes, yes. Still time. Okay. Thank you, sir. I'll just come back and meet you. Thank you. The next question is from the line of Ragini Pande from Elara Capital. Please go ahead. Yeah. Sir, what is the reason of increase in interest expenses? It has gone up significantly. Hello? Hello? Yes. Hello? Hello. Hello? Am I audible? Yes, sir. So, as you see that we are in a growth phase, and for that, we are borrowing capital for our CapEx. And as you might have heard just now, that we are in the process of commissioning roughly 2 to 2.5 gigawatts of capacity in FY 26. So, most of the capital is being infused under construction projects. So, that's why the interest rate is going up temporarily till FY 26. So, once the plant will be commissioned, again, the situation will improve. And sir, the same question for the depreciation expense as well. What was the reason for that? I'm R.P. Goyal, Director of Finance. Since we have commissioned our network during the third quarter of last FY, so nine months depreciation has been charged in this current financial year. That's why depreciation has increased. And the similar reasons are for the finance cost also. Due to commissioning of network, there is an increase in finance cost. Furthermore, we have done monetization of securitization of our return on equity as per the Government of India's instructions. That's why finance cost has increased in the current financial year. And this money we have deployed in our renewable energy projects. Can you give the breakup for the incentive income this quarter and the last year? Just a minute. For current quarter, finance cost is INR 68.49 crore. You are asking about incentive? Yeah, incentive income. Incentive. For Q3, incentive is INR 68.49 crore. And during last year, similar quarter, it was INR 51.18 crore. Okay. And I don't know whether I've missed this, but what was the capacity addition target for FY 2026 and 2027? And it would be great if you could give a breakup between the renewable and the hydro capacity. Sir, your line went on mute. We would be able to add roughly around 1.5 gigawatts of solar in FY 2026. And thermal side, we would be adding this 1.3 gigawatts of thermal. So, if you put together, it is around, say, roughly 3 gigawatts of capacity, which company is going to add in FY 2026. Okay. And any guidance for 2027? 2027, definitely, as you know, we have a large portfolio where, again, in 2027, we would be adding Arun-3. So, 2027-28, that is. So, 2027, we will be adding another 1.5 gigawatts of project from our renewable portfolio. Okay. Thank you, sir. That's all from me. Thank you. Thank you. Thank you. The next question is from the line of Mohit Surana from Monarch Networth Capital Limited. Please go ahead. Sir, thank you for the opportunity. Sir, my question is, our target for FY 2026. Sir, I would request you to please use your hand, sir. Am I audible now? Yeah. Yes, Perfect. Sir, my question is, for FY 2026, SJVN initially had a target of achieving around 12 gigawatts. And by FY 2030, we are aiming for 25 gigawatts. Currently, we have under construction of around 5 gigawatt ballpark number of ballpark capacity that is under construction. I just want to understand, I mean, how practical should we be in terms of estimating what will be the likely capacity by, say, FY 27-28 and FY 30? Because I think 25 gigawatts looks far-fetched and may not be achievable considering the kind of pipeline we have. You have to understand one thing here that as of date, we stand at 2.5 gigawatts, and another roughly 3 gigawatts we are adding in FY 26. Our total portfolio on the renewable side, where you understand we can add capacity in a short span of time from 18 months to 24 months, and we have a portfolio of roughly 7.2 gigawatts. If we take our renewable portfolio, hydro side, you have heard about numbers. A lot of work in progress. Sir has just shared that we have signed MOUs and survey investigation and DPR preparation of solar as well as the pumped storage and the hydro projects are in process. So, as of now, we are doubling our capacity in FY 2026, and every year we are going to, by FY 2026, we are going to add, say, roughly around 3 gigawatts of capacity every year. Arunachal. And Arunachal, we have roughly 5 gigawatts of a portfolio where we are in an advanced stage, will commence construction in the Etalin. This is the largest hydro project of India, and that will come somewhere around by FY 2030 or 2031. So, we are still quite optimistic to achieve our target of this 25 gigawatts by 2030. Understood, sir. Sir, when you said 3 gigawatts per year, that is inclusive of both hydro and solar, or is it primarily? It is inclusive of hydro and solar. And maximum capacity like 25 gigawatts mixed wherein we will be adding roughly 16 gigawatts from the renewable side, solar and wind. And the rest will be around 8 gigawatts will come from the hydro side and balance with PSP and other thermal. Understood, sir. Understood. Sir, can you help me with the regulated equity for the company currently and projected for next year? So, you just send a mail, we'll share through mail exact numbers of regulated equity. Sure, sir. Will do. Thank you so much. Sir, that is all from me. Thank you. The next question is from the line of Vipul Kumar from Sumangal Investments. Please go ahead. Hi, sir. Thanks for the opportunity. So, 3 gigawatts will be added next year. So, what should be the depreciation run rate annually for those projects we should consider? Exact numbers, we don't have as of now. What would be the depreciation for the upcoming commission projects? So, we'll revert back through mail. So, why don't you put a detailed presentation? You are implementing so many projects, sir. So, likely completion and all those shares, your peers are putting detailed presentation in one of the con calls last year also. I had suggested this. This has become very confusing for investors. How to? We understand, and definitely, we are going to do the investor conference. There we'll share the detailed numbers. As you said, no, no, but before you do investor conference, at least you could put up a presentation where you can share the detailed status of each project which you are implementing today and which are the projects likely to be commissioned year-wise. That is not a very big deal, sir. So, please don't take it as a criticism. This is our suggestion, sir. No, no, no. Most welcome your suggestion. Most of the inventory is available on our website. However, as you said in the presentation form, we will share with the investors. Thank you for your valuable suggestion. And sir, lastly, in opening remarks, CMD sir said that we have signed a memorandum with Bihar government with a tariff of INR 9 some paise. Have I heard it correctly? No, that tariff number, tariff number was not discussed. No, no. Yes, sir. Discussed. It is a pumped storage project. So, tariff for pumped storage project, you understand, is roughly in the range of INR 8.5 to INR 9. Okay, okay. Thank you, sir, and all the best. Thank you. Thank you. Thank you. The next question is from the line of Rupesh Sankhe from Elara Securities Private Limited. Please go ahead. Yeah. Hello, sir. Sir, this quarter, we have seen very good incentive income. Even surcharge income has also gone up coupled with the higher PLF. So, the PBT growth was not that high. So, is it because of higher financing costs? Or is it any kind of under recovery? Yes, sir. Yes, yes. It is due to. You are right. It was due to higher finance cost only. Okay. So, then, sir, how we are placed in terms of foreign currency exposure, sir? Can you repeat your question? Foreign currency exposure, sir. Foreign currency. Yeah, yeah. So, foreign. As of now, we have borrowing in USD and JPY. We have an outstanding of roughly INR 3,400 crore in the USD and around INR 1,500 crore in JPY. That's our exposure as of late. Thank you. The next question is from the line of Mahesh Patil from ICICI Securities. Please go ahead. Yeah. Hi, sir. So, this Arunachal project that you mentioned, largest hydro project, 5 gigawatts you mentioned, right? These are the total capacity of 5 gigawatts in Arunachal, which consists out of 5 projects. Okay. And these are expected by FY 2030-31, right? So. FY 2030-31, we would start commissioning these projects. And the biggest one is 3,097. Okay. And sir, for these projects, have the contracts been finalized, the EPC equipment contracts? What's the status? We are in the process of finalizing the packages and getting the requisite approvals. So, we would be able to award these projects in FY 2026, maybe Q3 or Q4. Okay. So, the tenders are floated yet? No, not floated yet. Tenders, we will be floating for Lower Arun, which project we have in Nepal, 669 megawatts. For that, tenders have already been floated, and we would be in the process of awarding the contract for 669 megawatt hydro project in Nepal. And for these projects of this 5 gigawatt in Arunachal, when can we expect the tenders to be floated? Tenders would be we will come out with the tenders in FY 26 itself. So, as I said, that we would be targeting to award at least Etalin first, the largest hydro project in FY 26. Okay, sir. And sir, another question is on the RE portfolio. Out of this 7.2 gigawatts, for how much capacity do we have the PPAs currently? So, as far as RE, 100% capacity is PPA backed in our RE project. And we have a very good tariff number also, roughly INR 2.8, the average tariff for this project, so our RE portfolio. So, entire 7.2 gigawatt has PPAs? Yes, the entire 7.2 gigawatts has a PPA. Okay. But you were mentioning something about the challenges in financing here. Regarding RIA vertical, the earlier discussion was regarding RIA vertical. So, we have two verticals. One is we are working as a generator. Okay, okay. Got it. 7.2 gigawatts and RIA, we work on. Yeah, sir. Sorry, I mean to ask about the RIA vertical. How many PPAs have we signed against the tender projects? So, as shared earlier, that our count of 2.4 gigawatts we awarded, we have not been able to close the PPAs and PSAs for that. For the last year awarded project, we have already closed the PPA and PSAs of roughly 3 gigawatts. Okay, okay. Thank you. Thank you so much. Thank you. Thank you. The next question is from the line of Aniruddha, who is an individual investor. Please go ahead. Hello, sir. Regarding the projects for this current financial year, like 24-25, we were supposed to add like around 2,000 megawatts. But right now, excluding the Omkareshwar, we are not able to add commission any projects. So, what was the reason for the delay? As shared earlier, that we faced some headwinds, especially in our hydro project, Arun-3 and Buxar. Both the project was slated to be commissioned in FY 25. And due to the geological surprises in Arun-3 and the COVID and all related issues in Buxar, has pushed us back by a year or year and a half for Arun-3 and by a year in Buxar. So, that is the main reason. No, no, no. Not related to Arun-3 or Buxar. I am asking about the solar project, like GUVNL -13. So, solar project, the capacity was supposed to be added from commissioning of Bikaner. Bikaner, as the EPC was awarded to Tatas and their factory, they could not commence the production of modules in time. So, it's an issue, industry-wide issue. It says under CPSU scheme, and Indian modules have to be installed. So, that is the reason that we are not able to add that capacity. No, sir. Earlier conference call, you mentioned that besides Bikaner and Buxar, there were other projects like GONM phase 13, 14, 17, and Jamui, I think, if I'm not wrong, in Bihar. So, these projects are delayed. Is my understanding correct? We have some land issues regarding land completion of land acquisition and those. So, yes, we are going to complete most of these capacities in FY 26 in addition to Bikaner. So, we were hoping that we will commission Bikaner and some smaller project and add two gigawatt of capacity from the renewable side. However, as one gigawatt Bikaner and all the smaller projects of 100 to 200 megawatt add up to that two gigawatt capacity. Okay, sir. Sir, my second question becomes a request is that, like earlier investor mentioned, if you can put up a presentation or sometime which mentions the project cost, capacity, tariff, and approximate commissioning date, that would be nice. So, investors, we can. As we said earlier, that yes, we are going to do the same. Thank you for the valuable suggestion, and we'll put up this presentation for the investors. Thank you. Thank you. The next question is from the line of Marcel, who is an individual investor. Sir, may I? Yeah. Yeah. My question is that last time we heard a news that CBI has registered a case of INR 191 crore for about 10, 15 years regarding earlier for the six senior employees and some contractual employees. Now, since SJVN is undertaking huge amount of project of more than INR 50,000 crore, so what monitoring and internal checks and balances mechanism you have put that in the procurement of so much huge amount of CapEx items, there will not be any such fraud issue? So, you understand that we, SJVN Limited, and we, CPSU, and a regulated company, we have procedures in place to check all such practices. However, as this is still sub judice, I don't want you to comment upon the specific case. But we can assure you that our systems and processes are in place, and you won't see any such cases in the future. And second, very good. In the last phone call also, I asked a question that, and the chairman gave me very good answer that because, sorry, the question regarding that, in the O&M, a lot of this, for example, amount is being charged by the O&M service provider and majority of it is their profit only because they have the minimum expense of salary. So, since you are going to have like 30 gigawatt or 20 gigawatt capacity in the next 2, 3 days, so if we continue to do the O&M outsourcing to the other company, so it means that will mint the money and we will bleed the money. The last time the Chairman gave a very positive answer. He said that, "No, since the cost structure and the employee salary in SJVN is very high considering it's CPSU, so you are in process to form a joint venture with some private company." Where do we stand on this one? Because very soon our project will get commissioned, so O&M will be required immediately. Did you already sign some JV for the O&M services with some private player? No, no, no, no. We have our regarding O&M. I must assure you that we are the best CPSU having the O&M yardstick. Our Jhakri plant is running at 110 PLF, and the Rampur project is also 109 PLF. No, no. I am talking about solar capacity, not about the thermal. Yeah, and not the hydro. You are asking about the solar? Yes, sir, because in solar also, O&M is required. Yes, yes, yes. But not at that large scale. So, we are having, say, state-wise some O&M agency or some kind of tender. So, that is our strategy that minimum this resources, manpower, and other these things should be deployed for O&M of solar projects. No, no, sir. Maybe we are also thinking about having a small company that will look after all the O&M solar projects. That's what I'm saying because, see, last time chairman said that if you make your own company for O&M, so since it is CPSU, your salary structure cost will be very high. So, he said that you are in discussion with some private player who is in O&M business, and then you want to make a joint venture with the private company. Because if so in that company, the salary can be different than the central government salary scale. If you do that, our cost will be lower, and since you are setting a gigawatt plant, O&M will be definitely required, but if O&M is outsourced to some third party or third company, then our cost will be very high, and it will become a permanent overhead. Please, this is an area for achieving cost efficiency. When can you set up this? We wanted to share with you that as far as our renewable capacity, especially solar and wind is concerned, whenever we are awarding EPC for initial three years to five years, we are awarding the O&M also to the contractor. There we are not incurring any additional cost. And as you said that, yes, deliberations are in place, and we are actively perusing the proposals to reduce the cost, especially for our O&M capacity as far as the solar and wind project is concerned. So, that is still a work in progress. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to Mr. Rupesh Sankhe from Elara Securities Private Limited for closing comments. Yeah. So, we thank SJVN Management for giving us an opportunity to host this call. And we also thank all the investors and analysts for joining this call. Thank you. On behalf of Elara Securities Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.