Ladies and gentlemen, good day, and welcome to Tata Power conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the opening remark concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. Today, we have Tata Power management team on the call with us. I now hand the conference over to Dr. Praveer Sinha, CEO and MD of Tata Power. Thank you, and over to you, Dr. Sinha. Thank you very much, and good evening to everyone, and thanks for joining the call on a very short notice. I know it's a holiday for many of you, so really appreciate you joining. We do hope that all of you are doing well. On this call are my colleagues, the CFO, Sanjeev Churiwala, and the team from the investor relations, my colleagues Kasturi and Rahul and Gautam. At the outset, I must mention this, that we are presently in the silent period as the accounts for the quarter ending on March 31, 2022 are under finalization, and I would request you not to ask any questions relating to the existing businesses. This call is being organized only to share with you the outcome of the board meeting which was held today a little earlier, regarding our renewable energy platform. I am pleased to share with you that, today in the board meeting held, the proposal has been approved for raising INR 4,000 crore by TPREL, which is a wholly-owned subsidiary of Tata Power, which will set up India's most comprehensive, renewable energy platform. The funds in this, the INR 4,000 crore, would be invested by a consortium led by BlackRock Real Assets, along with Mubadala as co-investors at a pre-money equity-based valuation of INR 34,000 crore, subject to the adjustments based on FY 2023 EBITDA. The investment will be made in two tranches of INR 2,000 crore each within this financial year. Under the proposed structure, Tata Power Renewable Energy, TPREL, will become the holding company of all our renewable businesses, which includes the utility scale generation, manufacturing of cells and modules, EPC for renewable business, O&M services, rooftop solar pumps, and EV charging business. All future renewable businesses will be developed under this holding company. As you all are aware, TPREL has an operational capacity of 3.3 GW as of 31 March 2022, and it has a pipeline of 1.6 GW, which are in various stages of implementation. We are also the largest solar EPC company in the country, with more than 30 years of experience, with 1 GW manufacturing capacity of cell and module in Bangalore. The company has also decided to set up another 4 GW of solar manufacturing capacity consisting of cells and modules. The company is already a leading brand in the solar rooftop and solar pump segments with a pan-India presence. The company has also installed the largest number of EV chargers across the country, having installed more than 15,000 chargers covering home and fleet customers, as well as public charging stations. The setting up of the green platform and adequately capitalizing it by raising funds would enable the platform to scale up rapidly to become the leader in the renewable energy segment, thereby providing a wide spectrum of products and services, touching bulk of the industrial, commercial, and retail consumers. Also, the participation of globally reputed investors such as BlackRock and Mubadala signals the trust and confidence which they have on Tata Power and its ability to deliver on the growth plans. The setting up of the platform and consolidation of all green businesses under it also signals a resolve to accelerate our journey towards a cleaner and greener company. As we always stress, and have been sharing with you earlier, too, our transformation will be founded on the pillars of a strong balance sheet and very healthy return metrics with sustainability at the core. With this, I hand over the call back to the moderator for the question and answer sessions. I would once again request you to restrict your questions to the renewable platform only. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Reminder to the participants, anyone who wishes to ask a question may press star and one at this time. First question is from the line of Rahul Mody from ICICI Securities Limited. Please go ahead. Good evening, sir, and thank you for the opportunity and many congratulations for a much awaited finalization of the transaction. Just a couple of questions on the economics. As the assets which will be held under TPREL in the reorganized company, what is the kind of revenue and EBITDA that these assets would have earned in nine months this year and FY 2021? If you could throw some light on the revenue, EBITDA, PAT and the debt figures also for the assets which will be housed in the new entity. Thank you. Thank you, Rahul. First of all, we have been sharing with you every quarter, the EBITDA, revenue and the PAT numbers of our renewable platforms and the renewable businesses that we have. I will request my colleague, Rahul Shah and Kasturi to share with you the details of the first nine months. I don't have it readily available with me. Also for FY 2021, I'm sure that they will be able to provide you. Sure. I'll take it from there. Sir, from a strategy point of view going forward, how are we looking to, you know, grow the asset base from here in terms of annual targets? Because over the last six months, we've seen some kind of slowdown in bidding. How are you seeing the market now and, you know, in terms of both EV charging, what's the potential, manufacturing? If you can just reiterate some timelines, and also on the utility scale, in terms of the 1.6 GW, when do we expect this to be fully commissioned? Thank you. To answer 1.6 GW, many of them will get commissioned in this year. As you are aware that there are certain restrictions in terms of executing these projects, especially now that the BCD has come from 1 April. There is also a requirement that in some of the bids that the modules have to be Indian manufactured. We have tied up that manufacturing part of it. Most of them will get commissioned in this financial year. The second issue is on the market, and I think India has a huge potential. We have today 150 GW in terms of the renewable plus non-carbon, that is hydro. We need to add 350 GW in next nine years, and that means nearly 40 GW of capacity addition. Lot of steps that the government is taking. One is the RPO obligation, which has been 20% now. The government is in the process of finalizing it, and I'm told that it may be in the range of 30%-35%, staggered over a period of time. So that will ensure that the discoms will have to tie up 30%-35% of their energy requirement through renewable sources. Just two days back, government also came up with a policy that they would ask the coal-based and the hydro-based power plants to have a certain quantum of their energy, which can be through renewable sources. I'm told that again, it will be about 20% staggered over a period of time. Suppose if you are having a coal-based plant of 1,000 MW, you need to have minimum 200 MW of renewable capacity, which you can tie up and supply to the distribution companies. I think a lot of steps are being taken. Apart from that, what we are also seeing is that the retail part of it, which has been ignored for a very long time in the Indian context, especially the rooftop solar and solar pumps, that will get lot of push in the coming year. We are already seeing a lot of traction where not only the retail part of it for commercial, industrial or residential consumer, but also group captive solutions are coming up. We expect that going forward, there will be huge amount of requirement of such retail and distributed generation opportunities in the country. We are very confident that the type of numbers that we have set for ourselves that we'll add something like at the utility scale. These will not be just plain vanilla solar and wind, but they would also be hybrid solutions, solar, wind and storage, solar, wind and hydro, solar, wind, hydro and storage. There are a lot of combinations that will happen. We will play a very, very important role going forward. Great, sir. Thank you very much. Thank you. The next question is from the line of Swarnim Maheshwari from Edelweiss. Please go ahead. Hello. Hi, sir, good evening, and congratulations for the successful transactions and a much better and improved valuation than the invite which was in InvIT earlier. Clearly better late than never. Sir, a couple of questions. First, what will be the corresponding enterprise value for this INR 34,000 crore of equity valuation? Thank you, Swarnim. The enterprise value, if you consider the equity valuation of INR 34,000 crore plus the debt that we have, which is about INR 15,000-odd crore, it would be about INR 50,000 crore. That's the type of enterprise valuation that we have. Sir, I'm assuming that INR 15,000 crore is entirely with respect to the developer portfolio, broadly speaking. Broadly, there would be some group captive in that. Broadly, it's the developer, the utility scale. Okay. Now, sir, the second thing is that in this INR 34,000 crore, this is right now the base valuations, as we understand, but this can move up also, depending on the FY 2023 actual performance. Is that understanding right? 100% right. That's why we have given a range that it can. There is a minimum and a maximum that can be there. That range demonstrates that based on the performance in FY 2023, it can go up. This INR 34,000 crore is basically corresponding to 11.45% stake, right? No, it is corresponding to 10.53% stake. This is corresponding to 10.53% stake. All right. Sir, so I understand that part. If you are saying that INR 34,000 crore is the base valuation, and we have done the deal at 10.5%, then at 11.5%, you know, the dilution will be slightly or the valuation will be slightly lower. You know, there is a risk that this INR 34,000 crore can go down also? Yeah. That's why we have given the range of shareholding that can be from 9.76%- 11.43%. There is a cap and there is a base minimum which is there. Actually It can move within that range. Yeah. No, sir, the confusion actually arises from the word when we are saying base valuation, that becomes INR 34,000 crore is the base. It's like it cannot go below that. At INR 34,000 crore it is a 10.5% stake. Hence, you know that's the confusion. Let me jump in. You know, at the time of doing the deal, right, we're kind of setting up a base valuation. That is, this is a projected performance level that we have in FY 2023, right? It is still a projected basis, and that projection basis can change, can go up and down. Hence, looking at the comfort as to how the market will move, we have decided to keep a range bound thing, right? It's not absolutely fixed on our, on the base valuation. The capital infusion is fixed, which is about INR 4,000 crore. Depending upon the performance, of course, the final shareholding, depending upon the floor and the cap, can move between 9.76%-11.43%. Okay. Got it. Right. Thanks for that, Sanjeev. Sir, my third question would be that if you were to look at, you know, is it possible to get some color or some flavor on the individual valuation because this is kind of an integrated transaction. Is it possible to get some idea on what the developer portfolio has got or something like that? Some color. We don't want the exact numbers. I don't have it now, but you can. I will ask Rahul. Yeah. to share with you. Yeah, yeah. If he has some data on the same. Yeah. I'll jump in here. As you, Swarnim, rightly mentioned, this is of course an integrated deal, where we are bringing in all the portfolio together and it's a combined valuation, you know, of this entire deal, of the entire platform. We're at the moment not getting into the segregation and then, you know, separately valuing out each in part separately. It's integrated one particular deal. One deal wherein all the separate operations come under one holding company of TPREL, and accordingly the TPREL is valued for this. This has all the separate verticals sitting under it. It's a composite valuation. Okay. Fair enough. Got it. Sir, the next question would be if, you know, how do we actually intend to, you know, use this proceeds of INR 4,000 crore by. First of all, when do we expect to get this proceeds? That's the first thing. The second thing would be that how do we intend to, you know, use this proceeds? Do we also intend to use this for our 4,000 MW of the new CapEx that we were planning on this modules and solar cells? Typically, there are certain CPs where some statutory approvals needs to be completed. We expect that in next six to eight weeks time we should be able to complete most of these approvals. That is when the formation of the new, you know, platform will take place and the INR 2,000 crore initial, the first tranche will come. The second tranche, of course, is dependent on some of the other, second phase of CPs that needs to be completed. We are expecting that the whole money will come within this financial year. We will be using it for all our growth, businesses, whether it is the manufacturing or utility scale or EV charging. Whatever is the inflow under the first and second tranche will be used for investment in the growth business of the renewable platform. Yeah. To add to what Mr. Sinha said, this is part of one signing agreement that we are signing today. You know, once we do the first closing, and as part of the condition precedent, we're getting all this separate SPVs within the TPREL holding company, and then we're getting the first tranche of INR 2,000 crore, which will be an equity infusion. Then after six months, we will be getting a INR 2,000 crore infusion through CCPS. CCPS. Right? It's part of the same deal. Thank you, Mr. Maheshwari. May we request that you return to the question queue for follow-up questions. Thank you. Thanks. Thank you. The next question is from the line of Sumit Kishore from Axis Capital. Please go ahead. Good evening, Dr. Sinha and team, and congratulations on the transaction. My follow-up on the previous question, you've shared the band of the FY 2023 EBITDA, which is 9.76% to 11.43%. What exactly is the base FY 2023 EBITDA that is being considered here? And what are the terms of the convertible security, where you're getting INR 20 million after six months from the first tranche? No connection with that. Yeah. Thank you, Sumit. Sanjeev, you would like to respond to Sumit? Yeah. Correct. Sumit, as we said, this is, you know, base equity valuation of INR 34,000 crore subject to the performance in FY 2023, right? This has no connection to FY 2022, given that we're bringing in growth assets. Very clearly we're looking to demonstrate growth in FY 2023. Of course, recognizing the fact that we kind of wanting to grow this company rapidly, right? We have kind of kept a band and we have put a floor and a cap saying that depending on where the performance will land, the shareholding of BlackRock will be 9.76%-11.43%. I will not take it to a specific EBITDA number in my discussion with BlackRock. The base EBITDA number for FY 2023 at which INR 340 billion is being arrived at, that would have been frozen, right? Well, there are a lot of factors which goes in the valuation. It's not the EBITDA factor, but yeah, we are taking the equity valuation, the base equity valuation, subject to the FY 2023 EBITDA and certain adjustments over there. You know, that's the way we should look at the deal. Okay. Okay. On the convertible security, what is the detail there? On the convertible, we are issuing INR 2,000 crores of convertible, which is almost like end of six months of the first closing. The whole idea is that when we close the FY 2023, this is the performance then. Those CCPS will be converted then. The idea is that, you know, overall as a deal, including the equity infusion that happens and then later on the CCPS conversion, the shareholding will remain in the range of 7.762%-11.43%. Okay. The conversion will happen over what time frame? Once we close the FY 2023, after that. You can assume a few months after FY 2023 closing. May, June. Yeah, assume May or June somewhere. Yeah. Okay. May, June, 2023. Okay. The next question I have is, you know, are you looking to onboard more strategic investors in TPREL after this transaction? Or, you know, because you had been in talks with, as reported in India with, a few other players. Is there an intent to, you know, free up more equity for the growth capital plans that you have? I don't think anything immediately. This is good enough for our present investment plan for this year. If we have any requirement later on, we'll examine it, but at this stage there's no plans. Okay. Finally, when I look at your, the holding structure, so it seems that TPREL as holding company will include rooftop in TPREL standalone. You know, what are captive companies here, you know, in this structure? What exactly is the effect there? All the companies which are there in renewable business, that means that Tata Power's solar manufacturing which is there, then some of the subsidiaries of TPREL, WREL, some of the other renewable companies which are in Tata Power. All of them will move within the TPREL platform. I specifically meant, you know, what will the standalone TPREL entity have? You know, in the five green boxes that you have put, what exactly is the captive company? I think Rahul will be able to share with you more details, because the presentation that we have shared with you gives the details. If there's anything more, we'll be able to give you that information. Thank you so much, and wish you all the best. Thank you. Thank you. Yeah. The next question is from the line of Mohit Kumar from DAM Capital. Please go ahead. Hi. Good evening, sir, and congratulations on a very, very good deal. My first question is there any plan to do IPO of this entity? If not, what are the conditions of this investment? Beg your pardon. Can you repeat the question, please? Sure. My question is there any plan to do IPO at some point of time, for this entity? Have the investors put any conditions saying that this entity has to be, you know, publicly listed after some time? Sanjeev here. Let me jump in. Yeah, there is no condition at the moment on this. Of course, it's up to us after the three years to look at all the opportunities. As of now, there's no condition. That will be continuously monitoring the market, but there's no condition, there's nothing like that. There's no plan at this stage. Understood, sir. I think you said already you have guided for reduction in debt, you know, in FY 2020 beginning. Given the fact that you've developed only 10%, it means the entire entity will get consolidated in the entire, you know, the Tata Power. Debt is not getting reduced, so is it something that's relied on? Sanjeev, you may like to respond to that. Yeah. I think as we have stated earlier also, we'll keep on looking at our debt position and do that. The fact is when we raise an equity at the TPREL level, we're still kind of holding about 90%, and that will get consolidated in the overall TPCL. To that extent, yes, it does give that benefit. One calculation. Is there any money coming back to Tata Power standalone company to repay the debt? No. We're talking about the consolidated number that we see, not the TPCL standalone number, right? We kind of keep on appropriately looking at our debt situation, keep on monitoring that. That is irrespective of this transaction. My question was that entire INR 4,000 crore will use to grow the asset size of the Tata Power Renewable, and no money will come back to Tata Power standalone. Basically, the whole idea is that we're looking at this funding in the manner that, you know, TPREL can really manage on its own. Understood. Lastly, sir, will the investors have any board seat and will they be part of decision-making? They have a board seat. Of course, this is what we have also said in our release and in the presentation as well. Of course, they are partnering with us. Of course, we are the majority holder, and to that extent, the board is represented largely by Tata Power. Understood, sir. Thank you. Thank you. The next question is from the line of Atul Tiwari from Citigroup. Please go ahead. Yes, sir. Thanks a lot. My question is, again, on the accounting treatment. Who will be the TPREL and the assets held under it? They will be consolidated line by line, like they are a single entity, or it will be like an associate, one line pretty much entity? It will be the same treatment because it still continues to be the major subsidy of Tata Power, right? There's no change in the accounting policy or norms. It continues to be the same. Okay. Sir, I mean, post-COVID, you know, the management had articulated a plan to bring down the consolidated net debt to INR 250 billion. If this entity continues to get consolidated line by line, as it was earlier, then the net debt will still remain far above INR 250 billion. Are you still looking to bring down the consolidated net debt to INR 250 billion, or is that target on hold for the time being? We'll continue to look at our debt position and look at all other avenues, to you know continue to work on an optimum debt. We have been doing that and sharing that earlier as well, and we'll continue the same position as we move forward. Okay. Thank you. Thank you. The next question is from the line of Renjith from Mahindra Manulife Mutual Fund. Please go ahead. Yeah. Hi, sir. Congrats on this transaction. Just to actually clarify, like in future, if we ought to look at some of the greener opportunity like hydrogen and all, will that come under this entity or is there a flexibility that it can come under the Tata Power 100%, you know, 100%? Is there any clause? See, any new investment in renewable business will come under this entity. Anything that we do in renewable, which can be a hybrid solution with storage, it can be a hybrid solution with hydrogen, it all will come under this entity. Okay. We cannot use this cash, the current cash, to de-leverage the balance sheet of Tata Power standalone. That is clear, right? Yeah. This money is coming through a primary issuance in Tata Power Renewable Energy, and it is basically very clearly stated objective of growing the business. This money will not be used to you know, reduce debt at Tata Power level. This is purely and primarily for Tata Power Renewable for the growth assets. Okay. Sure. Thanks, sir. Thank you. The next question is from the line of Abhay Moghe from Bajaj Allianz Life Insurance. Please go ahead. Hi. Thanks for the opportunity. I had couple of questions. One, will there be a large gain that will be there for the Tata Power standalone because of this sale or stake dilution? That is one. Second, will there be a tax incidence on that gain? Third is, can that tax be offset by the accumulated losses of CGPL that is recently you got the approval for the merger with standalone? Yeah. I think there are two questions here. The first question is regarding the tax benefit. This is a primary issuance which is happening from Tata Power Renewable, and hence there is no issue of tax or any sort of a capital gain because of this transaction. Right. Second question is regarding the CGPL. Of course, yes, the CGPL merger has been announced, and to that extent, the carry forward losses benefit would be available. But we're not getting into the specific numbers as yet because of the silent period. You will get to hear when we kind of get into the quarter four calls. Okay. That's it from my side. Thank you. Thank you. The next question is from the line of Rahul Mody from ICICI Securities Limited. Please go ahead. Sir, just one follow-up question. The debt of INR 15,000 crore that you mentioned, is it on the current capacity or on the full operational capacity of 4.9 GW? It's on the present capacity. Whatever we have, which includes not only the utility scale but also the group captive investments that we have. Right. This will not be at the end of FY 2023 expected. This is today's date. Yeah, this is today's FY 2022 number. Could you just repeat your question? You were breaking in between. It'll help us better to understand your question. Sure. Just wanted to ask that, Mr. Sinha had mentioned INR 15,000 crore of debt, which is there in the current capacity. That is with regard to the 3.3+ or it's also including the 1.6 GW which is in pipeline. Will this debt be the same number as- This is all together. Hmm? Yeah. This is the existing generating capacity plus works in progress. This is the stated intended debt as of now, which is all inclusive. Will this go up? Yeah. When everything gets commissioned? This is about INR 16,000 crore as of now. Suppose as and when we keep on commissioning and adding more CapExes, this will go up, and to that extent, we are getting this equity infusion to fund this growth. Right, sir. Got it. So this will be a higher number. Okay. Taken. Point taken, sir. Perfect. Thank you so much. Thank you. The next question is from the line of Anupam Goswami from B&K Securities. Please go ahead. Hi, sir. Thank you for the opportunity. Most of my questions have been answered. I had this one question. What is the thought process behind this deal, where it's not bringing down the debt and we are not ceasing it to be a subsidiary? Earlier the thought process in InvIT that it will cease to be a subsidiary and the debt will go off the balance sheet. Later on, do we have more plans such as to dilute more equity and bring it down to below 50%? Or if it is not, then what is the thought process of this? Because as I understand, Tata Power would not have any problem in raising debt for its own growth. What is the reason for dilution? Maybe I'll try and answer that. I guess this goes back to a year back story when we were trying to create this InvIT platform. You know, during that process, we realized that we need to create a much larger platform, which is a big growth story. All this while, I said that our renewable businesses will grow and we would need, you know, CapExes over there. Very clearly we needed an equity infusion plan over there, to ensure that our debt equity as well as the growth stories are maintained. By creating this particular platform, well, we are still having over 90% holding as of now, and we are able to demonstrate growth as we move forward. This also gives us an opportunity to look at, you know, further optimization possibilities and further, you know, monetization possibilities. That's the plan. The idea is to invest behind the growth, right? Of course, as and when we start getting the cash flows, that will definitely help us also in optimize our debt levels. Okay. Sir, are we changing any management in TPREL after this deal? No. The same management which continues. It is just that we're having investors now coming into that company and having a board seat. That's the only change. Okay, sir. Okay, sir. I'll join back in touch. Thank you. Thank you. The next question is from the line of Gopal Nanda from SBI Life Insurance. Please go ahead. Hi, sir. Thanks a lot for the opportunity. Sir, this, if I refer to the presentation of quarter three, that whatever, like, consolidated renewables business revenue EBITDA which we have given, is that the same, you know, entities are getting transferred or is there any adjustment to that number? There will be some entire company elimination that would happen. Of course, the EV business now forms part of this, the overall green complete platform. That is what the changes would be. Okay. Only EV related whatever revenue EBITDA will be the adjustment for this. Yeah. Group top is there, but it's very small numbers over there. Yeah, right. Okay. Okay, sir. Second is just on the clarification on the timelines on the conversion of this shares. Is it right that you said it will be post-completion of FY 2023, or you said in June, July of 2023? Yes. There are two tranches. The first tranche will come after the closing, which is, let's say about two to three months from now, where we get INR 2,000 crore at equity. After six months, we will get INR 2,000 crores as CCPS. That will get converted after FY 2023 closing. Assume somewhere around June, July, could be the period next year. Oh, okay. Sure. The variability of EBITDA for FY 2023 will be largely dependent on the capacity addition of FY 2023. Is that a right assumption? Well, I think that there are a whole lot of business now part of it, right? Generation, EPC, rooftop, solar pumps, EV charging, right? That generally can also isolate from the risks and fluctuations. All this put together will kind of we are looking at that particular EBITDA number now as a performance derivative. Sir, lastly, you mentioned this 3.3 GW operational capacity. If I refer to the Q3 presentation, the capacity mentioned is 2.95 GW. Is it just, you know, some like whatever capacity addition would have happened in last three months? Yeah. It is that or. That's correct. Okay. That's correct. Okay. Capacity addition. Sure, sir. Thanks a lot, sir. Thank you. Participants, to ask a question, you may press star one. Reminder to the participants, anyone who wishes to ask a question may press star one. The next question is from the line of Rohit Maheshwari from Tata AIG. Please go ahead. Sir, thanks for the opportunity. Just had one question. When you acquired Welspun asset, if I'm not mistaken, then the valuation of EV/EBITDA was close to 8x-8.5x. Can you throw some light on that, what will be the valuation at current stake, whatever we are selling at Tata Renewables? Yeah. As I said earlier. Yeah. We have shared earlier, we are not looking at a breakup. Yeah. Yeah. Sorry, Mr. Sinha, maybe I'll just complete there. Yeah, yeah. As we did discuss earlier, we are looking at a composite valuation now, and we're not looking at sum-of-the-parts total way of breaking up valuation for each of the verticals, right? Because there are always synergies when we bring it all together, and hence we're looking at a composite valuation. No, just sir, thinking about at renewable business portfolio, when you acquired investment asset, the valuation was close to INR 10,000 crore. Today, like, including Tata Power renewable portfolio and your EV portfolio, the total valuation ranges between INR 35,000 crore-INR 40,000 crore. Now I just want to understand what has changed in the last two and a half years, like, more than three-odd years. Just to make some connection, if you can throw some light on it. I guess we are looking at a very different world right now as compared to three years back, right? There's been a lot of additions happening there. The rooftop solar businesses have come in, the pump business have come in, the EV businesses come in. The third party EPC businesses at a very, very different scale, right? I think it's very difficult to kind of go back and compare three years back, right? I think we have a much bigger platform now, and we think we have a much, you know, richer valuation also coming out because of that. Okay. Thanks, sir. Thank you. Thank you. Ladies and gentlemen, that was the last question. I now hand the conference over to Dr. Praveer Sinha for closing comments. Thank you. Thank you very much. I would like to thank all the analysts who could make it today on a very short notice. Really appreciate your support, which has been there for last many years. A lot of feedback that we have been receiving from you. We keep on learning from that and keep on incorporating it in our business plan. I'm sure that any questions you have, any further queries that you have, please connect with my colleagues, Kasturi and Rahul Shah, and we'll be able to provide you and furnish you the details. Once again, take care, and we look forward to catching up after the quarterly results. Thank you. Take care. Thank you. Thank you. Bye. Ladies and gentlemen, on behalf of the Tata Power, that concludes this conference call. Thank you for joining us, and you may now disconnect your-