Good evening to all the analysts who have joined for the Q2 earnings of Tata Power. I have with me my colleagues, Mr. Ramesh Subramanyam, CFO, my senior colleagues from the finance department and investor relations. Let me share with you some of the main highlights of this Q2 results. Tata Power continues to move forward on its ambitious journey to become a utility of the future, and our focused attention has demonstrated remarkable progress in achieving scale in our operations. Solar pumps achieved its best quarterly revenue; Similarly, EPC as well as renewable generation portfolio recorded very strong growth in this quarter. Our leadership position in rooftop solar and EV charging continues, and we also see very satisfactory performance in our Odisha DISCOM as we also pursue various opportunities to grow our transmission business. While we continue to usher growth in new areas of business, our existing assets have continued to perform very well on the back of strong operational expertise, which has led to improved availability of all our assets. Our clean growth aspiration continues to deliver results, as we saw a very robust performance from all our components of renewable business. We commissioned 256 MW of solar projects this quarter. With strong operations in our renewable operating generation portfolio and growth in various solar EPC business, the company achieved 58% year-on-year growth in revenue and 41% year-on-year growth in profits from renewable business in H1 of FY 2022. Coupled with steady state operations of all our other assets and interest saving from debt repayments, we achieved 36% growth in reported PAT, which stands at INR 506 crores as compared to INR 371 crores in the same quarter last year. This is now the eighth consecutive quarter of delivering year-on-year profit growth. Our solar EPC business, namely Tata Power Solar, has delivered on all fronts with very strong performance in large scale EPC business, rooftop solar and solar pumps, which have all registered almost 50% growth in quarterly revenue from INR 1,014 crores last year to INR 1,500 crores this year. The large-scale utility EPC order book continues to grow with orders worth nearly INR 3,000 crores won in Q2, taking the total order book to INR 9,264 crores as on 30th September. Among projects worth 1 GW won in this quarter, approximately 580 MW pertains to Tata Power's own asset development, while balance pertains to third-party contracts. In addition, Tata Power Solar has also received letter of award to build 100 MW of distributed ground-mounted solar project for EESL at a total value of INR 538 crore. Margins have improved slightly compared to Q1 of this year. With continued higher module prices, execution of some of the projects were deferred and we expect the execution to pick up further in the coming quarters. Our solar pump business has shown excellent quarter with sales of 8,277 pumps. With strong sales this year, we have been able to achieve almost FY 2021's revenue in the first six months of this year only. This quarter also is very significant as our solar pump business achieved the milestone of cumulative installations of nearly 53,000 pumps. We expect that in the next 50,000 pumps will be installed much faster than it took us to reach this number. Taking a step forward towards creating a niche for ourselves, we have now launched Tata Power branded solar pumps, which have been launched across 22 cities in six states. Similarly, in our rooftop solar business, we saw a very successful quarter, winning orders of 264 MW worth nearly INR 750 crore from both residential, industrial and commercial customers. Our rooftop order book as on 30th September stands at 417 MW, worth nearly INR 1,200 crore. We executed almost 105 MW of rooftop solar projects in this quarter, leading to higher revenue booking. We have also started seeing success under various financing schemes which were launched in partnership with different financial institutions, and close to INR 111 crore of orders were financed through these schemes. Our success in rooftop is evident from our market share, which has gone up in 12 months ending June 2021 to 10.8%, and we have been ranked as number one rooftop solar EPC company for seventh year in a row by Bridge to India. This quarter, the wind speeds were very good, leading to very high PLF in our wind portfolio, leveraging on high availability of 98% at our wind sites. Similarly, our solar assets have operated at very high availability and PLF. The improved PLFs led to higher generation, thereby increasing the revenue and profit from the renewable generation portfolio. Coming to our integrated CGPL and coal portfolio, international coal prices have continued to touch new high, forcing us to reduce the supply of power from the units to contain our losses. As a result, this quarter we have booked a reversal of fixed charges of nearly INR 216 crore. As the tariff lag unwinds and if coal prices come down, and the existing arrangement of supplying at higher tariff to the beneficiary continues, generation can be increased in subsequent quarters. For the short term, we have agreed with the procurer on a one-time pass-through mechanism which will reduce the losses in CGPL. We expect that this extension will happen from the existing four weeks to at least end of this year. On the other hand, due to the increased coal prices, the profits from the coal companies have increased, providing us a natural edge against the under-recovery and losses in CGPL. Excluding the above provision of INR 200 crore in CGPL and coal integrated portfolio generated a profit of INR 79 crore in this quarter compared to INR 39 crore last quarter. We'll continue to do all that we can to contain the CGPL losses. As we had mentioned, last quarter the AT&C losses in the four DISCOMs increased because of the double blow of Cyclone Yaas and COVID-related lockdowns. Subsequently, another cyclone came over there, Cyclone Gulab, as also the flooding took place in many parts of Odisha. However, the Odisha team has worked relentlessly to restore the network and continue improving the operational metrics. As a result, we have been able to bring down the AT&C losses across both, in all the four DISCOMs, and has taken steps to further improve in the coming quarters. As a result of all this performance, the consolidated revenue for the second quarter stood at INR 9,502 crores compared to INR 8,428 crores in the previous year— a solid 13% growth. The increase was largely driven by inclusion of Odisha DISCOMs and higher generation in renewable portfolio and increased order execution in solar EPC business compared to last year. This quarter saw very robust performance by our existing generation business and transmission business, and we continue to get very good traction on all our existing assets. As we have mentioned earlier, we have been selectively repaying high-cost debt that has further helped us to optimize our interest costs. Our gross debt has reduced by approximately INR 3,000 crores in the last one quarter, while the net debt has largely remained unchanged at INR 39,719 crores, despite CapEx of more than INR 1,600 crores in this quarter on our renewable projects, distribution business, and transmission business. Our net debt to equity stands at a healthy 1.63x, and net debt to underlying EBITDA is at 4.29 x. Seeing the performance, S&P Global Ratings have upgraded the company's credit rating by two notches to BB/Stable. As we mentioned in the last quarter, Tata Power is now actively looking at growth in transmission space, and our partnership with Tata Projects gives us a huge competitive edge in this opportunity. We are actively pursuing both greenfield and M&A opportunities, and we will inform you in due course once these opportunities convert into others. Our EV charging business has achieved a very important milestone, installing 1,000 public EV chargers in around 180 cities, along with more than 5,000 home chargers. We expect that this will lead to rapid transition to EVs in India. We have also entered into strategic tie-ups which will help us to expedite the expansion of our charging network, both with reputed builders as well as OEMs, to ensure that we are present in all markets. We also thank you for voting us once again as the outstanding utilities sector company in Asia's Outstanding Companies Poll 2021 conducted by Asiamoney. We similarly were ranked among the top 10 companies in sustainability and CSR responsible business ranking in the ET Futurescape and CSR Sustainability Index report. Such recognitions boost our confidence to march ahead on our aspirations to transform Tata Power from a conventional utility to a new age, technology-driven, customer-focused utility. Such a transformation is founded on the pillars of strong balance sheet and healthy return metrics. With this, I hand over the call back to Melissa for the question/answer session. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may enter star and one on their touch-tone telephone. If your questions have been answered and you wish to withdraw yourself from the queue, you may enter 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. We have the first question from the line of Sumit Kishore from Axis Capital. Please go ahead. Good evening, sir. Thanks for the opportunity. My first question on your solar EPC business, where it seems that the utility scale solar EPC revenue has fallen sharply quarter-on-quarter. What could be leading to that outcome? Because we've seen very sharp growth in solar rooftop and solar pump EPC revenue. Sumit, I think the EPC business, as you know, there's a strong order book. I think as projects get completed and they progress, you have the revenue and the profits recognized. We don't see any long-term issue with it. There has been, of course, pressure on supply chain. As you know, there's global pressure on module price as well as supply chain in terms of containers, et cetera, which has affected all such projects, which we also face. But we believe that is largely improving now. I think we will see even our new orders now take into account these new realities. I think it's a temporary phenomenon which will soon fade away. That's the way we look at it. I think the overall business outlook is very, very strong. Sure. In that same vein, if you could comment on the solar EPC business margins. Despite 50% growth in top line, your trading profit is down 4% for Tata Power Solar. As I said, the margins have been affected with some of the orders which we executed, which were taken long back, and they had some impacts of the module price as well as the supply chain delays. I think those are over. Now the new set of orders, et cetera, are, you know, in line. You know, you must understand that the industry has faced such an increase for the first time. There's been some pressure because of that, but I think we have managed it pretty well. You know, things can go up from here. Okay. My second question is in relation to, you know, is there any progress on monetization in the renewables vertical? Also if you could comment on progress on amalgamation of CGPL in the standalone entity. Okay. The second one was what? CGPL? Yes. Amalgamation of CGPL in the standalone entity. Okay, good. On the monetization of renewables, we continue to work on it. We expect that we will be able to do it soon enough. We are on the job and we have made progress. That's all I can report at this time. Before the year-end, we are trying to do whatever is needed for that business. As far as CGPL is concerned, we have received the NCLT order to go ahead with the final stage, which is the postal ballot for clearing the NCLT order and the recommendation, which we shall be doing so in the next month or so. I think in the next couple of months, or by early Q4, we are hopeful of closing this whole merger process. Sure. Just one bookkeeping question. What is the under recovery due to lower availability factor, plant availability in Mundra UMPP during the quarter? What was your EV charging business capacity utilization right now? The CGPL utilization is at 28%. If that's what you're asking. CGPL and the capacity charge under recovery, because of lower plant availability factor. The PAF number is there in the presentation. All right. This year, of course, we have the under recovery as of now is INR 1.15 per unit. Okay? We must add that this quarter's result has about close to INR 215 crore of fixed cost under recovery, which has come through due to the last quarter generation, right? Or last quarter's under generation. Therefore, this quarter's results has to be seen in that light. Of course, we have adjusted it now to the revised estimates for the full year generation, which is what is used for accounting of the revenues of the fixed cost recovery. As far as the variable cost is concerned, now because of the interim arrangement that has been done with the procurer, it is quid. Whatever is the present price of coal that is being reimbursed and so the present energy charges that is given by them virtually takes care of the coal. There would be no under recovery in that. That is applicable for the entire generation of CGPL, starting with it? Yeah, for the present generations which started from thirteenth of October, when the plant was restarted. Okay. Starting with the entire generation. It's not the entire generation. It is to the extent it takes towards Maharashtra, Gujarat and Rajasthan. Right now we are running three units, so it's for the full three units we can Okay. Just the EV charging capacity utilization. Yeah. We'll give you separately the EV charging capacity, especially the public charging. Of course, as far as the home charging and the bus depot charging is there, that gets already covered. Yeah. Sumit, I think the only point to be noted is it's too early right now to count capacity utilization in EVs, because of the fact that the expansion is happening ahead of the demand generation. Maybe it's just premature to assess at this point. We do of course have the numbers and we'll give you. We are not publishing because it's still not a stable business for reporting in quarter-on-quarter. Well, thank you so much, and wish you all the best. Thank you, Sumit. Thank you. We have the next question from the line of Mohit Kumar from DAM Capital. Please go ahead. Yeah. Good evening, sir, and congratulations on good set of numbers. So my first question is how are you thinking about CGPL Indonesia mines combined portfolio in your talks with the DISCOM. Do you think the probability of finding a resolution has inched up higher given the higher coal prices? Can you please comment on that? As we mentioned that this was a temporary arrangement which was given for four weeks from 13th of October. We are given to understand that they would be extending this till the end of this calendar year. Going forward also, they have plans to extend depending upon how the availability of domestic coal and power cost is there. This is still a work in progress. As far as the coal companies are there, they have been doing very well. The benefit of higher coal prices has helped them to produce much better results. We expect that in this quarter also they will continue to perform well. I think on an overall basis, as I had mentioned, we are better off because, if we see the cluster of both coal and we have a profit of INR 79 crores. If we remove the INR 216 crores, that was an additional provision that we made because of the previous— My question was. Mm-hmm. My question was more about finding a long-term resolution for Mundra. Is there any plan for this? Let's see. Now that the government has accepted the procurement, states have accepted the new revised tariffs, we do expect that they'll like to find a permanent solution because the challenge of higher availability of power will continue in future with the restricted supply of domestic coal and the demand increasing, leading to very high tariffs in the day-ahead markets. I think there is a desire from both sides to conclude an arrangement which is acceptable to both parties. My second question on the coal mines. Under the new regime, which is likely to, you know, be, I think, your KPC will get rolled over from December 2021 under the new regime. When do we expect to get complete clarity on the new taxation structure? I think at present, Arutmin is foregoing 10% additional outgo from its PAT. Do you think this is the regime which will be there? Can you please comment? Just to clarify, Arutmin, we've already sold. We are only in process of collecting money, so that's certainly not part of our performance. As far as the KPC mine renewal is concerned, by the end of this year, we should have full clarity. In fact, there's only one item which is in discussion in the Indonesian political system, which needs a finality. All other things have been sorted out in terms of terms and conditions. We believe that that will be soon sorted out and before the December 2021 expiry of the license. Just to add, the changes that are happening over there is virtually quid pro quo. In the sense, while they are increasing the royalty from present 13.5% to 22%, depending upon the grade of coal, they have parallelly reduced the- Corporate ...the corporate tax from 45% to 21%, and then 20% beyond 2022. Some other taxes have been added. So virtually, it will be more or less quits, as far as the new taxes and the old taxes are there. There will not be much of a difference. Understood. Last in the solar pump, sir, where are we at in the new tender of EESL? Do we expect industry to be materially high post the new tender finalization? Which tender? EESL. The EESL tender has been sorted out. There was a court order in the month of July. Subsequently in the month of August, the court has cleared it, and they have decided that who are the bidders who will be given the allotment of. We are in all categories, we expect that hopefully by mid-November to end November, we will get the allotment from all the states. What about the expectation of the industry, sir? Can you repeat that? What did you say? Yeah. What is the expectation of the industry post the finalization of 3 lakh tender from EESL? Do you think it will go up to 2 lakh per year? Sir, as you know, the PM-KUSUM program value is being enhanced by Government of India because they feel that this is a unique opportunity to do distributed generation and make the farmers capable of their own generation. We are expecting that in the next budget also there will be much more allotment of money from the government under the PM-KUSUM program. We will of course be the biggest player in this because not only we do the solar system, but also we have now launched our own pumps, and we have launched it in 16 states. We expect that the benefit of high efficiency, better quality pumps along with the solar system will help us to have a much larger market penetration compared to anyone else. Thank you, sir, and all the best. Thank you. Thank you. We have the next question from the line of Swarnim Maheshwari from Edelweiss Securities. Please go ahead. Yeah. Hello, sir. Good evening, and thanks for the opportunity. Sir, two set of questions. First, there was a media article which said that there was some issue with our one of the orders, the EPC order one, you know, from NTPC. There were some issues which actually could lead to cancellation of that order, and it's a sizable one. Any clarity over there, sir? This was a letter that was written by NTPC to our team because of the delay in execution of this order. This order is being executed in Jaisalmer area where, because of the Supreme Court intervention on GIB, that is the Great Indian Bustard, there has been no clarity in terms of setting up of the plant as well as in terms of evacuation arrangements. We had, quite some time back, more than six months back, informed NTPC that either we can change the location to other places or you will have to wait and get the clarity from Supreme Court. Our responsibility is to set up the plant, while the responsibility of NTPC is to arrange the evacuation arrangement. Their evacuation line, which is through PGCIL, is only coming in the GIB area, while we have the flexibility of moving it to some other. It is expected that once the matter is heard in Supreme Court, there will be more clarity that such issues about providing protection and underground cabling and all that for evacuation of power will be for subsequent projects or for existing projects. That is why there has been delay. From our side, we have done whatever has to be done. Now, it is basically NTPC's call in terms of whether they want to use the existing evacuation arrangement or they want a new one to be made in the new location where we will set up the plant. Sir, will NTPC actually go for a rebidding if the location was to be changed or, you know, what's the arrangement? Are we clear over there? There's no rebidding required. They have Contractual letter. It's a contract. Sure. It's only that they will have to identify whether they want a new location where they will have to tie up with PGCIL for evacuation. Sir, if I understand this right, out of our INR 9,500 crore order backlog, this order is still, you know, part of our order book, right? Yeah. This is part of that total INR 9,000-odd crore order. Okay. This is some, I think. Three to INR 400 crores. This is an INR 400 crore order. It's a very small value on the overall. Okay. Fair enough, sir. Thank you. Sir, my second question is, you know, looking at where the coal prices are and, you know, overall transition, while we are witnessing from gray to green, but then interim transition actually, where thermal would be required and supported. Any plans over here to actually divest our stake completely in Indonesia and get rid of the coal mining business, which would not only be ESG accredited, but also provide you the next round of, you know, growth funding? Well, that is certainly something which we are aware of. It is part of our strategy. I think timing could be depending on what is the best time to do that, Swarnim. Sir, we are scouting it actively. Is that a correct understanding? Sorry, say that again, Swarnim Maheshwari. We are considering this proposal actively to exit. Yeah. You see, the moment we have announced our carbon targets as well as our part that we are exiting thermal, I think it is a corollary that all thermal assets would be under scrutiny, depending on their contractual positions. This is certainly one of them. But I can't say a definite timeline in immediate future which we can put on the table, but definitely it's on the cards. Yes, sir. Thank you so much. Wish you all the best. I'll get back to you. Thank you so much. Thank you. We have the next question from the line of Puneet from HSBC. Please go ahead. Yeah, thank you so much. My first question is on the EV charging business. Are you recording any revenue from that business as of now? And in which entity is it getting recorded? It is part of our standalone entity, and we do re-record revenue. Right now because of materiality, we don't report it. Understood. What kind of capital allocation have you done for those 1,000 chargers in public space? It's a mix of own and franchise, but we would probably give you that separately. It's about, to my mind, it will not be more than INR 15 crore. Total INR 15 crore for 1,000 chargers? Yeah. Oh, okay. Okay. Our team will give you little more detail on that. Right. Understand. I think the plan is to go all the way to 100,000 chargers, and that will also be done in similar way, owned and franchisee? Yes. We will have various other ways also, innovative ways to ensure that we have a capitalized business. Those are things which are evolving. Right. Understood. That's very useful. Thank you so much. This is only for public chargers. As far as home chargers and fleet chargers and bus chargers are there, that we get paid. That is one-time payment, right? Yeah. Subscription model where we provide various services. Even for home chargers, there is a subscription model? Yes. Okay. Interesting. Can you give some unit economics for those? Per charger, what kind of, you know, payment- Puneet, I think it's too early. I think we are in implementation mode, but I think we will be able to share with you soon when we reach a certain level where the platform is in a shape that we could talk about, I would say, margin targets. Right now, our whole emphasis is on first laying down the reach, building the platform, building the customer related software. I think it's just too early to talk about the unit economics right now. Okay. Understood. That's very useful. Thank you so much. On CGPL, for the variable pass-through component, what kind of agreement have you signed with the states? Is it likely to get rolled over into next quarter as well, or is it a hard stop at the end of the year? Right now it is more a temporary arrangement through not a formal contract, but just an intimation from the government on the pricing, as Dr. Sinha explained. We've been given a price based on the current coal price, the last month import price, and therefore we have full recovery. We expect probably because of the ongoing situation, maybe extension for some time. I think Gujarat has clearly given that pricing apart from other couple other states. Whether it will be extended for a longer period, I think we'll come to know. Until the situation improves on the ground on overall coal, we expect maybe this kind of interim solution to continue. Basically for 66% of your volume, there should be no under-recovery for the current quarter? That's what we're trying to do. Understood. On this fixed capacity- In fact, whatever we are generating, there is no under-recovery for that. Okay. Even for the other states? Since we are not generating, there is no question of recovery. Whatever we are generating, there is no energy charge under-recovery. For the three units, 66% as you said. Yeah. For that, there is no under-recovery. Okay. On capacity charges, is the under-recovery likely to happen this quarter as well? No. Being the Q3, you are saying? Yeah, Q3. The way it works is every quarter you take a view on the annual capacity utilization or availability based on which you book your capacity revenue. As long as we stay within the estimate that we have put out now for the revised year for the full year, we will not have further under-recovery. We believe that we have a strong chance that we will not have under-recovery, further under-recovery. What really was the reason for an under-recovery in Q2? No, the reason for that is if you generate lower than 65%, there is a contractual obligation that if you don't produce the required annualized 80%, anything less than 80% on an annual basis, you get a proportionately lower capacity charge. That's the capacity charge under-recovery we are talking about. On top of that, there is a penalty to go below a certain threshold. Okay? Right. Both these were operating in the first two quarters. If they continue in the third and fourth quarter, that is a separate issue we shall come to know later. Okay. Okay, understood. That's helpful. Thank you so much. All the best. Thank you. Thank you. We have the next question from the line of Anupam Goswami from BNK Securities. Please go ahead. My first question is on the Mundra tariff on the Mundra. It is a follow-up on the previous question. Do we get reimbursement of the coal prices that has happened, or do we get a normative tariff for this arrangement? There is a fixed tariff. Okay? Which of course, behind this, that calculation is the latest prices, but it is not based on reimbursement. It is based on fixed price. You can call it a normative price. This is till the end of this year, or do you think we can get an extension beyond that? We have not received a formal extension, but whatever we have received is for four weeks from Gujarat state. They have been discussing with us and wanting whether we would be in a position to supply them till end of December on same terms and conditions. They are also taking it in, as things move and, if they feel that this has to be extended beyond, they'll take a call possibly in later part of November. Another question is on the regulatory asset reversal that's about around INR 300 crore. Just, if you can throw some light on that. Which is it? Oh, okay. That is last quarter. Regulatory order. This is the other one. This here, this quarter, there is no regulatory order. Can you be more specific? Yeah. It's here, P&L, INR 334 crore. It's a net movement in regulatory deferral balance. What is the source of that? Oh, regulatory deferral balance. Okay. That would be tariff recovery through tariffs in various companies, whether it's TPDDL or various distributors. Orissa. All a bunch of assets where there are regulatory assets recovered through tariff. Normal method is that through the tariff it gets recovered. Sir, can you just once repeat on the coal JVs, the royalty that has increased and also the corporate tax? No, there's no increase. What we were talking some time back is that in the proposed licensing regulations in Indonesia, there is a proposal to increase the royalty, based on slabs of sale price. There is also an imposition of a new VAT tax. On the other hand, there's a corporate tax reduction, which today was 45%, is likely to come down to 20%-22%. That is the kind of changes that are there. Right now, there is no immediate royalty change. This will happen only from 1st of August 2022. Okay. What is the quantum of that royalty, which is proposed? As we mentioned, the royalty presently is 13.5%, and it will be in different slabs, 20%, 21%, 22%. Similarly, the corporate tax, which is today 45%, will be for FY 2021, 21%, and thereafter 20%. That's the change. Then there are certain other taxes that have been added, so that basically it will if they have reduced corporate tax to that extent in different taxes, they will increase it and make it virtually quits. Our profit will more or less be same, going forward, or will there be any such expenses or more, and margin will come down on this? I think if we wait for another month or so, I think we'll get the final order instead of speculating because, you know, still it is to be finalized. The final stamp that is yet to be received. Right now, we are going by what proposals have gone to the Indonesian government for approval. I think all we have to do is to wait for a month or so. I think they will issue the final licensing regulations. Okay. Okay, one last question is on the transmission project. Any opportunities that is coming up from the government or any tender that is going to happen? Yes, there are lots of them. We are right now also looking at some stressed asset opportunity through our Resurgent platform. Yes, we are in the queue in terms of the transmission bids. Okay. Thank you, sir. Thank you. Thank you. Ladies and gentlemen, if you have a question, you may enter star and one. We have the next question from the line of Apoorva Bahadur from Investec. Please go ahead. Hi, sir. Thank you so much for the opportunity. Wanted to understand the impact of this upcoming first phase of MBED. I believe Mundra will be under this MBED, given it's a central generating station. What impact do you foresee, given on the PPA level that our tariffs are quite low? Sorry, what did you say? MBE? Sir, MBED. For him, Mundra would be under the ambit of that? Oh, no. It will be idle power, no? Yeah, yeah. This is not that on day-ahead we are selling any power. It's only whatever is allocated to them, that much quantity is being given to them. With the proviso that if any other state wants the quantum in lieu of the other, they can take. Definitely not in the market. No, I just wanted to understand will we fall under MBED mechanism? Will Mundra be under the MBED mechanism? No, no, it is not there. Okay. Yeah. Secondly, on this, the interim arrangement which we have spoken about, on these in Gujarat and another state. Does this also entail some of the coal mine profit sharing which was there under the HPC mechanism? We have shared with you now that it is INR 450. Where is the question of coal mining profit? It's a variable cost of INR 4.50 and a fixed cost of INR 0.90. Why are you asking for- I think you are referring to probably the old HPC and other things which are going on. This is completely different. It's just giving us a fixed price based on the current cost. It has nothing to do with the coal mine. Okay. Got it. Thank you so much, sir. Last question, if I may, and this is on the recurring storms in Odisha. Probably there were some discussions around moving a part of the distribution infrastructure underground. Do we see any of that happening or if there's, I mean, it will thus entail an additional CapEx opportunity for us? Sorry, which distribution thing? Sorry, can you repeat? Odisha. Moving a part of the Odisha distribution infrastructure underground to basically offset or reduce the impact of recurring cyclones. Correct. No, no. See, what happens is, because of cyclones coming in certain areas, the Government of India and Odisha government have been discussing that can we move some of the. If that thing happens, then the government gives the contribution, for carrying out any work like that, and that will be executed by us, and we get a certain percentage for execution these government-funded projects. Okay. Got it. Thank you very much. I'll get back to you. Thank you. We have the next question from the line of Nawaz from Ashika. Please go ahead. Okay. Actually, I just had one question regarding EPC execution. The thing is that going forward, how exactly should we look at it in terms of execution of the orders and the margins as well from particularly from Q3 onwards? We see like a sequential improvement immediately for Q3 versus Q2 or would it still take some more time for the older orders to get executed and then gradually you see like a high single digit kind of a margin? I think our long-term target on margins will be, you know, similar to last year or and higher. But there is a, as I described, there is a temporary pressure on the supply chain, and the newer orders would pick up. If your question is when will the older orders end, I think there's a gradual end in this year. Some of the orders which you got in the recent past would all be materializing in the next 6 months to 18 months. You will see that recovery back. You need to consider that in the last quarter, just last quarter, the manufacturing capacity of modules in China increased by 27 GW. That's a huge quantity of add-on capacity that has happened. You know, for them to ensure that their capacity is fully utilized, we expect the prices will come down. This is a function of demand and supply. Now that the supply is more because of new capacity additions, we expect that especially from quarter one of FY 2022, calendar year FY 2022, we will start seeing these prices softening. We have already started seeing prices of containers going down, which had in between gone up very much. Also we will start seeing these changes even in the prices of modules themselves. Okay. Also one more question I had regarding. Excuse me, operator. Mr. Nawaz, please come close to the instrument. The audio is slightly low from your line. Sorry about that. Yes. My other question is actually regarding the overall emphasis on domestic content requirement. Has there been any issues in terms of either cost or availability for, especially for in the solar pumps? Has there been any issue on solar pumps or for that matter, rooftop solar on that front? As we had shared with you earlier, we expanded the capacity of our solar manufacturing in India. From 270 now we went to nearly 540. Similarly, the old line we have now reinstalled that with some changes. We have adequate capacity for cell and modules at our Bangalore plant, and that is more than adequate for meeting the local domestic obligations for the CPSU tenders, including solar pumps and rooftop solar. Okay. I think that, yeah, that resolves my question. Thank you. Thank you. We have the next question from the line of Swarnim Maheshwari from Edelweiss Securities. Please go ahead. Yeah, thanks for the opportunity again. Sorry to harp on this. There have been many questions on Mundra. I just want to understand one thing. This INR 216 crore of fixed charge reversal takes into consideration our new long-term, our new PLF for the entire year. Is that correct? Our revised availability estimate. Availability. Correct. You're right. Yeah. Sorry. New availability for the entire year, right? Correct. Essentially. Pretty confident that availability will not be way off. Would this also include all the, you know, contractual penalties as well as SEB penalties? Because now I believe if we are at above 65%, so the penalty amount would also reduce substantially. I must tell you that we have already provided for penalties in this quarter up to date. Okay? That has already been provided. It's therefore, you know, only for the coming quarters that if we fail, then we will have to provide for it. Okay. Sir, apart from the interest cost, can we say that broadly then, you know, this is just going to be a cash loss equivalent to the interest cost loss for the second half? Good question. Equivalent to the interest cost. I think the EBITDA is enough to cover the interest cost. You're saying EBITDA would be zero? Is that what your question is? Yeah, because you know, our tariffs will be covering and No, certainly you are right. If the future generation that's gonna happen in the next two quarters, the reimbursement is full, to the extent of the actual cost, which is there today, this month. We can't say that for the future months, but if that is the way it extended. Certainly it'll be there. On the fixed charges, if we have a extra cost due to penalties or any other thing, then that would be extra charge. By and large, you are right. If we are continuing to get reimbursement which is close to the market price of coal, then we would have a zero EBITDA and therefore only the interest. Okay. Thank you very much, sir. Got it. This is clear now. Thank you so much, sir. Thank you so much. Okay. Thank you. We have the next question from the line of Ankur from Bank of America. Please go ahead. Hi, sir. Thank you for the opportunity. Sorry for the repetition. I understand there was a question earlier on your EV charging business, on overall unit economics. I do understand it's difficult to share given the early stage, in terms of margin profitability, et cetera. Sir, would it be possible to share anything on the revenue side, the way you shared for some of the other businesses like, rooftop solar and solar pumps, et cetera? Any details on that? Well, it's not about sharing, but right now we believe that this is probably we will have to discuss and decide from which date we will start doing. We want to just build first the base level set up, and I think that then it's worth, you know, talking about revenue as well as utilization. It's not that we don't have the numbers, but we feel that it's not worth, you know, the comparisons will not be right. We'll try and see how early we can start putting those numbers. All right, sir. Thank you so much. This is really network expansion and building the entire customer service network. As you can see, that's an ongoing project right now. We're treating it like a project right now. Okay. Just one thing on the expansion bit. Is my understanding correct that the 1,000 public stations you have, the plan is to reach 2,000 public stations by the end of this financial year and about 10,000 public stations in another four, five years? Yeah. We are definitely expecting that, end of the year we should reach 2000+ public stations. We are now wanting to ramp it up in the subsequent year with more of EV, electric vehicles coming in. We will be adding more than 3000 public stations going forward per year. By 2025-2026, we expect that we would be about 10,000 public stations. By 2030 we will be doing something like 50,000 public stations. That's the type of numbers that we are looking at. All right. Thank you so much, sir. Understood now. Thank you. Thank you. We have the next question from the line of Gopal Nawandhar from SBI Life. Please go ahead. Am I audible, sir? Yes. Yes, Gopal. Go ahead. Thank you. Yeah. The question was on the EPC business. You know. Mr. Nawandhar, I would request you to come close to the instrument. Sure. Thank you. Is it better now? Yes. Yeah. The question is on the EPC business, sir. You know, in the existing order book, how much is on the variable, you know, cost pass through, and how much is on the fixed cost, largely on the, you know, module prices and other, you know, raw materials? These contracts are not on variable cost, but if there's any change in law that takes place, like or GST happens or there is a significant changes that happens because of force majeure conditions, then only you can ask for a revision. Otherwise, these are fixed term, fixed price contracts. Okay. Is it right to assume that we would have already taken some prudent provisions on many of these projects wherever we have seen the cost price going up or it will, you know, as and when the projects get executed? Substantially, yes. Sorry, sir? Substantially, yes, we are taking care. Okay. In terms of receivables, can you give some color on AT&C in terms of number of days, how it is, and in terms of aging, can you give some color? Sure. Can I ask the team to give you the details on that? So that, you know, then we save time. We will send it to you. No problem. Sure. Lastly, on this, there is this negative contribution in the JV and associate from Tata Projects. Can you just help us understand this as well? Yeah, that is, you know, periodically they do a review of some of the projects where, you know, if there is a cost pressure due to which margins may be reduced, so as per the accounting standard they have to provide for it. This is probably some of the projects that they have reviewed have resulted in this. That's what you see that as a provision. Okay. Yeah. Thanks a lot for answering my question. Thank you. Thank you. Thank you. Ladies and gentlemen, we will take the last question from the line of Swarnim Maheshwari from Edelweiss Securities. Please go ahead. Well, I just wanted to extend a vote of thanks to Ramesh Subramanyam. We just actually read that he is moving on with a new position in Tata Group. Just wanted to say thanks to Ramesh Subramanyam for his, you know, patient listening and for wonderfully explaining the, you know, all the nuances of such a complex company. Thank you so much, sir. No, my pleasure. Thank you for those compliments, Swarnim, and to all the analyst friends. I'm still in the group, and I will be in touch with all of you. Many thanks for all your support to me during these years. Also thanks for all of you to be so cooperative and you are always understanding. Therefore, thank you once again. I will be in touch. Thanks. Thank you. Thank you. Ladies and gentlemen, that was the last question. I would now hand the conference over to Dr. Sinha for closing comments. Please go ahead. Thank you very much, Melissa, and thank you all for attending the analyst call. I really appreciate all of you joining late evening. I know that you had not many other results which were scheduled today, and we have covered all of them. Look forward to catching up with all of you. If you have any questions, please don't hesitate to connect with my colleagues, Kasturi Banerjee and Rajesh Lachhani, and we'll be more than happy to respond and give you all the responses. All of you take care, and take care especially now that vaccination is there. I hope all of you have taken. Happy Diwali and happy festival season for all of you. Thank you. Thank you, members of the management.