Ladies and gentlemen, good day, and welcome to the Tata Power Q4 FY23 Earnings 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 presentation 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. I now hand the conference over to Dr. Praveer Sinha, Managing Director with Tata Power. Thank you, and over to you, sir. Thank you, Praveen. Good evening, everyone, thanks for joining the call. I'm joined today by my colleagues, Sanjeev Churiwala, CFO, Mr. J.V. Patil, Financial Controller, Kasturi and Rajesh from the Investor Relations, other members from my finance and corporate communication team. As all of you are aware, India's power demand continues to be very, very robust. In fact, the power demand grew by nearly 7% in the last quarter, by nearly 9% in the whole year. This has seen growth right across all areas. Thermal generat.on grew by 8%. Renewable grew by 18% on year-on-year basis. This is expected to continue in future also. Normally, the ratio of power generation growth to our GDP growth used to be 0.94 in the last decade, in last five years we have seen it to reach 1.11. We expect that with more and more of the economic activity in the country, this will possibly get enhanced in the coming years. We have seen that the international thermal coal prices have reduced considerably from a high of $400. It has come down to less than $200, it will further stabilize as we move during the current year. This also demonstrates tha. the price of power will, over a period of time, come down, especially those plants which are operating on imported coal. We have seen the government is pushing for renewable capacity addition. They recently came out with an order whereby they are targeting to auction nearly 50 GW of renewable capacity, which includes solar, wind and hybrid solution storage. This will get added in this. This will be bid out in this year as also in subsequent years. Huge amount of push is being given by the government. They have very clearly brought out which will be the agencies which will carry out the bid and how they will do this bundling of power along with their existing generation capacities, especially NTPC, NHPC and some of the other public sector undertakings. On the Mundra, we are pleased to inform you that our plant is operating four of the five units. The fifth one is under maintenance. Under Section 11 and barring Haryana, all the states are drawing full capacity of power from this. As you are aware, under Section 11, we get a full passthrough of cost of power generation. That means the full cost as well as the full fixed cost and all other related costs is a passthrough. On similar lines, we will get it now. Similar order was issued earlier in January by CERC for the last Section 11 period. Moving to the financials, Tata Power has again reported a very good quarter, which has shown excellent performance from all our businesses. Our existing generation business, coal, gas and hydro have done very well. So also our existing transmission distribution and our new areas of renewable and EV charging. This has shown that we have again, this is the fourth consecutive quarter in which we have shown a increase in PAT. Our PAT for the quarter is INR 939 crore and which is higher than the last year. Similarly, the revenue has grown in this quarter and has also our EBITDA, which has increased by 38% to INR 3,101 crore. For the whole year, Tata Power reported a very strong revenue of INR 66,000 crore, which is nearly 32% increase from the previous year. The previous year itself was a increase of more than 30% from the year before. With the EBITDA of nearly INR 10,000 crores for the first time, it is crossing an EBITDA of INR 10,000 crore and a PAT of INR 3,810 crores. Our renewable capacity growth continues to be there. We have nearly 6,600 MW of renewable projects, out of which we have installed 3,927, and the balance 2,669 is under various stages of implementation. Hopefully next 12 to 18 months, all of them will get completed. During the quarter, TPREL, which is the renewable arm for developing utility scale projects. Our own projects got orders of 200 MW from MSEDCL, and also the RenSyu option from TPDDL of 255 MW. We continue to get large number of orders for our solar EPC business. We have nearly an order backlog of INR 17,000 crore, consisting of 4 GW of projects to be implemented. Our plans to set up the 4 GW cell and module manufacturing plant in Tamil Nadu is on track, and we expect the modules line to be ready by September, October, and the cell line by the end of the year. We are very much on track, and this has been one area of concern of how do we ensure that the uncertainty of supply, as also of price, is taken care. Hopefully, once the cell and module line comes, we'll be much fitter and better to execute these projects within the cost that we have bid. Our rooftop business is seeing very good traction. We installed nearly 300 MW in Q4, and we also won new orders of 400 MW in the quarter. We have a very good orders backlog of nearly 468 MW cost worth nearly INR 1,900 crores. We have seen during the year our rooftop business has grown many times up, and we did a total installation during the year of 780 MW with a revenue of nearly INR 2,770 crores. As all of you are aware, we used to be a very small player in this market, but we have done very well in this market. Our cumulatively, in fact, our solar rooftop portfolio has expanded more than 1,600 MW and we are first, we are the largest and biggest in the market at present. This is right across, in commercial buildings, industrial buildings, as also residential buildings. We have also in the last quarter, installed nearly 4,000 solar pumps, and we have nearly 97,000 solar pumps running right across the country in various states, which is the highest by any private sector company. In the green mobility space, we continue to grow and have lot of partnerships. We recently signed up with the Coimbatore City Municipal Corporation, as also with GE. We have more than 3,778 public and semi-public EV chargers. Nearly 30,000 home chargers. We expect that this will grow in the coming years by adding public chargers as well as fleet chargers and home chargers. In our T&D business, we continue to perform very well and have been given huge number of awards in different areas, whether it is in terms of transmission operations in Mumbai or the distribution business in Delhi, Mumbai, and in Orissa. All our distribution companies have been doing exceedingly well. Specific mention is to the Orissa distribution business, where all the four DISCOMs have reported very huge reduction in AT&C losses. What we have seen has is that during the quarter, the PAT from the Orissa DISCOMs has increased by nearly 30%. For the whole year, the Orissa DISCOMs have reported a PAT of nearly rupees 253 crores. We have also been very conscious that our balance sheet should be very healthy, and our debt has been reduced by nearly INR 2,800 crore in the March quarter. Our debt is now INR 35,328 crore. This is because of very healthy operating performance, equity infusion by our strategic partner, and also working capital release. Lot of our investment, and last year we did nearly INR 6,600 crore of investment, has come from the internal accruals and the savings that we have done. We expect that going forward, when we are targeting that in FY 2024, we will do a investment of nearly INR 12,000 crore, which includes the investment in the new manufacturing plant, renewable projects, both group captive as well as utility scale. Our existing transmission and distribution businesses in Delhi, Mumbai, and Orissa will be able to get most of this money from our internal accruals and with operating profit that we make. Acknowledging our efforts on debt reduction, S&P Global Ratings have upgraded Tata Power's consolidated credit rating from BB to BB+, and standalone credit rating from BB- to BB, with a very stable outlook. Tata Power has also been awarded the India's Best Annual Report award by The Free Press Journal and Grant Thornton for 2021, for the quality of financial reporting and the disclosures. Tata Power continues to be moving steadily in its long-term aspiration to build various businesses, which... Give sustained performance as has been seen in last so many quarters. This is also visible in the improvements that have been seen in various operational and financial metrics in each of the quarters and in each of these businesses. I do look forward for your continued support in this direction, and I look forward to answering your questions which between Sanjeev and me, we will try to respond. With that, I request Farzan to open the floor for Q&A. 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. The first question is from the line of Sumit Kishore from Axis Capital. Please go ahead. Good evening, Dr. Sinha. My first question is on the other income in the P&L for Q4. It seems to have gone up to INR 8.7 billion versus INR 2.59 billion in Q4 FY 2022. What's driving the increase? Yes, Sanjeev Churiwala here. Let me take this question. When you look at Q4, I'll also draw your attention to the full year as well. Particularly a big amount that you see is on account of dividend from Arutmin. Since Sumit, you've been tracking Tata Power stock, as you're aware that a few years back we had sold our stake in Arutmin Mines, and we were kind of awaiting to get our full consideration back. Happy to report that a large chunk of the consideration, close to about INR 900 crore, have been received now, and we are in the process of winding up this complete transaction. In the process, we also had about INR 500 odd crore of shareholders loan line that has been converted to dividend in our favor. Because this is a non-core asset sitting in the book, this is reflected in other income. So that is one. Second, of course, this is a profit that you see, and there are two other transactions that is also sitting here. What you see net of everything is possibly a one-off item of INR 183 crore positive. So that is because we also had because of the situation that during January, February, March, we hardly ran our Mundra plant and there were some take, you know, pay or take obligations for some of the logistics shipment providers. We had provided some penalty for them of INR 100 odd crore. Tata Projects was also in the process of cleaning up. As such, Tata Projects posted higher losses. On account of that, we had to provide INR 232 crore. I guess, when I look at overall as a year, which is also important for you to consider because this will have a bearing as to how we look at it next year. While we have this INR 512 crore dividend from Arutmin, which is kind of a more of a one-off, but we also had a hit of almost INR 478 crore, almost equivalent because of Tata Projects' losses which will not incur. For the full year, we kind of took almost close to INR 200 crore of provisioning. This is just provisioning for, you know, on-risk contract, assuming that the shipments that we had promised will not happen. As a take and pay obligation, we have taken a provision. Now that the Section 11 notification is imposed and all our plants are running, hopefully we'll be able to do many of the shipment as we go forward and likely there could be possibility of some reversal also happening. What is the provision related to shipments? I did not follow that. We have a back-to-back tie-up for bringing our coal from Indonesia to our Mundra plant throughout the year, assuming that all the four and five units will be running. Given that during the year, as you're aware, that we had PPA, we had Section Eleven notification till December, and for January, February, March, we had hardly run the plant. We were not able to use those shipments. As such, we had to kind of contractually provide for that, assuming that this is an on-risk contract. Given that now, from April onwards, we see all the four units running, hopefully we'll be able to meet the contractual obligation. Sure. Just to clarify, both the Tata Projects hit as well as this hit on shipping costs will not be part of other income obviously. They'll be appearing in the respective places. Yes. as share of associate income and, the share of, other dividend line. Yeah. Absolutely. My second question. Yes. My second question, you know, is related to the JV, and, you know, associate profit in Q4. The share of profit has fallen sharply to INR 179 crores, in Q4, versus what you did in the first 3 quarters of FY 2023, which is close to about INR 3,000 crores. So the customary slide on breakup, for JVs and associates has been removed from the presentation deck. Can you provide color on performance of, you know, Indonesian coal and Tata Projects in particular? And, you know, especially Indonesian coal because it's such a significant portion of your business. Let me give you some high level color onto this. quarter four has been a significant quarter in terms of what we see happening on overall coal prices globally, especially the Indonesian coal prices. We have seen a softening of the Indonesian coal prices happening. Way that the currently the regulations in Indonesia are, they're still supposed to pay a royalty. This is a certain fixed slab. That the government has now changed. While the prices were falling down, the Indonesian coal mines had to pay still higher royalty. That is now hopefully in the next two, three months, we'll start seeing some reversal and improvement happening over there. That is one. Second is, as I said, on the part of Tata Projects, for the full year, we have booked our share of JV losses of about INR 480 crores and about INR 200 odd crore in the last quarter. That's as a result of that, you'll see a softening in our JV overall profits. What is the outlook there, given you own 47% odd stake in that company? I think Tata Projects kind of looks like have been able to clean up a lot of past losses, legacy losses. Tata Sons have now infused INR 1,500 crores in that business. To that extent, our stake, which is 48%, is now diluted to 31%. Given the current planning, we are looking forward to Tata Projects making some profit in 2024. Against a loss that we have booked of INR 480 crores in 2023 full year, we are expecting some profit to come in next year. To that extent, yes, it will benefit us. Sorry, when did your stake reduce to 31%? Tata Power has not infused any equity in Tata Projects? No. The stake reduced in the month of April. April 23. April 23, yes. Tata Sons has infused INR 1,500 crores? Yes. Okay. Just one more question on Mundra. If you could give us some sense on EBITDA for Mundra UMPP in Q4 and FY 2023 and fuel cost under recovery per kilowatt hour over this period. Any color on receivables which are outstanding under Section 11 which have been booked but not yet realized? Section Eleven actually means the full cost pass-through. To that extent, we have started the 4 plants already. During the year, as you see, they were under various different regimes. You were a year under PPA, then there was a special requirement to start the plant, wherein the second grade was agreed. We had Section Eleven for a period, then we in the last 3 months are under PPA. It's quite a complex, you know, working to kind of just narrate everything on the call itself. I would request you drop us a mail and Rajesh would kind of, you know, get back to you with some better clarification. Sure. Thank you. Yeah, I think, what's also important to note that as of now, our four plants are operating under Section 11. The Section 11 is as of now till June. Given the past trend, we would expect that this to be extended till September, October. Just the total receivables that are due to you for Mundra UMPP, after, you know, imposition of Section 11 last year, the bulk of the fiscal was under Section 11. Are you getting those cash flows? Yes. from the associated, We are continuously getting our cash flows. Even in the latest appeal, CERC said to all the DISCOMs to pay 50%. Our net dues is not a very significant amount. You know, to that extent, we. We have LCs with us. Huh? So we- We also have. Started by LCs. Yeah, we also carry LCs with us. I think, the total amount due is about 300. How much? Due to 11, yeah. Yeah, Section Eleven amount is INR 400 crores. Yeah. Okay. Thank you so much. Wish you all the best. We have been receiving this amount even in the month of April itself. We have already received, you know, close to about INR 150 odd crore. We don't see any concerns with respect to our receivables. Sure. Those were my questions. Thank you. Thank you, Sumit. Thank you. The next question is from the line of Puneet from HSBC. Please go ahead. Yeah, thank you so much. You know, good to see performance improving and debt remaining under control. My first question is the understanding correct that in terms of pass-through, when you say pass-through, you are still assuming the 30% share in coal profits to be passed on to the customer and you retain the balance 70%? No. See, we have to go as per this Section 11 order issued by CERC. What it says is that whatever is the cost of coal, you will be given. On the mining profits, if you bring coal from KPC- Yeah. use it in Mundra, to that extent, you will have to pay 30% of your share of the profit. This is only for the quantity of coal that you bring from Mundra. Bring from KPC. If you do not bring, you will not. In the last year when the Section 11 faded, very small quantity, I think about 15% was only brought from KPC, rest was from outside. This year there is no coal that has come from KPC. There is virtually no impact of the profit sharing arrangement. Oh, okay. That's very interesting. Any progress that you're seeing with your off-takers now, you know, given that there is expectation of, you know, high power demand going into summers. Any progress on how the Mundra IPP will be redone? See, right now Section Eleven is till 15th of June. Hopefully, by that time, the procurers will finalize. Because until that time, in any case, we will be operating the plant under Section Eleven. Would the understanding be correct that Section 11 implementation is the best case scenario that you have? Yeah, absolutely. Because Section 11 gives me a full pass-through of the cost. Yeah. without any restrictions. That's great. My second question is on the Odisha. The profitability is indeed quite good. Are you worried on account of any receivables, or is the collection also, going on quite nicely? Odisha, in the last quarter, we had a collection in each of the DISCOMs in the range of 140%-150%. For the whole year, the collection has been nearly more than 100%. I think Odisha has done exceedingly well in terms of the collection. If you see the trend, it has been able to clear virtually a lot of the old outstanding. Of course, we had the ECL provision, and based on that, we have already cleaned up a lot of receivables which are not expected. That is primarily because there were issues on the way the billing was done. There were a lot of customers who were not there, but were still billed. I think the cleaning up of operations has been done. What you see as a profit is a profit after considering all these things. Hopefully from next year we will not have any such impact on our profitability, and we will see the real profit coming out of Odisha. Mind you, when we had bid, at that time we had considered that for the first three years we will have no profit, we'll have losses. In fact, the cumulative losses that we had considered was a very large number. Right. which, right from year one, we have been making profits. It's actually a big turnaround story. Okay. That's good. That's very good to hear. Thank you so much. Lastly, on our renewable business, you know, given that incrementally lot of bids are going towards round the clock kind of model, are you prepared to bid for similar projects in terms of ability to capture storage, trading, et cetera? Yeah, absolutely. We have very strong solutions on round the clock solutions. We have now already offered number of solutions, which is a combination of solar and wind. We are also now in the process of offering solar, wind and storage. We are actually now implementing a project on a third party EPC basis of solar and storage. We are very much equipped. We are also working on our Pumped Storage projects. As you are aware, we already have hydropower plants and we are working on that. We will definitely be coming with very attractive solutions and very cost effective solutions to consumers to provide them 24/7 round the clock peaking powers as is the requirement of the customers. Awesome. If I could add. Yeah. Sorry. If I look at what is in the pipeline, this is about 2.7 GW. It's almost kind of more tilted towards hybrid at the moment. We already have 1.4 GW in the pipeline. This is happening for the first time because we have seen many hybrid bids coming up and our win ratio has been great. To your point, as Dr. Sinha said, as and when we, you know, keep on bidding, we will be working towards it. Right. I didn't see you participating in the round the clock project, which is why I asked, but it's great. Thank you so much for the clarity. Yeah. Thank you. The next question is from the line of Rajesh Majumdar from B&K Securities. Please go ahead. Yes, sir. Thanks for taking my call. I had a question on the renewables hybrid project. What are the current discovered tariffs and versus the fall in the module or the cell prices? Where are the ROEs now at the current discovered tariffs? Some color on that. The no color can be given on this because it all depends on where you are setting up the project. If I set up in Rajasthan, it has a different context of tariff. If I set up in Gujarat, it has different. If Karnataka, it is different. It is very difficult to have the same brush to say that what sort of tariffs will come in which state. It depends on what is the cost of land in those areas and what sort of wind speeds and what sort of solar intensity is there. There is no generalization that can be done. As regards the cost is concerned, we had seen the cost of modules go up to 32-34 cents. It has come down in the range of about 22-23 cents. I think it has come down drastically. Also the cost of cells and cost of wafers, polysilicon, everything has come down. Because of more demand, more manufacturing capacity that has been set up, not only in China but in other parts of the world, including RCM country, and also capacity additions which are expected in the country. I think we are moving in the right direction. The slide 19, which has been shared with you, will give you a much better perspect.ve. What is the current PLF being realized in the hybrid projects versus the PLF you were getting earlier on standalone solar, for example? Or even in the solar projects themselves, have the PLFs gone up compared to what we were getting last year or something like that? The PLF for different locations, again, depends on what sort of weather conditions are there. If the weather conditions are good, in some places it has gone up, some places the weather has not been very good. Also extreme weather conditions we have been seeing, like in the month of April, last few days of the month, there was a lot of rain and cloud cover, so the generation has not been good during that period. The balance of the month, it was very good. It all depends on how it is changing. Also, we have given the slide which gives you the operational highlights, which is slide 27. You can see that. Okay. Okay. Availability of all these graphs. Sure. Sure, sir. There's one question on TPSSL. It seems that the profitability has gone up, but the sales is down. Is that just because of some kind of completion of projects? In Q4, the operating income is down from INR 3,481 to INR 2,958, whereas the EBITDA is up from INR 77 to INR 285, and the PAT is also substantially up. Yeah, you are absolutely right that we were a little selective in terms of executing the projects. That's why we didn't execute some of the projects because the cost of the modules was little higher. I think that was a good decision because by deferring those projects, we will be able to get the benefit of lower cost in future. Also, some of the high profit margin projects we could complete in the last quarter, which has given us better EBITDA margins. Will the steady-state margins go up a little bit in TPSSL? Is it safe to assume that compared to what you've been stating in the past? That's what is our game plan. We definitely expect now that the prices are coming down, our margins should go up in future. Thank you, sir. Thanks. That's helpful. Thank you. Thank you. The next question is from the line of Varanidhar Vijayakumar from Avendus Spark Capital. Please go ahead. Yeah. Am I audible? Yes, sir. Yeah. you'd mentioned that for the Q4, the Tata Projects loss was about INR 200 crore. Am I right, sir? Yeah. Of course. What would be the profit for the coal companies in the quarter? If you can send a mail, we'll try and share separately with you. When you see the JV profits, gives an indication on softening of the coal prices and a softening of the profits. If you need specific details, we can share it with you offline separately. Sure. My second question is on Mundra. Now, since, the Section 11 was operational from mid of March, but we were not operating for, a reason that we were waiting for some dues to come in. What has changed now that, we have started the operations? Because the money came, consequent to the decision, so they paid the money, and a very small amount of Section 11 payment is due now. Virtually all the money has come, and that is why we have started the plant. Also the other states, Punjab and Haryana, have been asked by APTEL to make payment in 2 weeks' time. That's why we started from 16th of April. Okay. Could you quantify the amount that came in? Was it in receivables, which was realized as cash, in cash inflow? It will get reflected in this quarter because this order was issued on, in, I think around 16th April. It will get reflected in this month's or this quarter's results. My final question is on the other income clarification you gave. Net profit booked on consideration got for Arutmin sale, you said is INR 512 crores. Am I right, sir? Which is booked in other income. As I clarified, to I think Sumit, we have sold this Arutmin Mines about a few years back, and we were supposed to get a total remaining consideration of close to about INR 200 crore. We have been able to now receive a major consideration already in this year. We are in the process of winding up this transaction. There was a shareholder loan of INR 512 crore that was standing, which has been converted to dividend. Given that this is a non-core asset, that excess of INR 512 is treated as part of the other income. Okay. What is remaining to be incurred in a similar fashion in the future, sir? No. Now what is remaining is to kind of get the remaining amount, which is close to about $27 million-$28 million. We are hoping that money should also come very soon. Thereafter, we'll close the transaction. Okay. Okay, sir. Thank you and all the best. Thank you. The next question is from the line of Girish Acharya from Morgan Stanley. Please go ahead. Sir, actually a few things. Why have we stopped disclosing the coal profitability from this quarter? We've been doing it for several quarters now. Coal profitability is kind of reflected in the JV profits that we are sharing, but we are not exclusively giving exact numbers for the coal mines because that is not warranted. If you need separate details, you can just drop in a mail, we can always share. Sir, we've been giving it for several quarters now. How do we understand the results? It's been a big number on your profits for several quarters now. Yeah, what happens is. Why the change? we always said that, we don't look at our coal mines on a standalone basis because. No, absolutely. That's why I want to look at it completely. That's why I want to look at Mundra, because you stopped giving Mundra, and now you stopped giving coal. I'm wondering what next, because Tata Power is always known for very strong disclosures. Yeah. our disclosures- I find the explanation on the slides also going down, sir. Pardon me, but, I mean, like for example, I mean, I can't reconcile your renewable business. TPREL and WREL, why would revenues be down YOY in quarter four? I think, there are a couple of questions that is there. A, is our disclosure in terms of the presentation this time, if you see, we have made a dramatic change in terms of simplifying the overall presentation. You know. The coal is an inherent part of the disclosure, right? Coal is an inherent part of your profitability. Yeah. As I said last time, Mundra is now not a standalone company. Mundra is part of Tata Power company itself, we are not segregating Mundra from there. Per se, if you need a separate- You were disclosing operating parameters on Mundra as well, right? Coal also, you were till last quarter, you were disclosing everything. No, I think what we have very clearly said, also that, you know, the right time will kind of close. In Q3, there was slide 20 and slide 21. There were two slides. Yeah, you're right, Girish. We don't want the number to be misused by the competition and other places. Hence we want to. Sir, who's the competition here, sir? In terms of- Who's the competition here? Pardon me, but who's the competition here? Well, I think, we can always have this, different views. The fact is, if you need the details, we can provide to you. Sir, tell me why is the revenue, renewable revenue down YOY for TPREL and WREL? Last year we had a one-off, revenue and profit that was booked. Removing the one-off, YOY is higher. What is the one-off, sir? Please can you help us? Because the slides don't have any details. Okay. That we can give you. The one-off is basically because last year we got some. Orders. orders, which was order from the Regulatory Commission. Because of that, we had taken the one-off from there. Yeah. Do we know the amount, sir, please? Yeah. INR 182 crores. Across 2 entities, TPREL and WREL? Yeah, yeah. These are the two entities. The others are very small ones. Okay. If this is a revenue impact, what is the PAT impact, please? If this is a revenue impact, what is the PAT impact here on this number? No, this is not the revenue. This is the PAT impact. INR 350 crores. INR 350 crores. INR 350 crores? It's about INR 350 crores. We can check and let you know. I don't have it offhand. Yeah, that's the right number. I know the PAT number is INR 182, but the. Correct. the revenue number I can share with you, sir. Okay, sure. CapEx, we've incurred CapEx of INR 7,656 crore as per your cash flow. Can you help us? Like, how much has the renewable gross block gone up by, and what broadly, where the money has been spent out of that INR 7,656 CapEx that you have incurred this year? What's the outlook for FY- 656. Yeah. It's some 6,000, it's 6,267. Out of that we can give you the breakup. I'm referring to your consolidated cash flow statement on page number 12. That's it. Oh, got it, yes. We do the elimination in that, yes. Sir, I can give you the broad number. Yeah. Our total CapEx on the console all put together is about INR 6,500 odd crore roughly, give and take. If you look at our renewables, in spite of some of the deferrals that we have done, our total CapEx is close to about INR 3,500 odd crores. Okay. What is the outlook for FY 2024, please, for CapEx? See, if you have already seen the disclosures, we have commissioned about close to 4 GW. In the pipeline, we have close to about, 2 GW. 2.6. Yeah, 2.3 GW. 2.6 something, right? 2.6 GW. Our order book as of now is about close to INR 17,000 crores, right? Hopefully, we'll have a much higher CapEx in F 2024, next year or the current year. How much should I assume, sir, for my modeling purposes? In terms of our total CapEx, sir, for FY 2024 is about INR 12,000 crore, which consists of about INR 3,000 crore for the manufacturing plants. Okay. There would be about, I would say, INR 4,500 crores in the renewables for group captive as well as for utility scale. That's the type of numbers that we have. Then we have, of course, CapEx for our transmission and Odisha DISCOM and Mumbai and The leading strong. That's what. Then there is some CapEx which is there for our FGDs for the coal business. Is it fair to assume, given that your operating cash flow was this year INR 7,100 crores? Mm-hmm. If you were spending INR 12,000 crore next year, next year also you will have a free cash flow negative year? Is that a fair comment to make? Right. It's a wrong assessment. I told you that this year also, we were, whatever CapEx we did is from our free cash flow. Similarly, next year also, I will do my CapEx more or less to the free cash flow that I have. If I could also add, while you're looking at the free cash flow that is available, for example, in 2023 full year, we had an operating cash flow close to around INR 6,500 odd crore, but at the same time, we also separately received equity infusion of INR 2,000 odd crore, which is also kind of sitting with us, right? This equity will be utilized next year for the purpose of our CapExes. Okay. Understood. INR 12,000 crore of CapEx is what you're saying for FY 2024. Understood. Yes. Thank you so much. We want to deliver a higher operating cash flow and also use the existing equity, to kind of draw down to deliver our CapEx aspirations. Okay. Thank you. Thank you. The next question is from the line of Abhishek Maheshwari from SkyRidge Wealth Management. Please go ahead. Yeah. Hi. Thank you for taking my question. One simple question. When we talk about Section 11, it gives us a full pass, you know, cost pass-through. Do we also get a margin for that, or is it only just cost that we are recovering? We get the full fixed cost. Whatever is our fixed cost 95%, we get the full fixed cost. That is assumed to have a built-in margin. Okay. Secondly, regarding the Section 11 only, right now it's applicable till June. Is there any possibility of this becoming permanent, going ahead or, you know, too soon to make any assumption? It will not be permanent, but it will again, if the summer condition continues and. Okay. there is a shortage of power, then, it may get extended. Like last year also, it started from fifth May onwards to 30th June, got extended till 31st of October, and then got extended up to 31st December. it all depends as to what is the demand-supply and what sort of weather conditions are there. very difficult to predict what will happen. Okay. One question regarding the CapEx plan that we were discussing previously. What CapEx are you planning to spend on transmission and distribution in FY 24? I'm sorry, I missed if you have already mentioned. I mentioned to you that INR 3,000 crore we'll do on the manufacturing. We will do about INR 4,500 crore for our EV for our renewable projects. We have some CapEx for our generation business, GM, FGD and all that. You can consider maybe about INR 3,000-3,500 crore. Exact numbers we can give you separately. Yeah. Okay. Got it. Understood. One last question regarding your solar- Rajesh, he will be able to provide you exact, but approximately it is in this range. Okay. Understood. Just one last question regarding the module manufacturing project. You know, I think a previous participant had already asked, you know, how would the economics be affected, you know, now that the solar module and wafer cost, everything is going down. Is your internal IRR also changing or is it more or less the same since the realization as well as cost both are going down too? When we had considered the manufacturing at that time, the cost of module was $0.18 with 40% basic customs duty. With that also we were making very good returns. Now the module prices are still $0.21-$0.22. We would still be doing very good. Okay. Great. Thank you very much. All the best. Thank you. The next question is from the line of Harshil Solanki from Equity Capital Advisors. Please go ahead. Hi, team. Good evening. My question is on the solar farm side. Sir, any update on the price revision that is expected in the KUSUM 3 scheme? I don't know that. If it happens we'll let you know. Yeah. Can't predict such these things. It all depends on the bidding process, and I think, we should hear, the financial year-ending has just happened, and I think in the next one quarter, we'll get to know the new prices as well. Okay. What is our internal expectation on the price hike? What are we expecting? How much%? Price hike on? The revised prices, how much% increase are we budgeting for? Well, see, that is the business we do if we get prices to our requirement. If we do not get, we will not go and do that project. Okay. Okay. Got it. Thank you. Thank you. Last question. The next question is from the line of Rajesh Majumdar from B&K Securities. Please go ahead. Thanks for taking me again. Sir, I actually got confused with one figure. You mentioned that the RE CapEx is gonna be only four and a half thousand crores. Am I reading something wrong here? That means you're gonna be adding just about 1 GW this year, or is there something I'm reading wrong? If you are gonna be adding just 1 GW and you're gonna be expanding module capacity, the total India additions will be just about 10 GW this year, or I'm reading this wrong? I'm not able to make out. Can you take this question offline with Rajesh tomorrow? Yeah, sure. Okay. Thank you. Thank you. Ladies and gentlemen, we'll take that as a last question. I now hand the conference over to the management for closing comments. Thank you, everyone. I know you still have a lot of questions. My suggestion is please connect with Rajesh, and we'll try to respond to all the questions you have. Also, on some of the aspects on the details which have been shared, if you feel that you want more details, more micro information on that, we should be in a position to share that. It's just that there are certain requirements in terms of governance, where we would like to pass share information in a way that is more acceptable to the market and also to the other stakeholders. That's why these changes have been made. The purpose of changes is to bring more transparency and to make it simple to read. Many a times, many of the analysts have got back that it is very confusing and... A lot of effort has been made by Rajesh and team to come up with the revised presentation. We always keep on improving as, and your feedback will be useful for us to improve and provide more data and information which is relevant and is useful for your requirement. We look forward for your comments on that, and we look forward for your feedback, which will help us to make it much more and much simpler and much more detailed as is required. In any case, whatever you would require, we would publish that. Offline you can connect, and we'll be more than happy to share that with you. Once again, thank you everyone for joining. Take care and hope to catch up soon in person. Thank you. Ladies and gentlemen, on behalf of the Tata Power, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.