Ladies and gentlemen, good day and welcome to the Tata Power Q2 FY 20 25 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 call, please signal an operator by pressing star, then zero on a touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Dr. Praveer Sinha, MD and CEO of Tata Power. Thank you, and over to you, sir. Thank you, Rahul, and good evening to everyone, and thanks for joining for the call. On behalf of Tata Power and on my personal behalf, I would like to extend my best wishes to all of you for a very happy and safe Diwali. I have over here my colleague, Sanjeev Churiwala, CFO, along with Mr. Kasturi and Rajesh from investor relations. We have already shared the presentation with you, but I just wanted to take you through a few important issues. First is that the last quarter, we saw a normal monsoon, which extended not only right through the quarter but also extended in October, and due to which the consumption of power was very muted. We, of course, expect that because of the impact of the long monsoon, the winter will be a little severe, and there will be an extra demand of power during winter months. The Section 11 has been extended due to this reason because there is an expectation that many of the plants, especially coal-based plants, will be under maintenance during this period when the demand is less. Also, many of the hydro plants will not be in a position to generate during winter months, and hence, the demand of power from the operating coal plants will continue to be there. We have already shared with you that this quarter, our PAT before exceptional items was up by 51% to INR 1,533 crores, and EBITDA was up 23% to INR 3,800 crores. Similarly, in the first half of this year, the EBITDA has jumped by 17% to reach INR 7,158 crores, and PAT is also up by 41% to INR 2,721 crores. Some of the important things that have happened in this quarter, one is that our 4.3 GW manufacturing plant for cell and module are operating. Our module plant is operating at full capacity at 4.3 GW. Our cell plant, the first 2 GW of cell, has already started production and is now getting stabilized and will be fully stabilized in production by the end of November. The second 2 GW also is going to get commissioned in November, and hopefully, by end December, they should be stabilized and producing at full capacity. So you will see marked improvement in the performance of the manufacturing plant from next quarter onwards. You would also be happy to note that this plant is showing very good initial signs in terms of productivity and need for the module plant, as also in the cell plant where we find that the efficiency of the cells being produced is possibly the highest in the country at this stage and with much better yield. We would also take the opportunity to invite you to visit the plant, and we'll coordinate your visit to the site in November or December so that you can see for yourself where the plant is operating and how state-of-the-art that facility has been created. We continue to do well in our large utility-scale projects as well as third-party EPCs, and you will see large quantity of these projects getting implemented in quarter three and quarter four. In fact, there's a very large quantity expected to be commissioned before March this year, especially most of the third-party projects will get commissioned before that. You will also see that our work in rooftop solar has really picked up pace. We are not only one of the biggest in the country, but our penetration in various states has increased tremendously. We have huge traction in terms of order and execution of these rooftop projects in many states, and we have committed that we will be doing 10 lakh of rooftop in Uttar, similarly 10 lakh rooftop in UP, and 10 lakh rooftop in Rajasthan. Apart from many other states where we are working very closely, especially in Kerala and Chhattisgarh and a few of the other states also to see that our penetration of rooftop increases in line with the PM Surya Ghar program, and many of the initiatives that we have taken to increase our channel partners will start showing results in the third and fourth quarter. Our transmission and distribution businesses continue to do well. Four of our projects in transmission are under implementation. Two of them will get commissioned in year 2025, and the balance two in year 2026. Similarly, we have recently won another big project, a 765 kV transmission line in Odisha from Paradeep to Angul that will also start work in the next few months, and we expect to take many more new transmission projects which are coming in different parts of the country in the next few quarters. Our business in pumped hydro, where we had earlier shared with you last year we had taken you to the site, is also picking up pace. The first 1,000 MW, our board has approved the proposal today, and we will start the work over there from 1st January 2025. The project has received all the necessary approvals, excepting one approval which we expect within November, December, and some of the activities have already started. Reconstruction activity and full-fledged work will start from January. Similarly, the 600 MW of Bhutan project, we have signed the shareholder agreement, and we will be starting work from January of 2025. In fact, already the diversion tunnel work has started at site, and we do expect that it will pick up a lot of pace once all the documentation and the financial closure is achieved within November, December. We are also working on our 1,800 MW pumped hydro project at Shirota, and hopefully by mid of next year, the work should start once all the necessary approvals are in place. Our Odisha discom continues to do well. Of course, it had been badly impacted during the monsoon months, and then we had the cyclone also last week, but they have been able to very quickly restore work and restore the network, which was appreciated by the people as well as the government of very quick recovery of the network. I think the way the whole business has been structured, we will possibly be able to replicate this sort of an arrangement in many other states which are in discussion with us about distribution opportunities. Our rating, because of all the initiatives that we have taken, has improved tremendously. Both ICRA and CARE have enhanced our rating, as also S&P Global, which has upgraded the rating to triple B negative from double B+, which is actually sovereign rating. And we do expect that the way the company has been able to take care of its balance sheet, it will improve further by one notch or two notch in the coming quarters. I do believe that the way the company is today structured and focused on various businesses, including new businesses like EV and rooftop and the businesses in our renewable space and clean energy space, will be able to give unique solutions to customers of providing them 100% renewable power. and the company has developed many solutions for that, and this will not only be for the RTC and FDRE projects for discoms, but also for many of our commercial and industrial customers with whom we are working very closely to provide them 100% clean energy solution. so I strongly believe that Tata Power will continue to do exceedingly well in the future quarters based on the strong fundamentals and foundation it has laid for itself, and I do look forward to your support in this direction. I would now request Rahul to open the floor for questions and answers, and we'll be happy to respond to. Sure. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets when asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, please press star and one. First question is from Mohit Kumar from ICICI Securities. Please go ahead. Yeah. Good evening, sir, and thanks for the opportunity. So the first question is Tata Power Solar Systems Manufacturing capacity. So how are you thinking about this capacity? Is there any plan to expand the capacity or integrate backward? That's the first question. And the later question is, how long do you think it will take to stabilize your cell line? As I mentioned to you, we are in the process of stabilizing our cell line, and the task before us is how quickly we can stabilize, how do we improve the yield, how do we improve the efficiency. This is a big task in our hands. We want to make it the best in terms of all operational parameters and financial parameters in the country, and we are right now focused on completing these activities before we decide on any new steps. Understood, sir. Good to see, sir, that this promised work directly is taking off the ground. But my question was, a large bid was conducted in Maharashtra in recent past, right? It seems that we didn't participate in the tender. So how are you thinking about tying up this tender, tying up this promised power plant, which we are undertaking? So our objective is that we will bundle this pumped solar power where we will be producing nearly eight hours of peaking power along with solar and wind to not only discoms under the FDRE and RTC project, but also to many of our industrial and commercial consumers who are looking for clean energy solutions. And I think we'll play a very, very critical role in supporting many industries in the country who are looking at clean energy as their input for the activities that they carry out. So we have a huge number of inquiries for all these types of projects, and we will soon be tying up with many of them. My last question on this is solar order book. The accretion in solar order book is on the lower side. We are at INR 150 billion or INR 15,000 crores, right? Is it the opportunity which is low, or is it competitive intensity which has gone up in recent times? I'm talking especially about third-party solar order. There are two parts of this. One is that we have a large order book of third-party which we are trying to complete within this financial year, and you will see that March, a major quantity of our third-party order book we will complete. The second is our own more than 5 GW of renewable projects are there, which are under various stages of implementation. We want to complete those also so that in FY 2026, all these projects are completed. And then we build up a pipeline of projects for FY 2027 onward. That's what is our plan. We decided that we will only go for complex projects, that is hybrid solar and wind, or hybrid projects and storage projects of solar, wind, and pumped storage or battery storage. So we have been very calibrated in the way that we have been bidding, and we will continue to focus on those types of projects which bring greater value to the consumers. Understood, sir. Thank you, sir. Very helpful. Thank you, and all the best. Thank you. Next question is from Sumit Kishore from Axis Capital. Please go ahead. Good evening. My compliments on a strong set of numbers. My first question is, what will be the phase-out of the RE capacity addition for under-construction projects on your books in FY 20 25 and FY 20 26? So our phase-out, we have already given that how much capacity we will be adding in FY 20 25 and what capacity will come in FY 20 26. 26. All the so-called nearly 5 GW of under-construction projects will get completed by FY 20 26. 26. That's our plan on which we are working. And this is also shared with you in our presentation. Sure. You had mentioned 2 GW to be commissioned in FY 20 25 on the previous call. Is that on track? We had said that our yearly run rate will be about 2 GW to 2.5 GW, and that's what we are working on. So what was the capacity utilization for your module manufacturing facility in Tamil Nadu in the second quarter? And could you please speak about the end use of the modules manufactured? How much is for your internal project requirements, and how much is third-party? So we'll be able to share those details in our presentation. I think it's already there. I don't have the breakup of, but yes, right now it's virtually equally divided between the rooftop solar, third-party, and our own projects. And going forward, we'll try to complete most of the third-party in the third and fourth quarter. And thereafter, most of the quantity that we'll produce will go for our own utility-scale projects and rooftop projects. Okay, and there seems to be a significant increase in your approved regulatory assets in Tata Power Delhi Distribution Limited. So there was a lot of regulatory assets amount which was not approved earlier. Now that all of it has been approved, the liquidation plan is being worked out by the Regulatory Commission, which will get amortized in the next two to three years. Good to hear that. Just the last point. Are there any non-recurring items that you'd like to call out for Q2, either in other income or any other regulatory heads? So Sanjeev will respond to this. Yeah. Non-recurring, I don't know, but we call it one-off because, as Dr. Sinha said, and you also alluded to that, at Tata Power Delhi, we have received approval for all regulatory assets, right? And there's a liquidation plan that will happen in the next two to three years. We already have some liquidation in quarter one and some liquidation in quarter two. And when I look at that one-off, we had at TPDDL INR 120-odd crore of liquidation, which is shown as part of the income in our distribution business. And then we also had a dividend that we have received from ITPC of INR 220-odd crore. And this dividend, most likely, well, this is a dividend that is a kind of accumulation of the past profits we have received. But more than likely, we will still continue to have recurring dividends coming from ITPC in the subsequent years. So yes, it's a good recurring item to have and a good one-off to let you know. Sure. Thank you so much, and wish you all the best. Thank you. Thank you. Next question is from Aditya Vikram from Equirus Securities. Please go ahead. Thank you for taking up my question. It seems the profit for Q2 and the EBITDA for Q2 has been aided by lower fuel cost. Do you see it sustainable, or do you think it will again go back to the normal rate? Fuel cost doesn't move the profit up and down. In a regulatory environment, normally you get cost plus, right? So it is not because of the fuel cost that the profits have moved up and down. It's because of most of the clusters really performing well. When we look at our renewable cluster, the profitability for the current quarter is 200 crore versus 186 crore in the previous quarter. It's up by 61%. Our generation cluster, the transmission distribution cluster, they all performed well. Okay. Okay. Thank you for responding. Appreciate it. Thank you. The next question is from Satyadeep Jain from Ambit Capital. Please go ahead. Hi. Thank you. A few questions. One was on Mundra. Maybe what's the update there after the availability was down in the second quarter? Any latest update? And we've seen extension of Section 11, and that keeps happening every few quarters. But there's no update on supplementary PPA. There have been solar plus thermal awards from MSEDCL and different types of awards. But why has there been a delay on the supplementary PPA? And just on Mundra overall. One is that the Mundra plant suffered damage to the coal conveyor system due to heavy rains on, I think, the 27th of August. The whole of September, we could not operate the plant. But within a period of one month, the conveyor system was repaired, and it is now operating at full capacity. The whole of October, it has operated at more than 90% availability. There is one more pump that has to be repaired, which has already been repaired. And so we do expect that Mundra in November, December should do about 95% to 97% availability. It will catch up and meet the yearly 80% requirement. Secondly, the discussions have been going on with the state governments on SPPA. Since the Section 11 continues to get extended, the SPPA discussions also have not been able to get concluded. But I do expect that we should be in a position to close this issue on PPA with the states within the next few months. Of course, the Section 11 helps us to get full pass-through cost of the Mundra plant. And hence, something on similar lines is being discussed with the five procurement states for the finalizing reasons. So Satyadeep, you're saying the delay is mainly because of Section 11 being extended, so there is no urgency. Is that the main reason for delay in supplementary PPA? Not urgency, but yeah, it is getting a little extended because of that. I expect that hopefully there is now a sincere effort that is being made from all sides that we should quickly finalize the supplementary PPA and move on with the agreement which can be there right up to the PPA period of this project. Okay. Second question is on the Bhivpuri PSP. It is largely a brownfield, so we thought the CapEx would be relatively lower at somewhere between INR 4.5 crore and INR 5 crore. It seems like there's a cost inflation there and maybe some change in configuration from 6,000 MWh to 8,000 MWh. What is driving that, maybe capital cost inflation for this brownfield project? What happens is each project is dependent upon the local site conditions. And since the site over here is an existing site, and also the level of water from where the penstock will come, the alignment of it has to be done in such a way that it is sustainable for a long period of time. Secondly, many of the pumped storage projects of six hours, we are designing over here for eight hours with the opportunity to enhance that also. So I think every project has peculiar and specific requirements, and that's why the cost has been worked on those lines. And these are updated costs. These are not costs which are initial costs. This is the final DPR which has been done through various iterations. So we expect that we'll be able to complete the project not only at this cost or maybe a little lower than this cost. Okay, so given the 44-month timeline, safe to assume that this project will commission sometime in FY 20 29, and maybe the other projects, we cannot use this cost as a benchmark for the remaining 1,800 MW cost. Is that true? There may not be too much of a difference because that project also hopefully should start by mid of next year, and we are in the process. But as I mentioned to you, each project has a specific design and architecture, and we need to consider their topography, their conditions before we can take a call of what actually. So some rules are just good enough for initial discussion, but when you do a final one, it takes some work. Just one quick question. On the EPC, I think recently the target was about 11,000 crore of revenue in FY 20 27. 27. Given the order book and you're looking to execute within the next two years, is there a possibility of risk to that 11,000 crore target that you had for EPC revenue in FY 20 27? We'll share with you some more updated information when we have the analyst meet in December. So with the way the business has moved, you'll see that with more and more pipeline of projects, our own projects coming in, our focus is more on our own projects rather than third-party EPC because we would like to conserve resources and use it for our own purpose. Okay. Thank you, and I wish you all a happy New Year's. Thank you. And to you. Thank you. Next question is from Murtuza Arsiwalla from Kotak Securities. Please go ahead. Yeah. So two questions. One, actually, the Delhi piece has already been addressed. On this Bhivpuri project, again, the project costs of INR 5,600 crore. Is there any indication of what could be the potential revenue on an annual basis for this project? Any return profile that you can talk about? Second, a smaller piece, but on Odisha, the second quarter seems to see some drop in PAT if there is anything out there that is non-recurring or one-off. So Bhivpuri, you will be able to share more details, but the returns on all these projects we had already mentioned are definitely what we get in our regulated business, so nothing less than what we get in our regulated business. I think the team, it is there. The second is you're right that Odisha last quarter was a very tough quarter in terms of collection because of the rains over there. Access to many locations, especially in the remote and semi-urban areas, was difficult, and the collection got impacted. I think they will catch up. September collection has been very good. I think October also it will pick up pace. And hopefully this quarter and coming quarter, whatever collection shortfall has been there, will be made good. Sure. Thank you. Next question is from Sudhanshu Bansal from JM Financial. Please go ahead. Thank you for taking up my question. Good evening, sir. This and last two quarters, we have been doing around 250 MW to 260 MW of the solar capacity addition. And on a yearly basis, we want to do around 2 to 2.5 GW. So how we are planning to scale up this number to this thing is the first question, sir. So many of our projects which we were supposed to execute in Q2 and Q3 have got delayed because our DCR line, our cell line got delayed. We'll catch up and do all that in Q3 and Q4. So most of the other work at the sites have been completed, including balance of plant. It's just that once the DCR modules are ready, we will be able to. So you'll see a much faster pace of execution in Q4 once the modules are available. Similarly, many of the other projects which we are trying to create for, which were part of FY 20 26, you will see the results in Q4. So you will see a huge amount of capacity added, which will happen between now and Q4. Okay. So second is a few quarters back, we changed our strategy to focus on the captive renewable capacities. So any assessment that how much this our group captive can become in terms of the size, maybe in two years, three years? I think the details have been shared with you earlier. We'll give you the updated numbers once we have the next round of analyst meeting. But Sanjeev, you would like to add anything? Yes. Look at slide 32 of the presentation that has been uploaded. Against the total order book of 15,000 crore, almost 50% of the order book is for Tata Power Group companies, and you would expect more in the pipeline to come through. But yes, we are working on a strategy going forward, so we'll be meeting up again somewhere in November, December. We should be able to give you more updates, but I think the trend that we have earlier mentioned will continue with the similar trends. Okay. Sir, just last question. There was a media news that we have come out with some tender for wind, WTGs for 3 GW. Any color on that in terms of prospective bidders and the timelines for ordering? We examine all these bidders based on merit. We do a technical and commercial evaluation of them. Based on these costs, we decide on the suppliers for this equipment. Sir, any timeline that when we want to place orders and anything? I think before December, we would like to place orders. Okay, sir. Thank you so much, sir. Best wishes. Thank you. Next question is from Vishal Periwal from Antique Stock Broking. Please go ahead. Yes, sir. Thanks for the opportunity. My question is on the adjusted PAT number, a couple of one-offs that you mentioned. So the slide 52 has that exceptional item of INR 440 crore. So that's, I mean, like a cumulative number to take to come to adjusted PAT? Yes. So you're talking about the exceptional item, right, which is INR 440 crore on the bottom line? So that is a one-off exceptional item, and that has happened because 23 companies or subsidiaries of TPREL got merged into TPREL. And because of that, there's a small stamp duty implication of INR 140 crore, which is a cash outflow that will happen in any case after a year after all the assessment happens. And there's about a 350 crore roughly on account of to write that off because post-merger, the tax regime will be different. And then the existing tax write-off of excess will be done. But these are all non-cash and one-time. Got it. And at EBITDA level, there is no exceptional that you have. So INR 3,800 crore is a recurring set of a EBITDA for us, is it? Yes. That's correct. Okay. Got it. And then second is on the slide 32, where you have given a breakup of the EPC project, I mean, order book that we have. So what is the difference between Tata Power Group line item and a group captive? So I mean, earlier it was not there, so we have separated this. So what is the difference in these? This is the EPC work that the EPC division would be doing for the various group companies within the Tata. For example, if we are executing work for Tata Steel or Tata Motors, all of that will fall into this bucket, and the group captive is the group captive which we do for group does not mean Tata Group. It can be a group captive for any third party also. Okay. And in terms of megawatt, this 15,000 to 643, how much? Yeah. This would be very difficult to say because it would be a mix of various types of projects. But I would say about 4 GW, 3.5 GW to 4 GW. Okay, sir. One last thing. In terms of the project that we have, Slide 9, where we have talked about total pipeline and further 21,668 MW that we have. EBITDA is not yet added in this particular number. Is that right? Yeah. So this was made before the board meeting. So BESS got approved today in the board meeting, so that will get added. And I don't think, okay, hydro is included in this. So BESS is not added. You will get BESS. You need to add 1,000 MW. So it will become 22,680. Got it. But the one is there again, hydro 600. Okay. Got it. Sure, sir. That's all from my side. Thank you. I was very happy to see that you already got to the presentation and have a pointed question on the slides. That's good. Thank you. Thank you. The next question is from Santosh Kesari from SBI Capital Markets. Please go ahead. Thank you, sir, for taking my question. I just have one question about our borrowing profile. What is the plan for debt reduction in the next two, three years, if you can just elaborate? So I think the way we are leveraging is the kind of leverage ratio that we want to have and the coverage that we want to have. Standing as of now, our debt equity is in a very, very comfortable zone. So we don't think there's any need for us to reduce debt further, but to ensure that our debt ratings are on a very healthy scale and our leverages are very, very healthy as compared to our peers. Okay. So it may go up also. Does it mean that? Depending on the projects we have or the expansion plan we have. Yes. So the idea is to maintain a healthy debt equity and debt coverage and ensure a very high rating for that. Okay. So, sir, what is the comparable debt equity ratio you prefer to have? Something like below 1.5? As of now, we are going around that. So assume 1.5 to two times for an infra company. It's a very healthy ratio to be in. Yeah, sir. Agreed for a power company to show. But generally, all the Tata Group companies are debt averse now over the past few years. So that's why this question came to. Thank you. Yeah. Thank you so much. Thank you. The next question is from Amit Bhinde from Morgan Stanley. Please go ahead. Yeah. Good evening, sir. Just one question on your solar module manufacturing. Last quarter, you reported about INR 1,000 crores of revenue on that and 614 MW. I think roughly your realization was coming to around $0.20 or so and margin of around 11%. This quarter, I see margin is close to 9%. And if you can help us with the megawatt and in the market, we are hearing that some of the sales are happening at around $0.14 to $0.16 as well. So how is our realization? We have given our details in which slide number? Yes. Slide number? 52. You can see over there. Our production has increased in the second quarter. Of course, our margins are based on how we can be competitive in the market. Definitely not what the price range that you have mentioned. It is linked to the quality of the product and what sort of guarantee and warranty you are giving for that and what is the efficiency. I think we definitely command a premium in the market. Besides this, many others who do not have the quality and the backup of services that we offer. Great. Can you help us with the megawatt sold this quarter? Because I can see on slide 52, revenue, EBITDA, etc., you have provided. You have the megawatt? 83% utilization in that question. No, but we will provide you the megawatt. Not really. I think the only thing that I would also want to add is we are still in the wrapping-up stage. So I think we will calculate the margins in the sense we'll not give you a very indicative number. What is the better number to look at? 830 MW. So we have done 830 MW in this quarter. Okay. Okay. 830 MW. Right. So ballpark, would you target around 10%-12% of margin? That's the range we are looking at. But again, it depends on what sort of market penetration we are looking at. And again, many of these things are stabilizing. Many of the things also will be impacted once we start getting the state government support and incentives that we are supposed to get. Also, one thing I'd like to mention, this is very difficult for us to kind of compare this with another plant who's seen a standalone sale in the market. Here right now, most of our production line is dedicated to our pipeline that we have. The overall profit that we're looking at is a composite profit that we're making against those bids and the cost that we use. Right now, there's a cost attached to the supplier, and there's a transfer pricing margin, right? I think on a standalone basis, I'm not able to compare this with other people who are producing to sell in the market. Right. Right. Right. The other question that I have is on your Mundra Coal and Shipping cluster. So if I look at your EBITDA, that's been mentioned, INR 516 crores. If I remove the shipping EBITDA, the balance EBITDA is close to around INR 437 crores, which I assume is for Mundra plant. We had lower sales, right? So So implied EBITDA per unit is coming pretty high, 1.2, etc., versus 0.45 in the Q1 using the same logic. So why should that increase so much? Our whole process is kind of almost packaged every quarter. Right. And if you're looking at the PAT for the quarter, right, Mundra Coal and Shipping? 516 crores of EBITDA in the Mundra Coal and Shipping cluster. I'm just looking at Q1, F25 over there and the current quarter. We are generating a 437 crores implied EBITDA on Mundra, it seems, versus 263 crores in Q1, whereas our generation was down. I mean, is there any one-off that you have realized in terms of? It's not a one-off. Specifically, what happens is the way this plan runs. Under the regulatory power plant run, you have to look at your annual utilization and your fixed costs accordingly at a quotient over 12 months. Right now, because we received Section 11 approval to that extent, there's a slowdown happening this quarter, which will get normalized in the subsequent quarters. Okay. We can review the both separately if you need. Okay. Okay. No worries. Yeah. I'll take it off. Thank you. Thank you. Next question is from Rajesh Majumdar from B&K Securities. Please go ahead. Yeah. Good evening, sir, and thanks for the opportunity, so my first question was actually on the solar cell plant. Does it make sense to export cells and use imported cells for our module plant? Because we've seen a number of companies who are exporting cells and generating much more EBITDA and EBITDA percentages than what we are generating right now. That was my first question. Sure. That's one try. The way the regulation presently works, we have to normally use ALMM modules and DCR modules, which means for most of the pipeline projects, we'll be using our own modules and cells, and hence, right now, we're not looking at an export. But yes, when we fully ramp up, we can assume that 25%, 30% will be exported, and that will be used internally. And the balance will be imported for the module plant. Is that correct? No, you said 25%, 30% will be exported, and the rest will be used internally for our own asset under construction. Of the cells, right? Modules will still be made enough for domestic sales, right? Both modules and cells will be made enough only. When you say 25% export, you're including modules as well, is it? Yes. The export would be of modules. Okay, thank you. Sir, my second question is on Delhi Discom again. Slide number 50, if you look at it, the PAT has gone up by about INR 180 crores. So is that the right one-time impact of the true-up order on the P&L? Yes, that's correct. That's the one-off truing up impact on the P&L. About INR 275 crores on the EBITDA and INR 180 crores on the PAT. Is that correct? 238, 238, and 178. Okay. Thank you. Thank you. Thank you. Yeah. Rajesh, just a clarification that 178 is before minority. So after minority, the impact should be only 85 crores. Yes. That's right. Thank you. The next question is from Swati from JM Financial. Please go ahead. Yeah. Hi. I just wanted to understand what is the potential capacity utilization that we can reach, let's say, once our module and cell facilities have stabilized? Around 97% to 98%. Okay. And could you also say, so if I look at your cluster-wise breakup that you have given, within the renewables cluster, does it include all of the TP solar sales as well as some of EPC, or is it some of TP solar and some of solar EPC? Oh, other things, basically, the elimination that takes place for our own projects. So that's what it is. Right. So I just wanted to understand what is exactly coming into this others, including elimination, this INR 3,400 crores that we have of revenue in Q2. What is that exactly? The 3,000, what does that attribute to? Is it the EPC? Is it the solar? Is it a mix of the two? Yeah. So maybe Lidia can help to address. In our R&D business, the EPC does a lot of work for TPREL. Similarly, the cells and modules are sold internally to TPREL. On a consolidated basis, all of this gets eliminated. And what you see is the pure play, revenue, EBITDA, and PAT. Right. Understood. Got it. Thanks. Thank you very much. That was the last question. I would now like to hand the conference back to the management team for closing comments. Thank you very much. Thank you to everyone for joining in the call. And if you still have any questions, please connect to Swati and Rajesh, and we'll be happy to respond to them. And you all have a safe and safe Diwali and enjoyable Diwali. So we look forward to connecting with you. Possibly in December, we'll have the site visit to the 4.3 GW plant. And I do look forward to meeting many of you over there. Thank you. Thank you very much. Thank you very much. On behalf of Tata Power, that concludes the conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.