Ladies and gentlemen, good day and welcome to the Tata Power Limited Q1 FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Dr. Praveer Sinha, CEO and MD of Tata Power, for his opening remarks. Thank you. Over to you, sir. Thanks, Rehu. Good evening to everyone and thanks for joining for the analyst call. I'm joined today by my colleague Sanjeev Churiwala, CFO, J.V. Patil, Financial Controller, Rajesh and Kasturi from the Investor Relations, and some other colleagues from the Finance department. Let me give you a little background about the power sector. After many years, we had a quarter in which the power consumption declined by nearly 1.3%, which we have not seen for at least the last 56 years. This was because of the early onset of monsoon, where we saw the monsoon coming around mid of May, and this has continued till now. We do expect now that with the rains going from most of the central and western part of India and northern part, we will have again high temperature along with humidity, which will again lead to higher power demand in the later part of August and September. This quarter, we also saw huge capacity additions that have taken place. Many of them were capacity additions which should have happened in last year, last financial year, but got spilled over to this financial year. We do expect that some of it will continue in the subsequent quarters on Section 11. All of you are aware that Section 11 was valid till 30th of June, and since then it has not been extended. We are since then in a very detailed discussion with all these five procurer states, and all the detailed papers have been shared with them. We do expect that we will be able to conclude to an arrangement acceptable to all the five procurers and us within August. We continue to work with them on finalizing this so that this becomes the template for the supply of power for next 13 years up to 2038. As all of you are aware, with the lower coal prices, international coal prices, the cost of Mundra Power is very attractive in the merit order. We do expect that the prices will continue to be softer at least for next few years, and hence the attractiveness of Mundra plant is there. We have already shared with you the financial performance of Tata Power, wherein our EBITDA has gone up, our PAT has gone up, and we consider the one-off that we had last year in the same quarter. If we remove that, our PAT has gone up substantially more. The details are already shared with you. Wanted to share with you that all our businesses have done exceedingly well. Our generation business continues to be the cash cow, continues to show very steady performance. Our thermal, gas, and hydro generation have performed exceedingly well and have been meeting the yearly and quarterly target. Our transmission distribution business also has been very steady. We have seen that our transmission projects, which are under implementation and which will get commissioned, two of them in this quarter and the balance few in the next three- four quarters, will again help in the improvement of the performance of the company. There is a huge amount of also CapEx which is happening in transmission projects in Mumbai. Considering that there is a huge increase in demand in Mumbai city and to augment the capacity of transmission, capital expenditure is being made on a yearly basis of nearly INR 600- INR 700 crore. Our distribution business has done well. Distribution has now been able to clean up all the earlier challenges in terms of the billing issues and some of the so-called customers who were not there, the host customers, all that has been cleaned and that is why you have seen huge improvement in the performance of Visa Discom and you will see further improvement as we go in the subsequent quarters. Our renewable business has done very well. Four areas that I would like to mention. First is our EPC business. We were commissioned this quarter record 652 MW, which is nearly double of the quantity that was commissioned in last year's same quarter and out of which 560 is for third party and 92 is for our own utility scale. We expect the third party orders that we have will get more or less completed in Q2 and a little bit in Q3 and thereafter a ll the projects that will come up will be for our own utility scale. We expect nearly 1,600 MW of own utility scale projects to come up in the next three quarters and that will help us in enhancing the operating capacity of the renewable business. Our manufacturing plant has done very well. Nearly 950 MW of module and 900 odd MW of cell has been done. This has now further stabilized and we do expect that this quarter will be much higher than the last quarter because of better yield and efficiency. Our rooftop business again has done exceedingly well. It has shown a huge increase in terms of the number of units we have been supplying as also in terms of MW and this has also demonstrated in higher revenue and higher prices. Going forward t his will only increase because the supply chain has been further streamlined and the number of units that we have started supplying per month are very, very high numbers. This is further going to increase in the next two quarters. We have also done exceedingly well in all our other areas, including in our EV charging business where the performance has been again very good and much better than last year. This is because of higher utilization of our public chargers as well as the bus charging infrastructure that we have created. Our home charging continues to increase because we are virtually partners with all the OEMs who are operating in the market. We are seeing a huge improvement in each of our business performance and that's why you would see that our core business performance has improved substantially compared to the previous year. Going forward, that will be the trend that you would be seeing, that some of the one-offs and some of the other business incomes that we were getting from our coal mining or others will not make a substantial difference in the overall performance of the company. Our balance sheet is very sturdy. In spite of the increase in CapEx, we spent in this quarter INR 3,700 crore against our full year plan of INR 25,000 crore and we are on track to implement all those projects. Our net debt has gone up by nearly INR 2,900 crore- INR 47,578 crore. In spite of this increase in net debt compared to the previous quarter, our leverage ratios have been very, very stable. Net debt to underlying EBITDA is 2.93 and net debt to equity is 1.08, which is, I think, one of the best in the industry. We are also committed that existing performance will not only continue but will also improve in the subsequent quarters. Considering that there is a large amount of capital expenditure that we are doing and the returns of all that will start coming in the subsequent quarters. We have already started work on our pumped hydro project in the last quarter and we expect that this will get commissioned by 2028-2029. Similarly, the work on the TAN project started in January this year; that will also get commissioned in 2029. With all this, we are now getting ready to supply 24/7 clean power to our customers and these types of tie-ups are now happening with many of our CNI customers. With this function, we do look forward that this sort of sustainable business model that we are implementing now will help us to improve the performance in the subsequent quarters. We look forward to your continued support, and we will be more than happy now to respond to your questions. I would request Rayo to open the floor for questions. 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 your 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 while 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 Puneet from HSBC. Please go ahead. Thank you so much and congratulations on good numbers and very interested to see your performance on Odisha aside. My first question is actually on Odisha. What are the levers still left with you to drive such strong performance on Odisha distribution? If you can elaborate a bit more on that, it would be very helpful. As you are aware, we have carried out the amount of improvement in reducing the ATMC losses, which is the technical and commercial losses. We are still in some places in the 17%, 18% range. We do expect that in the next three years we'll bring down to about 10% range, and the type of reductions that we have seen in the last four years, this trend will continue, and that will help us in getting better returns. We also have a huge amount of capital expenditure that is happening, and the return on equity will start flowing. In all the capital expenditures that we have implemented, our collection efficiency again is improving, and many of the quarters we end up doing 100%. Sometimes, because of weather reasons, weather conditions, or because of certain extraneous reasons, the collections have got impacted. We do expect that this will consistently become 100% as we see in Delhi and Mumbai, where we have our distribution set up. I think there are a whole lot of opportunities to further improve, and you will see substantial improvement. Considering that many of the legacy issues which were there in Odisha, we have been able to overcome, and the ECL provisions is no more required that we had been doing in the previous years. Cleaning office, the customer data sets and customer information has been done. Huge amount of changes in meters have taken place. We have actually put nearly 2.5 million meters in the last four years, and now large scale smart meters are being sold there. I think you will see huge improvement in Odisha in the coming years. Okay, that's very interesting. Second question was on your module business. Would it be fair to assume that all modules that you are selling would be in the DCR market with your own terms? You are 100% right. Right now, very small quantity of imported cells we are using in some of the older projects. Other than that, everywhere we are using our own cell and module. Rooftop business, practically 100% is now our own cell and module DCR. Also, in many of our projects we are using our own module. I think going forward you will see more and more of these type of projects happening with DCR health and more. Yeah. In that context, why is the realization so low? It seems like INR 16.70 for a DCR module seems a bit low compared to what we hear in the market. Any comments there? These are for our own internal use. There is a transfer pricing that we do when we do internal projects. Okay, that's quite slow. If you can also talk a bit about what is the status on your Mundra plant given Section 11, you talked about your detailed discussion. Is the plant running? Will you continue to run it for a while pending discussions, or is there a plan to take some maintenance shutdowns, etc. We have taken maintenance shutdown for all the units. Some of the work relating to SGD is going on. We do expect that as soon as the PPA is finalized we will be in a position to operate all the five units continuously for the balance of the year. We are waiting for this finalization of the PPA before we start using projects. If I can ask the last one, in your presentation you talk about lower merger benefit due to MIT. If you can talk a bit about that. Yeah, that is basically on the current year. Starting from April 1, tariff has been implemented in Maharashtra. There is a slight dispute going on in terms of the tax that is applicable on the tariff side at the regulatory side, and hence that has been disclosed separately. Thank you. The next question is from Sumit Kishore from Access Capital. Please go ahead. Good evening sir. Very strong performance in the renewables platform. The question is in your press release it is specified that the company sold 107 MW of module and 54 MW of cell to third parties in Q1 FY2026. This appears to be a small proportion of the 949 MW of solar module and 904 MW of solar cells in Q1 FY 2026 that you manufactured. Yet the EBITDA elimination is a much smaller number as a proportion to the renewables manufacturing EBITDA for Tata Power Solar. Am I reading this right or what is the clarification on the elimination? Third party EPC, the total execution was 652 MW, only 90 MW was internal. The rest was all third party, etc. As a result of it, the elimination is not happening for third party. Okay, I think there is a mention in your press release DSE filing which says 107 MW of modules and 54 MW of cells sold to third party. What does that mean? That is not part of the usage that we do in the large purchase. It is over and above that. It is over and above that. Okay, got it. The second question is in relation to the UP discom privatization. Is there any progress there? There was also some news flow regarding, you know, you're considering acquiring stake in Resurgent platform. Is that, you know, something that you would like to speak about in terms of strategy regarding Resurgent platform going forward. As far as UP is concerned, the process of discussion within the UP government and UP Regulatory Commission has been going on, and they are expected to come with their bids sometime in this year. We are very keen to pursue that. We will do that once we see the bid documents and discounts and conditions for that. As far as the Resurgent platform, that is still under discussion. As you know, we have partners over there, so we are still discussing with them if there is any progress. This is one last point regarding Mundra. While you have given ample clarification, in terms of your strategy, in case given the past track record of arriving at a resolution with the procurer, till what time are you prepared to wait before you restart the plant and start supplying in June with your contract? We had a number of discussions in the last one month, and there is a consensus that is building because one is that Mundra in merit order is very competitive, and it makes sense for everyone to procure this power rather than buy from exchange or from other sources at a much higher price. Since the coal prices have come down and it is expected to be in the same range going forward also, it will remain very, very competitive. It is a win-win for everyone. I do expect that there is a huge pressure amongst these procurers also that they need to conclude this quickly. Thank you. That's very clear. Thank you, and I wish you all the best. Thank you. Thank you. The next question is from Satyadeep Jain from Ambit Capital. Please go ahead. Hi, thank you. This one to clarify, when you're selling, supplying module for rooftop and all, would that also be at similar price that we see or would that be a different DCR realization? Just trying to understand the arm's length. Every pricing is based on the market demand and supply. Rooftop has a different demand and supply and a different price range in which they operated. You need to compete over there with other players with similar types and quality of modules. Those prices are at arm's length and are independently negotiated between both business. If I'm understanding it correctly, the realization for the internal ICP would be different for the module business, and that for solar for the rooftop would be different. Both arms remain dependent on supply, demand, niche market. Absolutely right. Okay. Just on the commissioning, I'm not sure if I mentioned the commissioning. As you can understand, there's a spillover, but overall, the industry saw a lot of significant increase in commissioning in this quarter, possibly some spillover from fourth quarter. What led to relatively muted commissioning for Tata Power in this quarter compared to the entire industry? Just really trying to understand, was there specific one-off reasons? We have commissioned much more than what we had commissioned last year. Last year we were at about 350 and this year we have done 652. We have done nearly double of what we had commissioned last year. We need to look from that perspective what is our pipeline and our readiness to commission this. We have been able to successfully implement nearly 650MW in this quarter and have plans to substantially increase in the coming quarters. Our yearly plan, whatever we have based on the projects that we have in our pipeline, will get implemented and we are fully geared up for that in terms of the equipment and the land that is required. Okay, one quick question. Second squeeze was a follow-up to Mundra. Just trying to understand that not running the plant, obviously the under recovery on fuel current given where coal prices are, would be lower than the recovery on the fixed cost. This is a strategy that if there is a supplementary PPA, you will not operate. Just clarifying, I think you mentioned in the last answer, but that could be a strategy. No matter what happens, you will not operate the plant if the supplementary PPA is fine. Any maybe indication of what that, based on the conversations, what are the timelines we are looking at as we look at the supplementary PPA? In what form and shape would it look like? Would that be different in terms of profit sharing or any other metric under recovery? Just trying to see where are the negotiations on profit sharing or on under recovery. One is that this will get finalized hopefully within August. As I mentioned to you, a lot of discussions have happened and there is a general consensus that is building on what is good for both sides. Secondly, this will definitely be much more than the PPA. Otherwise, there is no need of doing the SPPA and it will also protect us from any increases in cost of coal that happens in future. To that extent, the consistency of supply going forward will be ensured. This will be either something like what we get in Section 11 or a little lower than that, but it will be in that range that it would be there. Okay, thank you.[audio distortion] Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. Next question is from Ketan Jain from Avendis Park. We seem to have lost the line for Ketan. We move to the next question. Next question is from Atul Tiwari from J.P. Morgan. Please go ahead. Yes, thanks a lot and congrats on both set of numbers. My question is on the strategy. Regarding coal based power generation, as we have seen multiple other players in the industry, both on the government and the private IPP side, they are very aggressively getting into expanding the coal based capacity organically. What is your strategy regarding the same? You are not looking at that space anymore or you are also getting into expansion of your coal based generation capacity? Atul, I will only say that we have a huge pipeline of projects that we are implementing. We have renewable projects. We have nearly 5.5 GW of renewable projects that we have. We also have a pipeline of 2,800 MW of pumped hydro projects and 1,000 MW already work has started, 1,800 MW work will start in nine months. We have the hydro plants in Bhutan where already work has started on the 600 MW and we have plans to increase it to nearly 5 GW in the next few years. We are already over committed in all the projects in which we are investing and these projects will give us either similar or better returns than what we will do in any other type of whole project or any other project. I think we need to prioritize in terms of what kind of investment we need to do and how committed we are in those investments and if it meets our overall objective of moving towards clean energy. That's where we are at present and we continue to work on those areas. Okay, sir. Great, thanks. Thank you. Participants who wish to ask questions, please press star. The next question is Anush Upande from Investec Yeah sir, thanks for the opportunity and congrats on good set of numbers. Again, a follow-up question on your rooftop business. While we see even in the previous quarter where our Stell plants were partially operational, we did close to around 13%, 14% kind of a margin. Considering the fact that the DCR supply has been quite constrained off late, the people who have access to it are meeting a very high margin by sending it to the third parties. I just want to get a sense on your rooftop business. By using our own DCR cell and modules, is there a probability that our margins in the rooftop segment can go further northward from 14%, 15% or it will be passed on at a pricing level so as to gain more market share, just to get your sense into it. We are not looking at market share, but we are definitely looking at improving our reach in the market. Today, our reach in the market has improved, and it is further getting enhanced as we continue to add more channel partners and market segments in which we are supplying. We are making good returns with that, and I think we will continue to make the type of returns that we have seen. What you will see is that the volume will increase tremendously because there is a huge demand. As you rightly mentioned, there are not many players who are able to cater to that. This is a brand and a demand for this product that we are building in the market so that we become number one, or we are already number one, but become number one with a much better service and quality of supply in this. That's helpful, sir. Secondly, on your underperformance across the JV segment, has it largely to do with the coal underperformance in Indonesia or some other element to it? The coal prices in Indonesia have come down, and that is why our performance over there is muted. Other than that, all the others are doing well. Thanks, sir. That's gentle, and wish you good luck. Thank you. Next question is from Mahesh Patil from ICICI Securities. Please go ahead. Congrats on a good set of users. My first question is on the renewables generation. You have mentioned that I think only 100 MW of solar capacity has been commissioned this quarter, right? Yeah, you are right. You mentioned that over the next three- four quarters, around 1,600 MW additional capacity will be commissioned. Is that correct? [audio disortion]. Yeah, that is our own internal project that we will commission. Okay, around 1.7 GW target for FY 2024 system. Yes. We can assume this would be the 100 going forward, let's say around 2 GW of commissioning. More than that, this year itself we will be doing more than 2 GW of commissioning. Now that we don't have too much of orders for third party subsequent years, you will see much higher capacity that will get commissioned, and those will be for our own internal utilities. We'll collect. Okay, so 1.7 [crosstalk]. More than 2, maybe 2.5 GW range Next year almost. Yeah. Okay. In terms of, let's say, PPA signing or transmission connectivity, are there any challenges in terms of, you know, even for the installed projects? Let's say transmission availability, are there some challenges? We have heard about some issues in the quarter. Those are localized issues in terms of land or evacuation and all that. Those are things that we keep on addressing as we implement these projects. Okay, sir. Okay. Sir, in this develop anchor, right, the issue with Claire Odds Capital Partners. Would you like to share some update on this? We have already given in the notes, and you can see that since the matter is sub[judice], we cannot speak much on that. Whatever we have provided in the notes, that is our standard. Okay, thank you. Thank you so much. Thank you. Next question is from Apoorva Badu from IIFL Capital. Please go ahead. Hi sir, thank you for the opportunity and congratulations on the results. Couple of questions. I first of all wanted to check that recently the list of cell suppliers under ALMM2 was released. I think there were five or six players which were identified. Can you give any color why they were not on that list? They have not completed the inspection. I am told that they are inspecting next week. As and when they complete the inspection of plants, they keep on adding. They will add as soon as they complete the inspection. Sure sir, that's helpful. I also seen in your presentation where you comment on individual businesses. For the standalone business, a reason for decline in revenue has been attributed to change in the annual availability assumptions at Mundra. Can you share what's the overall impact of these changes on the revenue? How much is the under recovery we are assuming at Mundra? We are not assuming any under recovery because in the first quarter we already had 90% availability, and we expect that on an overall year basis we will have 80% availability on which we get 100% capacity charge. In that case, why is it impacting our standalone revenue? No, revenue will be less depending upon the scheduling of power. During the first quarter, because of the early monsoon, the scheduling of power took place less, but the availability of power was always there. Availability was, say, 90%, but scheduling they do only 60%. That's why the revenue. The second is, of course, the coal prices went off. True, true. Sir, last question from my side. I see in your renewable portfolio there has been a decline in solar, please. Can you pinpoint like what's the reason for this decline? As I mentioned to you during the last quarter, because the radiation was less due to early rainfall and all that, the generation was less in solar. The wind capacity, you see, there was more generation in the wind, so weather changes impact all these things. Sure, sir. Thank you so much. Thank you. Next question is from Nirvama. Please go ahead. Good evening and thank you for the o pportunity to meet here. I joined the call a little late. I'm sorry if this is a repeat question. Just wanted to get an understanding that on the Mundra project in the given s ituation where the plant is not operational. What is the annual fixed cost cash? Cost perspective that we're looking at? As I mentioned to you, we need to declare availability of the plant based on what we operated in the first quarter and what is our plan to operate in the rest of the year. Once the SPPA is finalized, we will be doing 80% on which we get 100% fixed cost, and we don't expect any undercover. That is under the assumption that the s upplementary PPA is signed and in case. There are delays, then one could expect Some under the coverage agreement. Yeah, since we are expecting that this is in final stage, it should hopefully be signed. Understood. Thank you. Lastly, on startup project, is it possible to share what is the share of profit or loss in this particular quarter? That detail is already provided. We consider the loss of INR 606.5 crore from our [subunit]. The loss was INR 65 crore this quarter compared to INR 8 crore profit last year. Understood. Perfect. Thank you so much. Thank you. Next question is from Avish from Chanakya Capital. Please go ahead. Yeah, thank you for the opportunity, and congrats on the good test numbers. Just wanted you to know some color on. Like many plans to expand the current Cell and module capacities, considering the huge demand and the margins, are so creative in this business. Any color on that? We always keep on looking on opportunities to continue to consider anything which will help us to improve our performance based on the demand supply and how many other plants are coming. Similar plants are coming, so this is definitely under discussion. Thank you so much. Thank you. Next question is from Aniket Mittal from SBI Mutual Fund. Please go ahead. Yes, thank you. Couple of questions on PP Shah. When I decide the third party utility scale order book, that to understand, is this like a conscious decision where we do not want to take these physically scale projects now or how do I look at that going forward? We have a pipeline of 5.4 GW of our own projects in which we are the developers. For us the focus is that how do we first cater to this 5.4 GW. In next two years we want to complete all this and then see if we have capability to take up third party projects. That is why we have taken a pause on that and we will first complete our projects and then look at outside of. The second question was just to delve a bit into the rooftop market. We continue to see very good orders over here. Let's say if you were to take a three to five year view on this segment, how do you look at Azure of installation happening within the rooftop segment? If you can break that up between both CNI and residential, that would just. To give you an idea, last year March we supplied 1,000 units. This year March we supplied 8,000 units. This year June we supplied 20,000 units. Hopefully, later part of this year we will supply 40,000 units- 50,000 units per month. The demand is humongous. The country, you know, PM Surya Prime Minister has said 1 crore household. We have actually in the country 25 crore household. Whatever we will do will be still very small compared to the total market opportunity which is there. I would leave it to you to guess and estimate what sort of demand will be there for next five, ten years. I think it's humongous. Just one clarification regarding this. When we talk about the DCR applicability, this is currently applicable only on the residential specific. The DCR is not there for CNI rooftops. Is that correct? Anything where the government funding is there or subsidy is there, whether it is rooftop or it is PM the Kutuk program, there you have to. Also, there are a number of projects which insist on DCR module. We are executing a number of projects which have prescribed that it should be only Indian made cells. DCR cells and modules should be there. Effective June 1, 2026, for all projects you will require DCR cells and modules. Even on the CNI side. Yeah, everywhere. Thank you[audio distortion] the question Thank you. Next question is from Satya Deep Jain from Abit Capital. Please go ahead. Hi, thank you for the follow-up. Just on the Bipuri pumped hydro project. Now that you've commenced inspection, historically you were open to the idea of keeping this entire capacity open in maybe later stages. Are you still holding on to that thought, keep it open and you'll maybe look at signing agreements as you get closer to commissioning. No, no. We are already in active discussions with a large number of TNI customers, and I think the whole 1,000 MW will get tied up very quickly. That's why we are now also looking at starting work on another 1,800 MW. There is a huge demand, especially for all companies who want to have signed under RE100 or want to supply their products to countries in Europe and the U.K., which have the cross-border carbon tax. I think we will be able to tie up all the quantities with various customers. Could somebody like Tata Steel, I know all these RE RTC would be relevant for steel and aluminum and all. Could Tata Steel be a potential customer for this? Because we have not seen any steel companies hire PSP yet. I'm just trying to understand. Because the PSPs have not come to that extent. Yes, we are in discussion with Tata Steel as also with many other Tata Group companies. Thank you. Thank you. Next question is from Sushil Chokshi from Indu Equity Advisors. Please go ahead. Congratulations on very stable results. My first question is on our solar cell capacity. Where are we today and what is the efficiency in Monopod and TOPCon, and second thing is what is the run rate on module 2? We have already shared with you how much of cell and module we have supplied in the first quarter, and now the plant has got further stabilized. You will see further improvement in the performance of the plant, and right now most of it is the monopers, but soon we will start supply even modules using TOPCon cells. I think there is huge demand for all this, and we continue to meet the requirement of demand. Your own statement says that demand is not a problem, keeping in mind 1 crore or 24 crore houses, which you expect all of us to assume based on demand. What is your predictability in terms of 4 GW of your capacity on Monopod going to? If I take a three-year, five-year outlook, and on TOPCon, once your current plant, whenever it starts and schedules. We are still working on all those things. Once we decide, we will achieve. Can you give an estimate on your production capacity utilization for the year or till it's on a ramp up stage on the second page of 2? MW we are at around 94%-95%. On the 4 GW capacity Yes. And module i s at 100% They are all in 95-97%. Okay, what is your, based on the new rules which are effective 1st of June next year, what kind of demand India will have for cell requirements? Lot of consultant reports which are there. We can share with you some of those consultants. If you can just throw a ballpark number. I don't know the ballpark number, but I can share with you the reports which are there. Are you seeing the demand on rooftop solar and Kusum scheme from our perspective and competition? Yeah, as mentioned to you, there are a whole lot of reports which are there. You can get in touch with Rajesh. He will be able to share some reports with you. Thank you. Next question is from Vishal Periwal from Antique Stockbroking. Please go ahead. Yes sir. Thanks for the opportunity sir. On the Tata Power Delhi distribution entities, the slide talked about there has been a lower demand which led to decline in revenue. What was the reason that it's flowing through a PAT of the decline? What we understand is it's a regulated business and the PAT should matter much. Last year we had a one-off order of INR 164 crore. On the like-to-like, if you see, we have done much better in this quarter. If you remove INR 164 crore from INR 287 crore, it becomes INR 123 crore. Against that, we have done INR 134 crore. Okay, got it. In terms of our performance, definitely growth rate. We utilized plan of doing a 15%, 16%. Your voice is breaking. We can't hear you. Vishal, can you repeat your question? Is this better? Yeah, much better. In terms of our EBITDA growth, we have started at a good growth rate this year. Once a base is stabilized, maybe like the solar cell and module for this year, next year, I mean according to you, what could be a growth driver for us that you can visualize? See, there are a whole lot of things that we are doing. We still have to start getting the sales from the TopCon line. The traffic that we are doing in our transmission business, in our distribution business, in our new renewable projects that we are setting up, all those will start getting reflected next year. Okay. Sure, sir. I think that's all for my take. Thank you. Before we take the next question, a reminder to participants that you may press Star and one to join the question queue. Next question is from ARULSELVI R from Bajaj Allianz Life. Please go ahead. Hi, just a quick question. With respect to that, you are considering all options. I just wanted to check if we have actually filed either an appeal or an application to set aside the Quantum Award, and any estimates on what would be the timeline for the higher court to take a decision on that. We are given 90 days to file the appeal. The order was dated 1st July, so we have time till 30th September, and we filed that much before. Normally, it takes about six to nine months for the matter to be heard and decided. That's the timeline that we are expecting. Okay. I want to ask what is our policy on when we would be recognizing this liability? As in, would wait till we exhaust. As we have written in that note, once the decision is taken, then we can take a call on that. No, what I meant was you have multiple options, right? There will be one setting aside order and then at the later side. You can always contest this when they are enforcing. Yeah, let's see what sort of order we get in the High Court and then we can decide on it. Okay. Okay. Thank you. Thank you very much. That was the last question. I would now like to hand the conference over to Dr. Praveer for closing comments. Thank you very much to all of you to join the call. If you have any other queries, please connect with my colleagues Rajesh and Kasturi and we'll be more than happy to provide you the details. Also, if there are any inputs, any suggestions on improving the type of presentation that we have shared or more details that you request, we'll be happy to incorporate that and improve the quality of presentation being shared with all of you. Once again, thank you and all the best and have a great weekend. Thank you. Thank you very much. On behalf of Tata Power Limited, that concludes this conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.