Ladies and gentlemen, good day and welcome to the Tata Power Q2 NH1 FY 2026 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 Managing Director of Tata Power, for his opening remarks. Thank you and over to you, sir. Thank you very much. Good evening, everyone, and thanks for joining for the call. I am joined by my colleagues, Sanjeev Churiwala, CFO; JV Patel, Chief Financial Controller; Kasturi, who is the Chief of Treasury and Investor Relations; and Anshul, who is the Head of Investor Relations. We have already shared with you the presentation of the quarter performance. As all of you would have seen, this is the 24th consecutive quarter in which we have shown growth in our PAT. Our PAT has grown by 14% compared to last year. A couple of points. One is, last quarter was a tough quarter in the sense that we had a very long monsoon, and because of that, the demand of power was less. Secondly, because of that, we also could not run Mundra under Section 11. While we are discussing with the Government of Gujarat to finalize, which we expect that we are in the last stage, and hopefully in the next few weeks, maybe within this month, we will be able to close it. We also saw that many of our renewable projects could not get completed because the sites where these projects were supposed to come up were virtually inundated, and access to these sites was very difficult, especially to the wind sites where carrying such heavy wind turbines and blades was a challenge. Three big things from this quarter. One is our performance of Odisha Discom has now come to age, and we saw a PAT of INR 174 crore compared to previous years, PAT growth of 362%. Similarly, our half-yearly PAT for the Odisha Discom is INR 279 crore, and we do expect that this will be the template going forward because most of the initial issues have been sorted out. Similarly, our solar cell and module manufacturing plant has done exceedingly well, has stabilized production, and the cost of production has reduced. We have been able to optimize a lot of costs, including the input material cost. That is why our PAT has gone to INR 240 crore, which is a 262% increase from the previous year. Our H1 PAT is INR 340 crore. You can again see this happening in future, also in future quarters. Another big area that has happened in the last quarter is our rooftop PAT, which has grown to INR 123 crore, and which is a 390% increase over the previous year. On an H1 basis, it is INR 213 crore. We also saw for the first time the rooftop sales crossing INR 1,000 crore in a quarter. I think going forward, you will see many of these types of new benchmarks that we will set in the rooftop business. We have also, for the first time in the quarter, crossed an EBITDA of INR 4,000 crore. This is in back of excellent performance from all our businesses, in spite of the fact that we had a loss in Mundra because the plant was not operating. What you can see is that even without Mundra, we continue to grow on the back of excellent performance. All our other businesses will continue to perform better in the subsequent quarters. In fact, we have a huge target to add capacity in renewable projects, especially for our own utility projects in the third and fourth quarter. We are expecting about 700 MW capacity add in the third quarter and 600 MW in the fourth quarter. End of the year, you will find that we would have crossed nearly 7 GW of our operating renewable assets. A few points I wanted to mention are that in today's board meeting, we decided that we will do investment in the 1,125 MW DOJILING project. It will be on similar terms as was done for the 600 MW KODLON2 project, where 60% stake will be from the Bhutan government-owned DGPC, and we will have 40% stake, and that will continue. The initial work on this project has already started, wherein access roads, bridges, quality construction, power, all is getting tied up. We expect that the financial closure of this project will be achieved by mid of next year, by when we will start the work also. We'll have World Bank financing, and they will, of course, come in consortium with IFC and some of the other banks, and they will syndicate the loan. We do expect that this will be again a record in terms of the implementation of the project at a very fast pace, as we have seen in the existing KODLON2 project, where the work started nearly a year back on 1st January 2025. All in all, I think a lot of good things are happening. We will also, at some stage, we are evaluating the 10 GW plant for manufacture of ingot and wafer. We are in discussion with various state governments as to what sort of state subsidy they will provide, as also the Government of India PLI, and we will be finalizing this in the next few months. We do expect that many of these initiatives will start showing the type of results that we had presented to you in the last analyst meet that we had in our 4 GW manufacturing plant in Tirunelveli. Our balance sheet continues to be very strong. In spite of the capital expenditure, we invested nearly INR 7,349 crore in this year. As we have mentioned to you, we plan to spend INR 25,000 crore in this financial year. Our debt increased by INR 6,400 crore, reaching INR 54,000 crore. However, even with this rise in debt, our leverage ratios are very good. Our net debt to underlying EBITDA remains 3.3, and our net debt to equity is 1.2, which is very competitive, especially in the infrastructure industry. Having said that, we continue to get one of the best credit ratings in corporate India, with the S&P Global upgrade of outlook from BBB positive to BBB stable. I think this will help us to further improve the interest rates for our borrowings that we have at present. We do expect that our performance in future quarters will become more robust and will substantially improve once we are able to sort out the issue of Mundra and also with more capacity adds in renewable that is expected in this quarter and the subsequent quarter. All our other existing operations will continue to perform very well. I will take a pause over here and look forward to respond to your questions. 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 touchstone 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. We'll take our first question from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yeah. Good evening, sir. Thanks for the opportunity. My first question on the solar manufacturing, I think we alluded to that you are going to set up 10 GW of ingot and wafer. My question is that, are you looking to set up this 10 GW cumulative capacity of ingot, wafer, cell, module, everything? Are you expecting another PLI? Because you mentioned the PLI. Yeah. So it will be 10 GW of wafer and ingot. We already have the 4.3 GW of solar module and another 250 GW in Bangalore. So we already have 4.5 GW of solar module, but the new investment will be only in wafers and ingot. For the wafer and ingot of 10 GW, right, sir? Absolutely right. Understood, sir. Are you expecting any PLI for wafer and ingot separately? Yeah. We are expecting government is very keen that these types of plants come up quickly. Also, the overall requirement of the country is large, and very little of capacity is there right now. To encourage that, they will be coming out with the PLIs to support this sort of investment. This requires a lot of technology as well as large investment for huge capacity. Understood. So my second question is on the, as you mentioned, that there is some progress on Mundra resolution with Gujarat. Is it fair to expect that we'll be able to close the new arrangement with all the off-takers, or are you expecting only Gujarat to go ahead for the time being? We'll start with Gujarat, and then we will, of course, take it up with all the states and close the deal. Are you expecting this resolution to happen by this fiscal year end with all the states, sir? Is that a fair assumption? No, no. Much before that, we are in final stages, and hopefully, within this month, we'll be able to. Understood. Thank you. All the best. Thank you. Thank you. We'll take our next question from the line of Punith from HSBC. Please go ahead. Yeah. Thank you so much, and congrats on good performance. My first question is actually on your investments in Bhutan. How much investment do you intend to commit in Bhutan? I see there are at least three more projects on the hydro side that are listed in your presentation. How much investment should one look at between the first two and then the next three? The first project was about INR 6,800 crore. This is about INR 13,000 crore. These projects require a lot of detailed analysis. Engineering has to be finalized. Access arrangements have to be made to the site. We need to carry out many other studies relating to the type of water flow there is, environment issues, forest issues. These projects require a lot of time in development. The first project, already construction work has started. The second one of INR 1,125, we expect the construction work to start by mid of next year. Already, initial work, pre-project activities are already going on at this stage. Can I interject? Just a sec. I'll just add to a bit to what Dr. Sinha also said. Since you asked about the investment, in both the projects, the earlier KODLON2 one, we have a 40% partnership over there. Over there, our equity contribution would be about INR 830 crore. In the second one, which is a INR 3,000 crore CapEx plan, we also have a 40% equity over there. Our investment there would be about close to INR 1,570 crore. Both these projects put together, our total equity from Tata Power side will be about INR 2,400 crore. Given that we have a 40% equity here, the financials of those two companies will not get consolidated with Tata Power. Tata Power will be showing these investments as investment in the books. Would you be guaranteeing the debt that will need to go into these projects? No, the debt is taken in those companies, not in Tata Power. Are there no reports to Tata Power? Yes. Okay. That's helpful. Secondly, your recent performance has been extremely good. Just if you can elaborate a bit more on whether these numbers should be sustainable or there were some corrections, et cetera, that got included this time. There's no correction. In fact, you will see much better performance in the subsequent quarters. That's very helpful. Thank you so much and all the best. Thank you. We'll take our next question from the line of Sumit Kishore from Axis Capital. Please go ahead. Good evening, and thanks for the opportunity. My first question is in relation to your ingot wafer 10 GW plan. What is the ballpark investment? What time frame? I'm sorry, you're sounding muffled. Sumit, can you just repeat the question, please? Yeah. I was asking about the 10 GW ingot wafer or what are the CapEx that you'll be looking for setting this up? And over what time frame do you expect to start commissioning this capacity, and when does it reach peak capacity? We are examining the proposal. As I mentioned to you, we are in discussion with various state governments to understand what sort of subsidy and support they will provide, and also from Government of India, the PLI scheme. That will give us an idea based on that, what sort of eventual cost of the project will be there. I think we need to wait for some more time. In principle, we have decided that we will go ahead, but we need to firm up some of these numbers in the next few months. Sure. In the first half of the year, how much CapEx has Tata Power incurred? How is the? It's around INR 7,300 crores, and our plan is INR 25,000 crores. We are on track. You will see a huge amount of those investments happening in quarter three and four. Okay. On the cellular module plant numbers that you have shown, the margin seems to be better this time, around 46% or so. Is this sustainable? What was the mix of module cell sale to third party and in-house use this time around? Typically, the prices of modules and cells are governed by two things. One is demand-supply, and the other is what is the input cost where we import the wafers and what price we get wafers and some of the other input material. It will vary to a certain extent. What is important is that the plant operation has stabilized, and many of the efficiencies in plant operation, those get reflected in the cost of production, and those benefits will be there to the company. Sure. Just one final clarification or question: what is the status of the bidding for the Discom privatization, and what are the expected timelines here? We are also waiting for the bidding process to happen. Every time, they have told us that it will happen very quickly. Let's hope it happens in the next few weeks. Okay. Thank you, and wish you all the best. Thank you. Next question is from the line of Atul Tiwari from JP Morgan. Please go ahead. Yes, sir. Thanks a lot. Sir, in the first half, your consolidated net debt has gone up by almost INR 10,000 crore versus the CapEx of INR 7,300 crore. Two questions here. I mean, is there some other cash usage in addition to the CapEx that you have done in the first half? The second thing is that, obviously, you are now embarking on a very large CapEx program. What kind of debt equity maximum or debt to EBITDA you will be comfortable with going ahead? Just to give you some contextual, the company has a rating of AA plus, which is kind of a debt to EBITDA about 4x, 4x. If you see the balance sheet of the company as a whole, we are presently at a net debt to equity of about 1.2 and net debt to underlying EBITDA of 3.3. We have a very healthy ratio and a healthy balance sheet, and that should cater to our future requirements of the CapEx as well. Okay. So the 4x will be the upper limit. That's what you're trying to say, debt to EBITDA number. Is that my understanding, or you will go even ahead on that? We're trying to work on that guardrail, but it depends upon what kind of project comes in, what kind of cash flow comes in. We'll have to just monitor that every year. Okay. Okay. There is no hard upper limit that you have in mind at this point? No. As I said, we're trying to keep a guardrail to ensure that we stay in a AA kind of environment always. For that, around 4x is what it is. You can go slightly up and down, but by and large, we're looking at a net debt to EBITDA of about 4 x. Okay, sir. My second question is on your plans for solar ingots and wafers. Obviously, in the first half, we have seen a pretty sharp reduction in the solar project award. Obviously, power demand has been quite weak. It looks like even the government is rethinking the pace of capacity addition on the pure solar side. What is your take on the top-down landscape? I mean, do you think that this is just a very temporary situation, and we will soon revert back to the pace of award that we saw in the previous two years? If not, then what is the thought process behind committing more CapEx on the manufacturing side? No, I do not think that the pace will slow down ultimately. We have seen a temporary pause where there have been issues around land and connectivity. Most of the players in the market have been announcing capacities. To that extent, I think we are all working towards the government ambition of reaching the target. In some ways, there could be less or more, but I think the train will only pick up. Okay. Okay. Thanks. Thank you. We'll take our next question from the line of Apoorva Bahadur from IIFL Capital. Please go ahead. Hi, sir. Thank you for the opportunity. We are seeing a lot of state government bids for thermal power projects. It would be interesting to know your thoughts if there is any intention of adding greenfield or brownfield thermal capacity over here. We are examining all these opportunities, and we'll take a call depending upon what sort of land we have and what sort of tariff one would be in a position to bid. It is something that we keep on continuously evaluating. Understood, sir. Sir, also on any update on the Delhi regulatory asset liquidation, there was a Supreme Court order. Any progress on that? Already, the regulatory assets in Delhi have been going down for the last two years. This year also, nearly INR 600 crore of regulatory assets have got reduced. Last year also, there was a huge reduction. Now that the Supreme Court has asked the DRC to amortize it within the seven-year period from the time they have been accrued, I think that will get completed. We do expect that there will be a good trajectory of regulatory asset reduction over a period of time. Sure, sir. Sir, lastly on. As also some of the regulatory assets we have in Mumbai and all, everything will get liquidated. Understood, sir. Sir, lastly, on parallel distribution licenses, we understand Tata Power had applied in a couple of circles, so if you can provide some color on that. Parallel license. That Electricity Act amendment proposal has come, and they had asked for comments. We have given our comments. I do expect that this will go to the Parliament, and of course, it has to go through the process of select committee to examine it and all. Hopefully, in the budget session, I expect that this will get passed. Sure, sir. Thank you so much. Thank you. We'll take our next question from the line of Bharanidhar Vijayakumar from Avendus SPark. Please go ahead. Good evening. Am I audible? Yes. Please go ahead. Yeah. So my first question is on the media news on a Discom bailout package by government to the tune of around INR 1 trillion. My first question is whether this is finalized and what is the likely timeline when this will be implemented, and if so, how will Tata Power be benefiting because of this? We have also read in the newspaper that the government has such a plan. From whatever I know, it is still not finalized. The government has to take a decision on this. Considering that there is so much debt as also losses of Discoms, it will be necessary for some action to be taken. The nature of the action, of course, will depend on what the government decides. We do expect that it will open up more opportunities for Tata Power in doing the PPP of distribution as we have done in Odisha and Delhi, and also the parallel license opportunity. I think Tata Power will play a very, very active role in power distribution in the coming years. Okay. My second question is on our renewable addition targets. We had some time back given a 2.6 GW addition target for 2026 and about 2.3 for 2027. Where are we to achieve that target? If not, could you highlight some of the reasons why there are challenges or delays? Is it because of EPAs not being in place or connectivity or transmission infrastructure not being in place or any other challenges? Our capacity addition in Q1 has been 205 MW. We expect that in Q3 and Q4, we will do about 1.3 GW. This is based on the availability of transmission line and the land and all that. Whatever will get missed out in this financial year, we'll try to complete it within the next financial year. Hopefully, by end of 2027, you will see that financial year 2027, you will see that our overall target that we have set will be able to achieve. What I'm hearing is 2.6 target in 2026. Now will mostly read as 1.3 plus 2 already commissioned, around 1.5. Agreed. Okay. My final question is on, say, Mundra plant. There are two parts. One on supplementary PPA. You alluded to decision by Gujarat government getting finalized. Can you give broad contours of what we can expect given one zone of contention on this supplementary PPA was how much of the profit that the mining segment is doing will be knocked off from the proposed tariff? Any contours you can give on what could be the primary tariff? Also, what is our thought on when Section 11, if at all, can be brought back by the government? Is it likely that next year when demand increases, it will be back? Section 11 is an emergency section. Whenever there is a shortage of power, the government has a right to call upon plants which are not operating to operate at full capacity. This year, because of the monsoon coming early and a longish monsoon, it was not imposed during the summer months. Hopefully, it will be imposed next year. In any case, we want to have a long-term resolution rather than going year after year on Section 11. We have been in discussion with the government of Gujarat, and hopefully, we should be able to come to some arrangement. The details are still getting finalized, and it has to go through the government approval process. Once it is finalized, we'll be in a position to share it. Sure. Thank you, sir. All the best. Thank you. We'll take our next question from the line of Satyadeep Jain from Ambit Capital. Please go ahead. Hi. Thank you. I just want to firstly ask on the decision or thought process to go long on ingot wafer versus cell. So looking at 10 GW ingot wafer versus cell line, what is the thought process there? Does it mean that incrementally we should look at Tata Power as getting bigger on the third-party sales of cell module wafer, because currently, most of the capacity is tied to internal? It looks like increasingly that's the path we're going to choose. Yeah. Based on the demand supply and the plants which are under implementation, we feel that there will be enough supply of cell and modules. That is why we are doing the backward integration going for the wafer and ingot. We feel that the 10 GW capacity will be good capacity to not only supply wafers for our plants but also for other cell and module plants. This is under finalization, and hopefully, in the next two months, we will be in a position to finalize and share the details. Are you suggesting that the barriers to entry for wafer and ingot would be higher? So incrementally, not many players will be able to add ingot wafer. Is that what you're trying to say? Yeah. It has not only the technology, which is very sophisticated, but also in terms of the ability of many people to execute such complex projects. Today, we have virtually very small capacity, just 2 GW in the country. The country will require about 50 GW-60 GW of wafer and ingot manufacturing capability in the next two, three years. We feel we are very well poised for this sort of investment opportunity. Yeah. Fair enough, sir. Sir, secondly, I wanted to ask on one of the questions around thermal. I just want to allude to the recent podcast and case study that you had with the HBR. It seemed like you may look at the focus would be on renewable, but opportunistically, you may look at some stress assets, and you also have that 2045 net zero target. Are you suggesting you're still open to looking at some greenfield assets also for thermal? Because initially, the impression was that maybe brownfield, maybe more of stress assets that anyway will retire by 2045, given the target you have. No, we don't have any determined clear plans as yet now. We're kind of looking at opportunities, right? As of now, we are absolutely committed to grow our green portfolio. As soon as those opportunities come, we'll keep on evaluating them. Okay. Just one quick question on the renewable energy addition for Tata Power and the first half. Just overall, when we look at the industry, it seems like there is a spurt in commissioning, maybe 27 GW-28 GW commissioning in the first seven months. And 200 MW seems like less than 1% share. Is it tailed really long, and other players have succeeded? What exactly is going on in terms of, because some we are hearing challenges on transmission and all, but when we look at the entire industry commissioning, there is a jump. What exactly is going on, sir? What has happened is in the first two quarters, we had commitment of third-party EPC projects, and these were DCR cells and modules that were to be used. We focused on completing all of them so that hereafter, we will be in a position to execute only our projects. That is the whole plan. You will see that is why there will be a lot of capacity additions in Q3, Q4, and in the next financial year, which will primarily cater to our own internal requirements and very little of third parties. Okay. Thank you so much, Anshul. Thank you. We'll take our next question from the line of Anuj Upadhyay from Investec. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. Sir, first question is on the rooftop sustainability. How big are we actually anticipating this market to be? Are we directly tying up any of the states to supply the rooftop? Likewise, we have new entrants who directly enter into agreement with certain states to install a rooftop of around, say, 700 MW plus kind of a capacity. Are we looking out for similar kind of an opportunity here? Rooftop, I think it's just tip of the iceberg. Only 2 million rooftops have been installed till September. My expectation is that in this country, at least 50 million homes will have a rooftop. There is a long way that we have to go to cater to the country's requirements. This is a very good opportunity. We are one of the best in the country with a maximum market share of more than 20%. This is going to be a very sustained effort from Tata Power side for many more years in the future. Okay. Next, on the Mundra side, sorry, I guess you have already mentioned that it's a bit initial phase where you won't be able to comment on the resolution assets. As you mentioned, Gujarat would be the first state with whom we are negotiating assets. How long basically would it take for the entire 4 GW capacity to get resolved? Are we looking out for, say, Anjay Bhish to have close to around 2 GW or 1.5 GW with Gujarat? Is the only source capacity with which we are having a resolution, or the content could be much higher than that? As Dr. Sinha said, we are in active discussions and trying to resolve and get to an understanding within November. A couple of states, we're also discussing. We're kind of ensuring that post-discussion with Gujarat, we're also close with the remaining states. The idea is to close that as fast as possible. On the call today, probably we cannot commit a particular timeline. The idea is that we resolve it sooner than later. Okay. Okay. Can you split across the balance CapEx, the INR 17,500 crores across various segments? You mentioned that roughly the renewable capacity would have at least close to INR 7,500 crores of a CapEx. The balance INR 10,000 would be spent across which segment if you can elaborate? That would be helpful, sir. You're talking about the full year? For the balance year. Yeah. So whatever is there, almost 50%-60% of the balance will definitely go in the renewable. Plus, we have commitment to our transmission business. Plus, we are kind of already doing our pump storages businesses. The balance will go in thermal. You can assume 60% of the balance. If we are about INR 25,000 crore now for the full year, and we have already done less than INR 7,500 crore, we are still talking about INR 17,000 crore odd. You assume 60% of that will go into the renewable and the remaining in the rest of the businesses. Fair point, sir. Lastly, anything on the green hydrogen, sir? Just want to understand the group's view out here because we are going very aggressively on the equipment side for solar. Are we planning or thinking anything to get into the green hydrogen as well? No plans as of now, but we keep on evaluating opportunities. Thank you, sir. Thanks for the opportunity. Thank you. We'll take our next question from the line of Vishal Periwal from Antique. Please go ahead. Yes, sir. Thanks for the opportunity. Sir, in your slide of the cluster-wide performance, the coal SPV, coal SPV, Mundra, and Shipuni. Sorry to interrupt. Can you use your hands-up mode, please, Vishal? Is this better now? Yes. Please go ahead. Sir, in your slide which has cluster-wide performance, the Mundra coal and then Shipun, it has contributed negatively to our PAT of almost like INR 360 crore. The Mundra contribution could be how much? This is just to understand on a quarterly basis what kind of negative contribution may come in times together. We report that basically on the cluster basis because Mundra and coal both go hand in hand. Of course, because the Mundra has been shut because of overhauling and various reasons for the entire quarter, there have been losses there. What the numbers that you see is a combination of all of them put together. I think the slide number 51 of the deck has that breakup. You can have a look at it. Slide 51. Okay. Okay. But then I think one of the slides also has negative contribution from coal investments, almost like INR 70 crore. So the meaning is Mundra. Is that fair to understand? You can construct that, but there are pluses and minuses, yes. Okay. Okay. Got it. Got it. In terms of our pipeline, again, one slide has almost like 5.8 GW of project, which includes FDRE, solar, wind, hybrid combined as a pipeline. In this, what sort of project have PPA tied up as of now? No. We have the entire PPA tied up. We do not have any open position. It is just for the one or two small quantities here and there. Normally, we go and tie up the entire thing. Okay. Okay. Got it. Got it. Maybe one last thing. I think you did mention the solar rooftop is probably a growth engine, I mean, for us and also for the industry. Sir, at one point of time, there are untied solar PPA which are there in the market. Again, the solar rooftop, again, it is not getting accounted. Do not you think at some point of time, the state will put some sort of regulations around that, which as of now, it is quite open for anyone to install? That would take a long time because if you see the solar rooftop penetration is very small. It does not really impact the overall PPA and other things. I think this is a discussion probably we will have to have three or four years down the line. Okay. Okay. Sure, sir. I think that's all from my side. Thank you. Thank you. We'll take our next question from the line of Mahesh Patil from ICICI Securities. Please go ahead. Yeah. Thank you, sir. Sir, my first question is on the RE capacity addition. For this year, you have mentioned around 1.3 GW in S2, so around 1.5 GW overall in FY 2026. Sir, what is the target for FY 2027? We kind of plan on a runway to do about 2 GW, 2.5 GW, to 2.5 GW every year. As of now, we have already installed 5.7 GW, and we have almost 5.8 GW in the pipeline. I think we'll be kind of tracking quite well with respect to the overall target that we have set for ourselves. In fact, this year, if you consider third party, then we would be doing nearly 3 GW. Okay, sir. Actually, second related question, as you mentioned, close to 4 GW-5 GW we are planning to do over the next two years. What about, sir, bidding for projects? What are your thoughts on that? I think the bidding has been slower. What about adding more to the pipeline? We are looking at bidding for projects such as FDRE and RTC and all that. As we had mentioned to you earlier, we are now in the process of constructing our pumped hydro project, which will also be operational by 2029. A lot of planning will be done in such a way that we package this as a solution of RTC power or peak power for consumers. This can be Discoms as well as industrial and commercial consumers. It will not only be just bidding for the Discoms, but also tying up with CNI customers. Okay. One observation, the third-party EPC order book has come down to around INR 19 billion from around INR 27 billion. Is this because we are focusing more on our own projects? Is this why the contribution from third-party EPC will go down and rooftop will go up too? It's a mix and match depending upon the supply and demand. Of course, our execution overall pipelines will happen in quarter three and quarter four as well. When you look at the full year number, this quarterly variations will be taken care. Okay, sir. Thank you. Thank you. We'll take our next question from the line of Rajesh Majumdar from B& K. Please go ahead. Yeah. Good evening, sir. Thanks for the chance. I just had a question on renewables. What is the capacity addition we've seen in 1H, and what is the outlook for 2H in terms of the total addition for the year? We have added about 205 MW in H1. As Dr. Sinha kind of mentioned earlier, we have planned to execute another 1.3 GW. For the full year, you'll see about 1.5 on the large-scale utility. When you look at our rooftop installation, we've already done close to 650 GW. Most likely, we'll be closer to 1.4 GW in rooftop as well, right, plus the third-party EPC. I think unlike pure Genco capacities, we have to look at the capacity that we're installing across EPC, rooftop, and Genco. All three put together would be a significant high number. That's fair. That's fair. Sir, if you look at your quarterly EBITDA run rate and the fact that now we're entering the lean season and Mundra is unlikely to contribute to the second half, does it mean that we will see a fall in the profits, at least for this year, till the PPAs or the et cetera are signed? That is coming into the next season starting from March. Is that a fair assumption to make? I do not think that is a fair assumption to make because even in quarter two, we are delivering a 14% financial PAT growth in spite of the impact at Mundra. Of course, many of our projects that we are doing, including the transmission, the recovery that we see in the distribution in Odisha, also solar rooftop, our manufacturing, all of them will be contributing significantly. In fact, if you really look at the core businesses, they have significantly delivered in quarter one and quarter two. Those deliveries will continue in quarter three, quarter four as well. Okay, sir. Thank you for the question. Thank you. We'll take our next question from the line of Puneet from HSBC. Please go ahead. Yeah. On your 1.3 GW future capacity addition in the second half, is it possible to break down between how much solar and how much wind would that be? We won't have that number readily available. A significant part of that would be solar. Okay. Understood. Thank you so much. Thank you. Ladies and gentlemen, that was the last question. I would now like to hand the conference over to Dr. Praveer Sinha for closing comments. Over to you, sir. Thank you, everyone, for joining for this call. If you have any queries, you can always get in touch with my colleagues, Kasturi and Anshul. We will be more than happy to provide you all the required information. Thank you and take care. Kasturi, you have informed everyone about that visit. Have you started informing them? We can maybe go on if you can. Okay. Yeah. So it's on 15th of December. Of December in Bhubaneswar. The next analyst meet is in Bhubaneswar on 15th of December. My colleagues will get in touch with you and provide you more details and the agenda. Thank you, sir. Thank you. Thank you very much. Thank you, everyone. Thank you. On behalf of Tata Power, that concludes this conference. Thank you for joining us. You may now disconnect your lines.