Thank you. Thank you very much, and good evening to everyone, and thanks for joining in the call.

I have my colleague, Sanjeev Churiwala, CFO; J. V.

Patil, Group Financial Controller; Kasturi, Chief Treasury; and from Investor Relations, we have Anshul and some of my other colleagues from the finance department. Before I share with you some of the salient features of the quarter performance, just to give you a little background.

The power demand during the quarter three and nine months for the last financial year has been has been, I would say, not very high, but has been nearly 7%, which is less than what it was the previous year. I think when we look at both the demand increase in December and January, it looks like we will have a rebound in this year, especially with summer expected to be a little more warmer than last year, we do expect that our peak demand will be in the 270, 280 GW range, and we can expect a very large increase in the demand of power in the coming months.

In last nine months, we have seen huge capacity add, especially in renewable space. While our overall capacity has reached 514 GW of installed capacity, nearly 45 GW was added in this in this fiscal, out of which 38 GW is renewable capacity.

Huge capacity additions have happened, and we do expect that going forward, this momentum will be continued. Looking at the financial performance of the company for the quarter, we have given a very strong operational and financial performance with the EBITDA increase of nearly 12% on year-on-year at ₹3,913 crores compared to the previous year.

Similarly, the PAT has increased marginally to ₹1,195 crores despite Mundra being non-operational for the quarter and having a substantial hit because of that. For the nine months, the EBITDA has jumped 12% year-on-year to ₹11,874 crores as compared to ₹10,639 crores.

Similarly, the PAT is up by 7% for the nine-month period to ₹3,702 crores. This quarter, what we have seen is many of our new businesses have come to age, whether we look at our solar cell and module manufacturing, where there has been a huge increase in our plant profit tax profit after tax, which has gone up to nearly ₹251 crores in the quarter compared to ₹112 crores last year.

For the nine-month period, the plant has delivered a PAT of ₹592 crores, which is an increase of 154% compared to ₹233 crores in the last nine last year nine months. Similarly, our rooftop has done exceedingly well.

We crossed 1 GW in nine months' period, and in Q3 we executed in the previous year in this quarter, we executed 372 MW compared to 173 in the previous year. The rooftop PAT has increased in the quarter to ₹111 crores compared to ₹60 crores last year, and in the nine-month period, it has gone to ₹324 crores compared to ₹110 crores in the previous year nine months.

Similarly, Odisha DISCOMs have done very well. The profit of Odisha DISCOMs has gone up to ₹226 crores in the quarter compared to ₹86 crores last year, and in the nine-month period, it has gone to ₹505 crores compared to ₹164 crores in the previous year nine months.

I think what is important is that many of our new businesses have now started showing results, and in the future quarters, they will further stabilize and produce much better results than what we have seen in the previous quarters. We also have seen that many of our other businesses, including the transmission businesses, have started showing results.

We were able to commission some of our TBCB projects such as the 400 kV Koteshwar-Rishikesh transmission line. Similarly, we were able to complete some of the other projects which were under implementation, and some of the projects will get completion completed in this quarter also.

We also got a letter of intent in the last quarter for the Hinjewadi line, and we are expecting some more projects in this quarter also. Last quarter, we had a huge challenge because Mundra was not operating.

We have been able to now conclude the arrangement with Gujarat on all the issues of the SPPA, excepting one point. We hope that in next two, three weeks, we will be able to close that.

On similar basis, we will be parallelly start discussing with the other states so that we are in the position to start operation of the plant maybe by the end of this month, as there is now a huge demand of power that is coming up, and we should be ready for the summer months' requirements of these states. Work on all our other businesses, especially our PSP project in Bhivpuri and our hydro plant in Bhutan, are going at full swing, and they will meet the timelines that have been set by us for both these projects.

These are very ambitious timelines that we have set for PSP and the Bhutan project, and we are very confident with the pace of work that is going on that we will be able to complete. On our distribution business, we expect that some changes will happen by way of the Electricity Act Amendment, and we are expecting that once the Electricity Act Amendment is put in the Parliament for approval in this budget session, we will get many more opportunities on parallel licensing in the country.

Similarly, we are expecting some more announcements on the distribution sector in next six to nine months, whereby certain more states will come up for public-private partnership based on some of the other incentives and concessions to be provided to them, especially to states which have huge financial losses in their distribution business. We also expect that many of the new initiatives of the government, including nuclear power and all that, will bring more clarity in terms of the technology transfer, in terms of sourcing of fuel, and in terms of the the opportunity that will come up to set up these nuclear plants, especially the small modular nuclear plant in various parts of the country, for which we are in continuous discussion with the government, Department of Atomic Energy, NPCIL, as also with NITI Aayog, so that these are put in practice quickly, and some of the projects can start work in next 24 months.

We are always working towards improving our performance, and to that extent, you will see that our financial metrics are very, very conservative, and we continue, in spite of the type of CapEx that we are incurring, we continue to have a net debt to underlying EBITDA of 3.4 and a net debt to equity of 1.2. We expect that the type of calibrated growth we have will continue in future quarters also.

With this, I will hand over back to you for your questions, and me and my colleagues are here to respond to you. Thank you.

Good evening, sir, and congrats on a strong numbers, in solar manufacturing and solar rooftop especially. My first question is on Mundra.

Sir, of course, you're trying to resolve with the Gujarat and you will subsequently go to the other procurers. My question is, till the time we get the final resolution from the other procurers, is it fair to assume that you'll be able to run the capacity which is only linked to Gujarat in the interim?

This is all under discussion. We had a few months back a joint meeting of all the procurers, during which it was agreed that Gujarat will take the lead in finalizing the SPPA terms.

Now that the SPPA is agreed with Gujarat leaving one point, we will be circulating this to other states. Once we get their in-principle approval, we will try to start operating the plant and scheduling it to them based on their acceptance.

Hopefully in next few weeks, we should be able to find out the comfort level of this other procurer states, and then we will start scheduling the power.

Understood. My second question is, sir, how do you think about the renewables capacity addition over next three months?

I think the target we have set for ourselves was 2.5 or 2 2.5 GW, if I remember correctly. I think we are around 600 MW, if I'm not wrong, in the last nine months.

Do you think we still be able to meet that 2 GW target?

Our target this year was that we will set up 2.6 GW, which included third-party and ourselves. We've already done 2.3 GW, which includes third-party, and also it includes 900 MW of our own capacity add.

We have another 400 to 500 MW of projects which we are pursuing, which we expect to complete in this quarter. Then we have projects which will come up in 2027, FY '27, 2027, wherein most of the projects will be our own, because all our so-called third-party projects have got over, including SJVN and NHPC.

All these new projects that will come up will be catering to our own requirements.

Understood, sir. Thank you and best of luck.

Thank you.

Good evening, sir. When I look at the Q3 FY26 EBITDA to Q3 FY25 of ₹432 crores, it is almost entirely explained by the bump-up that has happened in the Delhi distribution business.

Although the Delhi distribution business has seen a 2% decline in power purchase and sale, there seems to be some regulatory adjustment there which has bumped up the EBITDA. Why hasn't it been properly called out in accounts or in the presentation, and what are the details there, because it seems to be explaining the whole growth for the quarter?

What you have to do is you have to see the increase in EBITDA considering that last year, we had an EBITDA impact from Mundra, where there was a positive Mundra EBITDA of ₹300 crores. That is not there this year, and that is being compensated from our rooftop business, from our manufacturing business, and our Odisha business.

There is a one-off that we have got in Delhi DISCOM because of the regulatory order that we got for trueing up of our tariff for '22-'23. Notwithstanding that also, there has been increase in our existing portfolio of businesses.

That has helped us for the increase in EBITDA for this quarter.

That is very clear, sir. The trueing-up amount has just become congruous in a quarter where you have had the big Mundra impact.

What is the amount for that quarter? In

Mundra, there are various provisions that we had to do. I think in the next quarter, when we do the complete true-up, we will be able to give you the complete picture.

What is the impact for nine months that you have trued up in your numbers? It's not the third quarter?

I think all put together, when we look at nine months, it's closer to about ₹800-odd crores of losses that we have booked.

This is losses for Mundra.

For Mundra only. Yeah.

Because Mundra has been shut for six months now. Of course, when the plant is shut, we don't get the capacity charges.

Our fixed cost for the plant is still there, to that extent, the ₹800 crores has been booked as a loss.

This is at the EBITDA level or the PAT level? PAT level?

At the PAT level, because for Mundra and other both thermal power plants, PAT level matters the most.

Okay. What I was asking is, for Delhi distribution, for the nine-month period, what is the true-up benefit that you have taken in numbers?

For six months, which again, to your earlier point, we have been reporting that in the earlier quarter and this quarter. The total regulatory impact in TPDDL is about ₹344 crores for six months.

We also had a similar true-up impact last year of ₹333 crores. That is there.

Plus, in the last year corresponding same period, we had the order impact for Mundra, ₹332 crores. All of that have been appropriately and reported in the accounts.

It is still not clear to me. What is the benefit that you have booked in the third quarter?

You wanted YTD or third quarter only?

Third quarter only, also. Because you're saying that the six-month number was clearly mentioned, the third-quarter number is not clearly mentioned.

The third quarter PAT impact is about ₹344 crores on TPDDL regulatory impact.

That is flowing from revenue to profit, or is there any other benefit at the EBITDA level?

No, this is net of taxes, of course. The gross figure would

be Net of taxes, the EBITDA benefit is more.

It's ₹460 crores at the EBITDA level.

How much? ₹464?

₹460 crores.

₹460 crores, I heard. Okay.

In fact, if you see the notes on accounts, Sumit, there's a complete disclosure around that. You will get the full numbers.

Okay. That is clear.

Second question is, typically, you have a elimination in the renewable cluster under Others, which is a negative number. This time, it is a small positive number.

Typically, our understanding over the last few quarters was that because you do some internal intra sales, there is some elimination. Why is the elimination positive this time?

You're right. The elimination that is done, whether it's a positive number or a negative number, everything has to be eliminated.

Whenever there's an intra transfer there's a positive number, that is eliminated, you see a negative elimination. Whenever there's an intra transfer loss, that is also eliminated for positive numbers, the idea is that at the PAT level, there's no impact.

This is basically a true-up on a quarterly basis. The way you should read it is net of elimination.

When you look at ₹912 crores, say, you can look at slide number 52, which has been uploaded, which shows the cluster-wise performance, the breakup is there.

I'm looking at the cluster-wise performance. Because you are doing projects which Tata Power is setting up on its own books, I am assuming that part of the modules are going from your manufacturing facility to your own projects, which is why the elimination needs to happen on consolidation, because it is being consumed by your own entity.

Why is the elimination a positive number? No,

what I'm saying, if you look at the Renewables, right, you have this Genco, solar EPC, TP Solar. TP Solar would provide services to the Genco in terms of supply of modules.

Similarly, the solar EPC would also do the services for Genco, as well as for the third party. Of course, there are many, many projects within that.

However, if any project is having a negative loss because of the contractual nature of the agreement, right, that also needs to be eliminated, right? One of the projects could be a negative PAT margins for most likely for the solar EPC, which now has been eliminated for positive ₹50 crores.

That's more of an

account Oh, there was a loss which you have made in the solar EPC business, because the elimination has then become a positive sign. Okay.

As you can see, solar EPC overall PAT is ₹183 crores, right? It is positive.

Let's say they have 100 100 different projects happening, which includes in-house supply. As per the accounting standard, any contract which even has a loss for in-house supply also needs to be eliminated.

As a result, that ₹60 crores is an elimination.

This is very clear. Just one last point.

There's some positive impact for FGD recovery in Q3 and nine months for Maithon, which also seems to be bumping up the number quite dramatically on a year-on-year basis in Q3 particularly. What is that impact?

That's my last question.

We have commissioned the FGD for Maithon. Given that this is a regulatory asset, we are getting the regulatory returns.

PAT impact of that is about ₹15-odd crores, and you will see that recurring happening every subsequent quarters now.

So ₹50 crores in every quarter it will come?

15, one-five.

One-five. ₹15 crores.

Thank you and wish you all the best.

Hi, sir. Thank you for the opportunity.

Sir, you briefly mentioned about more opportunities on the distribution business from the PPP side possibly due to some sort of a package for the DISCOMs. Can you give some more color on that, what sort of package are we foreseeing over here?

There are many states who have huge financial losses, and so some of those states will be given the opportunity of a long-term loan at 0% of interest. There will be certain caveats in terms of the need to go for PPP and only against that, they will be given.

Those are states which are already identified in terms of the type of financial losses they have. It is expected that once that is announced, we will have a few states who will be availing that opportunity and going for PPP.

Sir,

when should we expect this? Around any timelines?

I think in next six to nine months, this should happen.

Okay. Understood.

Sir, also wanted to sort of understand our strategy on the rooftop side. Commendable, the improvement that has happened and the growth in profitability.

Has it reached some sort of a peak revenue or a peak profit, or do we foresee more growth here? Secondly, any plans of cross-selling more, especially on the storage side?

This is tip of the iceberg, I would say, and the opportunity is phenomenal. What we are seeing is against the Prime Minister Surya Ghar program, 1 crore houses is supposed to be done.

We've already done only 25 lakhs, there is a huge number. In this budget, another 50 lakhs have been added.

5 million has been added. There is a huge opportunity with the type of financial support that is proposed to be provided.

Without the financial support also, we are finding that a lot of C&I customers are also going, as also customers who want larger capacities, 10 kW and above. I think this is a business which is going to be there for a very, very long term.

We would also find that those who have put up smaller capacities will augment it in future based on their increase in energy requirement. This business, I do feel, is something which is very futuristic and will keep on improving going forward.

Sir. Sir, lastly, one theoretical question.

Now that we are close to solving Mundra in terms of the supplementary PPA, if in case the government again sort of implements Section 11, because the last time it implemented, it was not just for Tata Power, but for all the imported coal-based assets, does Section 11 supersedes the supplementary PPA, or will we be kept out of the purview? See,

Section 11 is imposed when there is a shortage of power. Hopefully before that happens, we should be in a position to close this arrangement, because this power is required by all the procurer states.

If they go for Section 11, they have to pay more. It makes more sense for them to go ahead and finalize the SPPA rather than going through the Section 11.

Sir. Thank you so much.

All the best.

Thank you so much. My first question is, you talked about one point which is missing in Mundra.

Can you elaborate where is the point of difference still?

There is one point. Let's wait for that clarity to come from the government, and we will be able to close it.

Okay. Secondly, on the Delhi distribution side, there was this talk about reducing regulatory assets, but in this quarter, that number has gone up again.

Any progress that you are seeing there, or it's a slow outcome?

The regulatory asset per se has gone down, but what has happened is that there is one more order that has come, the true-up order has come for '22-'23, which has given another ₹400 crores additional regulatory asset to the company. That's why it's looking high, but in actual, during the quarter, it has come down by ₹460 crores.

Has come down by ₹460. Yeah.

Okay. Understood.

Lastly, if you can talk about which are the big renewable projects that you will commission in FY27?

Which are the? Big renewable Big

yeah, projects which you will commission.

I think some of the Tata Steel projects, we already commissioned the 198 MW wind project. There are some more wind projects which will get commissioned in this quarter.

I think many of the wind projects will get commissioned, as also some solar projects will get commissioned between this quarter and the next quarter.

Understood. What should be the run rate for the year that we should assume for your own and separate?

This year, we will be doing something like another 500 MW, but next year, the so-called 2.5, we will do 100% for ourselves.

FY28 onwards.

Yeah.

Understood. That's very helpful.

Thank you so much and all the best.

Thank you. Good evening, sir.

Congratulations on a strong performance in rooftop and module manufacturing. Just on the rooftop side, what's your outlook on the rooftop addition in India?

I think year-to-date, we have added around 7 to 7.5 GW. Will this continue going forward in '27 and '28?

FY '27 and FY '28?

I think if you look at the pace of the rooftop addition in the country as also by us, it has increased tremendously with much better supply chain, much better channel partners, much better arrangement to supply and erect and commissioned. I do expect that the speed will go much further.

Also, government has come out with a new scheme, which is the state DISCOMs have been asked to go ahead and implement it. We are doing it in Odisha, which is known as the ULA scheme, utility-led scheme which is there.

I think the capacity add that you have seen last year, at least 50% to 60% more will happen in this year. We will continue to see the increase going forward.

Understood. Understood.

Thanks, sir. Sir, my next question is on the module manufacturing.

I could see that we've sold around 960 MW of modules, and we've also produced 960 MW of cells. Is it right to assume that all of these sales are DCR module sales?

In the last quarter, we had some ALMM, that is imported cells we had used, because the order was for supply of imported cell with domestic module. I think in next two quarters, we'll have more of our own cell and our own modules, because from 1st June, only DCR cell and DCR modules are to be utilized.

You will see more or less that whatever cell that we produce is fully consumed internally, but, yes, in the last quarter and also in this, there will be [unclear].

Understood. This 962 MW is all the external sales which we have done?

No. It's all Largely in-house consumption for rooftop and our own businesses, yeah.

Rough breakup is this small quantity of about 168 MW peak for ALMM, and DCR we have done 795 MW peak. Both put together is about 962.

External would be just, say, 20%, 25%?

External would be even smaller than that. Very small percentage.

Understood. The realization is a blended realization of the DCR and non-DCR module, both.

Yes.

Yes.

What would be the current realizations, sir, in the market for a DCR and a non-DCR?

It depends on the type of because they are 540 and 580 and all. Also, which ones are mono PERC, which ones are TOPCon.

Very difficult to say that.

I think it's difficult for us to give a breakup because a large quantity of that is in-house consumed in our various businesses. If you look at the P&L, which is also uploaded, will have an EBITDA margin of close to 28% for the quarter.

For nine months, we're delivering close to 27%, 28% of EBITDA margin.

Correct. Correct.

Okay. Sir, my last question is on the renewable execution part.

You mentioned a 2.5 GW next year. So 2.5 GW in FY27 is the target, right, sir, for our own capacity?

For

our own capacity.

Our own capacity. Just one addition to this is, what are the challenges are we facing in execution of our own capacity, or is it a strategical call that we are first finishing our third-party order book and then focusing on our own capacity, or is there any challenges you are facing in execution?

This was timing issue only. The third-party orders, we had received much earlier, and our own capacity are orders that we got last year.

Based on the timelines that has been agreed, these are getting executed.

Understood, sir. Thank you and all the best.

Hi, thank you. Sir, Mr.

Sinha, just wanted to ask on renewable energy execution once again. I know you're looking at 1 GW broadly commissioning this year.

In the last nine months, it's been 600 MW against industry at 38 GW, even if you strip out solar rooftop, that's about 30 GW, 2% market share for Tata Power. That 1 GW that you're looking at now is despite third-party execution, the initial expectation was 1.5 to 2 GW.

There seems to be a miss, and we are seeing it across the board for some of the larger players, misses in terms of execution. The industry is still adding a lot of capacity, which means there's a long, very long tail.

In case you do meet the targets next year, either mathematically, if you look at the market share, the industry commissioning has to more than double, or some smaller players lose market share. Just want to understand if you do take market share, how is that going to play out?

Why should smaller players commission less or take less market share next year in the overall, not just Tata Power? Just trying to understand this entire long tail, how will that shrink?

If you look at Tata Power, this year, we have already commissioned 2.2 GW of projects, and that means that we have inherent capacity to execute such large capacity, and we will add another 500 MW in this quarter. So 2.7 GW, we will be doing in this financial year.

If we look at next year, we have a capacity to execute 2.7. We may do more than 2.5, while we have taken the initial estimate of 2.5.

We can go up to 3 GW of capacity add. As you are aware, we have a pipeline of nearly 5.2 GW of projects which we need to execute.

Within next two years, we will execute. Also, it's not just executing the project, but also the timeline when the transmission line comes up.

As you are aware, many of the transmission lines got delayed, and we are now timing the project completion with the transmission line completion so that it should not be that these projects are left stranded and unutilized when the transmission lines are not available. I think it's a question of better planning, better phasing, and staggering it in such a way that it is able to produce as soon as they are implemented, and the power can be evacuated.

Mr. Sinha, let me ask it another way.

When the year started, obviously you were looking at 1.5 to 2 GW, if we roll back one year ago. At that time also, you had the third-party order book.

Is it not some delay in execution, transmission, or is it purely that compared to initial expectations, you prioritized third-party book? The delay in commissioning, transmission has been an industry-wide phenomenon, but despite that, we're looking at 38 GW capacity for the entire industry.

Still, are you saying delayed capacity commissioning for certain players more than it did for others? Just in the context of overall addition, trying to understand compared to the earlier targets you had.

You need to understand that many of the projects are either intra-state projects or inter-state projects. The intra-state projects, the challenge of transmission line is not so much.

In inter-state transmission lines, there have been challenges. Our projects that we were doing for third party were synchronized with the commissioning of those transmission lines.

For our internal projects, again, it was synchronized. Some places, some of the lines which were supposed to come last year have got delayed, and they are expected by March this year or maybe it may go up to May, June this year, and some by December.

That's why the project completion has to be staggered in such a way that it meets the timeline for evacuation. Otherwise, there's no point in setting up of the plant if the power cannot be evacuated.

Perfect. Sir, one more question on Odisha.

Just we are seeing increase in income. Largely, it seems to be reduction in ECL losses.

Just wanted to understand what is driving that reduction in ECL, and is it also reflected in actual increase in cash profit? Is it mainly accrual, or actually your cash receipts have also increased significantly in Odisha?

What has led to that ECL reduction?

I think our collection efficiencies have improved, our billing efficiency has improved, and the performance of Odisha DISCOMs have improved tremendously. If you track it in last three years, the performance has been improving every quarter.

The coverage of billing has been better. Loss reduction has happened.

Stealing of electricity, which was there, has reduced drastically. I think overall, the performance of all the four DISCOMs has been very good.

We need to acknowledge that the type of work that they have done to bring about a turnaround not only financially, but also operationally, is phenomenal. That is why you are seeing a much better performance in this quarter as well as in the nine months of this year.

To add to your question whether kind of is this converted to cash, absolutely. If you look at quarter three itself, when we look at the distribution cash flows, largely Odisha, we have earned about close to ₹800 crores of cash only for the quarter.

That's clear then. Thank you so much.

Oh, yeah. Thank you, sir.

Sir, my question was on your wafer and ingot plant. Where are we right now, and what is our size, and any state incentives?

That was the first question, sir.

This is under discussion. We are examining the technology, equipment, size, all those things.

We'll take some more time to take a final decision.

Okay. In/from China, we're seeing wafer and polysilicon prices increase.

Currently, we have, I think, more than 5 GW under construction. How much of a equity IRR impact does this cause because you would be sourcing some of the raw materials from there, if you can quantify?

If the input material cost goes up, the output material cost also, because this is true for everyone who is manufacturing the modules in the country. We will get a higher price realization in the market.

I was referring to Yeah. Yeah.

Your EBITDA for your utility-scale projects remains the same, but your gross block increases, right? Wanted to understand the equity IRR impact.

Is it like 300 bps, 400 bps, or is it lower?

It is not having a great impact, because we also have a mix of solar and wind in most of our projects. From whatever we know, there is not going to be any substantial impact.

Okay. If I heard you correctly, sir, for excluding third party, next year you are targeting 2.5 GW and FY28 another 2.5 GW?

Is that the way it will happen in terms of your

More than 2.5. More near about 3 GW.

Okay. Thank you.

Hi, sir. Thanks for the opportunity.

Sir, first is on the margin front across your EPC and the rooftop. During the quarter, the margin has fallen across both the segments.

Probably I was of an opinion that with the complete operation of your cell and module capacity, this margin volatility across the EPC should come down significantly. Could you just explain the reason for this fall in EPC margin and rooftop?

I think on the EPC side, we kind of target PAT margin of close to 5% to 6% every quarter. If you look at within quarter to quarter depending upon the true-up, there could be challenges.

By and large, that's what we have been targeting. Also if you look at overall solar EPC margins, it's a very, very healthy margin overall.

Solar rooftop is about 14.5%, and when you look at large projects, EBITDA is around 9.1%. PAT margin, we're kind of delivering on a combo basis at about close to 8%.

This is what it should be on a perpetual basis, right, sir? Sustainable basis?

That's what we think, because even quarter three, when we look at quarter three margins, PAT margin is 7.6%, and nine months is also 7.8%.

Okay. Secondly, on a debt profile, sir, I can understand on the regulatory side where debt can go up.

Say, for companies like Maithon and your coal SPV, the debt across the respective businesses has largely remained stagnant. Any timeline on when can we expect the debt reduction happening over there?

I think the debt what we see on a consol basis, we have a debt-equity of 1.2 and debt to underlying EBITDA of 3.4. We are on a very, very comfortable journey.

Given that we will be spending close to ₹15, ₹20, ₹25,000 crores of CapExes every year, we will have debt in the books. We want to ensure that we maintain our debt-equity and debt-to-EBITDA profile on a very, very conservative basis.

Yeah. Fine, sir.

On a consol, no issue. Just on these two segments, I wanted to have your view, whether we should expect any kind of a debt reduction happening from here on, or it would largely remain at a similar level?

You're referring to which segment?

Maithon.

For Maithon and coal SPV.

Maithon is a regulatory asset. We're not doing any CapExes.

As per the regulatory asset, we will keep on earning the cash over there, and to that extent, the debt will only reduce. Coal SPV is debt-free.

Yeah.

Fair point, sir. Very much useful.

I'm done with it. Thanks.

Yes, hi. Actually, I had a question more at a sector level to understand.

We've obviously seen renewable awarding pretty much dry up, and there seems to be some sort of deadlock here with almost 40 GW of PPA unsigned. Just to understand your thoughts, what's the pushback the DISCOMs are having on signing PPAs, and when do you think renewable awarding in the country can sort of come back?

I think the renewable projects are getting delayed because of the connectivity issue. Till such time new evacuation lines are set up, the pace at which the renewable projects are coming up will be a little slower.

All the existing connectivity approvals have been given, and there is no fresh approval being given. Until and unless that happens, there's no point in tying up huge renewable projects.

I think we'll have to see how quickly some of the bids come up and some of these new lines are awarded so that the project pipeline can be suitably developed. Right.

In that context, how do you look at a country level, let's say, renewable additions happening? Obviously, last year has been a fairly good year for India, but do you see risk to that number sort of slowing down for the next couple of years?

I think at least for next two years, we have a lot of renewable projects as also transmission line projects which are under implementation. To that extent, I don't think this will slow down to a very large extent, and we should see a good momentum at least for next two years.

Right. Just one confirmation I wanted to have.

For all the renewable projects that let's say Tata Power builds on their books, you will be using your own manufactured cells. Is that understanding correct?

Absolutely right.

Okay. Within that, 2.5 GW of renewables expected to get commissioned next year, how much would solar be out of that?

I think it's now about 50-50.

Okay. Got that.

Those are my questions. Thank you.

Yes, hi. Thank you.

Thank you for the opportunity. Just want to ask about the cell and the module business.

The profitability currently is, of course, phenomenally pretty high. I understand many of the other companies have not able to ramp up their cell plants with a good yield on time.

How do you see the sustainability of these margins, let's say, beyond next 6 to 12 months? A connected question will be for your rooftop solar business margins as well.

How much of your rooftop solar margins are currently benefiting from this policy support of the ALMM requirement for the cells, because you have your own cells, probably that positions you to make a higher margin? How much of that margin strength is because of this benefit, and how do you see the durability of this advantage if the cells become more widely available in the market?

Thank you.

Very short answer for your long question. This will be much, much better going forward.

Once we have learned how to run the plant, it will only improve. It will not become worse.

Understood. Thank you.

thanks for the follow-up. If you can just help us currently how's the Indonesian law situation evolving?

Have they levied the export tax, and who's kind of bearing it? Are you passing it on?

Are the producers taking some impact on the margins? How is it going through in Q4 now?

There is no impact. At least we have not heard or seen anything.

We are not expecting any impact

for us. Sir.

Thank you.

Thank you, everyone. During the last 1 hour, we heard a lot of questions on renewables, but very few questions on distribution.

I think we had taken all of you to Bhubaneswar and shown you the type of work and the phenomenal improvement that has been there. We need to consider it, because there are not many players in this country who have this sort of skill set, knowledge, and experience.

Considering that a lot of distribution opportunities will come in future, I think suitable justice should be done with distribution business in your analysis. Please consider that also.

We should not just get carried away by few areas where there are too many players, and I think margins are a challenge. With that advice, I would like to close.

Thank you all. If you have any queries, please connect with Anshul and Kasturi, and any questions you have, please ask them.

We'll try to respond to you. Thank you.