Good evening everyone, and thank you for joining for this call. I have with me my colleagues: Sanjeev Churiwala, the CFO; [J.

V. Patil?]

, the Group Financial Controller; Kasturi, chief treasury and investor relation; Anshul; and other colleagues from finance and corporate communication. Before I share with you some of the major highlights of the Q4 performance as also of the year, let me just quickly share with you our understanding of the power sector in last few months and as of now.

We saw in the last quarter that the increase in demand was very modest, of 2%, and we are now seeing from April onwards that the demand has gone up by 5% to 6%, and the peak power also has touched 256 GW. We do expect that in next 1 to 2 months this will cross about 270 GW, and this is because of the heatwave that we see across the country, and also because of the prediction that we will have a severe impact because of El Niño.

We do expect that the demand will increase both in terms of peaking requirement and energy requirement, and we are already seeing in many places: Mumbai has crossed 4,600, Delhi is more than 6,500, and so also many other places we are finding that the demand is going up. Fortunately, in our country, our power systems are very stable.

The increased demand is met mainly by our coal-based plants and hydro plants, and also renewables—solar and wind—is supporting them during solar hours and wind hours. We have also seen that for our imported coal-based plants there has been no impact per se.

There is adequate supply of coal that is coming. There is, of course, a small increase in the prices of coal and shipping, but those are very, very nominal increases that has been seen in last 2 months.

Coming to the financial performance, I think Tata Power has posted a very strong financial and operational performance in FY26. This is in spite of the fact that Mundra did not operate for 9 months, and we have, for the first time, have reported a full-year PAT of nearly more than 5,000 crores, and a EBITDA which is also gone up by nearly 11% to 16,090 crores because of the strong performance of our existing businesses of generation, transmission, distribution, and renewables.

During the quarter also, we have seen our EBITDA has jumped by nearly 10% to 4,216 crores compared to 3,829 crores last year. PAT has gone up by 8% to 1,416 crores compared to 1,306 last year in the same quarter.

This, of course, has been driven by all our businesses. I had been sharing with you that our solar cell and module manufacturing plant is doing exceedingly well.

We have stabilized the operations of the plant and the yields are very good. We have seen during the year the plant has delivered a PAT of 857 crores, which is more than double of the previous year.

Similarly, rooftop solar has done exceedingly well with doubling of the installations, and we have also seen, not only in the quarter, but through the year, the performance has been exceedingly well with a PAT of nearly 500 crores, 499 crores. Odisha discom has done exceedingly well.

In the previous year, the whole year PAT was just 439 crores. This year, we have a PAT of 809 crores.

In our utility-scale renewable, we have been able to commission a large number of projects, and in-house projects which have been commissioned have started yielding results, and we do expect that the nearly 5 GW of projects which are under implementation, and these are all in-house projects, 50% of it will be completed in this financial year and the balance 50% in FY28. Very robust pipeline of projects, and we are on top of them in terms of implementing and start generating power from all those plants in the coming 2 years.

We did have a challenge of Mundra and because of that we had issues about the shipping profit also. That is a thing of the past.

We have now concluded the SPPA with Gujarat and we are in the process of finalizing it with all the other four states, which we expect in next 4 to 6 weeks we will complete. They are in very advanced stage of approval in these governments.

We are already operating the plant under Section 11, but with an understanding that the tariff will be as per the SPPA, and that has been accounted for in our quarterly results, and going forward it will be accounted for in our operations. Our distribution business everywhere will continue to grow and we will have large capital expenditure as planned in our large utility-scale project, as also in our hydro projects in Bhutan, and the pumped hydro project that we are implementing in Bhivpuri.

We have informed you that we are going to start work in our new 10 GW of wafer and ingot plant in two phases, and that will cater to our existing operations of cell and module plant, which will require Indian-made wafers from 1st June 2028 onwards. We do feel that all our businesses which have now stabilized will give very good performance in the coming quarters.

On the balance sheet also, I find that our debt is at 56,000 crores, and this is in spite of a capital expenditure of nearly 13,000 crores in the last financial year. Our leverage ratios are very stable.

Net debt to underlying EBITDA is 3.3, and our net debt to equity is 1.2, which is very competitive for infrastructure and power industry, and we do expect that we will maintain similar discipline while going forward with our new investments in the coming years. As we have been sharing with you, we believe in growing, but the growth has to be very calibrated so that the financial discipline and the balance sheet discipline is maintained.

We are committed to enhance our generation capacity as also enhance our transmission, distribution, and hydro generation facilities in the country, as also in Bhutan. We will continue to perform exceedingly well in the coming quarters.

With this, I will conclude my part of sharing my thoughts on the company, as also on the power sector. I do look forward to hear from you and take your inputs, as also take your questions and respond to them.

You can please start asking the questions.

Good evening, Dr. Sinha.

You mentioned in your opening remarks that the capex for the financial year has been 130 billion rupees, which is meaningfully below the guidance that you had given to us in November in Odisha, which was 250 billion rupees. What really led to that guidance with 4 months remaining in the fiscal seeing such a sharp decline?

What is your realistic guidance for FY27, and what will it comprise in terms of the end projects? That's my first question.

Sumit. I agree that our guidance was, I don't think 25,000 crores, but it was I think about 20, 22,000.

We have fallen short because some of the projects that we were planning to execute in the last quarter could not happen. These projects are typically relating to the large utility-scale projects, solar projects or wind projects, or are the transmission line projects.

Many of the places, the right of way got delayed. Many of the places, the transmission system was to be done by someone else under the TBCB.

We were supposed to use that transmission system for evacuating. That got delayed and you have seen there have been large number of reports of many TBCB projects, specially ISTS projects getting delayed.

We are now in this quarter trying to complete some of the projects, around 600 MW of large utility-scale. Similarly, in the pipeline are some of the transmission projects that we are executing as the ROW issues are getting resolved.

These are not that these will not come, it's just that the phasing has got impacted. Those which we missed out in the last year, we will complete all of them in this financial year.

That's why our target of yearly investment continues to be the same, and there may be certain deferment by a quarter or two, but otherwise we are very much on track.

Sure. Now sir, I was referring to the slide in your Bhubaneswar presentation which shows 25,000 crores of capex.

The second question is on the Delhi distribution business where in the last two quarters, there have been favorable prior period regulatory orders. The quantum was 4.6 billion rupees in Q3, it was 3.2 billion rupees in Q4 at the EBITDA level, and the profit level positive impacts have also been shown.

Can Mr. Sanjeev sort of clarify what is the entire benefit that you have taken because of prior period regulatory orders at EBITDA and profit level in FY26 and FY25?

How much is expected, or it is very difficult to predict, but what sort of claims do you think are rightfully yours which are yet to materialize because these are meaningful deltas in the quarterly results? Let us say for FY27, is there any expectation that we should have or we should budget for a decline in reported numbers for Delhi distribution?

Sumit, what you're saying is relevant, but there is a little context to that. The good part is whenever you see the regulatory upside, those are pertaining to matters a few years back.

Either those regulatory approvals were denied or deferred. As a result, we are very happy that many of those past regulatory clearances are now coming in.

This is not the first time that we are getting this clearances; this happens every year. In fact, if you look at F'25, we had about 333 crores of regulatory approvals coming in.

This year, as you rightly picked up, 783 crores is reflected. Next year, too, we will have something, but to quantify at this stage, it might be very, very difficult because they are a pipeline of regulatory asset that we are kind of contesting and discussing.

As you're aware, it's very difficult to predict an outcome on a regulatory settlement or regulatory clearances. Yes, we would expect some amount to materialize.

Now whether that is lower or higher, sitting today is very difficult, but my sense is, as and when every quarter passes on, we should be able to give you a better understanding on that.

Sure. Just one last bookkeeping question: what is the IPP RE capacity that you expect to add in FY27?

What will be the phasing of that capacity? Would it be right to expect that for the solar component the module and cell would be supplied from Tata Power's own manufacturing unit?

The second question is very clear forward, that's the whole purpose why we have put up the cell and module manufacturing. I think that way we are kind of quite integrated, that we are able to kind of have the entire lineup of cells, modules locked in for all the pipeline.

As you can see, we have about 5 GW of pipeline as we speak, and a lot of things will start materializing this time around from quarter one onward. From a capex phasing point of view, I think we'll see in the current year a lot of consistency coming in.

Also,

Sumit, last year we did huge amount of third-party projects. This year, we don't have third party, everything that we will do will be in-house.

Last year we did about 2,500 MW of total project implementation, you can imagine that 2,500 will be virtually internal that we will carry out and maybe a little more than that.

If you deliver, for instance, 2 GW of solar projects, then the requirement of module, cell will be 2 * 1.4, the multiplying factor, about 2.8 out of your capacity will go into, in this example, it will go into your own capacity addition. Is that the right understanding?

Absolutely, and then we have rooftop. Whatever we are going to manufacture, we are virtually going to meet our own requirements, yeah.

The inter-segment elimination should basically reflect that in FY27.

Yes.

Those will be largely around the RPT compliance in terms of the margins, but are very, very consistent, so that should not be posing a problem for you to kind of do your modeling as well. I think you kind of alluded to the 2 GW of commissioning next year, which is kind of a ballpark number that we are also looking at.

If everything goes well, maybe it could be slightly higher than that. No, but

everything is not solar, so—

—solar and wind combined.

Solar and wind combined is there. Solar would be about 1.5 to 1.8.

It will not be 2.5.

Got it. Thank you so much and thanks for the wonderful disclosures.

Thank you once again.

Thank you so much and congrats for good performance. My first question is on Odisha.

You've been giving phenomenal performance year after year. Do you still see room for more efficiencies or should we sort of pencil in future growth more from regulated equity growth only?

You will get to see much better than this in the next financial year. I think next financial year possibly will be the best year for Odisha discom because many of the initiatives that we had taken in the last few years have started showing results.

Some of the initiatives were taken last year, and the impact of it you will see in this year. I think Odisha performance next year should possibly peak in terms of the type of results you

will get. That's very interesting.

Second is on the hydro side. You have started taking large exposures to hydro now.

Is the PPA already in place or would you be looking to sign PPA in some time?

It is in advanced stage of approval. As you know that while the PPA is agreed, it has to go through a regulatory approval process.

That process is under final stages, and we do expect in next few months that approval will come in.

Understood. Lastly, if you can comment on the regulatory asset wind-down in Delhi discom.

Supreme Court had indicated an intention to wind this down. Any progress there?

Both Supreme Court and APTEL are monitoring that, and the regulatory commission has promised that this will be amortized over 7 over 6 years up to 2032. We are closely monitoring that.

They have already given an affidavit under which they will amortize it, and we expect that it will get implemented as per the affidavit that they have provided.

Understood. Excellent.

Thank you so much, and all the best.

Thank you for the opportunity, sir. Can you provide some color on the Gujarat SPPA?

What is the agreement over there, if we are sharing any profitability on coal? What's the quantum?

Gujarat SPPA details we have already shared. Since it is also under discussion with the other four procurers, more details finally what is agreed we will share once everyone signs on the dotted line.

Sir. In your disclosure for renewable business, we see that the PLF for solar is lower due to lower resource availability and also there's a comment on curtailment.

Can you quantify the impact of curtailment in FY26 and your expectation in FY27?

The curtailment are happening in few places. That also is not on a continuous basis.

Very difficult for us to say that how much of curtailment will happen. Also, some of the lines have been commissioned, it is not that there is full curtailment, in some cases, at least 60% they have allowed to evacuate, in some places they have allowed 80%, in some places it is 20-25%.

It's a moving target which is there, and we continue to work with the transmission companies and CTU to ensure that the curtailment is reduced, and we are able to evacuate all the power. In cases where we have the GNA and curtailment takes place, there of course we are reimbursed the cost on deemed supply basis.

Sir, for next year, the FY27, the target we have for adding solar capacity, do we have permanent GNA for all those substations or some of it is still on temporary GNA?

No, now we are being extra careful and that is why some of our capex which we had planned last year got deferred because we do not want to set up the plant and be on temporary GNA. We have been very cautious now and we are only commissioning or completing the project if we have certainty on the transmission line and the permanent GNA happening.

That action has been taken now.

Makes sense, sir. Sir, lastly, if you can provide some color on the Indonesian coal prices, especially after the West Asian war, the index is backward-looking, what's your take over there, how the prices should move this year, as well as there was some news flow around potential tax imposition by the Indonesian government on coal mining, if we can have some view on that as well, it will be very helpful.

One is on the coal prices, there has not been too much of movement, and we expect that our prices will be within ±5% in that range. We're not expecting too much of deviation.

The second is that we are hearing that there will be some more taxes that will be imposed on export of coal, but this has been under discussion for last many months, let's see what eventually gets decided. See,

we have shared some details on the thermal coal prices, also including Indonesian coal prices, in slide 24 of the analyst presentation which is uploaded. You can have a look at that later on.

Virtually flat for Indonesian coal.

Sure, sir. Sir, lastly, if I may just squeeze in one more, in your cash flow statement, there's an item of movement in balance related to service concession agreement.

Sir, what is this regarding because we see it has been a drag on cash flow for this year?

Capex related to SCA arrangement, TBCB project. Capex related to TBCB project.

It is there in the working capital.

It's a drag because, sir, revenues have not been recognized?

It is related to capex spend on our service concessional arrangement. It's one type of capex only, which is shown in the capex in the investor presentation.

Ideally it should be added to capex. Understood.

Yes, it is apparent from the presentation.

No, I am good, thank you. I'll get back in the queue.

Thank you for the opportunity, sir. Sir, my first question is on the Mundra plant.

Is the entire plant operating under the supplementary PPA terms or is it only the Gujarat part? Is the rest operating under Section 11?

The full plant is operating, all the five units. The Section 11 is to facilitate the operation of the plant and give time to the procurers to get their necessary approval.

The billing that is being done is being done as per the SPPA, as per the overall understanding that has been reached with them, as well as with Ministry of Power.

Understood. My next question is on the key growth drivers.

Which segments do you see to contribute most in the coming next 2 years for the EBITDA growth? The

key growth drivers for the

next 2 years—next 2 years,

all I have explained to you, all these businesses will give good profit and good returns. Generation, transmission, distribution, renewable, and renewable manufacturing, rooftop, utility-scale.

Each of these businesses are doing very good. We had a drag on Mundra, that also is behind us, you will see excellent performance going forward.

Understood. That's it for now.

I'll get back to the queue, sir. Thank you.

Hi, thank you. First question on the supplementary PPA and the coal mines.

In the past, I think we were meant to understand that once you sign the supplementary PPA, then maybe you'll look to monetize the coal assets. Is that thought process still intact?

Let's say if you sign the supplementary PPAs in the next few months with other states, would you look to start the sale process sometime this year? Just trying to understand where you are on that coal monetization.

It also depends what sort of opportunity is there, what sort of valuation we'll get. If the coal market is good and we get a good valuation, we can always look at that.

It's a little premature. Let us first sign with everyone and then see how the market is there, and at the right time we'll take the decision which is benefiting us.

Fair enough. Finally, just a clarification on the RE captive use of modules and cells that you mentioned.

As per the order, any new tender after 1st September, the developers have to use domestic cell, but there's no mandate before that. Given the tariffs that you bid for don't reflect that domestic cell requirement, why would you look to use domestic cell in your FY27 commissioning, given I believe this year you would be commissioning projects that were awarded before September '25?

I'm just trying to understand there. Secondly, would be solar rooftop.

You executed 1.7 GW, which means almost 20% market share. Is that something you're looking at in terms of FY27 also, that that market share has remained intact despite competition?

Just trying to understand what is the opportunity you're looking at next year and what's the market share you're targeting?

We are definitely looking to enhance our market share, and our target is that in next 3 years we will cross 20%. Having said that, we expect our rooftop business, you have seen last year it has grown by 100%, and I definitely expect in this year also it will grow substantially more than what is expected from the market at this time.

I do expect that in FY27 the rooftop business will grow if not by 100%, at least by 50-60%. You will see exceedingly good performance from rooftop business going forward.

I also expect that most of our rooftop, and that for rooftop if we have to get the government subsidy, then it has to use Indian-made cell and module. That will be catered from our existing manufacturing plant.

Also, in going forward, effective 1st June 2026, you have to use only Indian-made cell, and many of the projects are not grandfathered. Some of the projects which will get implemented in FY27 will require Indian-made cells and modules.

I think our manufacturing plant is very well-positioned to cater to large utility-scale as well as to rooftop solar.

Got it. Thank you so much.

Sir, I missed the FY27 capex guidance. Could you please repeat it?

FY27 capex

in the same range, it's about 25,000 crores. That is what we are expecting.

As I mentioned to you, those projects which we missed out last year, we will ensure that those get completed in this financial year. These are range of projects, these are not just large utility-scale, but it is also including the distribution projects and the transmission projects and the hydro projects where work is going on.

Sir. Thank you.

Good evening and thanks for the opportunity. My first question on the note number 5 of the consolidated P&L.

There is a mention of 250 crore deferred tax asset. Can you clarify whether we need to adjust or increase the taxes by 250 crore to arrive at the profit for the quarter?

As you're aware, this is a deferred tax non-cash. Basically, I think I will give you some genesis as to where it is coming from.

We had, of course, a lot of carryforward losses, and of course, when you look at the standalone books, everything has to be adjusted against the standalone books to recognize this. We have better visibility of profits in the subsequent years now, and we feel that some of the carryforward losses can now be utilized within the timeframe.

As such, from a statutory purposes, we have to recognize the deferred tax in the books, which we have done in quarter four now.

This has impacted our consol profit also, right? Consol profit, positive

impact. Of course.

Understood. My second question is the Tata Projects.

It was making losses prior to FY24, 2024, I guess. '24 was the first year, I think, where we started making profit.

FY26 again, I think there is a loss, FY25 there is a loss, FY26 again there is a loss. What is the outlook on the same as we enter FY27, FY28?

Do you think the losses will get restricted now?

What has happened in Tata Projects is they had legacy projects such as the Dedicated Freight Corridor project, the refinery project in Barmer, and some other projects which are there. Fortunately, all those projects have now been completed and very little of it is left.

We expect that those legacy projects' impact will be very minimal going forward. The subsequent projects that Tata Projects have got have good margins and I do expect that in FY27 it will be in black and it will start making profit from FY27 onwards.

One more question if I can squeeze in. We haven't seen accretion to your under-development RE portfolio for a long time.

How are you thinking about bidding for new assets for renewables, given of course the structural headwinds right now? Do you want to remain on the pause or do you think we can start adding to the portfolio from FY27 onwards?

As we mentioned to you that many of the places, there were two challenges: one was the transmission lines have got delayed and there's no point in taking a project and not able to implement it because the transmission system or the power evacuation system is not ready. Secondly, we have now come up with unique solutions where we can offer renewable projects along with storage projects, with pumped hydro project.

Going forward, we are looking for that sort of arrangement. These type of arrangements are not only with utilities, but also with large C&I customers, steel companies.

We are in discussion with Tata Steel and some of the other large data centers which are coming up. We do expect that going forward, we will not do pure solar or pure wind, but it will be hybrid with storage, and those will be much attractive in terms of the returns compared to the type of projects which have been bid out in the last 2 years.

Understood. Thank you and best of luck.

Sir, hi. Am I audible?

Yeah. Yeah.

Sir, in terms of commissioning, I think you've mentioned we'll be adding 2.5 GW this year and 2.5 similar number next year. Further, 1.5 to 1.7 GW is solar.

If I look at the pipeline, then solar number is pretty small at 600-odd MW only. Are we adding FDRE or complex FDRE?

I think if you can give color or maybe a breakup of 2.5 between these.

Those details are there in which slide it is there?

Slide

7. 7.

77?

In slide 7 we have given the breakup, and those are the type of projects that you would see which will be combination of solar and wind. I agree that there are large number of wind projects which are there, and for that we have already tied up all the wind turbines which have to go, and we are going to implement all those wind projects apart from the solar projects.

These are all hybrid projects, these are not standalone solar or standalone wind, but these are all part of the hybrid, FDRE projects that we are executing.

In case you are only referring to this

and

you're looking at pure solar, you should also look at FDRE and hybrid. They will also have component of solar as well.

Okay. Is it fair to say that a large part, only 1.6, 1.7 GW will be FDRE in this commissioning?

It's a combination of all of this, but larger chunk will towards hybrid and FDREs.

Got it. Then, in terms of commissioning, I think last year for our business we have added the 1-odd GW, and now we are seeing probably a pick-up for us.

Is it fair to say probably the issues on transmission and other infra-related issues that are kind of behind us and probably things are much better?

Everything is behind us, but yes, some of the areas where it had got delayed, they are now coming up, those projects are coming up, and we should be in a position to match our project implementation with the power evacuation timeline.

Okay. Maybe one last thing, anything that we can share that we are doing at Tata Power for nuclear as such, and anything that you're seeing, any traction that is happening on the ground?

That's my last question, sir.

On nuclear, we had shared with you that we have working with three state governments. We have identified the land.

We have also taken up for water allocation, for which necessary approvals have been given to us and some are in pipeline. We are also carrying out detailed geotechnical studies of each of these, and nuclear plants require different types of geotechnical studies, those are under progress.

We are now doing detailed DPR of projects to be set up, and this will be done in collaboration with NPCIL. These are small modular 2 * 220 MW plants, and we do expect that some of them, specially some of the states, we will be able to do a proper DPR in the next 6 months' time.

We are also parallelly working on some of the other aspects which needs to be finalized with Nuclear Power Corporation. Quite detailed discussions, but it will take some more time for us to finalize the arrangement.

Okay. When you say DPR, probably in terms of megawatt and all, it's still kind of WIP as of now, that is.

I told you 2 * 220 MW, 440 MW.

Fine. I think thanks for answering all the questions, sir.

Thank you.

Hi. Thank you.

I had just one question. I know the company has taken a stance to not add any new coal-based generation capacity.

Wanted to check if there is any change in that view, given so many states are coming up with coal-fired power plant tenders.

We are examining that. If there is a good opportunity and we find that the tariff is attractive and it's a bankable PPA, we'll definitely look at those.

Understood. If I may ask just one more question: I think an earlier question on the use of domestic cells you are producing, I understand the use for the rooftop solar segment, but on the utility-scale side, most of your tenders are pre the 2025 date, ideally they should not be needing DCR cells.

Anything I'm missing there?

I think some of them do require domestic, we are working on that because they were bid under those conditions that you will be using domestic cell and module. Out of the projects that we have, we find that majority are with domestic cell and module.

Okay. Understood.

Thank you. Those are my questions.

Good evening, sir, and thanks for the opportunity. I had a couple of questions.

On your slide 7, the current operational capacity is 16.7 GW and including pipeline is 26.3, which means an addition of 10 GW. Is this the FY30 figure, 26.3, or how should we take this figure?

That was the first question.

This would be I would say FY—

—current pipeline which will go in—

This is the current pipeline. This includes the 2,800 MW pumped hydro at Shirwata where the work will start in this financial year.

All the existing, that means the Bhutan hydro 600 + 1,125 where we have already signed the financing arrangement with World Bank. This takes care of all.

Some of them will come up in 2031-32, that is the 1,125 Bhutan project will come in that year. Some will come in '30-'31.

Of course, all these solar and wind projects will come by 2030. Sir,

your capex figure of 25,000 crores, if you take an addition of 2 GW per annum, then the capex is roughly about, say, on the higher side, maybe 12 to 15,000 crores. Does this mean that 10,000 crores of regulated capex will happen in FY27?

No,

I think it's not about regulated capex, but a combination of all the capexes that Dr. Sinha spoke about.

Of course, if you look at 2.5 GW of pure only solar and wind, that, as you rightly said, that could be 15,000, but then you have capex coming up in pumped storages, capex coming up in pure hydro. A combination of all of this—

—transmission—

—in transmission as well. I think a combination of all of this next year is 25,000 crore.

Our sense is probably going forward also, we'll have a similar kind of capital outlay.

For FY28 as well, you're saying?

Yeah.

Okay. Sir, my last question is we have signed the SPPA with Gujarat, of course.

Now if there is an export duty or royalty which comes from Indonesia, then how does that work with the SPPA, and how does it impact the negotiations with the other states going forward?

Coal cost is a pass-through, whatever is the cost of coal will be paid for. That's the type of arrangement that we have.

Including a major royalty change?

It's a coal cost, FOB cost, it has to be pass-through, whatever is included in that.

All right, thank you.

Hi, sir. Thanks for the opportunity.

Sir, need one clarification on how should we read slide 7 and slide 32 together. Because slide 7 where we have highlighted 5 GW of renewable capacity, of which I guess 1 GW is a combination of plain wind and solar capacity, whereas we have 4 GW a combination of I guess 2.5 of FDRE and rest the hybrid project and the RTC.

If I see your FY32 slide where we have highlighted the timeline of the FDRE and hybrid being getting commissioned, the contracted capacity comes only to the tune of 1,200 MW. Does the 5,000 GW of renewable capacity is the actual installed capacity or the contracted installed capacity?

Because to the prior question, you have mentioned that we'll be adding 2.5 GW each of IPP projects. This is the contracted 2.5 or the actual capacity?

It is the installed capacity.

Contracted.

Contracted for FDRE and IPP.

No, installed capacity.

Installed capacity is given in the slide 32

in the third row.

Sorry?

On slide 32, Anuj, we have given the installed capacity, and the heading is the contracted capacity. Contracted will be lower than the installed.

When we give the guidance, we gave it on the installed capacity.

Exactly. Anshul, when we have mentioned that 4 GW of hybrid and FDRE, does that translate to around 1,200 MW of contracted capacity?

Is my understanding correct or there are few more capacity for which the details are not here because the PPA or the approval are yet to be received?

You're right, by and large, in all, that is what it creates.

Okay. My second question belongs to your Odisha projects.

Again to a prior question, you mentioned that next year probably will be picking out in terms of the performance. Apart from northern circle, I believe other areas still hovers in the range of 18% kind of an AT&C.

What kind of loss reduction trajectory we can assume for the other three circles and to what level it can go? North Odisha is already at around 10%, whereas others are already at 18.

To what level we can expect the loss to further go down and by what timeline,

sir? There is a trajectory that has been agreed with the Odisha regulator and based on that we do expect that all of them will come in 12% to 13% range in next 4 to 5 years.

You can expect that we will reduce about 2% every year, that sort of deduction will be a ballpark number.

Okay. You mentioned about 4 to 5 years, right, sir?

Yeah.

Okay. Thank you, sir.

That's it from my end. Thanks for the opportunity.

Thank you. Sir, I had a bookkeeping question.

In your Q4 profitability for IEL, we see an increase of almost 63 crores, and then similarly for Mumbai transmission as well, up around 50 crores. Given the regulatory nature of these businesses, is it safe to assume that there was a significant asset capitalization or are there any one-offs?

This is more the deferred tax part, right? In IEL.

One of the plants got commissioned, it's an asset which has been added because of that.

In IEL?

Yeah. In transmission also.

Okay. This increase is recurring for transmission business?

No, no, that depends upon the asset capitalization timing and the deferred tax that is created because of that. I think it's not a yearly phenomenon, but depends upon the asset capitalization and the profitability of that particular plant.

Same thing in IEL as well?

IEL also. I'm talking about IEL.

Okay. This on Mumbai transmission?

It is based on capex only.

That is also capex.

That is based on capex, pure capex. It is recurring.

Okay. Thank you so much.

Mumbai transmission adds every year 1,000 crore of capex. On a 70/30, you'll have return on equity on 30%.

That's what you need to consider. Plus certain O&M benefits and all.

Very clear, sir. Thank you.

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