Thank you. Good evening to all of you, and thank you for joining Torrent earnings call of Torrent Power for Q3 FY26.

First, I will take you to the performance of the quarter, after which phone lines will be open for the Q&A session. Let's take the performance of the company at PBT level first, then we'll take you to the tax expenses separately.

Reported PBT for the quarter stood at ₹805 crore as compared to ₹630 crore in the corresponding quarter of last year, an increase of ₹175 crore, that is, of 28% on a reported basis. PBT for the corresponding quarter of the last included non-recurring income of ₹77 crore on account of sale of cable business.

Adjusted for this one-off, PBT for the quarter stood at ₹805 crore as compared to ₹553 crore in the comparable quarter of last year, an increase of ₹252 crore, that is, 46% on an adjusted basis. Tax expenses were lower during the quarter as favorable regulatory orders received during the quarter are eligible for the tax exemption.

Business-wise factors contributing to the performance of this quarter are as follows. First, contribution from thermal generation business reported an increase of ₹163 crore, mainly on account of three factors: first, receipt of favorable orders from the regulators; second, lower contribution from sale of merchant power and LNG by ₹75 crore; and foreign currency fluctuation, other expenses resulting into the higher expenses to the extent of ₹35 crore.

Second, contribution from the distribution business increased by ₹106 crore, mainly on account of three factors: first, improvement in T&D losses at distribution franchisee units, partially offset by the higher T&D losses in the licensed distribution business; second, additionally, contribution from licensed distribution business was supported by increase in ROE and ROCE on account of capitalization of the assets, higher rate of returns on equity as per the new tariff regulations and other incentives; and third, receipt of favorable orders from the regulators by ₹41 crore. Third, incremental contribution from renewable generation increased by ₹24 crore, mainly on accounts of higher PLF from the existing wind power projects due to better wind resources, coupled with the contribution made by the newly commissioned solar capacity of 285 MW.

Fourth, other factors contributing to lower profitability was on account of two factors: first, increase in miscellaneous expenses and depreciation, partially offset by reduction in finance costs on the back of prepayment made in Q4 of FY25. This completes the explanation of the financial performance during the quarter.

Moving on to the project update. First, during the quarter, RE pipeline increased by 500 MW.

For 1.6 GW thermal project, power purchase agreement, power supply agreement has been executed with the MP Power Management Company Limited, contract for balance plant and machinery has been awarded for the projects. With the progressive commissioning of 360 MW MSEDCL project, aggregate installed generation capacity of the company stood at 5 GW as on December 31st, '25, comprising of 2.7 GW gas-based project, close to 2 2 GW of renewable capacity, and 360 MW of coal-based capacity.

Pipeline projects are as the end of the quarter includes 4 GW renewable capacity, 0.3 GW of pump storage capacity, 1.6 GW of coal-based capacity, and two transmission projects at Khavda and Solapur. Further details of the pipeline projects having summarized in our latest investor presentation available on the website.

That's all for the current quarter. Now, I request coordinator to open the Q&A session.

Wish everybody to stay safe and healthy. Thank you.

Handing over to the operators.

Yeah.

Good evening to the team. I have two questions.

My first question to Mr. Saurabh is: Torrent Power has expanded across generation, distribution, and renewables.

Growth often brings some pressure on cost and cash flow. Going forward, how will you balance investing in new renewable projects with keeping debt and margins under control?

What clear signals will tell you it's time to slow expansion and focus more on the financial discipline? Want to understand your point of view on this.

Thank you.

In terms of financial discipline, if you look at our leverage ratio are quite comfortable. For example, our net debt-to-equity ratio is 0.40 as on March '25 and net debt-to-EBITDA is a 1.41.

Company is underleveraged company right now. With this investment, our leverage ratio will remain comfortable, I would say, in terms of our current investment plan.

We are maintaining financial discipline and improving our return on equity and ROCE going forward once we implement all these projects in pipeline right now.

Thank you. My second question to Mr.

Shah is: again along the similar line, just want to understand the plan of action basically in this. Fuel cost and regulatory changes can have some impact on the profits, I believe.

What financial disciplines do you use to protect the returns, for example, do you have a minimum margin requirement, a debt ratio that you won't cross, or a cash cycle targets in mind? How do these rules shape your investment and decision-making process?

Want to understand that. Thank you.

Generally, the new projects are being financed at 70:30 or maybe 75:25 debt-equity ratio. That is what typically we do the financing.

In terms of if you look at the sector per se, there are lots of investment opportunity throwing up by the sectors. Yes, we do have investment plan, but we are mindful of our financials metrics, I would say, in terms of debt-equity ratio and net debt-to-EBITDA ratios, and which is very comfortable.

If you look at the peers also is very going aggressively, definitely we will remain lower than the peers and we will be comfortable with those kind of ratios, leverage ratios.

Thank you, and best wishes.

Thank you so much.

Good evening, and thanks for the opportunity. First, I think it's been a fairly strong P&L performance in the quarter.

Just wanted to understand a few numbers here. You mentioned that there is increased contribution from gas-based power plants because of some regulatory benefit as well as higher merchant and LNG sale contribution during the quarter.

What is the size of the regulatory benefit, and we hadn't seen much merchant generation in Q3 based on the PLF numbers, is that ₹75 crore number that you mentioned mainly coming from LNG gains? That's the first question.

The contribution from the merchant and LNG is lower in this quarter, not higher, I would say. That is what we would like to clarify.

It's lower basically by ₹75 crore as compared to the comparable quarter of last year. We got some favorable orders from the regulator which has, I would say, added to the bottom line of the company by about close to about ₹270 crore.

That basically explains the extent of the positive surprise, ₹270 crore. Yeah.

What was the regulatory item about?

It is one of the generation projects.

Which one? SUGEN, UNOSUGEN, DGEN?

UNOSUGEN

It's a gas-based generation project we got.

Which gas-based generation project? SUGEN or UNOSUGEN?

UNOSUGEN

project.

Why did this regulatory benefit crop up? What is the background?

This is explaining the entire profit beat in the quarter.

We'll offline call, we'll explain.

Saurabh ji. Saurabh bhai, the second question is related to capex.

Basically in renewable so far this financial year in nine months period, what is the capex that you have incurred, and what is your CWIP in renewable as of December end? Has there been any pickup in pace of capex in renewable in third quarter?

There has been pickup in the capex also in the third quarter because we have to implement many projects together. There has been pickup in the capex in last one or two quarters, and the pace will continue going forward also because we have pipeline of renewable projects as well as pump storage projects, and coal projects is going to be implemented.

There is a pickup in capex also. Sumit, just to add, Q3 renewable projects, we had incurred a capex of ₹1,750 crore.

If I look at the YTD number, it was around ₹3,100 crore. You can understand the increase in the renewal projects capex.

So, ₹3,100 crore YTD, which means six months, we would be around ₹1,500 crore of capex. In this quarter itself, we have done ₹1,700 crore of capex.

Excellent. That is what I was looking for, yeah, perfect.

There is a pickup in capex, and given the transmission constraints and everything else put together of the 4.3 GW odd RE pipeline under construction, what should be the phase-out in terms of commissioning, say fourth quarter and next financial year and the year after that? If you can give us a broad sense, that will be useful.

We can give the sense of about for the next year, we expect to commission about 1.2 to 1.5 GW next year. I think a similar pace we can expect in next year also thereafter also.

Okay. This financial year, FY26, will be a fairly weak year in terms of renewable capacity addition relatively.

Yeah.

Okay. Okay.

Okay. Just one more question.

Power demand growth in the last 15 days has been quite bad. After 22nd of January, it's once again become flattish, kind of power demand growth for almost 15 plus days that we last checked.

Is that something you all have been noticing? Is there any specific reason, and is there any probability of Section 11 getting implemented as we enter into high demand period this year as well?

What is your sense?

One can say that it's an exceptional kind of thing, aberration kind of things, I would say, because if GDP has to grow at 6.5% to 7%, power demand has to grow in a similar line, otherwise GDP won't be growing at that particular rate. The two things basically: one is the last year the demand was very, very strong, the base was very strong last year; and the second is the extended monsoon in the current year has impacted the power demand.

This cannot be a scenario every year, I would say. It has to grow in line with the GDP growth, I would say.

That is what we can say. One should ignore the current year.

One should treat as an aberration kind of things, and one should not look at the current demand scenario, I would say.

I completely agree. Just again, it started happening the last 15 days.

Power demand growth is not there. I hope this does not continue.

Thank you so much, and wish you all the best.

Thank you.

Hi, thank you. Just first wanted to understand discom performance.

First on the sale of units within discom, overall we understand power demand will be a bit flattish y-o-y in the quarter. When I look at Ahmedabad, Surat, and all, most regions you're witnessing decline.

What is in your view driving that decline? Is it behind-the-meter?

Is it something else that's driving this decline y-o-y? Then, maybe can you talk a little bit more about the ROE increase that you've seen?

Historically, if I'm not mistaken, it was 14%. You're saying that this year, there's a increase in ROE for discom.

That in addition to some one-off of ₹41 crore has driven this almost 20% y-o-y increase in EBITDA in discom despite decrease in the purchase of units. Can you explain this discom performance?

In terms of demand, yes, definitely demand is lower this quarter this quarter. As I explained earlier in the call that the it's a aberration kind of thing because of the extended monsoon, last year base was very high.

Both the combined impact one can see in the demand. This is treated as an aberration because GDP and the power demand has to go in line in hand-in-hand with the means line with the demand GDP.

It has to be there. Demand will will definitely come, and at least 5%, 6% one one can see next year.

In terms of

Just was trying to understand the Torrent Ahmedabad, Surat. We understand the power demand has been muted, but Gujarat has still reported positive y-o-y demand growth in third quarter.

What is driving this decline in specific pockets? Is it more residential, rooftop, or something?

Just trying to understand y-o-y decline in certain of your circles.

Satyadeep, if you really look at it, dissect it, Ahmedabad is more of residential, less of commercial. Because of extended monsoons and winters also pretty good, typically this quarter demand goes down, and this year particularly because of good winters, demand in Ahmedabad has gone down.

If you look at Surat, Surat is more of an industrial area, but again that has been impacted because of the diamond industry not being in shape, the textiles also not being going good, because of which Surat also has been impacted. If you look at DNH, it has shown some growth, but again because of the industrial activity, it has not shown the growth which it used to report around 3% to 4%.

I think there are mixed factors involved in each area. You will have to look at from how the mix is there between industrial, commercial, and residential.

Okay. In terms of increase regulated return and one-off, can you maybe

Just going back to your earlier question, you said that demand has gone down, but your ROEs have increased. I just want to clarify that our profitability is not actually dependent on the unit growth for licensed distribution businesses.

It is more dependent on the capitalization which we do as we get ROEs. There is no correlation between the demand and our returns, profitability, I would say.

The second thing regarding carrying cost order, if you look at our regulatory asset, yes, on regulatory asset, we do earn some carrying cost, but we account for the carrying cost when it is approved by the regulators. This kind of order will keep on coming, I would say.

That is what we can say right now. Hello?

Hello?

Sir. Thank you so much, sir.

Sir, most of my questions were asked by Sumit and Satya, but just probably some follow-ups. Sir, in the opening remarks, you mentioned distribution profitability is also improved because of higher capitalization and higher ROE.

Is there some change in ROE rates in any of the circles?

It's 14% to 15.5%, 15% to 15.5%.

Okay. In Gujarat, it has moved from 14% to 15.5%.

ROCE, basically.

14% to 15.5%, okay. This will be applicable for the next tariff period, or three to five years, or is it only for a single year?

MYT regulation, as per MYT. MYT regulation.

Perfect, got it. Sir, does it also apply to your thermal asset, AMGEN, or only for distribution?

No.

It's only for distribution, okay.

Dhruv, just to correct, it would also apply for AMGEN because it's part of distribution business. Distribution, yeah.

It's part of distribution, okay, perfect. The next question is on the renewable execution.

Now you have a decent pipeline of wind assets and hybrid assets to be executed based on your PPT to be executed in FY27. You have I think SECI 15, then TPDL project, and REMCL project.

Sir, we are hearing a lot of challenges in the sector because both mix of transmission issues and mix of wind execution issues, and your near-term visibility is primarily driven by wind and hybrids. If you can help us a bit more in terms of probably, I don't know, the proportion of land that you have acquired, the quantum of availability transmission which is available with you already, which gives you visibility that this 1.2, 1.5 GW can actually happen.

In terms of land, we are reasonably okay. The land is not the issue.

Only thing, maybe the ROW issue everybody is facing, we may face, but we have to handle those issues and we have to implement our execution plan.

Okay. No, because it's a mix of wind and transmission which it seems the challenges generally even higher than solar and transmission.

Just wanted to understand the comfort on the commissioning targets.

We are comfortable, I would say, in terms of implementing this 1.2 to 1.45 GW project next year at this moment.

Okay. Probably the equipments would get available, the wind equipments.

On transmission, do you have the transmission access already, or it's in the applied stage and it is pending commissioning?

Connectivity is all available for the most of the project, I would say.

Okay. The physical substation probably is already commissioned.

That is to be I think, Dhruv, there are two parts to it. One is that you have the connectivity which is yet to be commissioned.

Some of our projects would have connectivity to those substations which are already commissioned. Some of our projects are having connectivity where augmentation or a new substation is getting commissioned.

It will be a mix of both.

Okay. Based on your assessment on individual substation-wise and project-wise, you are reasonably certain of 1.2, 1.5

GW. Yes, yes.

Okay. Sir, generally in the industry the bidding activity is low.

Now if you commission 1.2 this year, 1.2 next year, you're already done through your contracted pipeline, including the C&I projects, of course. You're already done through your even the merchant capacity.

How are you looking at the visibility beyond that given we consider this as a platform business. How about visibility beyond say next two years?

We are bidding for the most of the project, I would say, but we restrict ourselves to our threshold IRR. If you look at the last Q3, we added about 500 MW additional incremental capacities.

We keep on bidding and we keep on aiming for the higher capacities also going forward.

No, I was wondering, can you probably get more aggressive in the C&I project side until the utility bidding happens, or that's a limited market and probably limited

Dhruv, we are already aggressive. Effectively we are there in all the bids or all majority of the C&I consumers.

It's all about the commercial aspect of it. If commercials are feasible, we would definitely want to lock in capacity.

As we have stated earlier also, I think our aspiration is to reach a 10 GW of renewable capacities, which we look at it. If commercials are favorable, we will definitely want to lock in those.

In the past also, we have seen that one, 1.5 years the capacities were not growing, suddenly in six months, we had built up 3 GW of capacities. Those opportunities are available in the market.

As and when available, we'll be able to catch that.

Sure. Just one clarification: the 1.2, 1.4 is at the AC level, or is it the DC level?

Is it megawatt peak or megawatt?

AC level.

This is DC level? Okay.

Perfect. Got it, sir.

Thank you so much. Thanks, and all the best.

Thanks.

Hi. Sorry, I got disconnected.

One question on the PSP, in the presentation you mentioned October '28 as the SCOD. Just want to understand, that looks aggressive given it's 2.5 years from now.

How do you look at this timeline versus typically what we're seeing and hearing in the industry from others, and where are you in terms of preparedness to get this executed in 2.5 years?

See, we are preparing ourselves for the execution. Major contract, I would say, has been given for the PSP project.

Maybe some delay may happen, but as of now, key contract has been given.

October '28 is the deadline as per the agreement with MSEDCL, right? There can be extension to this based So, there can be

That can be extended.

That

can be an extension.

For how long? What does the agreement typically say about extension?

Does it have to be because of some particular reasons or

Transmission capacity is not available kind of thing, where substation may not be ready. Those kind of things we will get the extension.

Okay. On discom, again, ROE you mentioned, just also want to understand, there's a one-off that you talked about in discom.

Is that ₹41 crore at the PAT level, and the ₹270 crore you mentioned in generation is also at the PAT level? Can you explain?

These are all PBT level.

PBT numbers. So, ₹270 crore in generation, UNOSUGEN is PBT, and this ₹41 crore in discom is also PBT.

Yes, yes.

Just on this one or two RE projects where you're seeking SCOD extension, is that mainly because of lack of transmission for these projects? Everything is installed on ground, you're just waiting for transmission or something else?

If we are seeing that transmission project is getting delayed, if you put up everything on ground, effectively you're incurring indirect cost, which nobody will reimburse you to. You will always calibrate your implementation based on your expectation of transmission being commissioned.

Our execution of all the project is in line with the transmission is coming, basically, sinking with the transmission line.

These two projects where you're seeking extension, the SECI 12 and the MSEDCL one, maybe how much delay are you looking at here? This is all transmission in which location is this?

No, no. I think project by project, there are different issues.

If you look at MSEDCL, we've already commissioned part of it. It is only some part of it which is pending, which is not because of transmission, it is because of some other factors, okay?

As far as SECI 12 is concerned, it's because of transmission not being ready, the evacuation part of it not being ready. Every project will have its own nuances, because of which there are certain pluses and minuses.

Okay. As of now, you must have some visibility on SECI 12 or this you expect in FY27, correct?

Yeah. Yeah.

FY27, yeah.

Okay. Thank you so much.

Sir. Thanks a lot.

Sir, first I wanted to check whether in this quarter you booked any income from the NVVN contract, because I suppose there was some take-and-pay and the contract was supposed to have finished by October.

No, the contract was over by September, Q2. We have not booked any income in Q3.

Okay. Okay.

Sir, this ₹270 crore rupees, to what period does it relate to? Does it relate to only this year or past few years, and what part of this will be recurring going ahead?

Past year, basically. It is not recurring, it is one-time.

Okay. Thank you.

Thank you. Thank you, sir.

Sir, just on this clarification on the previous question, is even the ₹41 crore favorable order in distribution is also one-time or is it recurring?

See, if you look at, as I explained in my call earlier, that we are carrying some regulatory asset, and that regulatory asset is carrying the carrying cost. We keep on getting this kind of orders, favorable orders on carrying cost on a regular basis.

That is what we can say right now.

Pertaining to Ahmedabad and Surat?

Ahmedabad, yes, pertaining to Ahmedabad and Surat, yes.

Okay. Sir, can you give us you gave the capex for RE.

If you could provide us the total capex in terms of licensee, franchisee, and RE separately?

You want for this quarter or the cumulative YTD basis?

Cumulative nine months, sir.

Cumulative nine months about ₹1,100 crore for license and franchisee basically, both put together. Okay.

Then transmission about ₹240 crore. Coal project is about ₹400 crore, PSP we incurred about ₹300 crore.

Renewable, as we explained, about ₹3,100 crore. That is what we've incurred basically capex in nine months.

What did you say after transmission, sir? I couldn't get that number.

After transmission, thermal project, coal project basically.

How much was that?

About ₹400 crore.

₹400 crore, okay. Yeah.

This is ₹4,200. What's the target for FY26, sir?

Sorry?

What is the target capex for FY26?

We don't give any target for the FY26. Achha.

We will have a similar run rate as in third quarter?

If you look at the Q3, run rate has increased. Similar pace will be there for going forward also.

Understood. Sir.

That's it. I'll get back in the queue.

Thank you.

Good evening. Am I audible?

Yes.

Yeah. I just want to clarify one thing: the ₹270 crore, -₹77 crore on the generation side, and the ₹41 crore on the distribution side, these are all PBT numbers, right?

PBT numbers, yeah.

Can you give a corresponding EBITDA number for these three, sir, for the third quarter?

We've given the segment analysis also where the EBITDA numbers has been given.

No, the incremental ₹270 crore is PBT. What would be the incremental specifically on this regulatory one-time impact on the EBITDA side?

This is the EBITDA number only.

EBITDA and PBT, there is no difference between these two. Okay.

Of course, someone also asked on the nature of this favorable regulatory order on UNOSUGEN. Is it possible to explain that?

Hello?

We've explained

No, I'm audible?

₹41 crore is the carrying cost order which keep on coming because we are carrying regulatory assets. So,

Sir, my question is on the ₹270 crore of favorable regulatory income we booked due to UNOSUGEN. Just you can explain what was this related to?

We'll not be able to explain at this moment right now.

Sir. My final question is on this ₹41 crore on the distribution side you mentioned.

Somewhere I think you also mentioned that the ROE has increased from 14% to 15.5%. Is that something that I heard right?

No, that is ROCE, basically. This carrying cost order is different.

ROE having increased from 14% to 15.5%

ROCE. It is now ROCE, basically, not ROE.

That is neutral, right? Because at the ROE level it will be same, because it's just a different way of compensating.

Still the net profitability at the ROE level will still be the same, to clarify.

Bharani, basically ROCE, 14 or 15.5, there are certain milestones which regulator has defined. If you are meeting those milestones, you can earn up to 15.5%.

There are different parameters which have been defined.

No, Rishi, my question is, earlier we were getting compensated based on ROE, which was 14% regulated as given by

14 has moved to 14 has moved to 15.5, but the methodology has changed from ROE to ROCE. But 15.5 also is ROE.

There are certain slabs, if you achieve this much, you can get 25 basis points incremental; if you achieve this much, you can get a 50 basis point incremental. A 14 or 15.5 both are effectively ROE numbers, but regulator has shifted from ROE to ROCE.

Rishi, I will take it up offline. No problem.

Thank you so much. All the best.

Yes, sir. Just actually, that is one clarification that I wanted.

It's in an all-in basis given this new MYT order, what's the increase in ROE that we're effectively seeing in Ahmedabad and Surat?

One second. Aniket, basically what we're trying to say is that 14 is an ROE, 15.5 also is an ROE.

The methodology has been changed from ROE to ROCE. First point.

Second is under the regulations, regulator has defined a base ROE or ROCE on equity. Then there are certain milestones based on which your return on equity increases if you achieve those milestones, and the highest one which you get is 15.5%.

Are we trending at the highest one? Just trying to understand.

Let's say the incremental delta in ROE, is it 150 itself for us or is it somewhere in the middle?

We would aim at incremental delta of 150 basis points. Some years you may not be able to achieve this if you are not achieving those milestones, it could be slightly lower.

Okay. The other question I had was just on Bhiwandi.

I think the franchise agreement for Bhiwandi is valid till Jan '27, which is about a year away. Just want to understand what's the discussions over there.

How does one think about that franchise agreement going forward?

We are under discussion right now with the MSEDCL for the extension.

Okay. Fair.

Just one last question: what would be the overall regulatory assets currently on Ahmedabad and Surat right now?

Regulatory asset would be Ahmedabad, Surat would be about Yeah, just a second. Around ₹3,000 crore.

₹3,000 crore. Okay.

Fair, thank you.

Hi. Thanks for the opportunity.

Can you elaborate further on the LNG sale agreement which we have done with the JERA? With this 0.27 MMPTA, how much of the fuels we have secured across our gas-based asset, and for what period?

JERA agreement is about 0.27 MMPTA, which is translated to the four cargoes. It's starting from 2027 to 2037 for 10 years contract we have executed.

This is 0.27 cumulative, you're saying, or per annum?

Per annum. For per annum, per annum.

Per annum which you are doing, okay. With this, how much of the total requirement Hello?

Hello?

Requirement would be about 25% kind of thing.

Okay. On the pricing front, how exactly these contracts are placed?

Are they fixed, or are they flexible?

It's a flexible. It's linked with the Brent.

Got it, got it. Second, on the SMK side, any timeline by when we are targeting to achieve a break-even over there, or anything on the profitability?

Basically, not exactly aware how the profitability are placed over there. It's been almost like four or five years we have taken over the circle.

How things are progressing over there in terms of profitability?

In terms of AT&C losses, if you look at, we already reached about 20% kind of level. We are near to the break-even, I would say.

By next year, we can expect break-even happening, sir? FY27?

Yes, yes.

Okay. How much capex we would have spent till date on SMK?

We'll have to get back to you. Numbers, we have to pull out the numbers on a cumulative basis.

Okay. Any update on the parallel licensing?

There is no further update at this moment.

Okay. That's it from my end.

Thank you.

Sir. Sorry, I had missed the MYT regulation, actually.

Just to clarify, I was reading the regulation, the change to the return on capital employed method is only applicable for capitalizations post April '25. Is that understanding right, sir?

Yes, yes.

It's basically a prospective change. For the older assets, you continue to earn the ROE as you were earning earlier, of course, the rate has changed, but for the incremental assets capitalized, it moves to the ROCE model.

Absolutely. Absolutely.

You're absolutely right.

Perfect, sir. That's the only clarification.

Thank you, sir.

Hi, hope I'm audible.

Yes. This is a follow-up of the previous question that somebody asked.

The question is with respect to the incremental milestones that have to be achieved to get that 150 points delta on the ROE. Could you just give us a sense of what is the nature of those milestones that have to be achieved before we can get that 150 basis point delta?

Arul, these are all milestones are linked to operational efficiencies, like your AT&C loss, your SAIFI, your SAIDI, your other parameters linked to your operational parameters.

Okay. Is there any timeline by which you have to achieve that, or is it like you get that

It's a yearly, based on yearly performance.

Okay. Now, I was wondering if there's any normative level that you will have to achieve every particular year before you're eligible for those incentives.

Those normative levels are there, and if you achieve those normative, you will get extra incentive.

Okay. Secondly, one more question was with respect to again the Bhiwandi distribution franchise.

Does the existing contract have any clauses for renewal, or is it going to be like a fresh sort of a bids that the government has to invite for renewal of the current distribution franchise?

If you look at our investor PPT, we have already said that can be extended for five years upon mutual agreement. Mutual agreement, it's a mutual discussion is going on.

Mm-hmm. It can be extendable for further period of five years.

Okay. Hopefully, we should be hearing some news about that before Feb 2027.

I'm just wondering if there's any deemed extension clause if there's no news on that at all.

There's no automatic extension clause. We need to discuss with MSEDCL.

Okay. Lastly, with respect to parallel licensing, I'm just trying to get a sense of how much could be the amount of capital that you could be investing if the parallel licensing applications are allowed in any rough sense in terms of

I think it's too early to comment on that. Unless this is awarded, I think we should first get the first thing clear, and then we can discuss on that.

It depend on the area also, how large is the area, how small is the area. It all depend on the approval we're going to get on particular area.

Okay. Yes, thank you.

Thanks for the follow-up. Are there any short-term gas tenders in the market right now?

We've heard something coming up from Tamil Nadu. Can you please elaborate if there is any such short-term

Recently, SECI 19 tender was closed. I think, Bharani, we'll not be able to comment on that for the future part.

No, I'm just asking, is there any gas tenders, like the NVVN kind of tender that

No, not like NVVN tender as of now. See, as summer comes in, typically discoms keep on doing short-term contracts for procuring power for their requirements.

That is a normal phenomena which happens.

Sure, and there is a possibility that something like NVVN tender comes up for this year, too, right?

We'll not be able to comment at this point of time.

Sure. Thank you so much.

Thank you for the joining Torrent Power earning call. We wish everybody to stay safe and healthy.

Thank you so much.