Thank you. Just a follow -up on the previous question actually. So , you said that Parbati reported a profit in the 4th Quarter versus a loss for the full year. What is leading to the profit improvement?
Okay. What is the percentage at which we are billing Parbati and Subansiri?
First question was just on the cash flow. So when I look at the cash flow statement, there seems a very large increase in the non -current assets and some other balance sheet items, which is impacting the cash flow from operations. Just wanted to understand that?
So if I look at the non-current assets in the balance sheet, so looking at the cash flow statement, cash flows from operations have come in lower on a Y-o-Y basis, partly I think because the base for last year was higher. But when I look at the balance sheet, there's been a sharp jump in the other non -current assets and also on the other financial non -current assets. So just try ing to understand?
Actually, I had a question more at a sector level to understand. So, we have obviously seen renewable awarding pretty much dry up. And there seems to be some sort of deadlock here with 40 gigawatts of PPA unsigned. Just to unders tand your thoughts, what's the pushback that Discoms are having on signing PPAs? And when do you think renewable awarding in the country can sort of come back?
In that context, how do you look at certain country level, let's say, renewable addition happening? Obviously, last year has been a fairly good year for India, but do you see this to that number sort of slowing down for the next couple of years?
Yes, thank you. A couple of questions on EPC front. So, when I look at the third-party utility scale order book that has come down fairly drastically this quarter, just to understand, is this like a conscious decision where we do not want to take these utility scale projects now or how do I look at that piece going forward?
Fair. That is very clear. The second question was just to delve a bit into the rooftop market. We continue to see very good orders over here. Let us say if you were to take a 3 to 5 year view on this segment, how do you look at annual sort of installation happening within the rooftop segment and if you can break that up between both C &I and residential that would be great?
Yes, sir. Thank you for the opportunity. My first question is on the cell and module operations. So just to understand, could you talk about what sort of realizations you will be getting in the market for these external sales, both for DCR and non -DCR module sales? And secondly, sort of heading into FY '26, what sort of EBITDA margin do you think this entity can make?
Okay. And just one bookkeeping question, for your Tata Power Solar EPC arm, what's the overall order book currently?
Firstly, on the TPREL side, when I look at the nine-month numbers, excluding other income, the EBITDA margins at about 77%, which clearly has been on a downward trajectory despite capacity additions that we have been doing. Just wanted to understand over the years what's the reason for the decline in EBITDA margins over here, and over the next three years as we commission capacity, how should we look at the EBITDA margin for TPREL?
So, for the coming, let's say two years, if we commission the remaining capacity, what sort of EBITDA margin should we look at for TPREL?
Sir, just a clarification on thermal awarding. When do we expect Meja to get awarded, and it seems you pushed out Lara also to FY '27 now. So just to understand what's leading to these delays in incremental coal awarding? Management See, in case of this Meja -- basically, it's the equity is crossing the threshold limit, both government of UP and NTPC has to get the necessary approvals. So the approval process is pending otherwise, everything is tied up. It's a matter of time. We are expected to finish this in this quarter. As regards Lara, we are postponing because the parties which are supposed to quote they are asking for an extension. We are trying to consider them. Though we have put as a first quarter next financial year, it may be quite possible to have it in this quarter itself.
Okay. And what about Patratu, sir? When do you expect to award Phase 2 of Patratu?
I just wanted to understand on the tendering, sir, on the thermal side. I think Meja is yet to be awarded and there were thoughts of Obra and Anpara also getting awarded. So, could you talk about that? Are there any delays that we are seeing on the thermal ordering front or awarding front that we had plans to do another 8 GW of awarding?
Understood, sir. And just on the thermal part, there were media articles also saying that we are looking to increase our thermal capacity, which was supposed to be 26 GW under construction to possibly about 30 GW. Are you thinking on those lines of increasing your thermal targets as well?
Yes Sir. Thank you for the opportunity. So, my first question was on NEEPCO and THDC. I remember earlier you highlighted about 12 gigawatt of additional hydro-based capacity that you want to add over there. Can you give some details on that? When can we expect awarding for those happen and which projects are in advanced stages?
Are there plans to undertake new projects within that on the hydro side?
So, in your opening remarks, sir, you mentioned about the impact of merchant prices being significantly lower as well as imported coal price impacting the energy charges. Just to understand, could you quantify both of these on a Y-o-Y basis?
Understood. And on the imported coal price, what's the cost at which you have bought or incurred at a landed basis this quarter versus the same quarter last year?
Yes, thank you for the opportunity. Couple of questions on Godda. So first is, we have I think got the approval to connect Godda Power Plant to the Indian grid. Just wanted to understand by when can we get it connected to the Indian grid? What is the process going forward and also corollary to that, if once we do get connected, would we be allowed to sell power from Godda to the Indian market despite being PPA with Bangladesh?
I got that and that is helpful. On Godda again, if you could tell me what was the PLF for the 2nd Quarter and at the end of 2Q, what is the total receivables now for Godda?
Thank you. First question is just to understand with the recent ruling on FGD, does that change our CAPEX estimates outlook for the under-construction project?
The other question was to understand on these upcoming tenders that you talked about, Bihar, Rajasthan, MP , Uttarakhand, which of these tenders have the requirement where the plant needs to be set up in the same state? Is that the case for all these tenders or -
Firstly, Sandeep, just a basic question. While I understand there is no direct impact of Right of Way (ROW) because a very large chunk of the issue is really coming on the transmission line front. But, let's say, because of that, is there any indirect impact that comes through as let's say, the cooling substation or the grid level substation supply gets deferred, if there are ROW issues on the transmission line that concludes or irrespective of that, they will have to take up the supply?
Okay. So fairly large chunk is essentially being picked up and stored right now, irrespective of the ROW line. Is that fair?
Yes. My first question was actually just on the overall tendering sector. We have seen a bit of slowdown this year compared to the past two years. Just wanted your thoughts on that going forward. How do you look at tendering within renewables at a country level for the next couple of years?
Got it. In terms of view of that, how do you look at the current competition intensity? We've seen a lot of tenders, like you said, come out on that solar plus storage basis and we tend to be shy of participating in that. So just wanted to understand your view on the competition speed?
My first question was actually related to your capital allocation between renewable and coal. So when you decide to put capital within any of these space, how does your threshold equity IRR or your IRR expectations vary between the 2?
The reason I ask this is because you're pointing out, there's a lot of state tenders and state plans that are out there for thermal right now. So just trying to understand as long as those threshold mid-teen equity IRRs are available or can be made, we wil l not be shy of putting up more thermal, is it?
Yes, thank you for the opportunity. My first question actually is pertaining to wind. Aside of the execution related issues, generally wind PLF over the past few years have also been a bit depressed. So just wanted to understand your thoughts on that, like in terms of building sort of wind PLF in your assumptions, are you recalibrating that version of PLF are you assuming going forward?
What would that P90 number be sir? The P90 PLF number that you are…?
Sir, just to understand on Buxar, I remember, we had certain issues on the land procurement part. Have those issues been resolved?
Okay. And sir, on the water part as well, there were some issues.
Sir, in the depreciation and amortization line items, there seems to be a very big jump in this quarter. Could you elaborate on that?
Could you explain the difference? So, the revenue not being commensurate to our expectations. Why is that?