No, I think we can now start the questions from the analysts or the investors.
So that's from an operating cash flow. So you would understand is that most of our assets, we generally finance it in the ratio of 70 30. So only the equity portion is funded through the internal accruals. So balance is tied up through the debts. From tha t position, we are fully comfortable to meet all our existing capex requirements in transmission, smart meter and even distributor.
Yes, you're right. So basically, it would be in that range of around 4x what we've always mentioned.
Sure. Thank you.
Yes. Mohit, so we continue to give the guidance that the revenue would be based on the meter month based on the number of meters as and when they get installed. So roughly, each meter month would give us a revenue of about INR100 per meter per month. Even in this quarter, the 55 lakh meters actually translates to about 106 meter months. And 106 meter month s -- on a meter month concept would translate to a revenue of about INR 115 crores in this quarter. I mean we are not reporting segment numbers for the smart meters as of now . But going forward, we intend to do that. But for this quarter, on a meter month basis, the revenue earned is INR 115 crores. Under the Ind-AS and the accounting treatment, the revenue classification is different. But from a conventional perspective, I can share that INR 115 crore is the per meter per month revenue recorded in this quarter.
No, you are right. So basically, the key reason for the flat revenue is -- so one is that, of course, as the capex completes and the project gets commissioned. This quarter, we have done an additional transmission revenue of INR 66 crores. But what happens is that in certain assets, which are the traditional cost-plus assets, there is a depreciation factor. And since the depreciation reduces, the cost-plus asset or the revenue also translates into a lower number. So therefore, in case of certain cost -plus assets, the revenue declined, which in this quarter, unfortunately, the transmission earnings on account of new projects got commissioned off-set that revenue. So, INR 66 crores of new revenue which was there on account of new projects that got completed, but it got offset by the higher depreciation charge on the cost -plus assets, which are historically there with the company.
Sorry, Mohit, large negative?
Correct. So, Mohit, that is only on account of the regulatory surplus that the distribution business has reported. What has happened is that the MERC has now allowed FAC recovery to be done along with the tariff recovery and because of which there is a regulatory surplus. Till now, we would have a regulatory gap in our account, but because of this FAC recovery, which the regulator has allowed, we are now having a surplus in our balance sheet or in our income statement, which is just a timing difference, which has back to be returned over the next quarter or over the next tariff period. So, it is just a timing part on the regulatory surplus part.
So, this quarter itself we had just one-time reversal of the MAT credit which AEML distribution business was accounted. Other than that, there is not any expected reversals in the future years. We are expecting an effective tax of around 20 percentage which will continue as a third half.
Correct.