Hi. thank you. So, first, wanted to understand, so you discussed all the line items on the cost side, where the fuel costs have been, what kind of additional inflation do you see in 2Q and would that be the peak and you start seeing moderation? Just trying to understand fuel inventory and where that is. And also, on the packaging cost and all are?
No, you said there has been inflation of 1.53...
Hi. Thank you. Just a follow up to the CCD question. The remaining 600 crores you actually didn't tie up. Is that, have you locked in, basically the investors are more or less identified? Is it the same set of investors? Is it just some procedural delay? I just wanted to understand where are you in the process? It's been a while since that Va draj deal happened. Obviously, you have closed 600 crores. The remaining 600 crores will find out similar investors, different. The structuring is also going to be similar as we look at that 600 crores?
Okay. And on this Va draj asset, just maybe an update on the rail line. I know it had already reached Naliya. What is the status for last mile connectivity from Naliya to your plant? And then from there also, have you seen other players start up basically transporting from that particular stretch or is it still in the future?
Just another question on sulfuric acid, the most topical thing right now. So, you talked about the West Asia crisis leading to these prices. Also wanted to understand there's a lot of news flow around China restricting export of sulfuric acid. Have you sta rted seeing that in the market? Is that impacting supplies? And I believe most of sulfuric acid that you said is it to Indian fertilizer and chemical industries. And if that is the case, is government worried about prices or looking at controlling prices in any way? Just trying to understand what's happening on sulfuric acid.
So, let's say, you mentioned if West Asia crisis, if Strait of Hormuz opens, then sulfuric prices will come down. But this China restricting export of sulfuric acid, is there a possibility that these prices stay elevated?
Mr. Pai, just wanted to understand the thought process on the doubling down of aluminium smelter. So on one side, you are hedging the second half exposure, you're increasing hedging, which means which sends a signal that you're cautious on this study. And on the other hand, you're doubling down on the smelter, which seems to suggest you're positive. A very conflicting message. I'm just trying to understand the thought process. And tied to that would be, when you're looking at expansion in India smelter, did you consider recycling at these spreads, the thought between recycling versus smelter in terms of expansion, just on the this expansion, just trying to understand the thought process?
And on between recycling and smelter, the entire capacity expansion?
Hi, thank you. Just a first clarification on the one -offs. So if I understood correctly, generat ion reported EBITDA loss is INR 39 crores. You're saying there's a one -off of INR 171 crores, so that gets added. But still, that's still maybe INR120 crores, INR130 crores of adjusted EBITDA, which is typically lower than the EBITDA you generate on the regulated assets. So what is driving that? Or is there anything else we are missing? And secondly, on the one-off would be just clarifying. So INR1,110-odd crores is the transmission distribution EBITDA, you're saying there is INR186 crores of one-offs, right? Just clarification on the one-offs.
Okay. Second, on the gas business. You mentioned there are 10 cargoes you have contracted and some will be Torrent Gas and Torrent Power. I just wanted to understand how do you have to show availability? Because 7, 8 cargoes for Torrent Power will not be sufficient for showing 80%, 85% of availability. What do you have to show to get the full carrying cost? Just understanding how that process works? And also at the current gas prices, do you see any potential at all for selling into XTAM? Are you seeing any demand in XTAM? Or do you see any LNG trading in possibility at the current slope levels?
Sir, 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 look to monetize the coal assets. Is that thought process still intact? And let's sa y, 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?
Okay. Fair enough. Sir, just a clarification on the RE captive use of modules and cell that you mentioned. As per the order, any new tender after 1st September, the developers have to use domestic cell but there is no mandate before that. So, given the tariffs that you bid for don't reflect that the domestic cell requirement, why would you look to use domestic cell in your FY '27 commissioning, given I believe this year, you would be commissioning projects that were awarded before September '25, right? Just trying to understand there. And secondly would be solar rooftop. So, you executed 1.7 gigawatts, which means almost 40% market share. Is that something you are looking at in terms of FY '27 also, that market share has remained intact despite competition. Just trying to understand what is the opportunity you're looking at n ext year and what's the market share you're targeting?
Hi, thank you. Sir, I just wanted to ask on renewable energy execution once again. I know you're looking at 1 gigawatt broadly commissioning this year. In the last nine months, it's been 600 megawatt against industry at 38 gigawatt. Even if you strip out solar rooftop, that's about 30 gigawatt, 2% market share for Tata Power. And that 1 gigawatt that you're looking at now is despite third-party execution, the initial expectation was 1.5 to 2 gigawatt. So, 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. But the industry is still adding a lot of capacity, which means it's a long, very long tail. In case you do meet the target 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?
Let me ask it another way. When the year started, obviously, you're looking at 1.5-2 gigawatts if it roll back one year ago. So, at that time also, you had the third party order book. So, is it not some delay in execution, transmission or is it purely that compared to initial expectations, you prioritized third party book? And the delay in commissioning transmission has been an industry- wide phenomenon. But despite that, we are looking at 38 gigawatts capacity for the entire industry. But still, are you saying the delay in commissioning for capacity 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?
Hi, thank you. I just want to firstly ask on the decision or thought process to go long on ingot wafer versus cell. So, you are looking at 10-gigawatt ingot wafer versus cell line, what is the thought process there and does it mean that incrementally we should look at Tata Power as getting bigger on the third-party sales of cell module wafer, which currently most of the capacity is tied to internal, but it looks like increasingly that is the path we are going to choose?
Are you suggesting that the barriers to entry for wafer and ingot would be higher , so, incrementally not many players will be able to add ingot wafer, is that what you are trying to say?
So first, just a follow-up to Amit's question earlier. What -- you put together different moving parts in terms of capex. But what exactly -- can you guide to what kind of capex can we look at in FY27 specifically?
Not the capitalization, not the...
Hi. Thank you. The first question is on the RE commissioning you talked about 3 GW this year. How much would be CTU? How much would be STU? And generally, are you seeing maybe faster commissioning for STU versus CTU? And do you expect any changes there this year?
Just wanted to check on RE contracted capacity in the PPA. In the PPA just specifically, can you give an update on FDRE IV, what is happening there?
There is no communication on cancellation or anything as of...
Sir, some follow -up questions to some of the earlier questions have been asked. So the Indonesian SMS is now up and running. The Jajpur HRAP will come later in the year. So you do have the capability to maybe get some coils. Just trying to understand the scenarios you're looking at for FY27. You're also looking at a possibility that you get some slab and give it on a job work basis till the HRAP comes . And is that part of the guidance you're looking at for FY27?
So basically you've given EBITDA per ton guidance for 1H. But if we look at the entire year, this getting slab because you have the capability will not impact EBITDA per ton on those volumes? Just trying to understand volumes.
The first question on the write -downs. I am not sure if I missed in the prepared remarks. What were the write-downs in JPML and in Wollongong?
So, the remaining loans that you have, is it fair to say that there would be no additional write - downs now?
Just wanted to check on the capacity, iron making capacity, which is still in works, the DRI and BOF 3, any maybe concrete timelines you’re looking at for those in the second half?
Okay. And in the presentation, when you say compared to 18%, 20% ROCE that you’re looking at for projects, it’s mentioned 9%. Just wanted to understand what that is, is that for some new projects you’ve commissioned, or what?
Hi, thank you. Just first question on the strategy - pricing versus utilization. You've added capacity in North and South in the past few qu arters. How do you look at an ideal utilization given these capacities have been added, but overall volume increase is not there? So, is there an ideal utilization you look at when starting an asset to optimize the operating leverage, fixed costs there?
Sure. Sir, in that context, the focus on utilization, how do we look at the 80 million ton? Would you rather wait to improve utilization? And what's the progress on Jaisalmer?
Just first on NTPC. Just wanted to check on the decision to participate in Section 63 tenders, there have been about 11, 12 gigawatt of awards. Is this a conscious decision for NTPC not to participate in Section 63, just trying to understand? Management Yes, NTPC has always hitherto maintained the position that it will, first of all, channelize all its resources and equity as far as the Section 62 is concerned. So we are -- by merit order, we are all going through brownfield projects only. And so after exhausting this, the next level of strategy would be thought of. But right at this moment, you are correct that we are restricting ourselves for Section 62 as far as thermal plants are concerned, but that doesn't limit us from going in for acquisition of pre- existing assets. As you know, we have recently acquired Sinnar Thermal Power Plant. So that that would be a case-to-case decision. But definitely, at this moment, we are not bidding for any greenfield projects, which are coming under Section 63..
Just wanted to touch on this further. So a lot of these tenders -- and maybe you can share a thought why are we seeing a lot of flurry of tenders to 63. And you have pipeline -- we're waiting for more visibility for pipeline beyond '28, '29, commissioning some tenders which are still not awarded, which we are waiting in '27. So why not build this pipeline beyond the brownfield that you already have? Maybe -- so till you tender out and look at the remaining capacity that you have, you will not participate in 63 at all? And does it limit your optionality because all these states are tendering 63 basis. Would that limit option once you exhaust brownfield? Just trying to understand the thought process of this. Management No, no, we are not ruling anything out forever. But right at this moment, as I said that on a purely merit order, we are right now restricting ourselves to Section 62. We'll evaluate the proposition as we go ahead. But at the same time, my allocation of resources from the NTPC holding company would be towards all the committed projects, which includes hydro projects of its subsidiaries. We have commitments -- increasing commitments to nuclear. So keeping all this to balance everything, right now, the strategy is to participate in going for Section 62. But as we go ahead, we'll evaluate our strategy afresh.
Hi. Thank you. Just a follow-up on BESS co-located at thermal. Just wanted to check this 5 GW that you are adding, how do you decide where to co-locate it? Is it based on the cost of the plant, pithead, non-pithead? And the equity will be after VGF, I'm guessing, right? So, after the VGF, whatever equity is, you look at regulated equity. I just wanted to understand the model there.
Okay. Perfect. And the curtailment, the PLF that was down, you mentioned because of grid curtailment and all.
Just one clarification question on the capex. Mr. Daga, you mentioned having 12 million ton next year and balance in '28. Just wanted to clarify the phased 22 million tons that you've announced, all of that is likely to get commissioned in FY '28 given you've already placed orders?
Okay. Nothing still. As of now, you're not expecting anything to spill over into FY '29?
Just one clarification question on the capex. Mr. Daga, you mentioned having 12 million ton next year and balance in '28. Just wanted to clarify the phased 22 million tons that you've announced, all of that is likely to get commissioned in FY '28 given you've already placed orders?
Okay. Nothing still. As of now, you're not expecting anything to spill over into FY '29?
Hi. Thank you. So, Puneet, I just wanted to check on the expansion beyond what you already have. Specifically tied to North. So, you have two options, Jaisalmer and Nawalgarh. As you look at Jaisalmer specifically, what is the lan d acquisition status? What is the ECE? We are hearing generally some delays in ECE because of Great Indian Bustard. Even for cement land, is that something you are noticing? So, level of preparedness for Jaisalmer, especially as you look at FY28 commissioning. Also, Nawalgarh, it's been 4-5 years since you got that. And all the others who got that lease in 2021. And typically, as we understand that after the award of mining lease, typically there is 3 plus 1 years. And if nobody commences production within that timeframe, the lease is given back. So, what is the status on the optionalities you have both in Jaisalmer and Nawalgarh?
Anything on GIB related delays, are you witnessing in EC?