Thank you very much. The first question is from the line of Nikhil Abhyankar from UTI Mutual Funds. Please go ahead.

Thank you, sir. My first question is regarding the receivables at Godda. Can you quantify what are the receivables as of September 30?

As of September 30, 2024, our receivable s are INR 6,630 crores or USD 790 million. This is the amount of receivables outstanding as on 30th September.

How much have we received in the last six months?

In the last six months, we have received almost USD 350 million.

Okay. And sir we understand that the Godda plant is not connected to the domestic grid. Are we looking to link it to the domestic grid in the medium term?

We will explore options. As of now, power supply is being provided to Bangladesh. We are very much in touch with the grid operators over there. We are in sync with the Bangladesh grid, and we are supplying power according to their demand. We are also receiving payments from them. So as of now, we hope that there will be no further deterioration in terms of the outstandings and as of now, we don't think that we need to look at that option, but if required, we can consider it.

And the second question is regarding Coastal Energen we acquired it in Q2, and we are holding 49%. So do we look to increase the stake over here and also there is an under -construction capacity of around 1,200 MW. Are we looking to commission that under-construction capacity as well and if you can give us some guidance on the capex as well?

Actually, there is no under -construction capacity in the case of Coastal. It was actually in Lanco Amarkantak where they were adding 1,320 MW, 2 x 660 MW.

So, over here, there is no capacity addition plan in Coastal?

Yes, no capacity addition plan in Coastal as of now.

And for Lanco, sir?

Yes, Lanco, as we have said that 1320 MW is under construction and this capacity expansion will be over and above the existing operational capacity of 600 MW.

Okay. And sir what will be the timelines for the commissioning of this additional capacity?

We are expecting that in the next two years, it will be ready.

And, sir, Reliance has taken a stake in Mahan-1, and I guess Mahan-2 as well. So, what are the exact details? How much have they tied up and how much have they paid for their 26% stake?

This is from Mahan Phase-1 and the total percentage if you will ask, so this is almost 5.6% of equity. In terms of its megawatt capacity, it will be out of Unit -1, of which it will work out to 26%.

Out of Unit-1 26%.

Yes, correct.

And sir final question, what were the merchant volumes in Q2 and average realizations?

So, merchant volume we sold this time is 4,886 million units. And the realization is almost INR 6 per unit.

So, one thing I'd like to clarify, Nikhil, is when we say merchant, it's not entirely only in the power exchanges. We sell about two-thirds to 80% of the power under short-term bilateral contracts where the buyers are typically various DISCOMs. So, you will see that the tariffs that we realize are generally higher than the average rates you've seen on the power exchange.

Sure. That's all from my side, sir. Thank you and all the best.

Yes, sir thank you for the opportunity. So, continuing on one of the questions that Nikhil asked, can you throw that light on timelines for all the upcoming projects?

Yes, so we are in the process of several expansions and this are the organic expansions that we are executing. So, let's take Mahan Phase 2. This is in full swing, and we are expecting that it will be operational by December ‘26 and June ‘27. For the rest of the projects, the developmental steps are going on, like in Raipur, Raigarh, Kawai, Mahan, and the new site, Mirzapur. These projecs have already started ordering. Preparatory work in Raipur and Raigarh has started, and for the rest of the projects, it is yet to start. But one thing is that for all the units, we have given orders for the supply of BTG to BHEL.

So, I was asking what is the timeline for the Rajasthan bidding, and any other bidding is going to come up anytime soon?

I think on the latest news that on the Rajasthan bidding for PPA, I think they are reconsidering this bidding, and if any new development comes up, we will definitely update.

They have withdrawn the bid temporarily. Probably, we will see the bid will be refloated soon with some changed conditions.

One last question. What is the overall amount with the Bangladesh PPA, and what is the receivable period as of today?

As I already said, the receivable is USD 790 million, and in Rupee term, this is Rs. 6,630 Crores. In last six months, we have received almost USD 350 million from them. In October itself, we have received USD 86 million. The payment has already increased significantly after this turmoil in that country. In September, we received almost USD 55-60 million. And then in October, we have already received USD 86 million. The payments are geared up significantly after that turmoil in that country.

The next question is from the line of Nirav Shah from GeeCee Investments.

Yes. Good afternoon, sir. Just one question. Sir, what’s the reason for the increase in the capital work in progress? I mean, it is now above INR 9,000 crores. So, there is an increase of that much amount in the first half. If you can just explain that please, that would be great.

Yes. So, actually, Nirav, this increase is because we have acquired Lanco Amarkantak, which has a project under construction right now. And there is a difference between the acquisition value and the carrying value of the capital work in progress, and we believe that when we complete the project, actually the overall project cost would be comparable to the current cost of setting up a similar capacity. So, on that basis, we have recognized on one side a capital reserve and on the other capital work in progress. And similarly, it is also there in case of coastal Energen. So, partially, some capital reserve has been recognized in that case also, and specifically in case of Lanco Amarkantak, the carrying value of the capital work in progress is reflected.

So, what is the capex outgo expected for this year and next year?

For this year, we are expecting that apart from the already concluded acquisitions, considering our own internal benchmark for further acquisitions as well as our ongoing project and further organic expansion, it will be near about INR 6,000 crores. And for next year, we are expecting that for the same projects, it will be around INR 20,000 crores. As of now, this is our estimation.

Got it, sir. Perfect. Thanks a lot, sir, and all the best.

Thank you. The next question is from the line of Yash Agarwal from JM Financial. Please go ahead.

Yes. what is the EBITDA in the first month from the acquired entity that you have, posted in the second quarter? From Amarkantak, as well as Coastal Energen, what is the amount of EBITDA?

Yes, it's only one month for which we have done the accounting. So, it's not a very large number. Just wait, we’ll provide you.

For 1 month, this is not significant, but for the sake of giving the numbers, EBITDA for coastal, we have the number of negative INR (-) 35 crore for 1 month.

And for the other one, Amarkantak?

This is, then again, negative INR (-) 8 crores.

These are very small numbers. Yash, actually, these were companies that were under the control of the resolution professionals in the last few years. And now our job is to actually turn their fortunes around. So, we would be using our capabilities in plant operation and maintenance, in fuel manageme nt and logistics, and in power sales management to improve their efficiency, to improve their overall operating efficiency, financial efficiency, bring down their fuel costs and logistics costs also by optimizing their fuel procurement, actually, focusing a lot on their fuel logistics, because ultimately , we have found that there are avenues where we can make substantial improvements over there , and then managing their power sales.

Also, so what we are expecting that next year the EBITDA for Amarkantak, now called Korba Power Limited, it will be much more on improve ment path because we have a track record of parts acquisition, we will have our own system and processes there, we will do lots of efficiency improvements. So, you will see the tremendous change now after these assets are part of our fleet.

And what is the amount of debt which is consolidated on account of these two entities at the end of September?

So, we have paid INR 4,101 crores in the case of Lanco. And for Coastal, we have paid INR 3,336 crores on gross basis.

This is the acquisition cost that we have paid. Now, actually, we have taken some debt on the balance sheet of Korba Power. So, we have INR 1,800 crores of debt over there. The other amount that Mr. Jha quoted was actually paid from our accruals. So, the total addition of debt rather is only INR 1,800 crores.

And just to reconfirm, so you said that Bangladesh dues are about USD 750 million and USD 86 million you have received in October. Is that right?

Yes, correct.

Thank you so much.

Thank you. As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments.

Thank you. Thanks a lot for your time and looking forward to connecting with you again for our Quarter 3 earnings. Thanks a lot. Happy Diwali to all of you.

On behalf of ICICI Securities and Adani Power Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.