Congratulations on a good set of numbers. Sir, I have 2 questio ns. First is just wanted to understand the prepayment bit slightly better. So the repayment rate, what I was seeing, in the distribution sector for our segme nt has remained elevated for t he past couple of quarters. I'm assuming it's because of the RBPF scheme. If you can help us understand whether that scheme is contributi ng to the elevated repayment rate that we see in the distribution segment. Also, in this qua rter, it seems like the repayment rate in the gencos book, which includes the renewable, has also been elevated. So did the prepayment come from the renewable genco book? Or is it just th e elevated DISCOM prepay repayments that we are seeing that has slowed down our growth i n this quarter? That's my first question. Second, we have an exposure to an Adani plant in Jharkhand, I b elieve, which provides electricity to the neighboring c ountry. Sir, is there any conce rn that we have over there? Have we raised a provision on that asset? Or any color that you can give to us on that would be useful?

Thank you, Shivani, for asking a very pertinent question. You'r e right that revolving bill payment facility, we have given to the distribution companies. A lot of repayments have happened in respect of revolvin g bill payment facility. And wit h respect to generation, some renewable energy projects, some prepayments have happened becau se you know the nature of renewable energy projects. After they get commissioned in 2 to 3 years and thereafter, the promoter wants to sell off its equity and then monetize it and then go on for new projects. So that is the trend actually. You will see across all these re newable energy projects, there is t e n d e n c y t o s e l l o f f t h i s p r o j e c t . A n d w i t h r e g a r d t o A d a n i p o wer plant in Jharkhand, government of India has allowed Adani Power Generation company in Jharkhand. In case there is no offtake from Bangladesh, they can sell in domestic market. However, the repayments are happening in time, and we don't see any concern with regard to repayment from this Adani power plant. I'll request Director Finance to c orroborate on th is repayment issues.

Actually, you might be aware that our average repayment is arou nd INR9,000 crores per month. So it is absolutely on the track. During the quarter its elf, we have got the repayment of INR27,000 crores, which is a regular repayment. And INR5,600 cr ores is towards the RBPF which is again in the regular co urse of business. This amount i s remitted by them and again, we disburse them. So it doesn't affect our loan book. The important thing was about the prepayment, which we have go t from the ACME. That is around INR2,000 crores, which is because of the fact that the c ompany has gone for the public issue IPO. So out of their proceed, it was mandatory for them t o make the prepayment to us. So that prepayment has come additionally over the regular repay ment being received during every month.

Got it, sir. That's very useful. Sir, last one follow-up questi on on the disbursal trend. For the first time in your PPT, you have put RDSS disbursals. This is t owards that smart metering program. It's a very small number, but should we expect this se gment to start scaling up from next quarter onwards?

Thank you so much, Shreya. You're absolutely right. What has ha ppened that under RDSS, there are 2 components. One is loss reduction work and second i s prepaid smart meters. Our capex loan, we have sanctioned, is in respect of loss reduction work. And initially, the distribution companies have utili zed the government of India gr ant to the extent of 20%. Now the work is picking up. And we do hope that in the next year an d the subsequent year, substantial disbursement will happen in respect of RDSS loss reduction work. With regard to prepaid smart meters, this is being done by AMI SP service providers, those private players who have won the bids for installation of prepa i d s m a r t m e t e r s . T h e y a r e installing in TotEx mode. So they are seeking loan from us, and we already sanctioned about INR7,000 crores loan to these prepaid smart meter operators. Th at also is likely to pick up in the next 2 years. I'll request Director Projects to give more color to it.

So I think in RDSS, we have done 2 types of funding. One is called counterpart funding, which is 40% remaining capex amount. 60%, you know that it is coming from government of India grant and 40%, some of the discounts have availed now. So that funding we have done. We have also done a funding which we call, I mean, interim funding , I suppose DISCOM is receiving these grants slightly late, but they have to continue with their capex program. So we have supported them ev en for 60% with the condition that whenev er they get the grant, they repay that. These 2 types of funding is under RDSS, as CMD sir said that w e are also supporting AMISP. We have done large projects for Gemstar, some INR4,500 crores. We have also done I n t e l l i S m a r t a n d t h e r e a r e o t h e r p r o p o s a l s a l s o o n o u r d e b t , w hich are currently under evaluation. So definitely, I mean, this is one area where, in fact, we were saying this in the past t h a t f r o m t h i s y e a r o n w a r d , t h i s p a r t i c u l a r s e g m e n t w i l l p i c k up. We'll see disbursement happening going forward as well.

Next question is from the line of Avinash Singh from Emkay Global.

Two questions. The first one is that on conventional generation . The good news there, what I see is that Mahagenco has already floated a tender even for fin ancing of its unit 11 and 12 at Koradi. That is nearly INR10,500 crores kind of a loan requirem ent and it particularly suits into your kind of a borrower criteria. The question here I have is that, okay, I mean, it's a great thing that finally things are mov ing in state utility sector in thermal. But in that bid document, they are kind of what they have said is the interest rate under 9 % . N o w - - a n d t h i s p r o j e c t involves nearly kind of a moratorium of 6 years, I mean, COD pl us 12 months and COD will be close to 5-odd years. So now with the conventional thermal sector, a 6-year kind of a moratorium and under 9% yield, I mean, how does it pan out for profitability if you wer e to fund this one? So that is -- and if this is the case, I mean, across the most state utilitie s, if they -- as and when more and more projects come for financing, then do you see kind of a pre ssure on your margins emerging? Because, I mean, these are conventional projects with long gestation period on moratorium. So this is -- that is where I would like to hear your thought. Second one is more kind of on data. If I look at Slide 21, and you mentioned, including Lanco Amarkantak, there were 3 assets that got resolved. I guess there is some kind of a mista ke here in your -- NCLT is still saying 13 projects where the outside NCLT is saying just one, w here if I recall correctly, all these 3 were kind of under NCLT. And also, if I try to use the PCR of 68% and 50% are 2 categories as given on Slide 21, the total PCR is going up. So there is something, I mean, I guess, miss here. So these are my 2 questions.

Thank you, Avinash. Let me first handle the second question tha t you asked. Out of these 13 projects in NCLT, 7 projects are heading towards liquidation ac tually. And the remaining 6 projects, their bidding has already completed. So that's what I want to clarify that liquidation process, it does take some time, but we have already made 100% provisioning in respect of those assets. With regard to your question on conventional generation biddin g by Mahagenco, we are evaluating this aspect actually. We are in discussion with Powe r Finance. Actually, normally, the conventional generation business, we share equally with Pow er Finance Corporation. And this specific request that in the bid document that they have m entioned, may not be feasible that we are in discussion. I'll request my Director Project to answer this question.

So sir, there's a very large pie. I mean many projects are line d up under thermal generation category, close to 50,000, 55,000 megawatt of projects that wil l come under state sector utility, and we are targeting close to 50% of that particular business. So we do understand that some of the business, there may be competition like in case of Korad i and what we understand in case of Koradi also that the bid is not submitted perhaps by a lender, but by a syndicator, who, in turn, will actually secure loan now arrange loan from banks. But having said that, I mean, there are big opportunities available for us. In 1 or 2 states, we do see this kind of things happening. But then as you know that la st year, we did 8,500 megawatts of greenfield thermal generation. This year also, we have done 3,700 megawatts already. And of course, we will be targeting a few more projects under therm al generation category. But the size of the business available in this particular segment is to o large. And obviously, other players will definitely chip in.

As the central electricity authority that is taken out of the M inistry of Power, already made projection for optimal generation mix. And since renewable ener gy is intermittent in nature and the base load comes from the thermal power coal-based therm al power only, the country will require 80 gigawatt to abo ut 94 gigawatt capacity by the y ear 2032. You know that our market share, REC's market share is about 20%. So we are target ing minimum 20% of this opportunity, which is going to be open for us.

Sir, the question was more that do you see t hese ki nd of proj ects getting funded at a 9% or under 9%? Because I mean, these are long gestation period, you have to provide 6-year moratorium. These are not renewable. So question was more on th e rates. I mean, do you see these rates being kind of a viable -- and particularly, if this kind of a rate pressure comes in more and more state utility project, will that put a pressure k ind of on your margins? That was the question. And related to that also here, despite being a brownfield proj ect, this is like the capex or rather cost envisage is like INR10 crores per megawatt. So I mean, yes , so is that the thermal power generation cost also kind of increasing kind of create some kin d of doubt over the viability of the project?

Yes. In fact, greenfield coal-based power plant project cost ha s now increased about INR12 crores to INR13 crores per megawatt. But since some already bal ance of plant facilities are there, they have made a projection of INR10 crores per megawatt . That's correct. But with regard to pressure on interest rate, I think it will get stabil ized because the expectation is that our renewable energy projects is like that. I don't think that renewable coal-based power plant will not be able to command the same interest that REC projects are generating.

So I mean this definitely is something which we also need to, I mean, closely watch. But then this is one of the transactions. But if you look at remaining t ransactions, 90% of other funding, where there are no such pressures. We do expect such things to happen in 1 or 2 projects in 1 or 2 states or 3 states. But in other states, this kind of situation as of now, it does not exist. And we believe that this is a one-off transaction.

Okay. On that NPA Slide 21, just I wanted clarification because last quarter, you had 13 under NCLT and 3 got resolved. So now left after from this quarter, i t is 10 under NCLT or still 13 are still under -- because your Lanco Amarkantak and 2 other yo u mentioned that you have already resolved.

Actually, what has happened that although the bidding has been completed like KSK Mahanadi, Sinnar, Hiranmaye, Bhadreshwar etcetera, but final order has not yet been issued by NCLT. That's why about 6 operating assets are there, 7 are unde r liquidation process. So 13 is correct figure, 13 are under NCLT for resolution.

Next question is from the line of Shweta from Elara Capital PLC.

Congratulations on a good quarter. Sir, a couple of questions. If we look at quarter-on-quarter basis, yields have slightly risen and this has been pretty cons istent now for past 3 quarters in a row. But if I look at the mix, t hat has remained largely steady . So any particular asset or segment that is contributing to that? And a related question, s o now we are 12% private sector asset exposure, so could you just provide some color on what ki nd of renewable private assets we are looking at? And if any other major exposure on the priva te sector side? That's question number 1. Question number 2, so just a clarification. So you mentioned i n your opening remarks that the write-backs now across these 3 assets, KSK, Hiranmaye and Sinna r is around INR2,200-odd crores but earlier you had mentioned INR1,500 crores. So I also recall, you also mentioned about recoveries coming in higher. So if you could just clarify the numbers for the sake of convenience.

Thank you, Shweta. You're right that our exposure to state sect or has come down from 89% to 88% and the exposure to private sector increased from 11% to 12 %. There is not substantial increase. But a number of renewable energy projects we have san ctioned for the private sector where disbursement is going to happen in the current financial year and next financial year. The share of private sector lending is 12%. It will gradually i ncrease to 30% by the end of 2030. As more and more disbursal in respect of renewable energy projects takes, the share of private sector will increase because most of the renewable ener gy projects, which we have sanctioned are in respect of private sector. And with regard to what kind of renewable energy projects we a re sanctioning for private sector are solar, wind, hybrid solar wind projects where PPAs a re already in place, the solar module manufacturing units, wind turbine manufacturing units, t he storage solution, battery energy storage, pump storage projects, green hydrogen, green ammonia. So we are covering the entire gamut of renewable energy projec ts when we are sanctioning and most of them are coming in the private sector. With regard to w rite-backs, reversal of provisioning in respect of these 3 operating assets; KSK Mahana di, Sinnar Thermal and Hiranmaye. In the last con call, we had mentioned that our writ e-backs we were expecting INR1,500 crores to INR2,000 crores. But now the bidding is over . So we come to the correct figure. So now the total reversal is going to be about INR2,200 crores.

Of which, INR351 crores has already been done.

Yes. For KSK Mahanadi, INR351 crores has already been factored in this quarter, Q3 itself because NCLT had allowed that the amount which was lying in the TRA to the tune of at that point time INR6,500 crores was to be distributed among the lend ers. That amount has already been distributed among the lenders.

So then the Yield increase is attributable to?

Sorry, I couldn't get your question. Can you repeat it?.

Actually, this is regarding the composition of the disbursement . So our generation rates are a little bit on a higher side. So the disbursement towards the ge neration sector have been increased, which has resulted into higher yield during the quar ter itself. It is not because of the reset. It is a routine feature. That is what I'm saying.

It is largely because of the disbursement happening in a segmen t where we are charging a little higher as compared to other things like, for example, generation, thermal generation.

Next question is from the line of Dipen Shah, an individual investor.

Yes. I had a couple of questions. Firstly, on the forex loans, which we have, the rupee has been depreciating quite a bit. So could you just give us some more i nsights on what we should expect going ahead as far as borrowing is concerned? And second ly, on the existing forex loans, which are outstanding. And the second question is, if yo u can just give us some color on how do you expect the NIMs to move over the next couple of years.

Okay. Thank you, Dipen for asking very pertinent question. With regard to your question on NIM, we hope to maintain the NIMs of more than 3.65% to about 3 .7%. Going forward, we'll be able to hold on to the NIM. With regard to forex loan, I'll request my director finance to give the detailed reply. But let me assure you that 99% of forex loan are already hedged. So there' s not much concern. I'll request director finance to give more color on this forex loan.

Sure. Our foreign loan outstanding is around INR1,59,000 crores , o f w h i c h F C N R i s INR43,000 crores and external co mmercial borrowing ECB is INR1, 1 5 , 0 0 0 c r o re s . A n d o u r 99% loans are very much hedged. And as you know that since REC has a treasury team that keep on reviewing the hedging margins, so on that basis, we are regularly reviewing our portfolio. And in case if any remedial action is needed to be taken, that is always taken on well in time. So again, since this is a recent phenomena, the rupee devaluati on is recent phenomena. So we are working on that. And whatever the best action would be requ ired would be taken immediately.

Next question is from the line of Abhijit Tibrewal from Motilal Oswal.

Sir, first things first, I mean, while in your opening remarks, you've already spelled out the 4 projects. But if you could also give the breakup of this INR2,2 00 crores that we spoke about just once again, for the benefit of everyone. That is my first question. The second thing is, sir, this 9 months of this fiscal year, if you could also give the spli t of disbursements and sanctions between private and public. The thi rd and the related question to RE again is, sir, this time, we spoke about prepayments that we got from ACME and you also explained that they went for a public IPO and subsequently, it was part of their mandate to repay REC. If you could just help us understand how should we look at prepayments now from the REC -- from the RE book? Is it going to be elevated going ahead as well?

Yes. Thank you, Abhijit. With regard to your asset resolution q u e s t i o n , I h a d a l r e a d y mentioned that these 4 assets, KSK Mahanadi, we already got INR 351 crores reversal has already happened in Q3 because NCLT had allowed some amount lyi ng in TRA to be distributed among the lenders and the remaining. So total reco very of loan portion is going to be INR2,596 crores. And recovery with respect to principal is going to be 154%. The total reversal provisioning will happen in case in KSK Maha nadi to the tune of INR908 crores. With respect to Sinnar thermal plant in Nashik, the rec overy with respect to principal is going to be 52.65%, and our reversal of provisioning would be a mounting to about INR761.34 crores. Hiranmaye Energy, our recovery with respect to principa l is going to be 82.75% and reversal of provisioning will happen to the tune of INR440 cror es. In respect of Bhadreshwar our reversal of provisioning is going to be about INR42.59 crores. Now with regard to your question on disbursal...

So sanctions, so we are generally considering private sector sa nction only in case of renewable and in case of the distribution segment for smart meeting which we earlier spoke about. So largely under renewable, the majority of the projects are actua lly private sector projects. So whereas we are also doing some renewable energy projects in the state sector as well. In INR79,135 crores total sancti ons that we have done for renew able, which includes largely private, I believe 80% of it is towards private sector. But I t hink offline, we can provide you this breakup in the exact numbers.

And with regard to your question on the trend of prepayment in respect to our renewable energy projects, that is very basic nature of renewable energy projects. That will keep happening actually. It happens in respect to all the projects, actually. What is happening that the project developer, they want to monetize this is only up to the time of commissioning. After commissioning, they want to monetize their equity portion and then move forward for new projects. Would you like to add on this?

I just want to add that this is a very, very common activity. R efinancing is very active in RE space. But you might see that we are also taking over any commi ssioned assets from other which are actually financed by ot her lending institutions or fi nance through foreign funding. So for example, we have very recently done the INR2,500 crores of lending to ACME for commissioned portfolio, which actually was funded by foreign le nders, I mean it was funded through bonds. Now it is being taken over by us. So this is an activity which actually keeps happening. Likewise, I mean, there are other projects also where we have t aken over assets - commissioned assets in our portf olio through refinancing. So I mean this is an activity which keeps happening. There are a few assets which are financed by u s. They are refinanced by somebody else, but we also do the same thing. On the whole now, we have seen that it has perhaps no impact on our, on the growth of our RE loan book.

Got it. Sir, and just one small follow-up on that. Sir, while w e kind of keep saying that RE majority of it is private sector projects, I mean, is the under standing correct that, I mean, despite they being private, what still gives us a lot of confid ence of doing private in RE is because all of it or most of it is PPA backed? Or they have PPAs?

Yes. They are all PPA backed. But let me also point out that so me large hydro projects also coming in renewable energy sector, that is coming in the state sector and PSP project, pump storage project are also coming in the state sector. Isn't it?

Yes. That's true.

Next question is from the line of Suraj Das from Sundaram Mutual Fund. Suraj Das Yes, thanks for the opportunity. Sir, three questions. The firs t question, if I look at Slide 20. The Stage 1 and 2 PCR for the renewable segment, is showing a d ivergent trend between the private sector and the state sector in the sense, that if you l ook at the PCR for Stage 1 and 2 coverage for the state sector, it is continuously increasing for the renewable. For the last 5 quarters, it has increased to 50 basis points to 97 basis points in this quarter. While in the private sector, the trend is opposite. It is conti nuously coming down. It was as high as 1.6, it has now come down to 60 basis points. So sir, w hat is the driver, I mean what is the rationale behind this? So that is the first question. And then I have two more questions.

Yes. Actually, we made provisions for minimum of 0.4%. So there a r e s o m e o f t h e o t h e r factors which affects the ECL working, which includes the exten sion of COD and there are market-driven factors, which is really done by our third-party consultants. We get our ECL working done by our third-party consultant. And on that basis, suppose if the things are on track, then the ECL gets reduced. And in case some riders are not being met, then the ECL gets in crease. So in case of state sector projects minimum is 0.4%, whereas it is average coming, it is around 0.75% and private sector, since most of the parameters are on track, so it is 0.55%.

Okay. Understood. So, I mean, in a way, it is -- I mean the sta te sector is some -- what's seeing some kind of delays due to so many operational factors, hence, probably you were revising the ECL because that's what the case should be. Right?

Correct.

Understood, sir. And the second question is, sir, in terms of o n the signing of PPAs in renewable, a few of the news articles and all are mentioning th at there has been on ground in last calendar year FY -- calendar year '24, there has been some kind of 4 to 8 months delay in various states. Something like Gujarat, Tamil Nadu, Andhra Prad esh. So what has been your e x p e r i e n c e ? I m e a n a r e y o u s e e i n g a n y k i n d o f , l e t u s s a y , d e l ay in signing the PPAs in renewable sector? And a related question to that is, sir, in this I think recentl y, the government has said that there will be no pay for the in pump power, for the generation of in pump power. So are you going to have any kind of impact because of that, or let's say what i s the exposure towards the pure- play and the merchant power type exposure for us across sectors?

So normally, I mean, whenever we do funding, we do funding only after signing of the PPA and not only PPA, the PSC also by the DISCOMs. So when a projec t comes for funding to us, these 2 activities are already do ne, and we take up funding onl y after signing of these 2 very critical documents. There are delays in terms of signing for PP A for the contracts awarded to SECI, NTPC, NHPC with the discount. But t hose proj ects, we do not fund until the PPA is signed. So that is one. And secondly, there are now limitations on IPPs, particularly R E IPPs for selling of in pump power. Earlier, they were allowed but recently, there's a notif ication that in pump power, if at all it is there, can be supplied only to the PPA off-taker. But those kinds of things, we do not generally include in our financial model. These are incidental things they may happen, they may not happe n. And as such, because of this regulation on our financing and on our financial models al so, I mean there's going to be no impact because such a thing and such a scenario is not taken in to consideration while considering financing.

Got you. Understood. And sir, last question. In terms of DISCOM health, I mean, how you are seeing that in terms of DISCOM, sir, because last year, I think fourth quarter, we saw some upgrade -- rating upgrade for the DISCOMs, and do you expect so mething similar this quarter also in the fourth quarter of this financial year that again I mean there will be some rating upgrade on the DISCOMs because they are now doing well and henc e, probably some kind of extra provision write-back coming in fourth quarter? That would be my last question.

Yes. DISCOM health has been improving because of implementation of RDSS because all the DISCOMs have to adhere to certain reform measures to get this G overnment of India grant. Again, new rating is likely to be issued in this month of Febru ary itself and some DISCOMs are likely to be upgraded. That's true because DISCOMs have bee n making consistent efforts to bring down their AT&C losses, to bring down government depar tment dues, legacy dues. In all the fronts, DISCOMs are taking very proactive steps. The tariff orders are getting issued in time. Filing of the tar iff petition by November, like for the next financial year, they are supposed to file their tariff petition by 30th of November 2024. 99% DISCOMs already filed their tariff petition and the t ariff order would be issued by the concern state Electricity Regulatory Commission by 31st March.

Next question is from the line of Nikhil from Bernstein.

My only question is on the renewable side. Renewables, we are f acing headwinds, as was just discussed, PPAs are not getting signed, sell import restriction s have come in, transmission charges will be applicable July onwards on them. So I wanted so me color. Are you seeing a challenge to meet the long-term aspiration we have for loan boo k growth driven by renewables, given these recent headwinds? And also, is there heightened competition for banks on the same note to participate in this space?

Yes. So delay in signing of PPA by renewable energy implementing agency like NHPC, NTPC SECI is definitely delaying our funding. So to that extent, yes , the project that we can finance, say, today, it is not, we are not able to do that because the P PA is not signed. But as we mentioned in earlier question that we are taking a funding of p rojects only after signing of PPA. So non-signing of PPA is not posing any risk because we do not want a project without PPA. But delay, definitely, I mean, it will certainly have some degr ee of impact on our ability to finance such projects. I mean, otherwise, they would have come for funding little earlier. So -- and the second question?

Second was transmission charges.

So transmission charge, I mean, th is is something which is alre ady factored in. This is announced way back in 2020 to '23 that the trajectory of transm ission charges was taken into consideration while bidding for each of the PPA or I mean proje ct, so that is something which is not going to impact because those charges earlier, it was ni l. Now there's a graded manner in which transmission charge will be levied. And that particular e lement is already factored in by the IPPs in their quoted PPA charges, tariffs.

Got it. So overall, our loan book growth aspiration stays intac t, you don't see a challenge due to any of these events?

I mean if you see that we are actually in terms of disbursement , we are doing quite good. In terms of sanction, also, we will perhaps be at the same level a s we did last year. Last year, we did normally well. This year also, we are likely to touch the s ame level. And we believe that, of course, this PPA signing issue is there, but we will still b e able to do same level of funding. It is largely because of one more fact that we are not dependent on this PPA signed by all these agencies with DISCOM. We are also targeting some large ticket hydro projects and PSP projects. Hydro, you know that PPA signing is not mandatory in the beginning itself. So these are another area at which we are currently concentrating and this also is becoming part of our RE loan book.

Next question is from Aagam Shah from Flute Aura Enterprises.

I just have one question. Given that we are going towards a new income tax era where gradually all the exemptions will be removed. I just wanted you r view if Section 54 exemption is removed, what would -- how would that impact us? Do you think it's a probable event?

This, we have discussed with the Ministry of Finance also. This 54EC bond will continue. It is there because government wants that to incentivize these invest ors for those who are selling their real estate properties once they get capital gains, they want to save on paying this capital gain tax. This 54EC bond provision will continue going forward also. And this is the cheapest source of fund available to REC. We are paying only 5.25% inter est for this capital gains tax saving bond of 54EC bond. This is likely to continue.

Next question is Saket Yadav from India Capital.

Congratulations on the great set of numbers. Sir, just one ques tion around the provision this quarter. So we have taken a write-back on P&L of about INR89 cr ores, but you were mentioning earlier that we had a reversal of about INR350 crore s f r o m t h e K S K M a h a n a d i project alone. So just wanted to understand where we have to ta ke additional provisions, which brought down that write-back number to INR89 crores this quarter? And just one small clarification. Sir, you mentioned earlier th at on KSK, we expect INR908 crores of reversal of which INR3 57 crores have already been tak en. So the remaining is about INR550 crores odd. Is that understanding for us?

Yes, you are very correct that out of INR908 crores is INR351 c rores has already been done. So as regards to the provisioning made during the quarter itsel f, it is because of the change in the PD and LGD and the incremental disbursements which have bee n done. But out of that, we have made a reversal of INR359 crores of KSK Mahanadi. So that one is there. And some of the reversal on this Stage 3 accounts that is Amarkantak, Nagai , Lynx and Konaseema was also there. So that has impacted result. And there was also change in the Stage 2. There was also change in the Stage 2 from 1% to 0.5%. So that has also given this kind of treatment. So accordi ngly, the net figure is INR89 crores, which is coming in the books of account for the quarter 3.

Understood. Next question is from the line of Pranav Gupta from Aionios Alpha.

Yes. We are talking about ultra-supercritical thermal power pla nt because new power plant which are coming, they are going to be ultra-supercritical. Tha t includes FGD also. The efficiency factor for ultra-supercritical power plant has gone up to 46% as compared to the earlier one, which was having efficiency factor of 42%. And the F G D c o s t h a s a l s o b e e n included actually. That's why the cost is coming INR12 crores to INR13 crores.

But if we exclude all of that and look at a general greenfield power plant, what would the estimated cost per megawatt be approximately?

So it all depends actually on the technology that is being depl oyed in terms of BTG, boiler turbine and generator. Nowadays, all the utilities are deployin g this ultra supercritical technology. The capex is very high. I mean they're comparativel y high. And earlier, it used to be around 8-plus FGD, it used to be around INR10 crores. So INR10 crores has become INR12 crores, but now it all depends on what is the cost of generation. So it has this additional capex being done on ultra supercritical technology is actually yielding in lower cost of generation. So that is the b enefit of putting this technology for the projects.

Right. Basically, the PLFs get better in the new technology.

Coal consumption reduced drastically, and therefore, the cost o f generation becomes very attractive as compared to other technologies.

Next question is from the line of Neha Agarwal from SageOne Investments.

Sir, you mentioned that solar module projects are also part of the renewable energy loan book, if I heard that correctly. So however, these projects are gener ally not backed by PPAs and typically, the order books that these plants would have would b e of 1 or 2 years. So how are we monitoring these assets and protecting ourselves from the po tential industry headwind, if there's a future scenario of overcapacity in the industry? And also, if you can highlight what percentage of our book curr ently would be the module and turbine manufacturing be? And what is the typical loan tenure that we have for such loans?

I'll take your second question first. So module manufacturing, incidentally, this quarter, we have not done. But yes, we have a portfolio of close to 6 to 7 gigawatt of module manufacturing and module manufacturing, the payback period is f aster, and therefore, the loan tenor is also shorter. So normally 8 to 10 years of funding we have done. We have done 7 years also in some case, but 10 years also in some case. So it is ranging between that particular thing. And for solar, we have done close to 8,000 megawatts of solar p roject. Whatever funding we do, we need firm tie up of solar modules from the suppliers, Ti er 1 suppliers or wherever this ALMM is applicable there the firm tie-up has to be in place at the time of almost at the time of funding or before the documentation and certainly before we make the disbursements. So I mean, that kind of risk is not there in any of our project that is financed by us that there's any issue with regard to volatility in prices of the solar module because everything is firmed up before we enter into the project and the start our funding.

When you say firm tie-up, if I may add, that generally, these t ie-ups would be for specific projects only, right? So again, the tenure would be much shorte r. And while our loan tenure is about 7 to 10 years, as you mentioned. So in that, during that period, especially in the second half of it, practically, we will not have much control on the p redictability of their utilization in the plant, et cetera, right?

So loan tenor, which we mentioned it was about the module manuf acturing facility, but in case of IPPs, who are having the solar component, there the loan ten ure is high. Generally the PPA tenor is 25 years. So all the REIAs, they are entering into PPA for 25 years, even including the state sector entities who are having this bilateral PPA with th e private sector entities are also 25 years. So wherever this 25-year PPA is there, there we are l ending close to 16, 17, 18 years of loan tenor that we are providing to these developers.

Yes. So I was actually referring to the module projects only an d not the IPP projects. Here, if you can, just one last point of mine. If you can highlight what percentage of the overall project cost do we typically finance? And what is the debt equity of such projects?

So debt requirement, generally -- the debt equity is in the ran ge of 70-30 and it goes for the top rated entity up to eve n 80-20. But generally, 70% to 80% of fun ding is around 75-25 debt equity ratio. Loan tenor, as I mentioned, for PPA around 25 yea rs, we are giving close to 16 to 18 years of funding. Project cost varies. Now if you see that plain vanilla solar pr ojects are not being auctioned, what is coming as FDRE, but we have some benchmarks for each of the technologies. So for solar, the current price is close to INR3.5 crores to INR4 cror es per megawatt. For wind it is close to INR8 to INR9 crores per megawatt. Likewise, for hybrid project, where we have solar also and wind also for FDRE project, where we have in addition to solar, wind battery also, we have benchmark prices with which we compare the project cost and then do the funding.

Next question is from the line of Arjun Bagga from Baroda BNP Paribas.

Just one data keeping question. So what would be the repayments for the LPS scheme, sir, over the last 9 months?

Yes. LPS, we have given funding ranging from 7 years to 13, 14 years. So that was dependent on the total outstanding charges payable to the Gencos. So wher e the outstanding is lesser, the lesser tenure is given and where the outstanding is more a high er tenure is also given and the moratorium is also ranging from 1 year to 4 years. I think repayment has not started in a much, I mean, bigger way. But I think it will start in the years to come. But in some of the cases, this four years is also not completed. So even disbursements are still happening, and they are still in the moratorium period. So close to INR2,000 crores of LPS will still be disbur sed each quarter by us on which there will be moratorium continuing for up to 4 years from the date of first disbursements. But I think LPS, no major repayment is happening as of now. It will start maybe from next year onwards, where the projects will complete 1 or 2 years of moratorium.

Got it, sir. So any kind of quantum that you would have any bro ad numbers for the repayments for the next year?

Only for LPS?

Yes, sir, only for LPS.

We will have to work out that particular number depending on wh at, I mean, the overall disbursement that we have done, but I think...

You can take it that it's around 10 to 13 years in making all t he repayments. So that is coming in the 10 to 13 years, in the equal spread on monthly basis or the quarterly basis.

Thank you very much, ladies and gentlemen, we'll take that as t he last question. I'll now hand the conference to Mr. Shreepal Doshi for closing comments.

Thank you, Neerav, and thanks to all participants for being par t of the call. Special thanks to the management of the company for giving us the opportunity to host the call. Thank you, sir, and good luck for the next quarter, sir.

Thank you so much. Thank you all.

Thank you, sir.

Thank you very much. On behalf of Equirus Securities, that conc ludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.