Thank you very much. We will now begin the question and answer session. The first question is from the line of Mohit Surana from Monarch Networth Capital Limited. Please proceed.

Sunni projects, I think those are I mean there is some court case going on regarding the case between the government of Himachal Pradesh and SJ VN. Are we still proceeding with the construction of these projects or what is the status? If you can let me know that will be great. And I have one more question which I will ask after this one?

Yes, I just want to convey you that yes there is some cases going on with government of HP, but that is not impacting our construction of the projects because unless some decision is taken to handover or takeover of these projects or discontinuation of the projects or whatever we have spent on the projects that is given to us. So we have not anything not decided as of now. So the construction is going on all the three projects which are under dispute.

Sir, just in case if government of HP decides to take over the projects or if they win the court case, so what will happen to all the expenses or expenditures that we have incurred on this project?

No, that they will be definitely reimbursing it to us. That is the understanding and accordingly the same has been conveyed to government of HP by the central government.

Understood. But sir, will there be some kind of interest payments on those expenses or will it be just the amount that we will have to redeem from the government?

No, my Director Finance is also there. So he would like to add that what type of expenses they will be reimbursing us.

Mr. Mohit, they will be reimbursing all the costs which we have already incurred and which we are going to incur till the final decision is taken. The reimbursement will be along with interest.

Okay, but what are the chances?

We will be claiming the apportioned loss also from the state government.

We will be claiming for apportioned loss from the state government.

Understood. But sir, what are the chances that we will win this court case or the government of Himachal Pradesh has an upper hand because we have not yet signed the implementation agreement?

But by action they have accepted and they have signed MOU with us and we are going with the construction of the project for so many years. So this is accepted and court will decide all the things.

Understood sir. Sir just one last question. So this quarter our depreciation and amortization amount has almost doubled versus the last quarter. If you can just give me the reason for that?

Reason for depr eciation is that in case of [inaudible 13:06] we have created provision for impairment loss in respect of three, four projects which is an accounting requirement. Otherwise there is no issue of increase of depreciation.

So this quarter the reported DNA includes impairment quarter, impairment cost as well. So how much is that?

INR143 crores.

140?

INR143 crores.

Understood sir. Thank you. So that is all from my end.

The next question is from the line of Ragini Pande from Elara Capital. Please proceed.

Sir, why has the other income declined nearly 50% in this quarter?

Just a minute. The reason for decline in the other income is as we are in a growth phase and most of the capital is now we have deployed in our under construction projects. So the amount which we used to have as FDs with the different banks and other income component pre viously was on a higher side. So it is mainly attributed to the capex the company has done in under construction projects. That is the reason for the decline in the other income. The major constituent of the other income is always a interest income on deposits which we will have with different banks.

Also can you give a what was the capex done for FY25 and capex guidance for the future years for FY26-27. Also if you can share some light on the revenue and EBITDA guidance for FY26- 27?

Okay. And I don’t know if I missed this point, but if you can give the bifurcation on capacity addition for the renewable, thermal and hydro side for 26 and 27?

The capacity addition target which is for we have added around 190 megawatt during the 24-25 which is mainly on the solar part and capacity target for 25-26 is 5315 megawatt and which is the sorry 4995 megawatt which is the balance for 25-26. In this the breakup is 1320 megawatt is for thermal our Buxar thermal power plant which we will be commissioning this year and renewable energy it is 3675. So total 4995 we will be adding during this 25 -26 and 320 already we have added during this financial year.

Okay and one last question from my side is if you can give the breakup of incentive income for this quarter?

So incentive income for the quarter is INR115 crores this is Q4 FY25. We have earned INR35 crores towards capacity incentive, INR76 crores towards secondary energy and INR4 crores towards UI charges. So total is INR115 crores.

Thank you I will join back the queue.

Thank you. The next question is from the line of Prashant Kshirsagar from Unived Corporate Research Private Limited. Please proceed.

Good morning sir. I just want to ask you can you share the progress of your pre -construction project Italian hydroelectric project in Arunachal Pradesh?

Definitely in Italian there are three important components which are required for the construction of the plant. Number one is forest clearance, number two is environment clearance and third is the land acquisition. So as of now we have already submitted our application. Our application has come from the state to MOEF in central government and most probably we will be getting FC1 fore st clearance stage 1 next month when the meeting of FAC happen s. Regarding the environment clearance , already the studies have been completed. Now pre - condition for ECE is the FC1. So once we get the FC1 next month we will submit our application for ECE in our MOEF ministry and then we are expecting that within 2 months after submission that is by the end of August or September max we will get the environment clearance also. And now third part is land acquisition. Land acquisition in this plant we have completed and we have submitted whatever the requisite amount to the state government for disbursement to the [Roustis 18 42] and their disbursement is going on and we are expecting that by end of June the entire disbursement will happen and we will acquire the entire land with our company. Now this is the statutory requirement which is required to start the project. Once this happened now fourth requirement is user investment approval which is to be from the CCE that is Cabinet Committee has to approve the investment for this project. So tha t already is in under process with the Central Excise Authority and Ministry of Power and we are expecting that this investment approval because for investment approval FC and ECE is also mandatory as such. So we are expecting that by the end of September or October we will get the investment approval from the Cabinet Committee. So these are the four things once this happened. Simultaneously we are in process of preparing our tender documents so that once all the statutory approvals are with us we can award the work and start the construction at site may be by the end of this year.

Can you share how much money has been disbursed to the state government from the company. And second point is how many acres will be acquired for the Italian project and out of that how many have been acquired?

This land will be around 1100 hectare which we will be acquiring and we have already paid around INR270 crore to the state government to acquiring this land.

And out of that how many hectares will be getting from the state government?

Entire land is from the state government only because it is -- 1100 hectare.

Okay. And apart from this INR270 crores how much money has been spent on the Italian project?

Around INR800 crore we have spent.

So totally you have spent around INR1,070 crores if I am not mistaken.

Yes. Yes, yes. Right.

Yes. Thanks. And my second question is regarding the other pre-construction project of Attunli where the 680 megawatts. So what has been the status for that?

As far as EC and FC I told the status for this Italian. It is almost in the similar stage . But land acquisition will not happen there. So we are expediting that with the state government and the district administration. Yesterday we had a meeting with the government of Arunachal again to expedite and to facilitate us for early acquisition of land. One FC and EC is available with me which is expected again by September, October this year. Then definitely I have to expedite the land acquisition. So that is happening parallely.

Okay. And I just want to clarify one point. All the five projects which have been allotted to you are in the Dibang Valley basin or any other basin?

No, no. It is in the same basin.

Same basin. Okay. Thanks a lot. That answers all my questions. Thanks.

Yes. One clarification. In initial commentary you mentioned four hydro plant of 1.6 gigawatt under construction, coal of 1.3 and solar you mentioned 1.8 gigawatt under construction. Correct sir?

Yes.

Okay. But then in commissioning for this year you mentioned coal based land of 1.3 which is matching up with what under construction is. But in terms of renewable you mentioned almost like 3675 megawatt which is 3.7 gigawatt is commissioning. So I am not clear on that part. Like you know under construction is 1.7, 1.8 gigawatt so.

Actually this under construction what we are talking about which are some of them under pre- construction also. If you see I mentioned that there are under construction are 70 numbers which comprise of 4966 megawatt cumulative. But hydro projects is not get ting commissioned with any one of the hydro projects. So the projects which are being commissioned this year those are basically 1320 of Buxar, then renewable energy 367 5. At 3 20 we have already commissioned. So the projects which are getting commissioned during this year are 5315.

So 3675 megawatt of renewable this, the complete all projects I mean none of them have got commissioned. They are getting commissioned this year.

Yes, sir.

320 we commissioned this year up to the May month and now balance 3675 shall be commissioned next 10 months.

Okay. Fine, sir. Then similarly for FY '27 how do you see that?

Yes. For '27 -- this '26, '27 we have a -- mainly our again the target is one of the hydro projects which is 69.5 megawatt. We will be commissioning that during '26, '27 and balance around 1930 that is the all solar projects and the wind projects which we are targeted to complete during the '26, '27.

Okay, right. And in terms of the project like, you know, we are commissioning renewable 3675 megawatt this year and further this 1930 megawatt next year. So what sort of PPA that we have as of now in this portfolio?

So as far as the renewable portfolio is concerned they are, we almost bag all these projects through competitive bidding with different DISCOMs. So we have 100% PPA for our renewable projects. And as hydro projects, as you know they fall under Section 62 and we would have this cost plus PPAs. So PPAs is something which is not a concern for the company.

Okay. Okay. Got it , sir. And another is like you know there is one more , like an initial commentary you mentioned a couple of tenders being floated and PPA signed for 5.1 gigawatt. So that is basically where we are acting as a nodal agency. Is that what you were saying right sir?

Yes. That was under REIA mode, so that we are acting as an implementation agency there. Those would be back to back we would be signing PSAs with the DISCOMs and we will be giving PPAs to the IPPs.

Okay. Okay. And then will there be fair to say any number like what sort of PPA that we have signed that REIA one for FY '25?

So as far as we have given you out of 12.7 gigawatt which we awarded and we already signed 5.2 gigawatt of PPAs and PSAs. The rest 7.3 gigawatt we would likely to complete in FY '26 itself. So our performance with any other REIA is comparatively we are faring better with all other 3 REIAs. So that is there.

Okay. Got it, sir. And this, I mean 5.1 gigawatt PPA that we signed, how many of these I mean we got signed in FY '25?

Like almost 3 gigawatt was signed in FY '25 only and 2.3 gigawatt we signed last year in FY '24.

Okay. Got it. Got it. And then how do you see this under the REIA how the pipeline looks for this year?

As if now the MNRE has not given any specific targets. But as you know that we have to add that capacity under 500 gigawatt of renewable energy by 2030. So we are doing our level best to add maximum capacity under renewable through REIA vertical.

Okay. And maybe one last question from my side sir. I think you did mention like you know on that impairment that we have done for a couple of renewable. I think I understand like you know even the last quarter also we had a similar sort of impairment. So…

No. We did some impairment in respect to our wind assets last year. And this time we have done the impairment exercise for our solar assets. So though as a good corporate governance practice most of the industry players are not there with the impairment, but being a CPSU and we follow the highest of the corporate governance practices, so we provided for whatever will feel, as you know that impairment as would be done on every balance sheet date. And going forward we may reverse these impairment losses if the situation improves.

Okay. But sir what is the background of this impairment? I mean like, because I understand like the couple of projects where we have done impairment they are already in operation right?

So, there are multiple reasons, like as you know cyclicality of the business of solar and if we have seen the say actual energy dipping vis-a-vis the design energy. So we are providing for it based on that.

Okay. But is it fair to say that the deviation or impairment or what is happening it is primarily because of the PLF and the generation or?

Primarily on account of that only.

And that has to do with the natural factor or it is an equipment or maybe there?

It is a natural problem. It is not under the control, I mean anybody's control to say.

Okay. Sure sir. I think that is pretty helpful and I will come back in the queue sir. Thank you.

Thank you. The next question is from the line of Vipul Kumar Anupchand Shah from Sumangal Investment. Please proceed.

Yes. Thanks for the opportunity. So what was the generation this year and this quarter sir in million units?

Generation I told you earlier also that we have surpassed the generation which we had last year. So if you see the cumulative one, cumulative generation for this year was 10,647 million units compared to 8,489 million units in the FY '24. So this represent around 25% in a year-to-year.

Okay. And sir what will be the additional debt that we will be taking this year for completing this 5,300 megawatt approximately that we are adding this year?

So, as far as under construction project is concerned the debt has already been tied up for most of the under construction projects. So incrementally we may raise another say INR2000 crores in FY '26 if required based on the progress of the project.

And sir you said approximately 5,300 megawatt will be added, but can you give schedule of that means quarter wise means in which quarter this capacity will be added?

We will upload a PPT, detailed PPT where you will find all the details in a day or two. So most of the details would be there or otherwise we can reach out to you separately also on the detailing part.

Okay. Thank you sir and all the best.

The next question is from the line of Ragini Pande from Elara. Please proceed.

So we have pumped storage project pipeline. So can you just give any color on when the construction will begin on the project or any commissioning schedule for this project?

If you see regarding the pumped storage all these projects have been recently identified either by the State Government or self-identified by the developers. So we have pumped storage plants which we have either MOU or still the talks are going on with the State Governments. Those are majorly in Maharashtra, then Chhattisgarh and Rajasthan also we have some and we have in Mizoram and so these are the major one. Now if you see regarding pumped storage I told you these have been recently identified. So first requirement of these projects is to make a PFR and then the DPR. So normally it takes around 2 years to complete that exercise. So if you see we are sitting in May 25. So by the May or June 27 we will be able to complete the DPR and after that the process of approvals and all this investment approval starts. So we will be going into construction sometime in '27 and normally it takes around 4 to 5 years to construct the pumped storage which is the normal timeline depending upon the what type of plant we have closed loop or open loop or we have to construct single reservoir or double reservoir. So it all depends upon that but 4 to 5 years minimum it takes to construct. So that is the timeline as of now for this and definitely there is a lot of ambitious target which has been given to all the PSGs by Government of India and we shall be meeting those targets as given by the Government of India to SJVN also.

Sir, can you just tell me what is the regulated equity currently and how will the regulated equity be by the end of FY '26 and FY '27?

So as of date as far as the regulated business is concerned we have regulated equity from Nathpa Jhakri and Rampur, INR825 crores from Nathpa Jhakri and INR251 crores from Rampur. And in FY '26 we are going to add another regulated equity component from Buxar where we will have INR869 crores as regulated equity. So Buxar as we are part commissioning so at the end of FY '26 and FY '27 the minimum regulated equity will be around INR1,945 crores.

Okay. And the last question is was there any exceptional or non-reaching item in Q4 FY '25?

There is no exceptional item excess in the Profit and Loss account in FY '25. It was in FY24 only.

The next question is from the line of Utkarsh Maheshwari from Reliance General Insurance Company Limited.

Sir, I think we are on a very ambitious plan. I mean from a capacity perspective what we are adding in next 1 year is like what we have added till now and more than what we have added till date. So just want to understand the timeline. I mean you have mentioned that solar 3675 megawatt you want to add. So what could be the timeframe, as we are now sitting in May? So do we expect monthly commissioning sort of thing or like what could be the average basically installation base?

Yes, actually as I told you the major this two components are there which are to be commissioned this year. One is Thermal component, second is the solar one. Thermal I told you that first unit we will be commissioning in the month of July this year and second one we are commissioning between October to December. So that is the timeline for 1320 megawatt. Now if we talk about the balance this solar component 320 megawatt I told you already that we commissioned during the April and May. Around 241 we commissioned in April and 78 we commissioned in May 25. So now balance which is left out is 3675. So there is a timeline like in September 25 we will be commissioning 680 megawatt of solar. Similarly in other projects which timeline if you talk about that is ranging from June 25 to March 26. So the detail we can give you because these are around 16 projects. So we upload that on the website and if you come directly also we can share the detail with you for the individual project that the 16 projects.

So it is fair to say that for the next 6 months we should see a commissioning of approximately 2000 megawatt from the part of solar side?

Not part of solar but solar and thermal if you say it will be around 2500 approximately up to December.

Okay, fair point. And sir this nodal thing what kind of incentive do we generate on this?

So as you do we are working with a INR7 trading margin in our RIA vertical. So in FY '27 we would be adding roughly INR200 crores in our bottom line. This is the trading margin and we have certain successive income also in FY '25 we have around INR50 crores.

Okay, for '26 you expect to do INR200 crores right?

'27, '26 there would be a smaller number reason being is whatever capacity has been tied up back to back these are under construction projects as of now . And would be fully commissioned in FY '27 only. And then only there would be a trading margin and billing.

But this will become a recurring thing right?

No, it is not a recurring once those projects will be commissioned. So by 2030 we would have roughly around INR1200 crores of the trading margin through our RIA vertical whatever goal we have to say achieve a capacity addition on the renewable side in the RIA vertical.

So the RIA vertical will be clubbed as a revenue flow operation only?

Trading margin only that is the only income regime along with the success fee. So success fee is a smaller amount. One time so we are not say like banking upon that. So it is only the trading margin which will have a recurring or once the asset is commissioned we will have the trading margin for 25 years.

No that is fine I got that point. So you will be showing it as a part of revenue from operations only or other income?

Yes, yes. Revenue from operations only.

We will be showing the total sale as a revenue and purchase as expenditure and the difference will be margin or profit.

Yes.

Okay sir. Thank you sir.

Thank you. The next question is from the line of R. Gajra from Informist. Please proceed.

Hello sir. You had mentioned earlier in the call that the power generation in FY '25 was I couldn't catch that number. Was it 1064 million unit?

Yes. 10647.

10647 million unit. Okay. FY '25. Right. And it was up by 25% year-on-year from the previous financial year. Correct?

Yes, yes. Please.

Yes, yes.

Any other question?

No, no. That's about it. All right. Thank you very much.

Thank you.

Thank you. The next question is from the line of Mahesh Patil from ICICI Securities. Please proceed.

So my question is just a small doubt on what you have mentioned already. So you said that out of the three, so by December you would be commissioning additional 2500 megawatts. Out of this 1525 is thermal, right?

1320.

1320. And the remaining around 1200 megawatt would be renewable?

Yes, solar. Basically solar.

Okay. So out of this 3675 around 1200 will be commissioned by December. Then 2400 would be the last quarter. Is that fair to assume?

Yes, yes. True.

Okay, sir. Thank you. Thank you so much.

Thank you. As there are no further questions, I would now like to hand the conference over to Mr. Ragini Pande for closing comments. Over to you, ma'am.

On behalf of Elara Securities India Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.