Good evening, everyone, and thank you for joining for the analyst call. I am joined today by my colleagues, CFO, Mr. Sanjeev Churiwala, Financial Controller, Mr. J.V. Patil, Mr. Rajesh Lachhani, and Mr. Kasturi Soundararajan from the Investor Relations, and a few other members from our finance team. Let me first put the perspective of the power sector. Last year, the growth of power demand for the whole year has been nearly 5%, and in the March quarter, it was nearly 4%. We expect that this year also, the growth will be in the range of about 5%, though in the month of April, we have only seen 2% growth. We do expect that this year, the peak demand will increase to something like 270 GW. The way the power sector is geared up, I think we will be able to meet that additional load.
From Tata Power side also, all our plants will be operating at full capacity so that whatever is our commitment in terms of supply, we'll be able to meet. Coming to our performance, this is the 22nd successive quarter in which our PAT has grown. Our reported PAT is nearly 25% higher in the March quarter, which is at INR 1,306 crore, while the adjusted PAT is 16% higher at INR 1,288 crore compared to last year's INR 1,109 crore. Our Q4 EBITDA has also increased by 14% to INR 3,829 crore compared to last year's INR 3,358 crore. Coming to the full year, FY 2025 has been a historic year where, for the first time, the company has posted a PAT in excess of INR 5,000 crore, and underlying EBITDA has been more than INR 15,000 crore.
While the reported revenue has gone up by 5% to INR 64,502 crore, the PAT before exceptional has gone to INR 5,197 crore, which is a 26% increase on year-on-year basis. The underlying EBITDA has increased by 10% to INR 15,261 crore. This achievement has been possible because many of our core businesses have performed exceedingly well. Our existing generation business has done very well. Transmission and distribution has also done well. Similarly, our renewable business has also done very well. As we had shared with you last year, we are on track to double our PAT and EBITDA by FY 203 0. For the year FY 2025, the renewable business, we could achieve a capacity add of 1,026 MW. For the first time, we have been able to add capacity of more than 1 GW. We also, in the quarter, commissioned 166 GW of capacity.
Over the years, we have seen that our capacity add has been growing. We also have a very good pipeline of our renewable business where nearly 5.5 GW of capacity will get added in the next 6 - 24 months, where land for most of the projects has been acquired, as well as the connectivity. We do hope that our target to have nearly 70% clean and green energy by 2030 will be possible, not only with the renewable projects that we are setting up, but also the pumped hydro project where the work has already started in the Bhivpuri project and in the 1,000 MW Bhivpuri project. Work in the 1,800 MW Shirota pumped hydro will start in the later part of the year.
Our project in Bhutan, the 600 MW Khorlochhu project, the work has already started from 1st January, and we expect that by November 29, the project will be completed. In our solar business, especially solar rooftop business, our revenues have gone up by 40% in the quarter to INR 865 crore, and EBITDA has gone up by 72% to INR 132 crore. For the full year, our rooftop business had sales of nearly 782 MW with a revenue of INR 2,210 crore and PAT of INR 109 crore. In the coming year, that is FY 2026, we expect that this will nearly double considering that huge initiatives are being taken by us along with the government CM projects, especially in the states of Odisha, U.P. , Rajasthan, Assam, and Maharashtra. We, in fact, continue to be number one in rooftop solar with our presence in more than 700 cities.
Coming to our manufacturing of solar cell and module, the plant is now fully operational as presumably, and they are operating at more than 90% ease. In this year, though we started the production a little late, in the whole year, we have supplied nearly 3,300 MW of modules. In this quarter, we could supply 913 MW of modules and 650 MW of cells. The reported revenue of this quarter was INR 1,500 crore, and the EBITDA margin has gone up to 27%. For the full year, TP Solar has reported a revenue of INR 5,337 crore, EBITDA of INR 875 crore, and PAT of INR 422 crore. With both the cell and module line fully operational, we do expect that in the coming year, we'll cross the 3,700 MW of production of both cells and modules.
In our T&D business also, which actually has shown record performance in this year, in the quarter, our revenue was INR 9,590 crore, PAT of INR 616 crore. For the full year, the revenue of T&D business is INR 39,122 crore and a PAT of INR 2,000 crore. This has been possible because of excellent performance by all our distribution companies, including Odisha Discoms, where the PAT has gone up by more than three times for the whole year. In fact, in Odisha Discoms, our PAT increased to INR 439 crore from INR 307 crore in the previous year. We do expect that with the operations stabilizing and a whole lot of work that has been done in improving the quality of service, this performance will further improve in the coming year.
With all our distribution business, whether it is in Odisha, Delhi, Mumbai, and Ajmer, doing very good, the company is also looking at opportunities to expand, especially in some of the states where the distribution bidding process will start in the later part of this month. We do expect that, especially in U. P., where the bid process is starting, we'll be able to increase our footprint. Our balance sheet with all these investments continues to be very, very strong. We had a CapEx of INR 4,100 crore in the last quarter, and in the whole year, we had a CapEx of INR 16,200 crore. In the coming year, we have a plan of having a CapEx of INR 25,000 crore. In spite of such large CapEx, we have been able to have the net debt at INR 44,700 crore.
Our net debt to underlying EBITDA continues to be less than 3, which is actually at 2.93. Our net debt to equity is at 1.0 compared to 1.1 in the previous quarter. Because of these reasons, we continue to get the best ratings in corporate India and in the power sector. In fact, Moody's has recently upgraded the outlook on Tata Power from Ba1 stable to Ba1 positive. Tata Power is committed to go for very calibrated growth, and our CapEx plan, not only for FY 2026 but for subsequent years, is on track.
We do believe that our investment in hydro projects in Bhutan, pumped hydro projects in our existing hydro businesses, T&D investments in our transmission lines and distribution projects, as well as in our renewables, will help us to sustain the good performance of the company and maintain the track record of growth in profit for the next few quarters. We believe that this is possible because there is a very strong foundation for the business, and our growth plans are very, very well defined and calibrated. We look forward to your continued support. With this, I will return to Yashasvi to open the floor for questions and answers.
Thank you, sir. Ladies and gentlemen, we will now begin the Q&A session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question and to restrict to two questions at a time. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take our first question from the line of Sumit Kishore from Axis Capital. Please go ahead.
Good evening, sir. My first question is in relation to CapEx. On the third quarter call, you had expressed confidence that the company would be able to achieve its target of INR 210 billion of CapEx that you had set for yourself, and which would have implied nearly INR 9,000-10,000 crore of CapEx in Q4. What led to the shortfall on CapEx? Even in the December analyst meet, we spoke about 588 MW of renewable capacity addition in Q4. Again, 666 MW has got added. What are the challenges here which delayed your CapEx and your capacity addition targets, given that they were just three months out? That's the first question.
Our CapEx for the whole year is INR 16,200 crore. For the fourth quarter, it was INR 4,000 plus. There were some delays in the execution of projects. One was in the renewables, some of the locations, the transmission evacuation system, which is being done by the other companies, they could not be set up. Because of those delays, we could not complete the project in time and evacuate the power. The second is some of the transmission lines that we were doing. Those also got delayed because of rights of way issues. We have been able to sort that out. Whatever we could not complete in the last quarter, we will be able to meet all those in this quarter.
It is not that they have been deferred, but it is just that the implementation timeline has got a little delayed for various reasons, and we are on track to make up in the coming quarter.
Sure. So the transmission and evacuation issues are largely sorted to commission 2.5 GW plus of renewable in FY 2026, like you targeted?
Yes. This year, we will commission nearly 2.5 GW-2.7 GW of renewable projects. Last year, we actually completed 2.3 GW of projects.
My compliments on your very strong performance in the solar module business operationally, both for very high levels of capacity utilization and the ramp-up in cell production so soon after commissioning. It seems that the margin performance is also very strong, and it appears to be driven by a third-party sale of modules which are integrated by cell itself in the fourth quarter. Is this something that is likely to continue at this scale in FY 2026, where you said you will have almost 3,700 MW of module and cell production? How should we think about the third-party mix? If any volatility through the year that you expect because of your internal requirements, if you could talk about that.
As you are aware, we commissioned the cell plant in the last quarter, and it has ramped up now to full capacity. You will only see improvement of it because in Q4, we produced INR 650 MW, while in FY 2026, we are expecting more than 3,700 MW. You can expect the full impact of the production coming in the financial year. Similarly, the module line also has now stabilized, and you will see much better performance in the coming years. You can presume that the plant will work at full capacity, for which all steps have been taken by the company.
My question was on what will be the proportion of third-party sale in your solar module and cell business because that is not going to get eliminated on consolidation.
I think we have a huge backlog of orders that we need to execute. Ourselves have large projects that are for our own company. In addition to that, we have some third-party EPC obligations which we need to complete in the next six months. At least till the third quarter, we do not have any excess capacity. In addition to that, as I mentioned to you, we are going to increase the supply to rooftop solar. Again, nearly 1 GW will be required over there. I think we have a huge pipeline of orders to be executed. Most of the cells and modules that we will produce will get consumed ourselves. Maybe in subsequent years, we might have some extra capacity for third-party.
Just to add to what Dr. Sinha said, when we say in-house consumption, even our third-party EPC that we do, finally, the profit will also boil down to the consolidated profit of the renewable businesses. If you look at a console basis, all that LCR cell that goes to third-party EPC businesses that we're doing, and we need to have a backlog of that, that will add up to the profits.
Okay. So your third-party order backlog is how big right now for module cells?
I think next year, for sure, we have about a delivery of 1 GW, around, to be done for the third-party EPC.
Beyond the solar rooftop.
Hi, Sumit. I request you to join back the queue, please, as we have other participants.
Yes, Sumit. Just beyond solar rooftop.
Yes.
Thank you. We'll take our next question from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Yeah. Good evening, sir, and thanks for the opportunity. My first question was, there was a news in the media that you are thinking about the existing core business. Is that true? If true, are you also exploring organic growth?
Yeah. I think there are mixed reactions that we've seen in the papers and all. I think, as Dr. Sinha said, we will be opportunistic. If some opportunity comes, we will see. As of now, we're kind of more determined to ensure our capital allocation goes to our growth businesses, which is in the renewable and transmission and distribution.
Understood. The second question is, there's a note number two which talks about some adjustment from the CERC judgment. What is the impact of that note number two in this particular quarter?
Yeah. This quarter, you said? There is no impact in this quarter. This pertains to the earlier quarter, which we've already disclosed. The CERC order dated January 3rd, 2003.
Yes, yes. It says they issued the final order claim of storage through the amount. That is what it says. That is what I am trying to clarify.
Yeah. This order is kind of more supporting us in terms of collecting our receivables.
There's not material impact in this quarter. Is that right?
Yeah. There is no impact on the P&L because to that extent, as and when we are selling, we have also been booking as per the MOP orders. There is no impact on the P&L.
My last question is, is it possible to back up the CapEx layout across the various businesses for FY 2026?
We have about the CapEx layout of close to about INR 25,000 crore for next year. If I do a breakup, around 60% of the layout allocation will happen in our renewable businesses. Given that we are also growing our transmission and distribution, CapEx is about 30% will go there and the remaining others. This will remain dynamic. This is the broad allocation as we are starting the year. Depending upon the situation on the ground, the allocation might change.
Understood. Thank you for all of this. Thank you.
Thank you. We'll take our next question from the line of Apoorva Bahadur from IIFL Capital. Please go ahead.
Hi, sir. Thank you for the opportunity. A couple of questions, sir, firstly on the cell module manufacturing business. I see in your presentation that we have commissioned a TOPCon pilot line as well. Would you mind throwing some update on that? I mean, do we intend when do we intend to upgrade our PERC capacity?
Upgrade? Upgrade Mono PERC capacity. So right now, we will continue with the 4 GW of Mono- PERC and 300 MW of TOPCon. So that whatever technology we have used and the efficiency that we are getting, we maximize on that. Whenever the opportunity and the market demand is there for TOPCon, we'll examine it at that stage. Right now, we will continue with the operation of these lines.
Okay, sir. Sir, given the strong utilization which we are seeing for our cell module line, is there any plan to add capacity over here?
We keep on examining these types of proposals. At the right time, we will take a look.
Okay. Lastly, I wanted to understand our strategy for Tata Projects. I think we have been holding this business for quite some time, have been getting diluted here twice. There have been rights issues. How do we sort of look at this business? The intent, is it to hold it till a possible listing or maybe a sale to the parent at some time?
As you are aware, other projects came up with rights issues. Since we are now focusing on our core businesses, we have not subscribed to that. We want to use our money for our own Capex growth, which we have planned. As far as Tata Projects are concerned, they have an ambitious plan. Hopefully, in the next one to three years, they will perform very well and start making profits. Maybe at the appropriate time, Tata Projects management will take a decision on what they need to pursue to make it more robust in terms of their listing or whatever they have to do.
Great, sir. One last question, if I can squeeze it in. This is regarding the ordering for the wind plants. Wanted to know if we are through with all the orders that were to be placed.
Yes. In the final stage, hopefully, in the next three to four weeks, we'll come back.
Understood, sir. Thank you so much. All the best.
Thank you.
We'll take our next question from the line of Satyadeep Jain from Ambit Capital. Please go ahead.
Hi. Thank you. First, Mr. Sinha, just a clarification question before I ask the question. What you responded to Mohit's question on the media articles around thermal, it seems you indicated that there will be, if there's an opportunity that comes along, you may look at it. Is that a strategic change? Because the earlier target was that you'll phase out all the coal plants that you have by 2045 or something. Is there a change in that strategy that you might be opportunistic and you may not phase out all the coal plants and you look at both? I know the word opportunistic, but that means you're open to evaluating different opportunities, and there's a change in strategy. Just want to understand that.
Our end date of 2045 continues to be there. It is not that end date where we will divest or we will close down the plants by 2045 for all the coal-based plants where we have these PPAs. As I mentioned to you, if there is some stress asset or some asset which is there, and typically, they would have been in operation for some period, we can look at that. These are, again, very speculative at this stage. There is no plan per se that we are immediately going for anything like that.
Okay. Just on the RE, I know you required more ISTS connectivity, and there have been some delays in transmission evacuation now. What is your intent? You're requiring more transmission connectivity. And given your targets, given the issues we've seen in transmission ROW, is that why you're holding off on maybe more aggressively building pipeline beyond the next two years? What's the thought there and what's driving that strategy, whatever may be exercising caution on building future pipeline?
As you are aware, there are challenges in acquisition of land and getting evacuation permissions. As a long-term investment strategy, we continue to acquire land in various places, as also keep on applying for connectivity so that we do not have to start looking for it when we win the projects. As you are aware, we do a large number of projects, not only utility scale, but also under group captives for various industries, as also for many of the group companies in Tata Group. We definitely would be quite aggressive in acquisition of land, as also getting the necessary connectivity from these locations.
Okay. Just one question, if I can please, on very high margins you report in rooftop solar and also Odisha Discom. I think there is some ECL provisioning right back is done. I just want to understand that ECL provisioning and what basically drove the profitability in Odisha and also the rooftop solar. Thank you.
We said Discom is a different business and has nothing to do with the rooftops, excepting for the fact that they do support the rooftop initiatives that we're taking with them. I think we need to look at both of them separately rather than trying to.
Both are separately, but just want to understand what happened in those two different businesses. Just why did you, what led to high profitability in solar rooftop in that quarter? Also, separately, the Discom also reported very high profit, and it seems like there is some ECL provisioning right back. Just want to understand two different businesses, but what led to the highest good performance?
Yes. I think you're right. There are two different businesses. On Odisha, of course, as you can see, there's a continuous reduction in the AT&C losses. Better efficiencies have come in, better billing, and better collection has happened. Back on this, we have a better profitability. There have been some ECL provisioning in terms of clearing up some of the past dues. Even after providing for those ECL provisioning, we delivered a very good set of numbers in Odisha. Hopefully, we've created a good baseline to kind of grow from here. That's on the Odisha. On the rooftop businesses, I think the fourth quarter has been a phenomenal quarter for us, where we have delivered good growth.
When you look at the numbers of rooftops, for the quarter, we kind of delivered close to about INR 850 crore-INR 870 crore in terms of the top-line revenues, with a very heavy TAT margin. That demonstrates our ability to penetrate the market, capturing the market share, getting a premium for our product based on a high amount of trust that the consumer has. We are kind of operating with 600-plus channel partners, and we want to ensure that the growth that we have in the fourth quarter, we can continue to grow in the coming quarters as well.
Okay. Thank you so much, and we should be based.
Thank you. We'll take our next question from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Yeah. Hi. Thanks for the opportunity. One clarification. The Government of India has come out with the Shakti scheme, the new Shakti scheme, which allowed imported coal-based power plants to source coal from the domestic sources. Do you think it makes sense for Mundra to tap the domestic coal under lockdown?
See, the Mundra plant is designed for imported coal. Imported coal has different chemical characteristics. It is not just the heat rate, but what is the sulfur content, nitrogen content, what is the ash content. There are a whole lot of chemical characteristics that it needs to comply to. Bundle your.
We can hear you, sir.
Call's still.
Okay. Call's still. Okay. We need to consider all these aspects when we go for change in coal. Because of that reason, for us, it does not make sense to go for domestic coal. Secondly, the cost of coal, if we get from the eastern part of India, especially in terms of the transportation cost, is very high. For us, until and unless we are able to have a very differentiated arrangement, which brings down the cost of coal, as also brings down the transportation costs, it will not make real sense to move to any other coal than what we are using at present.
Understood. The second question is, do I have any update on the financial closure of the Pumped Storage Power Plant which you're building up, the electricity is 1,000 MW?
Yeah, we are working on the financial closure. The discussions are happening with the banks. We've just started the work, so we still have a few months to close that.
Yeah, but the work is going on at the pumped storage project. Notwithstanding the financial closure, the internal accrual is supporting the investment that is required for the project.
Understood. The bank and all the business. Thank you.
Thank you. We'll take our next question from the line of Rajesh Bhojani from NSG Tech. Please go ahead.
Hello, sir.
Yes, Rajesh, we can hear you. Please go ahead.
Yes. Thank you, ma'am, for the opportunity. I was interested if the company is expanding in battery energy storage system.
Yeah. We set up those projects as a part of the complex renewable projects. We arranged both the batteries from suppliers and combined it with solar and wind projects that we set up. It is a part of the hybrid solutions that we are implementing.
Yes, sir. Are there any challenges in the renewable sector in point of view with the government policy?
No, there are no challenges. Nothing like that.
Okay. Thank you.
Thank you. We'll take our next question from the line of Bharanidhar from Avendus Park. Please go ahead.
Yeah. Am I audible?
The volume is a little low.
Yeah. Is it better now?
A little better.
I will go ahead with my, okay. Just wanted to understand some operational and financial metrics on the Mundra coal and shipping line item in the cluster-wide performance slide, where we have seen a very good improvement in profitability and PAT in FY 2025 versus FY 2024, meaning INR 57 crore of PAT going up to INR 107 crore. What is driving this? Some color on how much spread we are making per unit in Mundra and what would be the outlook for 2026? That would be great.
If you're looking at the full year PAT, there are a couple of things there. A, of course, last year and this year, the plant continues to run on section 11. Last year, one unit was down, so we were running on four units. This year, we're running all five units, which led to a better contribution coming through. That is the key reason. We had one of the regulatory upsides coming in for Mundra, which was pending for almost a decade now, which has been reported in the earlier quarters, almost, I think, INR 332 crore. That is because of that.
Wonderful. What would be the outlook for 2026, sir, in the sense regarding section 11?
It all depends. It's too difficult for us to predict the outcome for the entire year. As of now, section 11 has been extended for two months. We are also trying to very amicably work along and get into a revised PPA with the government. It's too early for us to kind of comment as to how the decision will look like. We are working towards a resolution.
Understood. Some updates on the U.P. privatization of Discom and where is it at, and when it is likely to be opened, the bid, that would be helpful.
I think Uttar Pradesh have appointed consultant to work on the bid process for two discoms. We are also part of it, and hopefully, we would like to do something out there. I think it's still working for good.
Okay. Thank you so much .
Thank you. We'll take our next question from the line of Atul Tiwari from JPMorgan. Please go ahead.
Yes, sir. Thanks a lot. Sir, again, on the pumped storage plants where you have started the work, what is the status of long-term PPAs there? Are you looking at something? In case the PPA is not there, do you think the financial closure will be possible from the financial institution side?
Discom Hydro is being developed to basically give bundled power along with solar and wind. This will be done for both the utility-scale projects as well as for many of our C&I customers. This is a work in progress. This will take at least six more months for us to get finalized so that we have maximum value for the investment that we are making in this project. As you know, many of the companies have to go for 24/7 renewable power, as well as many of the Discoms are wanting to do that. Pumped Hydro has a unique ability to give this power 365 days for eight hours every day. I think we need to position it in such a way that whether industries or utilities, if they want certainty on the Pumped Hydro plant, they will be going for this along with the other renewable sources.
Okay. Thank you.
Thank you. We'll take our next question from the line of Anuj Upadhyay from Investec. Please go ahead.
Yeah. Hi. Thanks for the opportunity, sir. Firstly, on the EPC margin excluding the rooftop segment, it still struggles to cross 5% at an EBITDA level, if you see, for the Q4. The reason behind that? Secondly, your wind PLF continues to struggle to cross the 20% kind of level. What actually has been impacting the wind performance out there?
I think if you see the presentation that we've been uploaded, I'll just tell you the slide number. If you see the EBITDA margin and PAT margin, PAT margin is consistent about 5%, and the EBITDA margin is beyond that, closer to 8-9%. That's the targeted range we want to be in. I think we're doing absolutely fine with respect to margins in our businesses.
Anuj?
Sir, I guess the consultant margin comes at around 8-9%, but the EPC is still in the range of 5-6%. I'm referring to your slide, Anuj.
Yeah. EPC business, if you look at it, we are delivering a margin close to 5%.
Yeah. I mean, initially, the sense was that the EPC segment, excluding the rooftop, I'm saying, could scale up a level of around 7-8%. That time, we had this concern that we had orders which were at a low margin business, and we had actually executed those low margin EPC work. The upcoming orders would be of a healthy margin. Still, we see the margins to struggle somewhere in the range of 5-6% only.
I do not know which we kind of missing your expectation. In slide number 62, for the quarter, for the EPC, we delivered 8.3%. For the full year as well, we are delivering at 5%. Throughout the EPC business, and I think for the last couple of years, we have said that we kind of want to maintain a margin profile of 5%. That has been very consistent as well. It is kind of done better than the previous year now. If you see, for the last full year, when the margin was 3.3%, I very clearly remember we said that we are targeting 5%. This year, we are delivering 5%.
Fine, sir. I'll take this offline. On the wind side?
On the wind side?
Wind PLF, which continues to struggle in the margin of 20%.
Yeah. So see what happens is, whether it is wind or solar, what we need to ensure is the availability of the plants. And availability of all these plants has been in the 99% plus ranges. The PLF is dependent upon the wind speed or what is the solar level. Last year, the wind speeds in many places were not very good, and that is why the wind PLFs are low. Our plant availability continues to be very high in all these.
Yeah. I think to be very precise, slide number 61 of the presentation has the full detail. Normally, when we look at the wind PLF, we have a zone of 19.5-20%. That is what perhaps is the right zone.
Okay, sir. Lastly, sir, of the INR 1,078 crore of PAT, which we have reported for Mundra coal and shipment category, can you specifically mention how much was contribution from Mundra in it?
It's a combination of various things, but we can tell it to you separately.
Thank you.
Fine, sir. That's helpful.
We'll take our next question from the line of Aniket Mittal from SBI Mutual Fund. Please go ahead.
Yes, sir. Thank you for the opportunity. My first question is on the cell and module operations. Just to understand, could you talk about what sort of realizations you'll be getting in the market for the next several sales, both for DCR and non-DCR module sales? Secondly, sort of heading into FY 2026, what sort of EBITDA margin do you think this entity can serve?
As I mentioned to you, we are not selling these modules, DCR modules as such. Very small quantities we sell, depending upon the timelines in which it is required. Mostly, it is being used in-house for our in-house projects or for the third-party EPC that we are executing for which we already had an order earlier in the house. To that extent, we may not be able to share what sort of price will be applicable for the state of just the DCR module. You can see the margins which is there. The Q4 margin is just an indication. Going forward, it will further improve because the efficiency and the yields are improving. You can consider much better returns and a much better margin in the future for it.
Okay. Just one bookkeeping question. For your Tata Power Solar EPC arm, what's the overall order book currently? 11,000.
It should be about close to INR 11,000-odd crore.
This includes rooftop?
Rooftop is separate. This is the large utility scale.
Okay. INR 11,000-odd crore and about INR 1,000 crore rooftop, right?
Yes.
Just to clarify, this INR 11,000 crore, how much would be external and how much would be for own Tata Power projects?
Around INR 4,000 crore would be external and remaining would be our internal.
Got it. Got it. Thank you. Those were my questions.
Thank you. We'll take our next question from the line of Rajesh Majumdar from B&K Securities. Please go ahead.
Yeah. Good evening, everyone. I had another question on the Odisha Discoms. We have seen a sharp jump in the profitability in Q4 as well as for the year for the Odisha Discoms. How sustainable is this and what would be a kind of long-run kind of PAT we can assume from this? Will it be slightly lower than this or will it be slightly higher than this?
Odisha Discoms had huge challenges because there were a lot of issues regarding billing, collection, meters. There were also large old outstanding. We have been able to take care of all those things, including resale provision. What you have seen in Q4, a similar trend you will observe because the whole process has now been streamlined. The performance in the future quarters will be consistent to what sort of performance we have seen in Q4.
Yeah. Sort of related question on this. I mean, we've seen a lot of other Discoms also being bid by some other companies, but we've not seen the kind of success in the other Discom privatizations as we've seen in the case of Odisha Discoms. What is going on so good for you guys that is not going on so well for the other people that is distinguishing it? Any qualitative color on this?
Come here and spend some time in the next minute to hear what we do. We are going to be replied in two minutes. You have to come and understand what we do and how we are unique and different than anyone else.
Yeah. I think still better you can take a visit to Odisha. We can facilitate that.
Right. Also, because you're also bidding for other discoms now, are we going to be having the same kind of returns in U.P. discoms as well? Because, as I said again, the peer group experience is not as great as what we've seen in the Odisha discoms.
You should know that today we are the biggest private company in distribution. We have the sum total of all the others put together. No one has the type of experience and the domain knowledge as we have because we have done work in urban areas as well as in rural areas. We have a huge edge compared to anyone else.
Right. Sir, my other question was a bit of a general question for you because you have always said in the last couple of calls that the peak demand is likely to hit 270 this year. So far, the demand trends are not facing anywhere near that number. I know last year we had a base effect kind of impact on the power demand. Is there any risk of the power demand again being in low- single- digits this year?
Last year, we had the peak of 250. This year, based on the data that we have from IMD, we are expecting that it will go to 270. It all depends. The summer has just started, and we normally have a long summer right up to October. Let us wait and watch.
Because the peak demand was hitting May, if I'm not mistaken, last year. We're already in the middle of May now. That's why I asked this question.
Yeah. There have been situations where peak demand has been in July also and October also. It depends on how the weather condition is there. Apart from the heat, it is also the humidity, which has a huge factor on the usage of electricity. Let's wait and watch.
Thank you. Thank you.
Thank you. We'll take our next question from the line of Sumit Kishore from Axis Capital. Please go ahead.
Thanks for the opportunity again. My first question is to Dr. Sinha. You had articulated the opportunity and keen interest that Tata Power has in the nuclear and SMR market that is likely to open up to private sector. Has there been any progress in terms of any tender invited by the government for private sector participation? We were reading that there were some companies which had events. In fact, has that moved forward?
We are waiting for the change in the law wherein the government has to amend the law and allowing private sector participation in nuclear power plants. Also, the civil liability law. Once we get more clarity on that, we can share with you our plan to implement SMRs and other types of nuclear plants.
Just a follow-up question on this U.P. privatization. We are reading that or hearing that five circles are going to be sort of demarcated for private sector participation. Is there any condition that one private player cannot take more than one or two circles or can take more than?
We are still waiting for the bid documents. They have appointed a consultant. From what I understand, by the end of this month, the bid documents will come and we'll get a better clarity on that.
Thank you so much, Aniket Mittal.
Thank you.
Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Dr. Praveer Sinha for closing comments. Over to you, sir.
Thank you very much. It was a pleasure interacting with all of you. If you have any further questions, you can please connect with my colleagues, Rajesh and Kasturi. Also, if some of you want to visit the Odisha Discoms, what changes we have made, what technology interventions, customer engagement, and customer services that we are offering, I would request if you could plan with him. At any stage you want more data, more information, please do not hesitate to connect with us. We will take your feedback to improve the quality of presentation or also to provide you more data which will help you to make your reports more objective. Once again, thank you to all for joining me.
Thank you, sir. On behalf of Tata Power, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.