Q4 20/21

Jun 19, 2021

Quarterly report

Ladies and gentlemen, good day, and welcome to the NTT Steel Limited 4Q and FY 'twenty one Earnings Conference Call hosted by Motilal Oswal Financial Services. As a reminder, All participant lines will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Mr. Niket Nattel from Motilal Oswal Financial Services. Thank you and over to you, sir. Thank you, Rituja. On behalf of Motilal Oswal Financial Services, I welcome you all to the Q4 and annual FY 'twenty one earnings conference call of NTPC. We are joined today by the Senior Management of NTPC led by Director of Finance, Mr. Rekha Gautam. Without further ado, I would now hand over the call to Mr. Gautam and would request him to introduce the management team followed by his opening remarks and the Q and A session. Thank you and forward to you, sir. Thank you, Aniket. Am I clear? Yes, sir. You are. Yes, sir. Okay. Thank you very much. A very good evening to everybody. I, KK Gautam, Director of Finance, welcome All of you to the Q4 FY 2021 phone call of NTPC Limited. NTPC continues to provide unsystem support to the nation by ensuring uninterrupted supply of power even during the 2nd wave of COVID-nineteen recently witnessed by India. Before I move further, I would like to introduce Sir, Dilek Kumar Patel, Director, Human Resources Sir Ramesh Bahu, Director, Operations Sri Chandan Kumar Mandal, Director, Commercial and Sri Ujjwal Kanti Bhattacharya, Director, Projects. I also have with me other key members of NTPC team. Today, the company has announced Audited financial results for FY 2021 along with the unaudited financial results for Q4 of FY 2021. The key performance highlights for the financial year and quarter ended 31st March 2021 have also been disclosed on both the stock exchanges. Now I will touch upon certain operational highlights for Q4 12 months of FY 2021. NTPC standalone and group recorded highest ever annual and quarterly generation In FY 2021, NTPC's stand alone growth generation in Q4 FY 2021 is 77,630,000,000 units as compared to 68,270,000,000 units in the corresponding previous quarter and for FY 2021, it is 270,910,000,000 units as compared to 259,620,000,000 units in the corresponding previous period, registering an increase of 13.71% and 4.3135%, respectively. Growth generation of NTPC Group in Q4 FY 2021 is 91,670,000,000 units as compared to 76,010,000,000 units. And in FY 2021, it is 314,070,000,000 units as compared to 290,190,000,000 units in the corresponding previous period, resisting an increase of 20.59% and 8.23%, respectively. NTPC standalone and group recorded highest Day generation of over 990,650,000 units and 1,190,000,000 units on 28th March 2021 19th March 2021 respectively. In Q4 FY 2021, we have added 19 75 Megawatt commercial capacity, which included 800 Megawatt at Gadarwara, 660 Megawatt at Meja, 300 Megawatt at NIPCO, 210 Megawatt Solar capacity at below and 3 Megawatt solar capacity at Korea. After running 54 years, Operations of 460 Megawatt Culture Thermal Power Station have been discontinued with the platform 31st March 2021. With these, the commercial capacity of NTPC has become 5 1,725 Megawatt on a standalone basis and 64,490 Megawatt for the group as on 31st March 2021. NTPC Group, being a leader in the power sector, has strong commitment towards renewable energy and would be targeting RE capacity of 60 gigawatts by FY2032. Our Board has already approved a business plan in this regard. NTPC Group has already commissioned 13 50 Megawatts For Bali projects and under EPC mode, 2,884 megawatts of solar projects, including ongoing projects of NTPC, REL are presently under implementation and 3,290 megawatts are various stages of tendering. For FY 2021, 4 coal stations of NTPC were among the top 10 performing stations in the country in terms of PLM. It includes Corba with 93.66 percent CPAC with 90.12 percent Bihan with 89.04 percent and Vindhya Cal with 88.73 percent PLF. NTPC flagship unit, Synrolli Unit 1 and Korpa Unit 2, recorded Highest annual PLF of 100.40 percent 100.06 percent. During FY 2021, PLF of coal stations of NTPC was 66%, as against the national average of 54 point 5%, 6%, thereby maintaining a spread of over 11%. During the period, we have suffered losses due to grid restrictions and fuel supply. The generation loss due to grid restrictions in coal based stations was 94,120,000,000 units in FY 2021. For the gas stations, the loss was 28,290,000,000 units. The generation loss on account of fuel supply constraint was 0,180,000,000 units in FY 2021. Now, status of supply During the FY 2021, metallization of coal against ACQ was 86.87% held against 92.95 percent in FY 2020. Coal supply during FY 2021 was 170,370,000 metric tonne, comprising of 169,290,000 metric tonne of domestic coal and 1,080,000 metric tonne of imported coal. The coal supply during the corresponding previous period was 173,600,000 metric tonnes with 170.67 MMT of domestic coal and 3 MMT of imported call. Despite COVID-nineteen pandemic and stoppage of work For about 94 days at Pakri Parwadi mine, NTPC has achieved a total coal production of 11,000,000 metric tonnes during FY 2021. FY 2020 was 11.15 metric tonnes. Cumulatively 32.36 1,000,000 metric ton of coal has been excavated from Pakri Barwadi, Gulanga and Talai Pali coal mines till 31st March 2021. Cumulative expenditure of INR 8,182.8 crores has been incurred on the development of coal mines till 31st March 2021. A MoU was signed between DVC and NTPC Renewable Energy for setting up of floating solar PV park and projects in the reservoirs under the command area of DVC in Jharkhand and West Bengal. These projects are under UMREPP and CPSU scheme of the Ministry of New and Renewable Energy, QI. Power Management Consultancy Assignment Under ISA Platform was secured for 500 Megawatt in Republic of Mali in June 2020 and 100 Megawatts in Republic of Malawi in March 2021. Very recently, Cuba has also appointed NTPCS PMC for 900 Megawatt Solar Park. With this, the total capacity under implementation is now 1785 Megawatts, including earlier secured 285 Megawatts with Republic of Togo. NTPC has collaborated for international business through signing of MOUs with EG and Co, Malawi, IOCL, Interrau Export of Russia, Bank of Muscat of Oman and Messen of Morocco. Through this route, NTPC intends to have more effective presence in the respective focus region, so as to contribute further in the power sector development. Now, environment management. Initiatives for reserving environment taken by NTPC include Flue Gas desulfurization systems are under various stages of implementation for 64.39 Gigawatt of group capacity. FGD systems have already been commissioned for 1340 megawatt capacity. FGG system package for 58.94 gigawatts capacity are under implementation and FGG system package for 4.11 Gigawatt capacity are under various stages of tendering. For compliance with NOx control, combustion modification has already been implemented at 16 units with 7.44 gigawatt of thermal power capacity. Supply and installation of low NOx combustion system for 14 gigawatt of capacity is under implementation. Now I will touch upon the financial highlights. Gross sales For FY 2021, it's INR 99,039.63 crores as against previous year gold sale of INR 97,443.33 crores. 97,443,330 crores, resisting an increase of 1.64%. Total income for FY 2021 is INR 1,3502.71 crores as against previous year total income of INR 1,478.41 crores, registering an increase of 3.06%. For FY 2021, NTPC has registered its highest ever pet of INR 13,769.52 crores as against INR 10,112.81 crores in the corresponding previous year, suggesting an increase of 36.16%. For FY 2021, the Board has recommended Final dividend of 31.5 percent of the paid up capital, that is INR 3.15 per share, subject to the approval of the shareholders in the Annual General Meeting. As you are aware, interim dividend For the financial year 2021, at the rate of 30% of the paid up capital, that is INR 3 per share has already been paid in February 2021. Now an update on various other financial activities. The regulated equity as on 31st March 21 was INR 66,337.94 crores. Total assets of the company stood at INR 343,219.39 crores as at 31st March 2021, as against INR327,475 crores as at 31st March 2020. The gross block has increased by INR 18,659.35 crores INR 2,11557.37 crores as at 31st March 2021, mainly on account of capitalization of new units. Capital work in progress, including Advance, is stood at INR 80,679.63 crores as at 31st March 2021 as compared to INR 77,881.03 crores as at 31st March, 2020. At the group level, capital work in progress, Including Advance issued at INR 1,5708.44 crores as at 31st March 2021 compared to INR 1 lakh 5,411.92 crores as at 31st March 2020. Regarding fund mobilization, during Q4 of FY 2021, NTPC had issued bonds with a door to door maturity of 10 years aggregating to INR 2,500 crores at attractive coupon of 6.43 percent on 27th January 2021. NTPC has signed its syndicated term loan in euro equivalent to US260 $1,000,000 on 23rd March 2021 with a consortium of State Bank of India, Frankfurt Branch, Bank of Baroda, IFSC, Gift City branch and Sumitomo Mitsui Banking Corporation, Singapore branch. The facility has a door to door maturity of 7 years. Average cost of borrowing for FY 2021 is 6.24% as against 6.81 percent in FY 2020. In the now small brief about the CapEx. In FY 2021, we have incurred a CapEx of INR 20,338.68 crores on a standalone basis and total group CapEx for INR33,981.64 crore. The capital outlay for FY 2021, 2022 on a standalone basis has been estimated at INR 23,736 per NTPC. Now I will talk about certain about the commercial issues in NTPC. NTPC has realized More than 100% of the billed amount, grossing INR 1 lakh crore during the year, which is the highest ever realization. Further, the trade receivables are maintained at the level of 50 day sales. Now I will briefly touch upon some NTPC Group Companies. NVBN, our trading subsidy, transacted 18 point 54,000,000,000 units during the FY 2021 as against 14,530,000,000 units during the FY 2020, registering a growth of 28%. This is the highest ever trading volume achieved by NVBN. NVBN has signed a MoU with South Delhi Municipal Corporation for implementing rooftop solar projects for 10 20 Megawatt Ground mounted solar projects along with charging infrastructure development. CIL NTPC Urja Private Limited bagged its first assignment of project coordination for setting up of a 50 Megawatt solar power project in Nigai Coal Mines of Northern Coalfields Limited. It is a major step towards Green energy by the 2 major PSUs, AntiPC and CIL, joining hands to create such projects Utilizing CIL's vacant land and NTPC expertise, NTPC will act as a project management consultant for this solar project. During the FY 2021, we have accounted dividend income of RMB1283.18 crores from our subsidy and joint venture companies hedge against RMB210.40 crores received during FY 2021. NTPC continues to win laurels and awards in various fields. Major awards received in Q4 FY 2021 are as follows: NTPC received Role Model Award at 11th CII National HR Excellence Award 2021. This award is the highest level of recognition in the field of human by CII. This is the 2nd time when the award of role model has been conferred to any organization. This award has been given after a period of 10 years to any organization. NTPC has been confirmed with the Certificate of Appreciation for Best Corporate, Social Responsibility Practice and COVID-nineteen relief. LTPC has being confirmed with CRC Lead CSR Leadership Award under the category of Best Corporate Social Responsibility Practices by World CSR Day Organization. NTPC has been awarded 4 innovative training practices by ISTD. NTPC has won the prestigious ISTD award in learning and display for the innovative training practices for the year financial year 2019 and financial year 2020. NTPC has been ranked as number 1 buyer by GEM under CPSC category. NTPC has also achieved 2nd rank under the number of Distinct projects on JAM during FY 2021. Apart from this, NTPC has been selected As the best place to work yesterday only by the GPTW. GPTW. These were some of the highlights I wanted to share before we begin with the question and answer session. Thank you. Thank you very much. We will now begin the question and answer The first question is from the line of Mohit Kumar from Dam Capital. Please go ahead. Yes, sir. Good evening, sir, and congratulations on a good set of numbers. So my first question is other income is way too high and the finance costs are slightly lower Q o Q and implied benefit expenses are also lower Q o Q and Y o Y. Can you please explain the reason behind it and what is the adjusted path? I will talk to your questions. One is regarding other income is why the other income is high. Other income is high on account of accounting of late payment surcharge and accounting of dividend, mainly dividend from the joint venture and subsidy companies. Now employee cost decrease is mainly due to retirement of certain of the employees and increase in the PRP ex Gracia in the previous year. Then we come to interest and finance charges. Decrease is on account of exchange difference, positive exchange difference that is rupee appreciation against the dollar and JPY loan, but against this decrease, a corresponding minus entry is also appearing in the regulated movement in rate So you have to consider both the items together. If you consider that also, it would be Minimal increase, minimal decrease in the interest and finance charges. Understood. My second question is on the renewable capacity. What is the renewable capacity operational and pipeline and Eden of FY 2021 with PPA? And secondly, What do you mean by capacity under tendering? Does it mean that 3 gigawatt capacity which in the tendering has got a PPA or this is without PPA? I will request Mr. Mohit, who is the Executive Director, to answer this question. Yes, good evening. The installed capacity today is about 13, 40 megawatts and the capacity under construction is 3,000 The Thank you. The next question is from the line of Ajinkya Bhatt from Macquarie. Please go ahead. Hello? Am I audible? Yes. Yes. Thank you, sir. Thanks for the opportunity. Sir, I just wanted to check a couple of things. Number 1, did you say that the renewable capacity targets have now been Increase to 60 gigawatts by 2,032? Yes. So, sir, on that background, just a couple of things. Number 1, so your earlier target was to reach, Say 30, 32 gigawatts with total installed capacity of 130 gigawatts. Now let's say that goes to 60 gigawatts renewable in say 100 and 60 gigawatt total capacity. So even say 10 years down the line, your renewable capacity would be about 40% of installed versus 60% Thermal, so that's still probably not meeting the criteria of, let's say, various ESG funds. So have you Thought about it, is there any plan or thought process about some sort of spin off of this renewable NTT going forward. Obviously, it might be too early to talk about it, but have you thought about it or discussed about it with the goal? I think probably you missed the point. It has already been mentioned that NTPC has created a wholly owned subsidiary for renewables, NTP Renewable Energy Limited, which is now operational. And generally, all of our new greenfield capacity is being In addition to that, we have also signed a joint venture agreement with NIIF For development of solar power projects. Yes, yes. Sir, I basically meant that not So I understand you have a separate subsidiary, but is there any plan or thought process about spinning it off in the sense that listing it separately from are the current MTPC structure. That was my question. Listing it separately on these changes. We are thinking on those lines. Okay. Okay. And so secondly, the second question is How has been the competitive intensity in the renewable tenders that are out in the market, especially considering the fact that some of the PSQ companies such as Coal India have also expressed desire, basically they are also getting into these solar power plants. And in renewables, the biggest cost item is basically the interest cost where all the PSUs might be on a similar footing, Enjoying better cost of debt compared to private operators. So other PSUs getting into it, is that increasing competitive intensity for you? That's my last question. Thank you. That is there, but still NTPC is In the advantageous position so far as arranging of low cost finances are concerned. So that advantage is always available in anti PC. And with this, we expect that we will get some priority in the tenders. Okay, okay. So no specific increase in intensity, competitive intensity from other PSUs or at least Not yet is what you're saying. Yes. We are not thinking of all lines. Okay. Thank you so much, Karen. All the best. Thank you. Thank you. The next question is from the line of Vishal Bediah from Aviva Insurance. Please go ahead. Thank you for the opportunity. Sir, 2, 3 questions. Why was the volume limit enhanced? Are there any acquisitions in store? But could you break up the composition of I mean, could you give the composition of FY22 CapEx that you outlined at About INR 200 INR 23,000 INR 23,000 INR 3,000 INR 3,000 INR 3,000 INR 3,000 INR 3,000 INR Yes, sorry. Yes. Actually, the capital enhancement has been done considering The merger and acquisitions because 2 of our subsidy companies that is Navinagar and Sarty, they are likely to be merged with NTPC in the next year. So their borrowing costs will be also be included in NTPC. And you were also you just mentioned that we have also considered a capacity this CapEx of $23,736,000 In addition, We also increased this for any acquisitions, which may carry out In the field of RE or any other acquisition, business combination acquisitions. Okay. And of the INR 23,000 crores of CapEx that you plan for FY22, what portion of this could be for thermal and what portion for RE? Right now that I think we just cannot tell you, but you can obtain this separately from Aditha. Okay. And any targets for CapEx for FY202324 that you can point out? 23, 24 CapEx. We are working at something like 92,000 Right now, but we are in the process of preparing our B and RE also. The numbers will be more clear by 31st August. Thank you very much. Thank you. The next question is from the line of Rahul Modi from ICICI Securities. Please go ahead. Thank you for the Congratulations. Sir, just two questions I had for mainly on RE. Sir, Any time lines on the CTSU tender which we were expecting the 5,000 megawatt tender? And over the next 2, 3 or 4 months, what are the quantum of tenders both solar and wind hybrid if we are participating in That could potentially come up for bidding. The CDSU scheme Okay, we're hopeful that it will happen there. As regards to upcoming tenders, there's a point of view in the pipeline. We are looking at building Of around close to 5,000 megawatts in the upcoming 10 years. Of course, the results will depend on how the rates work out. The next question is from the line of Atul Tewari from Citigroup. Please go ahead. Yes. Is it possible to share consolidated regulated equity? You can get it from Aditya Dhar separately. Sir, actually, I have tried in the past and somehow it appears that it is not really available. So I mean, because now obviously, NTPC Group is much bigger than NTPC standalone. So, 8, if you could like to make it a part of your press release. So, that is one critical number that we always miss. And actually, in the previous conference call also, It has been sold to us that we can get it separately, but somehow it is not available. Okay, okay. Okay. It will be around INR 84,000 crores. Okay, sir. Thank you for that help. And sir, what was the total receivable and Receivable, he is asking. Actually, your voice was cracking. I think you are asking about the total receivable sale at 31st March 2021? Yes, sir. And over do you receive it? Total receivable as of 31st March was 12,750 growth And beyond the due date was INR 6,500 crores. Okay. And sir, what were these numbers last financial year, March 2020, just for comparison. Just March 20, total dues were So 14,189 and over the amount was 9,580. RMB 5.80. Okay, sir. Thank you, sir. Thanks a lot. Thank you. The next question is from the line of Sumit Sishel from Axis Capital. Please go ahead. Good evening, sir. Thanks for the opportunity. I have a few questions. The first one, could you elaborate on your target of Sticky's award by 2032 and the road map to achieving that, can we have a 2 year target or a 3 year target as well, Particularly because we have heard of targets on the solar and renewable side For 2022, 4 or 5 years back, but clearly we are nowhere close to achieving that. Also have you reviewed your thermal targets over a 10 year timeframe and what can we expect over a 3 to 4 year timeframe beyond what is already under construction? That's my first question. Okay. So in FY 2021, we will be adding 1 gigawatt FY22, 3 gigawatts, FY23, 8 gigawatt, FY24, 15 gigawatt. These are cumulative numbers. Okay. So your capacity by FY24 will be 15 gigawatt is what I understand. Yes, yes. And FY 'twenty two, what did you say, sir? 3. Okay, okay, okay. This is very clear. So basically you are saying that if India No, you are going to get to 15 gigawatts by FY24 from 1.34 gigawatts as on date. You're going to add 13 gigawatts in the next 3 financial years. What do you think is the size of the Indian market on an annual basis In terms of solar installation, I'm assuming FY24, 15 gigawatts will be your installed capacity. So we are at 95 gigawatt as a country on renewables, 40 gigawatt is solar. So please tell us by FY24, What do you think the Indian solar capacity will go from 40 gigawatt to? Because it It appears like a very big number for NTPC to do versus past track record. It is 10%. Yes. I think again you've been asking very speculative question. Broadly the intent of the government of India has to bid out close to 20 gigawatts every year. How much of that actually comes to depends on how the things work out maybe by the innovation like Seki and Anish speaking other. That's 1. If we take 20 gigawatts, it will be 60 gigawatts in 3 years, of which NTPC will do 13 gigawatts. So That is the market share that we should be looking at. I think that's not correct assumption. When we're talking about Looking at 15 gigawatts, we need to assume that these are the capacities which will come online, which means some of these capacities are already won for the implementation And some of these will be under bedding. So it's a mix of both. Thank you to the question. That is clear. On the thermal side, can you please tell us, have you reviewed your thermal target over that timeframe of 2032 All the old target remains, because we're clearly seeing that the appetite for fresh coal plant build out has 1 of meaningful. We are going ahead with our ongoing projects. And as per the construction schedule, we are going to achieve 6,092 of total capacity, Out of which, RE will be 1062, if I knock it off, around 5,000 megawatt will be the thermal capacity, Given the NTPC and JV is taken together, group assets. And if you ask me standalone NTPC, then thermal capacity addition is To the tune of 2370, that is by 31st March 2022. Sir, I was meaning to say by 2,032, when earlier you had a target of 132 gigawatt by 2,032. So as a previous participant said, has the target now become 162 gigawatt by 2,032 as in Your thermal capacity addition plans have not changed at all or have they changed? I'll tell you this solar Projection of 60 gigawatts has been made and that is our plan for the solar. And our 1,000,000 30,000 megawatts, we have not changed so far Because we are waiting for the newly constituted committee under CEO by the Government of India to look at the demand and supply projections. Once that comes in maybe a year or so, we'll look into our number and accordingly restructure it. Sure. So my second question is on the impact of implementation of MVED on anti PC. Could you also cover the potential impact On PLS incentives or savings on interest on working capital, the technical challenges which are foreseen on implementation of MBED Starting 1st April 2022. Actually, if we read out this Government of India has given some guideline. I think this still detailed procedure is yet to be evolved. And there are certain issues which will be addressed, I think, in the detailed As far NTVC is concerned, since fixed charge is already protected, we don't envisage there will be any problem in case of NPD. Okay. So basically, you think that April 2022 is a time line that can be met or do you foresee delays? No, we cannot say right now because this will all depend on whether DISCOMs are giving consent to these or not because Ultimately, they have to give consent because they have to have working capital for working capital upfront For meeting payment. So it will not depend on the DISCOM, whether they'll be giving consent or not. Okay. Finally, thanks for the dividend of INR6.15 in FY 2021. Could you articulate your dividend policy here on what percentage of profit Or how do you see the payouts going forward in light of the CapEx plan that you have? Actually, our dividend policy, we have been telling in the past, it is governed by the Deepgram guidelines, which says 30% Profit or 5% of network, whichever is higher. So we will continue to follow those guidelines. So you're already doing better than those guidelines. So I was wondering whether those guidelines were relevant when there was Dividend tax applicable on the dividends. So because that is no longer applicable, those DIPAM guidelines are outdated now. So in light of that to do No, no, those guidelines are not yet outdated, means Government of India, Deepam, they continuously ask regarding compliance of those guidelines even today also we have mentioned in our Board. In addition to that, we are also doing buyback also 2%. Yes, yes. No, I think because your NTPC has actually done better than the Deepgram guidelines, so that is why I was saying whether We should stick to the Deepgram guidelines or should I have an independent NTPC dividend payout policy? As of now, it is Deepgram guidelines. Congratulations for the good numbers and wish you all the best, sir. Thank you. Thank you. Thank you very much. Thank you. The next question is from the line of Girish Ashikalai from MS Company. Please go ahead. Thanks for the opportunity. I had a couple of So firstly on the renewable side, before the monetization of subsidiary happens, is it fair to assume that all your renewable assets, Wherever you're raising debt will continue to be in the standalone parent entity and you'll continue to have some advantage on the cost of borrowing? No, I think it has been in previous questions, it has been told by Mr. Mohit That for renewable energy, a separate subsidy, wholly owned subsidy, NTPC Renewable Energy has been created. Apart from that, we have also signed a joint venture agreement with NIAF. So far as this wholly owned subsidy is concerned, we expect that they will continue to enjoy a similar rate of interest as NTPC is getting from the market. Okay. 2nd, sir, right now you are outsourcing EPC, is there a possibility as the size of the renewable tenders become bigger that you in house Renewable capacity in terms of EPC and O and A? Yes. So EPC will continue, but Of course, we are looking at splitting the packages so that we can buy some of the items separately also. So that's already started happening in 1 or 2 tender. Going ahead, that will also be Okay. The third one was just around dividends. Is there a thought process on quarterly dividends going forward from this year onwards? Any light that you can share on that? As of now, we have not caught on those lines. Okay. Those were my questions. Thank you so much, sir. Thank you. Thank you. Thank you. The next question is from the line of Anuj Napadia from HDFC Securities. Please go ahead. Yes. Hi. Thanks for the opportunity, sir. So 2, 3 questions. First on the under recovery part. So could you just mention what was the under recovery for 2021, this service last year? In this FY 'twenty one, it is INR 601 crores as against INR 2.49 crores in the corresponding previous year. In Q4 FY 'twenty one, it is INR 31 crores. In the Corresponding previous year, it was incentive of INR130 crores. Okay. Any specific reasons for the rise in under recovery because initially what the management has guided The main reason is because of 3 units, 1 at Darlipalli, the other was Lara and Kehelgaon. In specifically in Lara, these are new units, new stations. There were some initial Extensive stabilization issues, so therefore we had some leakages in the boiler and also a turbine issue. So therefore it has we had a tremendous recovery. In case of Calgon, there was a dike breach and that took we had to stop some of our units. But right now these issues are setted. All these patients are back to normal and they are running above 90% PSS. Those are the reasons. And in addition to that, there are around because of COVID, there are 2 stations where we had done the overhauling. That overhauling during that the overhauling because of COVID, The time is extended and we are actually approaching CRC per petition with the petition. That's around we are we'll be able to getting around 26 Close the back on that. So we may in these restricted contribute around INR 550 crores. That's helpful, sir. And could you throw some light on the capacities which are likely to achieve commercialization of COD in FY2223? In the year 2022, we have a target of Capacity addition, NTPC stand alone basis, 2,370 of thermal JV and subsidiary, 1,860. Yes, sir, plant wise, it would be helpful if you can provide plant wise, Which are the plants which we expect were this year? I can right now give you the name of the plant on the thermal side And we can give you Mr. Aditya can give you further details. Like NPGC Unit 2, The COD will be achieved sometime in July, you are expecting. Thunder Unit 6, We are in the process of declaring COD in June itself, this month. Brownie Unit 9, July is our target of this year. Early ball Unit 2, we are just going to start the trial operation from tomorrow and expected to do the COD in July 21. For Unit 1, we are targeting September 2021 BRBC Unit 4, October 21 and NPG's Unit 3, like, attending somewhere in March 2022. Then Rourkela, which is through our joint venture, our target is last quarter of this financial year. And Durga 4 is a 40 megawatt through NSPCL again joint venture sometime in March of 'twenty two. This is the target as of now. The thermal transportation wise, RE, as I told, 1062 confirmed by March 'twenty two, but we are looking for adding some more facilities here and we're looking to that, Which will be clearer by end of next quarter. Right. And for FY23, sir? Pardon? 23 details, I'll give later. And definitely, I can give you some names like Telenger And North Korangpur are 2 units, both the units 1 and unit 2, bar unit number 2, 6 60 megawatt. And there is one project we are doing outside India, you know, that Bangladesh India Friendship Power Company Limited. 1 unit we'll be doing definitely this year, another we are trying to do at the last quarter of this year, else in the next year definitely. That next is 4,900 total megawatt of thermal capacity. RE, we are based on the new plan. We'll come up with the details and we'll let you know. Thank you, sir. So you mentioned that Is this by 2032? Am I right, the timeline? Yes, yes. Okay. So by far, we are aware that The 2 major solar pumps which are coming up in Gujarat and Rajasthan could add somewhere around 10 to 12 gigawatts of capacity to our portfolio. And now as we have doubled our target, so could you just mention which are those states or areas where we are eyeing this major capacity Yes, you're right. The main capacities will come up in that and other half. Then we are also pursuing with Andhra Pradesh and Maharashtra. So these are the 2 other areas. But we are quite hopeful that in Rajasthan, the number will So these will largely contribute because these have the best potential in terms of progress. Okay. One last question, sir. While the quarter has business has significant double digit growth in depression, But that is not getting totally reflected on the revenue front. So, just throw some light on that So even at the EBITDA level, thing is still in a flat. So the earning growth is largely No, that he is mentioning, it is because of tax. Actually, if you see, EBITDA, you could just alone basis, you cannot compare because certain portion of the Vivace Viswas scheme has reduced my sales In the quarter. So that is to be excluded because the corresponding item is appearing in the provision for tax. So if you eliminate both 2, then you can see the EBITDA or you have to see the this thing adjusted profit. Could you quantify, sir, what would that be? Or if say later on you can get that? I think Aditya will give you separately. This is the operator. Does this answer your question, Mr. Kapadia? Yes, I said it also. I'm through. Thank you. The next question is from the line of Subhadip Mitra from JM Financial. Please go ahead. Good evening, sir. Just wanted to understand what would be the adjusted FACT number for FY 2021 and for the Q4? Okay. It will be FY21 will be INR 14,218.07 crores As against INR 12,173.49 crores. Okay. And For the 4Q? Q4 will be 3,831 as against 2,924 crores. Okay, understood. Thank you. That's a problem, sir. Thank you. Thank you. The next question is from the line of Rooam from HDFC Fund. Please go ahead. Yes, sir. Thank you so much. Sir, in the segmental accounting, if I see the other segment, the generation, you have 2 segments, Generation and others, the others have a significant drop this year on a full year basis. So what is causing this? I think in the other 6th Generally, it is a consistent number. This time it has come down significantly. No, no. Actually, it is coming because of this TSBC and NIPCO loans, which we have taken that is coming under the others In segment. But that would be in the finance cost in the segment. I'm looking at the standalone number. Standalone segment you are seeing which portion? The others. The others. The others, yes, you have generation and others. So others used to be around 400, 300 to $500 number, generally, this time it is around minus 34 kilos. Dhruv, we will give you this. Sure. Actually, we have created some provisions with respect to certain mines which have been deallocated. Okay. So in your adjusted price number, you would be adjusting for that number? No, no, you are asking segment results or you are asking just for segment results only. No, I'm asking for the segment results only. So this number you will adjust in the when you reported when you gave the adjusted part number, this number will be adjusted for? Because of dividend income, but if I look at the consolidated other income also, that number is also decently high about INR 1500 crores Versus the run rate of Because in consolidated also, those companies are also getting dividends Yes, I have not I told this is on account of 2 items. 1 is the dividend from JV subsidy companies. In the consolidated, that will be eliminated. But the second item is late payments surcharge. That will continue to appear in both the Consultated as well as standalone accounts. So what would be late payment in 4Q? Standalone or consolidating. And? Last payment such as in 4Q, in our Q4. For the year, it is INR1600. Sorry, it was in March 2020. In March 2021, it is INR 2316 crores. If you see quarter, it is INR 6.40 crores in the current quarter as against INR 3.93 crores in the previous quarter. Okay. And sir, one question 2 small questions. One was on the Telangana issue. I read up your note that you have got an NTT order. So, sir, fine. Would that is that stopping your work and would this result in a delay in the project execution? No. So the work continues? Yes. We have already approached to the Supreme Court of India Against the order of NGT. So the work is not strong. The case can continue and by the time you can continue to work That has happened in Kooragi also. Got it. And the last question was in the RE business. This is similar to what one participant asked earlier. So we have done a reasonable work in the solar segment and have gotten some edge there. But sir, it seems the incremental bit that would be coming out is probably in the wind or in the storage side. So how are we do you see that as a hurdle for us? And or if not, then how are we preparing for wind or storage because that has not been there for last 20 months? Yes, we are looking at wind also as well as hybrid and solar. So these are things which will depend on how many bids do come out. So depending on that, we are working on this side as well. And portions of parcels or plans which we are trying to tie up with government are also those which also have But as such, getting hybrid contracts And executing them versus what you were doing in Sola, you don't see that as a hurdle or as a significant challenge? The next question is from the line of Mohit Kumar from Ram Capital. Please go ahead. Hello. Sir, thanks for the opportunity once again. Sir, my first question is, are we looking to tender out La la, Taltura and Synrali? Do you think this gets postponed given the current environment? And second question is, are we achieving a ramp rate in all the Station, I think the ramp rate regulation kicked in from April 2021. Do you see any adverse or Any adverse impact on the profit on account of that? And thirdly, sir, what are we trying to ensure that under recovery is reduced to bare minimum in FY20 Please do. Last question first. Yes. Glad you want to achieve the ramp rate except in the Paroni 110 megawatt And Vindyachal, true 100 megawatts. Other than these 2 stations and units, everywhere we're reaching ramp rate. So therefore, we don't see any issue in achieving the ramp rate. Regarding the AFC and the recovery, Since these two units we had, as I said in Lara and Delhi Peli, we did have a problem. So based on this feedback, We have considered a special team for improving the quality during construction, and this team is going through all the upcoming projects and ensuring that these things will not be repeated. 2nd, the Kaheilgong where the Daikin Center happened, again, we have made a team at our corporate center So that these things can be taken care of, more compliance, more supervision will be there, so that we can eliminate this AF standard. Regarding Cartier, Lara and Singhali expansion, We'll tell you an ambivalence answer. We are I'll again repeat regarding expansion through award of Talchere, Lara and Finroli. Alsaid, we are almost ready. We are looking for government ORISA permission and clearances, And we are also looking at the last moment discussion with the bidders. Regarding Lara, We are awaiting environment clearance from Ministry of Environment and Forest. Similarly, to keep the clearance, We are looking at the specifications and preparing the specifications. In fact, we have gone for technical feeding first stage also for that. But with one rider, as I said, that we are waiting for the Government of India CEA Committee to come out with the Indian scenario by 2,030. We are ramping up on the RE sides. We are giving more stress on the greener power. Whatever is the demand gap required to fill fast based on coal and fossil fuel, We'll go by that comment of India study and try to take that. This is the position today. Understood, sir. Thank you, sir. Best of luck. Thank you. Ladies and gentlemen, please, do you have some more questions? Sir, this was the last question. I would now like to hand over the conference over to the management for closing comments. Okay. Thank you very much. We have paid a decent dividend this year, and we hope that we will continue to Thank you. On behalf of Motilal Oswal Financial Services, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.