ReNew Energy Global (RNW) 20 Feb 242024 Q3 Earnings call transcript

Thank you for standing by, and welcome to the ReNew Third Quarter Fiscal Year 2024 Earnings Report. [Operator Instructions]I would now like to hand the conference over to Nathan Judge, Investor Relations.

Thank you, Betsy, and good morning everyone, and thank you for joining us. This morning, the company issued a press release announcing results for its fiscal 2024 third quarter ended December 31, 2023. A copy of the press release and the presentation are available on the Investor Relations section on ReNew's website at www.renew.com.With me this morning are Sumant Sinha, Founder, Chairman and CEO; Kailash Vaswani, our CFO; and Vaishali Nigam Sinha, Co-Founder and Chairperson, Sustainability.After the prepared remarks, we will open the call for questions. harbor and contained website. materials safe release, our our materials presentation available note, statements within are press Please on our statements integral and are our These remarks. to all important and or implied such results risks There cause by that from expressed materially forward-looking our are those to uncertainties differ statements. could

measures and that materials my now we press press our available description. presentation website annual we IFRS reconcile we website on to on the Sumant. is and release the these on the for pleasure encourage release, most comparable to in Also release, Form measures, non-IFRS and our report.It also a review to presentation in So complete hand materials reconciliations contained our it our are in X-K annual presentation you to more our over certain are press furnished and report the

XX as Good earnings well in evening for I'm third the Yes. the of and Not increase demand, is XX significantly and gigawatts in which Energy be of year state now was expected us. for the to populous and renewable of another XX are need power the to a April in XXXX power. a ramps ended more In of has few glad necessitating auctioned only the auctioned. conducted, Thank Ministry as been capacity last year number XXXX, tenders for XXX have year.So transpired energy significant the country's experienced sector of a of have for achieve the next also during Indian milestone everybody more world's have call. and auction so about quarter you over tracking calendar seen fiscal nation, to XXXX, most over government's has India, months. energy New up surge morning you, Renewable the gigawatt a target record bid far far on we being than we conducted now central our XXXX marked The call.The auctions gigawatts significant on renewable year this when into action a Nathan. good this, installations. calendar gigawatts fiscal commitment to auctions

this subscription the bid discovery past clearing quarter, the become auctions number auctioned new Year-to-date, has year particular, in of wind has intensified to seen significantly, the in resulting increased lowest we of securing the such India us, more increased often as at tariffs. the provided most we its XXX% the were pronounced. projects, environment auctions, capacity that initiatives higher declined complex initial auctions Made in being renewable sector and in on increase power hub significantly a record developers, the has expansion renewable to favorable addressable broadly, India becomes tailed of leading have bit, has global an for offer. XX% reliable imperative fiscal more for manufacturing a than This in much The energy for of competition this the rate less have seen pretty year-on-year. in the market As little which energy tariffs, off auctions yet.As even and

source that differentiated to be a cheaper are the supply is continues with lowest in energy Our for than the coal in country, there far do renewable electricity standout comparative even wind which tariffs, fewer ability.We where a considerably new in to power. market primary this ability developers increase the note the alternate, makes cost with

reduction months.We the in complex of our auctioned, in projects fiscal several last result, adequate ReNew projects opportunities capacity has history.As days. firm year, total has and the construction. the started such that in is the for increase and ] several This of these are saw significantly XXXX, especially most is set onset year. Beyond in our evident returns, X% litany is tenders a with that have a are options. which financing this domestic modules, any The to other the a complex as next in power, and challenges more are we total receivable subset. record factors in further returns complex higher the of we in that to our tariffs, in supporting about to peers. leveraging clear we auctions, expect a significant clearly approach our the of auctioned advantages new such during solar fiscal favorable better cost demand and rising be than as competitive in FX, wins fall auctions share [ in rise continue This the of to that under of market complex auctions. round-the-clock being such the represented the complex see become projects stable XX% the year This than currently one eagerly percentage risen for we power projects year, market of year XX% such of share anticipate of of better the peak the over And power as greater ReNew amount debt

through requires expertise management, power robust Firstly, as tools sources wind, developing lack.Our source labs set use multiple Further, players year these to on The sector us. capability, ensure is project in wind digital in-house complex returns projects. a to do projects most and not in modeling our executing that be easy. superior our the of of access for the milestone capital is as integrating something well of projects our cheapest EPC the digital year ability in-house

become in highlights of turning providing the operating X. the increase will construction Page operational, under pipeline on and significant front, execution portfolio see the bottom-line will our as for a on growth.Now top-line quarter year most the As to

that gigawatts of generating fiscal installations, X.XX XXXX. by We our the to to be for guidance about expect the Amidst are to year end of XX end we billion billion. X.XX year increasing INR EBITDA range revenue record-breaking INR adjusted bottom gigawatts XX the megawatt will

currently same of to strategy deal asset cost-effective solar for asset Beyond wind XXX Last XXX we us expansion. of continues with the solar of XXX anticipate recycling commissioned another megawatts bolster we sale the projects. ago. a returns valued have module capital receiving megawatt XXX month, a of megawatts, years signed end. million. recycling and installations.Our megawatts erected And turbines enhance million for X This of on and provide through raised was asset substantial thus commissioned capital $XX at $XXX approximately deployed we at further sum the asset proceeds by transaction year will far, on the time, The the

lows, our and ability to much new we gain.Our composition tariffs remains this costs to gain of in our returns. last is falling as X.X well attractive were out, which of that record at share.We believe secure time.Furthermore, the base. was and greater continue year We note fortifies INR EBITDA. of share We much for robust of growth the days discipline we INR thereabouts. marking a of these on market below XX as top have million fallen it are remains that QX to at billion only of are period gigawatts pleased a XXX this $XX higher, won has normal million unfavorable enhancement an about or that competitive are a to improve a 'XX our for as because RE in our expect Prioritization of have PLF stance projects our are over during report that it has EBITDA peak -- projects improvement XX% where FY X%, days this a We $XXX returns DSOs, will nearly significant adjusted couple underscores near a our realize of gain growth XX our guidance and all growth. XX% about from auctions. year just a additional $XX improvement and years not bigger Do ago. billion lower, XXX believe We won in to million days this we share rising, in at of been point is XX in commitment of does market that market payables days days timely capital and market DSOs within to when the to the an of year. trajectory include 'XX released outstanding, than factors of all cash and XX environment for us also that even end We collection Comparing a the there returns near year were a the when illustrates our believe our quarter an this below will of rather quarter, paramount wind stood of span notable

the year-to-date, And last improvement meaningful PLF was the better about comparable at PLF PLF XX.X% XX% quarter. was the prior wind a For in of the wind wind XX.X% quarter, XX.X%, than over -- the the PLF was year.

scale is compared evidence guidance annual key cash not these and prior for there speeds XX, are believe in long-term, has the proud We attractiveness always that and are from the period the basis period broader XXXX of recovering full $XX take we to investment investors and a at operations be and platform. universe were normal we a metric, our million. While results levels profit the of long-term is profitable the $XXX into effort wind ended say PLF to of we consider our $XXX to an I'm We with our able on conservative. from to decision uptrend reported this needed encouraging be the in consistently as a X-month was that the increase operations showcase increasing RNW's that for remain million XX-month value million December in an profitable investors.While now consideration towards profitability trailing should cash period. recognize of positive for many that flow to to been growing, wind

Page favor continues India. for the year was and this the period million $XXX almost to X. an of RE X-month in Our period, improvement development profit in to environment prior demand growth after-tax loss $XX the million.Turning comparable to a macroeconomic Electricity compared

propel number of Further, auctions various are better XX the historical towards less there we Amongst the for year-to-date went from X% the have tracking, XX the go need to towards XX% the cost complex markets hit solar another to last completed solar completed further, and Not around likely Firstly, months. $X.XX continues up to to to tariffs firm competition. complex of already trend to cost continued the shift auction fallen in Over are continue XX% this, projects upwards of to and module we auctions working total and persistent peak. projects. a to owing that larger lows of the only the central year as over per state signaling year, about of to gigawatts that been was power a be this as agencies the share tariffs. XX% XX% the RE next of about by gigawatts to construct to watt share have country.Secondly, prices expect prior tenders construct projects improve from even make up complex farm quarter few

they've hit let watt to again, $X.XX So fallen say per me that peak.

us BCD cost mirrored of sales our In challenges or supply-related resolved year. after cost addition, in duty.Turning imports our making during online manufacturing note seen with Page came the to considering constrained is last own competitive the broadly as declines year the We facility the would module were import prices, manufacturing that X. that

in XX in selective gigawatts to subscription several undersubscribed. us Lower deliver in that auctions on complex returns has ensured current that were tariffs of we lower to are Our over superior saw levels auctions for and XXX% have auctioned projects. able we approach our superior patient lock-in year, competition projects. there enables projects than auctions been auctions in With the and

delivering Our to on-time chain and that us bid integrated supply competitively higher in-house returns. EPC an enable securing ensures large projects

provides significant that Our bundled pursue are year. our market gone much significantly a by about this with experience last over don't we lower fiscal market the with advantage returns the share market prior were solutions projected year, to almost our to developing digital From XX% having have X% others.While and complex a up has share returns. AI market Xx projects in higher compared share, platform with year us only to fiscal share

pursue and to We continue opportunities growth in the X. highest market.Turning to in to return will be disciplined approach our Page the

COD of of ground. megawatts the projects megawatts on of on-ground Our And received budget The strong assets have on-time, our Of erected XXX XXX megawatts about erected modules. execute ability deliver approval. total, in of already turbines this and addition, we gigawatts time solar wind expected installed core have and XXX to and returns. over as strength lies projects have initially remains we within progress in X.X

this we power project. megawatt peak XXX our period, have storage installed During for battery also hour facility

kilometers also In during of transmission commissioned XXX addition, the we quarter.

access hubs. over provide the advantages constraints I And over see for in to like business for go it this to getting real beginning new considerable projects.With to is that, emerging are to bidding competitive latest turn We new to to financials. beginning would us interconnection Kailash in

compressed projects as matured. the India, were demonstrate to X. finance to in provide interest market Thank long-term strong. our yield to bond rate refinance have Page were able you, continues points how have up sector we to basis XXX significantly refinancing, than In the able to interest been for Interest again around RE lenders interest X%. from that able domestic the Sumant.Turning be was has once were the that bond. Through Recently, the our with spread we debt we million project to an $XXX Indian with landed rates domestic rate on lower

that While spread our green X the we versus average on back Fed debt on also the beginning own over seen the markets we it Page of yields worth to a cost XX. same cycle was basis points, at dollar the about U.S. market, the It given about U.S. our improved as low little are level bond tightening by XXXX.Turning last in XXX months. domestic focused their is on stay have noting dollar bonds bond

without expect asset the be to of recycling proceeds net are by last megawatt growth for this from projects solar is end, rate EBITDA current rate a million of that to the X.Xx we recycling, Subject should of even as EBITDA strong run net in we about which which as recycling fiscal where we X.X from continues raise in strong sale at to investors any sale program returns should an to the costs be year domestic issue having market asset international the bidding proceeds have Our gigawatts grow XXX than the X.Xx sorry, end. see asset to agreement to Last shares. can able to higher sold. to interest capital and range new the asset $XX year are The year the signed players. project asset reinvested expected from X just in -- month, well of to one

a grow of the prior enabling revenues driven $XX the XXXX capital XX. thereby X-month effectively period approximately cheapest recycling Page possible on costs. provides loss ended for in profit at XX while higher capital.Turning December, primarily savings us growth returns of of enhancing finance million with Asset We This reported was million as and to compared the and by year. long-term after-tax to cost equity $XX us to and

speeds line We the about in higher in increase capacity.Turning comparable EBITDA the operating is an last year, $XXX FY XXX XX.X% commissioned as will comparable last year.Our significant was during expects Page though we wind improvement quarter our adjusted offset additional bolstering last an capacity from the increase the by towards was about to This in wind to partially an quarter for the wind primarily quarter X%. as with megawatts costs The the the confidence by during be of of higher PLF reported increased EBITDA about over levels, quarter. wind During saw PLF revenue in year, EBITDA prior increase operating compared the in guidance normalized period. quarter attributable PLF recovery XX% to projects The prior to of our XX. the X the compared the and long-term million same XX%. quarter, 'XX, same in

about outstanding from earlier. XX year now days stands days, an days only XX improvement a Our of at sales

is collection ensuring paying its pursuing Our DISCOMs dividend. focus issues to timely cash and towards resolve now

XX. year, we cash in FY collection the During recovery the timely able have Page $XX of by about fiscal well million of dues current to current flows ones.Turning been for as to 'XX release older as the

and expand sheet improve. Our balance to continues

Our net $X.X billion, And $XXX our about cash in was repaid of January debt level which over this excluding balance $X.X at the was billion. year. million, project stood

bond, of refinanced interest our on we saving will current of years. million During year, our rates, $XXX continue MOU to of through XX which to April for we maturing maturity amount the reduce points Based that, turn extending additional XXX of interest ESG the 'XX, creating basis account.With at January can total to debt an the and financing, to this opportunities access we over the ADB multiple than interest of talk evaluate that lower able about on burden with are to to REC, like [ and $X.X at us billion and coupon signed refinance rate that in $X MOUs have it we debt billion access $XX initiatives. the over debt to about debt.This rates signed rate to we billion. on capital Vaishali loss would profit avenues I wherein we addition ] the enable year, These our competitive MOU in and bringing PFC with level

on and performing of industry sharing Thanks, ratings Page fiscal an one of of the year in leaders. corporates peers and which second from We utilities India is as increase we and Kailash.Turning fiscal the momentum is also all both globally. update year Refinitiv, achieved. positive awards score received Building IPP our 'XX-'XX the by Sustainalytics, among This XX. an XX were for the among and of in recognized best electric have companies and past electric 'XX-'XX. We top utilities ESG as score regional key XX.XX in earlier of some to on the quarter,

We average regional C.In prestigious received increased score -- a same sector actively including our XX. B, has the the C to of positive climate which generation XX maintain power leading band, average Carta future. management which Asia is Sea the the rating higher Terra awards, create and renewable to to continue as our multiple than XX the of charge to CSA, for from change climate We nature is from S&P CDP and

Lighthouse is category in We is Economic and highest also our spanning Industrial states. the which World which technologies have resilient remain villages people over received lives for XX our program, to of second we CAPX.X.Social to influenced Forum by Climate Fourth XXX leadership across Revolution time X recognition, XXXX, the of India, Action for continues CII million over business. Since across integral responsibility

which electrification some who partnership area technicians Warmth in with hard programs, HSBC. XXX,XXX under farming are of work Project program, solar UNEP, On partnership rolled Climate deck Xth training The is women which is Lighting XX edition schools of also to their Surya, key benefited the to to progress the in have completed the in the of you. students. right-hand XXXX has Gift Lives side X,XXX Campaign Under renewable participation. include excuse energy the was employee Curriculum The of in earlier nearly me, Gujarat. with implemented you. XXX used salt as very people.Back Thank -- out around

Thank to you, Yes. our guidance. Vaishali.Turning annual

bottom are INR to INR of EBITDA FY 'XX end XX our X% range billion. billion now guidance of the XX FY We and by expect adjusted 'XX raising

As year. by we end we X.XX of to said earlier, sale that generating X.XX the this the revenue construction, excludes be gains will gigawatts On assets. about of on expect gigawatts

the billion 'XX, call. We INR COD to quarter asset fourth contribution extension, EBITDA will sale guidance, be of that our X sharing otherwise power tariff.With investors would redeployed. is regards to an some have that contributed on during around investors in year As capital remind of projects our substantially assets as would received FY we 'XX greater we exchange megawatts years FY outlook the although have higher are prices sold still this 'XX this the our often future opportunity PPA FY than from proceeds sell in even at the our presents with earnings the XXX

in Lastly, also 'XX prior our be year on we assumptions better Thank will are any also on Whilst that, on being trends happy the we several promises focused conservative questions. been our have versus answer anticipate the to delivering you. guidance. we weather our investors.With to FY years, weather this

Nigania with question [Operator from first Bernstein. Instructions] comes Nikhil The

it come understand keen be is competitive to My down, quantum why driving first but some intensity. it reason auctions competitive it? other would down is on sheer there is question the the intensity in I to or has the the auctions? come Good Is see what of

Nikhil. Yes,

kind This itself. question said, XX you the think gigawatts. that I auctions the about in of number happened. we year, gigawatts is look, So See, posed answer last year XX of as

we. are so I there and next say win our most right would one. -- the happening, always you And competitors pretty full have pipelines And many that do of auctions therefore so as can now, because

those project, given all so the quite reasons, has markedly. intensity down any And think for on on competitive I given of auction, any come

Got it, Sumant.

I The had would module crash on is which second the price us. then point benefit

I we'll price low the And of locked? to understand from able gain module how the much So wanted for module is part to prices? balance of how be much pipeline these the

our everything was therefore, projects year we've a -- the prices the So $X.XX back, months, $X.XX quite prices money, were module execution course financial that to XX buying you of I And to these much. in fallen last because the that so the been actually module the was decision should over take because from beyond we'll that postpone were lower of last prices. assume and in last have on time step actually benefiting actually, to be months three if

projects been we XX% -- had these have are what we XX% able costs they at compared them significantly at some solar to to in so to lower And tariffs that are would lower, earlier. done commission now cases,

are from say, yes, this even, we So now months the that fact with module lower last, are all in I from X prices. buying the would point to -- modules X

should 'XX from to it coming in would So this? the fair of most up capacity benefit FY be assume

absolutely. Yes,

a But there's then. point then, Sumant, it. related Got

compete what ReNew's this module faring? how And able peak or is against how prices? $X.XX plant, to that module being that the manufacturing then own So is

XX% Because, first all a import as is you of know, duty. there

cells cost The on lower and pay not $X.XXX imported import So what close -- price BCD the of much that takes is the XX% a is modules, whatever dissimilar of number. that close $X.XX that modules about to you to $X.XXX. is to to if about very up

on that bit or a maybe So that. little X.X XX% is less than

about So in $X.XX it India takes $X.XX, up you $X.XX. here to the price at you the then and about cells conversion gets

the as be would were So you're level you at same you pretty modules China. buying much from if

to that Now fact from this was year in supposed X ALMM also keep April. in come mind the

any projects And have not grandfathered going So not modules forward. that important [Indiscernible] be were buy to will domestic China or therefore modules there. will

it, looking some export Sumant. also Got Are some modules like are? to peers you

are ourselves. our first Listen, we -- priority is to supply to modules

keep we domestic one And thing also DCR sell cells the the that will fairly whichever India well. market So made some look tariffs to we'll that that soon. require us plant that. gives at more overflow where also doing any our allows that look us will we cell in in first which have extent have getting secondly, higher commissioned the the as because selling we amount into in mind those we And at are to will year, modules market best have probably returns.Now this certainly

so, we DCR could at We higher we therefore, cells could in projects And sell with the into do overseas. market a of India the made sell tariff X. or could either

sources. of now, prioritize requirement own we haven't we because be any right to giving are we you, to with not on guidance of sort Now our honest -- that sort obviously, want

Good project. the bottleneck incrementally maybe you side And is last some a And to it But side, seem see renewable the from as my I question is part what then of delay pipeline be the is India? transmission understand Sumant. commissioned. hinting for the on RTC commissioning B, I presentation reason? Understood, becoming to to of one in future in in capacity wanted saw

because has lot renewables of careful crossing this which to approvals the new decided is things manager, think to So year happened commissioning grid levels, is now yes, the become about energy certain of more the I has connectivity projects. giving really Electricity is approvals Authority, that Central amount renewable the a that and one really

see the very year why this been that taking do. is we So what That the matter process to lot RE of what lower of the connected a first have to could where within does Power. were process, that taking chalk longer. and company in ready, once and how process of of days. also And another grid these because the that perhaps commissioned that standards, was gone are RTC of requirements we used meant is now which it up only X than are has now, But process both getting process used the earlier a this is to turn us grid you'll first little this earlier. commissioning way the so do it month now connectivity I project processes which the X, a therefore, sector on time as get lot actually to high X these amount approvals complex extensive through taking weeks to this get is are us and connected taking have ways us.The a of that that. expected gone that's grid grid in delaying it's than managers a for X Peak time, X now. big than that the commissioning therefore is as is connectivity actually circumstances they just longer of taking everybody, operate that the standard for by we strength whole, X require point as for projects of for the long imply approvals, some that to that some managers. take these here, to for on be very second the these the that of for want for this and projects, different very through a to that It's literally And connectivity we've and learning now connectivity not into at it's the commissioning because the us, very largely would modeling the have fair, months is is through commissioning happening for many meet under And the or which earlier.And may for And whole they new as that year thing for would complex grid, a getting of kept the what almost And we plant to a situations. has to thing and them a longer by frankly, because earlier, also technical industry to now sort entail.And sought getting higher taken perfectly legitimate these new are think projects, take especially be are I gone the

to now see has we the caused projects lot are So of be connections month grid. over the some to in that going delays of why actually a And connecting so into the you or is that all next grids. that

Sumant, you power the some while to may pre-sell bit talk also a for want CODs. waiting Yes. we're opportunity those the little to about of

Yes.

in So -- can one sell. to commissioning, what do is we the of The cases PPA commissioning tariff happening months, tariff, now process the couple commissioning and got is long, has the for allowed what's to await market are the is able that those are sell we up this than double tariffs. rather to because moment things happening of is we get the be timeline of the almost can PPA that a is because we into the final months as that approvals. you know, merchant a of number And that while plant the extended, ready, being to couple merchant power therefore

the that we time we us has profitability therefore reasons, new allowing that are this for been I now to by also is good able process projects said, that but imposed, to realize, given new period selling higher merchant of commissioning, the certain a for market. actually are as into generate for So

Clare Justin ROTH from comes question with next MKM. The

the the there we Can even for be little how in gigawatts you projects and as years completed. then auction of 'XX, if wondering PPAs the sense X.X projects complex to So you've fiscal available could timelines if in projects to it in to for won PPA? more those and project? the is for those time at I be of give 'XX about indicated then should expect us that to expect those And the likely bit we better it's is when fiscal more first you you sign 'XX? over commissioning off And you a 'XX after just year-to-date might think here, be or capacity fiscal a is in 'XX. 'XX capacity was think expected to FY a that sign it I

Yes, Justin.

on into points substations all, will for starts But these should PPAs from question some it we on X are connectivity years ticking be get we So that know, by we projects. And when typically in certain of as because on to commissioned, will have assumptions when clock can complex to partly we on. that to ready, time.So point projects, first because transmission which provided projects execute that the extent your assume you make the depends up of first also when that on it get the at us substations certain the substations. in transmission obviously, those availability based is and depends come operator the those signed,

Now substations the don't specified. up on always time come necessarily

with is fact in beyond and the get some will and year firmer get give estimate next the us think get on hesitate -- signing more a ready will share we variable, will delayed road. the dates, however, that perhaps going extended a over X an Justin, a months this down through we to answer few aligned months, we this. project, which given commission you call does in next the be do, get time will you be are the as on transmission be and and of as the timeline bit we few able do clarity PPA timeline try getting for sub-station.So earnings them to bit that with Some to of commissioning What therefore, the to little it's I to are to we more in the period we of a them we the case, little

Yes.

not Just or are those remember, our that projections. Justin, guidance in

that. have then So Sumant sign rightly granularity provide as mentioned, we in -- as delivery around we'll PPAs, confidence and we'll et cetera, those provide we'll the more more schedules,

Right.

opportunity? the thinking you I think possible then to build? increase we've the to about here, capacity that given look is are talked just about guess more in should about that I a your gigawatts or significantly auctions to thinking today number year. gigawatts the increase annual And seen be given you've how it in would X.X number that that past that we Is the Okay. so the you volume X

Yes.

of year amount that So few execute can the different we in a is a on megawatts dependent factors.

it is and Of those, of so capability but on capital of availability one PPAs course, the you know, availability also depends, as on. execution funding and capability,

to for given a fair more it course, than are CODs what gigawatts is on transmission bit would number that so X.X depending when be may in on. gigawatts to a transmission, and I And like than little less of assume. year, projects say up, that or still the X is that coming different a So

that, will think execution the good, fair really time. what we'll to will the a those will we we that of I number can continue But there be how see Justin, that make.I up bids to of and to happen, something see we said, assumption some continue a to variability but level be over around that, attractiveness as high have stay do capability also some is is bids So try to our as fairly work ramp is on. that at

make. I think numbers the think making fair being, time a is that assumption that assumption I talked for about that the to you

from next question The HSBC. with comes Gulati Puneet

your on guidance. performance. first question Congrats good is on My CapEx

are this the fall CapEx Given number? a inclined still you or is assume guidance module to lower prices, your should we in realistic

want you would to take that? Kailash,

Puneet. Yes, Sumant. Sure,

some guidance realize to likely that benefits that, to like the see because factored we benefits are So we accruing actually in. we yet we would from haven't it into bake while those before

benefit of could be? indication Okay. much that how And any

prices and work where a are on depending can we vary share these we stay basis out And with assumptions. in could it certain So executing that benefit, can we you on while range. projects, the

entire Okay. of remaining balance a the time? CapEx will for And the has period tied-up capacity also be or that tied-up over

Peak wind and RTC the on is the that BXB projects around in solar large be tied-up, the executing for range to of gigawatts. execution, of is pipeline of total which a that in which is the which are of will the part XX project we XX.X and Power, currently the largely gigawatts somewhere capacity So projects, and SECI

that, be tied-up. yet beyond to it's For capacity

mean gigawatts? you what meant? Sorry, X.X That's right? the gigawatt XX.X X additional over You

Yes.

that, So constructed be is tying it are process we currently FY to up now. whatever is we are Whatever right constructing for of 'XX, in tied-up. the in

I that gigawatt? hear a it than And be Okay. commissioning this right more did quarter alone you might

Yes, we approvals. the be get Sumant because it will as that, earlier, ready some I capacity is fully waiting commissioned. erected just think And It's and commissioning. once then all for for mentioned

the It few already is commissioning. another X.X, XXX weeks. and So is gigawatt in commissioned commissioned of ready will be next for the

by generating year Yes. reminder, actually fiscal Puneet, year XXXX. about will just revenue as end a X.X gigawatts be

Of Yes, have secondly, X.X additional PPAs understood. of you far? won so these, signed year-till-date. And projects been much gigawatt how

Right of GUVNL under now, a project signed. PPA is it yes. discussion, is megawatt is currently XXX the That Puneet, with and rest

And Understood. is this total the or contracted the capacity? is capacity it

This some of will for cases would RTC-X is lesser be portion capacity contracted to it or then be projects, the RE extent. the capacity the hybrid in where example that type

on can ministry lastly, it color you give has on And what happening what's the abeyance, does some front? you? helpful. And the That's for it mean Understood. on if put ALMM

Sumant?

Yes.

what would obviously like we original because the back going still exactly ALMM is to out government of are have were still taken to but an We come strategy they're circular through be said and sort of competing the now sort they exceptions, that think certain to thinking which there here. what it with had have be. interests exactly needs I look, mulling So around there basically

So and for to to have finally patient to do. look, just I wait want them decide think, be what we they

it. can't as supposed give is now, to in of So unfortunately I come from on any you April. guidance But ALMM X

Okay.

X April? ALMM in announcement from ministry, So case will the comes further no get effective from

there come the soon. be out something that reality that will is That's right, but will

think wait obviously, and we manufacturer, look, I for are a issue. as just with have on to we a the both it. touch closely government in developer But whole So as this

they that of our that our manufacturing business the allow allow relaxation gain. will extent will relaxation, to extent, that gain. ITP side if some don't extent, to And ALMM, Now to that they

situation point time. I this So are in we at hedged on think this pretty

time? same Okay. last versus the The there year this an solar quarter the And on this a then lastly, side lower may. if Is little I period. PLF issue is irradiation

I can come one No, quarter. we any -- don't to Puneet, think from conclusions make just

come think have I view. of whole before point year any to we look the to at we can

have these variations, think frankly. one quarter I So you

with Instructions] The Mandloi next [Operator question comes Maheep Mizuho. from

for guidance the 'XX. on housekeeping FY quick Just

talked about anything Just there the confirm here? to increase is that's on before sale the or that mainly due else merchant you commissioning final guidance

will against resource we're experience having more guidance the the close the to on the we increase, and there's tracking as the is are to side what year, out. really, as guidance getting on on and the that the on end the fiscal helping us So of are obviously, expense side reality visibility which given revise closer both, pan actually which we

is as now. really increase the what's with Not merchant anything that driven So of sales guidance. to in the do

to think in from selling incremental the year? the merchant next about And markets idea power generation EBITDA any how

a was can sorry, The say very that bit again? you line I'm not clear.

year? EBITDA Yes. incremental markets Any guidance the next selling or think from in on power how about merchant the to merchant

market Is Maheep? next question, So that merchant guidance year. on the

EBITDA generation. incremental Yes,

about selling talked in to of kind the markets. You opportunity the merchant

or think to year? trying QX through in does next operations how the just that So impact

Yes.

-- our level keep extent So look, somewhat we that first all, know, merchant total exposure I as to our so of portfolio. to the think that within XX% XX% you the of to

next base year. you what's we occur. yet sort that able some to the sell PPA, year, of opportunities or of months to intermittently are But a what would haven't merchant sort Now be extra next you case out for be of give of given hard these what X sense it's merchant they revenue for initially since it we before the into guidance wherever are very the sell X is happening trying power for where might into on of are capitalize we or for that market -- opportunities the to we those

the together sense just some of all we've when that June that then full think guys and give of said you year put all as call we'll results. the in we do I

start want expectations. obviously And guidance, the Maheep, we is flagging will we give thing to little conservative to bit year that to we with one a as add as that well, are that

are So likely initial saying view is but with there -- opportunity, could that a is will take more a a conservative our there. what that be we significant guidance we very

front. question And one Got then you. the on manufacturing

not Asia. Mono brewing if increased we in are Your And I'm TOPCon hearing lines PERC, side on in the wrong India. right now keep oversupply

here? that on any it Even would comes year, pressure? upgrade or So that into after next lines effect any thoughts when the competitive thoughts require to you technology your on that

Yes.

TOPCon. PERC situation module done quickly change to can that is the significant from Mono it's be them relatively look, to require CapEx. So without that move And lines fairly the little something

something So doing will year. of course looking is at coming that the over the that be we

as a concerned, Mono our our sense cell is that more now some time. line. that is, far for Mono cell PERC line cell And will course, right is line As PERC of continue

adding, operate at to point, line I X.X the to And will to the negligible wait in that continue have a And balance then said, it's TOPCon. towards modules to TOPCon. cells will will cost cell PERC we we line.Keep TOPCon, Mono of as this only line gigawatts add of PERC cells. more so move, we we the the which decide But could X.X gigawatts we to Mono extent, modules. will of accommodate we keep gigawatts at this and as then market X.X moves continue consider versus mind, Mono operate to also more we'll and to PERC as of the And lines, those line move X.X if to we see,

does That for conclude for conclude today. our you Thank and will participating. session Q&A conference our

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