Torrent Power

“So as of now, we have got the allocation. Still too premature to comment anything on that as of now.”

“And that should be -- all my C&I projects, which are currently tied up should get, I think, commissioned by '29. But it will be a progressive commissioning over the next 2 years.”

“100-megawatt from SJVN at a tariff of INR3.89 per unit. 150 megawatt under SECI XX at a tariff of INR3.85 per unit and 250 megawatts from MPPMCL at a tariff of INR4.16 per unit.”

“So on the renewable energy, during the quarter, the subsidiaries of the company received LOA for 3 new wind projects for a period of 25 years.”

“The Distribution and Transmission segment contributed INR99 crores to EBITDA during the quarter, driven by improved contribution from distribution operations by INR76 crores, supported by the increase in ROE on account of capitalization of assets and higher rate of return on equity as per the new tariff regulations and other incentives.”

“There was also improved contribution from distribution franchise business on account of improved volume by 3% and T&D efficiency across all franchise business.”

“The newly commissioned transmission project contributed INR22 crores to the EBITDA.”

“So during the quarter, MUs sold were around 530 MUs. And if I look at per unit realization was around INR24.”

“So I think, first of all, I think it is a PPA termination. The project is still on. And the PPA termination has happened because there was a delay. And we do have the opportunity to enter into another PPA or use this capacity for merchant.”

“I think you are right, that power demand has been very robust during H1 of this year. But if you look at it, the gas prices also are very elevated. And hence, our capacity to sell on the merchant market was very limited.”

“And anyway, this year, this will be a low power demand scenario. And hence, I think it would be difficult for you to sell on the merchant market with such high LNG prices.”

“No. Shirom, typically, Q3 and Q4 are lower power demand sort of quarters for the country. So we don't expect any major contracts coming in for Q3 and Q4.”

“During the day hours because of solar power coming in, the prices go down typically in the merchant markets. And hence, the units which you are able to sell with such high LNG prices would be smaller.”

“Typically, Q1 and Q2 are high growth or high power demand quarters. So as we move forward, there could be some contracts which will come in. But that again will depend on what are the LNG prices.”

“The tax rate for the quarter stood at 26% compared with 24% in the corresponding quarter of previous year.”

“This was partially offset by lower merchant power realization by INR55 crores.”

“There was also increase in depreciation and finance costs, which lowered the profit before tax by INR270 crores.”

“And let me tell you, we have one project which is operationalized, which is Airpower, wherein we are selling into the merchant market, a wind project and the realizations are very good there. So effectively, our EBITDA margins will increase going forward.”

“Spread would be somewhere in the range of INR4.7 to INR5.”

“So Nabha itself has an interest cost of around INR70 crores. And on top of it, we also borrowed to acquire this entity, which would be again around INR70 crores.”

“And if they are at commercial levels which are attractive to us, we would want to participate. As far as leverage is concerned, I think these are all long gestation period contracts. And if you look at internally, I think we are comfortable with respect to leverage is concerned.”

“So for that borrowing, the finance cost has gone up, plus Nabha itself had around INR3,000 crores of borrowing because of which on a consol basis, finance cost has gone up.”

“Predominantly because of Nabha acquisition. And also typically, in the license distribution businesses, because of high power demand season, those -- in this Q1 and Q2, it goes up and then it can start liquidating.”

“So Nabha would remain. Other things should get normalized.”

“So Mohit, both of our projects have achieved financial closure on the SPV basis through a long-term loan tied up. So when I say long-term loan, these are all 20, 25-year loans, which you have tied up.”

“primarily on account of the first full quarter contribution from Nabha Power acquisition, contributing INR142 crores to EBITDA during the quarter.”

“So this is as per the lease accounting, which is being followed at Nabha Power. If I consider a PPE accounting, then it would be around INR196 crores.”

“So INR54 crores was the capital charge, which is not getting accounted for. So you can annualize that part of it.”

“Profit before tax for the quarter includes the following nonrecurring credit of INR123 crores on account of indemnity income received by Nabha Power from seller with respect to Mega status claim to the tune of INR115 crores.”

“The unwinding was done considering force majeure announced by IOCL, resulting in a gain of INR52 crores during the quarter.”

“There was also a liquidated damage and write-off of charges paid on termination of SECI XII project of INR44 crores.”

“We paid the liquidated damages, right? So we paid around INR40 crores of liquidated damages.”

“The profit before tax for the corresponding quarter of last year includes nonrecurring credit of INR31 crores on account of receipt of favorable order in our license distribution area, primarily relating to the grant of carrying cost.”

“So that was SECI XII project, which was 300-megawatt wind project, which we terminated because of which there was an outflow of INR44 crores during the quarter.”

“So basically, there were a lot of delays with respect to evacuation challenges. And then also the tariff also was not that good. But because of -- mainly because of evacuation challenges, we had to terminate that contract.”

“See, I think on the pump storage, the project is obviously at initial stages and some preliminary site work has started. We have also given a press release explaining the company's position and measures are being taken to address the shareholder -- stakeholder concerns.”

“So at this stage, I think the matter is very fluid and dynamic, and I think we'll continue to watch for the developments.”

“our thermal generation business delivered a resilient performance despite elevated gas prices driven by the geopolitical developments in the Middle East.”

“Excluding the impact of these nonrecurring items, adjusted profit before tax for the quarter stood at INR1,008 crores as compared to INR948 crores in the comparable quarter of previous year.”

“So reported profit before tax for the quarter stood at INR1,131 crores compared to INR979 crores in the corresponding quarter of previous year, representing an increase of INR152 crores, which was a 15% growth year-on-year.”

“So Shirom, I think wind resource was pretty good during this quarter.”

“But typically, in a renewable project, initially, the ROCE, ROEs are slightly lower and then it starts catching up.”

“So if you remove that, then all other businesses have performed according to expectations.”