Azure Power Global Ltd (AZRE) 2022 Q3 法說會逐字稿

Ladies and gentlemen, good day, and welcome to Azure Power's Third Quarter Fiscal 2022 Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded.

女士們、先生們，美好的一天，歡迎參加 Azure Power 2022 年第三季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I now hand the conference over to Mr. Vikas Bansal, Head, Investor Relations at Azure Power. Thank you, and over to you, Mr. Bansal.

我現在將會議交給 Azure Power 投資者關係主管 Vikas Bansal 先生。謝謝您，班薩爾先生。

Thank you. Good morning, everyone, and thank you for joining us today. On Friday evening, the company issued a press release announcing results for the third quarter of fiscal 2022 ended December 31, 2021. A copy of the press release and the presentation are available on the Investors section of Azure Power's website at azurepower.com.

謝謝。大家早安，感謝您今天加入我們。週五晚間，該公司發布新聞稿，宣布截至 2021 年 12 月 31 日的 2022 財年第三季業績。

With me today are Ranjit Gupta, CEO; Murali Subramanian, COO; and Pawan Kumar Agrawal, CFO. Ranjit will start the call by going through key highlights and business updates. Murali will then follow with an update on our projects under construction and an industry update. Pawan will then provide an update on the quarter, and then we will wrap up the call with Ranjit providing quarter 4 financial year 2022 guidance and the initial financial year '23 guidance. After this, we will open up the call for questions.

今天與我在一起的有執行長蘭吉特古普塔 (Ranjit Gupta)； Murali Subramanian，營運長；和財務長 Pawan Kumar Agrawal。 Ranjit 將首先介紹主要亮點和業務更新。隨後，Murali 將介紹我們在建工程的最新情況和業界最新情況。然後 Pawan 將提供本季度的最新情況，然後我們將結束與 Ranjit 的電話會議，提供 2022 年財年第四季度的指導和 23 財年的初始指導。之後，我們將開放提問。

Please note, our safe harbor statements are contained within our press release, presentation materials and available on our website. These statements are important and integral to all our remarks. There are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements. So we encourage you to review the press release we furnished in our Form 6-K and presentation on our website for a more complete description.

請注意，我們的安全港聲明包含在我們的新聞稿、簡報資料中並可在我們的網站上取得。這些陳述對於我們所有的言論都很重要且不可或缺。存在風險和不確定性，可能導致我們的結果與此類前瞻性陳述明示或暗示的結果有重大差異。因此，我們鼓勵您查看我們在 6-K 表中提供的新聞稿以及我們網站上的演示文稿，以獲得更完整的描述。

Also contained in our press release, presentation materials and annual report are certain non-GAAP measures that we reconcile to the most comparable GAAP measures. And these reconciliations are also available on our website, in the press release, presentation materials and annual report.

我們的新聞稿、簡報資料和年度報告中還包含某些非公認會計準則衡量標準，我們將這些衡量標準與最具可比性的公認會計準則衡量標準進行了協調。這些調節表也可以在我們的網站、新聞稿、簡報資料和年度報告中找到。

It is now my pleasure to hand it over to Ranjit.

現在我很高興將其交給蘭吉特。

Thank you, Vikas. Very good morning, everyone. It's almost 2 years since COVID first broke out globally. Since then, the world has started to move on, and we all have learned ways to coexist in this new normal. The fact that India came out of the third wave recently in less than a month and without much scare underlines this progress and the importance of vaccination and COVID-appropriate behavioral changes.

謝謝你，維卡斯。大家早安。自新冠肺炎疫情首次在全球爆發以來已經近兩年了。從那時起，世界開始前進，我們都學會了在這種新常態下共存的方法。印度最近在不到一個月的時間內擺脫了第三波疫情，而且沒有引起太多恐慌，這一事實突顯了這一進展以及疫苗接種和與新冠病毒相關的行為改變的重要性。

ESG has always been at the core of our business success. We recently released our third sustainability report for the period 2020-2021, in which we have highlighted a number of significant steps taken towards improving our ESG standards.

ESG 始終是我們業務成功的核心。我們最近發布了 2020-2021 年第三份永續發展報告，其中重點介紹了為提高 ESG 標準而採取的一系列重要步驟。

We significantly reduced net water consumption across our plants from 122 liters per megawatt hours in 2017-'18 to 49 liters per megawatt hour in 2021, and this has further improved to 30 liters per megawatt hours in the current year. This has been possible with active deployment of robotic and dry cleaning technologies at our plants.

我們將整個工廠的淨耗水量從 2017-'18 年的每兆瓦時 122 公升大幅減少到 2021 年每兆瓦時 49 公升，今年進一步提高到每兆瓦時 30 公升。透過在我們的工廠積極部署機器人和乾洗技術，這已經成為可能。

We continue to aim for net water neutrality in our operations by 2023. We have maintained our carbon-neutral status since 2019 and expect to further create significant positive impact as we look to migrate to 100% electric vehicles by 2030 under our electric vehicle policy.

我們繼續致力於到2023 年在營運中實現淨水中和。影響。

The biggest news for us since the last call has been signing of 2,333 megawatts of PPA, taking the total PPA, power purchase agreement, signed to 2,933 megawatts of the 4,000-megawatt SECI manufacturing capacity. This 2.9-gigawatt capacity assures sustained base growth for Azure over the next 4 fiscal years. And the attractive tariffs provide a long runway of profitable value-accretive growth for our shareholders.

自上次電話會議以來，對我們來說最大的消息是簽署了 2,333 兆瓦的 PPA，將簽署的 PPA 和購電協議總額增加到 4,000 兆瓦 SECI 製造能力中的 2,933 兆瓦。這一 2.9 吉瓦的容量可確保 Azure 在未來 4 個財政年度實現持續的基礎成長。有吸引力的關稅為我們的股東提供了一條漫長的獲利增值成長之路。

We continue to participate in auctions beyond the 4-gigawatt capacity and have received 470 megawatts of LOA. These include 1 plain vanilla wind project and 2 wind solar hybrid projects. We are developing 1,000 megawatt of wind sites across the best wind regions in India to construct projects we have won and prepare for projects we intend to win.

我們繼續參與超過 4 吉瓦容量的拍賣，並已收到 470 兆瓦的 LOA。其中包括 1 個普通風電項目和 2 個風能太陽能混合項目。我們正在印度最好的風區開發 1,000 兆瓦的風電場，以建造我們已贏得的項目並為我們打算贏得的項目做準備。

As we begin to implement these projects starting next fiscal, we reached out to our shareholders around end of this quarter to raise $250 million via our first rights offering, which was completed post quarter end. Our capital team has been unstoppable this year.

當我們從下一財年開始實施這些項目時，我們在本季末左右與股東聯繫，透過我們的首次供股籌集了 2.5 億美元，該供股在季度末後完成。今年我們的資本團隊勢不可擋。

In addition to our first solar green bond refinancing in August, with the lowest-coupon dollar green bond till date by any renewable company in India, we have refinanced 1 gigawatt of our operating projects, sharing more than 200 bps in interest cost. These are long-tenure refinancing, with interest rates fixed for at least 3 years on average. This 200 basis point reduction in interest for this 1-gigawatt project is expected to release approximately $10 million of EBITDA towards free cash flow annually.

除了8 月首次太陽能綠色債券再融資（迄今為止印度再生能源公司中票面利率最低的綠色債券）外，我們還為1 吉瓦的營運項目進行了再融資，分擔了超過200 個基點的利息成本。這些是長期再融資，利率平均固定至少 3 年。這個 1 吉瓦計畫的利息減少 200 個基點，預計每年將釋放約 1,000 萬美元的 EBITDA，用於自由現金流。

We continue to see steady improvements on key operational parameters we report. We had 37% more megawatts operating in quarter 2 -- quarter 3 this year than we did at the same time last year. There has been a 27% year-on-year increase in EBITDA from our operating assets and a 58% increase in cash flow to equity from operating assets during the quarter.

我們繼續看到我們報告的關鍵營運參數穩步改善。今年第二季至第三季我們的營運容量比去年同期增加了 37%。本季度，我們的營運資產的 EBITDA 年成長 27%，營運資產的股本現金流量成長 58%。

From an industry perspective, the renewable energy sector in India continues to be a high priority for the government. India recently announced green hydrogen and green ammonia policy, which will help boost development of renewable energy capacity. Hydrogen and ammonia are envisaged to be fuels of the future, which will help mitigate India's fossil fuel dependency.

從產業角度來看，印度的再生能源產業仍然是政府的高度優先事項。印度最近宣布了綠色氫和綠色氨政策，這將有助於推動再生能源產能的發展。氫和氨被認為是未來的燃料，這將有助於減輕印度對化石燃料的依賴。

Industry is also expecting a green hydrogen purchase obligation, which may push green hydrogen production. The budget allocated an additional $2.6 billion towards production-linked incentive program to boost domestic solar manufacturing as we move towards reducing dependency on imports in the solar value chain.

業界也預期綠色氫的購買義務可能會推動綠氫的生產。預算額外撥款 26 億美元用於與生產相關的激勵計劃，以促進國內太陽能製造業，同時我們正在努力減少太陽能價值鏈中對進口的依賴。

After notifying rules for overhauling of transmission system planning and easier access through general network access, the government has recently approved second phase of the Green Energy Corridor Program, which will aim to add over 10,000 circuit kilometers at a cost of $1.6 billion to support evacuation of 20 gigawatts of RE capacity from 7 states.

在通報了輸電系統規劃大修和通過通用網路接入簡化接入的規則後，政府最近批准了綠色能源走廊計劃第二階段，該計劃的目標是耗資16 億美元增加10,000 多公里線路，以支持疏散人員。

The budget also envisages sovereign green bonds to be launched for funding green infrastructure development. These proactive measures underline the importance with which RE sector is growing in the country and focus of policymakers in ensuring that it delivers the promised growth and objectives for India's goal of self-reliance in energy by 2047, i.e., 100th year of Indian independence. This also presents a reassuring scenario for global investors who are keenly tracking the increasing investments in this sector.

該預算還設想發行主權綠色債券，為綠色基礎設施發展提供資金。這些積極措施凸顯了再生能源產業在該國發展的重要性，以及政策制定者的重點，以確保其實現承諾的成長和印度到 2047 年（即印度獨立 100 週年）實現能源自力更生的目標。這也為密切關注該行業不斷增長的投資的全球投資者提供了一個令人安心的前景。

As I mentioned last time, we have been strengthening our capabilities in clean energy domain in India and are in the initial phase of deep engagements with value chain players in the green hydrogen space. Further, to address and capitalize on a growing sense of urgency in corporate consumers to walk the decarbonization pathway, Azure has structured a new business unit to drive this energy transition under dedicated and capable leadership.

正如我上次提到的，我們一直在加強印度在清潔能源領域的能力，並且正處於與綠氫領域價值鏈參與者深入接觸的初始階段。此外，為了解決並利用企業消費者日益增長的走脫碳之路的緊迫感，Azure 組建了一個新的業務部門，在專注且有能力的領導下推動這一能源轉型。

The Energy Transition business is focused on delivering innovative solutions for power and heat for large energy consumers, including steel, cement, metals, glass and other companies to accelerate their sustainability goals and targets. These solutions include a round-the-clock, RTC, power, peak and dispatchable power based on storage, green steam, green hydrogen, et cetera.

能源轉型業務專注於為大型能源消費者（包括鋼鐵、水泥、金屬、玻璃和其他公司）提供創新的電力和熱能解決方案，以加速實現永續發展目標。這些解決方案包括全天候、RTC、電力、尖峰和基於儲存的可調度電力、綠色蒸汽、綠色氫等。

I want to update about a change in our Board as we announced earlier in the day today. Ms. Christine McNamara joins the Board effective tomorrow as an independent non-Executive Director. She will take over the Chair of the Audit Committee. An integral part of the Board for 6 years, Mr. Arno Harris indicated his desire to pursue other commitments.

我想更新我們今天早些時候宣布的董事會變動的最新情況。 Christine McNamara 女士將於明天加入董事會，擔任獨立非執行董事。她將接任審計委員會主席。阿諾哈里斯 (Arno Harris) 先生已擔任董事會六年的重要成員，他表示希望履行其他承諾。

We express our gratitude to Arno for his guidance at the Board and for the management over these years. I wish him all the best, and I personally look forward to stay in touch with him. We welcome Christine to the Board. Her extensive experience speaks volumes of her leadership strength, and we look forward to working with her.

我們對阿諾多年來對董事會和管理層的指導表示感謝。我祝他一切順利，我個人期待與他保持聯繫。我們歡迎克里斯汀加入董事會。她豐富的經驗充分說明了她的領導能力，我們期待與她合作。

I joined Azure almost 3 years back when we took up the task of consolidating and realigning our strategy towards business growth. I'm very excited to see that we have crossed that bridge and positioning Azure strongly and firmly with a super value-accretive pipeline for not months but years to come and add significant potential growth with our strides in energy storage, green hydrogen and energy transition space.

我大約 3 年前加入 Azure，當時我們承擔了鞏固和重新調整業務成長策略的任務。我很高興看到我們已經跨越了這座橋樑，並在未來的幾個月而不是幾年內通過超級增值管道對Azure 進行了強有力的定位，並通過我們在能源存儲、綠色氫和能源轉型方面的進步增加了顯著的潛在成長空間。

We continue to look for suggestions from our investors and stakeholders on how we can further improve our disclosures and make it easier for you to understand and value our business. With that, I would like to turn it over to Murali.

我們將繼續尋求投資者和利害關係人的建議，以了解如何進一步改善我們的揭露，讓您更容易理解和重視我們的業務。說到這裡，我想把它交給穆拉利。

Thank you, Ranjit. This is probably the shortest time between our 2 reportings. But as you heard Ranjit, we have significant updates from this -- from our business.

謝謝你，蘭吉特。這可能是我們兩次報告之間最短的時間。但正如您聽到蘭吉特所說的那樣，我們從我們的業務中獲得了重大更新。

Against all odds and navigating through a brief third wave of COVID in India subsequent to the quarter end, our engineering, procurement and construction teams have worked tirelessly to bring us to the finish line on our construction projects. We commissioned 273 megawatts since we last reported, and requisite material for balanced megawatts are already at site or in transit. This places us well to be in the range of the megawatt guidance for this fiscal.

儘管困難重重，並度過了季度末後印度短暫的第三波新冠疫情，我們的工程、採購和施工團隊堅持不懈地努力，使我們的建築項目達到了終點。自上次報告以來，我們已調試了 273 兆瓦，平衡兆瓦所需的材料已在現場或運輸途中。這使我們完全處於本財年兆瓦指導範圍之內。

Our largest project, 7,600-megawatt Rajasthan 6, is now fully commissioned, and we expect it to deliver superior performance to our portfolio from the next fiscal onwards. The second 300-megawatt Rajasthan 8 is also in line to be fully commissioned shortly. And even though Rajasthan 9 was impacted due to supply-related challenges, we will persevere. While this is about our under construction projects, we are very excited about our 4-gigawatt projects where we now have signed PPAs for almost 3 gigawatts, and we look forward to bringing these up to shovel-ready stage very quickly.

我們最大的項目，7,600 兆瓦的 Rajasthan 6 現已全面投入使用，我們預計它將從下一財年開始為我們的投資組合帶來卓越的性能。第二個 300 兆瓦的 Rajasthan 8 也即將全面投入運作。儘管拉賈斯坦邦 9 區因供應相關挑戰而受到影響，但我們仍將堅持下去。雖然這是我們正在建造專案的問題，但我們對 4 吉瓦專案感到非常興奮，我們現在已經簽署了近 3 吉瓦的購電協議，我們期待著將這些專案盡快進入準備階段。

We have provided a scheduled time line for these projects on Page 5. We are at an advanced stage of development work. And depending upon timing of material procurement, we would look to bring forward some of these time lines. As Ranjit pointed out, these projects give us ample space to work our way through on implementation and ensure superior returns compared to current market.

我們在第 5 頁提供了這些專案的預定時間表。根據材料採購的時間，我們希望提前一些時間表。正如 Ranjit 指出的那樣，這些項目為我們提供了充足的實施空間，並確保與當前市場相比獲得更高的回報。

We have provided some highlights of our ESG updates on Page 6 and 7. Our focus on reducing our water consumption has really paid off and conserving this scarce natural resource. Our net consumption has further reduced to 30 liters per megawatt hour in the current year, and we are well placed to be net water neutral by 2023. We have completed the majority of our CSR-related projects we undertook this year related to COVID support, education and health, positively impacting over 2,000 beneficiaries.

我們在第 6 頁和第 7 頁提供了 ESG 更新的一些要點。今年我們的淨消耗量進一步減少至每兆瓦時 30 公升，我們完全有能力在 2023 年實現淨水中和。教育和健康，對2,000 多名受益者產生了積極影響。

We are extremely proud of where we play in ensuring a better world for our communities, which are so important for our business. Similarly, safety is one aspect that is paramount to us. The awards that we won for our safety culture, as I reported last time, demonstrate our efforts in this area. We continue to be rated highly on ESG, with AA rating by MSCI and low-risk categorization by Sustainalytics.

我們為我們在確保社區創造更美好世界方面所做的努力感到非常自豪，這對我們的業務非常重要。同樣，安全是我們最重要的一方面。正如我上次報道的那樣，我們因安全文化而獲得的獎項展示了我們在這方面的努力。我們在 ESG 方面繼續獲得高度評價，MSCI 給予我們 AA 評級，Sustainalytics 給予我們低風險分類。

I would like to keep it short this time and let Pawan discuss the quarterly results. But as I said earlier, we are very excited about our next phase of growth at Azure. We have traveled in our journey so far with a lot of hard work and learnings accumulated by our teams. We continue to aggressively pursue digitalization and automation at our plants and construction sites.

這次我想長話短說，讓 Pawan 討論季度業績。但正如我之前所說，我們對 Azure 下一階段的成長感到非常興奮。迄今為止，我們的團隊已經累積了大量的辛勤工作和經驗教訓，走過了這段旅程。我們繼續在工廠和建築工地積極追求數位化和自動化。

With large-scale construction projects now operationalized, the next few years of growth firmly in hand with one of the largest and most value-accretive pipelines in the industry, and with the addition of new businesses in the form of energy transition, storage and green hydrogen, we truly think Azure is a top and compelling investment study. Handing it over to Pawan.

隨著大型建設項目現已投入運營，未來幾年的增長將牢牢掌握在業內最大、最具增值能力的管道之一以及能源轉型、存儲和綠色等新業務的增加之中。認為Azure 是一項頂級且引人注目的投資研究。交給帕萬。

Thank you, Murali. I'm happy to report that we have exceeded upper end of our revenue guidance for this quarter as well, with revenues of $60.2 million or $58.8 million, excluding Rooftop, as against the guidance range of $55.3 million to $58 million.

謝謝你，穆拉里。我很高興地向大家報告，我們也超出了本季度收入指導的上限，收入為 6020 萬美元或 5880 萬美元（不包括 Rooftop），而指導範圍為 5530 萬美元至 5800 萬美元。

As of December 31, 2021, we were operating 2,523 megawatts on a PPA or AC basis, which is 37% higher than what we were operating a year before. Our portfolio was at 7,425 megawatts at the end of the quarter, which includes signed PPAs for 2,933 megawatts and another 1,537 megawatts for which PPAs are awaited.

截至 2021 年 12 月 31 日，我們在 PPA 或 AC 的基礎上營運 2,523 兆瓦，比一年前的營運量高出 37%。截至本季末，我們的投資組合為 7,425 兆瓦，其中包括已簽署的 2,933 兆瓦的購電協議和等待購電協議的另外 1,537 兆瓦。

We have updated our run rate metrics with 5,888-megawatt contracted capacity now in the portfolio, that is 2,955 megawatts that will be in operations and 2,933-megawatt PPAs recently signed. For these contracted capacities, we expect the run rate revenue to be $581.2 million with gross margins in the range of $530 million to $560 million and cash flow to equity of around $125 million to $200 million.

我們更新了運行率指標，目前投資組合中的合約容量為 5,888 兆瓦，即將投入營運的容量為 2,955 兆瓦，最近簽署了 2,933 兆瓦的購電協議。對於這些合約產能，我們預計運行率收入為 5.812 億美元，毛利率在 5.3 億至 5.6 億美元之間，股本現金流量約為 1.25 億至 2 億美元。

On our Rooftop sale update, we have closed the transfer of 64 megawatts assets across 7 SPVs subsequent to quarter end and are in the process of completing transfer of balance 89-megawatt capacity, which is awaiting requisite approvals, and we expect to close by end of March 2022. This sale will enable freeing up of substantial management bandwidth in addition to recycling capital and discipline for future growth. While these Rooftop capacities are excluded from discussion of our portfolio megawatt numbers, we continue to consolidate Rooftop financials until the transfer process is completed.

在我們的屋頂銷售更新中，我們已在季度末完成了 7 個 SPV 的 64 兆瓦資產的轉讓，並正在完成剩餘 89 兆瓦容量的轉讓，正在等待必要的批准，我們預計將在年底前完成2022 年3 月。雖然這些屋頂發電容量被排除在我們投資組合兆瓦數的討論之外，但我們將繼續整合屋頂發電的財務數據，直到轉移過程完成。

On Page 12. After adjusting first half compensation expense reversal, our EBITDA has been $50 million or 29% increase against 27% increase in the revenues from the same quarter in the prior year.

第 12 頁。 調整上半年補償費用沖銷後，我們的 EBITDA 為 5,000 萬美元，成長 29%，而去年同期營收成長 27%。

Turning to G&A on Page 13. Our G&A increased by 10%, in line with our expectations we communicated earlier. We have made substantial progress on refinancing operating projects this year. Prime example is our largest project, the Rajasthan 6, a 600-megawatt SECI project, which we fully refinanced in just over a month of commissioning at the lowest interest rate for any project in our portfolio at 7.2% per annum, which will be fixed for the next 42 months.

轉向第 13 頁的一般費用。今年我們在營運專案再融資方面取得了實質進展。最好的例子是我們最大的項目，Rajasthan 6，一個600 兆瓦的SECI 項目，我們在調試的短短一個多月內就以我們投資組合中任何項目的最低利率（每年7.2%）進行了全額再融資，該利率將固定未來 42 個月。

Our overall average interest rate continues to see substantial decline this year, from 9.2% at the last fiscal closing to 8.8% at this quarter end. The average further improved to 8.5% considering the refinancings already completed subsequent to the quarter end. These are substantial savings on the largest cost item in our P&L.

今年我們的整體平均利率持續大幅下降，從上一財年結束時的 9.2% 降至本季末的 8.8%。考慮到季末後已經完成的再融資，平均利率進一步提高至 8.5%。這些對於我們損益表中最大的成本項目來說是巨大的節省。

Indicatively, 100 basis point reduction in our interest rate call on about $1.5 billion debt would release approximately $50 million annually in the system. This refinancing at lower coupon and fixed rates reflects strong credit profile of Azure Group. We now have about a gigawatt of our operating projects outside the bond portfolio, having at least 200 basis points less interest costs than before, and this will not change for 3 years on an average. This is a significant actualization that we bring amidst market concerns on interest cost.

顯示性的是，我們對約 15 億美元債務的利率下調 100 個基點，每年將為系統釋放約 5,000 萬美元。這種以較低票息和固定利率的再融資反映了 Azure 集團強勁的信用狀況。現在我們在債券投資組合之外還有約1GW的營運項目，利息成本比以前至少降低了200個基點，而且這一點平均3年不會改變。這是我們在市場對利息成本擔憂的情況下實現的一項重大舉措。

Our days sales outstanding, DSO, remains consistent and has held up very well, even in the last 2 years of turmoil, thereby demonstrating the inherent strength of Azure's strategy and portfolio. Our DSO as of December 31, 2021, were 113 days compared to 116 days as of March 31, 2021.

即使在過去兩年的動盪中，我們的 DSO 銷售業績仍保持穩定且表現良好，從而證明了 Azure 策略和產品組合的內在實力。截至 2021 年 12 月 31 日，我們的 DSO 為 113 天，而截至 2021 年 3 月 31 日為 116 天。

These are industry-leading DSO numbers, which we believe will further improve substantially with the commissioning of our SECI projects and with favorable orders received in Karnataka from the regulatory GESCOM and SESCOM matters, and from the Honorable High Court in the HESCOM matter. We are also hopeful of a favorable judgment very soon in Andhra Pradesh, where hearings have now been concluded and order is reserved.

這些都是業界領先的DSO 數字，我們相信，隨著我們的SECI 計畫的投產，以及卡納塔克邦從監管GESCOM 和SESCOM 事務以及來自尊敬的高等法院在HESCOM 事務中收到的有利命令，這些數字將進一步大幅改善。我們也希望安得拉邦很快能得到有利的判決，該邦的聽證會現已結束，秩序得以保留。

On Page 14, you can see that our EBITDA from operating assets increased by about 27% year-on-year. And that cash flow to equity from operating assets rose about 58%, owing to incremental operating capacity that we added compared to the prior year.

在第14頁上，您可以看到我們來自營運資產的EBITDA年增了約27%。由於我們與前一年相比增加了營運能力，來自營運資產的股本現金流量增加了約 58%。

Net debt for operating assets were about $1.24 billion and EBITDA for the last 12 months were about $205 million, resulting in a net debt-EBITDA ratio for operating assets of 6.1x as of December 31, 2021. This important metric continues to see substantial improvement as megawatts we add stabilize and fully contribute to the EBITDA.

營運資產的淨債務約為 12.4 億美元，過去 12 個月的 EBITDA 約為 2.05 億美元，截至 2021 年 12 月 31 日，營運資產的淨負債與 EBITDA 比率為 6.1 倍。以兆瓦為單位，我們增加穩定並充分貢獻EBITDA。

Finally, looking at Page 16, providing balance sheet information. We had about you as USD 150 million of cash and cash equivalents, and our net debt stood at approximately USD 1.48 billion. We are very excited about the growth path ahead of us with strongest pipeline, strongest counterparty and strongest credit to work with.

最後，查看第 16 頁，提供資產負債表資訊。我們擁有約 1.5 億美元的現金和現金等價物，我們的淨債務約為 14.8 億美元。我們對前面的成長之路感到非常興奮，擁有最強大的管道、最強的交易對手和最強的合作信用。

We are thankful to our investors and shareholders for continuing to support this journey and helping us successfully raise $250 million of equity under the rights offering. We are always looking out for valuable and critical advice, suggestions and dialogues from our stakeholders.

我們感謝我們的投資者和股東繼續支持這趟旅程，並幫助我們透過配股成功籌集 2.5 億美元的股本。我們始終尋求利害關係人提出的有價值和批判性的意見、建議和對話。

Now I'll pass on to Ranjit to provide some commentary on the guidance.

現在我將請 Ranjit 對指南提供一些評論。

Thanks, Pawan. We are happy to report that we have been able to achieve higher revenue compared to our guidance for this quarter while being in the range on our PLF guidance. As noted, despite supply-related challenges in our SECI 300-megawatt Rajasthan 9 project, we still expect to close this fiscal at higher end of our megawatt range provided earlier, i.e., 2,750 to 2,955 megawatts. We have, therefore, narrowed our range at 2,855 to 2,955 megawatts for fiscal year ending March 31, 2022.

謝謝，帕萬。我們很高興地報告，與本季的指導相比，我們能夠實現更高的收入，同時處於 PLF 指導範圍內。如前所述，儘管我們的SECI 300 兆瓦拉賈斯坦邦9 專案面臨與供應相關的挑戰，但我們仍預計以先前提供的兆瓦範圍的高端（即2,750 至2,955 兆瓦）結束本財年。因此，我們將截至 2022 年 3 月 31 日的財政年度的發電量範圍縮小到 2,855 兆瓦至 2,955 兆瓦。

For fourth quarter fiscal '22, we expect revenue to be between INR 5.21 billion and INR 5.2 billion or USD 68 million to USD 70 million at the exchange rate as of December 31, 2021, and the PLF to be between 22.5% and 23.5%. For our initial guidance for the next fiscal, as of now, we do not expect that we will commission incremental megawatts in AC term by the end of March 31, 2023, while we expect revenues to be between INR 22 billion and INR 23 billion or USD 295.7 million to USD 309.2 million at the exchange rate as of December 31, 2021.

對於22 財年第四季度，我們預計營收將在52.1 億盧比至52 億盧比之間，或以截至2021 年12 月31 日的匯率計算為6,800 萬美元至7,000 萬美元，PLF 將在22.5% 至23.5% 之間。對於我們下一財年的初步指導，截至目前，我們預計到 2023 年 3 月 31 日，我們不會在交流電方面調試增量兆瓦，而我們預計收入將在 220 億盧比至 230 億盧比之間或以2021年12月31日的匯率計算為2.957億美元至3.092億美元。

On our long-term outlook at Page 18, with 2.93 gigawatts firmly in place with signed PPAs, we have updated our contracted portfolio for run rate gross margin and CFE, cash flow to equity. With this, we will be happy to take questions.

根據第 18 頁的長期展望，2.93 吉瓦已簽署購電協議，我們已經更新了我們的合約投資組合，包括運行率毛利率和 CFE、股本現金流。有了這個，我們將很樂意回答問題。

(Operator Instructions) The first question is from the line of Justin Clare from ROTH Capital Partners, LLC.

（操作員說明）第一個問題來自 ROTH Capital Partners, LLC 的 Justin Clare。

First off, I was wondering if you could talk about where you are in the process of signing the remaining PPAs for the 4 gigawatts of projects that you have with SECI. So for example, have PSAs has been signed yet for any of the remaining megawatts? And what's your expectation here on timing?

首先，我想知道您是否可以談談您與 SECI 簽署 4 吉瓦專案剩餘購電協議的進度。例如，是否已針對剩餘的兆瓦簽署了 PSA？您對時間安排有何期望？

Thanks for the question, Justin. So there is a small 50-megawatt power purchase agreement that we expect to sign this week or the week after. And apart from that, SECI has made some progress on the next -- around 1,000 megawatts that we need to sign. So getting [within] the next quarter, we will be able to sign the remaining. There were some other capacities, Justin, which were yet to be signed up.

謝謝你的提問，賈斯汀。因此，我們預計本週或下週將簽署一份50兆瓦的小型購電協議。除此之外，SECI 在接下來的專案上取得了一些進展——我們需要簽署大約 1,000 兆瓦的專案。因此，在下個季度內，我們將能夠簽署剩餘的合約。賈斯汀，還有其他一些職位尚未簽約。

And I believe SECI's focusing on those first because our capacity -- there is about 300-odd megawatts which is left to be signed up for November 23 commissioning, whereas about 700 megawatts is left for commissioning in 4 fiscals now. So there is plenty of time for that to happen. So the focus at the moment for SECI is to try and get the 300 megawatts odd, which are needed to get to 1 gigawatt for the November 23 commissioning.

我相信 SECI 首先關注這些，因為我們的容量——大約有 300 多兆瓦需要在 11 月 23 日進行調試，而大約 700 兆瓦需要在 4 個財政年度進行調試。所以有足夠的時間來實現這一點。因此，SECI 目前的重點是嘗試獲得 300 兆瓦的電量，這是在 11 月 23 日調試時達到 1 吉瓦所需的電量。

Okay. Got it. That's helpful. And then for the 4 gigawatts of projects with SECI, you provided the time line with the schedule. So you have 600 megawatts scheduled for November of 2023, with a gigawatt in each subsequent year. What is the potential to bring these projects on earlier than that schedule? Could you potentially bring these on up to 6 months ahead of time? Or what's the opportunity there?

好的。知道了。這很有幫助。然後，對於 SECI 的 4 吉瓦項目，您提供了時間表和時間表。因此，您計劃在 2023 年 11 月發電 600 兆瓦，隨後每年發電 1 千兆瓦。提前啟動這些專案的潛力有多大？您能否提前 6 個月提供這些服務？或者說那裡有什麼機會？

So Justin, I'm looking until the projects that -- I mean the auctions that are taking place currently. As long as those auctions continue at the pace that they are continuing at, and we continue to win like we have won over the last 6 months, we will not like to bring up the commissioning simply because of the fact that we have tariffs that are locked in.

賈斯汀，我正在尋找那些項目——我的意思是目前正在進行的拍賣。只要這些拍賣繼續以目前的速度進行，並且我們繼續像過去 6 個月那樣獲勝，我們就不會僅僅因為我們的關稅而提出調試問題。

And as you know, typically, CapEx keeps on moderating over the years. So with locked-in power purchase agreements and locked-in tariffs, we would like to bring these projects up on schedule. That is our current plan. However, as far as the development path is concerned, the development is going on full flow.

如您所知，通常情況下，資本支出多年來持續放緩。因此，透過鎖定購電協議和鎖定電價，我們希望按計劃推進這些項目。這是我們目前的計劃。但從發展路徑來看，發展正在如火如荼地進行中。

As we have mentioned in the past, our activity is already in place, and we have started the process of trying to find the land and acquire the land even for projects that are going to commission in '24 and '25 and '26. So we will have the basics in place. But the actual commissioning, we will take a call closer to the time, depending upon what we have in hand for construction and how we see the change in the cost of modules.

正如我們過去提到的，我們的活動已經就位，我們已經開始嘗試尋找土地並獲取土地，甚至對於即將在 24 年、25 年和 26 年投產的項目也是如此。所以我們將具備基礎知識。但實際調試時，我們會在接近時間的時候再打電話，這取決於我們手頭上的施工情況以及我們如何看待模組成本的變化。

Got it. Okay. Yes, that makes a lot of sense. So then considering that, how active do you expect to be in participating in new auctions over the next year or so? How many megawatts could you potentially look to secure? And essentially, what is your capacity to maybe slot additional projects in, either before or in between the other projects that you already have PPAs for here? .

知道了。好的。是的，這很有意義。那麼考慮到這一點，您預計在未來一年左右的時間內參與新拍賣的積極程度如何？您可能希望獲得多少兆瓦的電力？從本質上講，您有什麼能力在您已經擁有購電協議的其他項目之前或之間安排額外的項目？ 。

That's a very important question, Justin. And all along, right, in the last 2 years and 2.5 years, we have been very conservative in our outlook. And we have always said that we have the capability of doing between 800 to 1,200 megawatts a year. And it was on the back of the fact that we had this large portfolio to commission. And we were still struggling through that part because of COVID and everything else.

這是一個非常重要的問題，賈斯汀。一直以來，對吧，在過去的2年和2.5年裡，我們的看法一直非常保守。我們一直說我們有能力每年發電 800 至 1,200 兆瓦。這是基於我們有如此龐大的投資組合需要委託。由於新冠疫情和其他原因，我們仍在努力度過這一部分。

Over this fiscal, we have gone and commissioned almost everything that was pending on our books. And that has given tremendous confidence to the team and to all of us in the company that we can go out and do these megawatts, and we can do them well. We can do them on time, and we can do them on budget on such a large scale.

在本財年，我們已經委託完成了帳簿上幾乎所有未完成的任務。這給團隊和公司所有人帶來了巨大的信心，我們可以走出去，做這些兆瓦的項目，而且我們可以做得很好。我們可以按時完成，而且可以在預算內大規模完成。

So we believe that year-on-year, our capability will increase from the 1,000 megawatts that we are able to do in the current fiscal. It will continue to increase. And we will challenge ourselves because it is not only -- as you saw in our presentation, it's not only putting megawatts through our core business, but also we'd be looking to put megawatts behind green hydrogen, megawatts behind energy transition.

因此，我們相信，我們的發電量將從本財年的 1,000 兆瓦的基礎上逐年增加。它將繼續增加。我們將挑戰自己，因為正如您在我們的演示中看到的那樣，它不僅為我們的核心業務提供兆瓦電力，而且我們還希望為綠色氫能提供兆瓦電力，為能源轉型提供兆瓦電力。

We will take part in storage bids. There are some storage bids coming up. So it will be a combination of work that we will do, and we will deploy our resources and our dollars to where we think we can get the best deployment of capital.

我們將參與存儲投標。即將出現一些存儲投標。因此，這將是我們將要做的工作的結合，我們將把我們的資源和資金部署到我們認為可以得到最佳資本部署的地方。

(Operator Instructions) The next question is from the line of Maheep from Credit Suisse.

（操作員說明）下一個問題來自瑞士信貸銀行的 Maheep。

So Ranjit, thanks for the clarification on some of the completion and how much we can expect earlier as well. But maybe on that, you alluded a little bit on module supplies. Maybe if you could just talk more about the module supply and how is that shaping up in the next year? And specifically, with the BCD and the ALMM coming into effect, does that change your assumptions around availability of pricing for modules?

Ranjit，感謝您對部分完成情況的澄清以及我們可以提前期待多少。但也許在這一點上，您提到了一些關於模組供應的內容。也許您可以多談談模組供應以及明年的情況如何？具體來說，隨著 BCD 和 ALMM 的生效，這是否會改變您對模組定價可用性的假設？

So thanks for the question, Maheep. And it's a very, very, very important question, and the industry has been lapping with this question for the last 6 to 9 months. I must say that what has happened over the last 2 or 3 months has given us a lot of comfort and confidence, actually, on this situation, right? Because the PLI scheme -- the first round of PLI scheme was awarded a couple of months back. I think it was in December, if I remember correctly. And that was almost 1/3 or 1/4 of what had actually been tendered in the PLI tender.

謝謝你的提問，Maheep。這是一個非常非常重要的問題，過去 6 到 9 個月業界一直在討論這個問題。我必須說，過去兩三個月發生的事情給了我們很大的安慰和信心，實際上，在這種情況下，對嗎？因為 PLI 計劃——第一輪 PLI 計劃是在幾個月前授予的。如果我沒記錯的話，我想那是十二月。這幾乎是 PLI 招標中實際投標內容的 1/3 或 1/4。

In the budget, now the government has allocated more money. So there is over 50 gigawatts of PLI capacity, which has been sanctioned by the government. And that gives us a lot of comfort that these -- and most of the players that have signed for PLI are large corporate houses or already experienced manufacturers. So also, if you see that some of the companies that are in that list are actually going to set up ingot and wafer facilities also.

在預算中，現在政府撥出了更多的錢。因此，PLI 容量超過 50 吉瓦，這是政府批准的。這讓我們感到非常欣慰，因為這些以及大多數與 PLI 簽約的參與者都是大型企業或已經經驗豐富的製造商。同樣，如果您看到該清單中的一些公司實際上也將建立矽錠和晶圓工廠。

And as you know, even though you might win a 2,000 or 3,000 or 4,000 megawatts per annum solar module manufacturing capacity -- and that is a possibility to set up that kind of capacity. However, when you set up an ingot and wafer facility, these facilities need to be a lot larger to be cost effective, to be cost competitive.

如您所知，即使您可能會贏得每年 2,000 或 3,000 或 4,000 兆瓦的太陽能組件製造能力 - 這也是建立這種產能的可能性。然而，當您建立矽錠和晶圓工廠時，這些工廠需要更大，才能實現成本效益和成本競爭力。

So therefore, even though on the face of it, it looks like we're going to get as far as the ingot and wafer facilities are concerned, only 15,000 to 20,000 megawatts per year, but it's likely going to be larger because the plants themselves are going to be larger. And we also know, on the ground, that many companies have already started putting up their solar module manufacturing facilities.

因此，儘管從表面上看，就矽錠和晶圓設施而言，我們每年的發電量只有 15,000 至 20,000 兆瓦，但它可能會更大，因為工廠本身將會變得更大。我們也知道，許多公司已經開始建立太陽能組件製造設施。

So just like what we had envisaged when we spoke in last quarter and last to last quarter, we do believe that the period from first of April to perhaps September or October or even December this year would be challenging. There will be some bottlenecks, perhaps, as these plants come up and get stabilized. But sooner than later, I believe that the situation will start to ease out and next year should be much, much better in terms of availability.

因此，就像我們在上個季度和上個季度發言時所設想的那樣，我們確實相信今年 4 月 1 日到 9 月、10 月甚至 12 月這段時間將充滿挑戰。隨著這些工廠的建立並穩定下來，也許會出現一些瓶頸。但我相信這種情況遲早會開始緩解，明年的可用性會好得多。

So we are lucky in that way, that all our capacity that we are currently in -- that we currently have under construction is already spoken for. We have already got -- the last model should have shipped today, the last few megawatts. So we have everything in -- in country by the middle of March. And then the next round of modules, we'll be buying either later in the year or beginning of next year.

因此，我們很幸運，我們目前擁有的所有能力——我們目前正在建立的能力已經被利用了。我們已經得到了——最後一個型號應該在今天發貨，最後幾兆瓦。所以我們在三月中旬之前已經把所有東西都準備好了。然後，我們將在今年稍後或明年初購買下一輪模組。

Besides the fact that, as part of our model manufacturing investment, which is required as part of the SECI manufacturing tender, we have options on the line that is being built by our partner. So we are actually in a very comfortable position because we have a committed line coming up for us. And besides that, we don't need any capacity until the next year.

除此之外，作為我們模型製造投資的一部分（這是 SECI 製造招標的一部分），我們還可以選擇合作夥伴正在建造的生產線。所以我們實際上處於一個非常舒適的位置，因為我們有一條承諾的路線在等著我們。除此之外，我們在明年之前都不需要任何產能。

Got it. And so I would presume ALMM would be dictating the prices. So should we still kind of presume that $0.60 per watt of -- assumption for the first SECI gigawatt -- the first tranche of the SECI 4-gigawatt projects, is that still a fair assumption? Or do you expect that to change with the new policies coming in?

知道了。所以我認為 ALMM 會決定價格。那麼，我們是否仍然應該假設 SECI 4 吉瓦計畫的第一部分每瓦 0.60 美元——第一批 SECI 吉瓦的假設，這仍然是一個公平的假設嗎？或者您認為這種情況會隨著新政策的推出而改變嗎？

Maheep, I would let Murali answer this question. Though I have a view on this, but Murali is probably closer to this.

Maheep，我會讓 Murali 來回答這個問題。雖然我對此有自己的看法，但穆拉利可能更接近這一點。

I think the first tranche of this capacity is due only in November of '24, right, sorry, November of '23. And module procurement, if they drop prices, we will pick them up early. But if they don't, we have a lot of time. So I -- despite ALMM and the other concerns, I think we should be able to, if we wait it out, we'll get modules at a price which is comfortable.

我認為該容量的第一部分只能在 24 年 11 月到期，對，抱歉，是 23 年 11 月。還有組件採購，如果他們降價了，我們會提前接貨。但如果他們不這樣做，我們還有很多時間。所以我——儘管有 ALMM 和其他擔憂，我認為如果我們耐心等待，我們應該能夠以一個合適的價格獲得模組。

As Ranjit mentioned, a lot of capacity is coming in, in terms of the upstream part of the value chain. And when that kicks in, the price will have to drop. There is also a technology curve that's pushing along by pushing costs down. So overall, we will wait and watch and see. We are not in any rush to procure modules right now for this 4 gigawatt.

正如蘭吉特所提到的，就價值鏈的上游部分而言，大量產能正在湧入。當這種情況開始發生時，價格將不得不下降。還有一條技術曲線是透過降低成本來推動。所以總的來說，我們將拭​​目以待。我們現在並不急於採購這 4 吉瓦的模組。

Right. Okay. And just the last one from me. This is just a small one. In terms of the PLF for the year, how should we think about that? Should we expect like a similar uplift we saw in FY '21 to FY '22 going into FY '23? Or should we kind of just see more in line with '22?

正確的。好的。這只是我的最後一篇。這只是一小部分。就今年的PLF而言，我們該如何看待？我們是否應該預期 21 財年至 22 財年到 23 財年會出現類似的成長？或者我們應該看到更多與「22」相符的內容？

I guess, I can't remember on top of my mind -- top of mind what was the uplift from the last year to this year. But in general, more and more of our capacity is coming in Rajasthan, so that will push up PLF.

我想，我的腦海中記不起從去年到今年的提升是什麼。但總的來說，我們的產能越來越多地進入拉賈斯坦邦，因此這將推高PLF。

In general, our newer projects are being overloaded to 140% to 150%. And so on a portfolio basis, once you factor in the legacy projects, the PLF will go up. So yes, there will be a gradual sort of creep up of PLF, at least for the next couple of years.

一般來說，我們的新項目已經超載到 140% 到 150%。因此，在投資組合的基礎上，一旦考慮到遺留項目，PLF就會上升。所以，是的，PLF 將會逐漸上升，至少在接下來的幾年裡是如此。

Maheep, just to -- on this PLF thing, right, we have already actualized PLF for the first 3 quarters and given a narrow band for quarter 4. So perhaps Vikas can be in touch with you to give you an exact number.

Maheep，就 PLF 問題而言，我們已經實現了前 3 個季度的 PLF，並為第 4 季給出了一個狹窄的範圍。

Absolutely, yes, I will follow.

絕對，是的，我會跟隨。

(Operator Instructions) The next question is from the line of Puneet from HSBC.

（操作員指示）下一個問題來自匯豐銀行的 Puneet。

My first question is, if I look at your portfolio revenue run rate that you've given out in this, especially, and compare it to what you gave out in the last quarter, you've added about 2,323 megawatts more in terms of PPA side, and that seems to suggest there is a 33% PLF that you're expecting from this. Can you give some light on what really is driving this 33% PLF versus the 28% which was expected earlier?

我的第一個問題是，如果我看一下您在此給出的投資組合收入運行率，並將其與上個季度給出的進行比較，您會發現，就PPA 而言，您已增加了約2,323 兆瓦側面，這似乎表明您預期的 PLF 為 33%。您能透露一下到底是什麼推動了 33% 的 PLF 與之前預期的 28% 的相比嗎？

Okay. So the exact number of 33%, again, not top of mind, but let me explain the principle. So we are moving into an era of bifacial modules. From the mono PERC, which we have installed in the current 1.2 to 1.3-gigawatt that we have. Bifacial has an incremental yield, as you know. We are going to be going with the tracker-based systems. So that gives a yield uptick anywhere between 10% and 15%, depending on which -- what is the latitude of installation.

好的。因此，33% 的確切數字同樣不是首要考慮的問題，但讓我解釋一下原理。因此，我們正在進入雙面組件的時代。我們目前安裝的單晶 PERC 功率為 1.2 至 1.3 吉瓦。如您所知，雙面發電具有增量產量。我們將使用基於追蹤器的系統。因此，產量可以提高 10% 到 15% 之間，具體取決於安裝的範圍。

So currently, since we're focusing largely on Rajasthan, we would expect to yield uptick purely from cracker in the range of 40%, another 4%, 5% from bifacial. Bifacial can actually give you even higher results. So even we've seen results which are even better than that. So overall...

因此，目前，由於我們主要關注拉賈斯坦邦，我們預計純粹來自裂解裝置的產量將增加 40%，另外 4%、5% 來自雙面。雙面實際上可以為您帶來更好的效果。因此，我們甚至看到了比這更好的結果。所以整體來說...

So what was the basis for 4% to 5% result?

那麼4%到5%結果的依據是什麼？

It can be better than that as well. It depends on something known as an albedo factor. It depends on the quality of the reflectivity of the soil, right? So if you have greater reflectivity, you get greater yield upticks.

它也可以比這更好。它取決於一種稱為反照率因子的東西。這取決於土壤反射率的質量，對吧？因此，如果反射率更高，產量就會提高。

So a combination of bifacial and tracker, it's likely to push our yields up by almost 20%, right? So -- but then the overloading may not be as high as 40% or 45%. It may be a slightly lower overall, maybe in the range of 35% to 38%. So a combination of all of these will bring your PLF to a greater number.

因此，雙面和追蹤器的結合可能會將我們的產量提高近 20%，對吧？所以——但過載可能不會高達 40% 或 45%。整體來說可能會稍微低一些，可能在35%到38%的範圍內。因此，所有這些的結合將使您的 PLF 達到更高的數字。

Okay. And if I were to think of -- in Rajasthan, the base PLF on AC basis, what should that number be?

好的。如果我想，在拉賈斯坦邦，AC 基礎上的基本 PLF，這個數字應該是多少？

On fixed-tilt mono PERC?

在固定傾斜單晶 PERC 上？

Yes. Just the [number there].

是的。只是[那裡的號碼]。

Yes, fixed-tilt mono PERC. So currently, our SECI 600 fixed-tilt mono PERC is yielding about 1.8 million units per megawatt. So let me just tell you what that number means.

是的，固定傾斜單晶 PERC。目前，我們的 SECI 600 固定傾斜單晶 PERC 的產量約為每兆瓦 180 萬台。那麼讓我告訴你這個數字意味著什麼。

So about 18%?

那麼大約18%？

20%, 20.5%, say 20%, on average, right? It's 20.5%, actually, at the moment. It's -- yes. So with this, then you -- on top of this, you back in an overloading, you back in bifacial, you back in a tracker, and this will start to go up, the numbers that you just asked.

平均20%、20.5%、比方說20%，對吧？實際上，目前是 20.5%。這是——是的。所以有了這個，然後你——除此之外，你回到了超載，你回到了雙面，你回到了跟踪器，這將開始上升，你剛才問的數字。

Okay. That's helpful. My second question is you said that you'll put -- pretty much install nothing in FY '23. But why is there still a CapEx guidance of $600 million to $700 million for that together?

好的。這很有幫助。我的第二個問題是，您說過您將在 23 財年幾乎不安裝任何東西。但為什麼資本支出指引仍為 6 億至 7 億美元呢？

We have -- maybe it's...

我們有──也許是…

In the case...

在這種情況下...

Sorry, go ahead, Ranjit.

抱歉，請繼續，蘭吉特。

So we have examined, of course, because we will be working on the first 1,000 megawatts of our SECI 4,000-megawatt tender. And we have this 470 megawatts that we have won, which will need to be delivered in the first or the second quarter of the next fiscal.

當然，我們已經進行了檢查，因為我們將致力於 SECI 4,000 兆瓦招標的前 1,000 兆瓦。我們已經贏得了 470 兆瓦的電力，需要在下一財年的第一季或第二季交付。

So a lot of work will actually be done in this quarter, right? So in this fiscal. So we will be constructing almost 1,500 megawatts to be commissioned in FY '24. So because of the fact that, that capacity is going to come up in that year, so a lot of the CapEx initially will be spent in FY '23.

所以這個季度實際上會完成很多工作，對嗎？所以在本財年。因此，我們將建造近 1,500 兆瓦的發電站，並於 2024 財年投入使用。因此，由於該產能將在當年增加，因此大量資本支出最初將在 23 財年花費。

That's 1,500 megawatts in FY '24?

24 財年為 1,500 兆瓦？

Yes, that's right. 470 megawatts that we spoke about, which has about -- half of it is wind and the 600 megawatts that we have already signed, 50 megawatts that we are signing in this week or next week, and another 350 megawatts, which we expect SECI to sign over the next quarter or so.

是的，沒錯。我們談到的 470 兆瓦，其中大約有一半是風電，我們已經簽署了 600 兆瓦，本週或下週我們將簽署 50 兆瓦，還有另外 350 兆瓦，我們預計 SECI 會下個季度左右簽名。

So we will have 1,470, and we will, obviously, you see what we need to do or if we win anything specific on this -- on the storage side or on which transition side or whatever it is. So we do expect to be busy. That's not commissioning something in this fiscal, but next year, we have a lot to commission.

所以我們將有 1,470 個，顯然，你會看到我們需要做什麼，或者我們是否贏得了任何具體的東西 - 在存儲方面或在哪個轉換方面或其他方面。所以我們確實預計會很忙。這並不是本財年進行的一些調試，但明年，我們有很多需要調試的內容。

But would you typically pay for modules after you commission it? Or is an LC base paying for? Do you still need to spend $600 million in FY '23? Or it's just allocation of that money?

但您通常會在調試後支付模組費用嗎？還是LC基地支付費用？您還需要在 23 財年花費 6 億美元嗎？ 或者這只是這筆錢的分配？

It's the allocation of that money. Once you open an LC, we say that it is allocated. So also, we will be acquiring land. And like we said, we are developing those 1,000 megawatts of wind. So we are going to be busy. We are investing for the future. And we will keep the -- keep the wheels turning over the next year or 2.

就是這筆錢的分配。一旦您開立了信用證，我們就說它已被分配。我們也將收購土地。正如我們所說，我們正在開發 1,000 兆瓦的風能。所以我們會很忙。我們正在為未來投資。我們將在未來一兩年繼續保持運作。

Right. So from a debt perspective, we should not be adding $600 million in FY '23, we should see that in the '24 room, right?

正確的。因此，從債務角度來看，我們不應該在 23 財年增加 6 億美元，我們應該在 24 財年看到這一點，對吧？

A large part of it will be added in '24, of course, for the 1,500 megawatts because that also includes wind. So wind is slightly higher CapEx than solar. So we will be adding a large part of the debt only the year after. Yes, you're absolutely right.

當然，其中很大一部分將在 24 年增加，即 1,500 兆瓦，因為其中還包括風能。因此，風能的資本支出略高於太陽能。因此，我們將在次年增加大部分債務。是的，你說得完全正確。

And Q4 of this year, all the projects are on price. There should not be any [spillover] to FY '23, right?

而今年第四季度，所有項目均已漲價。 23 財年不應該有任何[溢出]，對嗎？

So maybe, given a guidance, Puneet, to 2,855 to 2,955, so we are hopeful that Rajasthan 9, which is the one which is on a critical path, that we'll be able to commission that in this fiscal. If there is any spillover, it will be a small quantity or it could potentially be a small quantity of Rajasthan 9 into the first half of April or into April. But other than that, we are fairly confident that we will be able to meet this guidance.

因此，也許，普尼特（Puneet）給出了 2,855 至 2,955 的指導，所以我們希望拉賈斯坦邦 9（正處於關鍵道路上）能夠在本財年實現這一目標。如果有任何溢出，那將是少量的，或者可能是四月上半月或四月的少量拉賈斯坦邦 9 號病毒。但除此之外，我們對能夠滿足這一指標方針充滿信心。

Understood. That's very, very helpful. Last question, if I may. Any updates on Karnataka? You talked about getting resolved, but the receivables were denied. What's the process to find into the High Court [matter]?

明白了。這非常非常有幫助。最後一個問題，如果可以的話。卡納塔克邦有最新消息嗎？你說要解決，但應收帳款被拒絕了。向高等法院調查[案件]的程序是什麼？

So there has been a very, very positive development on all 3 distribution companies in the case of Karnataka for us. Just to break it up, there are 3 distribution companies that are in question here. Two of them, which are GESCOM and SESCOM, where we have positive orders from APTEL. GESCOM has gone to Supreme Court, so we'll have the first hearing, and we are working on that process. SESCOM, we have asked them to adhere to the APTEL order -- to heed APTEL order and pay us.

因此，就我們而言，卡納塔克邦的所有 3 家分銷公司都取得了非常非常積極的發展。順便說一下，這裡有 3 家分銷公司受到質疑。其中兩個是 GESCOM 和 SESCOM，我們從 APTEL 那裡得到了積極的訂單。 GESCOM 已向最高法院提起訴訟，因此我們將舉行第一次聽證會，我們正在處理該程序。 SESCOM，我們已要求他們遵守 APTEL 命令——遵守 APTEL 命令並向我們付款。

Both these distribution companies on their regular payments are up to date. So there is no DSO attributable to GESCOM and SESCOM on a regular payment. The DSO attributable to them is because of the court case. They are paying a slightly lower revenue, and we have, under court case, so they have to pay us a differential revenue, right? So that's the court case situation in case of GESCOM and SESCOM. They have good paymasters. They pay every month, just that they're paying us less, and that's where the court case is.

這兩家分銷公司的定期付款都是最新的。因此，定期付款中不存在屬於 GESCOM 和 SESCOM 的 DSO。歸咎於他們的 DSO 是因為法庭案件。他們支付的收入略低，而我們根據法庭案件，所以他們必須向我們支付差別收入，對嗎？這就是 GESCOM 和 SESCOM 案件的法庭案件情況。他們有很好的出納員。他們每個月都會付款，只是他們付給我們的錢少了，這就是法庭案件的所在。

On HESCOM then, they're delayed in payment, right? Because they haven't paid us. And against HESCOM, we had gone to High Court. And High Court is strong in our favor. That's almost, if I remember correctly, $10 million, $12 million of payments. And we are cautiously optimistic that some or most of this money we'll be able to recover in this fiscal.

那麼在 HESCOM 上，他們的付款被延遲了，對吧？因為他們還沒付錢給我們。針對 HESCOM，我們已向高等法院提起訴訟。高等法院對我們非常有利。如果我沒記錯的話，這幾乎是 1000 萬美元、1200 萬美元的付款。我們對本財年能夠收回部分或大部分資金持謹慎樂觀態度。

So the order is there. We have asked them to pay us. We are working with them to schedule payments. So we are hopeful.

所以訂單就在那裡。我們已經要求他們付錢給我們。我們正在與他們合作安排付款。所以我們充滿希望。

(Operator Instructions) As there are no further questions, on behalf of Azure Power, we conclude this conference. Thank you for joining us. You may now disconnect your lines. Thank you.

（操作員說明） 由於沒有其他問題，我們代表 Azure Power 結束本次會議。感謝您加入我們。現在您可以斷開線路。謝謝。

Thank you very much. Thank you, everyone.

非常感謝。 謝謝大家。