Renew Energy Global PLC (RNW) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to the new third-quarter fiscal year 2024 earnings report. (Operator Instructions).

感謝您的耐心等待，歡迎閱讀新的 2024 財年第三季財報。（操作員說明）。

I would now like to hand the conference over to Nathan Judge, Investor Relations. Go ahead.

我現在想將會議交給投資者關係部門的內森·賈奇。前進。

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 2020 for third quarter ended December 31, 2023. The copy of the press release and presentation are available on the Investor Relations section on renews website at www.renew.com. With me today are Sumant Sinha, Founder, Chairman and CEO; Kailash Vaswani, our newly appointed CFO; and Vaishali Nigam Sinha, Co-Founder and Chairperson of Sustainability. After the prepared remarks, we will open up the call for questions.

謝謝貝特西，大家早安，謝謝您今天早上加入我們。該公司發布新聞稿，宣布截至2023年12月31日的2020財年第三季業績。新聞稿和簡報的副本可在更新網站 www.renew.com 的投資者關係部分取得。今天和我在一起的有創始人、董事長兼執行長 Sumant Sinha； Kailash Vaswani，我們新任命的財務長；和永續發展聯合創始人兼主席 Vaishali Nigam Sinha。在準備好發言後，我們將開始提問。

Please note, our safe harbor statements are contained within our press release, presentation materials and materials 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 on Form 6-K and the presentation on our website for a more complete description. Also contained in our presentation materials and annual report are certain non-IFRS measures that we reconciled to the most comparable IFRS measure. And these reconciliations are also available on our website in the press release, presentation materials and our annual report.

請注意，我們的安全港聲明包含在我們的新聞稿、簡報資料和我們網站上提供的資料中。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表格 6-K 上提供的新聞稿以及我們網站上的簡報，以獲得更完整的說明。我們的簡報資料和年度報告中還包含某些非 IFRS 衡量標準，我們已將這些衡量標準與最具可比性的 IFRS 衡量標準進行了調整。這些調節也可以在我們網站上的新聞稿、簡報資料和年度報告中找到。

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

現在我很高興將其交給蘇曼特。

Yes, hi. Thank you, Nathan and good morning and good evening to everybody on this call. I'm glad to have you on our third-quarter fiscal year ended 2024 earnings call. The calendar year 2023 marked, a significant milestone for the Indian renewable energy sector as well as for us. India is now the world's most populous nation, has experienced a surge in power demand, necessitating the need for more power.

是的，嗨。謝謝你，內森，祝這次電話會議的每個人早安，晚上好。我很高興您參加我們截至 2024 財年的第三季財報電話會議。2023 年對於印度再生能源產業以及我們來說都是一個重要的里程碑。印度現在是世界上人口最多的國家，電力需求激增，需要更多的電力。

In April of 2023, the Ministry of New and Renewable Energy that ramped up the auction calendar significantly in a bid to achieve the country's 500 gigawatt target for renewable energy installations. The government's commitment has not transpired into action and a record number of auctions have been conducted so far during the year. So far in fiscal 2024, we have seen more than 40 gigawatts of auctions being conducted, which is a significant increase over last year when about 12 gigawatts of capacity was auctioned.

2023 年 4 月，新能源和再生能源部大幅加快了拍賣日程，以實現該國 500 吉瓦的再生能源裝置目標。政府的承諾尚未兌現，今年迄今進行的拍賣數量創歷史新高。2024 財年到目前為止，我們已經進行了超過 40 吉瓦的拍賣，這比去年拍賣的約 12 吉瓦的容量大幅增加。

Not only this we are also tracking and other 70 gigawatts of central and state tenders are expected to be auctioned over the next few months. As in India and and and intensified. It's moved made in India initiative to becoming global manufacturing hub more broadly, the imperative for security, reliable power becomes even more pronounced. This expansion of the addressable renewable energy market has provided developers such as us the most favorable environment in the renewable energy sector that we have seen yet.

不僅如此，我們還在追蹤其他 70 吉瓦的中央和國家招標預計將在未來幾個月內進行拍賣。正如在印度的情況一樣，這種情況愈演愈烈。隨著「印度製造」計畫更廣泛地成為全球製造中心，安全、可靠電力的必要性變得更加明顯。再生能源市場的擴大為我們這樣的開發商提供了迄今為止再生能源領域最有利的環境。

As the number of auctions has increased significantly, competition has tailed off a little bit leading to the discovery of higher data rates. Subscription rate for new auction has declined significantly this fiscal year and were the lowest on record this past quarter. Often less than 100% of the capacity being off auction for complex projects resulting in auction clearing pretty much at the initial bid offer.

隨著拍賣數量顯著增加，競爭有所減弱，從而發現了更高的數據速率。本財年新拍賣的認購率大幅下降，是上個季度有紀錄以來的最低水準。對於複雜的項目，通常只有不到 100% 的容量被拍賣，導致拍賣清算幾乎以最初的出價為準。

Year to date, we have seen an increase in tariff and in particular in wind auctions, which increased 14% year on year. But we see the ability to do wind makes us stand out in a market where there are far fewer developers with this ability.

今年迄今為止，我們看到關稅增加，特別是風電拍賣，比去年同期增加了 14%。但我們看到，開發風能的能力使我們在擁有這種能力的開發商少得多的市場中脫穎而出。

We know that even with the increase and that is renewable energy continues to be the lowest cost stores for new electricity supply in the country. Considerably cheaper than the primary competitive alternate, which is coal power. Beyond rise in tariff we saw several other factors that are supporting better return, such as the record fall in the cost of solar modules, stable FX, adequate domestic debt financing and a significant reduction in receivable days.

我們知道，即使增加，再生能源仍是該國新電力供應成本最低的來源。比主要的競爭替代方案煤電便宜得多。除了關稅上漲之外，我們還看到了其他幾個支持更好回報的因素，例如太陽能組件成本創紀錄的下降、穩定的外匯、充足的國內債務融資以及應收帳款週轉天數的大幅減少。

The year started with a litany of challenges has become one of the most favorable market for the Renew in our history. As we approach the onset of fiscal year 2025, we eagerly anticipate leveraging the new opportunities that have arisen during the year, especially in complex from power, such as we round the clock power and street power projects that are currently under construction.

充滿挑戰的一年已成為我們歷史上對 Renew 最有利的市場之一。隨著 2025 財年的臨近，我們熱切期待利用這一年中出現的新機遇，特別是在電力綜合體方面，例如我們目前正在建設的全天候電力和街道電力項目。

This demand for complex projects is clearly evident in devising percentage of such projects and such auctions. This fiscal year complex projects represented about 38% of total capacity being auctioned, significantly more than the 8% of the total amount last year. This is set to increase further to 44% of the tenders that we expect to be auctioned over the next several months. We continue to see higher returns and complex auctions and a greater share of our wins are in this subset.

這種對複雜項目的需求在設計此類項目的百分比和此類拍賣時顯而易見。本財年綜合體項目約佔拍賣總產能的38%，遠高於去年總量的8%。我們預計未來幾個月將拍賣的標書中，這一比例將進一步增加至 44%。我們繼續看到更高的回報和複雜的拍賣，我們獲勝的大部分都屬於這個子集。

Renew has -- and as a result our market share is better than any of our peers. Firstly modeling, these projects is not easy. Further executing complex projects requires expertise in developing well integrating multiple sources of power to the use of digital tools as well as robust project management.

Renew 已經做到了——因此我們的市場份額比任何同行都好。首先建模，這些項目並不容易。進一步執行複雜的專案需要開發將多種電源良好整合到數位工具的使用以及強大的專案管理方面的專業知識。

Something that most players in the sector, lack. Our in house will EPC capability in-house digital labs and our ability to access the cheapest source of capital do ensure superior returns on our projects. The year is set to be a milestone year for us. As on the execution front that you will see a significant increase in our operating portfolio as most of the under-construction pipeline will become operational, providing top line and bottom line growth.

該行業大多數參與者都缺乏的東西。我們的內部EPC能力、內部數位實驗室以及我們獲得最便宜的資金來源的能力確實確保了我們專案的卓越回報。今年對我們來說將是具有里程碑意義的一年。在執行方面，您將看到我們的營運投資組合顯著增加，因為大多數在建管道將投入運營，從而實現營收和利潤的成長。

Now turning to highlights for the quarter on page 4. We are increasing the bottom end of our adjusted EBITDA guidance range to INR63 billion to INR66 billion. Amazing record breaking year for megawatt installation. We expect that about 1.75 gigawatts to 1.95 gigawatts will be generating revenue by the end of fiscal year 2024.

現在轉向第 4 頁的本季亮點。我們將調整後 EBITDA 指引範圍的下限提高至 630 億盧比至 660 億盧比。今年兆瓦裝機量打破了驚人的紀錄。我們預計到 2024 財年末，將產生約 1.75 吉瓦至 1.95 吉瓦的收入。

Beyond the currently commission 825 megawatts. We have elected 474 megawatts of wind turbines and another 620 megawatts of solar module installations. Our strategy of asset recycling continues to provide us with cost-effective capital for expansion. Last month, we signed a deal for the sale of a 300 megawatt solar assets commission two years ago. And we anticipate receiving proceeds of approximately USD82 million. By year end. The asset was valued at USD199 million.

超出目前投產的825兆瓦。我們選擇了474兆瓦的風力渦輪機和另外620兆瓦的太陽能模組安裝。我們的資產回收策略持續為我們的擴張提供具有成本效益的資本。上個月，我們簽署了兩年前出售 300 兆瓦太陽能資產委託的協議。我們預計將收到約 8,200 萬美元的收益。到年底。該資產價值1.99億美元。

This transaction will further bolster the substantial some days through asset recycling thus far at the same time, enhance the returns on capital deployed on projects. We expect that we'll realize a gain of about USD30 million to USD34 million as a gain in our Q4 '24 EBITDA.

此次交易將進一步支撐迄今為止的資產回收利用，同時提高專案資本回報率。我們預計 24 年第 4 季 EBITDA 的收益將實現約 3,000 萬美元至 3,400 萬美元的收益。

Do know that at FY24 adjusted EBITDA guidance of INR63 to INR66 billion does not include the gain. Our growth trajectory remains robust. As we won an additional 3.6 gigawatts of RE projects during the quarter in a period when tariffs are rising, costs are falling and competition is near record lows. This underscores our ability to secure growth at attractive returns. We point this out because last year when all these factors were unfavorable and returns for new projects are much lower our market share was a mere 3%, well below our normal market share of 10% or thereabouts.

要知道，2024 財年調整後的 EBITDA 指引為 63 億盧比至 660 億盧比，不包括收益。我們的成長軌跡依然強勁。由於我們在本季度額外贏得了 3.6 吉瓦的可再生能源項目，當時電價上漲，成本下降，競爭接近歷史最低水平。這凸顯了我們以有吸引力的回報確保成長的能力。我們之所以指出這一點，是因為去年所有這些因素都不利，新項目的回報率要低得多，我們的市場份額僅為 3%，遠低於我們正常的 10% 左右的市場份額。

Comparing it to this year in an environment where returns are much higher. We have won about 15% of all auctions, we believe -- and that is on top of a bigger base. We believe that this illustrates our commitment to capital discipline rather than just market share. We are pleased also to report that our DSOs, our days sales outstanding have fallen below 100 days and stood at 86 days at the end of the quarter. Marking a significant improvement of 92 days within the span of the year. And an even greater improvement from the peak of 272 days only a couple of years ago.

與今年相比，在回報要高得多的環境下。我們相信，我們贏得了大約 15% 的拍賣，而且這是在更大的基礎上進行的。我們相信，這體現了我們對資本紀律而不僅僅是市場份額的承諾。我們也很高興地報告，我們的 DSO（銷售週轉天數）已降至 100 天以下，季末為 86 天。年內顯著改善92天。與幾年前 272 天的峰值相比，有了更大的進步。

Privatization of timely collection of tables remains paramount for us, as it fortifies our competitive stance in the market and has released nearly $200 million of cash for growth. We believe that DSOs will continue to improve over time. Furthermore, there has been a notable enhancement wind PLF this year.

及時收牌的私有化對我們來說仍然至關重要，因為它增強了我們在市場上的競爭地位，並釋放了近 2 億美元的現金用於成長。我們相信 DSO 將隨著時間的推移而不斷改進。此外，今年風電PLF 顯著增強。

Fourth quarter was the meaningful improvement over the [47%] PLF in the prior comparable quarter. And year to date, the wind PLF was about was at 29.2% better than the wind PLF of 27.3% last year. While the uptrend in wind PLF is encouraging and there is increasing evidence that wind speeds are recovering towards long-term normal levels in the long term, our guidance does not take in to take this into consideration in an effort to remain conservative.

第四季的 PLF 較上一季的 [47%] 有了顯著改善。今年迄今，風電PLF約29.2%，比去年27.3%的風電PLF好。雖然風電 PLF 的上升趨勢令人鼓舞，並且有越來越多的證據表明，從長遠來看，風速正在恢復到長期正常水平，但我們的指引並未考慮到這一點，以保持保守。

I'm proud to say that we were profitable for the trailing 12 month period with a profit of USD44 million. We recognize that many investors consider profitability of the key investment decision metric, and these results should increase other universe of investors. While our cash flow from operations has always been positive and growing, we believe that we are now at the scale needed to be profitable consistently on an annual basis and be able to showcase the full value of our platform.

我很自豪地說，我們在過去 12 個月內獲利，利潤達 4,400 萬美元。我們認識到許多投資者將獲利能力視為關鍵投資決策指標，這些結果應該會增加其他投資者的群體。雖然我們的營運現金流量一直為正且不斷成長，但我們相信，我們現在已達到每年持續獲利所需的規模，並能夠展示我們平台的全部價值。

We reported cash from operations of USD616 million for the nine month period ended December 31, 2023, compared to USD595 million for the prior period. Our profit after tax was USD43 million for the nine month period this year compared to a loss in the prior comparable period, an improvement of almost USD100 million.

我們報告截至 2023 年 12 月 31 日的九個月期間營運現金為 6.16 億美元，而上一期間為 5.95 億美元。今年前 9 個月，我們的稅後利潤為 4,300 萬美元，與去年同期的虧損相比，改善了近 1 億美元。

Turning to page 5, electricity demand, growth and the macroeconomic environment continues to favor RE development in India. Firstly, the auction markets continue to propel larger number of auctions and better tariffs. Over 40 gigawatt of auctions have already been completed year-to-date, and various state and central agencies are working towards another 70 gigawatts. Likely to be completed over the next few months.

翻到第 5 頁，電力需求、成長和宏觀經濟環境持續有利於印度的再生能源發展。首先，拍賣市場持續推動更多的拍賣和更好的關稅。今年迄今為止，已經完成了超過 40 吉瓦的拍賣，各州和中央機構正在努力爭取另外 70 吉瓦的拍賣。可能在未來幾個月內完成。

Not only this, the share of complex projects went from 38% this year signaling a persistant towards complex projects further, the tariffs continue to trend upwards as there was less competition. Amongst the tenders that we are tracking, we expect the share of complex projects to be go up even further into the need for firm power in the country.

不僅如此，複雜項目的份額從今年的38%上升，顯示複雜項目的持續發展，由於競爭減少，關稅繼續呈上升趨勢。在我們追蹤的招標中，我們預計複雜項目的份額將進一步上升，以滿足該國對堅定電力的需求。

Secondly, cost to construct RE continues to improve as solar module prices that make up 40% to 50% of the total cost to construct a solar farm have fallen by around 55% from the prior quarter to hit historical lows of about USD0.11 per watt peak. So let me say that again, the foreign to hit $0.11 per watt peak. Innovation supply related challenges that concerned us last year were resolved as our own manufacturing facility came online during the year. We would note that the cost of sales is largely mirrored the decline seen in module prices, making a manufacturing cost competitive bid import after considering the BCD or import duties.

其次，再生能源建設成本持續改善，佔太陽能發電場建設總成本 40% 至 50% 的太陽能組件價格較上一季下降約 55%，創下每片約 0.11 美元的歷史低點。瓦峰值。所以我再說一遍，國外達到了每瓦0.11美元的高峰。去年我們擔心的與創新供應相關的挑戰隨著我們自己的製造工廠在年內上線而解決。我們注意到，銷售成本在很大程度上反映了組件價格的下降，這使得在考慮 BCD 或進口關稅後，製造成本具有競爭力。

Turning to page 6, our patient and selective approach in auctions has ensured that we are able to deliver superior returns on our projects with over 40 gigawatts of projects auction in the current year that have been several auctions that were under subscriber. Lower competition in auctions enables us to lock in Superior tariffs, and we saw subscription levels lower than 100% in auctions for complex projects have in-house EPC CPC an integrated supply chain that ensures delivering large projects on time enable us to bid competitively securing higher returns.

翻到第6 頁，我們在拍賣中的耐心和選擇性方法確保了我們能夠為我們的項目帶來豐厚的回報，今年拍賣的項目超過40 吉瓦，其中有幾個拍賣是在認購下進行的。拍賣中的競爭較低，使我們能夠鎖定較高的關稅，而且我們看到複雜項目的拍賣認購水平低於100%，擁有內部EPC CPC 的集成供應鏈，可確保按時交付大型項目，使我們能夠競爭性地投標，確保更高的價格返回。

Our digital and AI platform bundled with our experience in developing complex solutions provides us with a significant advantage over others. While we don't pursue market share, our market share has grown by almost five times compared to the prior fiscal year from having only a 3% market share last year when returns are much lower to about 15% market share this fiscal year. With projects that are projected to have significantly higher return. We'll continue to be disciplined in our approach, the growth and pursue the highest return opportunities in the market.

我們的數位和人工智慧平台與開發複雜解決方案的經驗相結合，為我們提供了優於其他公司的顯著優勢。雖然我們不追求市場份額，但與上一財年相比，我們的市場份額增長了近五倍，從回報率低得多的去年只有3% 的市場份額增長到本財年約15% 的市場份額。預計回報率明顯更高的項目。我們將繼續嚴格遵守我們的方法、成長並追求市場上最高回報的機會。

Turning to Page 7. Our core strength lies in our ability to execute projects over time and on time within budget and deliver initially expected because we own brand progress remains strong as we have directed about 1.9 gigawatts of assets on the ground of the total 825 megawatts of projects have already received COD approval. And in addition, we have corrected 474 megawatts of wind turbines and in-store 620 megawatts of solar modules.

翻到第 7 頁。我們的核心優勢在於我們有能力在預算範圍內按時執行專案並交付最初預期的成果，因為我們自己的品牌進展仍然強勁，因為我們已經在已收到的總計825 兆瓦的專案中引導了約1.9吉瓦的資產貨到付款批准。此外，我們還修正了 474 兆瓦的風力渦輪機和店內 620 兆瓦的太陽能組件。

During this period, we have also installed 150 megawatt hours battery storage facility for our peak power project. In addition, we also commissioned 276 kilometers of transmission during the quarter. We are beginning to see real constraints emerging and getting access to interconnection hub. And this new business for us is beginning to provide considerable competitive advantage in bidding for new projects.

在此期間，我們也為尖峰電力專案安裝了150兆瓦時的電池儲存設施。此外，本季我們還投產了 276 公里的傳輸。我們開始看到真正的限制出現並進入互連中心。這項新業務開始為我們在新項目投標中提供相當大的競爭優勢。

With that, I would like to turn it over to Kailash us to grow with the latest financials.

有了這個，我想把它交給凱拉什我們，讓我們隨著最新的財務數據而成長。

Thank you, Sumanth. Turning to page 9 of interest from domestic lender for a project continues to be strong. Recently, we were able to refinance $325 million bond in the domestic market with an interest rate that was around 200 basis points lower than the landed interest rate. Through refinancing, we were once a week once again able to demonstrate how we have been able to provide long-term finance to our projects with interest rates up 9%.

謝謝你，蘇曼特。翻到第 9 頁，國內貸款機構對專案的興趣依然強勁。最近，我們能夠在國內市場上以比到岸利率低約200個基點的利率對3.25億美元債券進行再融資。透過再融資，我們每週一次能夠再次展示我們如何能夠以高達 9% 的利率為我們的專案提供長期融資。

In India, the effect were Indian RE deck has compressed significantly as the sector has matured. While we stay focused on domestic debt market given the low cost work USD bond market, we have seen yields on our own USD bond improved by about 200 basis points is [tightened] over the last four months.

在印度，隨著該產業的成熟，印度再生能源甲板的影響已顯著壓縮。儘管鑑於美元債券市場的低成本工作，我們仍然關注國內債務市場，但我們看到我們自己的美元債券收益率在過去四個月中[收緊]提高了約 200 個基點。

It is also worth noting that the average period on our bonds are about the same level as it was at the beginning of the Fed tightening cycle back in 2022.

另外值得注意的是，我們債券的平均期限與 2022 年聯準會緊縮週期開始時的水準大致相同。

Turning to page 10. Our asset recycling program continues to see strong interest from international investors as well as domestic players. Last months we signed an agreement for the sale of 300 megawatt solar assets and expect to about $82 million of net proceeds by the year end, which is the fiscal year end. The proceeds from this asset sale are expected to be reinvested in projects costs to runrate EBITDA are 8.5 times to 7.5 times (sic- presentation, page 10, "6.5x to 7.5x) EBITDA should have even higher returns than the one just sold.

翻到第10頁。我們的資產回收計劃繼續引起國際投資者和國內參與者的強烈興趣。上個月，我們簽署了一項出售 300 兆瓦太陽能資產的協議，預計到年底（即財政年度結束）時將獲得約 8,200 萬美元的淨收益。此次資產出售的收益預計將重新投資於專案成本，使EBITDA 運行成本為8.5 倍至7.5 倍（原文如此，第10 頁，「6.5 倍至7.5 倍），EBITDA 的回報率應該比剛剛出售的項目更高。

Subject to the rate at which we can raise growth capital from asset recycling, we should be able to grow 1 to 1.5 gigawatt net of asset recycling without having to issue any new shares. Asset recycling effectively provides us with long-term our growth capital at the cheapest possible cost of equity and thereby enabling us to grow while enhancing returns on capital.

根據我們從資產回收中籌集成長資本的速度，我們應該能夠在不發行任何新股的情況下，透過資產回收淨成長 1 至 1.5 吉瓦。資產回收有效地以盡可能最低的股本成本為我們提供長期成長資本，使我們能夠在成長的同時提高資本回報率。

Turning to Page 11. We reported profit after tax for nine month period ended 31 December 2023 of USD43 million as compared to a loss of approximately USD60 million in the prior year. This was driven primarily by higher revenues and savings and finance costs. During the quarter, we saw significant improvement in wind PLF as compared to the prior comparable quarter.

翻到第 11 頁。我們報告截至 2023 年 12 月 31 日止九個月期間的稅後利潤為 4,300 萬美元，而前一年則虧損約 6,000 萬美元。這主要是由收入、儲蓄和財務成本增加所推動的。在本季度，我們發現風電 PLF 與上一季相比顯著改善。

The wind PLF during the quarter was 17% compared to 14.7% in the same quarter last year, bolstering our confidence about the recovery in the long term and wind PLF towards normal normalized levels. Though our guidance expect inventories will be in the same as last year. Our operating capacity increased by 940 megawatt order last comparable quarter in the prior year, an increase of about 12%. We reported an EBITDA and adjusted EBITDA of USD150 million for Q3 FY24, an increase of about 8%. The higher EBITDA is timely attributable to additional revenue from projects commissioned during the period.

本季風電 PLF 為 17%，而去年同期為 14.7%，增強了我們對長期復甦和風電 PLF 走向正常水平的信心。儘管我們的指導預計庫存將與去年相同。我們的營運能力比去年同期增加了 940 兆瓦訂單，增幅約 12%。我們公佈的 2024 財年第三季 EBITDA 和調整後 EBITDA 為 1.5 億美元，成長約 8%。較高的 EBITDA 及時歸因於期內委託項目的額外收入。

This was partially offset by higher operating costs in line with the increase in capacity.

這被隨著產能增加而增加的營運成本部分抵消。

Turning to Page 12. Our day sales outstanding now stands at only 86 days, an improvement of about 92 days from a year earlier. Our focus towards ensuring timely cash collection and pursuing discounts to resolve EU'sis now paying a dividend. During the year, we have been able to release about $82 million of cash flows in the current fiscal FY24 by timely collection of current tools as well as recovery for the older ones.

翻到第 12 頁。現在，我們的每日銷售額僅為 86 天，比去年同期增加了約 92 天。我們的重點是確保及時收回現金並尋求折扣以解決歐盟問題，現在正在支付股息。在這一年中，透過及時收集現有工具以及恢復舊工具，我們在目前的 2024 財年釋放了約 8,200 萬美元的現金流。

Turning to page 13. A balance sheet continues to expand and improve. Our cash balance stood at over $1.1 billion, excluding the $325 million, which was repaid in January of this year and a project level, net debt was about USD5.4 billion. During January of this, here, we refinanced our USD325 million bond maturing in April '24 saying 200 basis points and extending the maturity to 15 years. Based on the current level of interest rates, we continue to evaluate opportunities wherein we are able to refinance at lower interest rates than the coupon and on that debt.

翻到第13頁。資產負債表持續擴大和改善。我們的現金餘額超過11億美元，不包括今年1月償還的3.25億美元，專案層級的淨債務約為54億美元。今年 1 月期間，我們對 24 年 4 月到期的 3.25 億美元債券進行了再融資，利率為 200 個基點，期限延長至 15 年。根據目前的利率水平，我們繼續評估能夠以低於息票的利率和該債務進行再融資的機會。

This year, in addition to the $8 billion MoU that we signed with PFC and REC, we have signed an additional MOU of ADB for about $5.3 billion of debt financing, bringing the total amount of excess of capital to over $13 billion. This MoU enable us in creating multiple avenues to which we can access debt at competitive rates and reduce the interest rate burden on our profit and loss account.

今年，除了與PFC和REC簽署的80億美元諒解備忘錄外，我們還與亞銀簽署了約53億美元債務融資的諒解備忘錄，使過剩資本總額超過130億美元。該諒解備忘錄使我們能夠創造多種途徑，以具有競爭力的利率獲得債務，並減輕損益帳的利率負擔。

With that, I would like to turn it over to Vaishali to talk about our ESG initiatives.

說到這裡，我想請 Vaishali 談談我們的 ESG 舉措。

Thanks, Kailash. Turning to page 15, building on the positive momentum of the first quarter of sharing an update on some of the key ESG ratings and awards we have achieved. We received a score of 79.25. in refinitiv, which is an increase from FY21-'22. Best among all electric utilities and IPP Corporation, Indiana for fiscal year '22-'23, and second among our electric utility and peers globally.

謝謝，凱拉什。翻到第 15 頁，在第一季的積極勢頭的基礎上，分享了我們所獲得的一些關鍵 ESG 評級和獎項的最新情況。我們的得分為 79.25。 Refinitiv 中的數據較 2021-22 財年增加。'22-'23 財年在所有電力公司和印第安納州 IPP Corporation 中排名第一，在我們的電力公司和全球同行中排名第二。

We were also recognized as one of the top-performing companies by Sustainalytics both as regional and industrial leaders. We continued to maintain our CDP Climate Change rating to B, which is the management band, which is higher in the Asia region and average of C.

我們也被 Sustainalytics 評為地區和行業領導者表現最佳的公司之一。我們繼續維持 CDP 氣候變遷評級為 B，這是亞洲地區較高的管理等級，平均為 C。

The same as the renewable power generation sector average of the B. In S&P CSA score has increased from to 53 from 41. We received multiple awards, including the prestigious Terra Carta Seal for actively leading the charge to create a climate and nature positive future. We also received the World Economic Forum Lighthouse for the second time for our leadership in the Fourth Industrial Revolution technologies and highest category of recognition, which is resilient by CII Climate Action Program, which is CAP 2.0.

與 B 級再生能源發電行業平均分數相同。標普 CSA 得分從 41 分上升至 53 分。我們獲得了多項獎項，包括享有盛譽的 Terra Carta Seal，以表彰我們積極帶頭創造氣候和自然積極的未來。我們也第二次獲得世界經濟論壇燈塔獎，以表彰我們在第四次工業革命技術方面的領導地位和最高類別的認可，這得益於 CII 氣候行動計劃（CAP 2.0）的復原力。

Social responsiblities continues to remain integral to our business. Since 2014, we have insurance life of over a million people across 500 villages across India, spanning over 10 states. On the right-hand side of the debt as of the key programs, which also include employee participation underwriting life program, the electrification of 62 schools is under progress in partnership with HSBC.

社會責任仍然是我們業務不可或缺的一部分。自 2014 年以來，我們為印度 10 多個邦、500 個村莊的超過 100 萬人提供保險。在關鍵計劃債務的右側，其中還包括員工參與承保人壽計劃，62 所學校的電氣化工作正在與匯豐銀行合作進行。

The climate curriculum was rolled out to 9,000 students. Project Surya which is implemented and partnerships in units. Nearly 210 women have completed their training as renewable energy technicians who earlier used to work in a very hard solar excuse me, store farming area in Gujarat. Ninth addition of Gift Warmth Campaign, 2023 has benefited around 2,00,000 people back to you.

氣候課程已向 9,000 名學生推出。已實施的 Surya 專案和各單位的合作夥伴關係。近 210 名女性已經完成了再生能源技術人員的培訓，她們之前曾在古吉拉特邦的商店農業區（抱歉，太陽能條件非常差）工作。2023年第九次送禮溫暖活動已惠及約20萬人回饋您。

Turning to our annual guidance, we are raising the bottom end of our FY24 guidance range by 2% and now expect FY24 adjusted EBITDA of INR63 billion to INR66 billion. As we said earlier, this excludes gains on sale of assets on construction. We expect that about 1.75 gigawatts to 1.95 gigawatt will be generating revenue by the end of the year. As some of our products have received COD extensions. This prevents presents an opportunity to sell power on the exchange at prices often substantially higher than than the PPA tariff.

談到我們的年度指導，我們將 2024 財年指導範圍的下限提高了 2%，目前預計 24 財年調整後 EBITDA 為 630 億盧比至 660 億盧比。正如我們之前所說，這不包括出售在建資產的收益。我們預計今年底將產生約1.75吉瓦至1.95吉瓦的收入。由於我們的一些產品已獲得 COD 延期。這阻礙了在交易所以遠高於購電協議電價的價格出售電力的機會。

With regards to our FY25 guidance, we anticipate sharing our outlook with investors during our Q4 FY24 earnings call. We would remind investors that we sold 400 megawatts of assets this year that would have otherwise contributed around INR2 billion, in FY25, although the EBITDA contribution from the asset sale proceeds will be even greater in future years as the capital is redeployed.

關於我們的 2025 財年指引，我們預計在 2024 財年第四季財報電話會議上與投資者分享我們的前景。我們要提醒投資者，我們今年出售了400 兆瓦的資產，否則這些資產將在2025 財年貢獻約20 億印度盧比，儘管隨著資本的重新部署，未來幾年資產出售收益的EBITDA 貢獻將更大。

Lastly, we also anticipate being conservative on our better assumptions in our FY25 guidance. While the weather turns have been flat versus the prior several years, we are also focused on delivering on our promises to investors. With that, we will be happy to answer any questions. Thank you.

最後，我們也預期對 25 財年指引中的較好假設持保守態度。儘管與前幾年相比，天氣變化平淡，但我們也致力於兌現對投資者的承諾。這樣，我們將很樂意回答任何問題。謝謝。

Thank you. (Operator Instructions).

謝謝。（操作員說明）。

Nikhil Nigania, Bernstein

尼加尼亞，伯恩斯坦

Hi, thank you for taking my question on good set of numbers for my first question is on the competitive intensity. Good to see it come down. But would I would be keen to understand what is driving given why relative intensity has come down and auctions?

您好，感謝您就一組好的數據提出我的問題，因為我的第一個問題是關於競爭強度的。很高興看到它下來。但考慮到相對強度下降和拍賣的原因，我是否會熱衷於了解推動因素是什麼？

So look, I think do you kind of post the answer the question itself, see last year, as we said, about 12 gigawatts of auction happens this year, that number is 40 gigawatts. And so I would say that most of our competitors has pretty full pipeline right now as do we and therefore and because you know, there are so many options happening in all, you can always been the next one.

所以看，我想你是否發布了問題本身的答案，看看去年，正如我們所說，今年大約有 12 吉瓦的拍賣，這個數字是 40 吉瓦。所以我想說，我們的大多數競爭對手現在和我們一樣擁有相當完整的管道，因此，因為你知道，總共有很多選擇，你總是可以成為下一個。

So I think for all of the reasons, the competitive intensity or any given project on any given auction has come down by marketly

因此，我認為，出於所有原因，任何特定拍賣中的競爭強度或任何特定項目都已因市場需求而下降

Got it. The second point, and I had is on the module price crash, which should benefit us also wanted to understand how much of the pipeline is the module prices loss and for how much of the balance part will be able to gain from this low-margin prices.

知道了。我的第二點是模組價格暴跌，這應該對我們有利，我們還想了解模組價格損失有多少管道以及平衡部分將能夠從這種低利潤中獲得多少收益價格。

No, you should assume that everything that we've been buying in the last three months and beyond will be benefiting from these lower prices. And therefore, actually, if I were to take a step back our decision to postpone execution of projects in the last financial year was actually because module prices that time were $0.26 to $0.28 was actually quite on the monthly bill because over the course of the last 12 months. But it has fallen so much. And so we are able to now commissioned the solar projects at dataset at sort of costs that you know, so significantly lower 20% to 30% lower in some cases compared to what they would have been had. We done them earlier.

不，你應該假設我們在過去三個月及以後購買的所有東西都將受益於這些較低的價格。因此，實際上，如果我退一步說，我們決定推遲上一財年項目的執行實際上是因為當時的模組價格為0.26 美元至0.28 美元，實際上在每月賬單上相當多，因為在上一個財年中12個月。但已經跌這麼多了。因此，我們現在能夠以您所知道的某種成本在資料集上委託太陽能項目，因此在某些情況下，與原本的成本相比，顯著降低 20% 到 30%。我們之前就做過了。

So yes, from this point to from the last, I would say, three to four months. In fact, even all the modules that you're buying now are with lower module prices.

所以是的，從現在到最後，我想說，三到四個月。事實上，即使您現在購買的所有模組的模組價格都較低。

So would it be fair to assume most of the capacity coming up in FY25 should benefit from this?

那麼，假設 2025 財年新增的大部分產能都應受益於此，是否公平？

Yes, absolutely.

是的，一點沒錯。

Sumant there's a latesr point there so then Renews own module manufacturing plant. But how is that faring? And how is that being able to compete against this $0.11 a watt peak module prices?

Sumant 那裡有一個較晚的點，因此更新了自己的模組製造工廠。但情況如何呢？它如何能夠與每瓦 0.11 美元的峰值模組價格競爭？

Because as you know, there is first of all the 40% import duty. So that takes that $0.11 up to whatever close to $15.5. And that is not very dissimilar to what the cost of this will import modules pay the 25% BCD on a much lower number. The imported price of modules of sales is about out to us about $0.055, so 25%, and that is the $1.5 a little bit less than that.

因為如你所知，首先是 40% 的進口稅。因此，這需要 0.11 美元上漲到接近 15.5 美元。這與進口模組支付 25% BCD 的成本並沒有太大不同，但數量要低得多。銷售模組的進口價格約為0.055美元，即25%，比這少了1.5美元。

So it gets you to the schedule sells at about $0.07 here in India and then the conversion price takes you up to about $0.15, $0.16. So we're pretty much at the same level as you would be if you're buying modules from China. Now also keep in mind the fact that ALM was supposed to come in from this year, 1 April. So any projects that were not grandfathered then have to we'll have to come by domestic volumes going forward. And therefore (multiple speakers) to add on to China are important modular business.

因此，它可以讓你了解印度的售價約為 0.07 美元，然後轉換價格將達到約 0.15 美元、0.16 美元。因此，如果您從中國購買模組，我們的水平幾乎與您相同。現在也要記住，ALM 應該從今年 4 月 1 日開始生效。因此，任何沒有得到豁免的項目，我們都必須透過國內數量來推進。因此（多位發言者）對中國來說是重要的模組化業務。

Got it. Are you also looking to exports of modules like some peers are ?

知道了。您是否也像一些同行一樣尋求模組的導出？

Our first priority is to supply modules to ourselves. So we will look at first doing that. And secondly, to the extent that we have an overflow modules, which we probably will have an amount this year, we'll certainly look at selling that in whichever market gives us the best return. Now keep in mind one more thing that we'll also have a cell plant getting commissioned fairly soon. And that allows us to sell into the domestic DCR market where also the tariffs are higher because those acquired sales between in India as well.

我們的首要任務是為自己提供模組。所以我們首先要考慮這樣做。其次，就我們擁有的溢出模組而言，我們今年可能會有一定數量，我們肯定會考慮在哪個市場上出售它，為我們帶來最好的回報。現在請記住一件事，我們很快還將有一個電池工廠投入使用。這使我們能夠向國內 DCR 市場銷售產品，那裡的關稅也更高，因為這些產品也在印度之間獲得了銷售。

And so therefore, we could do either of the two we could sell projects of its sales made in India into the PC market at a higher tariffs or we could sell overseas. Now we haven't we haven't to be honest with you. We are not sort of giving any sort of guidance on that right because obviously, we want to prioritize our own requirements first.

因此，我們可以採取這兩種方式之一，我們可以將其在印度製造的銷售項目以更高的關稅出售給個人電腦市場，或者我們可以將其銷售到海外。現在我們還沒有，我們不必對你說實話。我們不會就這項權利提供任何形式的指導，因為顯然，我們希望首先優先考慮我們自己的需求。

Understood. Last question from my side. He's been on the pipeline side. I saw some delay in the RTC project go to support local commission, but I wanted to understand what is the reason and be transmission incrementally becoming a bottleneck as you seem to be hitting in the presentation of our commissioning of future renewable capacity in India?

明白了。我這邊的最後一個問題。他一直在管道方面。我看到 RTC 項目出現了一些延遲，以支持當地的調試，但我想了解原因是什麼，並且傳輸逐漸成為瓶頸，因為您似乎在介紹我們在印度未來可再生能源發電的調試時遇到了問題？

So yes, I think wondering, one of the things that has happened this year is that because the amount of renewables is now crossing certain levels, the grid manager, which is very decentralized to Electricity Authority, has decided to really become a lot more careful about giving connectivity approval and commissioning approvals to new renewable energy projects. So these processes of commissioning, therefore, are taking longer than they were taking earlier.

所以，是的，我想知道，今年發生的事情之一是，由於可再生能源的數量現在已經超過了一定的水平，因此權力下放給電力局的電網管理者決定真正變得更加謹慎關於為新的可再生能源項目提供連接批准和調試批准。因此，這些調試過程比之前花費的時間更長。

And that is why you would perhaps see that the amount of commissioning this year in the RV sector is at this point of the year, lower than what would have been expected for the industry as a whole, largely because of these new comer connectivity and commissioning requirements that are thought to be now has kept at a higher standard by the by the grid managers. And I think that's fair. That's you know, it's a perfectly legitimate thing for them to do. But what that has maintained project ready, we will turn it on and get it connected to the grid within a matter of two, three days. That process now is taking a lot longer thinking as on the four to six weeks now.

這就是為什麼您可能會看到今年房車行業的調試量在今年的這個時候低於整個行業的預期，這主要是因為這些新來的連接和調試電網管理者認為現在的要求保持在更高的標準。我認為這是公平的。你知道，這對他們來說是完全合法的事。但這使專案準備就緒，我們將在兩三天內將其啟動並連接到電網。現在，這個過程需要更長的時間來思考，現在需要四到六週。

And that in some ways is delaying the commissioning of new projects for everybody, not just for us. Second thing that is happening is that the connectivity approvers into the grid, and I'm really getting a little bit technical here are also taking a lot longer than we used to take earlier because now it's currently for these complex projects which are getting commissioned for the first time, are going to be very connected to the grid for the first time. The grid managers want us to do our lead very high standards, which require very extensive modeling of how the whole plant would actually operate under very many different circumstances and situations.

這在某種程度上推遲了每個人（而不僅僅是我們）新項目的調試。發生的第二件事是，連接審批者進入網格，我在這裡確實學到了一點技術，也比我們之前花費的時間要長得多，因為現在是針對這些正在委託的複雜項目第一次，我們將第一次與電網緊密相連。電網經理希望我們遵循非常高的標準，這需要對整個工廠在許多不同的環境和情況下如何實際運作進行廣泛的建模。

And that, by the way, is also very big learning for us because we have now gone through this process, both for RTC and for peak power. And therefore, we are the only company that has gone through the process of what does this connectivity process actually implying entail? And so it's not shopped at up to another of our is sort of said that we now have on these complex projects. We've gone through that. And frankly, it's taken us almost three to four months to get some of these connectivity approvals, which you should take literally a month earlier.

順便說一句，這對我們來說也是非常重要的學習，因為我們現在已經經歷了這個過程，無論是 RTC 還是峰值功率。因此，我們是唯一一家經歷過這個連結過程實際上意味著什麼的公司？因此，我們現在在這些複雜的項目上並沒有考慮到我們的另一個想法。我們已經經歷過了。坦白說，我們花了近三到四個月的時間才獲得其中一些連接批准，您應該提前一個月獲得批准。

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

所有這些都是導致電網連接延遲的原因。這就是為什麼你會看到我們現在將在下個月左右將許多項目連接到電網中。

Hi Sumant (multiple speakers) You may also want to talk a little bit about the opportunity to presell some of the power for our waiting for those CODs.

你好，Sumant（多名發言者）您可能還想談談為我們等待這些 COD 預售一些電力的機會。

Yes. So what happened was I think that is happening is that because now this commissioning time line, has got extended what we are being allowed to do is to sell the moment the plant is ready. We can sell the power into the merchant market while we await comissioning is the final commissioning approvals. And because that process can be up to a couple of months long for those couple of months, we are able to, therefore get some merchant tariff rather than the PPA tariffs. And that, as you know, in a number of cases, is almost double the PPA tariffs.

是的。所以發生的事情是我認為正在發生的事情是因為現在這個調試時間線已經延長，我們被允許做的是在工廠準備好時出售。在等待最終調試批准的同時，我們可以將電力出售給商業市場。由於該過程可能長達幾個月，因此我們能夠獲得一些商業關稅，而不是 PPA 關稅。如您所知，在許多情況下，這幾乎是購電協議關稅的兩倍。

So for the new projects that we're commissioning, we're actually able to realize, given this new process that has not been imposed from, as I said, for good reasons. But that is also, therefore allowing us to generate higher profitability for a certain period of time by selling into the merchant market.

因此，對於我們正在委託的新項目，我們實際上能夠實現，因為正如我所說，這個新流程並不是出於充分的理由而強加的。但這也使我們能夠透過向商業市場銷售產品在一段時間內產生更高的獲利能力。

Understood. Very clear. Thank you so much for answering the questions.

明白了。非常清楚。非常感謝您回答問題。

Justin Clare, MKM Partners

賈斯汀·克萊爾，MKM 合夥人

Yes, hi. thanks for taking the question.So first here you indicated you expect to sign PPAs for the 5.9 gigawatts of capacity that you've won it actually year-to-date in fiscal '24 in fiscal '25. And then the commissioning of those projects is expected in the FY26 to '29. I was wondering if you could give us a little bit better sense as to when those projects might be completed as it is that it can we expect it to be even over those years? Or is it likely to be more than capacity in fiscal '26-'27? And then how should we think about the time wise for projects after you sign a PPA, a little more time available if it's a complex project?

是的，嗨。感謝您提出問題。首先，您表示您希望簽署 25 財年和 24 財年迄今為止實際贏得的 5.9 吉瓦裝機容量的購電協議。這些項目預計將在 2026 財年至 29 財年投入運作。我想知道您能否讓我們更了解這些項目何時可以完成，因為我們可以期望這些項目能夠在這些年中完成嗎？或可能超過 26-27 財年的產能？那麼，在簽署 PPA 後，我們應該如何考慮項目的時間，如果是複雜的項目，可以多一點可用時間？

Yes. Justin hello. So first of all, on your first question of when should this causes decommission, it partly depends on the PPAs signed have because, as you know, the clock starts ticking from that point on and typically for complex projects, we have two years and execute projects, but and also to say, I'm extent, depends on vendor transmission substations will get ready because obviously we assume that these that based on the availability that is provided to us by the by the transmission operator, that certain substations and comp at certain points in time.

是的。賈斯汀你好。因此，首先，關於您的第一個問題，即何時會導致退役，這在一定程度上取決於簽署的購電協議，因為如您所知，時鐘從那時起開始計時，通常對於複雜的項目，我們有兩年的時間執行項目，但也要說，我在某種程度上取決於供應商輸電變電站是否會做好準備，因為顯然我們假設這些基於輸電運營商向我們提供的可用性，某些變電站和補償某些時間點。

So we made those assumptions and we can get connectivity into the substation. Not substations don't always necessarily count on the time certified, sell them to get delayed. And some of them in fact, are going to be getting ready beyond the take care of the time line for us does get extended to be aligned with the commissioning time line of the transmission substation.

因此，我們做出了這些假設，並且可以連接到變電站。並非變電站並不總是依賴經過認證的時間，出售它們會導致延誤。事實上，他們中的一些人將在我們照顧的時間線之外做好準備，確實會延長以與輸變電站的調試時間線保持一致。

So it's a little bit variable. Therefore, an III. I hesitate to give you an answer on this. What we will do have adjusted news over the next few months. We will as we think through this a little bit more. And as we get more clarity on the PPA filing dates, we will be able to get a firmer estimate and we will start to share that with your perhaps in the next earnings call a few months down the road.

所以它有點可變。因此，III。我猶豫是否要給你這個問題的答案。我們將要做的事情已經調整了未來幾個月的新聞。我們會進一步思考這個問題。隨著我們對 PPA 提交日期的了解更加明確，我們將能夠獲得更確定的估計，並且我們將開始與您分享，也許在幾個月後的下一次財報電話會議上。

Just remember Justin that down to those are not in our guidance or projections, right? So as we as Sumant rightly mentioned, as we sign those PPAs and will provide will have more confidence in the delivery schedules, et cetera, who will provide motor granularity around that.

請記住賈斯汀，這些都不在我們的指導或預測之內，對吧？因此，正如我們 Sumant 正確提到的那樣，當我們簽署這些購電協議時，我們將對交付時間表等更有信心，誰將圍繞該時間表提供機動粒度。

Right. Okay. Okay. Thanks. And so I guess just given the increase in auctions that we see significantly more volume here, how are you thinking about, your annual capacity to build? I think in the past, you've talked about 2.5 to 3 gigawatts a year. Is that the number that we should be thinking about today or so? Is it possible that you would look to increase that number given the opportunity?

正確的。好的。好的。謝謝。因此，我想鑑於拍賣量的增加，我們看到這裡的交易量顯著增加，您如何看待您的年度建設能力？我想過去您談到的是每年 2.5 至 3 吉瓦。這是我們今天應該考慮的數字嗎？如果有機會的話，您是否有可能希望增加這個數字？

Yes. As you know, the amount of megawatts that we can execute in a year is dependent on a few different factors. Of course, the availability of PPAs is one of those, but it also depends, as you know, on on capital availability and funding capability from execution capability and so on. So I would say that in oh 2.5 to 3 gigawatts are still a fair number to assume. And of course, in a given year, it may be more than that of a little bit less than that depending on the transmission of any suspicion coming up for the CODs like for different projects and so on.

是的。如您所知，我們一年內可以執行的兆瓦電量取決於幾個不同的因素。當然，購電協議的可用性是其中之一，但如您所知，它還取決於資本的可用性和執行能力的融資能力等。所以我想說，2.5 到 3 吉瓦仍然是一個合理的數字。當然，在某一年，它可能會多一點或少一點，這取決於 COD 出現的任何懷疑的傳播情況，例如不同的項目等等。

So there will be some variability around that. But but that is a fair assumption to make. I think also what will happened Justin is that as we see the number of beds, it will continue to stay at a high level and the attractiveness of those beds continues to be fairly good. We were trying to see how we can ramp up our execution capability over over time. But that is something that we have said we'll have a lot will have to really do some work on, I think for the time the making that assumption that the number that you talked about, I think there's a fair assumption to make.

因此，這方面會有一些變化。但這是一個合理的假設。我認為賈斯汀將會發生的事情是，當我們看到床位數量時，它將繼續保持在較高水平，並且這些床位的吸引力仍然相當不錯。我們試圖了解如何隨著時間的推移提高我們的執行能力。但這是我們說過的，我們需要做很多工作，我認為目前做出你談到的數字的假設是一個合理的假設。

Puneet Gulati, HSBC

普尼特·古拉蒂，匯豐銀行

Hi congrats on good performance. My first question is on your CapEx. Given the fall in 14 prices, are you inclined to lower your CapEx guidance or should we assume this is still a realistic number?

您好，恭喜您的良好表現。我的第一個問題是關於您的資本支出。鑑於 14 個價格的下跌，您是否傾向於降低資本支出指導，或者我們應該假設這仍然是一個現實的數字？

Kailash, do you want to take that?

凱拉什，你想要那個嗎？

So last month we opened a call in a while in what we are likely to see some benefit accruing from that. We haven't factored that into the guidance yet because we would like to actually realize those benefits before we begin.

因此，上個月我們在一段時間內進行了一次電話會議，我們可能會看到由此帶來的一些好處。我們尚未將其納入指南中，因為我們希望在開始之前真正實現這些好處。

And any indication of how much could that benefit be?

有任何跡象表明這種好處有多大嗎？

So the bet that benefit the you know, we are executing in a range and you know, we can work it out and you know, we can share with you, basis on certain assumptions.

因此，對您有利的賭注，我們正在一定範圍內執行，您知道，我們可以解決這個問題，您知道，我們可以在某些假設的基礎上與您分享。

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

整個餘額剩餘產能的資本支出是否已被佔用，或在一段時間內也將被佔用？

Nor the large part of the capacity, which is currently in execution, which is the peak power RTC project and the pipeline that we're executing of solar and wind projects on B2B and Becky project that is largely tied up, which will be a total of somewhere in the range of around 10.5, 11 gigawatt for capacity beyond that, it's yet to be tied up.

也不是目前正在執行的大部分產能，即峰值功率 RTC 項目以及我們正在 B2B 和 Becky 項目上執行的太陽能和風能項目的管道，這些項目很大程度上是捆綁在一起的，這將是容量在10.5至11 吉瓦左右，超出此範圍，尚未被限制。

10.5 gigawatt -- you mean 2 additional gigawatt over the 8.5 gigawatt right?

10.5 吉瓦－您的意思是在 8.5 吉瓦的基礎上增加 2 吉瓦，對吧？

Yes, whatever we are currently constructing is tied up, whatever is to getting tied up from FY25 for that. We are in the process of tying it up right now.

是的，無論我們目前正在建造什麼，無論是從 2025 財年開始，都將受到束縛。我們現在正在把它綁起來。

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

好的。我沒聽錯吧，光是這個季度您的調試就可能超過 1 吉瓦？

Yes, because as a as someone mentioned earlier, you know, with all the capacity is fully erected and ready for commissioning is just waiting for some approvals. And once we get that, then it will be commissioned.

是的，因為正如前面有人提到的，您知道，所有產能都已完全建立並準備好調試，只是等待一些批准。一旦我們得到了它，就會投入使用。

So of the 1.9 gigawatt, 800 gigawatt is already commissioned and another gigawatt is ready for commissioning gave commentary in the next I know a few weeks.

因此，在 1.9 吉瓦中，800 吉瓦已經投入使用，另外 1 吉瓦已準備好投入使用，我知道將在接下來的幾週內發表評論。

And Anthony, just again, as a reminder, yes, just straight As a reminder, about 1.9 gigawatts will actually be generating revenue by year end our fiscal year 2024

安東尼，再次提醒一下，是的，直接提醒一下，到 2024 財年結束時，實際上將產生約 1.9 吉瓦的收入

Yes. Understood. And secondly, you won 5.9 gigawatts of additional projects year-to-date. At how much of these, how much PPAs have been signed so far?

是的。明白了。其次，今年迄今為止，您贏得了 5.9 吉瓦的額外項目。到目前為止，其中有多少是簽署了多少購電協議？

Right now Puneet 400 megawatt PPA signed now the project with some channel and the rest of it is currently under discussion yet.

目前Puneet 400兆瓦購電協議已透過部分管道簽署了該項目，其餘部分正在討論中。

Understood. And this is the total capacity of the metric contracted capacity.

明白了。這是公制合約容量的總容量。

This will be the RE portion of the capacity in some cases where it is RTC 2, for example, or hybrid type projects, then the contracted capacity would be lesser to that extent.

在某些情況下，這將是容量的可再生能源部分，例如 RTC 2 或混合類型項目，那麼合約容量將較小。

Understood. That's helpful. And lastly, if you can we don't give some color on what's happening on the ALM front and the ministry has put it on behind.What does it mean for you?

明白了。這很有幫助。最後，如果可以的話，我們不要對 ALM 前面發生的事情給出任何顏色，而該部已將其放在後面。這對您意味著什麼？

Yes. So look, I think the government is still sort of thinking through exactly what ALM side of maybe where some of the original circular, which, you know, we've said basically that they were going to be certainly exceptions, but we have now taken it back and they're still sort of money around what exactly they would like to have a because it obviously competing interests here.

是的。所以看，我認為政府仍然在思考 ALM 方面可能在最初的通告中，你知道，我們基本上已經說過，它們肯定是例外，但我們現在已經採取了錢回來了，他們仍然在圍繞他們想要的東西花錢，因為這顯然是相互競爭的利益。

So I think, look, we just have to be patient and wait for them to finally decide what they want to do. So I can't give you any guidance unfortunately on it. But as of now ALM is supposed to come from 1 April.

所以我認為，我們必須要有耐心，等待他們最終決定要做什麼。所以不幸的是我無法給你任何指導。但截至目前，ALM 應該從 4 月 1 日開始。

So incase no further announcement comes from the ministry, ALM will get defected from first April.

因此，如果該部沒有進一步的公告，ALM將從4月1日起叛逃。

That's right. But the reality is that there will be something that to come out soon. So I think we just have to wait for it. But look, obviously, we are in as well as in both the developer and as a manufacturer, we are closely in touch with the government on ALM

這是正確的。但現實是，很快就會有一些東西出現。所以我認為我們只能等待。但顯然，我們既是開發商又是製造商，我們在 ALM 方面與政府保持密切聯繫

Now if they allow some relaxation of element to that extent our IDP business again. And to the extent that they don't allow the relaxation to that extent our manufacturing side gain. So I think we are pretty hedged on the situation at this point in time.

現在，如果他們允許在一定程度上放鬆我們的 IDP 業務。在某種程度上，他們不允許我們的製造業效益放鬆到這種程度。所以我認為我們目前對這種情況相當謹慎。

Okay. And then lastly, if I may have noticed the solar PLS this quarter is lower versus the last year the same period is an issue on the irrigation side. This time?

好的。最後，如果我注意到本季的太陽能 PLS 低於去年，那麼同期的灌溉方面存在問題。這次？

No, Puneet I don't think once we can make come to any conclusions from just one quarter as we have to look at the whole year before, we can come to a point of view. So I think one quarter you have these variations, frankly.

不，普尼特，我認為一旦我們只能從一個季度得出任何結論，因為我們必須回顧之前的一整年，我們就可以得出一個觀點。坦白說，我認為四分之一的人會出現這些變化。

Okay. Okay. Fair enough. That's all from my side.

好的。好的。很公平。這都是我這邊的。

(Operator Instructions) Maheep Mandloi, Mizuho Securities USA LLC.

（操作員指令）Maheep Mandloi，瑞穗證券美國有限責任公司。

Hey, guys, good evening and good morning to those thanks for questions. Just quick housekeeping on the guidance in Q2 for FY24. And can you just confirm that that's mainly due to the merchant sale before final commissioning of the bar traders? Anything else on the guidance increase here?

嘿，夥計們，晚上好，早上好，感謝提問者。只需快速整理 2024 財年第二季的指導。您能否確認這主要是由於酒吧貿易商最終委託之前的商家銷售造成的？關於指導增加還有什麼嗎？

So on the guidance increase, really why we're getting closer to the end of the fiscal year. Obviously, there's more visibility on what we are tracking against annual given the field and that we are having on the resource side and on the expense side, both of which has been, as you know, revise the guidance.

因此，關於指導成長，這就是我們越來越接近本財年結束的真正原因。顯然，我們在該領域的年度追蹤情況以及我們在資源方面和費用方面的情況有了更多的可見性，正如您所知，這兩方面都已經修改了指導。

So, you know, add close to grow the real reality, which will actually pan out. So that is what had driven the increase in the guidance. Not really anything to do with merchant sales as of now.

所以，你知道，增加接近成長的真實現實，這實際上會成功。這就是推動指導增加的原因。到目前為止，與商家銷售沒有任何關係。

Thanks. (technical difficulty)

謝謝。（技術難度）

I'm sorry, can say that again not very clear.

抱歉，可以再說一遍，不是很清楚。

Any guidance on how to think about too much into the U.S. are the incremental EBITDA from selling carbon, the merchant markets next year?

關於如何過度考慮明年在美國商業市場銷售碳帶來的增量 EBITDA，有什麼指導嗎？

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

所以明年對商家市場的指導。這個問題問得對嗎？

Just the incremental EBITDA generation kind of talked about the opportunities are setting in the merchant markets, right? So just trying to think through how does that impact the operations in Q4 or next year?

剛才增量 EBITDA 世代談到了商業市場中正在出現的機會，對吧？那麼，想一下這對第四季或明年的營運有何影響？

So so first of all, as you know, we keep our exposure to merchant around somewhat within 10% to 15% level above the portfolio. Now, what's happening is that some of these opportunities where we are able to intermittently sort about the merchant market before we sell it into the PPA.

首先，如您所知，我們對商家的曝險保持在高於投資組合 10% 至 15% 的水平。現在，正在發生的事情是，在將其出售給購電協議之前，我們能夠間歇性地對商業市場進行整理。

Those are opportunities that we're trying to capitalize on wherever they occur. Since we haven't yet given you guidance for what the base case would be next year. So it'a very hard to sort of give you a sense of what the extra revenue might be out of merchant for next year. I think we just put all that together and then give you guys some sense of all of that on June call, for the full year results.

無論這些機會出現在哪裡，我們都試圖加以利用。因為我們還沒有為您提供明年基本情況的指導。因此，很難讓您了解明年商家可能會帶來多少額外收入。我認為我們只是將所有這些放在一起，然後在六月的電話會議上讓大家對全年業績有所了解。

Let me do the forecast the full year and he did it appear under a little bit lower to that as well. One thing that will we obviously are flagging is that as we give guidance, we will want to start the year with conservative expectations, right? So what we are saying is that there is a very that could be a significant opportunity, but we will likely take a more conservative view, what's our initial guidance.

讓我對全年進行預測，他的預測也比這個預測低了一點。我們顯然要強調的一件事是，當我們提供指導時，我們希望以保守的預期開始新的一年，對嗎？所以我們想說的是，這可能是一個重要的機會，但我們可能會採取更保守的觀點，我們的初步指導是什麼。

Got you. And then one question on the manufacturing front near your lines right now, mono buckets, I'm not wrong right in India, and we keep having increased ore supply on the Topcon side loading in Asia. So any thoughts on that competitive pressure, the government to pay them. And when it comes into effect next year after that, would that require you to upgrade your lines or anything thoughts on that transition?

明白你了。然後，關於目前您生產線附近的製造方面的一個問題，單鏟鬥，我在印度沒有說錯，我們一直在亞洲增加拓普康側裝的礦石供應。因此，任何關於競爭壓力的想法，政府都會付錢給他們。當它明年生效時，是否需要您升級您的線路或對過渡有什麼想法？

Yes. So look, the situation is that up the module line require relatively little change to move them from Monocon to Topcon. Okay. And it's something that can be fairly quickly, done. Without significant CapEx. So that is something that we will will will be that we will be looking at doing over the course of the coming year

是的。所以看，情況是，模組生產線上需要相對較小的改變才能將它們從 Monocon 轉移到 Topcon。好的。而且這是可以相當快完成的事情。沒有大量的資本支出。因此，這是我們將在來年考慮要做的事情

As far as the cell line is concerned that cell line is is concerned that cell line is right now monocon cell line. And sense is ofcourse that Monocon will continue for some more time, and so to that extent we will continue to operate this line. As a Monocon lines.

就細胞係而言，細胞系目前是單圓錐細胞系。當然，Monocon 還會持續一段時間，因此我們將繼續營運這條生產線。作為 Monocon 線。

And keep in mind, is also only 2.5 gigawatts of sales versus 6.5 gigawatts of modules. And as as we as we as the market moves more to Topcon, then we will consider adding some if we decide to add more cell lines , which we have to wait and see then those we could move towards Topcon.

請記住，與 6.5 吉瓦的模組相比，銷量也僅為 2.5 吉瓦。正如我們一樣，隨著市場更多地轉向拓普康，如果我們決定添加更多細胞系，我們將考慮添加一些細胞系，我們必須等待，看看那些我們可以轉向拓普康的細胞系。

But at this point, we will continue to operate a mono product line of 2.5 gigawatts for cells and modules will keep 2.5 to accommodate the Monocon line and the balance, we will move, as I said, at negligible cost to Topcon.

但目前，我們將繼續運營 2.5 吉瓦的單晶電池產品線，模組將保留 2.5 吉瓦以適應 Monocon 生產線，其餘的，正如我所說，我們將以可忽略不計的成本轉移到拓普康。

Appreciate the color and I'll take the rest of my time. Thank you.

欣賞一下顏色，我會花剩下的時間。謝謝。

That does conclude our Q&A session, and we'll conclude our conference for today. Thank you for participating. You may now disconnect.

我們的問答環節到此結束，我們今天的會議也將結束。感謝您的參與。您現在可以斷開連線。