Renew Energy Global PLC (RNW) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to the ReNew Q2 2025 earnings report.

感謝您的耐心等待，歡迎閱讀 ReNew 2025 年第二季財報。

(Operator Instructions) I would now like to hand the conference over to Anunay Shahi. Please go ahead.

（操作員指示）我現在想將會議交給 Anunay Shahi。請繼續。

Thank you. Good morning, everyone, and thank you for joining us. We did send out a press release announcing results for fiscal 2025 second quarter ended September 30, 2024, last night, and a copy of the press release and the earnings presentation are available in the Investor Relations section on ReNew's website at www.renew.com.

謝謝。大家早安，感謝您加入我們。我們昨晚確實發布了一份新聞稿，宣布截至2024 年9 月30 日的2025 財年第二季度業績，新聞稿和收益演示文稿的副本可在ReNew 網站www.renew.com 的投資者關係部分獲取。

With me today are Sumant Sinha, our Founder, Chairman, and CEO; Kailash Vaswani, our CFO; and Vaishali Sinha, Co-Founder and Chairperson, Sustainability.

今天與我在一起的有我們的創辦人、董事長兼執行長 Sumant Sinha； Kailash Vaswani，我們的財務長；和永續發展聯合創始人兼主席 Vaishali Sinha。

After the prepared remarks, which we expect will take about half an hour, we will open the call for questions. 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 in our Form 6-K, presentation on our website for a more complete description.

在準備好發言後（我們預計將需要大約半小時），我們將開始提問。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 6-K 表格中提供的新聞稿以及我們網站上的演示文稿，以獲得更完整的說明。

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

我們的新聞稿、簡報資料和年度報告中還包含某些非IFRS 衡量標準，我們將這些衡量標準與最具可比性的IFRS 衡量標準進行了調整，這些調整也可在我們網站上的新聞稿、在演示材料和年度報告中找到。

It's now my pleasure to hand over to Sumant, who recently featured in TIME's list of 100 most influential leaders while business climate action. Over to you, Sumant.

現在我很高興把工作交給蘇曼特，他最近入選了《時代》雜誌在商業氣候行動中最具影響力的 100 名領導人名單。交給你了，蘇曼特。

Yeah. Thank you, Anunay. Good morning, everyone. Good evening or good afternoon. I'm glad to have all of you on our earnings call.

是的。謝謝你，阿努奈。大家早安。晚上好或下午好。我很高興你們所有人參加我們的財報電話會議。

Before we get into our business, let me take note of extreme weather changes that we continue to see globally, underlining the urgent need to deliver sustainable sources of clean energy. From forest fires in the US, to flash floods in Europe, or the soaring AQI levels in Northern India, which we are currently experiencing, we see more events that indicate that climate change is for real.

在開始討論我們的業務之前，讓我先談談我們在全球範圍內不斷看到的極端天氣變化，這強調了提供可持續清潔能源的迫切需求。從美國的森林火災，到歐洲的山洪暴發，再到我們目前正在經歷的印度北部的空氣品質指數飆升，我們看到更多的事件表明氣候變遷是真實存在的。

ReNew, of course, is doing its bid to fight this enormous challenge by changing the energy mix of India, most populous country on the planet, with a growing energy demand and no alternative sources to fill the demand supply gap.

當然，ReNew 正在努力透過改變印度的能源結構來應對這一巨大挑戰。

Having said that, let me now turn to updates from our business. I am glad to inform our investors that we are on track to deliver the megawatts and accretive growth for the current fiscal year, along with expanding our contracted pipeline. We continue to strive towards reducing costs and building efficiency in our operations.

話雖如此，現在讓我談談我們業務的最新情況。我很高興地通知我們的投資者，我們預計在本財年實現兆瓦級的發電量和增值成長，同時擴大我們的合約管道。我們持續努力降低營運成本並提高營運效率。

Among all our peers, we have commissioned the most renewable energy megawatts in India in the first six months of this fiscal year. While our share price movement has been affected by US macro factors, these factors actually have little or no bearing on our own business or growth or profitability as all of our business and operations are linked to the Indian economy, that is, in fact, expected to grow at more than 7% this fiscal year.

在所有同業中，我們在本財年的前六個月在印度投產了最多兆瓦的可再生能源。雖然我們的股價走勢受到美國宏觀因素的影響，但這些因素實際上對我們自己的業務或成長或獲利能力影響很小或沒有影響，因為我們所有的業務和營運都與印度經濟相關，也就是說，事實上，預期本財年增長率將超過 7%。

Turning to highlights for the quarter. We have commissioned 860 megawatts to date in this fiscal year, and are on track to meet our guidance of installed megawatts. In addition to the 860 megawatts commissioned so far, there are another 350 to 400 megawatts that are currently installed, which should be largely commissioned in the third quarter.

轉向本季的亮點。本財年迄今，我們已投產 860 兆瓦，並有望達到我們的裝置兆瓦指導。除了目前已投產的860兆瓦外，目前還有350至400兆瓦的裝機已安裝，預計將在第三季大部分投產。

Our total operating capacity net of assets that we sold in the last fiscal year grew by approximately 30%. Our total portfolio in absolute terms grew by about 18% and would have been an even higher 21% after adjusting for the 400 megawatts that we sold last year. Including the approximately 700 megawatts capacity signed in October of this year, we have been able to save PPAs for 2.9 gigawatts of renewable energy capacity in the current fiscal year, extending thereby our current portfolio from 13.8 gigawatts in September '24 to 16.3 gigawatts. That does not include 900-megawatt hours of battery storage capacity that are part of our complex projects. So just to say again, our current portfolio is 16.3 gigawatts of contracted capacity, including to that, another 900 megawatts of battery storage capacity, which is in addition to that.

上一財年，扣除出售資產後，我們的總營運能力成長了約 30%。我們的總投資組合絕對值成長了約 18%，根據去年銷售的 400 兆瓦進行調整後，成長幅度甚至更高，達到 21%。包括今年10月簽署的約700兆瓦產能在內，我們在本財年節省了2.9吉瓦再生能源產能的購電協議，從而將我們目前的投資組合從2024年9月的13.8吉瓦擴大到16.3吉瓦。這還不包括我們複雜專案的 900 兆瓦時電池儲存容量。再說一遍，我們目前的投資組合是 16.3 吉瓦的合約容量，其中包括另外 900 兆瓦的電池儲存容量，這是除此之外的。

Turning to our financial performance. We reported a 14% growth in our adjusted EBITDA this quarter, driven by cost optimization. In addition, we had a 31% increase in profit after tax, primarily on account of lower G&A and lower finance costs, and Kailash will cover this in detail in the finance section.

轉向我們的財務表現。在成本優化的推動下，本季調整後 EBITDA 成長了 14%。此外，我們的稅後利潤成長了 31%，這主要是由於 G&A 和財務成本降低，Kailash 將在財務部分詳細介紹這一點。

Our 6..4-gigawatt solar module manufacturing facilities are now fully operational. I am delighted to announce that recently, our cell facility has started trial production of cells as well. While it is expected to take the rest of the fiscal year to stabilize cell operations, we expect that our entire cell and module facilities will be stabilized fully and will be operating for the full next fiscal year. In addition, we have now secured an external order book of over 900 megawatts, ensuring that our surplus capacity is sold in the market. Additionally, we are also listed as a Bloomberg Tier 1 supplier, underlining the quality that we have been able to create.

我們的 6..4 吉瓦太陽能組件製造設施現已全面投入運作。我很高興地宣布，最近我們的電池工廠也開始了電池的試生產。雖然預計需要本財年剩餘時間才能穩定電池運營，但我們預計我們的整個電池和組件設施將完全穩定，並將在下一財年全年運作。此外，我們目前已獲得超過900兆瓦的外部訂單，確保我們的剩餘產能在市場上出售。此外，我們也被列為彭博一級供應商，突顯了我們能夠創造的品質。

Turning to page 8. We are committed to creating shareholder value, of course. Over the years, we have built a sustainable competitive advantage in one of the fastest growing markets globally by raising capital through the cheapest source. We have grown responsibly, demonstrating capital discipline and taking up projects where returns are significantly above the cost of capital.

翻到第8頁。當然，我們致力於創造股東價值。多年來，我們透過最便宜的來源籌集資金，在全球成長最快的市場之一建立了可持續的競爭優勢。我們負責任地發展，展現資本紀律並承擔回報遠高於資本成本的項目。

Not only this, we have also created a platform with in-house manufacturing, EPC and O&M bundled with our own digitization and data analytics. We are the leaders in complex solutions and one of the very few Indian IPPs to have commissioned over 2 gigawatts of renewable energy assets in a single year.

不僅如此，我們還創建了一個將內部製造、EPC 和 O&M 與我們自己的數位化和數據分析捆綁在一起的平台。我們是複雜解決方案的領導者，也是極少數在一年內投產超過 2 吉瓦再生能源資產的印度獨立發電廠之一。

Turning to page 9. We continue to be one of the leaders in terms of megawatts commissioned since Q3 of FY24, as we have commissioned 2.4 gigawatts or about 25% of our portfolio in this period of the last 12 months. Our operating megawatts have increased by around 30% after adjusted for asset sales that we did in the last 12 months.

翻到第9頁。自2024 財年第三季以來，就投產兆瓦而言，我們仍然是領先者之一，因為在過去12 個月的這段時間內，我們投產了2.4 吉瓦，約占我們投資組合的25 %。經過過去 12 個月的資產銷售調整後，我們的營運兆瓦增加了約 30%。

Fiscal year-to-date, we have done around 860 megawatts of commissioning, ensuring that we are on track to hit our megawatt target for the year. In addition, we also have about 350 megawatts of solar projects that are currently installed and are in the process of getting connected to the grid.

財年迄今，我們已完成約 860 兆瓦的調試，確保我們有望實現今年兆瓦的目標。此外，我們還有約350兆瓦的太陽能專案目前已安裝並正在併網。

We expect that the peak power projects should also be fully commissioned this quarter and so will the RTC win Phase 2 will also start getting commissioned later this quarter. While our peers in the market have faced connectivity and supply chain issues, our strategy has ensured that we have not only secured interconnection approvals for our current bid wins, but also beyond that. That is for our bid wins, not just for the contracted capacity.

我們預計尖峰電力專案也應在本季全面投入運行，因此 RTC 第二階段也將在本季稍後開始投入運行。雖然我們的市場同行面臨連接和供應鏈問題，但我們的策略確保我們不僅獲得了當前中標的互連批准，而且還獲得了其他批准。這是為了我們的中標，而不僅僅是合約容量。

Our in-house EPC teams have ensured that supply chain bottlenecks are sorted out, and there is no shortage of materials for wind or solar sites. Additionally, we continue to demonstrate capital discipline as the auction markets continue to evolve at a rapid pace.

我們的內部EPC團隊已確保解決供應鏈瓶頸，且風能或太陽能站點不存在材料短缺問題。此外，隨著拍賣市場持續快速發展，我們將繼續展現資本紀律。

As stated earlier, we don't target market share, but are focused on delivering returns above our cost of capital, targeting levered returns of 16% to 20%. And we have won around 1.4 gigawatts of additional capacity so far this fiscal year, where the expected returns have met our thresholds.

如前所述，我們不以市場份額為目標，而是專注於提供高於資本成本的回報，目標槓桿回報率為 16% 至 20%。本財年到目前為止，我們已經贏得了約 1.4 吉瓦的額外產能，預期回報已達到我們的門檻。

Do note that while there are still over 6 gigawatts of bid wins with letters of award beyond our current portfolio, that won't be included into our portfolio until the PPA is signed. We are pacing our construction principally around interconnection infrastructure availability.

請注意，儘管在我們目前的投資組合之外，仍有超過 6 吉瓦的中標項目和中標函，但在簽署購電協議之前，這些項目不會納入我們的投資組合中。我們主要圍繞互連基礎設施的可用性來調整建設節奏。

Turning to Page 10. Let me turn to updates from our manufacturing facilities. Getting into manufacturing was a strategic move to secure our supply chain as India was moving to restrict imports of solar modules into India. This barrier meant that we needed to build our own facilities. The results are visible in the commissioning that we have been able to do in the last 12 months or so using our own solar modules.

翻到第 10 頁。讓我談談我們製造工廠的最新情況。隨著印度開始限制太陽能模組的進口，進入製造業是確保我們供應鏈安全的戰略舉措。這個障礙意味著我們需要建造自己的設施。我們在過去 12 個月左右的時間裡使用我們自己的太陽能組件進行的調試中可以看到結果。

While the two module plants are fully ramped up, I'm happy to announce that our cell plant in Gujarat has also started trial production. Our plants are now featured in the Bloomberg Tier 1 module supplier list as well as a PVEL top performer 2024. Our external order book now stands at over 900 megawatts and is likely to grow and contribute to consolidated EBITDA. We will be able to provide more granularity on the FY26 projected numbers, along with our FY25 results, next year. In addition to securing supply, we are also looking to derisk our capital by finding partners for the manufacturing business.

在兩家組件工廠全面投產的同時，我很高興地宣布，我們位於古吉拉特邦的電池工廠也開始試生產。我們的工廠現已躋身 Bloomberg 一級組件供應商名單，並被評為 2024 年 PVEL 最佳供應商。我們的外部訂單目前已超過 900 兆瓦，並且可能會成長並為綜合 EBITDA 做出貢獻。明年，我們將能夠提供更詳細的 2026 財年預測數字以及 2025 財年業績。除了確保供應之外，我們還希望透過尋找製造業務的合作夥伴來降低我們的資本風險。

Let me now hand it over to Kailash to talk more about the financial updates. Kailash, over to you.

現在讓我把它交給岡仁波齊來更多地談論財務更新。凱拉什，交給你了。

Thanks, Sumant. Now turning to slide 12. We continue to deliver consistent growth in megawatt and profitability. Since the same time last year, we have constructed over 2.4 gigawatt of projects, a nearly 30% increase in operating capacity after adjusting for the 400 megawatts sold during last year. Not only this, but I'm also happy to have 31% increase in profit after tax year-on-year. This has been possible through a continued focus on cost control and building efficiency in our operations. We also continue to expand our contracted pipeline with a 21% increase in the portfolio, adjusted for asset sales that we have made during the year. And our contracted portfolio now stands at 16.3 gigawatts.

謝謝，蘇曼特。現在轉到投影片 12。我們持續實現兆瓦和獲利能力的持續成長。自去年同期以來，我們已建造了超過2.4吉瓦的項目，對去年銷售的400兆瓦進行調整後，營運能力增加了近30%。不僅如此，我也很高興稅後利潤比去年同期成長了31%。這是透過我們持續關注成本控制和提高營運效率而實現的。我們也繼續擴大我們的合約管道，根據我們今年進行的資產銷售進行調整，投資組合增加了 21%。我們的合約投資組合現在達到 16.3 吉瓦。

There has been an 18-day reduction year-on-year in the debtor sales outstanding, which follows the trend that we have been able to deliver over the past two years. There's been a sequential uptick, but that largely reflects the seasonality, primarily due to higher revenue earned during Q1 and Q2 to be earned in Q3. We expect lower DSOs in the following two quarters.

未償債務人銷售額比去年同期減少了 18 天，這符合我們過去兩年能夠實現的趨勢。有所連續上升，但這在很大程度上反映了季節性，主要是由於第一季和第二季獲得的收入增加將在第三季獲得。我們預計未來兩個季度的 DSO 將會下降。

On slide 9, (sic - see presentation, slide 13) in addition to profitability, we are also forced on generating cash from our projects. Our cash operating activities has been increasing to almost INR20.1 billion in this quarter. It's almost a 10% increase year-on-year. Cash profit, a non-GAAP measure to showcase our P&L on a cash basis, increased by 31% to INR9.2 billion -- from INR9.2 billion to INR12.1 billion for the quarter.

在投影片 9 上（原文如此 - 參見演示文稿，投影片 13），除了獲利能力之外，我們還被迫從我們的專案中產生現金。本季我們的現金經營活動已增加至近 201 億印度盧比。年成長近10%。現金利潤（以現金為基礎展示損益表的非公認會計原則指標）成長了 31%，達到 92 億印度盧比，本季從 92 億印度盧比增至 121 億印度盧比。

Turning to slide 14. Net debt-to-EBITDA leverage at the operating asset level continues to be below 6x, a threshold that we have set for ourselves. On a trailing 12-month basis, leverage was around 5.9x, excluding our under-construction portfolio, that contribution from JV partners in the form of combustion convertible instruments and our manufacturing and transmission businesses. As we continue to grow our portfolio, the proportion of under construction projects should come down and will improve the ratios in addition to our efforts to be disciplined in our approach towards capital deployment.

轉到投影片 14。營運資產層面的淨債務與 EBITDA 槓桿率持續低於 6 倍，這是我們為自己設定的門檻。在過去 12 個月的基礎上，槓桿率約為 5.9 倍，不包括我們正在建造的投資組合、合資夥伴以燃燒可轉換儀表形式的貢獻以及我們的製造和傳輸業務。隨著我們繼續擴大投資組合，在建項目的比例應該會下降，除了我們努力嚴格資本配置方法外，比率還將提高。

Turning to page 15. We have had questions about how we derive returns from our financials, given the distortion between growth and other businesses, which we've done. What this slide shows is that we build up our assets at 7 to 7.5 times project cost to EBITDA. The projects are funded 75-25 in the ratio of debt to equity. And hence, typically, the project debt levels are expected to remain around 5.5 times debt/EBITDA in the initial years of the project. And the interest and depreciation ends up providing us with a tax shield on that.

翻到第15頁。考慮到成長與其他業務之間的扭曲，我們對如何從財務中獲得回報存在疑問，而我們已經做到了這一點。這張投影片顯示的是，我們以專案成本 EBITDA 的 7 到 7.5 倍的價格建立資產。這些項目的資金負債比例為 75-25。因此，通常情況下，專案最初幾年的專案債務水準預計將保持在債務/EBITDA 的 5.5 倍左右。利息和折舊最終為我們提供了稅收保護。

While generally we assume no asset recycling, while bidding for projects, we have demonstrated the value creation in several transactions, wherein we've been able to sell the assets between 9 to 9.5 times EV EBITDA or 2 times price to book, creating additional value and raising low-cost equity for growth, and which currently remains for us the cheapest cost source of equity to grow our pipeline.

雖然我們通常假設沒有資產回收，但在專案投標時，我們在幾筆交易中展示了價值創造，其中我們能夠以 9 至 9.5 倍 EV EBITDA 或 2 倍賬面價格出售資產，創造額外價值籌集低成本股權以促進成長，目前這對我們來說仍然是擴大管道的最便宜的股權成本來源。

Let me now hand it over to Vaishali for comments on ESG.

現在讓我將有關 ESG 的意見交給 Vaishali。

Thank you, Kailash. Turning to page 17. With the strong performance in the first quarter and the successful release of our inaugural annual integrated report, making significant strides towards achieving our sustainability targets, we're pleased to present the updates for the second quarter of fiscal year '25.

謝謝你，凱拉什。翻到第17頁。憑藉第一季的強勁表現以及我們首份年度綜合報告的成功發布，我們在實現永續發展目標方面取得了重大進展，我們很高興地公佈 25 財年第二季的最新情況。

ReNew is committed to leading the way and to meet its net-zero targets. I'd like to highlight a few. We've achieved carbon neutrality for the fourth consecutive year and showcasing 10% reduction in Scopes 1 and 2. ReNew is focused on enhancing the ESG ratings. As part of this effort, we've strengthened and developed key policies, including the Board diversely, stakeholder engagement, and data privacy policies, all of which are available on our website.

ReNew 致力於引領潮流並實現其淨零目標。我想強調幾點。我們連續第四年實現碳中和，範圍 1 和範圍 2 的碳排放量減少了 10%。ReNew 專注於提高 ESG 評級。作為這項工作的一部分，我們加強和製定了關鍵政策，包括多元化的董事會、利害關係人參與和資料隱私政策，所有這些都可以在我們的網站上找到。

Social responsibility has been integral to our business. Our CSR journey began in 2014. And since then, we have impacted the lives of over 1.4 million people across 500-plus villages in India, spanning over 10 states.

社會責任已成為我們業務不可或缺的一部分。我們的企業社會責任之旅始於 2014 年。自那時起，我們已經影響了印度 10 多個邦 500 多個村莊超過 140 萬人的生活。

Turning to page 18. I would now like to switch to some of our efforts for Q2 fiscal year '25. Women for Climate. This is a socioeconomic empowerment program, which is focused on building climate resilience where we have trained over 450 women soldpan farmers.

翻到第18頁。我現在想談談我們在 25 財年第二季所做的一些努力。婦女促進氣候變遷。這是一項社會經濟賦權計劃，重點是增強氣候適應能力，我們已培訓了 450 多名女性農民。

Employee-driven programs. We have programs led by our employees, ensuring sustainable, equitable, and responsible growth. Our volunteering campings cover Rice Bucket Challenge, which is donating rice to needy and contributing towards a hunger-free India, where we've distributed over 2,10,000 kilos of rice. ReNew has been recognized for its sustained efforts on advanced sustainability.

員工驅動的計劃。我們制定了由員工領導的計劃，確保可持續、公平和負責任的成長。我們的志願露營包括“米桶挑戰”，該挑戰向有需要的人捐贈大米，為印度消除飢餓做出貢獻，我們已向印度分發了超過 210,000 公斤大米。ReNew 因其在先進永續發展方面的持續努力而獲得認可。

Turning to page 19. Switching to scale some marquee recognitions for Q2 fiscal year '25. At the Ministry of New and Renewable Energy's flagship event, RE-INVEST, ReNew solidified its position as a market leader across different categories.

翻到第19頁。轉向擴大 '25 財年第二季的一些重要認可範圍。在新能源和再生能源部的旗艦活動 RE-INVEST 上，ReNew 鞏固了其作為不同類別市場領導者的地位。

The prestigious Sword of Honour award was earned by ReNew's Hydropower Plant for safety. We were placed on the 18th position in the Energy Innovators in Fortune's renowned Change the World list.

ReNew 水力發電廠因其安全性而獲得著名的榮譽之劍獎。在著名的《財星》雜誌「改變世界」排行榜中，我們在能源創新者中排名第 18 位。

Turning to page 20, showcasing our progress update on ESG targets for Q2 FY25. Advancing to the second phase of our sustainable supply chain assessment set to begin this quarter, we focused on supplier evaluations, recognition initiatives, and capacity building efforts, which are so critical in this sector.

翻到第 20 頁，展示了我們關於 2025 財年第二季 ESG 目標的最新進展。進入定於本季開始的可持續供應鏈評估的第二階段，我們專注於供應商評估、認可計劃和能力建設工作，這些工作在該領域至關重要。

We maintained our AA rating with MSCI, securing a position in the leadership band. We have also submitted our 2024 responses for CDP and CSA, with submission to MSCI and Refinitiv planned for the next quarter. So we are on our sustainability journey and it's on track.

我們維持 MSCI 的 AA 評級，確保了領先地位。我們也向 CDP 和 CSA 提交了 2024 年答复，並計劃於下季度向 MSCI 和 Refinitiv 提交。因此，我們正在踏上永續發展之旅，一切都步入正軌。

We have also identified 46 schools for electrification across Rajasthan and Maharashtra in collaboration with HSBC. Additionally, four digital labs were established in Uttarakhand and 25 entrepreneurs received support through the Greentech Accelerator program.

我們也與匯豐銀行合作，在拉賈斯坦邦和馬哈拉施特拉邦確定了 46 所學校進行電氣化。此外，還在北阿坎德邦建立了四個數位實驗室，25 名企業家透過綠色科技加速器計畫獲得了支持。

Let me now hand it back over to Sumant for guidance. Thank you.

現在讓我將其交還給 Sumant 尋求指導。謝謝。

Yeah. Thank you, Vaishali. Coming to our guidance, we are reaffirming our megawatts in spite of some challenges in wind execution and adjusted EBITDA guidance. We have also updated guidance for our updated contracted portfolio of 16.3 gigawatts. Do note that seasonally, our Q3 numbers are normally lower than the Q2 numbers due to weather patterns.

是的。謝謝你，毗捨離。就我們的指導而言，儘管在風電執行方面存在一些挑戰並調整了 EBITDA 指導，但我們仍重申了我們的兆瓦容量。我們也更新了 16.3 吉瓦的更新合約投資組合的指導。請注意，從季節性角度來看，由於天氣模式，我們第三季的數字通常低於第二季的數字。

With that, we will be happy to take any questions. Ananya, over to you.

這樣，我們將很樂意回答任何問題。阿納尼亞，交給你了。

(Operator Instructions) Justin Clare, Roth Capital Partners.

（操作員說明）Justin Clare，Roth Capital Partners。

So first, I wanted to ask about the RTC project. So it looks like it's planned for completion still in the second half of 2025 -- fiscal 2025. But it looks like it's subject to the transmission readiness. So I was wondering if you could just provide a little bit more detail on whether you think the transmission will be ready in time or if there's a potential for delay?

首先，我想詢問一下 RTC 專案。所以看起來它仍計劃在 2025 年下半年（即 2025 財年）完成。但看起來它取決於傳輸準備情況。所以我想知道您是否可以提供更多細節，說明您認為傳輸是否會及時準備好，或者是否有可能延遲？

And also wondering if this is a case where you think with this RTC project, you might end up selling in the merchant market before you end up selling under the PPA?

並且還想知道在這種情況下，您是否認為對於這個 RTC 項目，您可能最終會在商業市場上進行銷售，然後再根據 PPA 進行銷售？

Yeah, Anunay should I take that?

是啊，阿努奈，我該接受嗎？

Yes, Sumant, please go ahead.

是的，蘇曼特，請繼續。

Okay. Yeah, Justin, hi. So yeah, the RTC project will be ready in the second half of this year. And as far as the transmission part is concerned, no, I don't think there's any delay that we expect to have on account of the transmission or the interconnect. I think all of that is pretty much on track, so I don't see that delaying matters.

好的。是的，賈斯汀，嗨。所以，RTC 計畫將於今年下半年準備就緒。就傳輸部分而言，不，我認為我們預計不會因傳輸或互連而出現任何延遲。我認為所有這些都已步入正​​軌，所以我認為推遲並不重要。

And to the extent that we are able to commission certain parts of the project ahead of the final commissioning, to some extent, we can sell that in the merchant market. But the way the PPA was structured, it meant that up to the first 400 megawatts of delivered capacity we would have to sell to the end customers. And it's only when we generate capacities higher than 400 megawatts are we able to have that part of the market -- that part of the capacity into the merchant market.

如果我們能夠在最終調試之前調試項目的某些部分，在某種程度上，我們可以在商業市場上出售它。但購電協議的結構方式意味著我們必須將高達 400 兆瓦的交付容量出售給最終客戶。只有當我們發電量高於 400 兆瓦時，我們才能擁有這部分市場——這部分容量進入商業市場。

So there will be some sales in the merchant market, but small amounts. Which is, by the way, dissimilar to what is happening on the Peak Power project where we are being able to sell into the merchant market, whatever is, in fact, commissioned so far. So people were drafted differently and therefore had different outcomes for party commission capacity.

所以在商業市場上會有一些銷售，但是數量很少。順便說一句，這與尖峰電力項目中發生的情況不同，在尖峰電力項目中，我們能夠向商業市場出售產品，無論實際上到目前為止已委託使用什麼。因此，人們的選拔方式不同，因此黨委會能力的結果也不同。

And then also wondering if you could just comment on the new proposed restriction for cell manufacturing with the intention to eliminate cell imports. Does that affect your thinking on your manufacturing plan, your plans for capacity here? And then just wondering do you think your 2.5 gigawatts of cell capacity will be sufficient? Or could you look at expanding that?

然後還想知道您是否可以對旨在消除電池進口的新提議的電池製造限制發表評論。這是否會影響您對製造計劃和產能計劃的思考？然後想知道您認為 2.5 吉瓦的電池容量足夠嗎？或者你可以考慮擴大這個範圍嗎？

Yeah. So the government is quite actively thinking of imposing an ALMM for sales, starting in April 2026. So there's still about 18 months left for that to happen. So the government is giving a significant advanced notice that this is something that is likely to come in the near future. And so that gives us time to plan for our own response to that. And the most sensible response for us would be, in fact, to expand our cell capacity to a point where it meets at least -- at the very least our own internal requirements.

是的。因此，政府正在積極考慮從 2026 年 4 月開始對銷售實施 ALMM。因此，距離實現這一目標還有大約 18 個月的時間。因此，政府提前發出了重要通知，表明這可能會在不久的將來發生。這讓我們有時間來規劃自己的應對措施。事實上，對我們來說最明智的反應是將我們的電池容量擴大到至少滿足我們自己的內部要求的程度。

So that's something that we are actively considering at this point, but we haven't taken a final decision on that yet. But yes, that would, in fact, be the sensible thing for us to consider doing.

因此，這是我們目前正在積極考慮的事情，但我們尚未就此做出最終決定。但是，是的，事實上，這對我們來說是值得考慮做的明智之舉。

Maheep Mandloi, Mizuho.

馬希普‧曼德洛伊，瑞穗。

I think an impressive job on the cost optimization. Could you just maybe touch upon that as to what drove that and how to think about the cost optimizations?

我認為在成本優化方面的工作令人印象深刻。您能否談談是什麼推動了這一點以及如何考慮成本優化？

And maybe if I can tag on that, like if I look at the medium-term guidance, I think you have only 700 megawatts of more build-outs, but the EBITDA increase or the CFE increase is much higher than that ratio. So it looks like you expect more cost cuts or optimizations in the medium term as well. So could you just touch upon those? What are the drivers for that?

也許如果我可以標記這一點，就像我查看中期指導一樣，我認為您只有 700 兆瓦的額外擴建，但 EBITDA 增長或 CFE 增長遠高於該比率。因此，您似乎預計在中期會有更多的成本削減或優化。那麼您能談談這些嗎？其驅動因素為何？

Yeah, Kailash, do you want to take that?

是的，凱拉什，你想接受嗎？

Yeah, sure, Sumant. So Maheep, basically on costs, what we have been doing is that there has been a lot of optimization program that we've been running within the company and a lot of discretionary spend are being canceled, given the underperformance that we have been seeing as far as wind is concerned.

是的，當然，蘇曼特。所以，Maheep，基本上在成本方面，我們一直在做的是，我們在公司內部運行了很多優化計劃，並且考慮到我們一直看到的表現不佳，很多可自由支配的支出都被取消了。就風而言。

Also, we have managed to renegotiate a lot with some of our OEMs, on some of the O&M contract for our earlier wind projects. So that's helped us also reduce the cost on existing projects on a going-forward basis and also enabled us to write back some provisions that we had kept in the form of equalization results. So we expect that some of these benefits will continue into the future.

此外，我們也成功地與一些原始設備製造商就我們早期風電專案的一些營運和維護合約進行了多次重新談判。因此，這也幫助我們在未來的基礎上降低了現有項目的成本，並使我們能夠回寫我們以均衡結果形式保留的一些規定。因此，我們預計其中一些好處將持續到未來。

And the idea is to obviously now grow the portfolio from here on without incurring any significant additional costs as far as manpower and all is concerned, and get the benefits of whatever operating leverage we can get.

顯然，我們的想法是從現在開始擴大投資組合，而不會在人力和所有方面產生任何重大的額外成本，並獲得我們可以獲得的任何營運槓桿的好處。

And then just also maybe clarify on that, that 700 megawatt, which is adding to your medium-term, that PPA is more or less in line with recent PPAs? Or how to think about the PPA price? Because I was trying to find the win and couldn't find any details online.

然後也許還要澄清一下，700 兆瓦，這將增加到您的中期，購電協議或多或少與最近的購電協議一致？或如何看待PPA價格？因為我試圖找到勝利，但在網路上找不到任何細節。

Yeah. So these projects have all been won within the last 1, 1.5 years. So the returns are within our thresholds as we've been discussing.

是的。所以這些項目都是在過去1、1.5年內贏得的。因此，正如我們一直在討論的那樣，回報率在我們的閾值之內。

And then separately, just looking at the FDRE and hybrid projects. I think you had some changes possible on the solar and the wind mix in those wins over there. So could you just like clarify what's driving that? I know you kind of talked about transmission being an issue but when would you know that and any other reason which was driving that? And -- how should we think about the impact on the IRRs? Just doing more solar, for example, increate IRRs here? Or how should we think about that?

然後分別查看 FDRE 和混合項目。我認為在那些勝利中，太陽能和風能的組合可能會發生一些變化。那麼您能澄清一下是什麼推動了這個趨勢嗎？我知道您談到了傳播是一個問題，但您什麼時候會知道這一點以及導致這一問題的其他原因？而且—我們應該如何考慮對 IRR 的影響？例如，僅僅使用更多的太陽能就能增加內部報酬率嗎？或者說我們該如何思考這個問題？

Yeah. If you want me to take that, I can. So Maheep, basically, what's happening is that from the time that we won some of these bids, prices have obviously moved and our equipment costs have -- particularly in the case of solar have come down quite sharply and so have the cost of batteries. And what that is allowing us to do is to reconfigure some of these plants.

是的。如果你想讓我接受，我可以。所以，Maheep，基本上，從我們贏得其中一些投標開始，價格明顯發生了變化，我們的設備成本也發生了變化——特別是在太陽能方面，電池成本大幅下降。這讓我們能夠重新配置其中一些工廠。

In a way that, therefore, there is likely to be more solar and more batteries in them and less wind, which also is something that will mean less variability because, as you know, we've had a lot of variability on wind speeds and so on. So we are quite happy to therefore decrease the amount of -- the relative amount of wind in some of these projects.

因此，在某種程度上，其中可能有更多的太陽能和更多的電池，而風能更少，這也意味著更少的變化，因為如你所知，我們的風速和風速有很大的變化。因此，我們很高興能夠減少其中一些項目中的相對風量。

And the net result of all of this in our minds is that the IRRs are actually improving by doing this reconfiguration and hopefully, with less variability associated with them. So that's what we have done for a lot of our RTC and FDRE projects that we have won recently in the last couple of years.

在我們看來，所有這一切的最終結果是，透過進行這種重新配置，內部報酬率實際上正在改善，並且希望與之相關的變異性較小。這就是我們在過去幾年中贏得的許多 RTC 和 FDRE 項目所做的事情。

But to your point, there's more flexibility on the PPA side and so you'll still be in that 12%, 16% levered IRR (multiple speakers)

但就您而言，PPA 方面有更大的靈活性，因此您仍然會處於 12%、16% 槓桿 IRR（多個發言者）中

No, no more than that. See, these are all bids that we have won in the last 18 months. And frankly, a lot of them in the last -- in the time period of 6 months to 18 months back. And as I said, equipment costs have come -- have been coming down over this time period.

不，僅此而已。看，這些都是我們在過去 18 個月中贏得的投標。坦白說，其中很多是在過去 6 個月到 18 個月的時間裡發生的。正如我所說，設備成本在這段時間一直在下降。

So when we won these bids, they were already at attractive IRRs by doing this reconfiguration, we're actually able to increase IRRs even more. So I think they're all at the higher end of our threshold levels.

因此，當我們贏得這些投標時，透過進行此重新配置，它們已經具有有吸引力的 IRR，我們實際上能夠進一步提高 IRR。所以我認為它們都處於我們閾值水平的較高端。

And then maybe just like one last one from me, and I'll hand over to others. On that 900-megawatt cell and module order, I think that 600 last quarter just for modules. How much of that is international?

然後也許就像我最後一件一樣，我會交給其他人。對於 900 兆瓦的電池和組件訂單，我認為上季的 600 只用於組件。其中有多少是國際性的？

I know you senior guys are in international conferences or trade shows, but just curious, is it all India? Or do you have some international?

我知道你們這些資深人士正在參加國際會議或貿易展覽，但只是好奇，都是印度嗎？或是有國際版的嗎？

At this point, Maheep, this is all India.

此時此刻，Maheep，這就是整個印度。

Nikhil Nigania, Bernstein.

尼加尼亞，伯恩斯坦。

My first question is regarding the PPAs. So I wanted to understand, and good to see the wins by ReNew and the tariffs that they are happening, but are we seeing a slowdown in tendering activity in India or slowdown in signing of PPAs, given the big quantum that we saw happened last year and early this fiscal as well?

我的第一個問題是關於購電協議的。因此，我想了解，並且很高興看到 ReNew 的勝利以及它們正在發生的關稅，但考慮到去年發生的大量情況，我們是否看到印度招標活動放緩或購電協議簽署放緩以及本財年早期？

So Nikhil, we haven't yet seen a slowdown on the bidding process. although there have been more sort of discussions around it within government corridors. And so that is something that you may see happening in the future. But at this point, everybody continues to bid out capacities.

尼基爾，我們還沒有看到招標過程放緩。儘管政府內部對此進行了更多類型的討論。所以這就是你將來可能會看到的事情。但此時，每個人都在繼續競標產能。

I guess the key issue is what is the amount of PPA conversion that is happening. And that, as we all know, there is a gap, and there's about 40 gigawatts of PPAs that have not been signed off all the auctions that have happened.

我想關鍵問題是 PPA 轉換量是多少。眾所周知，存在差距，大約有 40 吉瓦的購電協議尚未在所有已進行的拍賣中簽署。

And related point was, I also see some legacy PPAs that we have, for example, SECI XI for wind, where tariffs are quite below the tariffs we are seeing right now. Is there any option to exit some of those legacy contracts, which we have not built?

相關的一點是，我還看到我們有一些遺留的購買電力協議，例如風電的 SECI XI，其關稅遠低於我們現在看到的關稅。是否有任何選項可以退出我們尚未建立的一些遺留合約？

Yeah. So actually, a lot of these contracts have a lot of complexity associated with them because in a number of cases, the PPAs got signed after a very long time. And our contention is that it's not fair to hold us accountable for bills that might have happened a year or two years prior to when the PPAs are finally in the process of getting signed.

是的。事實上，許多此類合約都非常複雜，因為在許多情況下，購電協議是在很長時間之後才簽署的。我們的觀點是，讓我們對購電協議最終簽署前一兩年可能發生的帳單負責是不公平的。

So a lot of those are under discussion right now with the regulatory authority and the bidding agencies to see whether, in fact, those should be proceeded with at all or not. And of course, our downside is that in case we don't do it and the bidding agencies say, no, no, you should have, then, of course, there is a PPA amount -- there is a BG amount that would be a penalty that would be leviable. But that, in some ways, that bounds the downside that we have. So that's really where we are.

因此，目前正在與監管機構和招標機構討論其中的許多內容，看看實際上是否應該繼續進行這些內容。當然，我們的缺點是，如果我們不這樣做，而招標機構說，不，不，你應該這樣做，那麼，當然，有一個 PPA 金額——有一個 BG 金額可徵收的罰款。但這在某種程度上限制了我們的缺點。這就是我們現在的情況。

But of course, our first attempt is to be able to demonstrate that some of these projects were -- by the time they got signed were totally -- things have changed.

但當然，我們的第一個嘗試是能夠證明其中一些項目——當它們簽署時——事情已經完全改變了。

The third question and the last set of questions I have is regarding the module business. Again, very timely commissioning of the module plant and now the cell plant. Given most of it is to be used internally, a, I wanted to understand, if you had to compare ballpark CapEx per megawatt for the solar plant with in-house manufacturing versus without, where do things -- where would you indicate to place it also, which would give us a sense of benefit ReNew gets from it?

我的第三個問題也是最後一組問題是關於模組業務的。再次，模組廠和現在的電池廠都非常及時地投入運作。鑑於其中大部分用於內部使用，a，我想了解，如果您必須比較內部製造的太陽能發電廠與沒有內部製造的太陽能發電廠每兆瓦的大致資本支出，那麼事情在哪裡- 您會指出將其放置在哪裡另外，這會讓我們感受到 ReNew 從中獲得的好處嗎？

And b, this entire 6.4 gigawatt module at 2.5-gigawatt cell, am I correct to assume it's Mono PERC and not TOPCon?

b，整個 6.4 吉瓦模組採用 2.5 吉瓦電池，我假設它是 Mono PERC 而不是 TOPCon 是否正確？

Yeah. The -- so many questions there, so let me try to unpack them. The module lines are -- were initially set up as Mono PERC but are being entirely converted to TOPCon. Most of the conversion has already happened. We have eight lines altogether, I think six or seven of those lines have already got converted. The conversion from -- for module line, from Mono PERC to TOPCon is relatively straightforward. It takes a couple of weeks. So that is all happening.

是的。那裡有很多問題，所以讓我試著解開它們。模組生產線最初設定為 Mono PERC，但正在完全轉換為 TOPCon。大部分轉換已經發生。我們總共有八條生產線，我想其中六、七條生產線已經被轉換了。對於模組系列，從 Mono PERC 到 TOPCon 的轉換相對簡單。這需要幾週的時間。這一切都在發生。

The cell lines are Mono PERC lines, and those will continue to operate that way. We may consider converting them to TOPCon, depending on the cost and the requirement and so on. But at this point, they are Mono PERC.

這些細胞係是 Mono PERC 細胞系，而這些細胞系將繼續以這種方式運作。我們可以考慮將它們轉換為TOPCon，具體取決於成本和要求等。但此時，它們是 Mono PERC。

The question that you asked, which is what is the advantage that we are getting. The flip side to look at it is that what is the margin that we are making in the cell manufacturing business for third-party sales? I guess that is, in some ways, an estimate or giving us a pointer to what the prices, the benefit that we're getting.

你問的問題是我們獲得的優勢是什麼。從另一方面來看，我們在電池製造業務中為第三方銷售所賺取的利潤是多少？我想這在某種程度上是一種估計或給我們一個指示，告訴我們價格是多少，我們得到的好處是多少。

And it's actually quite sizable to be very honest with you because we all know that margins in the solar manufacturing business are reasonably high right now and -- but how long they stay, of course, is a different matter. But today, they are high. And so had we been buying from the market, I would say there would be at least a $0.015 to $0.02 differential that we would have had to pay. But having our own manufacturing capacity, therefore, allows us to not have to pay that extra cost. So I think that is the benefit that we're getting from having in-house manufacturing.

老實說，它實際上相當大，因為我們都知道太陽能製造業務的利潤率目前相當高，但當然，它們能維持多久是另一回事。但今天，它們很高。因此，如果我們從市場上購買，我想說我們至少需要支付 0.015 至 0.02 美元的差價。但因此，擁有自己的製造能力使我們不必支付額外的成本。所以我認為這就是我們從內部製造中獲得的好處。

Now, of course, internally, we have arms length pricing between the two businesses. But of course, it all gets consolidated out for internal sales. Just to also add that not all of our solar manufacturing is going to go in-house, we expect about 50% to 60% of the modules to be delivered in-house, and the balance will get sold externally. And so to the extent that prices stay high, to that extent, we will get benefit in our solar manufacturing business on third-party sales.

當然，現在，在內部，我們在兩家公司之間進行了公平定價。但當然，所有這些都會被整合到內部銷售中。還要補充一點的是，並非我們所有的太陽能製造都將在內部進行，我們預計大約 50% 到 60% 的模組將在內部交付，其餘的將在外部銷售。因此，只要價格維持在高位，我們就能從第三方銷售的太陽能製造業務中獲益。

Nowm the guidance on that, we're not giving because this year was, in some ways, a start-up year for us. So we didn't give any guidance for this year. And for next year, we will -- as we get closer to that point and once we get a better sense of our order book and so on and likely pricing levels, we'll then at that point, give guidance for the solar manufacturing business separately.

現在，我們不會提供這方面的指導，因為從某種程度上來說，今年對我們來說是新創年。所以我們今年沒有給任何指導。明年，當我們接近這一點時，一旦我們更好地了解我們的訂單等以及可能的定價水平，我們將在那時為太陽能製造業務提供指導分別地。

Aniket Mittal, SBI Mutual Fund.

Aniket Mittal，SBI 共同基金。

A few questions. Firstly, just to get some clarity on the wind PLFs. Again, the average PLFs for the quarter are down about 300 basis points to 38.3%. If you could just elaborate the reasons for that? And typically how far away would this be from P90 levels?

有幾個問題。首先，只是為了了解風 PLF。該季度的平均 PLF 再次下降約 300 個基點至 38.3%。能否詳細說明一下原因？通常這與 P90 水平相差多遠？

Yeah. So Aniket, forecasting wind and therefore, assuming what is the right, P75, of course, is an assessment that we make. And somebody else's assessment could be higher or could be lower depending on how they go about doing it. We are tending to be relatively conservative on these forecasts because obviously, wind has not been kind to us over the last four, five years now. So it's something that has, in some ways, impacted or shaped our view on what assumptions to make for wind PLFs this going forward.

是的。所以 Aniket，預測風，因此，假設什麼是正確的，P75，當然，是我們所做的評估。其他人的評估可能更高也可能更低，這取決於他們如何做。我們對這些預測傾向相對保守，因為顯然，過去四、五年來風對我們並不友善。因此，這在某種程度上影響或塑造了我們對風電 PLF 未來的假設的看法。

But just to give you an answer to that question. Specifically, the 300 basis points probably is at the P90 level, away from the P75 that we would have assumed. Last year was just at -- the 41.3% was just 2-percentage-points, 3-percentage-points below what we would have assumed to be the P75. And this year being 300 points below that would get us to maybe between P85 and P90. So that would be the performance likely from this year's wind so far.

但只是為了給你這個問題的答案。具體來說，300個基點可能處於P90水平，遠離我們假設的P75。去年的比例為 41.3%，僅比我們假設的 P75 低 2 個百分點、3 個百分點。今年如果低於這個數字 300 點，我們的排名可能會在 P85 到 P90 之間。這就是今年風電迄今可能出現的表現。

Now of course, there is another five, six months still left, and we have to see what happens. And there could be changes in that as well.

當然，現在還剩下五、六個月的時間，我們必須看看會發生什麼。這方面也可能會改變。

The other question was specifically on the C&I portfolio, you've got a fairly large, I think close to 1.3 gigawatt in construction. If you could just give me a bit more granularity, let's say, on the execution time lines over here? And are there any challenges that are currently facing on the C&I front?

另一個問題特別是關於 C&I 投資組合，您有一個相當大的、我認為接近 1.3 吉瓦的建設項目。您能否給我更詳細的訊息，比如說這裡的執行時間軸？目前 C&I 方面是否面臨任何挑戰？

So Aniket, half of that 1.3 is likely to get commissioned this year, and I'm giving you a ballpark number, and the balance would probably get done next year. There are no challenges that we are facing in the C&I business per se. I think everything is going very smoothly in that business.

所以 Aniket，1.3 的一半可能會在今年投入使用，我給你一個大概的數字，剩下的可能會在明年完成。我們的工商業業務本身並沒有面臨任何挑戰。我認為該業務的一切進展都非常順利。

We are actually -- there's a lot of demand in the market. We're actually turning back a lot of people that are coming to us because their projects are perhaps too small or in states where we may not have development capacity. And we are really from our side, focusing on the larger offtakers, people typically at 100 megawatts and above type level.

事實上，市場上有很多需求。實際上，我們拒絕了許多來找我們的人，因為他們的專案可能太小，或者位於我們可能沒有開發能力的州。我們確實從我們這邊出發，專注於較大的承購商，通常為 100 兆瓦及以上的類型水平。

And the US large tech companies, I think those are the areas that we are looking at right now. And there seems to be a lot of interest and appetite from all of these segments of the market. And our sense is that we should be able to get easily up to 15% of our total every year capacity coming in from the C&I segment.

我認為美國大型科技公司是我們現在正在關注的領域。所有這些市場領域似乎都有很大的興趣和胃口。我們的感覺是，我們應該能夠輕鬆地從工商業部門獲得每年總產能的 15%。

Lastly, just on finance cost. If I look at the balance sheet on a YoY basis, our gross debt is up almost 19%, but the finance costs have been stable. I understand some of this would still be within CWIP. But still, we put a fairly good control on the interest costs for the quarter. If you could just highlight why is that happening?

最後，只是財務成本。如果我看一下同比資產負債表，我們的總債務增加了近 19%，但財務成本一直穩定。據我所知，其中一些仍屬於 CWIP 範圍內。但我們仍然對本季的利息成本進行了相當好的控制。如果您能強調為什麼會發生這種情況嗎？

Yeah. So what's happening as far as finance cost is concerned, we were hit by mark-to-market movements because of the open exposure that we had earlier on rupee-dollar exchange rate. And what we've done since then is that we have put all those into firm hedges where there is no mark-to-market impact. So that is contributing a lot as far as our finance cost stabilization is concerned.

是的。因此，就財務成本而言，由於我們先前對盧比兌美元匯率的公開敞口，我們受到了按市值計價走勢的打擊。從那時起，我們所做的就是將所有這些納入嚴格的對沖中，不會產生按市值計價的影響。因此，就我們的財務成本穩定而言，這做出了很大貢獻。

Secondly, we've also done some refinancing of high-cost debt. We had made some announcements that we had bonds which matured and we refinanced that when we got a 200 basis point saving as far as finance cost was concerned, so all that is also being reflected now in the numbers on an as-reported basis.

其次，我們也對高成本債務進行了一些再融資。我們已經發布了一些公告，表示我們的債券已到期，並且我們進行了再融資，就財務成本而言，我們節省了 200 個基點，因此所有這些現在也都反映在按報告計算的數字中。

Just one last question, if I may squeeze it. In one of the earlier questions, you highlighted on the other expenses part, there's some write-back that you've done on certain provisions. Could you quantify that number? What's the write-back that's sitting in other expenses?

最後一個問題，可以問一下嗎？在前面的一個問題中，您強調了其他費用部分，您對某些條款做了一些回寫。你能量化這個數字嗎？其他費用中的回寫額是多少？

So because we had O&M equalization reserve earlier, which was built at a certain level of O&M cost, because we managed to reduce our O&M cost, we were able to reverse that provision. So that was somewhere in the range of around INR60 crores.

因此，因為我們之前有運維均衡儲備，這是在一定水準的運維成本基礎上建立的，因為我們設法降低了運維成本，所以我們能夠扭轉這項規定。所以這個數字大約在 6 億印度盧比左右。

Puneet Gulati, HSBC.

普尼特·古拉蒂，匯豐銀行。

My first question is with respect to your EBITDA guidance for 16.3 gigawatt. And a few quarters back, you talked about reevaluating numbers in the line of variability of wind. Does the 16.6 gigawatt run rate EBITDA that you've given in your presentation now factors in poor PLF on wind? Or is it still more on a normalized basis?

我的第一個問題是關於 16.3 吉瓦的 EBITDA 指導。幾個季度前，您談到重新評估風的變化線中的數字。您在演示中給出的 16.6 吉瓦運行率 EBITDA 現在是否會導致風電 PLF 較差？還是更處於標準化的基礎上？

Yeah, yeah, sure. So Puneet, we have taken some normalization from our initial estimates, but doesn't reflect the year's performance, for example, because we are still seeing current performance being affected by near-term trends, which are likely to reverse in the longer term. But there has been some adjustment that has already been factored in.

是的，是的，當然。因此，普尼特，我們對最初的估計進行了一些標準化，但沒有反映今年的表現，例如，因為我們仍然看到當前的表現受到近期趨勢的影響，而從長遠來看，這些趨勢可能會逆轉。但已經考慮到了一些調整。

So -- but there could be room for some more adjustment in this as well?

那麼，但這方面是否還有進一步調整的空間？

So again, the thing is that when we do our planning, we assume that there will be normalized wind. And because of actual performance, there could be some variation. So again, I can confirm to you that we have assumed some adjustment to our earlier estimates, to assume a more normalized estimate basis the last few years' track record. But year-on-year, there is still some variability, which may still be there.

再說一次，問題是，當我們進行規劃時，我們假設風力將會正常化。由於實際性能，可能會存在一些差異。因此，我可以再次向您確認，我們已經對先前的估計進行了一些調整，以根據過去幾年的業績記錄進行更加標準化的估計。但與去年同期相比，仍存在一些變化，這種變化可能仍然存在。

Interesting. And on your modules, you said half the consumed in-house and half sold. What is the plan for sales? Is there a thought to see the US market as well?

有趣的。在你的模組上，你說一半是內部消耗的，一半是出售的。銷售計劃是什麼？有沒有想過也去看看美國市場？

So Puneet, on sales, I mean, to the extent that we can tap into the market, of course, we would like to do that. There's no question. But it really all depends on how open that market is, what is the total -- what is the pricing we can get there versus the pricing we can get in India?

因此，普尼特，在銷售方面，我的意思是，只要我們能夠進入市場，我們當然願意這樣做。毫無疑問。但這實際上完全取決於該市場的開放程度，以及我們在那裡可以獲得的定價與我們在印度可以獲得的定價的總額是多少？

Right now in India, the DCR market is also very attractive, and it's giving us very good margins. And so we are quite -- with whatever little -- whatever surplus we have be happy to sell into that market right now.

目前在印度，DCR 市場也非常有吸引力，它為我們帶來了非常好的利潤。因此，無論有多少盈餘，我們都很樂意立即將其出售給該市場。

But having said that, as Maheep said, we are keeping our eyes and ears open for selling into the US market as well. We are participating in a lot of the conversations that are going on there. So yes, I think to the extent that we can sell into that market and it gives us better margins, definitely, we will be looking at doing that.

但話雖如此，正如 Maheep 所說，我們也正在密切關注向美國市場的銷售。我們正在參與那裡正在進行的許多對話。所以，是的，我認為，只要我們可以向該市場銷售產品，並為我們帶來更好的利潤，我們肯定會考慮這樣做。

So what is the assessment of the pricing for the DCR market and the sales side currently?

那麼目前DCR市場和銷售方對定價的評估如何？

What is the pricing? See, it's a function of what is the wafer cost. So at least internally, we tend to think of it more in terms of what is the margin that we're getting for conversion. And that is not something that we've disclosed so far. And I don't want to just give you a number just like that. I think we'll work it out, we'll look at exactly what and how we want to disclose it and then will come back.

定價是多少？看，它是晶圓成本的函數。因此，至少在內部，我們傾向於更多地考慮我們獲得的轉換利潤是多少。到目前為止我們還沒有透露這一點。我不想只給你一個這樣的數字。我想我們會解決這個問題，我們會仔細研究我們想要披露什麼以及如何披露，然後再回來。

The only thing I would say is that the margins that we are getting, both for modules themselves right now, are actually quite attractive. And that is, in fact, being reflected, as you can see in the profitability of some of our or -- our peer group companies in the segment right now. So some benefit of that, we're also seeing that in our solar business.

我唯一要說的是，我們現在獲得的模組本身的利潤實際上非常有吸引力。事實上，這一點已經得到了反映，正如您現在在該領域的一些同行集團公司的盈利能力中所看到的那樣。因此，我們在太陽能業務中也看到了其中的一些好處。

Okay. And after the 2.6 gigawatts that you've already produced, how much has been sold outside so far?

好的。你們已經生產了 2.6 吉瓦後，到目前為止已經向外銷售了多少？

I can't give you an exact number, Puneet. Anunay and Kailash, would you guys know?

我無法給你一個確切的數字，普尼特。Anunay 和 Kailash，你們知道嗎？

Right now, less than 100 megawatts.

目前還不到100兆瓦。

(Operator Instructions) Macauley Smith, Ninety One.

（操作員說明）麥考利史密斯，九十一。

You've answered most of my questions. I just wondered if you could give any guidance on CapEx for the remainder of the year?

你已經回答了我的大部分問題。我只是想知道您能否就今年剩餘時間的資本支出提供任何指導？

Kailash?

凱拉什？

Yeah. So most of the CapEx for the remainder of year has already been incurred. I would say that maybe we have a few solar projects in which some CapEx work is going on. That would be somewhere in the range of around $200 million to $250 million.

是的。因此，今年剩餘時間的大部分資本支出已經發生。我想說，也許我們有一些太陽能專案正在進行一些資本支出工作。這大約在 2 億至 2.5 億美元之間。

And just for the capacity at the end of the year, what are your expectations on commissioned -- total commissioned capacity?

就年底的產能而言，您對投產總投產產能有何期望？

So we have given guidance of doing between 1.8 to 2.4 gigawatts. I think we are still tracking within that range, 1.9 to 2.4. So that will take us to somewhere around 11.5 gigawatt in that ballpark.

因此，我們給出了 1.8 至 2.4 吉瓦的指導。我認為我們仍然在 1.9 到 2.4 的範圍內追蹤。因此，這將使我們達到大約 11.5 吉瓦的水平。

There are no further questions at this time. That does conclude our conference for today. Thank you for participating. You may now disconnect.

目前沒有其他問題。我們今天的會議到此結束。感謝您的參與。您現在可以斷開連線。