Renew Energy Global PLC (RNW) 2025 Q3 法說會逐字稿

Thank you for standing by and welcome to the ReNew 3Q 2025 earnings report.

感謝您的支持，歡迎閱讀 ReNew 2025 年第三季財報。

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

（操作員指示）現在，我想將會議交給 Anunay Shahi 先生。請繼續。

Thank you. Good morning, everyone, and thank you for joining us. We put out a press release announcing our results for fiscal 2025, third quarter ended December 31, 2025, last night, and a copy of the press release and the earnings presentation is available on the investor relations section on ReNew's website at www.renew.com.

謝謝。大家早安，感謝大家的收看。我們昨晚發布了一份新聞稿，宣布了截至 2025 年 12 月 31 日的 2025 財年第三季度的業績，新聞稿和收益報告的副本可在 ReNew 網站 www.renew.com 的投資者關係部分找到。

With me today are Sumant Sinha, our founder, Chairman and Chief Executive Officer; Kailash Vaswani, our CFO, and Vaishali Nigam Sinha, co-founder and chairperson sustainability.

今天與我一起的還有我們的創辦人、董事長兼執行長蘇曼特辛哈 (Sumant Sinha)；我們的財務長 Kailash Vaswani 和永續發展聯合創始人兼主席 Vaishali Nigam 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.

準備好的發言結束後（預計約半小時），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的資料中。

These statements are important and integral to all our remarks. There are risks and uncertainties that could cause our results to differ quite easily from those expressed or implied by such forward-looking statements. So, we encourage you to review the press release we furnished in our form 6K and the presentation on our website for a more complete description.

這些聲明非常重要，也是我們所有言論不可或缺的一部分。存在一些風險和不確定性，可能導致我們的結果與此類前瞻性陳述所表達或暗示的結果相當不同。因此，我們鼓勵您查看我們在 6K 表格中提供的新聞稿和我們網站上的演示文稿，以獲得更完整的描述。

Also contained in our press release presentation materials and the 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 presentation and our annual report. It's now my pleasure to hand it over to Sumant.

我們的新聞稿簡報資料和年度報告中還包含某些非國際財務報告準則指標，我們已將這些指標與最具可比性的國際財務報告準則指標進行調節，這些調節結果也可在我們的網站的簡報和年度報告中查閱。現在我很高興將它移交給蘇曼特。

Yeah, thank you Anunay. Good morning, everybody and good evening or good afternoon. Glad to have you all on our earnings call for the third quarter of fiscal 2025.

是的，謝謝你，Anunay。大家早安，晚上好或下午好。很高興大家參加我們 2025 財年第三季的收益電話會議。

Before we get into our business and the updates for the quarter and the nine months, let me give a short overview of the macro environment related to our industry, in the past three months. In India, the GDP growth rate, which had declined to 5.4% in Q2 fiscal 2025 is expected to again pick up from Q3.

在我們討論業務以及本季和前九個月的最新情況之前，讓我先簡單概述一下過去三個月與我們行業相關的宏觀環境。印度的 GDP 成長率預計將從 2025 財年第二季的 5.4% 開始回升。

Inflation is also benign with RBI cutting rates by 25 basis points earlier this month after a fairly long period of time. With further cuts, rate cuts being anticipated during the year. We anticipate that Indian domestic banks should pass on these benefits to borrowers like us, thereby reducing borrowing costs for infrastructure companies and making projects more attractive.

通貨膨脹也處於良性狀態，印度儲備銀行在經過相當長的一段時間後於本月初將利率下調了 25 個基點。隨著進一步降息，預計年內也將進一步降息。我們預期印度國內銀行應該將這些好處轉嫁給我們這樣的借款人，從而降低基礎設施公司的借貸成本，使專案更具吸引力。

Power demand has also increased from December 2024 and the recent union budget also had a strong focus on boosting consumption, which is encouraging. The renewable energy environment looks promising with more than 50 gigawatts of renewable energy capacity already auctioned during the year.

從 2024 年 12 月起，電力需求也有所增加，最近的聯邦預算也非常注重促進消費，這是令人鼓舞的。再生能源環境前景看好，今年已拍賣超過 50 吉瓦的再生能源容量。

Therefore, while the US equity markets for renewable energy companies remain challenging, the underlying fundamentals governing renewable energy in India, continue to remain quite robust. Let me now turn to updates about ReNew.

因此，儘管美國再生能源公司的股票市場仍然充滿挑戰，但印度再生能源的基本面仍然保持相當強勁。現在讓我來談談 ReNew 的最新消息。

ReNew has now entered the 15th year of its operations, and we proudly celebrated our anniversary recently. From our modest beginnings in 2011, we've expanded our footprint to almost 11 gigawatts of commissioned capacity.

ReNew 現已進入營運的第 15 個年頭，我們最近自豪地慶祝了我們的周年紀念。自 2011 年起步以來，我們的業務範圍已擴大到近 11 千兆瓦的委託容量。

I extend my heartfelt appreciation to all of our shareholders, our employees, customers, lenders, advisors, whose unwavering support has been instrumental in our journey since day one. Now let me turn to highlights from our business on page 6 of the presentation.

我向我們所有的股東、員工、客戶、貸款人和顧問表示衷心的感謝，他們自第一天起就堅定不移的支持對我們起到了至關重要的作用。現在，讓我翻到簡報第 6 頁上的我們業務的亮點。

Over the years, we have maintained our leadership in project execution and commissioning greenfield projects. I am pleased to report that we have achieved one of the highest year-to-date megawatt commissioning with approximately 1.3 gigawatts and an additional 150-megawatt hours of batteries commissioned so far, this fiscal year, and a total of 2.6 gigawatts delivered since December 2023.

多年來，我們在專案執行和綠地專案調試方面一直保持領先地位。我很高興地報告，本財年迄今為止，我們已實現最高的兆瓦投運量之一，約有 1.3 千兆瓦和額外的 150 兆瓦時的電池已投入使用，自 2023 年 12 月以來共交付了 2.6 千兆瓦。

With this, our operational portfolio now stands at 10.8 gigawatts with a 26% increase year on year. Our total committed portfolio now stands at 17.4 gigawatts, representing an impressive 27% growth year on year and an additional 1.1 gigawatts since the last earnings score.

目前，我們的營運組合已達到 10.8 吉瓦，年增 26%。我們目前的總承諾投資組合為 17.4 千兆瓦，較去年同期成長 27%，自上次獲利以來又增加了 1.1 千兆瓦。

We have secured 3.9 gigawatts of renewable energy capacity and 600 megawatt hours the best through auction so far, this fiscal year. Bringing our total pipeline to approximately 24 gigawatts plus 2 gigawatt hours of batteries. Representing one of the largest renewable energy portfolios in India.

本財年迄今為止，我們已透過拍賣獲得了 3.9 千兆瓦的可再生能源容量和 600 兆瓦時的電力。我們的總產能達到約 24 千兆瓦，外加 2 千兆瓦時的電池。代表印度最大的再生能源組合之一。

A notable trend this year has been the strategic shift towards more complex projects, with the majority of our auction wins this fiscal originating from such projects. While we are not aggressively seeking additional capacity in the near term, we continue to adopt a disciplined approach targeting auctions that offer attractive return profiles.

今年一個顯著的趨勢是策略轉向更複雜的項目，本財年我們贏得的大部分拍賣都來自此類項目。雖然我們不會積極尋求短期內的額外產能，但我們將繼續採取嚴謹的方法，瞄準能夠提供有吸引力的回報的拍賣。

With the decline in battery prices, the market has seen an increasing number of battery plus solar solutions options. We're excited to announce that we won our first solar plus battery energy storage system tender this year. We remain confident in meeting our targeted megawatt installations by the end of the year.

隨著電池價格的下降，市場上出現了越來越多的電池加太陽能解決方案選擇。我們很高興地宣布，我們今年贏得了首個太陽能加電池儲能係統招標。我們仍有信心在今年年底前實現兆瓦裝機目標。

This includes about 600 megawatts, which is subject to timely regulatory approvals and build out of transmission infrastructure. Our manufacturing facility continues to expand towards its full potential and is now producing about 10 megawatts per day of modules.

其中包括約 600 兆瓦，需及時獲得監管部門批准並建造輸電基礎設施。我們的製造工廠繼續擴大規模，充分發揮其潛力，目前每天生產約 10 兆瓦的模組。

Additionally, we have been able to secure an aggregate order book of about 2 gigawatts till date, doubling it in a quarter. These modules and cells are expected to be delivered over the course of the next fiscal. Our manufacturing facilities are produced by this time in aggregate about 3.6 gigawatts of modules and about 300 megawatts of cells till date.

此外，迄今為止，我們已經獲得了約 2 千兆瓦的總訂單，在一個季度內翻了一番。這些模組和電池預計將在下一財年交付。到目前為止，我們的製造設施共生產了約 3.6 千兆瓦的模組和約 300 兆瓦的電池。

Continuing our path towards world-class energy practices, ReNew was also recognized as India's highest rated purely renewable energy company by S&P. Let me now hand it to Kailash for finance and other highlights.

ReNew 繼續朝著世界一流的能源實踐邁進，並被標準普爾評為印度評級最高的純可再生能源公司。現在，讓我將財務和其他亮點交給凱拉什 (Kailash)。

Thanks, Sumant. Turning to page 7, we are committed to bringing in efficiency in our operations and reducing costs while we continue to deliver profitable growth. This quarter, we saw 50 basis points improvement in margins primarily driven by a cost optimization initiatives and lower provisioning than the previous comparable quarter.

謝謝，蘇曼特。翻到第 7 頁，我們致力於提高營運效率、降低成本，同時持續實現獲利成長。本季度，我們的利潤率提高了 50 個基點，這主要得益於成本優化措施和比上一季更低的撥備。

Our DSOs, which is debtors to sales outstanding, saw a 22-day reduction from Q2 of this year, solidifying our balance sheet and improving our cash flows. When PLS trended lower this year compared to last year, due to which we have reduced the FY25 EBITDA guidance range to INR74 billion to INR78 billion. And the cash flow to equity guidance to INR11 billion to INR13 billion.

我們的 DSO（應收帳款與未償銷售額之比）較今年第二季減少了 22 天，從而鞏固了我們的資產負債表並改善了我們的現金流。由於今年的 PLS 趨勢與去年相比有所下降，因此我們將 25 財年的 EBITDA 指引下調至 740 億印度盧比至 780 億印度盧比。並將股權現金流預期調至 110 億印度盧比至 130 億印度盧比。

When providing guidance for the current fiscal year, we assume weathers similar to FY24 but actually, we've experienced lower win PLS almost every quarter and fourth quarter is also below the same quarter in the prior year so far.

在為本財年提供指導時，我們假設情況與 24 財年類似，但實際上，幾乎每個季度我們都經歷了較低的 PLS 勝利，而且第四季度也低於去年同期。

Lastly, the new shareholders have received a non-binding offer by a consortium comprising of CPP Investments, Masdar, ADIA, and Sumant Sinha. The special committee comprising of independent directors and advice by Rothschild and Linklaters have been in discussion with the consortium regarding the offer.

最後，新股東收到了由 CPP Investments、Masdar、ADIA 和 Sumant Sinha 組成的財團提出的非約束性報價。由獨立董事和羅斯柴爾德律師事務所及年利達律師事務所顧問組成的特別委員會一直在與該財團討論該要約。

While we understand that our stakeholders are eager to know what's going on, however, you will appreciate that currency we cannot comment on the timing or status of the process, and we will report to the market as soon as there is a development at our end. We will not be able to comment further on the offer at this stage. Let me turn it back to Sumant.

雖然我們理解我們的利害關係人渴望知道發生了什麼，但是，您會理解我們無法對該過程的時間或狀態發表評論，一旦我們這邊有進展，我們將立即向市場報告。目前我們無法對該報價發表進一步評論。讓我把它交還給蘇曼特。

Yes, thanks Kailash. Turning to page 9. I'm happy to report that we have been able to increase our operating megawatts by about 26% year on year and our total operating portfolio now stands at 10.8 gigawatts. During the last 12 months, we have been able to commission over 2.6 gigawatts and have commissioned about 1.3 gigawatts so far in this fiscal year.

是的，謝謝 Kailash。翻到第 9 頁。我很高興地報告，我們的營運兆瓦數年增長了約 26%，目前我們的總營運組合已達到 10.8 千兆瓦。在過去的 12 個月中，我們已經能夠投產超過 2.6 千兆瓦的電力，而本財年迄今已投產約 1.3 千兆瓦的電力。

In addition, our total contracted portfolio has also grown by about 27% to 17.4 gigawatts. During the year, we signed PPS for approximately 3.8 gigawatts of RE capacity and our committed capacity is now 17.4 gigawatts along with 800 megawatt hours of best.

此外，我們的總合約組合也成長了約27%，達到17.4吉瓦。今年，我們簽署了約 3.8 千兆瓦再生能源容量的 PPS，目前我們的承諾容量為 17.4 千兆瓦，最佳容量為 800 兆瓦時。

While the auction market provides ample opportunity to grow, we continue to be disciplined in our approach to bidding. We are selective and conservative in our bidding and so far, this year have managed to secure 3.9 gigawatts of RE in the current fiscal year, along with another 600-megawatt hours of base.

儘管拍賣市場提供了充足的成長機會，但我們在競標方式上仍保持嚴謹。我們在投標中非常謹慎和有選擇性，到目前為止，今年已經成功確保了本財年的 3.9 千兆瓦可再生能源，以及另外 600 兆瓦時的基準能源。

We do see that batteries will play a significant role in providing great balancing in the future and provide flexibility to grow with more certainty on returns. We have won our first solar plus best bid in the current fiscal and we will continue to focus on these bids as well.

我們確實看到電池在未來提供良好平衡方面將發揮重要作用，並提供靈活性以實現更確定的回報。我們在本財政年度贏得了第一個太陽能加最佳投標，我們也將繼續關注這些投標。

Our capital recycling program also continues, as earlier as we signed an agreement to sell a 300-megawatt SECI solar asset with the transaction expected to close by March 2025 with valuations in line with our past capital recycling transactions.

我們的資本回收計劃也在繼續，早前我們簽署了一項出售 300 兆瓦 SECI 太陽能資產的協議，預計交易將於 2025 年 3 月完成，估值與我們過去的資本回收交易一致。

Turning to page 10, execution remains our core strength, and time and again we have demonstrated our ability to build large scale projects efficiently and within budgeted costs. On the solar construction front, we have already commissioned 1,120 megawatts this year with an additional 175 megawatts in the final stages of regulatory approvals.

翻到第 10 頁，執行力仍然是我們的核心優勢，我們一次又一次證明了我們有能力在預算成本內有效率地建造大型專案。在太陽能建設方面，我們今年已經投入使用 1,120 兆瓦，另外還有 175 兆瓦正處於監管部門審批的最後階段。

Moreover, 400 megawatts of solar projects are fully erected and will move towards COD approvals. The peak power project has also been commissioned under the PPA, and we have also commissioned almost 800 megawatts of our RTC project.

此外，400兆瓦的太陽能專案已全面建成並將獲得COD批准。尖峰電力專案也已根據 PPA 投入使用，我們也投入了近 800 兆瓦的 RTC 專案。

In the wind segment, we have commissioned 140 megawatts year-to-date with another 500 megawatts of turbines already installed and ready for grid connection. While most of the work has been completed at our end, last mile connectivity and administrative hassles could have a minor impact on the commissioning timelines.

在風電領域，今年迄今我們已投入使用 140 兆瓦的風電，另外 500 兆瓦的風力渦輪機也已安裝完畢並準備併網。雖然我們這邊的大部分工作已經完成，但最後一英里的連接和管理麻煩可能會對調試時間表產生輕微的影響。

Our manufacturing business is turning out to be a significant competitive advantage for us. On one hand, we get access to uninterrupted supply of high efficiency modules. On the other hand, external sales enable in generating cash for the company and help deal with the business.

我們的製造業務正在成為我們顯著的競爭優勢。一方面，我們可以獲得不間斷的高效模組供應。另一方面，外部銷售可以為公司創造現金並有助於處理業務。

The business generated an EBITDA of approximately INR560 million in Q3 of fiscal 2025. Our manufacturing facilities have produced an aggregate of 3.6 gigawatts of modules to date and is approaching an average daily production rate of nearly 10 megawatts every day.

該業務在 2025 財年第三季的息稅折舊攤提前利潤 (EBITDA) 約為 5.6 億印度盧比。迄今為止，我們的製造工廠已累積生產了 3.6 千兆瓦的模組，平均每日生產率接近 10 兆瓦。

As we ramp up production, our sales team has played a crucial role in securing contracts for surplus capacity. To date, we have secured an external order book of 2 gigawatts, which includes 1.1 gigawatts of sales plus modules, a volume we aim to deliver over the next fiscal year.

隨著我們提高產量，我們的銷售團隊在確保剩餘產能合約方面發揮了至關重要的作用。到目前為止，我們已經獲得了 2 千兆瓦的外部訂單，其中包括 1.1 千兆瓦的銷售量和模組，我們的目標是在下一個財政年度交付這一數量。

Lastly, our cell facility started commercial production in the current year, in the current quarter and has already doubled, has already produced over 300 megawatts of sales. We have achieved an industry leading efficiency of 23.2% for ourselves, underlining our commitment to quality and high standards. I will now hand it back to Kailash to go through the finance section.

最後，我們的電池工廠今年本季開始商業化生產，產量已經翻了一番，銷售量已經超過 300 兆瓦。我們實現了業界領先的 23.2% 的效率，彰顯了我們對品質和高標準的承諾。我現在將其交還給凱拉什 (Kailash) 來審核財務部分。

Thanks, Sumant. Our turn to page 12, our operational portfolio has seen a 26% year over year increase in megawatts, underscoring the strength of our EPC execution capabilities. Our cost optimization efforts are showing results, and equal time margins have expanded significantly from 75% to 80% in the current quarter and improved by 240 basis points for the nine-month period ending December.

謝謝，蘇曼特。翻到第 12 頁，我們的營運組合兆瓦數年增了 26%，凸顯了我們 EPC 執行能力的強大。我們的成本優化工作正在取得成效，本季的均時利潤率已從 75% 大幅擴大至 80%，截至 12 月的九個月期間提高了 240 個基點。

Adjusted EBITDA rose by 11% year on year, primarily impacted by weaker than expected wind performance. We also continue to see improvement in DSOs. Our DSOs now stand at 72 days, our lowest ever, and a 22-day reduction over the previous quarter.

調整後的 EBITDA 年成長 11%，主要受到風電表現弱於預期的影響。我們也看到 DSO 不斷改進。我們的 DSO 目前為 72 天，是歷史最低水平，比上一季減少了 22 天。

If you look at the year-on-year EBITDA work, while newly commissioned projects contributed an additional INR2.8 billion in revenue. But lower than expected build resource led to a revenue reduction relative to guidance of INR1.6 billion for the quarter.

如果看看同比 EBITDA 數據，就會發現新投產的項目額外貢獻了 28 億印度盧比的收入。但低於預期的建設資源導致本季收入相對於預期的 16 億印度盧比減少。

Furthermore, asset sales during the period resulted in a comparative revenue reduction of approximately INR900 million partially offsetted by the INR1.1 billion savings in the quarter that we achieved through our cost optimization initiatives such as internal internalization of O&M that was earlier outsourced to Wind OEN, SG&A reduction, and a reduction in discretionary spends along with the lower one-off impact.

此外，本期間的資產出售導致相對收入減少約 9 億印度盧比，但本季度我們透過成本優化措施節省了 11 億印度盧比，例如將先前外包給 Wind OEN 的 O&M 內部化、銷售、一般及行政費用減少、可自由支配支出減少以及一次性影響降低，從而部分抵消了這一減少。

Let me now turn to page 13. All of India have been impacted by poorer wind resource in fiscal 2025 compared to last year, details of which are there on page 23. While we based our initial guidance on weather being similar to fiscal 24, however, wind PLF have been below fiscal '24 levels and solar PLFs have also been slightly lower.

現在讓我翻到第 13 頁。與去年相比，2025財年印度全境都受到了風力資源減少的影響，詳情請見第23頁。雖然我們最初的預測是基於天氣與 24 財年相似，但風電 PLF 一直低於 24 財年的水平，太陽能 PLF 也略低。

While our cost optimization initiatives have helped mitigate these impacts on board, we still have to make a revision to our FY 2025 EBITDA guidance due to the INR4.7 billion impact on account of weather. In Q3FY 25, portfolio level wind PLF stood at 13.5%, a decline from 17% over the previous year. During the first nine-month period, absolute wind PLFs had fallen by almost 240 basis points.

雖然我們的成本優化措施有助於減輕這些影響，但由於天氣原因造成的 47 億印度盧比的影響，我們仍然必須修改 2025 財年的 EBITDA 指引。25 財年第三季度，投資組合等級風能 PLF 為 13.5%，較前一年的 17% 下降。在前九個月期間，絕對風電 PLF 下降了近 240 個基點。

Although wind performance has been lower than anticipated, our cost optimization initiatives have helped mitigate part of the impact due to savings of INR2 billion in the first nine months of the current fiscal year. Turning to page 14, in spite of the lower-than-expected EBITDA performances, we continue to be committed towards being disciplined in our leverage.

儘管風力發電性能低於預期，但我們的成本優化措施已幫助減輕部分影響，因為本財年前九個月節省了 20 億印度盧比。翻到第 14 頁，儘管 EBITDA 表現低於預期，但我們仍將繼續致力於控制槓桿。

Our operating project leverage ratio continues to be below 6X using trailing 12 months EBITDA rather than the run rate figures, which under normal weather conditions should improve slightly. Let me now hand it over to Vaishali for comments on ESG.

使用過去 12 個月的 EBITDA 而不是運行率數據，我們的營運項目槓桿率繼續低於 6 倍，在正常天氣條件下應該會略有改善。現在，讓我將主題交給 Vaishali，請他針對 ESG 發表意見。

Thank you, Kailash. Turning to page 16 and reviewing advancements in ReNew's ESG initiatives and targets now. 2024 has been a stark reminder of our climate reality with global temperatures surpassing the 1.5 °C threshold, the importance of sustainability has never been more evident.

謝謝你，凱拉什。翻到第 16 頁，現在回顧 ReNew 的 ESG 計畫和目標的進展。 2024 年已經清楚地提醒我們氣候現實，隨著全球氣溫超過 1.5°C 的閾值，永續性的重要性從未如此明顯。

At ReNew we remain unwavering in our commitment to this call. Over the last quarter, we have made significant strides in the following areas. ESG ratings renews performance in the highly regarded S&P Global corporate sustainability assessment has been a major highlight for us in this quarter.

在 ReNew，我們始終堅定不移地致力於這項呼籲。上個季度，我們在以下領域取得了重大進展。ESG評級在備受推崇的標普全球企業永續性評估中重獲新生是我們本季的一大亮點。

We became the highest rated pure play renewable energy company in India by achieving our highest ever score of 73 out of 100. Additionally, we made history as the first company from India's electric utility sector to be included in the prestigious S&P Global CSA yearbook.

我們獲得了有史以來的最高分 73 分（滿分 100 分），成為印度評級最高的純再生能源公司。此外，我們也創造了歷史，成為印度電力產業第一家被列入著名的標準普爾全球 CSA 年鑑的公司。

Green certifications. ReNew's Jaipur manufacturing plant achieved the highly acclaimed lead goal certification, further reinforcing our commitment to a green and sustainable set of operations. Leadership Awards. In the past quarter, ReNew has received nationwide recognition from leading publications and organizations.

綠色認證。ReNew 的齋浦爾製造工廠獲得了備受讚譽的鉛目標認證，進一步加強了我們對綠色和永續營運的承諾。領導力獎。在過去的一個季度，ReNew 獲得了全國領先出版物和組織的認可。

We were named Company of the year by First View for our business excellence, innovation, and renewable energy leadership. Our solar, wind, and hybrid plants secured the CII Performance Excellence Awards, while Financial Express honored us as the winners in the Clean Energy champion category at the Green Sarathi Awards.

我們憑藉卓越的業務、創新和再生能源領導地位被 First View 評為年度公司。我們的太陽能、風能和混合發電廠榮獲了印度工業聯合會績效卓越獎，而《金融快報》則將我們評為綠色薩拉蒂獎的清潔能源冠軍類別獲獎者。

Now turning to slide 17 to review the progress made across our ESG targets. ReNew remains committed to achieving its SBTi validated net zero target.

現在翻到第 17 張投影片來回顧我們在 ESG 目標方面的進展。ReNew 仍然致力於實現其經 SBTi 驗證的淨零目標。

The development of our decarbonization roadmap for manufacturing is underway, and we are advancing efforts to reduce [CO] emissions to the ongoing assessment of a sustainable supply chain, which includes detailed supplier ESG assessments, target setting, and advanced monitoring.

我們正在製定製造業的脫碳路線圖，並正在推進減少 [CO] 排放的努力，以持續評估永續供應鏈，其中包括詳細的供應商 ESG 評估、目標設定和進階監控。

Social responsibility is integral to our business, driving community stewardship, volunteerism, and equitable development. This commitment propels us towards our goal of impacting 2.5 million lives by 2030, with the programs already reaching over 1.4 million lives impacted. In quarter three we made considerable progress in this regard.

社會責任是我們業務不可或缺的一部分，它推動社區管理、志願服務和公平發展。這項承諾推動我們實現 2030 年影響 250 萬人生活的目標，目前這些計畫已經影響了超過 140 萬人的生活。第三季我們在這方面取得了長足的進展。

We distributed 163,000 blankets to those who needed them the most. Solar electrification of 46 schools is underway, and 55 digital labs have been established across the country. As part of our Solpan work program, we are upskilling women, and a total of 595 women have been trained to date, with 150 completing their training in quarter three.

我們向最需要的人分發了 163,000 條毯子。46所學校的太陽能發電工作正在進行中，全國已建立55個數位實驗室。作為 Solpan 工作計劃的一部分，我們正在提高女性的技能，迄今為止共有 595 名女性接受了培訓，其中 150 名在第三季完成了培訓。

As part of our company-wide sustainability targets, we remain on track to achieve both our short and long-term rating goals. These ratings underscore the impact of our first integrated report, and we look forward to building on this momentum and reporting our progress with the release of our second integrated report in 2025. I will now ask Kailash to cover guidance.

作為我們全公司永續發展目標的一部分，我們仍有望實現短期和長期評級目標。這些評級凸顯了我們的第一份綜合報告的影響，我們期待在此基礎上再接再厲，在 2025 年發布第二份綜合報告時報告我們的進展。現在我將請凱拉什 (Kailash) 提供指導。

Thank you, Vaishali. Coming to our guidance, we are reaffirming our megawatt guidance for the year, which includes 600 megawatts, the commissioning of which is dependent on timely regulatory approval and timely build out of the transmission infrastructure.

謝謝你，Vaishali。談到我們的指導，我們重申今年的兆瓦指導，其中包括 600 兆瓦，其調試取決於及時的監管部門批准和及時的輸電基礎設施建設。

While we have a good handle on execution, we are impacted by weather and its seasonality. We are lowering the range of our full year 2025 expectation on adjusted EBITDA and cash flow to equity guidance. On the other hand, we are happy to update the runway guidance for our target portfolio of 17.4 gigawatts, which is up 1.1 gigawatts since the last quarter. With that, we'll be happy to take questions.

雖然我們對執行有很好的把握，但我們會受到天氣及其季節性的影響。我們正在下調 2025 年全年調整後 EBITDA 和現金流量預期至股權指引的範圍。另一方面，我們很高興更新目標投資組合的跑道指導，為 17.4 千兆瓦，自上一季以來增加了 1.1 千兆瓦。我們很樂意回答您的問題。

Thank you (Operator Instructions). Our first question comes from Justin Clare with Roth Capital Partners.

謝謝（操作員指令）。我們的第一個問題來自 Roth Capital Partners 的 Justin Clare。

Hi, thanks for taking our questions here.

您好，感謝您在這裡回答我們的問題。

So first off, I wanted to start with some wind PLF Q3, the PLF was lower than it has been historically here. I was wondering, is this just the result of lower wind speeds in India broadly?

首先，我想從一些風力 PLF Q3 開始，這裡的 PLF 比歷史上任何時候都要低。我想知道，這是否只是印度整體風速較低的結果？

Was there any other issue or any factors in terms of the performance of your specific projects and then wondering if you could just talk about how, you've seen when PLS trend into Q4, and, whether or not we're seeing a return to kind of historical averages.

就您的具體項目的表現而言，是否有其他問題或因素？然後，我想知道您是否可以談談您如何看待 PLS 趨勢進入第四季度，以及我們是否看到了回歸歷史平均水平的跡象。

Yeah, hi Justin. Look, the PLF reduction was entirely on account of wind. Wind speeds in Q3 were, significantly lower, and so you should assume that the entire delta and PLF as an account of wind speed differentials from the long-term averages, that is really what caused the decline in in in revenue along with that.

是的，你好，賈斯汀。瞧，PLF 的減少完全是由於風造成的。第三季的風速明顯較低，因此您應該假設整個 delta 和 PLF 是風速與長期平均值差異的體現，這才是導致收入下降的真正原因。

So far wind speeds in Q4, it's all this obviously, early to comment on it, are getting closer back to normal, so I would say they're not entirely back to normal, but they are certainly not as, quite as bad as they were in Q3. So that's where we are right now.

到目前為止，第四季度的風速，顯然現在評論還為時過早，已經接近恢復正常，所以我想說，它們還沒有完全恢復正常，但肯定不像第三季度那麼糟糕。這就是我們現在的狀況。

Got it. Okay, and then wanted to see, you mentioned that rates could be lower than India here. Was wondering where you think, rates could settle for your project finance, what you think the outlook is there, and then how much of your debt, do you think could benefit from lower rates here in the near term, and if you could potentially quantify what the potential impact might be, that could be helpful.

知道了。好的，然後想看看，您提到這裡的利率可能比印度低。我想知道您認為您的專案融資利率可以達到多少，您認為前景如何，您認為短期內您的多少債務可以從較低的利率中受益，如果您可以量化潛在的影響，那可能會有所幫助。

Yeah, sure, I can take that, yeah. So Justin, as far as the rate reduction is concerned, so you know we're yet to see the transmission of that, from the lenders into their lending rates.

是的，當然，我可以接受，是的。賈斯汀，就降息而言，你知道我們還沒有看到貸款方對其貸款利率的傳導。

But whether we have, rates which are linked to short term benchmarks like three-month treasury bills, there, we have started seeing the benefit of that because the short-term rates have started reducing, but that would be a small component of our portfolio.

但是，無論我們是否有與三個月期國庫券等短期基準掛鉤的利率，我們都已開始看到這樣做的好處，因為短期利率已開始下降，但這只是我們投資組合的一小部分。

I think the overall the variable rate part of the portfolio you will see some reduction happened, which is around 30%-35% of our portfolio would be, borrowing from domestic institutions where some part of this benefit we will see.

我認為，總體而言，投資組合的浮動利率部分將有所減少，大約占我們投資組合的 30%-35%，這些資金來自國內機構的借款，我們將從中看到部分收益。

But as when the transition happens, how much will happen that will be known as, more time goes by right now we've not seen any banks significantly cut their, marginal cost lending rates, which is the MCLRs, and hence, we've not benefited on a large part of our portfolio.

但是，當轉變發生時，將會發生多少變化，這將被稱為，隨著時間的推移，現在我們還沒有看到任何銀行大幅降低邊際成本貸款利率，即 MCLR，因此，我們的大部分投資組合並未受益。

But on a small part which could be less than 10%, which was linked to very short-term rates we started seeing that benefit, but that is in any case that was more of a leading indicator. Those rates and in any case gone down and hence we got that benefit, earlier before the rate cut also happened.

但在一小部分（可能不到 10%）上，由於與短期利率相關，我們開始看到這種好處，但無論如何，這更像是領先指標。無論如何，這些利率都會下降，因此我們在降息之前就獲得了好處。

And the long-term outlook so long.

並且長期展望如此之長。

Again, with inflation, coming taming being tamed in and government focus being on, encouraging more growth, also, encouraging more consumption. I think there would be continued reduction in rates which is likely to happen.

再次，隨著通貨膨脹的逐漸控制，政府的重點是鼓勵更多的成長，同時也鼓勵更多的消費。我認為利率將會繼續降低，這是有可能發生的。

Only, caveat there is obviously the currency where, to some extent, given that the rupee had depreciated quite sharply against the dollar. That could be one thing we should be playing on the government's mind in terms of how much to reduce and how fast to reduce because, obviously then that will result in a flight of capital.

只是，需要注意的是，在某種程度上，盧比兌美元的匯率顯然已經大幅貶值。這可能是我們應該向政府考慮的問題，即削減多少以及削減的速度，因為很明顯，這將導致資本外逃。

Got it, okay. And just one more, curious on the battery plus solar solutions here. I was wondering if you talk about the anticipated project returns and how those compare to, plain vanilla solar projects or more complicated, around the clock projects, just how attractive do you see the returns there?

知道了，好的。還有一點，我對這裡的電池加太陽能解決方案感到好奇。我想知道，如果您談論預期的專案回報，以及這些回報與普通的太陽能專案或更複雜的全天候專案相比如何，您認為那裡的回報有多大吸引力？

Yeah, I think a lot depends on the assumptions that you make on the pricing of batteries, obviously, when you make the bid, now prices of batteries have continued to go down quite substantially, as we all know, and so therefore, wherever we have batteries and whatever batteries we have in our portfolio are looking attractive because the assumptions that we made on pricing were relatively conservative.

是的，我認為這在很大程度上取決於你對電池定價的假設，顯然，當你進行投標時，現在電池的價格已經持續大幅下降，眾所周知，因此，無論我們在哪裡有電池，無論我們的產品組合中有什麼電池，看起來都很有吸引力，因為我們對定價做出的假設相對保守。

And because of the reduction in pricing, we're sort of looking at I think attractive returns on those. I would say that plain vanilla solar, probably, in a way gives us the just the lower returns of the three and then you have solar plus storage and then you have the FDRE rebates which are probably the highest return.

而由於價格降低，我們認為這些回報頗具吸引力。我想說，從某種程度上來說，普通的太陽能可能只為我們帶來三者中較低的回報，然後是太陽能加儲能，然後是 FDRE 回扣，這可能是最高的回報。

The delta between them is probably in terms of IR is maybe 3%, 2% to 3% or thereabouts with solar plus best be somewhere in the middle, but eventually when we get to execute the projects, it may be that best prices have gone down to a level that we actually end up doing quite well on those projects as well.

它們之間的差異可能是 IR 為 3%、2% 到 3% 左右，太陽能最好是介於兩者之間，但最終當我們執行專案時，最佳價格可能已經下降到我們實際上在這些專案上也做得很好的水平。

Got it that makes sense. Okay, thank you.

我明白了，這很有道理。好的，謝謝。

Your next question comes from Maheep Mandloi with Mizuho.

您的下一個問題來自瑞穗的 Maheep Mandloi。

Hey, good morning from, oh yeah, and thanks for the questions. First, just on the solar manufacturing, that you guys have, I think on the last call you said you're at 10 megawatt per week run rate.

嘿，早上好，哦是的，謝謝你的提問。首先，就你們的太陽能製造而言，我記得上次通話中你們說你們的運作率為每週 10 兆瓦。

Could you just remind us what the run rate is on the cell and module for you guys and how to think about the Yeah, the backlog, how much of that should be, do you expect revenue recognition and on a quarterly basis going forward here. Thanks.

您能否提醒我們一下，你們的電池和模組的運行率是多少，以及如何考慮積壓訂單，其中應該有多少，您是否預計未來會按季度確認收入。謝謝。

Yeah, so, look, I think I'll talk about the production, and I'll ask Kailash to answer on the revenue part. On the production part, we, are sort of between 10 and 11 megawatts right now per day of modules. That's the rate that we are producing at right now, so if you want to analyze that, assume 350 workdays.

是的，所以，看，我想我會談論生產，然後我會讓凱拉什回答收入部分。在生產方面，我們目前每天的模組產量在 10 到 11 兆瓦之間。這是我們目前的生產力，因此如果您想分析一下，假設有 350 個工作天。

Then you get a sense of where the megawatts is from an overall standpoint. The eventual goal is to get that to over 12, 13 megawatts a day. So, we're sort of moving in that direction quite well, given that some part of our module capacity was commissioned fairly recently on the cell side we are close to we're producing between 3.5 to 4 megawatts every day right now.

然後你就可以從整體角度了解兆瓦的位置。最終目標是達到每天 12 至 13 兆瓦以上。因此，我們正朝著這個方向順利前進，考慮到我們的部分模組產能最近才剛投入使用，電池方面的產能也已接近每天 3.5 至 4 兆瓦。

And that is something that, again is getting close to, what the expected production rate was, or needs to be on a steady state basis, and the more important thing almost there is that the efficiency levels on sales is actually among the highest in the country right now, so our team has been able to really stabilize the plant at a fairly high operating efficiency level, so that's positive.

這再次接近預期的生產率，或者說需要在穩定狀態下達到的水平，更重要的是，銷售效率水平實際上目前是全國最高的，所以我們的團隊已經能夠真正將工廠穩定在相當高的運營效率水平，這是積極的。

On the revenue side, Kailash, would you like to take that?

在收入方面，凱拉什，你願意接受嗎？

Yeah, sure. So, again Maheep just you just to clarify most of the revenues, from captive sales, which happen to the renewable energy arm of, renew, that is all capitalized into the balance sheet because obviously it's within the groups and consolidation it gets knocked off.

是的，當然。因此，Maheep，您再次澄清一下，大部分收入來自專屬銷售，這些收入發生在再生能源部門，這些收入全部資本化到資產負債表中，因為顯然它在集團內部，合併後就會被剔除。

So, for third party is what you know we have reported our numbers for the first time this time so for the first nine-month period which was largely most of the sales happened in the quarter, we had INR3.4 billion of revenues around, INR600 million of EBITDA, that, for the current period and going forward obviously as and when third party sales has happened then you know similar amounts would then be reported for the third party portion only.

因此，對於第三方，您知道我們這次首次報告了我們的數據，因此在前九個月期間（大部分銷售都發生在本季度），我們的收入約為 34 億印度盧比，EBITDA 為 6 億印度盧比，對於當前期間以及未來，顯然當第三方銷售發生時，您知道只會為第三方部分報告類似的金額。

Got it. And maybe just follow up on the module side, we see a lot of Chinese companies. I mean US companies also claiming ownership of Top com patents and bunch of lawsuits and not in India but other regions, but is that a concern for you? Are you seeing any of those over to the Indian markets?

知道了。也許只是從模組方面來看，我們看到很多中國公司。我的意思是，美國公司也聲稱擁有 Top com 專利，並發起了一系列訴訟，而且不是在印度，而是在其他地區，但這是否讓您擔心？您是否在印度市場上看到了這些產品？

I think yeah.

我認為是的。

Yeah, I was just saying that, see, in any case, not, mostly companies who were exporting into the US, that's where most of these actions were taken given that we do not have any exposure to the US market in terms of exports, we didn't see any, or we don't plan expect to have any such impact.

是的，我只是說，你看，無論如何，大多數公司都是向美國出口的，因為我們在出口方面沒有任何接觸美國市場，所以我們採取了大多數這些行動，我們沒有看到任何影響，或者我們不打算預期會產生任何此類影響。

And just one last one, on the 300 megawatts sales and, not sure if we talked about it, but could you talk about the multiples you're expecting on those or if they're in line or better than what we saw in the past?

最後一個問題，關於 300 兆瓦的銷售，我不確定我們是否討論過這個問題，但您能否談談您預期的倍數，或者它們是否與我們過去看到的一致或更好？

So yeah Maheep. So, it's commented in the presentation, but basically, it's in line with our, past recycling initiatives.

是的，Maheep。因此，它在演示文稿中進行了評論，但基本上，它與我們過去的回收計劃一致。

Got it, sorry I missed that, but no, I appreciate the call.

明白了，很抱歉我錯過了，不過不用了，我很感謝你的來電。

Your next question is from Nikhil Nigania with Bernstein.

您的下一個問題來自伯恩斯坦的尼加尼亞 (Nikhil Nigania)。

Thank you for taking my question. My first question is on the border of the renewable space while the government is pushing, on the plans, hearing some headwinds, land availability for wind, transmission access, it seems to be alluded in the presentation as well, and even PPA signing, so you could share some color on these aspects, is the new facing similar challenges, or how does this company see it on these aspects.

感謝您回答我的問題。我的第一個問題是，在政府推動再生能源領域的邊界問題上，在計劃上，聽到一些阻力，風電土地的可用性，輸電接入，似乎也在演示中提到，甚至還有 PPA 簽署，所以您可以分享一些關於這些方面的內容，新公司是否面臨著類似的挑戰，或者這家公司如何看待這些方面。

Yeah, hi, so I think that the allusion that we made to transmission issues really is a very sort of small issue which is that there's a bay that we're connecting to in one of our projects that bay is getting ready a month later than it was supposed to.

是的，嗨，所以我認為我們提到的傳輸問題實際上是一個非常小的問題，那就是在我們的一個項目中有一個海灣正在連接，這個海灣的準備時間比原計劃晚了一個月。

And because of the March 31, deadline for commissioning, therefore it sort of, puts a little bit of a question mark on or ambiguity on whether that is going to then get done before March 31, or not, whereas we're going to be fully ready from our side. But whether it happens on March 31, or if not, then it will happen 10 days later, so.

由於 3 月 31 日是調試的最後期限，因此，對於是否能在 3 月 31 日之前完成這項工作，人們有點懷疑或模棱兩可，而我們這邊已經做好了充分的準備。但不管它是否在 3 月 31 日發生，或者如果不是，那麼它將在 10 天後發生，所以。

That is not, such a big issue from our overall revenue generation standpoint and so on and the bigger issues that you're addressing or you're raising are around land and general connectivity availability and PPA signing. So let me try to address those quickly.

從我們的整體創收角度來看，這並不是什麼大問題，而您正在解決或提出的更大問題是關於土地和一般連接的可用性以及 PPA 簽署。因此，讓我嘗試快速解決這些問題。

So as far as we are concerned on transmission, we have got all the connectivity for all of the 24 odd gigawatts of pipeline that we have got, fully in hand.

因此，就傳輸而言，我們已經完全掌握了所有 24 千兆瓦管道的連接。

So we don't have any issues around connectivity right now and in fact we have surplus connectivity I think if you had yourself written in a report some time ago we have surplus connectivity and therefore any new bids that happen we'll actually be in really good position to use some of that land based. Connectivity that we have to win those auctions.

因此，我們現在沒有任何連接問題，事實上我們有多餘的連接，我想如果你之前在一份報告中寫過，我們有多餘的連接，因此任何新的投標，我們實際上都會處於非常好的位置來使用其中的一些土地。我們必須具備連結性才能贏得這些拍賣。

Now, we are also able based on the connectivities commissioning dates we're also able to, in some ways smooth out that execution of this 24 odd gigawatts, over the next few years' time. Now there may be delays in in some of the connectivity coming up by a few months here and there, but by and large the delays are not more than that.

現在，我們也能夠根據連接調試日期，在未來幾年內以某種方式順利完成這 24 千兆瓦的發電任務。現在，部分連接可能會出現幾個月的延遲，但總體而言，延遲不會超過幾個月。

And therefore, if you plan your execution out reasonably well in terms of which projects going to which substations and so on, by and large those get delivered as I said, there could be a few months here and there, but those the delays are not more than that.

因此，如果你合理地規劃執行，確定哪些項目要到哪些變電站等等，那麼大體上這些項目都會得到交付，正如我所說的，可能會有幾個月的時間，但延遲不會超過這個時間。

So, I would say that connectivity is becoming a problem for those companies that have not, proactively blocked the connectivity earlier, which fortunately is something that we had done. So therefore, connectivity per se is something that is fine for as far as we're concerned.

因此，我想說，對於那些沒有提前主動阻止連線的公司來說，連線正成為一個問題，幸運的是我們已經這樣做了。因此，就我們而言，連接本身是沒問題的。

As far as land is concerned, land is a problem in wind. It has always been a problem in wind projects, and that is why if you see a lot of our increase in our commissioning is happening out of solar, not so much out of wind.

就土地而言，土地在風中是一個問題。這一直是風電專案的問題，這就是為什麼你會發現我們的調試增加很大一部分來自太陽能，而不是風電。

We don't expect that wind is something that is going to exceed maybe 5 gigawatts a year in the country over the next, few years, maybe in the next two or three years you'll probably end up just doing about that much capacity in wind as an industry I'm saying, and our share within that will be, whatever it will be based on our own commissioning plans.

我們不認為未來幾年全國的風電裝置容量會超過 5 千兆瓦，也許在未來兩三年內，風電產業的裝置容量就可能只有這麼多，而我們的份額將取決於我們自己的調試計畫。

So, land is definitely a problem and particularly in the last six to nine months there a lot of projects have been done in Maharashtra. There were specific issues on account of certain Ministry of Defense issues because of the elections that were coming up and then local law and order problems that I'm sure you've read about in the press and frankly that has also impacted us.

所以，土地肯定是一個問題，特別是在過去的六到九個月裡，馬哈拉施特拉邦已經完成了許多計畫。由於即將舉行的選舉，國防部出現了一些具體問題，而且當地還出現了法律和秩序問題，我相信您已經在媒體上讀到過這些報道，坦率地說，這也對我們產生了影響。

In terms of our commissioning, timelines, otherwise we hopefully would have got some of the wind projects commissioned by this time, so that always is something that we have to bake into our plans that wind projects do take longer to get commission than, solar projects very often and then as far as PPA are concerned.

就我們的調試和時間表而言，否則我們希望到此時能夠有一些風電項目投入使用，因此，這始終是我們必須納入計劃的事情，因為風電項目獲得調試的時間往往比太陽能項目要長，就 PPA 而言。

On the PPA signing, I would say that this year there has been reasonably decent progress on PPA signings given the large backlog of the large amount of bids that have happened in the last two years. The fact that out of the maybe 120-130 gigawatts of bids that have happened in the last, in this current financial year and the previous one, there are only maybe 30 to 35 gigawatts of unsigned PPAs, but the balance of it is all got signed.

關於 PPA 簽署，我想說，考慮到過去兩年大量投標的積壓，今年 PPA 簽署取得了相當不錯的進展。事實上，在去年、本財年和上一財年發生的大約 120-130 千兆瓦的投標中，只有大約 30 至 35 千兆瓦的 PPA 未簽署，但其餘全部已簽署。

So, I would say that there is a lot of headroom that is built up now, in terms of signed PPAs, if you were to look at that, as another indicator of what capacity issues may happen, in the near term. So, my sense is that the balance PPAs will also get signed and I think at this point the government is wondering, not wondering, but is considering slowing down the pace of bids potentially, to allow the old bids to get signed.

因此，我想說，就簽署的電力購買協議而言，現在還有很大的發展空間，如果將其視為短期內可能發生的容量問題的另一個指標的話。因此，我的感覺是，平衡的電力購買協議也將簽署，我認為此時政府正在考慮，不是考慮，而是考慮可能放慢投標的速度，以允許簽署舊的投標。

And that is perfectly fine because the pace of breeding has been extremely rapid. So, I think it will give all of us a little bit of breathing room to just reassess where we are and look at our execution pipelines and so on. So, I think that is a, that would be a healthy thing in my opinion. So, my sense is all the people eventually will get signed or at least, the most amount of them will get signed.

這完全沒問題，因為繁殖的速度非常快。因此，我認為這將給我們所有人一點喘息的空間，讓我們重新評估我們所處的位置並查看我們的執行管道等等。所以，我認為這是一件健康的事。所以，我的感覺是所有人最後都會簽約，或至少大多數人都會簽約。

Makes sense appreciate the color. A second question I had is the solar cell business. I mean, a very timely commissioning of the business manufacturing plant. But when we see some peers, we understand you have views, but, when we see some peers, they talk about sale prices.

欣賞色彩是有道理的。我的第二個問題是太陽能電池業務。我的意思是，商業製造工廠的調試非常及時。但是當我們看到一些同行時，我們理解您有看法，但是，當我們看到一些同行時，他們談論的是銷售價格。

This domestic sale prices being around [0.14, 0.15 cents for watt for sales], we were expecting sort of a higher impact, of that, so do you see in the coming quarters, it could be a sizable number that the manufacturing business could throw up for profitability.

國內銷售價格約為 [每瓦 0.14、0.15 美分]，我們預計會產生更大的影響，因此您是否認為在未來幾個季度，製造業的盈利能力可能會大幅提升。

For sure, I think sale prices in the market right now are fairly attractive and, we are not selling any sales to ourselves. We are selling modules to ourselves right now and we are selling sales into the into the market outside into the external market simply because most of our projects don't require domestic sales at this point.

當然，我認為目前市場上的銷售價格相當有吸引力，而且我們不會向自己出售任何商品。我們現在正在向自己銷售模組，並且我們正在向外部市場銷售模組，只是因為目前我們的大多數項目不需要國內銷售。

So, all of our sales will be going into the external market and so to that extent we will actually gain from the pricing that is in the market right now and that will, of course start getting reflected in our P&L as we go forward.

因此，我們所有的銷售都將進入外部市場，因此從某種程度上來說，我們實際上將從目前的市場定價中獲益，當然，這將在未來開始反映在我們的損益表中。

Not that we are selling at a lower price than where the market is at just by the way, so that is not the case. So you should assume that wherever the market is, we're also sort of at the same point.

順便說一句，並不是說我們的售價低於市價，事實並非如此。所以你應該假設無論市場在哪裡，我們也處於同一點。

Make that. That's it. And one last question I had is, I mean, the dollar, has moved, much faster than many of us anticipated. So just on the hedging front, want you to understand, both on the debt and the CapEx front. So, debt, is it all hedged by swaps or is it options as well? And on the CapEx fronts also, whatever exposure we have, are we hedged, on the currency side.

做那個。就是這樣。我的最後一個問題是，美元的走勢比我們許多人預期的要快得多。因此，僅就對沖方面而言，我希望您能夠了解債務和資本支出方面。那麼，債務是否全部透過掉期進行對沖，還是也透過選擇權進行避險？在資本支出方面，無論我們面臨何種風險，我們都會從貨幣方面進行避險。

Yeah, Nikhil, so basically for hedging, we use a couple of different instruments. Most of our borrowings from foreign commercial banks or BFIs that are fully hedged using swaps. Some of our bonds also recently when we had the opportunity of seeing lower hedging costs and the rupee was also fairly stable for the longest period of time below 83.

是的，尼基爾，基本上為了對沖，我們使用了幾種不同的工具。我們的大部分借款來自外國商業銀行或 BFI，這些借款都透過掉期進行了完全對沖。我們最近也有機會看到一些債券的對沖成本降低，而且盧比匯率在 83 以下也保持相當長時間的穩定。

We had most of that into full swaps, full currency swaps, we have two bonds. One of them has a call spread, where there is full coverage up to a certain point and beyond that exposure, which is, I think if I remember correctly, that limit is like 90 or 92 in that range, beyond which we have some exposure, and then there's one bond in which we are exposed till the 90 or 92 point beyond which we have exposure.

我們將其中大部分進行了完全掉期、完全貨幣掉期，我們有兩種債券。其中之一就是看漲期權價差，在某個點位之前有完全覆蓋，超過這個點位後，風險敞口就會增大，如果我沒記錯的話，這個限制是 90 或 92，超過這個點位我們就會有一些風險敞口，然後有一種債券，我們會一直持有，直到 90 或 92 點位，我們就會有一些風險敞口。

So, it's like a diversified hedging policy that we follow, and we know what our maximum exposure could be and it's again in line with our stated hedging, policy which is approved by the board and audit committee.

因此，這就像我們遵循的多元化對沖政策，我們知道我們的最大風險敞口是多少，這再次符合我們所述的對沖政策，該政策已獲得董事會和審計委員會的批准。

Thank you, those are my questions. Thanks for answering.

謝謝，這些都是我的疑問。謝謝您的回答。

Your next question comes from Puneet Gulati with HSBC.

您的下一個問題來自匯豐銀行的 Puneet Gulati。

Oh yeah, thank you so much for the opportunity. My first question is it has been a sport for quite a while now. Are you now baking that also in your, 17.4 gigawatt, [15 minutes]?

哦是的，非常感謝您給我這個機會。我的第一個問題是，它已經作為一項運動已經有一段時間了。你現在也在用你的 17.4 千兆瓦[15分鐘]？

So, Puneet basically the expectation is that obviously a long-term guidance, so we don't make long term changes into that it is largely what we try to do is that assume the long-term forecast which have been corrected, based the experience of the last few years.

因此，Puneet 的預期基本上顯然是一個長期指導，因此我們不會對此進行長期改變，我們主要嘗試做的是假設長期預測已經根據過去幾年的經驗進行了修正。

But not reflected of every year-on-year performance, for example and that way We have, tried to estimate the long-term guidance. Our expectations continue to remain that when does move in cycles and you know this has been an extended cycle which hopefully will reverse, and We should see the dividends on that also.

但並不反映每年的同比表現，例如，我們試圖以此方式估計長期指導。我們的預期仍然是，當週期性波動時，你知道這是一個延長的週期，希望它能夠逆轉，我們也應該看到它的紅利。

And secondly you also have a lot of unsigned LOAs and to the fact that you can get signed, there's also guidance note floating around that says that unsigned LOA is beyond 12 months, can be allowed to lapse. Can you comment on what is your view on that?

其次，您還有很多未簽署的 LOA，對於您可以簽署的事實，還有指導說明稱未簽署的 LOA 超過 12 個月，可以失效。您能否評論一下您對此的看法？

So, I think Puneet, there are lots of conversations obviously that are happening in the government. There's also another school of thought that says that canceling any PPAs will lead to a lot of reputational damage for the government.

所以，我認為 Puneet，政府內部顯然正在進行大量對話。還有另一種觀點認為，取消任何電力購買協議都會對政府的聲譽造成巨大損害。

Then the question also becomes what happens to the connectivity associated with those bids? How does that get allocated? So, it's a little bit of a complicated question. And, also what will happen is that these LOAs or these bids that have happened, are bids that, predate the LMM for sales and so any future bids that happen which will have to account for domestic sales will be more expensive.

那麼問題就變成了與這些投標相關的連接會發生什麼？如何分配？所以，這是一個有點複雜的問題。而且，還會發生的情況是，這些 LOA 或已經發生的投標是早於 LMM 銷售的投標，因此任何未來發生的、必須考慮國內銷售的投標都會更加昂貴。

And therefore, the chances are that discounts will realize that those earlier bids are actually more attractive. And we'll look to potentially find those rather than have those getting canceled.

因此，折扣很可能會實現那些早期的出價實際上更具吸引力。我們會盡力找到這些機會，而不是取消它們。

Yeah, that's a good point, thanks. And currently if you can also, comment on the process of buyback. I know you won't comment much, but what is the next stages should we see on the buyback side?

是的，你的觀點很好，謝謝。目前，如果可以的話，請評論一下回購的過程。我知道您不會發表太多評論，但是我們應該在回購方面看到哪些後續階段？

So, Puneet, it's not exactly a buyback, it's, an offer by a group of shareholders to buy out, the investors, the public investors and with the intention of taking the company private so again, as we said in our remarks that we have got this offer which is being evaluated by the special committee advised by Rothschild and Linklaters later and once you know there is a new, movement and we will be announcing it.

因此，Puneet，這實際上並不完全是回購，而是由一群股東、投資者、公眾投資者提出的收購要約，目的是將公司私有化，正如我們在發言中所說，我們已經收到了這項要約，羅斯柴爾德和年利達律師事務所建議的特別委員會正在對其進行評估，一旦您知道有新的動向，我們就會宣布。

Okay, so will the independent board get involved here, or is there some.

好的，那麼獨立董事會是否會參與其中，或者是否有人參與。

Yes, so the special a special committee form which comprises of only independent directors.

是的，特別委員會的形式只由獨立董事組成。

Okay. And lastly, if you can talk a bit about capacity addition plans for FY26 and specifically for projects which you can commission before June of 2025.

好的。最後，您可以談談 2026 財年的產能增加計劃，特別是您可以在 2025 年 6 月之前投入使用的項目。

Before June of 2025 in terms of so I think I Yeah, so there is a 600 megawatts Slug which is what. If it spills over then it would be commissioned, within April of FY26 which is April 25. And, apart from that, obviously, we have we will be giving out our long-term guidance in our June results. I mean our March results will come out by early June.

就 2025 年 6 月之前而言，我認為是的，所以有一個 600 兆瓦的 Slug。如果專案能夠順利開展，那麼它將在 2026 財年的 4 月（即 4 月 25 日）內投入使用。除此之外，顯然，我們將在 6 月的業績中給予長期指導。我的意思是我們的三月結果將在六月初出來。

I think it's difficult to give an estimate right away at this stage. So, would advise waiting for our, FY26 guidance that will come out along with how much results. Got it okay, great. That's all I said. Thank you so much and all the best.

我認為現階段很難立即給出估計。因此，建議等待我們的 FY26 指導，以及將會公佈的結果。明白了，很好。我就說這麼多。非常感謝，祝一切順利。

Thanks, Puneet. I think we have one question from Aniket Mittal of the SBI mutual fund. Aniket, you want to go ahead.

謝謝，Puneet。我認為我們有一個來自 SBI 共同基金的 Aniket Mittal 的問題。Aniket，你想繼續。

One moment one moment I'll announce the next question or one moment.

一會兒，一會兒，我會宣布下一個問題。

Sure.

當然。

The next question will come from Aniket Mittal of SBI Mutual Fund. Please go ahead.

下一個問題來自 SBI Mutual Fund 的 Aniket Mittal。請繼續。

Thank you. A couple of questions, so all your levels have gone down, in the drop in our average pays have been pretty stark. This region of particular regions of (inaudible)

謝謝。有幾個問題，所以你們所有人的水準都下降了，我們的平均薪資下降得相當明顯。這個地區的具體地區（聽不清楚）

I couldn't catch that question at all. I don't know if, I don't know whether you guys did, but if you can repeat it, that'd be great.

我根本沒聽懂這個問題。我不知道，我不知道你們是否這樣做了，但如果你們能重複一遍，那就太好了。

I would my audible?

我會聽到我的聲音嗎？

It's sort of you're going in and out a little bit.

就像你稍微進出一樣。

Okay, just give me answer the question was again.

好的，請再回答我一次這個問題。

If I can just Aniket, for someone's benefit, I think I probably got the question just correct me if I'm wrong. It's like our PLS decline has been higher compared to some of the other peers who's relative. Is it a function of the region where we're present, where we've seen a bigger decline? Is that your question?

如果我可以 Aniket，為了某人的利益，我想我可能得到了這個問題，如果我錯了請糾正我。與其他一些同行相比，我們的 PLS 下降幅度似乎更大。這是否與我們所在地區的情況有關，我們在那裡看到了更大的衰退？這是你的問題嗎？

Yes, that's the question, and again just to understand, but these PLS now be closer to P19 levels.

是的，這是個問題，再次強調只是為了理解，但這些 PLS 現在更接近 P19 水平。

They, they're probably closer to 90, although we haven't done the exact math. I don't know what the guidance is or what the, estimates that you got from the other company, so I really can't make a comparative statement. I would just tell you that the wind in the month of October and November, was drastically lower than it has been, in prior years.

他們可能更接近 90，儘管我們還沒有做過精確的計算。我不知道您從另一家公司獲得的指導或估計是什麼，所以我真的無法做出比較性的陳述。我只想告訴你，十月和十一月的風力比往年弱得多。

And that could be perhaps because the monsoon got extended and we had fairly warm sort of periods of time at that time and that's why the usual reversal of wind that takes place from the southwest to the northeast that took a lot longer to happen than expected than it normally does.

這可能是因為季風延長，當時我們經歷了一段相當溫暖的時期，這就是為什麼通常從西南到東北的風向逆轉比預期要長得多。

December was closer to average, still not fully at average, and January has been kind of similar to December and February, of course, is happening right now, so hard to comment.

12 月份的情況更接近平均水平，但仍未完全達到平均水平，1 月份的情況與 12 月份和 2 月份有點相似，當然，現在 2 月份的情況也是如此，因此很難評論。

The only other thing I would say is that, at least in North India, this has been a very warm winter, and we need temperature differentials between land and sea to increase for the northwest winds to flow, and that is something that we have not seen as much this winter. And so that I think also has caused this lack of wind this period of time.

我唯一想說的是，至少在印度北部，這個冬天非常溫暖，我們需要增加陸地和海洋之間的溫差才能讓西北風吹來，這是我們今年冬天沒有見過的。所以我認為這也是造成這段時間風力不足的原因。

No, understood the other question was, just as I look at your pipeline, right, increasingly it's becoming more, FDRE and hybrid heavy, and in your presentation if you, thought about the fact that, the capacity that you're trying to put up is subject to change, which probably implies that you're looking at battery versus storage over here.

不，我明白另一個問題是，正如我所看到的，你的管道越來越多，FDRE 和混合重型，在你的演示中，如果你考慮過這樣一個事實，即你試圖提供的容量可能會發生變化，這可能意味著你正在考慮電池與存儲。

Could you just give us some broad ballpark in terms of how do we look at the capacity addition for the incremental you know hybrid project? What sort of configurations are you thinking about in terms of wind, solar, hybrid?

您能否給我們一個大致的印象，我們如何看待增量混合項目的容量增加？就風能、太陽能、混合動力而言，您考慮的是哪種配置？

So, for example, the SG and the FDRE, clearly seems you know America because the people here to sort of having a relook at that wind over there. So just some color over there would be fairly helpful.

因此，例如，SG 和 FDRE，顯然你了解美國，因為這裡的人們正在重新審視那邊的風。所以那裡的一些顏色會相當有幫助。

Yeah, so the configuration is a function of the bed requirement, as well as sometimes you have the ability of, in certain beds also buying a certain amount from the market. And also, a function of obviously the pricing of wind, solar and storage. So, all of those things impact the configuration.

是的，因此配置取決於床位要求，有時您也可以從市場上購買一定數量的某些床位。而且，這顯然是風能、太陽能和儲能定價的功能。所以，所有這些都會影響配置。

Now at the time that we bid in some of these bids, the pricing was at a certain level, and we came up with a certain configuration based on that, the pricing as well as of course all the other parameters that I was talking about earlier, which are the bid requirements and specifications.

現在，當我們參與一些投標時，定價處於一定水平，我們根據該水平提出了一定的配置，定價當然還有我之前提到的所有其他參數，即投標要求和規格。

Now, as time has elapsed or is elapsing, some of those, relative pricing levels change. And as I said, for example, first of all, solar prices have come down quite dramatically over the last couple of years. So, any bids that happened two years ago, for example, board now have a different configuration because the price of solar has come down.

現在，隨著時間的推移或流逝，其中一些相對定價水準發生了變化。正如我所說，首先，太陽能價格在過去幾年大幅下降。因此，兩年前發生的任何投標，例如電路板，現在都有不同的配置，因為太陽能的價格已經下降。

The same thing with batteries. Battery costs have also come down quite dramatically in the last year or so. And so therefore, what may have required more wind earlier potentially can do will actually get more optimized or lead to higher returns now with a higher degree of solar and storage and a lower amount of wind.

電池也是一樣。在過去一年左右的時間裡，電池成本也大幅下降。因此，以前可能需要更多風能才能實現的目標，現在可以透過更高程度的太陽能和儲能以及更少的風能來實現，從而進一步優化或帶來更高的回報。

So, this is a dynamic situation in every bit and obviously at the time that we signed the PPA is when we have to fix the final configuration. And so, at that time we rework the models and the basis that we come up with what is the best model, what is the best configuration at that given point in time based on all the costing and so on.

因此，這是一個動態的情況，顯然，在我們簽署 PPA 時，我們必須修復最終配置。因此，那時我們會重新設計模型，並在此基礎上根據所有成本等，確定最佳模型、特定時間點的最佳配置。

So that and that changes as I said. So, because the cost of solar and storage have been coming down, therefore we are moving more towards solar and storage in these FDRE bids and less wind.

所以，正如我所說的，那會改變。因此，由於太陽能和儲能的成本一直在下降，因此我們在這些 FDRE 競標中更多地轉向太陽能和儲能，而減少風能。

Okay, understood, the other question was on the part I think Kailash mentioned the remarks that, one of the reasons for declining when O&M has been the internalization that we've been doing, if you could provide some color on that, how much of the O&M is now being done internally, what's the scope of that going forward, and how do we look at the, O&M expense portion.

好的，明白了，另一個問題是關於凱拉什提到的評論，O&M 下降的原因之一是我們一直在進行的內部化，如果您可以提供一些細節，現在有多少 O&M 是在內部完成的，未來的範圍是什麼，以及我們如何看待 O&M 費用部分。

So yeah, we do yeah sorry okay, carry on Kailash, please go ahead.

是的，我們確實這樣做了，抱歉，好吧，繼續 Kailash，請繼續。

Yeah, so again just to answer the question, basically for solar we do all the O&M in-house for wind. When whenever we had like legacy assets, we have legacy long term O&M contracts with the O&Ms now many of those cases they always sticky contracts, it was quite difficult to get out of those.

是的，再次回答這個問題，基本上對於太陽能，我們在內部完成所有風能的運作和維護。每當我們擁有遺留資產時，我們都會與 O&M 簽訂遺留的長期 O&M 合同，現在很多情況下，他們的合同總是粘性合同，很難擺脫這些合同。

So whenever you know we were not able to get out, what we try to do is we reduced the pricing, we negotiated the pricing, and accordingly we got some savings and wherever we could, wherever the free O&M payrolls over and where there was no such long term arrangement in place in those cases, we have started doing the O&M in-house for these projects, exact numbers, we can circle back.

因此，每當您知道我們無法退出時，我們嘗試做的就是降低價格，協商價格，因此我們節省了一些成本，並且只要有可能，只要免費的 O&M 工資單結束，並且沒有這樣的長期安排，我們就已經開始在內部為這些項目進行 O&M，確切的數字，我們可以回溯。

But largely that's what we are seeing now this year what we have seen is the benefit largely accruing on account of both the reduction in the O&M cost that we had and because you know we had built certain O&M equalization reserves in the past.

但基本上這就是我們今年所看到的情況，我們所看到的收益主要是因為我們降低了 O&M 成本，而且因為您知道我們過去已經建立了一定的 O&M 均衡儲備。

Just to iron out the difference between the free period and the paid. On a period because we had a reduction in the O&M cost, we were able to write back some of those reserves because those are no longer needed and hence, there was that benefit that we saw, in the current nine-month period.

只是為了消除免費期和付費期之間的差異。在一段時間內，由於我們的營運和維護成本有所減少，我們能夠收回部分儲備金，因為這些儲備金不再需要了，因此，在當前的九個月期間，我們看到了這種收益。

Got that. Just one last question, in terms of the external module sales you did this quarter, what's the quantity? What other volume?

明白了。最後一個問題，就本季度您銷售的外部模組數量而言，是多少？還有什麼卷？

Sorry, what was the question? Maybe I can, yeah, go ahead.

抱歉，請問問題是什麼？也許我可以，是的，繼續吧。

So, the question is what was the quantity of external module in the third quarter?

那麼，問題是第三季外部模組的數量是多少？

Okay, go ahead then.

好的，那就繼續吧。

So, Aniket it was a little north of 200 megawatts that external field that we booked for in [23].

所以，Aniket，我們預訂的外部場功率略高於 200 兆瓦[23]。

Okay. So those are the questions I have thank you.

好的。這些都是我的問題，謝謝。

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

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