Gujarat Industries Power Company Limited

K.K. Bhatt

GENERAL MANAGER AND CHIEF

Shalin Patel

COMP ANY SECRETARY AND

Bharat Jain

ICICI SECURITIES LIMITED

INR3 crore

ah: And what will be the amount, approximately amount of that amount? Management: INRS crores INR3 crores-INR4 crores would be material loss and loss of profit is around INR12 crores-INRIS crores. Meg

INR4 crore

at will be the amount, approximately amount of that amount? Management: INRS crores INR3 crores-INR4 crores would be material loss and loss of profit is around INR12 crores-INRIS crores. Megh Shah: An

INR12 crore

gement: INRS crores INR3 crores-INR4 crores would be material loss and loss of profit is around INR12 crores-INRIS crores. Megh Shah: And sir, what is the revenue and EBlTDA of the non-renewable and re

1,082 crore

te versus solar and wind. Management: Just a minute. Thermal division total sales is 483, sony, 1,082 crores sales. Megh Shah: Yes, 1,082 lakhs. Management: And for renewable, it is around, Rs. 266

1,082 lakh

Just a minute. Thermal division total sales is 483, sony, 1,082 crores sales. Megh Shah: Yes, 1,082 lakhs. Management: And for renewable, it is around, Rs. 266 crores. Megh Shah: And EBITDA number

Rs. 266 crore

2 crores sales. Megh Shah: Yes, 1,082 lakhs. Management: And for renewable, it is around, Rs. 266 crores. Megh Shah: And EBITDA number? Management: EBITDA we have to work out, I can tell you, jus

1 crore

agement: EBITDA we have to work out, I can tell you, just a minute. EBITDA from renewable is 23 1 crores, fNR231 crores and fi'om RE it would be around226 crores. Megh Shah: Lignite. Management:

231 crore

ITDA we have to work out, I can tell you, just a minute. EBITDA from renewable is 23 1 crores, fNR231 crores and fi'om RE it would be around226 crores. Megh Shah: Lignite. Management: Thermal, just

226 crore

st a minute. EBITDA from renewable is 23 1 crores, fNR231 crores and fi'om RE it would be around226 crores. Megh Shah: Lignite. Management: Thermal, just a minute226 crores roughly. MeghShah: O

INR2.73

olar project for which LOI has already been issued by GUVNL and PPA is likely to be executed at INR2.73 paisa and the timeline for the project commercial start is November 2024. So, initial BOS tenders

INR200 crore

ich necessary tenders all are in place. So, park activities are go ing on at full swing. Around INR200 crores we have already spent and for project main tenders will be in place within next three months and

5 crore

es place that has already been taken cru'e of. Megh Shah: Okay, and sir, can we expect the fNR5 crores to INR5.5 crores per MW cost? Management: It is slightly more than this because the terrain

“So can we expect this even run rate just for the next few quarters or there will be a dip in the next quatter because the quat·ter 4 repOlted the hi ghest revenue and highest profit of the FY23?”

“But can we expect that this is the IUn rate for the other quarter or it is the only seasonality factor is there, every year the quarter 4 will repOlt the higher revenue and hi gher profit?”

“Conunercial avai lability is more important because our plant is available and if I am not being allowed to generate because of some factors like wind is more, solar generation is more in the grid, so I am not being told to generate, even J am available, so I will be going to get the full fixed cost.”

“And what will be the amount, approximately amount of that amount?”

“See, the Khavda, we are going to set up 600-megawatt solar project for which LOI has already been issued by GUVNL and PPA is likely to be executed at INR2.73 paisa and the timeline for the project commercial start is November 2024.”

“Around INR200 crores we have already spent and for project main tenders will be in place within next three months and the work will start post monsoon.”

“Okay, so park will be ready rust and then the project wi ll start.”

“So, the equipment, the solar equipment will be installed later on.”

“Parallel activities will go on, celtain activities, roads, pooling sub stations, ru1d others and the project activ ity will also go pru'allelly because there is no direct correlation with the pru'k activity and project.”

“So, there are certain activities which has to be done before project takes place that has already been taken cru'e of.”

Management

96

Megh Shah

28

Chirag Singhal

17

Karan Gupta

12

Kushal Jain

9

Vipul Shah

6

Anand Shah

4

MeghShah

2

Moderator

1

Bharat Jain

1

Bharat Jain

Thank you. Good day, everyone. On behalf of IClCI Securities, 1 welcome you all to the Q4 FY23 post-results conference call of Gujarat Industries Power Company Limited. Today, we are pleased to host the senior management of the company represented by Mr. KK Bhatt, General Manager and CFO, and Mr. Shalin Patel, Company Secretary and Compliance Officer, and other senior officials from the management. As directed by the management, we will directly open the lines for the Q&A session. Thank you.

Megh Shah

Good afternoon, sir. My question, first question is related to the March quarter. The March quarter was a good qu311er from the revenue point of view and profitability point of view. So, my question is that whether there is any extra income received on account of the higher PLF or something like that or is the normal income only?

Management

Basically, Thermal and RE i.e. lines, sol31', wind, mining, SLPP. All have different kind of PAF/CUF . Let me explain you. See, all the payments which we are going to get from GUVNL based on the PPA, which are technically, categorically takes into consideration passed on yearly commercial availability of the stations. So, therein as per PPA, there are cel1ain other factors also, like fuel cost reimbursement on actual basis as per the commercial term ofPP A. So all these things have to be worked out, crystallized at the year end . Water ch31'ges, O&M charges, all these things 31'e being calculated on ye31'ly basis and based on that, this is a normal income only.

Megh Shah

But any outstanding income we are recogni zing this qu311er or for billing or only the normal income? Page 2 of24

Megh Shah

So can we expect this even run rate just for the next few quarters or there will be a dip in the next quatter because the quat·ter 4 repOlted the hi ghest revenue and highest profit of the FY23?

Management

Mr. Shah, as I explai ned to you, on yearly basis, there are celiain factors getting crystallized as per PP A. So we have to book accordingly. So accord ingly, it has been booked as a normal commercial income.