00:00

So uh good morning everyone. On behalf of PL Capital, I'll welcome you all for the webinar on
the business update of PowerGate Corporation of India Limited. We'll have uh a full board and
we'll start with a detailed presentation, which will be followed up by Q &A. And I'd like to thank
the management for giving us this opportunity. Without much delay, I'll hand over the call to Sri
Satya Prakash Das. oh

00:28
who is our company secretary and compliance officer. Thank you and O to you sir.

00:36
Thank you, Bishal. Good morning, ladies and gentlemen. It's my pleasure to welcome you this
webinar of Power Grid Corporation of India Limited, convened to interact with analysts and
investors and to share an update on companies business performance. Now I'd like to
introduce our esteemed senior management team present with us today. Dr. RK Tyagi,
chairman and managing director. Dr. Etendra Dibbedip, director personal.

01:06
Sri Navin Srivastava, Director of Operations, Sri Bhura Bansi Ram Mohan, Director of Projects.
Our Director of Finance Sri Jee Rabishankar will join us shortly through video conferencing.
Now I will invite our Chairman and Managing Director Dr. Taggi to deliver his opening remarks
and which will be followed by a question and answer session and further things. Over to you sir.
Good morning, uh dear investors. Thank you for showing confidence

01:37
in Power Grid. We are committed.

01:44
the

01:46
belief of all the investors in power grid, all the trust in power grid. And we thought that what
this financial year, whatever we have committed, we have already achieved that and we are
going to achieve better than what we committed. And uh the for the future plans also

02:15
we will like to share how we are going to uh contribute towards growth of uh the nation by
investing and by constructing transmission system in India and outside India and making India
developed nation by 2047. So that was the agenda for today.

02:45
just like to share some presentation and details and data. My presentation will

02:53
Consist of foundation and growth outlook. Then execution and operational excellence. Revised
capex and capitalization guidance. Then multi-year capex and capitalization runaway like how
we are going to go in future next 10 years or 9 years how we are going to invest. Then
shareholder value creation.

03:24
transmission opportunity and growth visibility then SPV merger.

03:32
As you know that...

03:35
Power Grid Foundation of Long Term Value Creation. It consists of India's Largest and System
Critical Power Transmission Utility.

03:47
We have predominantly the regulated asset base with a growing share of competitive bidding
transmission system where the revenues are on an annuity basis. Then non-substitutable
backbone of India's energy transition. So everybody knows that energy security requires energy
transition, especially for India, which is a very heavily dependent on

04:17
imported fossil fuels, then strong earnings visibility supported by India's transmission capex
cycle, strong balance sheet, dividend visibility and execution excellence, adaptive execution and
superior project implementation. We have 35 plus years of execution excellence.

04:49
So what is the opportunity for power grid like India transmission system is it is going to expand,
lifts and bound. Electricity demand is going to increase.

05:08
If we are imagining or if we are considering developed nation by 2047, our power demand is
going to increase. Power demand for data center, power demand for artificial intelligence, power
demand for EV and other industrial growth, electrification of economy.

05:36
So our demand is going to increase. it requires that transmission system also required to be
there. Then renewable energy expansion as per 2035 CA guideline, it says that by 2035-36, we
will have 786 renewable capacity and total capacity will be somewhere about 1100 gigawatt.

06:04
So it will have large RE hubs. So it will require long distance green evacuation transmission
systems. And grid complexity because of uh RE penetration, it is going to increase day by day.
So unless until we have the balancing mechanism or stabilizers in the grid like synchronous
condensers,

06:33
use of HVDC, use of 1200 kV network, this grid is going to be a challenge. So, that opportunity
is also there. So, it will have interregional transfer requirement and balancing and reliability
infrastructure because RE means it is susceptible to variation, it is susceptible to intermittency.

06:59
So we have to have some reserves. We have to have some stabilizers in the grid.

07:06
As I told that new demand centers like AI data center and digital infrastructure, transport,
electrification, green hydrogen ecosystem will require huge energy demand or huge power
demand. So we will have opportunity to construct transmission system for meeting these
requirements.

07:32
As you know that Power Grid has positioned itself to be the largest transmission company not
in the country but in the world. We are one of the largest transmission network owner in the
world with the 765 kV backbone transmission system. Today we have 290 substations.

07:59
These are 400 KV, 765 KV and 800 KV HVDC substations with MVA capacity, 6,12,000 MVA
capacity out of 14,00,000 MVA capacity in the country. So you can imagine that we are a major
contributor in MVA capacity. Our interregional capacity is out of 1,20,000, we are about
1,01,000.

08:29
1000 gigawatt capacity. Across India we have 11 HVDC projects and 765 kV network. have
world's largest 765 kV transmission network which we are proud to uh demonstrate that we can
construct transmission system at 765 kV. We can operate efficiently this network.

08:59
So system critical national presence we have. Then we have proven HVDC, the leadership in
HVDC, 765 kV, even 1200 kV. uh Technology also it was developed by Power Grid in 2012,
which is uh the largest voltage of transmission in the world.

09:23
and difficult to replicate operating scale, technical depth and execution capability. We have very
good technical team, competent team to operate and manage such huge asset base.

09:40
As always our reliability and availability of transmission system has been excellent. This
financial year we are having availability of 99.84 percent. Trippings per line 0.25 trippings per
line that means that our line trips, one line trips in every four years on an average. So which is a
very high reliability indicator.

10:08
And it is enabled by digital and predictive maintenance, AI-based defect detection, drone-based
patrolling, advanced condition monitoring techniques are being used by power grid maintenance
engineers and asset management engineers. We have done CAPEX of more than 100,000
crores in the last five years.

10:35
and capitalise more than 90,000 crore projects from 2021 to 2026. So our CAGR asset base
has increased at about 10%. Today we are a company of gross fixed assets more than 300,000
crores.

10:58
For this financial year 25-26, I am happy to announce that last investors meet, we have revised
our capex guideline to 32,000. So today we are now announcing that our capex guideline will be
35,000 plus crore and already we have achieved 35,000. So it is a good achievement by power
grid team.

11:27
And investors, we want to thank investors in posing faith in power grid. Similarly, in capitalization
also, last February, we have announced on 2nd February that our capitalization will be 22,000
crores. But we have already achieved 22,749 crore with the commissioning of Khetri Narela,
with the commissioning of Bala.

11:56
3 seeker 2 line with the commissioning of now sorry, Ahmedabad line. We have already
achieved more than 22,000 crores, is, which is a record in last so many years. And with the
commissioning of now sorry, which is expected to be commissioned by this month and maybe
by 28 29, it will be commissioned. Our capitalization will be

12:24
25,000 crore plus. So we are committing today that our capitalization for this financial year is
going to be more than 25,000 crores.

12:38
The details of the elements commissioned in this financial year, we are talking about
transmission line, 4,239 circuit kilometer, transformation capacity, although it is written 6,370
MVA, but actually so far it is 52,555, but in next one week, it will be more than 62,000 MVA.

13:06
So there is a small change that this transformation capacity as on today, it is 52,555. But by this
month end, it will be 62,000 MVA capacity. So almost 10,000 MVA capacity in final stages of
commissioning. So this figure will also will be surpassed. So we will be somewhere about
62,000 MVA. This year, we have commissioned a sub-station.

13:34
So one more substation is likely to be commissioned at Bikaner 3. So it is going to be nine
substation and the elements are Badla 3, Sikar 2 at 765 KV level, 765 KV Badla 3 Ramgarh 2,
765 KV Khetri Narela, 765 KV Ahmedabad Lakadia, Ahmedabad Nausari, Ahmedabad
Banaskartha, Badla 2 Sikar 2.

14:04
and uh then Khabda 2, Khabda 3, Maharajni Bagh Narela, Kundool 3, Anantpuram and Badla 3
station, Ramgarh 2 station, Narela station, Dosa station, KPS 2, Khabda 2 and Khabda 3
stations. These are the highlights of the elements, transmission elements we have added in this
financial year.

14:31
For multi-year capex and capitalization guidance, like as we have told that this year, this our
capex will be 35,000. So next year, we have already committed with government of India to be
37,000 crores. Definitely it is going to be more than 37,000. So for next financial year, it will be
45,000 crores. And in

14:57
For financial year 27-28 it is going to be more than 82,000 crores CAPEX. Similarly
capitalization this year 25,000 next year 30,000 then in FY 28 it is going to be 35,000. So
projected capitalization will be somewhere about 65,000 in next two years.

15:21
If we talk about our value creation, have this market cap has grown from 21 to 26 by 2.5 times.
Similarly, share price appreciation is also 2.5 times. Dividend yield has increased to 3 to 4%. In
the last five years from FY21 to FY26, we have paid dividend more than 50,000 crores to our
investors, to our shareholders.

15:51
And on last February 26th, our market cap was about 2,977,000 crores.

16:06
So we are among uh India's top 35 companies by market capitalization. And we have robust
pipelines of transmission projects, strong execution track record with consistent TPCB market
share. And our leading global and domestic investors are Capital Group, BlackRock, Shore
Odors, then Vanguard, GIC, LIC, UTI, SDFC, ICICI, then SBI Mutual Fund.

16:36
So our 45 % investment is from institutional ownership only, whether it is foreign or domestic.

16:46
If we talk of our transmission opportunity or business opportunities for next 10 years, because
now the CA or Ministry of Power has issued guidelines up to 35. So it talks of about 7.9 trillion
rupees opportunity, which will be because of our peak demand by 459 gigawatt by

17:15
2035-36 and installed capacity of non-fossil fuel it will be 786 and it will have intra-state,
inter-regional capacity. So we have a strong policy guidelines, policy backup, policy support by
Government of India. So we are sure that transmission network visibility of about 8 trillion
rupees will be there. We will also play a very important role in this.

17:45
If we consider HVDC interconnections with Sri Lanka, UAE, Saudi Arabia, Oman, Singapore,
Maldives, and in Myanmar, another 3 lakh crore to 4 lakh crore visibility is there. Then
Brahmaputra basin, there are about a number of HVDC projects, almost 4 lakh crore projects
are there, which are going to be separate.

18:16
The visibility for transmission project will be somewhere 15 trillion or 15 lakh crore investment in
transmission system considering national, international, intrastate, interstate. All projects will be
somewhere about 15 lakh crore. So power grid is going to play very, very important because it
involves also one sun, one world, one grid concept.

18:45
uh given by our honorable Prime Minister. So we have a very good future, bright future for
power grid investors. So if we consider even 50 % of this, so we are going to play a very major
role in building transmission or power infrastructure in the country. Then if we consider today,
if we consider total 148,000, next. uh

19:17
We have works in hand about 148,000 crores and CWIP is more than 49,000 crores. If we
consider 50 % of this, so we have almost visibility of 9 lakh crore up to 2035. So even if we
consider 60 % of this, so we are going to have almost 6 lakh crore projects to be executed by
Power Grid by 2035.

19:46
which makes almost 60,000 crores per year. So we have a very bright future for power grid
investors.

19:58
Recently with the support of Government of India, have now approval for merging 19 SPVs
into 2 SPVs. MCA approval has been received. Now we are also considering merger of 28
wholly owned subsidiaries into 2 wholly owned subsidiaries. Board approval is already accorded
and we are going to now ministry of power. So this governance issue and uh

20:28
this will be reduced and uh we will be able to manage in a better way. So this is good news for
our investors that we are going to have reduced numbers of SPVs.

20:44
So thank you very much for your time and for your support to PowerGrid as always. Thank
you everyone.

20:56
Yeah, thank you, sir. And uh now we'll open the lines for Q and A. From the attendees, I request
anyone who has a question, I request you to please raise your hand. I'll unmute the line and
then you can introduce yourself and the company name and then I can go ahead with the
question. uh So sir, first we have Mr. Raj Gandhi. I'll unmute the line and request you to go over.

21:26
Hi sir, thanks a lot for the opportunity. Just wanted to understand given that we are in a very
inflationary period, especially energy and then there might be a lot of cascading impact on
TBCB projects that there is a fixed revenue stream that we will earn whereas the execution cost
we presume can see some escalation. So how are we placed in such a scenario for the current
project TBCB projects that we want?

21:55
Do you expect any hit to the estimated IRRs there? Thank you.

22:02
Did I respond immediately or after later on?

22:08
oh Sir, we can have one question and one answer and then that way we can move if that is fine
sir. So yes, thank you for your query that we are having a very good project management and
this execution efficiency. So we are not expecting any price escalation. There have been some
price escalation considering uh this compensation

22:37
towards land diminution value and uh in case such uh force major conditions are there so we
are claiming extra tariff from CRC which is normally given by approved by CRC and we are
able to maintain our revenue as per the initial guidance. So we are not expecting any price
escalation abnormal price escalation.

23:05
which is causing our project to be less. uh This returns will be maintained. Okay, so even in
TBCB like land compensation and all you are you can pass through even for the bid out TBCB
project. Yeah, so whatever this government guidelines are there at the time of bidding in case
there are some guidelines issued later on.

23:35
So those expenses are normally passed through and we are giving additional tariff because of
those conditions.

23:46
Sure. Helpful, sir. Thank you.

23:52
Thank you. From Sidharth Gupta. I request you to please unmute and share your complete
details and then you can go ahead with the question.

24:05
Good morning, sir. Thank you for the update. I had two quick questions. Given that we've had
a very positive increase in our Kpex announcements for the FY26 and we've met our target
already. I was just surprised to see that there's no upward revision for the next two years. So
any, what is the scope that we envisaged there? And second, at what operational capacity are
we presently functioning?

24:35
And at what ability will we be able to participate in excessive product projects if they're
announced over the next couple of years, vis-a-vis other private players? Thank you. Yes.
Normally, this is our guidelines of 37,000 and 45,000 for next year. And similarly for
capitalization, 30,000 and 35,000.

24:59
Normally we have these targets and we normally surpass our targets given to us and we will
change in between the years whenever suppose we meet after six months of financial year 27
then accordingly we can change our guidelines depending on the progress at ground. So as of
now we are giving this guidance only.

25:25
Regarding your next question, I think we have sufficient uh funds to compete in the projects
which are going to be available for bidding in next two years, three years, four years. So we
don't see any challenge in this regard. But sir, what about the execution abilities? In that context,
we be able, like with the execution delays, if at all any that come out, are in?

25:55
uh There have been concerns about execution delays as we told that there were issues of
transformer supply, there were issues of ROW, there were issues of this uh skilled manpower.
So all the three issues have been addressed. First, ROW issue has been addressed by
Government of India by announcing the revised guidelines for compensation.

26:24
For land diminution value, have increased to 30 % for rural area, 45 % of semi-urban area, 60 %
for urban area, metro cities. So and at market rate. And how market rate is to be decided, is
also now a procedure has been given by Ministry of Power.

26:47
So we don't expect that there will be the severe ROW issues because if we pay compensation
as per these guidelines, so ROW issues will be taken care. So it cannot be reduced to zero. So
definitely there will be some issues, but now we have sufficient experience considering the last
three, four years of our struggle. But now we don't see uh much problem in this area. Now we
have a dedicated ROW cell in each region.

27:17
Even at corporate office, we have a big team of uh ROW uh who are taking care only ROW. So
we are now trained the manpower to handle these issues. Second issue was the skilled
manpower. Now we have already uh five numbers of skilled developmental centers and which
are training about 50 the fitters or technicians in three months.

27:43
So now two more are coming. So we will have almost seven skill development centers. So 350
technicians and fitters will be trained in three months. So 315 to four, almost 1400 to 1500
technicians or fitters will be trained, which will make almost 100 plus gangs, erection gangs
each year.

28:09
So more and more gangs will be available for uh execution of transmission system. So this
manpower shortage or shortage of physical manpower will be taken care. So we don't see any
problem in this area also. Similarly for transformers and reactors supply and other equipment
supply, all manufacturers are now going for augmentation of their capacity. The augmentation
capacity will be more than 4 lakhs.

28:38
MVA capacity each year and which will be more than the demand of these equipments. So
there also we see that this challenge also will be met and moreover Government of India is
very uh now proactive and wherever problems are there it is being addressed by Government of
India. So we don't see any execution challenge in next two years or three years. So if I can if I
just understood correctly

29:06
What you've said is that you may revise your Kpex guidance further. As of now, you're sticking
to that. Second, that you don't anticipate any execution problems that we were facing in the past
couple of years going forward into the next few years. And you will be in a position to take on
additional orders and at least bid for them and compete for them. Correct? Actually, why we
have given this 37,000 or 35,000, we have given considering whatever projects we have in
hand.

29:36
And tomorrow, how many projects are going to be with PowerGrid that today we don't know.
tomorrow I win more projects. So definitely in financial year 26, 27, I will invest more money.
Similarly, in 27, 28 also, I will invest more money. So our capex may go high. But because
considering projects in hand, we have given

30:00
visibility based on the projects in hand and whatever projects we are sure that these are will be
with power grid. Considering that only we have given this guidance.

30:11
Okay, thank you so much.

30:16
Yeah, so next we have Mohit Kumar. Please go ahead.

30:33
Please carry on. Yeah, hi. Mohit. Good morning, sir. Am I audible? Yeah, please carry on. Yeah.
So my first question is, is it possible to define the savings from the new corporate structure?
And why do we have two new SPB rather than one SPB? And also, does this mean that new
assets will get built?

31:01
in these two new SPVs and you won't require a separate license for each SPV.

31:08
Actually for this ah

31:13
For SPV as per the DP guidelines or DIPAM guidelines, this our limit is for each project was
initially 5000 crores. So we could merge only SPVs as per this equity should not be more than
5000 crores. But now this guideline or this limit has been increased to 7500 crores. So
accordingly, we can merge more SPVs.

31:43
depending on the size of the SPP.

31:47
OK, so and more and more SPVs are like merged. And still we are discussing with the DIPAM,
the other day we had meeting with the DPIT also. And now we are asking that this limit should
be increased to more than 10,000 crores. They are considering even 15,000 crores. So in case
it is further increased, then more and more SPVs will be merged into one.

32:15
And any quantum savings, sir, which is possible? And do we need any approval from CERC for
undergoing this change? Yes, sir. so I'll take this. So for any merger, we used to take the
approval of the regulator. Yeah, last time also when we merged this 19 companies into two, we
took the.

32:42
approval of the regulator in addition to Deepam. So similarly, we will approach our administrative
ministry who will forward it to Deepam and then simultaneously we will approach the CRC as
well as the MCA for the stake of mergers. Is it possible to define the savings, the saving
quantum? There will be definitely some part of moreover this is for a

33:08
Administrative purposes and governance, we wanted to do this type of mergers more than the
any cost savings. Ultimately, the line has to function independently for any technical features
that will remain as it is. So the license, everything will remain as it is. As such, we have not uh
quantified anything, but. m

33:32
Definitely this will be helpful in maintaining a lesser number of SPVs rather than because
already we have 78 maybe going forward when Chairman's office projecting as like the pipeline
of like 7, 15 trillion and even if we half of that, maybe out of 78 another 100 companies will be
there. that's the mainly the focus is on to have a more administrative control rather than the
financial.

34:01
savings. Understood, sir. My second question is that the CAPEX required to evacuate RE
capacity, the CAS come out with a paper that the requirement, the CAPEX requirement is
overall is 7.9 trillion or a free 8 trillion. Is it possible to define the investment requirement to
evacuate XRE capacity?

34:28
Okay, so let me respond. uh As I told that for next 10 years, are uh on an average, we will have
requirement of 60 to 70,000 crores. So considering even if we have say 70,000, so we will have
somewhere about uh 70 means equity will be set 20%. So 16 to 20 somewhere we will have
about uh

34:58
12,000 crore requirement of equity. So today we have profit of 15,000 plus and as we go ahead,
so this profit will go to say 17,000, 18,000, 20,000. So even considering our the compulsory
dividend payout, which is about 5,000 crores. So 5,000 crores plus 12,000 crores will be 17,000
crores. So we are expecting our profit will be 17,000 crores. But by the time we require

35:28
60,000 crore as a capex. And if we require 70,000, then maybe 14,000 crore will be the capex
required for equity. And 14 plus five, we will have 19,000. So before that, our profit is going to
be more than 19,000 crores. So we don't see any issue in meeting this challenge.

35:49
And even if there is a challenge, our equity we can reduce less than 20 percent, it can become
19 percent or 18 percent. So we are not seeing any challenge in meeting the CAPEX
requirement as per the guidance given by Ministry of Power or CA. Understood sir. Thank you in
all the

36:21
Yeah, please carry on. Hi sir, my dear compliments and a large thanks you sir for your dedicated
service to the nation, meeting with Prabhagavad Gita and my best wishes for future as you
handle your supply operations on the company. Sir, I have two questions. The first question is in
relation to the Mukotra steam related transmission investments of 4 trillion rupees.

36:49
and the OS for the which by indication is about three to when do you expect associated projects
and the board needs to start getting awarded. So and so when will be pending activity for the
start given that number at least 2035 plus. What is start for this?

37:19
Can you repeat a little slower? My first question is in relation to the Brahmaputra, know, stream
related transmission investments of 4 trillion rupees and the OS or WOG related investment
requirement of 3 trillion plus, when will the project start getting awarded?

37:48
under these two streams. Okay, so Brahmaputra, uh such, already a transmission system has
been already planned and one project is already available for bidding. Like, Niglok uh is a
station in Arunachal Pradesh, which will be connected to

38:15
this uh lower Subhanshri to our Bishwanath Charyali point and it will be also connected to
upper Arunachal Pradesh. So it will have it because Arunachal is having lot of hydro potential.
So it is almost plus 35,000 megawatt hydro potential is there.

38:40
So number of HVDC stations are planned. HVDC schemes are planned at 800 KV. So by total
outlook for Brahmaputra basin is 6 lakh crore. So I am considering only 4 lakh crore up to 2035.
Okay. So that is regarding this HVDC. already this is planned by CTYL and CA.

39:08
So maybe in next one year or so, so these projects will be available for bidding. Similarly, for
once and one world, one grid, yesterday also our honorable minister has mentioned that these
projects with Oman, UAE and Saudi Arabia. So these are being discussed at government level.

39:33
So we are expecting that maybe another two to three years these projects will also start
materializing. By 2035, these projects should be available for execution. So that is why we have
considered these as a part of this 15 lakh crore. My second question is on the Lair Castle
project which is part of your works in hand of 1.48 lakh crore.

40:00
So that is almost close to 240-50 billion rupees. when is the sort of execution of that? It seems
like your network is a little unstable. Your voice is not clear.

40:21
Sorry, it am I audible right now? You are audible, the voice is not very, very clear. is. um Okay,
you can go ahead. ahead. the Leh Gathal project, the question is that this forms almost 230 to
250 billion rupees in your works in hand of 1.48 lakh crore. So when is the execution of this
particular project now that it is not

40:50
in under HVDC, when is it likely to start? So how, what kind of KPX are you assuming for that
project in FY27-28? We told that we already have these projects in hand. So we are considering
these only. HVDC, we have Khabar Lah to Nagpur already the one HVDC is there, which is
being executed by Power Grid, which is costing almost 35,000 crores. So this is a part of this
1,48,000.

41:20
And moreover, this bank Cattle is not part of this bank Cattle we have excluded from 148000
crores. Okay, that is very good. Thank you.

41:36
Yeah. Thank you. uh Next we have Sheikh Taparia. uh Request to Pradeep, please introduce
your firm name and then go ahead with the question.

41:49
Hello, so I'm Abhishek from MK global. So my question is, so what is the status of the ongoing
capex of rupees nine, nine point one six trillion that was announced in 2023, which is the 2023
to 32 plan. And now this new plan of capex of 7.9 trillion, which is from 27 to 36, which has been
announced. are we envisaging a revision in the existing plan?

42:18
Yeah, yeah, because earlier this plan was up to 2032. Now it is being revised to 2035. And now
because guidance or planning is based on the different conditions. So now considering 786
gigawatt RE power or non-fossil power by 2035. So this has been revised to 9.1. So this 9.1
trillion or 9.1 lakh crore.

42:46
will be required up to 2035.

42:51
Earlier 9 lakh crore has been revised.

42:56
Because the number of projects are already executed or they have been already tendered up.

43:04
Okay sir. Thank you.

43:10
Thank you. uh Next we have Mr. uh Christopher James. uh Please uh introduce yourself and
go ahead with the question.

43:20
Thank you for your time. I'm Chris James from 40 infrastructure. Just one question as to what
you see as your ultimate capacity to deliver. And you give that great example on your visible
execution pipeline that says at an assumed 50 % win rate, it could yield projects up to 7.5
trillion. But to the extent you were successful in

43:49
50 % or more, what is your true execution capability? You mentioned things like skilled power,
skilled access to skilled manpower, uh but there's procurement challenges as well, and also
your own balance sheet in being able to deliver these projects. So clearly things are done over
time, but if we look at today and what you're able to deliver, what is your true capacity? Thank
you.

44:19
In the last three to four years, we have been doing CAPEX of about 8,000 to 9,000 crores. Last
to last year, we have done 12,500 crores. Last year, we did 26,000 crores. This year, we have
done 35,000 crores. So as the demand is increasing, demand for execution is increasing, our
capacity is also increasing.
44:48
So we are continuously increasing our capability for execution. We are developing more and
more vendors. We are developing more and more trained manpower, including our capability
within Power Grid also, we are continuously increasing. So we are very sure that whatever
challenge or whatever execution requirement will be there, we are going to achieve. So from
8,000 to 35,000 in three years, which is almost more than four times.

45:18
So we are very sure that whatever challenge is given to Power Grid, we are going to achieve
that. That's right. So to the extent that you had a higher success rate, it won't prohibit you from
participating in additional bids. Yeah, because already, whatever projects we have won under
TBCB, our winning percentage has been more than 50 % till today. So we would like to maintain
that 50%.

45:51
Thank you, sis.

45:56
Yeah, thank you. Next we have a question from uh S. Praveen Bishes. Please unmute and go
ahead with the question.

46:09
So this is Praveen here from BPFS. I just wanted to oh take on, mean, last year we had seen a
slowdown in project tendering. So I just wanted to understand. Hello.

46:24
So please carry on. Yeah, so last year we saw a slowdown in project tendering. So was it more
on the ISTS side or was it interested projects?

46:39
Actually, there have been some issues in planning of evacuation system from Rajasthan
because out of initially the planning was for 115 gigawatt from Rajasthan itself. so far only 73
gigawatt transmission system has been tendered out.

47:09
and most of the transmission system is under execution. So beyond 73 gigawatt including two
HVDC. One HVDC is from Badla to Fatehpur. Second is Barmer to now South Kalan. So
beyond this, through AC network, there have been uh challenges in studies that how to
evacuate this power. So there were some... uh

47:36
Consideration for considering HVDC, but for HVDC the landing point, say in Chhattisgarh or in
Odisha, the landing point was the CTIL or CA was not able to finalize those projects because
landing point was not getting finalized because landing point means there should be demand in
that particular area. So that demand was not getting finalized.

48:02
So there were some delays in this tendering of these projects or planning beyond 73 gigawatt.
But now CTI has come out with a number of projects, including AC projects towards
Chandigarh, towards Haryana, towards Punjab, towards Western UP, and even in MP. Some AC
network and also HVDC projects are being considered.

48:31
and beyond which there will be 1100 KV projects in Maharashtra and Chhattisgarh and in
Odisha that area and 1100, that means we will have transmission, this evacuation of power
through HVDC and further through 1200 KV AC network it will be further transmitted to this
Maharashtra and to Odisha and Andhra Pradesh.

48:58
So these plants in between there was some breakage. Now we are hopeful that it will be now
available for bidding.

49:07
On ROW, how are things now? think there was a major improvement in the last uh quarter. But
now, how are you seeing things? Again, just if you could recap, it would be great.

49:24
ROW as I told that it is a challenge. Always it is going to be a challenge, there are now
methodology is already finalized and we also know how to tackle these ROW issues. So our
team is also trained and we are able to manage now. Now you see in last six months

49:52
After the government has come out with the clear guidelines, we have executed a number of
projects. So similarly, this speed will continue now. And ROW will come and it will get resolved
with the help of the Government of India. Honorable Minister is very positive. whatever problem
is being faced by us, immediately there is good support from the Government of India.

50:18
So we are hopeful that whatever ROW issues are going to be encountered, there will be some
solution and we will be able to execute these projects.

50:30
Thank you.

50:34
Thank you. Next we have a follow up from Mr. Raj Gandhi.
50:43
Thanks for the opportunity again. Just needed to know what we've heard this till date
participating in intrastate projects. Now we intend to also participate in intrastate projects and
also battery projects. So if you could highlight some of these opportunities which are coming up
and also with the emergence of battery and BSS in a big way, how does it alter the
transmission?

51:10
capex I presume you know with battery you don't need to build as much redundance versus of
your solar so if you could just highlight some of these how is it changing on the planning thanks

51:24
Yes, this you told that intrastate and battery energy storage intrastate we are participating, but
generally intrastate projects are smaller projects. So we are not very aggressive in intrastate
small projects because we have so many projects and because it will require similar effort
similar to bigger projects. So we are not very aggressive in intrastate.

51:54
Then regarding the battery energy storage, we are participating, but we are not able to win best
projects because competition, there are a number of smaller players and we have won only one
project. Now we are working out our revised methodology, how we can be more competitive. We
want to have tie-ups with the battery suppliers in advance.

52:23
so that our cost can be further optimized. Regarding this requirement of transmission system,
definitely if we had to oh increase the utilization of transmission system, battery energy storage
system at the generating station itself or RE developer station itself, so it is going to be the
requirement tomorrow. So number of...

52:50
our best projects are coming for this storage of energy, which will be uh the energy will be fed
in the transmission system in the peak hours or in the evening hours. But demand is so much
that transmission system is going to increase day by day. So that is why CA has come out with
this 9.1 trillion rupees requirement of transmission system by 2035.

53:23
Thank you, sir.

53:26
Thank you. uh Next we have Satadeep Jain.

53:35
Hi, am I audible? Please carry on. Firstly, I wanted to ask about the impact of the G.I.B. court
ruling on G.I.B. on power grid. it, were there some projects that got cleared because of this, the
Ramgird, Batla. So just trying to understand the increase in capitalization and all. How much of
the impact was there on ruling and overall impact of power grid on this?

54:01
So we don't have any impact of J.B. uh in uh Rajasthan or Ramgad that area. So our projects
were whatever projects transmission projects were there. It is outside that area and whatever
guidance has been given by honorable Supreme Court. And in future, all projects in city is
taking care that all projects are outside J.B. So we don't see any impact of J.B. on power grid
transmission projects.

54:31
Fair enough. Secondly, want to understand. So there are a lot of these pending issues that help
clear up some transmission projects. So based on what you're saying on improving scale labor
force, ROW issues, do we assume that new projects, one, will have two-year commissioning
timeline? Because recent projects have taken three, three and a half years for AC. So what is,
based on what you see,

55:00
What is the timeline commissioning for new projects for AC and HVDC?

55:06
We have, based on our experience, we have given feedback to government of India that 18
months or 24 months is not feasible. This timeline is not right. So at least we should get 30
months or 36 months for this transmission project to be executed. So you see that whatever
projects are coming now, they are either 30 months or 36 months.

55:36
So now we will not have this 18 months or 24 months. And by that time, 30 months or 36
months, we will be able to execute these projects in that timeline. So whatever delays you have
seen earlier, these were like Bala Seeker, Bala 3 to Seeker, Bala 2 to Seeker 2. So these were
all 18 months, Narela Khetri. So 18 months, we're not possible to be executed considering these
ROW issues and the supply chain issues.

56:11
So, just quickly we'll take the last one question. So next, have a part Nanavati, go ahead with
the question. Hi, so thank you so much for taking my question and congratulations on out
delivering again. So my question is more macro in nature. Just wanted to understand, given
we're sort of sitting in an El Nino situation, where temperatures are expected to go up
materially, how should we think of

56:41
grid utilization part one and part two of the question is, you know, visibly last year, what are we
sort of thinking of in terms of power deficit, both from gas and hydro, given there is new slow
that snow buildup, especially in hydro is not adequate and gas, of course, we know from the
mid-leave situation that we are going through. That's that's it for me. Thanks.

57:05
Yeah, in this regard, our Honorable Power Minister has reviewed the situation. Yesterday also
there was a review meeting by Honorable Prime Minister regarding this energy challenge and
energy crisis, possible energy crisis in India. uh our intern, our Honorable Power Minister has
taken a review of all the stakeholders like Ministry of Power and

57:33
CA and NTPC and other things. as per the discussion, as per this Great India or CA, we are
going to have almost 270 gigawatt requirement in May or June, and for which we have sufficient
resources to meet that requirement. like last year,

58:00
we had about 250 gigawatt of demand in summertime, which was on, I think, 24th May, 2024.
And again, now in May, June, July, that time, this demand is going to increase somewhere about
270 to 275 gigawatt. So we are prepared, Grid is prepared to meet that requirement as per the
discussion and review taken by our Honorable Power Minister.

58:32
Thank you. Sir, we will take last question from the line of Mr. Shrirom Kapoor.

58:39
Hi, sir. Thanks for the opportunity. Just want to ask you on this new 7.9 trillion plan that we are
talking about. you mentioned that the earlier 9.1 trillion plan has now been revised. So on your
earlier call, you had mentioned that of that 9.1 trillion, around 2.4 trillion has already been bid
out. And over the next four years or so, we could expect another 4 trillion worth of projects
coming into the bid pipeline over the next four to five years.

59:09
So how has that changed with the new revised sort of transmission opportunity from FY2736?
One, could you comment on of that original 9.1 trillion, how much has already been bid out and
how much of that ah requirement has been met? And subsequent from here to FY36, how you
see the upcoming bid pipeline over the next three to four years? Whether there's any changes in
that given the new plan by CEA?

59:38
Like as per this report which was released on 19th March in the Bharat Energy Summit and this
report is recently prepared. So whatever uh ongoing projects were there earlier before this
report, they will continue to be there and additional projects which have been identified. we the
CTIIL and CA will further work out on these

01:00:06
projects and when they will be available that will be known only after some time. So today I
cannot comment on that. uh regarding this our let me clarify that 148,000 work in progress is uh
considering that Lehe PANG earlier we have considered Lehe PANG that PANG Cathal project
HVDC project into our account but now we are not

01:00:33
We are excluding that project because it's still it is in fluid condition because in between there
was a discussion that it will be uh changed to AC network. So that is why we have excluded
from our guidance and now 148 is including CWIP. So it is not excluding CWIP. the so 148
minus 49. So we have about one lakh crore projects practically for CAPEX.

01:01:03
Unless until we win more projects or unless until we get this Lepang, Cathal, AC or HVDC
project given to Power Grid again. So that clarification I wanted to give. Sure, sir. And you know,
the number that you mentioned in your presentation that from 29 to 36, you're expecting
average capex of about 40,000 crores and capitalization of 35,000 crores. So, you know,
depending on the bid pipeline. So what would

01:01:31
What is the kind of bid pipeline that you are looking at, at least in the near term for the next
three to four years? know, normally you give a number. Last time you mentioned about 70,000
crore worth of projects are in the near term pipeline, and another 3.6 over the next four years
where you might average 90,000 crore worth of bids over the next four years. So is there any
update to this pipeline that you're seeing, you know, in terms of annually what bids are coming
on, what projects are coming up for bidding?

01:01:55
Now after 2nd February, because I told that this report is recently announced and this is
released recently only. So any change because of that will be known after some time. So we are
maintaining whatever we have discussed on 2nd February in Mumbai during that investors
meet. So it will remain unchanged as of now. It may change after some time.

01:02:23
uh Sure, sir. I think this was quite detailed presentation and updating on what is the
development at PowerGraph. Come to an end of this webinar and I'll hand it over the mic to you
for any closing comment from your side, sir.

01:02:40
So thank you, all investors, our partners for sharing your concerns, sharing your queries with
us. And we are committed uh to meet your expectation. And we hope that more and more
investment will be available for Power Grid. More investors will join.

01:03:04
and we will be able to deliver best as a best one of the best company in India. Thank you.
01:03:14
Sure, sir. Thank you. And uh with this, webinar on power grid cooperation. And you may
disconnect the lines now. Thank you. Thank you.