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Edited Transcript of ADAI.NS earnings conference call or presentation 13-Feb-20 11:00am GMT

Q3 2020 Adani Transmission Ltd Earnings Call

AHMEDABAD Feb 20, 2020 (Thomson StreetEvents) -- Edited Transcript of Adani Transmission Ltd earnings conference call or presentation Thursday, February 13, 2020 at 11:00:00am GMT

TEXT version of Transcript

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Corporate Participants

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* Anil Kumar Sardana

Adani Transmissions Limited - MD, CEO & Executive Director

* Kaushal G. Shah

Adani Transmissions Limited - CFO

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Conference Call Participants

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* Dhruv Muchhal

HDFC Asset Management Company Limited - Equity Analyst

* Mohit Kumar

IDFC Securities Limited, Research Division - Analyst

* Prapti Gupta;BlackRock;Analyst

* Shirish Rane

IDFC Securities Limited, Research Division - Head of Research

* Varun Ahuja

JP Morgan Chase & Co, Research Division - Analyst

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Presentation

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Operator [1]

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Ladies and gentlemen, good day, and welcome to Adani Transmission Limited Q3 FY '20 results announcement conference call hosted by IDFC Securities.

(Operator Instructions)

I now hand the conference over to Mr. Shirish from IDFC Securities.

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Shirish Rane, IDFC Securities Limited, Research Division - Head of Research [2]

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Thank you, Amit. Good afternoon, everybody. Welcome to Adani Transmission Limited Q3 FY '20 Earnings Conference Call. Today, we have with us Mr. Anil Sardana, CEO of Adani Transmission Limited; and Mr. Kaushal Shah, CFO of Adani Transmission Limited.

To start the call, Mr. Sardana will give us opening remarks and then we'll open the floor for question and answers.

Over to you, sir.

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Anil Kumar Sardana, Adani Transmissions Limited - MD, CEO & Executive Director [3]

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Thank you, Shirish. Good afternoon, all our analyst friends. Welcome to Q3 FY '20 call. You would have got the presentation and also the media release and would have noticed that once again the ATL has posted splendid performance during Q3. And all around in terms of the operational part, which is reliability factor and then the fiscal performance in terms of EBITDA, the PAT, has really shown a remarkable increase in the Q3. And also the YTD numbers compared to the YTD 9 months of the previous year have shown good amount of jump.

Besides that, the pipeline continues to be robust. We are sitting on a very good pipeline. We added 2 renewable projects during the quarter, plus we added the first project, which will bring 400 kV grid systems into Mumbai. And besides these, you would have also seen the fact that the entire capital management program has been concluded. QIA has actually closed the transaction both from the point of view of the equity funding for 25.1% as also from their participation in the debt funding, $282 million.

Besides that, the quarter saw the mobilization of refinance funding by ATL as well as AEML. AEML, in fact, got concluded during the month of February. And the -- of course, the 2 parts, $500 million by ATL was done during the previous quarter and $310 million USPP funding got finished in the recent months. In fact, the circle off was done end of January.

So our capital program has mobilized $2.6 billion worth of U.S. dollar funding. And therefore, both ATL as well as AEML today have long-term infrafunding instead of corporate funding. So there is no love for the fact that we have dollar funding, the love is for the fact that we have infrafunding, which means that these are long gestation, which also means that these are with amortization, which is much more friendlier compared to the corporate funding concepts that Indian bankers offer. And care has been taken that these are with fixed interest rates and these are with long lock-in, and with the objective that whatever commitments we make in our business, we are completely backed up by the financing plans.

So therefore, that's been a great achievement in terms of what we've been able to achieve over the last 2 quarters.

Well, I'm going to stop here, and look forward to your questions and by virtue of that, perhaps, will be able to respond on anything that I may have left out. So over to you. Thank you.

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Questions and Answers

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Operator [1]

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(Operator Instructions) The first question is from the line of Varun Ahuja from JP Morgan.

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Varun Ahuja, JP Morgan Chase & Co, Research Division - Analyst [2]

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Congratulations on the results as well as the recent closure of equity investment, et cetera. I have 3 quick questions, if I may. Firstly, I do see that on the electricity distribution asset, AEML, the distribution loss has been coming down quite well. And you mentioned that the target would be around 6%. So if you could guide like, is there a time line by which you can get there? Is this target more like next 12 to 24 months, and they can be further after that? Or is this somewhere you believe that would be in line with where do you think it may start normalizing and tapering off or settling down at these levels? That's the first question.

Secondly, I believe there are hedges in place for the FX funding. But can you just guide what are the terms of those hedges? Is it throughout the life of the bond or is it for a certain period over the next 3, 5 years, et cetera?

And lastly, this is more of, you can say, business-wise generic question. The -- my understanding is that there are some thoughts around the government looking to privatize more distribution of DISCOMs in the bigger cities. If you could give some color on that? I presume that would be something you would be quite interested in. So if you could give some kind of color as to -- if you believe that, that's something that would be in the pipeline in the near-term in the next 1 or 2 years or still something which -- where visibility is slow? That will be all from me.

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Anil Kumar Sardana, Adani Transmissions Limited - MD, CEO & Executive Director [3]

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Thanks, Varun. Thanks for your questions. Let me start by your first -- first point was on the loss levels. Yes, the loss levels are coming down. And we certainly wish to get them to 6% or below 6%. There are 2 components to this loss reduction: Number one is the technical losses; and the other one is, of course, the commercial losses. Right now, the effort was in terms of reduction of the commercial losses. Going forward, the efforts will be on both comps. The technical losses will get addressed by virtue of some of the CapEx that we will incur, which has been now subsequent to our submissions with the regulators, which has been approved, and therefore we will now get at that. And the commercial losses, of course, based on the studies that have been conducted, we have now granular information in terms of which feeders, which transformers have what kind of losses. And therefore, what interventions will work in order to achieve what we are trying to pursue, and that is how the efforts have started.

Your point that what is the time frame in which we would want to reach up to 6%, the answer is that the budgetary part has 2 components: One, what regulator prescribes; and the other one which we internally pursue. The regulator prescribes close to about 0.25% deduction at the loss levels exit fee, which we are, on an annualized basis. And internally, we pursue close to about double of that. So therefore, if we are today at, say, 7.89%, we -- you can't expect us to go sub-7% in less than 18 months from now. I think that's the minimum period that will be needed to go sub of 7%. And once we achieve sub of 7%, then largely it will be not commercial losses, but largely it will be technical losses. And they will, Varun, take time as we commission the new cable, new transformers, we commission parallel networks, which will reduce the technical losses. That would mean that the pace of loss reduction will not even be 0.5% a year, it could virtually be 0.35% to 0.4% a year. So that's the way that things will reduce.

Your second point was on the hedging. And so from the hedging perspective, right now, we are able to mop up, based on the liquidity that exists, 5 years cross currency swaps. That's what we are able to mobilize, and we will have to continuously keep revolving them as and when that period ends. That's the way the hedging is being covered. And of course, the -- while the requirement is 95%, we are clearly pursuing for 100% hedging.

The third part that you mentioned was with regard to the privatization. Yes, indeed, the government of the day is serious about the fact that they should be reform and perhaps privatization seems to be a good answer because, I guess, all the attempts that they have done, they've categorized that into 2 parts, such of the DISCOMs which have losses, or such of the areas which have losses above 18%, and the others which are below 18%. Those which are upwards of 18%, they want to target those first. From my perspective, I guess, it should be seen more holistically, not just the losses, but the quality of software services, the holistic aspect related to how customer is getting what it deserves. But anyway, that's for some other time for us to dwell. Right now, yes, the government is pursuing an agenda for privatization and we welcome that. And we are very much part of the thought leadership and advocacy on that subject. So we certainly will be very keen to pursue that agenda in the time there. Is there any follow through question, Varun?

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Varun Ahuja, JP Morgan Chase & Co, Research Division - Analyst [4]

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Just on hedging, you mentioned that you're able to do 5-year swaps. Is that only the coupons or do you also hedge the entire principal amount?

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Kaushal G. Shah, Adani Transmissions Limited - CFO [5]

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No, no. We hedge principal amount fully and then coupon, depending on that, we may hedge for 1 year or a couple of years.

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Varun Ahuja, JP Morgan Chase & Co, Research Division - Analyst [6]

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Okay. So principally for full 5 years, coupon is dependent, it can be a bit more flexible than that, right?

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Kaushal G. Shah, Adani Transmissions Limited - CFO [7]

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Yes.

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Operator [8]

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The next question is from the line of Prapti Gupta from BlackRock.

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Prapti Gupta;BlackRock;Analyst, [9]

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Congratulations on a good set of numbers. I have 2 questions, sir. The net debt number, which I see of INR 191 billion, so there has been a slight increase vis-a-via FY '19, which was, I think, approximately INR 170 billion, INR 175 billion. So I mean, what's driving that increase? And secondly, I read in the presentation on ATL looking at cost optimizations on USD bond issuances. So I just wanted to understand, I mean, what are we looking at? And what can we expect over the coming quarters on that front?

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Kaushal G. Shah, Adani Transmissions Limited - CFO [10]

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So your first question was on...

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Prapti Gupta;BlackRock;Analyst, [11]

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The debt increase.

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Kaushal G. Shah, Adani Transmissions Limited - CFO [12]

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Debt, yes, we have certain greenfield projects also under execution. So as and when we brought in a quarter the amount, then there is a slight increase in the debt, but you will appreciate that net debt to EBITDA is still in the range of 4.4x. So we are very mindful and conscious about the same.

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Anil Kumar Sardana, Adani Transmissions Limited - MD, CEO & Executive Director [13]

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In fact, it's improved compared to the similar period last time or the 31st March 2019 figures. If you look at net debt to EBITDA, it was about 4.7x, now we are slightly below 4.4x.

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Kaushal G. Shah, Adani Transmissions Limited - CFO [14]

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What was the next question? Second question was...

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Anil Kumar Sardana, Adani Transmissions Limited - MD, CEO & Executive Director [15]

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Second question...

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Kaushal G. Shah, Adani Transmissions Limited - CFO [16]

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Second question was on...

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Prapti Gupta;BlackRock;Analyst, [17]

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Sir, I read in the presentation on you're looking at cost optimization through USD issuances. So...

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Kaushal G. Shah, Adani Transmissions Limited - CFO [18]

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No, no, it's not cost -- see, what we are trying to do over here is that we are creating the value creation model. So say, we have these 7 projects, which we completed, so originally, if you look at that, the original cost of that project was INR 36 billion, we completed in INR 31 billion. And then we have now financed it through the U.S. private placement, whereby we will have an upsize of the date which is available. And then the equity portion will be very minimal. So what we are saying is that with this model and the longer amortization of the period, back-ended amortization, we have a more surplus of cash available in the initial period. Typically, in the Indian scenario, you have to repay almost 60%, 70% in first 10 years. Here, this will happen only in the last 10 years. But earlier years, we will be saving on the cash flow. And that surplus, which will be available, is used for the equity investment, for the growth purposes. So that's a value accretive model, which we are doing it. And because of this upsize of the date and still within the parameters, the return on the equity is going very high, which is going as high as to 50%. So that's what in our Energy Day presentation, which is on the website, you can see that, that how the entire structure we have developed.

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Operator [19]

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(Operator Instructions) Next question is from the line of Mohit Kumar from IDFC Securities.

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Mohit Kumar, IDFC Securities Limited, Research Division - Analyst [20]

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One clarification, sir. This -- the asset, in the media, we read that we have raised $1 billion. I presume this $500 million plus $ 310 million, this is the final figure for USD bond, which you've raised during the last couple of months. Am I right?

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Anil Kumar Sardana, Adani Transmissions Limited - MD, CEO & Executive Director [21]

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Yes, that's all we know about. Yes. In fact, sad part is that we get to realize a lot of things from such media news because at times very baffling in terms of the fact that right now, we just got done with the $500 million and $310 million of USPP plus $1 billion at AEML. And that completes our entire refinancing. So I completely sort of get surprised as to how somebody gets an idea that we would want to do $1 billion again.

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Kaushal G. Shah, Adani Transmissions Limited - CFO [22]

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See, with this refinancing, what we have done is that our liquidity risk for the short-term paper has completely reduced. Now we have almost over 90-plus percentage of more than 5-year maturity. And then the remaining is only a short term, which we are also repaying that -- CPs and all that we have repaid. So only working capital will be remaining over there as a short term. But other than that, it's completely the change profile, which we have done.

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Mohit Kumar, IDFC Securities Limited, Research Division - Analyst [23]

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And sir, related to this, where are all these bonds have been raised? Which entity? And how much?

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Kaushal G. Shah, Adani Transmissions Limited - CFO [24]

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Sorry?

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Anil Kumar Sardana, Adani Transmissions Limited - MD, CEO & Executive Director [25]

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Which entity?

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Mohit Kumar, IDFC Securities Limited, Research Division - Analyst [26]

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At which -- yes, in the sense, is it in the -- both the papers have been raised at AEML level or is there some part at the other transmission companies?

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Kaushal G. Shah, Adani Transmissions Limited - CFO [27]

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So $1 billion is raised at AEML level, which has no recourse to ATL. So it is ring-fenced at the AEML level only. Then ATL, we have now total $1 billion bond, original $500 million and another $500 million, we did it in November to refinance the NCD local. And the $400 million, which we have done USPP, which will be at the SPV level. So there is a cluster of SPVs, 7 SPVs, which has become operational. At that level, there is a $400 million debt. But there is no recourse to the ATL. So it's all ring-fence structure, which we are creating, like project finance structure, and link it to the PLCR, which is very well accepted by the global investors.

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Mohit Kumar, IDFC Securities Limited, Research Division - Analyst [28]

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Sir, what will be the CapEx requirement for the FY '21 and FY '22? And can you just give a breakup between distribution and transmission separately?

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Kaushal G. Shah, Adani Transmissions Limited - CFO [29]

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So as a thumb rule, you can consider that we have -- on a distribution side, we have around INR 1,500 crores as the CapEx requirement. And on the transmission side, we will be doing around INR 3,000 crores as the CapEx, so 30% of which will be funded from the internal approvals over a period of 2.5 years because these projects are typically for 2.5 years. And currently, we have almost INR 8,000 crores of worth of projects on hand.

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Mohit Kumar, IDFC Securities Limited, Research Division - Analyst [30]

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Okay. Sir, I understand that out of INR 32 billion, INR 12 billion has been returned back to the promoter. And I assume that our promoter debt will be in the range of around INR 22 billion at the holdco, is it right number?

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Kaushal G. Shah, Adani Transmissions Limited - CFO [31]

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At the ATL level, we -- out of -- we have a total INR 3,800 crores debt, principal perpetual debt, from which we have reduced INR 12 billion roughly, INR 12 billion, INR 13 billion, whatever is the amount we received. So that's the scenario. Outstanding amount will be in the range of around INR 26 billion, INR 25 billion, INR 26 billion.

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Mohit Kumar, IDFC Securities Limited, Research Division - Analyst [32]

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Sir, last question. Sir, how is the bidding pipeline looking at this point of time? How much worth of tenders are opened? Where we are participating?

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Kaushal G. Shah, Adani Transmissions Limited - CFO [33]

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So there is a huge opportunity, which is coming up in RE, and we expect the good sizable amount of bidding worth around INR 10,000 crores to INR 12,000 crores coming up over a period of 6 months. So we have a good pipeline available. But as we have -- in the past, we have a minimum hurdle rate of 16% while we're bidding. So we are not in for each and every bid to win. Basically, we are looking at the quality aspects as well.

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Mohit Kumar, IDFC Securities Limited, Research Division - Analyst [34]

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And lastly, sir, one -- there was one particular line, I think, 6,000 HVDC line, which you're pursuing. Is there any progress or regulatory approval? Or will it take time to finalize?

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Kaushal G. Shah, Adani Transmissions Limited - CFO [35]

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I think the DPR approval is going on with the regulator. We have got the LOI from the regulator. So I think it should happen in due course of time if it is working.

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Operator [36]

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(Operator Instructions) The next question is from the line of Dhruv Muchhal from HDFC Mutual Fund.

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Dhruv Muchhal, HDFC Asset Management Company Limited - Equity Analyst [37]

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I joined a bit late, so if I'm repeating, sorry for that. So you have about 9 projects in transmission, which are under construction. From the presentation, I see the total project cost is about INR 8,300 crores. I think, please also help, what would be the revenue from -- overall, total revenue from these projects, if individually, it is even helpful, or otherwise, at least, the total?

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Anil Kumar Sardana, Adani Transmissions Limited - MD, CEO & Executive Director [38]

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Close to about INR 1,000 crores.

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Dhruv Muchhal, HDFC Asset Management Company Limited - Equity Analyst [39]

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INR 1,000 crores, overall from all the projects, from these 8 projects, including Kharghar Vikhroli?

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Anil Kumar Sardana, Adani Transmissions Limited - MD, CEO & Executive Director [40]

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Yes, yes.

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Dhruv Muchhal, HDFC Asset Management Company Limited - Equity Analyst [41]

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Okay, okay, okay. Sir, secondly, was on the 30-year paper that we have done, so the rate is around 5.2%. So I've seen the 20-year paper and the other paper, the rates are lower there. So any reason that we have gone for the 30-year, probably that is the reason the rate is higher? Any specific reason going for this higher rate and higher maturity?

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Anil Kumar Sardana, Adani Transmissions Limited - MD, CEO & Executive Director [42]

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The 30-year is almost like an equity instrument, boss. What is 5.2%? Imagine, when the amortization is such that you have to return bulk of this money in between 20 to 30 years, so imagine having equity money at 5.2%, so it's a classic infrastructure instrument. And it's very, very attractive. So in fact, if you say, if I have my way, I would say, every possible bond should be 30 years. Of course, you wouldn't get that kind of money every time with 30 years.

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Kaushal G. Shah, Adani Transmissions Limited - CFO [43]

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Normally, you pay around 60, 70 bps higher to the regular this kind of a paper of 15 years, 16 years. So it is in that range. And this is first in kind in the country. You can see that you will appreciate that only Reliance in the past has done that. Apart from that...

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Anil Kumar Sardana, Adani Transmissions Limited - MD, CEO & Executive Director [44]

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But that was also many years back.

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Kaushal G. Shah, Adani Transmissions Limited - CFO [45]

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That was also many years back, and had a lot of an issue. These have now opened the door in the country for other infrastructure players as well as for us also. And just imagine that if we -- as we have demonstrated in the past, the credit quality, if we continue to maintain the same, we have a huge door open for our upcoming projects, which will become operational. So they are very much -- these are the funds, which are Cigna, Barings, MetLife, you know all of them. So huge pile up of money. So I think this is a great achievement for the country as well as for the group.

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Dhruv Muchhal, HDFC Asset Management Company Limited - Equity Analyst [46]

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Sure, sir. Sir, you mentioned a large part of the repayment is after 20 years. So if you can give a broad breakup, how much is 1 to 5, 5 to 10 because in the...

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Kaushal G. Shah, Adani Transmissions Limited - CFO [47]

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That we will share. We don't have it often on hand. We will share it with you separately.

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Dhruv Muchhal, HDFC Asset Management Company Limited - Equity Analyst [48]

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Sure, sir. Because this gives us decent buffer to release equity upfront.

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Anil Kumar Sardana, Adani Transmissions Limited - MD, CEO & Executive Director [49]

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So it is.

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Kaushal G. Shah, Adani Transmissions Limited - CFO [50]

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It is, that's what I'm saying. So in our Energy Day presentation, you just see there is a case study of USPP. You just see that how we have an equity return of 50% plus because of this.

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Dhruv Muchhal, HDFC Asset Management Company Limited - Equity Analyst [51]

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Sure, sir. Sir, in the presentation, you're also mentioning a rolling CapEx of $400 million. If you can explain, what does that mean?

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Anil Kumar Sardana, Adani Transmissions Limited - MD, CEO & Executive Director [52]

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So rolling CapEx of $400 million basically means is that there is a line of credit that has been established. And as and when you give a call, you have the CapEx approved, you are able to award and you need the money, you call for that money. So it's been established for long tenure. And therefore, you can keep drawing it at will. Of course, one has to give a bit of plan, but it has been like a line of credit.

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Kaushal G. Shah, Adani Transmissions Limited - CFO [53]

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So this is also the first time in the country, this has happened that along with the bond issuance, which is step wise, $400 million line also available from the greenfield CapEx. This has never happened in the past. So now the AEML will focus on the CapEx portion and the O&M activity only. They don't have to have to worry for the financial closure for the CapEx program, which they will be running. And we will be taking out every 3 years through the bond.

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Dhruv Muchhal, HDFC Asset Management Company Limited - Equity Analyst [54]

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Okay. Sir, if you can help us explain, how is it different than a normal financing, which you do? I mean, just to get a sense of what changes.

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Kaushal G. Shah, Adani Transmissions Limited - CFO [55]

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No, no. So the alignment of conditions of the bond, see, Indian -- typical Indian funding happens with the FACR, DSCR. Here, the entire funding is aligned with the bond terms and condition, which is linked to the PLCR, the graded DSCR, all of that stuff. So that gives lot of flexibility in terms of -- and what we have committed to them that this is a rolling facility. So every 3 years, when we reach a milestone of $400 million, we will replace it through the bond, and that line will be freed up again.

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Dhruv Muchhal, HDFC Asset Management Company Limited - Equity Analyst [56]

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Okay, okay. Got it. Got it. And sir, lastly, for my accounting purpose, the QIA loan that we have got for about INR 2,000 crores, now is this also a similar structure like the perpetual and it will be the interest cost would be directly to the reserves or it will be through the P&L? And if you can also share the interest rate, if it is available.

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Kaushal G. Shah, Adani Transmissions Limited - CFO [57]

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So if you look at our presentation, first of all, under the waterfall mechanism, this comes after all senior secured and all the payments. So this will be -- if there is a distribution surplus available, then the payment of interest to this -- on the subordinated loan will be done. Otherwise, it will be accumulated.

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Dhruv Muchhal, HDFC Asset Management Company Limited - Equity Analyst [58]

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Okay. So it's almost similar to the existing -- the promoter debt, which we had? The structure is almost exactly...

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Kaushal G. Shah, Adani Transmissions Limited - CFO [59]

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No. In our perpetual, what we have done was that it can be repaid only out of equity or equity type of instruments in ATL. While here, you can repay out of distributable surplus.

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Dhruv Muchhal, HDFC Asset Management Company Limited - Equity Analyst [60]

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Okay, okay, okay. And the rate would be?

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Kaushal G. Shah, Adani Transmissions Limited - CFO [61]

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For LIBOR plus, I think, 4% or something.

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Dhruv Muchhal, HDFC Asset Management Company Limited - Equity Analyst [62]

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LIBOR plus, 4%. Okay. Got it, sir. And sir, last one, quick one. The project cost numbers that you have given in the presentation, these are the -- not the estimated project cost by CERC. These are your -- I mean, your project costs, right? Or the numbers would be significantly lower than this?

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Kaushal G. Shah, Adani Transmissions Limited - CFO [63]

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Yes.

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Dhruv Muchhal, HDFC Asset Management Company Limited - Equity Analyst [64]

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These are your project estimates?

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Kaushal G. Shah, Adani Transmissions Limited - CFO [65]

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Yes.

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Operator [66]

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(Operator Instructions) You have a follow-up question from the line of Mohit Kumar from IDFC securities.

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Kaushal G. Shah, Adani Transmissions Limited - CFO [67]

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We have one last question. We have some other meetings come up, so can you just quickly cover up.

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Operator [68]

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Sure, sir, this is the last question.

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Mohit Kumar, IDFC Securities Limited, Research Division - Analyst [69]

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Yes, sir. Sir, one last one question. Sir, on the -- in the terms of AT&C loss, we're already at 7.89%. And I believe the benchmark for the Mumbai distribution was 8.3%. So what kind of -- given that we have submitted our tariff proposal, what kind of tariff, the benchmark, we foresee for the next tariff period for Mumbai distribution?

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Anil Kumar Sardana, Adani Transmissions Limited - MD, CEO & Executive Director [70]

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You're saying, what kind of loss level will the regulator use to build the tariff? Is that your question?

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Mohit Kumar, IDFC Securities Limited, Research Division - Analyst [71]

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If I understand, your general comment on what kind of possibility is there to reduce the AT&C losses, given the 7.89% is quite low?

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Anil Kumar Sardana, Adani Transmissions Limited - MD, CEO & Executive Director [72]

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No. Mohit I mentioned that at this juncture when you reach this kind of level from 7.89% to any level below 7% will be maximum at a rate of 0.5% per year. And that's what we will target, that's the maximum that we will target. And of course, the regulatory requirement would be anything like 0.25% or so. But we will obviously try and target double reduction of the losses. So you can now extrapolate. Once it goes below 7%, then it will reduce anywhere in the range of 0.25% to 0.35% per year.

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Mohit Kumar, IDFC Securities Limited, Research Division - Analyst [73]

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And secondly, sir, for the CapEx plan for the Mumbai distribution, we maintained our INR 80 billion, INR 90 billion investment over the next 4 to 5 years, and this requires -- of course, this requires regulatory approval. And I believe this is the last year for the tariff period, right, this year, FY '20?

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Anil Kumar Sardana, Adani Transmissions Limited - MD, CEO & Executive Director [74]

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Yes. In fact, the MYT that has been submitted already includes this plan.

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Operator [75]

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Ladies and gentlemen, that will be the last question for today. I now hand the conference over to Mr. Anil Sardana for closing comments. Thank you, and over to you, sir.

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Anil Kumar Sardana, Adani Transmissions Limited - MD, CEO & Executive Director [76]

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Thank you. Thank you to all the analyst friends. Appreciate your joining us for the Q3 FY '20. And we look forward to your questions. Just in case you have any additional follow through questions, do send it to Vijil or Jay, and we will be happy to respond to you. And of course, you can also send it via Shirish. Thank you, Shirish, for your cognition, too.

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Kaushal G. Shah, Adani Transmissions Limited - CFO [77]

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Thank you, Shirish. Thank you.

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Shirish Rane, IDFC Securities Limited, Research Division - Head of Research [78]

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Thank you, sir.

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Operator [79]

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Thank you very much. Ladies and gentlemen, on behalf of IDFC Securities, that concludes today's call. Thank you all for joining us, and you may now disconnect your lines.