NHPC Limited (NHPC) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the NHPC Limited Q3 FY '20 Earnings Conference Call hosted by Elara Securities Private Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Rupesh Sankhe from Elara Securities Private Limited. Thank you, and over to you, sir.

Yes. Good afternoon, everyone. On behalf of Elara Securities, we welcome you all for the Q3 FY '20 conference call of NHPC Limited. I take this opportunity to welcome the management of NHPC represented by Mr. Ratish Kumar, Chairman and Managing Director. I congratulate and wish all the best to Mr. Ratish Kumar for his new role as a CMD. We will begin the call with a brief overview by the management followed by Q&A session. I will now hand over the call to Mr. Ratish Kumar for his opening remarks. Over to you, sir.

Thank you, [ Nawaz ]. Good afternoon, friends. The board has adopted 9 months financial accounts ended 31st December 2019 in its meeting held on 7th February 2020. Same has already been communicated to the exchanges. By now, I hope you all would have got the chance to go through the quarterly and 9 monthly numbers. First, I will just touch upon major highlights and then detailed analysis of the results shall be discussed by our Director of Finance, Mr. Mittal. Brief highlights of the financial results and important updates of the companies are -- of the company are: during the 9 months ended December 31, our power stations have achieved generation 22351, 2-2-3-5-1 MU vis-à-vis 20799 MU generated in the corresponding period of the previous year, including [indiscernible]. This is approximately 7.46% higher, that is, 1,552 million units broadly due to better availability of water. Our plant availability factor for 9 months FY '20 stands at 87.47% against the corresponding previous period PAF of 88.50%. Slight decline in PAF is mainly due to shutdown of Baira Siul Power Station towards renovation and modernization and shutdown of 2 units of Chamera-II Power Station due to repair and maintenance. For the 9 months FY '20, the company has earned revenue of INR 6,822 crore as against INR 6,211 crore in the corresponding previous period which is about 10% higher, that is, INR 611 crore. During 9 months FY '20, we have earned PAF of INR 2,624 crore vis-á-vis INR 2,138 crore of corresponding period which rose by INR 486 crore, that is, 23% higher. On physical front, active construction work at Subansiri project been fully resumed with effect from 15th of October 2019 after clearance by Honorable NGT on 31st July 2019. And we are happy that progress of site is going as per plan and as per schedule, and we are trying our best to complete the project by FY '24. One more good news that NHPC has emerged as a successful bidder for Jal Power -- for Jal Power Corporation Rangit 120-megawatt in Sikkim with a bid of INR 165 crores. Yes. This is all from my side. Now I request our Director of Finance, Shri. Mittal to discuss detailed results, please.

Thank you, sir. Good afternoon, friends. I'm going to share with you detailed quarterly and 9-monthly set of numbers with detailed analysis. As you know, the Board has adopted the 9-month financial results ending 31st December 2019, in its meeting held on 7th February 2020 and the same have already been published as well as communicated to the exchanges. Brief highlights of the financial results and important updates of the company are as under: During 9 months ending 31st December 2019, our power stations have achieved generation of 22,351 million units vis-á-vis 20,799 million units generated in the corresponding period of the previous year which is about 7.46% higher. And it is mainly due to better water availability and better upkeep of the power stations. There has been full 9 months impact of Kishanganga Power Station as compared to 7.5 months in the last year. So we had some additional generation, roughly 350 million units from Kishanganga Power Station also. During Q3 FY '20, our power stations have achieved generation of 4,478 MU vis-á-vis 417 MUs generated in the corresponding period of the previous year which is about 7% higher and again, because of the better water availability as well as better upkeep and maintenance of the power stations. Our PAF for the 9 months is 87.47% as against the CRP norms of 77.35% and we are almost 10% higher than the CRP norm in terms of the PAF. Our PAF for the third quarter is 81.44%. And in the previous year, the PAF achieved about 79.53%. So that way, we are almost 2% higher in terms of the PAF as compared to Q3 of the last year. For the 9 months FY '20, the company has earned revenue of INR 6,822 crore as against INR 6,211 crore earned in the 9 months of the last year which is about 10% higher. This increase in revenue is due to the higher revenue from Kishanganga Power Station due to its commissioning which is almost INR 202 crore, trading revenue of INR 84 crores, revenue recognized on account of wage revision which is INR 161 crore, higher O&M expenses INR 162 crore, water surge INR 85 crore, higher secondary energy charges realized INR 61 crore, and which is partly offset by incentive of INR 47 crore and deviation charges of INR 90 crore. During Q3 of FY '20, the company has earned revenue of INR 1,795 crore as against INR 1,574 crore in the corresponding previous period which is about 14% higher. The increase in revenue is because of Kishanganga Power Station which is INR 40 crore because of the better generation, trading revenue of INR 43 crore, revenue recognized towards wage revision INR 54 crore, higher O&M expenses INR 44 crore, higher water surge INR 32 crore, higher secondary energy INR 24 crore, higher incentive of INR 10 crore and which is partly offset by lower deviation charges of INR 31 crore. Other income for the 9 months of FY '20 is of the order of INR 651 crore as against INR 689 crores during the corresponding previous period and there is a decrease of INR 38 crore. The decrease is mainly due to the lower interest income. Other income for Q3 of FY '20 is of the order of INR 65 crore vis-á-vis INR 117 crore during the corresponding period of the previous year, decrease is mainly due to lower realization of surcharge INR 20 crore and lower interest income by INR 22 crore, et cetera. During 9 months FY '20, the generation cost has gone up from INR 644 crore to INR 736 crore which is INR 92 crore increase. And this is because of the higher water cess which we have paid to the Government of J&K. During Q3 FY '20, the generation cost has gone up from INR 126 crore to INR 158 crore and this increase of INR 32 crore is also on account of higher water cess in the J&K projects. During 9 months FY '20, the employee cost has come down from INR 1,264 crore to INR 1,133 crore, and there is a decline of INR 131 crore. This is mainly because of the impact of -- the benefit of pay regularization which was INR 199 crore allowed in the last year, and reduction in the employee expenses due to superannuation of employees which had the impact of INR 118 crore and this is partly offset by increase in salary on account of increased DA, promotion, annual increments which has impact of INR 158 crore. During Q3 FY '20, the employee cost has come down from INR 551 crore to INR 399 crore, that is, by INR 152 crore and this is mainly due to the impact of the benefit of regulation of pay which we allowed last year amounting to INR 191 crore and reduction in the employees cost due to superannuation of INR 39 crore and partly offset by the increase in DA, annual increments, PRP, et cetera, by INR 78 crore. During the current 9 months, the depreciation has come down from INR 1,179 crore to INR 116 crore, that is, INR 19 crore. As you know, that the life of the power stations has been increased from 35 to 40 years and because of that, there is a reduction in depreciation by INR 59 crore. However, because the Kishanganga Power Station was commissioned in the last year and this year the additional depreciation for Kishanganga is INR 35 crore because of the full 9 months depreciation as against 7.5 months depreciation in the last year. During Q3 FY '20, the depreciation has decreased from INR 401 crore to INR 387 crore, that is like INR 14 crores and this is mainly due to the increase in the life of the project from 35 years to 40 years. During 9 months, the other expenses have gone up from INR 804 crore to INR 861 crore. This accounts to an increase of INR 57 crore and which is mainly on account of increasing the O&M expenses because of the increase in security expenses by INR 25 crore, repair and maintenance expenses by INR 13 crores and some additional expenses in the Kishanganga Power Station. During Q3 FY '20, other expenses have decreased from INR 298 crore to INR 267 crore, decline is INR 31 crore. And this is mainly because of the lower provisioning made against the survey and investigation projects as compared to the last year. During 9 months FY '20, there has been decrease in the finance cost from INR 672 crore to INR 644 crore and there is a decrease of INR 28 crore which is because of the capitalization of finance cost of Subansiri project INR 73 crore because of the resumption of activities of the project. This has been partly offset due to commissioning of Kishanganga Power Station INR 21 crore and interest on the borrowed loan for wind and solar power station because this money was borrowed during the end of the last year and has an impact of almost INR 25 crore only, [indiscernible] expenses -- interest expenses. During Q3 FY '20, there has been decrease in the finance cost from INR 223 crore to INR 156 crore, that is, INR 67 crore and mainly on account of capitalization of finance cost of Subansiri Lower Project because of the resumption of the Subansiri activities on the project. During 9 months FY '20, we have earned PAT of INR 2,624 crore vis-á-vis INR 2,138 crore of the corresponding period which rose by INR 486 crore. And it means an increase in profit after tax at the rate of 23% and the reasons of increase or decrease in the line items have just been explained in the foregoing paragraphs. During 2Q FY '20, NHPC has earned a PAT of INR 404 crore vis-á-vis INR 182 crore in the corresponding period of the last year and there is an incremental profit of INR 222 crore which is equivalent to 122% increase in the profit and the reasons have also been deliberated in the foregoing paragraphs. During 9 months FY '20, the incentive position is as under: Secondary energy in 9 months of the current year is INR 100.69 crores. In 9 months of the last year, it was INR 40.11 crore. So there is an increase of INR 60.58 crore in the secondary energy. PAF based incentive, in the 9 months of this year we have earned INR 346 crores. In 9 months of last year, this was INR 393 crores. There is a decline of INR 47 crore and this decline is mainly due to the shutdown of Baira Siul Power Station for maintenance and because of some repair and maintenance activities being carried out at Chamera-II Power Station because of the dead down, et cetera. Deviation charges this year 9 months are of the order of INR 88 crore as against INR 175 crore last year. There is a decline in the deviation charges by INR 88 crore. And as we know, we suffered a lot in the first quarter of the current year because of the change in the DSM regulations by CERC. And after the subsequent amendment, we have been able to increase this revenue in the current year, but still because of the capping on the division charges, still there is some decline and which is beyond the control of the company. CapEx during 9 months of FY '20 is INR 2,855 crore as against INR 1,644 crore in the previous period. Construction work of 800 megawatts Parbati-II project is under progress and we are expecting to get the project commissioned by FY '22. The anticipated cost of the project is INR 9,997 crore, of which we have already spent INR 7,738 crore till December 2019. The estimated levelized tariff based on the completion cost comes to INR 5.71 per Kwh. The active construction of this monthly project has been fully resumed from October '19 after clearance by the Honorable NGT on 31st July 2019. Accordingly, capitalization of hard cost, IDC, IEDC has been normalized from the third quarter of FY '19, '20. The revised cost of the project now stands at INR 19,496 crore, out of which we have already incurred INR 11,126 crore till December 2019. The estimated levelized tariff based on the anticipated cost is INR 5.24 per unit. Status of clearances of the forthcoming project of NHPC is as under: As we shared in our last call, all the formalities for the takeover of 500 megawatts Teesta VI Hydro Electric Project have been completed and we have already made payment against consideration of INR 897.5 crore. Lanco Teesta Hydro Power Limited is now a wholly owned subsidiary of NHPC. Now we are in the process of tendering for award of the works. The estimated completion cost of the project is INR 5,748 crore with anticipated levelized tariff of INR 4.7 per unit. In respect of Dibang Multipurpose Project 2,880 megawatts investment approval towards pre-investment activities for INR 1,600 crore has been accorded, out of which we have already realized -- we have already released INR 629 crore for the forest and compensatory afforestation, et cetera. Further, Ministry of Environment, Forest & Climate Change, Government of India has already accorded Forest Clearance (stage-1) and Environment Clearance. The anticipated cost of the project is INR 30,671 crore, out of which INR 4,627 crore is to be met from grant towards flood moderation. The levelized tariff based on the anticipated cost is INR 4.64 per unit. Pre-investment clearance for Teesta-IV 520 megawatt in Sikkim is already available. The FRA compliance is underway. The anticipated cost of the project is INR 5,879 crore and our estimated levelized tariff based on the anticipated cost is INR 5.23 per unit. Other highlights of the company for the 9 months of FY '20 are as under: MoU has been signed on 25th September 2019 with Government of Himachal Pradesh for execution of 449 megawatts Dugar H.E. Project located in Chamba District. On realization front, NHPC has received INR 5,531 crore from beneficiaries against sale of energy during 9 months of FY '20 as compared to INR 4,407 crores in the corresponding period of previous year. Trade receivable as on 31st December 2019 stands at INR 3,779 crores as against INR 2,685 crores as on 31st March 2019. The major receivables are PDD J&K INR 1,406 crore, UP -- Uttar Pradesh Power Corporation INR 1,274 crore, Punjab State Power Corporation INR 165 crore, West Bengal State Electricity Distribution Company INR 154 crore, Jodhpur Vidyut Vitran Nigam INR 153 crore and other INR 627 crore. This makes a total of INR 3,779 crore. And this includes dues of more than 45 days amounting to INR 2,951 crore. On joint venture front with Government of J&K, Pakal Dul 1000 megawatt is already under active construction phase with estimated cost of INR 8,112 crore. Kiru 624 megawatt has received investment sanction from Government of India with estimated cost of INR 4,288 crore. We plan to invest INR 250 crore for Pakal Dul and Kiru towards our equity contribution during current fiscal year 2019, '20. We have already signed MoU with JKPDD and JKSPDC, the power corporations in J&K for execution of Ratle H.E. Project 850 megawatts and proposal for investment approval is submitted to MOP with estimated cost of INR 5,282 crore, the levelized tariff of the project comes to INR 3.85 per unit. As already mentioned by our CMD sir, NHPC has emerged as a successful bidder for Jal Power Corporation Rangit Project 120-megawatt in Sikkim with a bid price of INR 165 crores. And with the estimated completion cost of this project which is around INR 1,000 crore, we are estimating a tariff of -- levelized tariff of INR 4.24 per unit. This is all from our side. Now the forum is open for question and answers. Thank you.

Thank you. Ladies and gentlemen, we will now begin with the question-and-answer session. [Operator Instructions] The first question is from the line of [ Rahul Kumar ] from India Capital Fund.

Good afternoon. And congratulations for the good set of numbers, sir. Sir, you have given a notice on 31st Jan that you are planning to raise around INR 1,000 crore through ECB. So what is the use of this particular debt at this stage? And what is our cost of borrowing? And how much debt we have in the books as on 31st December 2019? And what is the cost of the funds we have? Plus, you have talked about some of the trade receivables from state electricity boards. So how much of them are more than 3 months old? And what kind of recovery initiatives the -- your NHPC finance team has done to recover the same because some of them are really old what we believe?

All right, Mr. Rahul Kumar. Regarding this loans, let me tell you that you are asking about the INR 1,000 crore notice which we have recently issued in the last week?

Yes.

You're asking about that?

Yes, yes.

You see, we need to make some payments of more than INR 500 crore for Dibang towards acquisition of land. And that is more than INR 500 crore, number one. Then we need to spend more than INR 600 crore on Subansiri and Parbati-II projects in the remaining roughly 45 days of the current year. So our CapEx requirement for the remaining 45 days is almost INR 1,500 crore. And to meet the CapEx requirement of these projects, we are going to raise these INR 1,000 crore for which we already intimated to the exchanges. And this money will be raised -- will be used -- raised only if there is short fall in cash and which -- if you are unable to get the receivables in time. And as a matter of question, we have got this sanctioned from the Board. Number two, our cost of loans as of now is 6.5%, which is one of the lowest in the power sector. And our total loans as on 31st December are of the order of INR 18,887 crore. And as I mentioned, the rate of interest is 6.5% only and secondly, receivables. As mentioned, we have receivables of almost INR 3,800 crore as on December. Subsequent to that, we have got INR 240 crore from UP to bill discounting. We have written to the Ministry of Power, that the central plan allocation should be invoked under the tripartite agreement. The tripartite agreement is already there, which is signed by J&K and UP, who are the main defaulters. The total dues from these 2 states alone are more than INR 2,500 crore. And we have requested the ministry and we are seeking intervention of the ministry. Our honorable secretary power has written to the chief secretaries of the both the states to make the payments to NHPC. And in case we are not able to realize the money, we may have to go for -- invoking the tripartite agreement through which the Government of India may adjust the release of central plan allocation funds to the states and may give those funds to NHPC. If -- I would say it is in the hands of the government, we can only make the efforts.

Sir, with all due regards, if you see your annual report, I'm just going through, 4 years back also, our loan was INR 18,000 crores. Last year, it was INR 17,000 crores long-term borrowings. And this time on 31st December, you were saying the figure is around INR 18,200 crores if I have heard it perfectly.

INR 18,887 crores.

INR 18,870 crores. So another INR 1,000 crores you are going to borrow. It means we are going to touch INR 20,000 crores, which was never there in the history of NHPC.

You see, in the history of NHPC, we have not incurred CapEx of INR 5,000 crore, which we are likely to incur this year, let me tell you. We already acquired 1 company, Lanco Teesta for INR 900 crore. We have made the payment for INR 900 crore for that company. We have made INR 600 crore -- more than INR 600 crore for Dibang. And that way, we are spending a lot of money in Subansiri, Parbati and other projects. And we are going to -- we are investing some money in Pakal Dul also. So this year, we have already spent, let me give you the update, that we've already spent INR 3,900 crore till January and we are likely to cross INR 5,000 crore by the end of the year. So that kind of CapEx had not been there. Last year, our CapEx was INR 2,200 crore only. Prior to that, our CapEx was INR 2,400 crore only.

Sir, I came to your AGM in 2017, where one of the board members has promised that this will be reduced. We won't focus on the new expansion until and unless the debt -- it will be reduced to less than -- will be ranged between INR 14,000 to INR 15,000 crore. I've got that recording also, if you want [ Foreign Language ] in the year 2020. Now that INR 14,000 to INR 15,000 crore, we are a long-term shareholder basically. And the same has been aggregated to INR 20,000 crore. And if you see your return on capital employed or net profit to sales of energy that is decreasing on a moving average basis. So what is the management efforts to improve the, first of all, again, for the recovery of trade receivables and to reduce the debt in the next 2 years? Or can you give us a ballpark figure that how much would be the net debt in 2 years down the line?

You see. I think there is a matter of perception. Debt is not a negative thing, let me tell you, first of all. So any -- borrowing money for your Capex, you are borrowing money for your business expansion that then it is a beneficial situation. It is not hitting your profitability, I assume. Whatever borrowing I am making and the interest, which will increase because of these borrowings, this will get capitalized to the new projects. So this is not going to affect my profitability. Recently, because we have sanction for the Dibang project...

If the same is going to capitalize in your project cost, at the end of the day you need to pay the interest to the issuer? So if you take out the project...

Right. I'll pay out of the project cost. I am not going to pay from my profit and loss account. It is not going to affect my ROE, or the return on earnings, or neither my return on capital employed. And let me update you that my return on equity for the 9 months, last year was 7.08%. And this year, the return on equity for 9 months is 8.5%. So there is almost 1.5% increase in the ROE in the 9 months. In spite of the higher borrowings, ROE is increasing because my profit is higher by INR 486 crore. And if my profit is higher by INR 486 crore, it means a lot, I mean to say, it is not a very small number. Last year, my PAT was INR 2,150 crore. This year, I have reported a PAT of INR 2,625 crore. So if I am borrowing higher, I am reporting higher figures of profit also.

The next question is from the line of Mohit Kumar from IDFC Securities.

Two questions, sir. First is, there's a 2000-megawatt tender of solar tender -- this is in our balance sheet? Or this is just for -- this is like SECI and NVVN project?

You see this 2,000 megawatt solar is not on the balance sheet. It is on the developer mode like SECI as you rightly mentioned. So this is basically on trading margin basis.

Understood sir. Second is on the -- this Subansiri and Jal Power and Dibang, all these 3 projects are all on schedule in the sense have you tendered out for all of the 3 projects -- are the tendering activity complete? And secondly, Jal Power, what is the time line we are looking at and what is the kind of CapEx will be required? That's it for me.

Yes. Regarding Teesta VI, Jal Power, this LTHPL, all the tenders have been issued. Major civil tenders have been opened and we are in the process of evaluation, which will be awarded very soon to commence the work. And we should be able to achieve the target of -- scheduled construction target of 16 months from the date of CCEA. In regards to Subansiri, work is going on full swing. Major critical activity in Subansiri is dam, civil contractor is already working. And I'm happy to announce that monthly targets are being achieved even more than what we had planned. And work is going on schedule, and we should be able to commission this project as planned. Regarding Jal Power, Rangit IV, the process of acquisition is going on. We have been given -- we have been declared highest bidder, the award by NCLT is awaited. We have already started our feasibility and DPR report checking and CEA, which will be followed by PIB and CCEA in the near future. I think we have 6 months to do that job.

Yes. It's on schedule.

And about the payment, so we are on schedule in respect of all these things.

Sir, one clarity on Subansiri. I believe the tender has been canceled which -- where I think it's just was L1?

Yes. Yes, in Subansiri there was earlier a tender that was on Messrs L&T. That tender was terminated. Then we had to go on again for the tender, 2 bidders had come. Lastly, we failed to award because of problems in FCC and the high prices. Now we have gone for the retendering again, the effect of this retendering is around 3 months now. But this work is not that critical than critical in civil works. And we have reduced the time line for these tenders, and we are hopeful that we will match the schedule after this tendering and award is done. So no effect is anticipated because of the cancellation of this tender.

So this is on Dibang, actually there was tender, I think only 1 guy turned up. Does it mean that all these tenders get delayed whenever there is less participation?

No. The Dibang is in fact a very big project if you see. It is 2,880 megawatts. And all the tenders are very high-value tenders. There's a tender called diversion tunnel. There are multiple diversion tunnel in this Dibang tender. During the process of this preinvestment, we had issued the tender for diversion tunnel. After 2, 3 extensions, we could get only 1 tender that is Messrs L&T. And happy to announce that we could get the prices lesser than the estimate, around 12%, 13% less than the estimate even if we had open. Because of the capability of the civil contractor and fortunately, we got L&T who are well competent and financially good contractors. We shall be awarded soon after we receive the approval of the government for the full cost of this Dibang project.

Understood, sir. On the Teesta VI, we -- can we expect all the awarding to happen by March?

You see in Teesta VI, Teesta VI major and critical works are civil works only. And out of those civil works, critical -- most critical package is the tunnel construction package. That package -- award package is in advance stage, and we are trying to award this package before March itself, this should happen. Rest of the contracts shall follow one by one. The second contract, which is less critical, shall be awarded maybe towards end of March or first week of April and hydromechanical and electromechanical tenders are only under NIT and award will follow, those are not critical. Thank you.

And last question, sir, what's your status on renewables projects, sir? Is there any large pipeline which you are thinking of in terms of FY '21?

Just a minute.

You see on the renewable side, as you asked earlier, we have gone for the tender of this 2,000 megawatt solar power project set up by developers on the trading model. And we have got quite a good number of bids and if the rates are found reasonable, we are hopeful that this 2,000 megawatt may come up in the next year or so. In addition to that, we have been given a mandate of 500-megawatt solar power project under CPSU scheme by the MNRE, and we are going to seek the investment approval from the government very soon. Our board has cleared those projects in the last meeting held on 7th February, and we are approaching the government on that. Thirdly, we have some plans to set up solar power projects in Odisha and in addition in -- Telangana, I think, Telangana. And we are in the process of dialogue with both the governments. And some projects may come up in the next year in these 2 states as well, particularly, Odisha where the things have gone ahead and we have floated a tender also.

The next question is from the line of Dhruv Muchhal from HDFC Securities.

Sir, on the CapEx, you mentioned for FY '20 now you are probably doing about INR 5,000 crores. In the last call, you had given about INR 3,800 crores. So what is driving this swing?

You see, we have higher CapEx in Subansiri. And we have higher CapEx in Parbati also and as mentioned, we are going to spend additional expenditure in Dibang because in Dibang, we are likely to spend more than INR 1,100 crore this year. And earlier, we targeted only INR 630 crore, now we are expecting that the land award maybe should -- within this year end we may be able to incur INR 500 crore on the Dibang project. And besides that, we are going to invest INR 250 crore equity in Chenab Valley for Pakal Dul and Kiru projects. So that is the broad reason that this number may be touching to INR 5,000 crores.

Okay. So I think Chenab, you had earlier mentioned. So what is driving the swing is Dibang? Because Dibang earlier you were doing INR 3,300 crores, now it is about INR 1,100 crores.

And Subansiri also.

Sir, Subansiri earlier you had about INR 1,100 crores. So this figure...

Now this figure may touch -- go beyond INR 1,500 crores.

Okay, okay. By CapEx, you mean this will be cash outflow, right? This is not...

[ Yes, yes. This is -- the entire money is cash outflow.

Okay, okay. Sir, in this INR 5,000 crores, you are also including the payment which you have made for Teesta VI for the acquisition of...

Yes, yes, yes. The INR 1,000 crore is already there. 900 crore is already there and some INR 50 crore, we are further inbuilding into this. So our target for this year for Lanco Teesta VI is INR 950 crore.

Okay. And sir, similarly, for FY '21, last time you had given INR 6,500 crores. So should we assume any change there or that's it?