Tata Power Company Limited (TATAPOWER.NS) Q1 FY2026 Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the Tata Power Limited Q1 FY '26 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Dr. Praveer Sinha, CEO and MD of Tata Power for his opening remarks. Thank you, and over to you, sir.

Thanks, [ Dero ] and good evening to everyone, and thanks for joining for the analyst call. I'm joined today by my colleague, Sanjeev Churiwala, CFO; J.V. Patil, Financial Controller; Rajesh Lachhani and Kasturi from the Investor Relations and some other colleagues from the finance department. Let me give you a little background about the power sector. After many years, we had a quarter in which the power consumption declined by nearly 1.3%. This we have not seen by at least 5, 6 years. And this was because of the early onset of monsoons, then -- where we saw the monsoon coming around mid of May, and this has continued till now. But we do expect now that with the rains going from most of the Central and Western part of India and Northern part, we'll have again high temperature along with humidity, which will again lead to higher power demand in the later part of August and September. This quarter also, we saw a huge capacity additions that have taken place. Many of them were capacity additions, which should have happened in last year -- last financial year, but got spilled over to this financial year. And we do expect that some of it will continue in the subsequent quarters. On Section 11, all of you are aware that the Section 11 was valid till 30th of June. And since then, it has not been extended. We are since then in a very detailed discussion with all the 5 procurer states and all the detailed papers have been shared with them. And we do expect that we'll be able to conclude to an arrangement acceptable to both -- to all the 5 procurers and us by -- within August. And we continue to work with them on finalizing this, so that this becomes the template for the supply of power for next 13 years up to 2038. As all of you are aware, with the lower coal prices, international coal prices. The cost of Mundra Power is very attractive in the merit order, and we do expect that -- this price will continue to be softer at least for the next 3 years. And hence, the attractiveness of Mundra plant is there. We have already shared with you the financial performance of Tata Power within our EBITDA has gone up, our PAT has gone up. And even if we consider the one-off that we had last year in the same quarter, if we remove that, our PAT has gone up substantially more. The details are already shared with you. I wanted to share with you that all our businesses have done exceedingly well. Our generation business continues to be the cash cow, continues to show a very steady performance. Our thermal gas and hydro generation have performed exceedingly well and have been meeting the yearly and quarterly targets. Our transmission distribution business also have been very steady. We have seen that our transmission projects, which are under implementation and which will get commissioned, 2 of them in this quarter and the balance 3 in next 3 to 4 quarters will again help in the improvement of the performance of the company. There's a huge amount of also CapEx, which is happening in transmission projects in Mumbai, considering that there's a huge increase in demand in Mumbai City, and to augment the capacity of transmission, capital expenditure is being made on a yearly basis of nearly INR 600 crores to INR 700 crores. Our distribution business has done well. Odisha Distribution have now been able to clean up all the earlier challenges in terms of the billing issues and some of the so-called customers who were not there, the [ coast ] customers, all that has been cleaned up. And that is why you have seen a huge improvement in the performance of Odisha Discoms, and you will see further improvement as we go in the subsequent quarters. Our renewable business have done very well at 4 areas that I would like to mention. First is our EPC business. We've commissioned this quarter a record 652 megawatts, which is nearly double of the quantity that was commissioned in last year's same quarter. And out of which 560 is for third-party and 92 is for our own utility scale. We expect the third-party orders that we have will get more or less completed in Q2 and a little bit in Q3. And thereafter, all the projects that will come up will be for our own utility scale. We expect nearly 1,600 megawatts of own utility scale projects to come up in the next 3 quarters. And that will help us in enhancing the operating capacity of the renewable business. Our manufacturing plant has done very well. nearly 950 megawatts of module and 900-odd megawatts of cell has been done. This has now further stabilized, and we do expect that this quarter will be much higher than the last quarter because of better yield and efficiency. Our rooftop business, again, has done exceedingly well. It has shown a huge increase in terms of the number of units we have been supplying as also in terms of megawatts. And this has also demonstrated in higher revenue and higher PAT. Going forward, this will only increase because the supply chain has been further streamlined and the number of units that we have started supplying per month are very, very high numbers, and this is further going to increase in the next 2 quarters. We have also done exceedingly well in all our other areas, including in our EV charging business, where the performance has been again very good and much better than last year. This is because of higher utilization of our public chargers as well as the bus charging infrastructure that we have created. And our home charging continues to increase because we are virtually partners with all the OEMs who are operating in the market. So we are seeing a huge improvement in each of our business performance. And that's why you would see that our core business performance has improved substantially compared to the previous year. And going forward, that will be the trend that you would be seeing that some of the one-offs and some of the other business incomes that we were getting from our coal mining or others will not make a substantial difference in the overall performance of the company. Our balance sheet is very sturdy in spite of the increase in CapEx. We spent in this quarter INR 3,700 crores against our full year plan of INR 25,000 crores, and we are on track to implement all those projects. Our net debt has gone up by nearly INR 2,900 crores to INR 47,578 crores. And in spite of this increase in net debt compared to the previous quarter, our leverage ratios have been very, very stable. Our net debt to underlying EBITDA is 2.93 and net debt to equity is 1.08, which is, I think, one of the best in the industry. We are also committed that our existing performance will not only continue, but will also improve in the subsequent quarter, considering that there is a large amount of capital expenditure that we are doing and the returns of all that will start coming in the subsequent quarters. We have already started work on our pumped hydro project in the last quarter, and we expect that this will get commissioned by 2028, '29. Similarly, the work on the Bhutan project started in January this year. That will also get commissioned in '29. With all this, we are now getting ready to supply 24/7 clean power to our customers. And these type of tie-ups are now happening with many of our C&I customers also with Discoms. We do look forward that this sort of sustainable business model that we have, which we are implementing now will help us to improve the performance in the subsequent quarters. We look forward to your continued support, and we will be more than happy now to respond to your questions. I would request [ Dero ] to open the floor for I will request to open the floor for questions.

[Operator Instructions] First question is from Puneet from HSBC.

Congratulations on good numbers and very impressive to see your performance on Odisha side. So my first question is actually on Odisha. What are the levers still left with you to drive such strong performance on Odisha Discoms? If you can elaborate a bit more on that, it will be very great.

So as you are aware, we have carried out a huge amount of improvement in reducing the AT&C losses, which is the technical and commercial losses. We are still in some places in 17%, 18% range. We do expect that in next 3 years, we'll bring down to about 10% range. And the type of reductions that we have seen in last 4 years, this trend will continue, and that will help us in getting better returns. We also have a huge amount of capital expenditure that is happening and the return on equity will start flowing in all the capital expenditure that we implemented. Our collection efficiency, again, is improving. And many of the quarters, we end up doing 100%. Sometimes because of weather reasons, weather conditions or because of certain extraneous reasons, the collections have got impacted. We do expect that this will consistently become 100% as we see in Delhi and Mumbai, where we have our distribution setup. So I think there are a whole lot of opportunities to further improve. And you will see substantial improvements considering that many of the legacy issues which were there in Odisha, we have been able to overcome and the ECL provisions is no more required that we had been doing in the previous year, leaning also the customer data sets and customer information has been done. A huge amount of changes in smart meters have taken place. We have actually put nearly 25 lakh meters in the last 4 years. And now large-scale smart meters are being put over there. So I think you will see huge improvement in Odisha in the coming years.

Okay. That's very interesting. Second question is on your module business. Would it be fair to assume that all modules that you're selling would have -- would be in the DCR market with your own cells?

Yes. You're 100% right. Right now, a very small quantity of imported cells we are using in some of the older projects. But other than that, everywhere we are using our own cell and module. Rooftop business, practically 100% is now our own cell and module, DCR. And also in many of our projects, we are using our own cell and module. So I think going forward, you will see more and more of these type of projects happening with DCR cells and modules.

Yes. In that context, why is the realization so low? It seems like INR 16.70 for a DCR module seems a bit low compared to what we hear in the market. Any comments there?

So these are for our own internal use. So there is a transfer pricing that we do when we do internal projects.

Okay. So that's why it's low. And if you can also talk a bit about what is the status on your Mundra plant given Section 11, you talked about detailed discussion, but is the plant running? Will you continue to run it for a while, pending discussions? Or is there a plan to take some maintenance shutdowns, et cetera?

So we have taken maintenance shutdown for all the units and some of the work relating to FGD is going on. We do expect that as soon as the SPPA is finalized, we will be in a position to operate all the 5 units continuously for the balance of the year. So we are waiting for this finalization of the SPPA before we start -- we restart the plant.

Understood. And if I can ask the last one. In your presentation, you talked about lower merger benefit due to MYT. If you can talk a bit about that, it will be helpful.

Yes. So that is basically on the current year starting from 1st of April, the multiyear tariff has been implemented in Maharashtra. And basis that, there's a slight dispute going on in terms of the tax that is applicable on the tariff side as a regulatory side. And hence, that has been disclosed separately.

The next question is from Sumit Kishore from Axis Capital.

Sir, very strong performance in the renewables cluster. The in your press release, it is specified that the company sold 107 megawatts of module and 54 megawatts of cells to third-parties in Q1 FY '26. This appears to be a small proportion of the 949 megawatt of solar module and 904 megawatts of solar cells in Q1 FY '26 that you manufactured. Yet the EBITDA elimination is a much smaller number as a proportion to the renewables manufacturing EBITDA for Tata Power Solar. Am I reading this right? Or what is the clarification on the elimination?

So third-party EPCs, in the beginning we said the total execution was 652 megawatts, only 90 megawatt was internal. The rest was all third-party EPC as a result of which the elimination is not happening for third-party.

Okay. So I think there is a mention in your press release, BSE filing, which says 107 megawatts of module and 54 megawatts of cell was sold to third-party. So what does that mean?

That is not part of the usage that we do in the large project. It is over and above that.

It is over and above that. Okay. Got it. Second question is in relation to the UP Discom privatization. Is there any progress there? And there was also some news flow regarding you're considering acquiring stake in Resurgent. Is that something that you would like to speak about in terms of strategy regarding Resurgent going forward?

So as far as UP is concerned, the process of discussion within the UP government and UP Regulatory Commission has been going on, and they are expected to come with their bid sometime in this month. We are very keen to pursue that, but we will do that once we see the bid documents and the terms and conditions for that. As far as the Resurgent platform, that is still under discussion. As you know, that we have partners over there. So we are still discussing with them. If there's any progress, we'll let you know.

Sir, just one last point regarding Mundra, while you have given ample clarification. But in terms of your strategy in case -- given the past track record of arriving at a resolution with the procurers, till what time are you prepared to wait before you restart the plant and start supplying in tune with your contract?

So we had a number of discussions in the last 1 month, and there is a consensus that is building because, one, is that Mundra in merit order is very competitive, and it makes sense for everyone to procure this power rather than buy from exchange or from other sources at a much higher. So -- and since the coal prices have come down and it is expected to be in the same range, going forward also, it will remain very, very competitive. So it is a win-win for everyone. And I do expect that there is a huge pressure amongst these procurers also that they need to [ conclude ] this week.

The next question is from Satyadeep Jain from AMBIT Capital.

When you're selling and supplying module to for rooftop panel, would that also be at similar price that we see? Or would that be a different this year realization? Just trying to understand the arm's length.

Every pricing is based on the market demand and supply. Rooftop has a different demand and supply and a different price range in which they operate. And you need to compete over there vis-a-vis other players with similar types and quality of modules. So those prices are at arm's length and is independently negotiated between the both businesses.

So if I'm understanding correctly, the realization for the internal IPP would be different for the module business and that for solar for the rooftop would be different at both arm's length dependent on supply-demand in each market.

Absolutely right.

Okay. Just on the commissioning. I'm not sure if I miss in the prepared remarks, the commissioning, and we can understand there's a spillover, but overall, industry saw a lot of significant increase in commissioning in this quarter, possibly some spillover from fourth quarter. What led to relatively muted commissioning for Tata Power in this quarter compared to the entire industry? Just generally trying to understand, was there specific one-off reasons?

Obviously, we have commissioned much more than what we had commissioned last year. Last year, we were at about 350. And this year, we have done 652. So we have done nearly double of what we had commissioned last year. So we need to look from that perspective that what is our pipeline and our readiness to commission this. And we have been able to successfully implement nearly 650 megawatts in this quarter and have plans to substantially increase in the coming quarters. So our yearly plan, whatever we have based on the projects that we have in our pipeline will get implemented. And we are fully geared up for that in terms of the equipment and the land that is available for us.

Okay. One quick question, if I can squeeze on the follow-up to Mundra. Just trying to understand that not running the plant, obviously, the under-recovery on fuel front, given where coal prices are, would be lower than the recovery on the fixed cost. So this is a strategy that till there is a supplementary PPA, you will not operate. Just clarifying, I think you mentioned in the last answer, but that would be a strategy no matter what happens, you will not operate the plant until the supplementary PPA is signed. And any maybe indication of what that -- based on the conversations, what are the time lines are we looking at as we look at the supplementary PPA? And in what form and shape would it look like? Are you -- would that be different in terms of profit sharing or any other metric under recovery? Just trying to see where are the negotiations on profit sharing or on under recovery?

So one is that this will get finalized hopefully within August, as I mentioned to you, a lot of discussions have happened and there is a general consensus that is building on what is good for both sides. Secondly, this will definitely be much more than the PPA. Otherwise, there is no need of doing the SPPA. And it will also protect us from any increases in cost of coal that happens in the future. And to that extent, the consistency of supply going forward will be ensured. This will be either something like what we get in Section 11 or a little lower than that, but it will be in that range that it would be there.

[Operator Instructions] Next question is from Ketan Jain from Avendus Spark. We seem to have lost the line for Ketan. We'll move to the next question. Next question is from Atul Tiwari from JPMorgan.

Congrats on good set of numbers. Sir, my question is on the strategy regarding coal-based power generation. So now obviously, as we have seen multiple other players in the industry, both on the government and the private IPP side, they are very aggressively getting into expanding the coal-based capacity organically. So what is your strategy regarding the same? You are not looking at that space anymore or you are also getting into expansion of your coal-based generation capacity?

So Atul, I will only say that we have a huge pipeline of projects that we are implementing. We have renewable projects. We have nearly 5.5 gigawatt of renewable projects that we have. We also have a pipeline of 2,800 megawatts of pumped hydro project. And 1,000 megawatt already work has started, 1,800 megawatt work will start in 9 months. And then we have the hydro plants in Bhutan, where already work has started on the 600 megawatts, and we have plans to increase it to nearly 5 gigawatt in the next few years. So we are already overcommitted in all these projects in which we are investing, and these projects will give us either similar or better returns than what we will do in any other type of coal projects or any other project. So I think we need to prioritize in terms of what sort of investment we need to do and how committed we are in those investments and if it meets our overall objective of moving towards clean energy. So that's where we are at present, and we continue to work on those areas.

[Operator Instructions] Next question is from Anuj Upadhyay from Investec.

Sir, congrats on good set of numbers. Sir, again, a follow-up question on your rooftop business. While we see even in the previous quarter where our cell plant were partially operational, we did close to around 13%, 14% kind of a margin. And considering the fact that the DCR supply has been quite constrained of late, the people who have access to it are making a very high margin by selling it to the third party. So just want to get a sense on your rooftop business by using our own DCR cell and modules, is there a probability that our margins in the rooftop segment can go further northward from 14%, 15-odd percent or it would be passed on at a pricing level so as to gain more market share? Just to get your sense to it.

We are not looking at market share, but we are definitely looking at improving our reach in the market. And today, our reach in the market has improved and it is further getting enhanced as we continue to add more of channel partners and market segments in which we are supplying. We are making good returns in that. And I think we will continue to make the type of returns that you have seen. What you will see is that the volume will increase tremendously because there is a huge demand. And as you rightly mentioned, there are not many players who are able to cater to that. And this is a brand and a demand for this product that we are building in the market so that we become #1 or we are already #1, but become #1 with a much better service and quality of supply in here.

That's helpful, sir. And secondly, on your underperformance across the JV segment, has it largely to do with the coal underperformance in Indonesia or some other element to it?

So basically, the coal prices in Indonesia has come down, and that is why our performance over there is muted. But other than that, all the others are doing better.

Next question is from Mahesh Patil from ICICI Securities.

Congrats on good set of results. Sir, my first question is on the renewable generation. So you have mentioned that I think on the 100 megawatts of solar capacity has been commissioned this quarter, right?

Yes, you are right.

Okay. And you mentioned that over the next 3 quarters, around 1,600 megawatts additional capacity will be commissioned in. Is that correct?

Yes, that is our own internal projects that we will commission.

So around 1.7 gigawatt target for FY '26, sir?

Yes.

And we can assume this would be [ 100 ] going forward, let's say, around 2 gigawatt of recommissioning.

More than that. This year itself, we will be doing more than 2 gigawatt of commissioning. So now that we don't have too much of orders for third-party, subsequent years, you will see much higher capacity that will get commissioned, and those will be for our own internal utility scale projects.

Okay. So 1.7 gigawatt [indiscernible] Okay, sir.

More than 2. Maybe 2.5 gigawatt range.

Next year onwards?

Yes.

Okay. And sir, in terms of, let's say, PPA signing or transmission connectivity, are there any challenges in terms of -- even for the installed projects, let's say, transmission availability, are there some challenges? We have heard about some issues in this quarter?

Those are the localized issues in terms of land or evacuation and all that. Those are things that we keep on addressing as we implement these projects.

Okay, sir. And sir, in this development, right, the issue with Kleros Capital Partners. Would you like to share some update on this?

So we've already given in the notes. And you can see that since the matter is subjudice, we cannot speak much on that. So whatever we have provided in the notes, that is [indiscernible].

Next question is from Apoorva Bahadur from IIFL Capital.

Congratulations on the results. A couple of questions. First of all, I wanted to check that recently, the list of cell suppliers under ALMM-II was released. I think there were 5 or 6 players which are identified. Can you give any color why we were not on that list?

On these cell because they have not completed the inspection. I'm told that they are inspecting next week. So as and when they complete the inspection of plants, they keep on adding. So they will add as soon as they complete the inspection.

Sure, sir. That's helpful. I also see in your presentation where you comment on individual businesses. So for the stand-alone business, a reason for decline in revenue has been attributed to change in the annual availability assumptions at Mundra. Sir, can you share like what's the overall impact of these changes on the revenue? How much is the under-recovery we are assuming at Mundra?

No, we are not assuming any under-recovery because -- in the first quarter, we already had 90% availability. And we expect that on an overall year basis, we will have 80% availability on which we get 100% capacity charge.

So in that case, why is it impacting our stand-alone revenue?

No, revenue will be less depending upon the scheduling of power. During the first quarter, because of the early monsoon, the scheduling of power took place less. But the availability of power was always there. So availability was, say, 90%, but scheduling, they do only 60%, then that's why it's the revenue.

In addition of the coal prices?

And the second is, of course, the coal prices were soft.

Sure. Sir, last question from my side. I see in your renewable portfolio, there has been a decline in solar PLF. Can you pinpoint like what's the reason for this decline?

So as I mentioned to you, during the last quarter, because the radiation was less because of early rainfall and all that, then the generation was less in solar. But the wind capacity, you see there was more generation in the wind. So the weather changes impact all these things.

Next question is from [indiscernible] Nuvama.

I joined the call a little late, so I'm sorry if this is a repeat question. Just wanted to get an understanding that on the Mundra project, in the given situation where the plant is not operational, what is the annual fixed cost on a cash cost perspective that we are looking at?

And I mentioned to you, we need to declare availability of the plant. Based on what we operated in first quarter and what is our plan to operate in the rest of the year once the SPPA is finalized, we'll be doing 80% on which we get 100% fixed cost. And we don't expect any under than that.

But that's under the assumption that the supplementary PPA is signed. And in case there are delays, then one could expect some under recovery setting in?

Yes. But since we are expecting that this is in final stage, it should hopefully be signed.

Understood. Understood. Lastly, on Tata projects, is it possible to share what is the share of profit or loss in this particular quarter?

So that detail is already provided. We have considered a loss of INR 65 crores from our...

So with this the loss was INR 65 crores this quarter compared to INR 8 crores profit last year.

Next question is from Avish from [ Jana ] Capital.

Congrats on a good set of numbers. Just wanted some color on like any plans to expand the current cell and module capacities considering the huge demand and the margins are so accretive in this business. So any color on that?

Any plans to expand module manufacturing?

Yes, we always keep on looking on opportunities. So continue to consider anything which will help us to improve our performance based on the demand/supply and how many other plants are -- similar plants are coming. So this is definitely under discussion.

Next question is from Aniket Mittal from SBI Mutual Fund.

A couple of questions on the EPC front. So when I look at the third-party utility scale order book that's down fairly drastic this quarter. Just to understand, is this like a conscious decision where we do not want to take these utility scale projects now? Or how do I look at that piece going forward?

We have a pipeline of 5.4 gigawatts of our own projects in which we are the developers. So for us, this focus is that how do we first cater to this 5.4 megawatts. So in next 2 years, we want to complete all this. And then see if we have a capability to take up third-party projects. So that's why we have taken a pause on that. And we will first complete our projects and then look at outside opportunities.

Fair. That's very clear. The second question was just to delve a bit into the rooftop market. We continue to see very good orders over here. Let's say, if you were to take a 3- to 5-year view on this segment, how do you look at annual sort of installations happening within the rooftop segment? And if you can break that up between both C&I and residential, that would be.

Just to give you an idea that last year, late March, we supplied 1,000 units. This year, March, we supplied 8,000 units. This year, June, we supplied 20,000 units. And hopefully, later part of this year, we'll supply 40,000 to 50,000 units per month. So the demand is humongous. The country, you know PM Suya Ghar, Prime Minister has said 1 crore households. We have actually in the country, 25 crore households. So whatever we will do will be still very small compared to the total market opportunity, which is there. So I would leave it to you to guess and estimate that what sort of demand will be there for next 5, 10 years. I think it's humongous.

Just one clarification regarding this. When we talk about the DCR applicability, this is currently applicable only on the residential space? The DCR is not there for C&I rooftops. Is that correct?

So anything where the government funding is there our subsidy is there. So whether it is rooftop or it is PM, the KUSUM program, there you have to -- also, there are a number of projects which insist on DCR modules. So we are executing a number of projects, which have prescribed that it should be only Indian-made cells, and DCR cells and modules should be there. So there is -- but effective 1st June 2026, for all projects, we will require DCR cells and modules.

Even on the C&I side?

Yes, everywhere.

The next question is from Satyadeep Jain from AMBIT Capital.

Just on the Bhivpuri PSP now that you've commenced construction, historically, you were open to the idea of keeping this entire capacity open till maybe later stages. Are you still holding on to that thought, keep it open and you'll maybe look at signing agreements as you get closer to commissioning?

No, no. We are already in active discussions with a large number of C&I customers. And I think the whole 1,000 megawatts will get tied up very quickly. And that's why we are now also looking at starting work on the another 1,800 megawatt. So there is a huge demand, especially for all companies who want to have signed under RE100 or want to supply their products to countries in Europe and U.K., which have the cross-border carbon tax. So I think we will be able to tie up all the quantities with various customers.

So just could somebody like Tata Steel, just -- I know all these RE RTC would be relevant for steel and aluminum and all. Could Tata Steel be a potential customer for this? Do [ you not ] seen any steel company tie up PSP yet. So just trying to understand.

Because the PSPs have not come to that extent. But yes, we are in discussions with Tata Steel as also with many other Tata Group also.

Next question is from Sushil Choksey from Indus Equity Advisors.

Congratulations on very stable results. So my first question is on our solar cell capacity. Where are we today? And what is the efficiency in Monon PERC and TOPCon? And second thing is, what is the run rate on module 2?

So we have already shared with you that how much of cell and module we have supplied in the first quarter, and now the plant has got further stabilized, and we will see further improvement in the performance of the plant. And right now, most of it is the Mono PERC, but soon, we will start supplying even modules using TOPCon cells. And I think there is a huge demand for all this, and we'll continue to meet the requirement of the mass.

So your own statement is still that demand is not a problem, keeping in mind 1 crore or 25 crore house, which you expect all of us to assume based on demand. But what is your predictability in terms of 4 gigawatt of your capacity on Mono PERC going to -- if I take a 3-year, 5-year outlook and on TOPCon once your current plant when it starts and stabilizes?

We are still working on all those things, once we decide, we'll let you know.

And can you give an estimate on your production capacity utilization for the year or still it's on a ramp-up stage on the second phase of doing work?

We are at around 94%, 95%.

On the 4 gigawatt capacity?

Yes.

And module is at 100%, I assume?

No, they are all in 95%, 97%.

Okay. Sir, what is your -- based on the new rules, which are effective first of June next year. What kind of demand in India will have for cell requirements?

A lot of consultant reports which are there. We can share with you some of those consultant reports.

But if you can just throw a ballpark number?

I don't know the ballpark number, but I can share with you the reports which are there in [ details ].

Are you seeing the demand on rooftop solar and KUSUM scheme from our perspective and competition?

Yes, there is -- I mentioned to you, there are a whole lot of reports which are there. You can get in touch with Rajesh. He will be able to share some reports with you.

Next question is from Vishal Periwal from Antique Stockbroking.

Sir, on the Tata Power Delhi distribution entity, the slide talks about there has been a lower demand, which led to decline in revenue. But what was the reason that it's flowing through a PAT, the decline, because what we understand is like it's a regulated business and the PAT should matter much. So sir, if you can...

So last year, we had a one-off order of INR 164 crores. So on a like-to-like, if you see, we have done much better in this quarter. So if you remove INR 164 crores from INR 287 crores, it becomes INR 123 crores. Against that, we have done INR 134 crores.

Okay. Okay. Got it. Got it. And in terms of our performance, definitely started [indiscernible] plan of doing a 15%, 16% kind of [Technical Difficulty]

Your voice is breaking, we can't hear you.

Sir, can you repeat your question? We were not able to hear you.

Yes, is this better?

Yes, much better.

Sorry. So what are saying is in terms of our EBITDA growth, we have started at a good growth rate this year. But once the base is stabilized, maybe like the solar cell and module for this year, next year, I mean, according to you, what could be a growth driver for us that you can visualize?

See, there are a whole lot of things that we are doing. We still have to start getting the sales from the TOPCon line. The CapEx that we are doing in our transmission business, in our distribution business, in our new renewable projects that we are setting up. So all those will start getting reflected next year.

[Operator Instructions] Next question is from [ Arul Selvan ] from Bajaj Allianz Life.

Just a quick question with respect to [indiscernible] that you are considering all options. I just wanted to check if -- have we actually filed either an appeal or an application to set aside the quantum award? And any estimates on what would be the time line for the higher court to take a decision on that?

So we are giving 90 days to file the appeal. The order was dated 1st July. So we have time till 30th of September, and we'll file that much before. Normally, it takes about 6 to 9 months for the matter to be heard and decided. So that's the time line that we are expecting.

Okay. Okay. Second, I just want to ask what is our policy on when we will be recognizing this liability as in would we [indiscernible].

So as we have written in that note, once the decision is taken, then we can take a call.

No. I mean what I meant was you'll have multiple options, right? There will be one setting aside order and then at a later side, you can always contest this when they are enforcing the...

Yes. So let's see when -- what sort of order we get in the high court and then we can decide on it.

Thank you very much. That was the last question. I would now like to hand the conference over to Dr. Praveer Sinha for closing comments.

Thank you very much to all of you and who join the call. If you have any other queries, please connect with my colleagues, Rajesh and Kasturi, and we'll be more than happy to provide you the details. Also, if there are any inputs, any suggestions on improving the type of presentation that we have shared or more details that you require, we'll be happy to incorporate that and improve the quality of presentation, which we have shared with all of you. Once again, thank you and all the best, and have a great weekend. Thank you.

Thank you very much. On behalf of Tata Power Limited, that concludes this conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.