Transcript of post Earnings Call

AI summary - H1 FY27 energy sales up 32% y-y to 25.7 billion units; revenue INR 8,299 Cr +36% y-y; EBITDA INR 7,957 Cr +41% y-y with 93% margin - Q2 FY27 revenue INR 4,019 Cr +45% y-y; EBITDA INR 3,835 Cr +51% y-y; EBITDA margin 92% - Battery storage capacity at 6.6 GWh, >50% of India's operational BESS; target to exceed 10 GWh in FY27 - Capex program INR 2.4 lakh Cr through FY30; focus on disciplined execution and 13-14% ROA with AA+ counterparties - Transmission delays at Khavda mitigated by accelerated BESS deployment; curtailment impacts compensated under take-or-pay PPAs - Interest cost stable at ~8.9%; 72% loans fixed rate medium term; credit rating upgrades reduce cost - EBITDA growth aided by better merchant prices, operational efficiencies, and battery additions - Long-term PPAs remove merchant risk; solar tariff ~INR 2.7/unit, wind ~INR 3.93/unit fixed for 25 years - Leverage expected to peak near 5.6x till FY28, then taper as operating assets increase - Battery storage enables virtual transmission equivalent to ~1/5 solar capacity, reducing curtailment impact