Sumant Sinha: So Puneet, as you know, there haven’t been that many auctions. A lot of the auctions that have happened have either been state level bids or bids where first — which have been wind or solar. Those ones, as we have stated in the past, we don’t intend to participate in because we don’t really want to take a lot of direct state exposure or we don’t want to participate in — auctions, very frankly speaking, because we feel that our competitive edge lies in the more complex auctions. So I think we are focusing on the more complex bids. And as we have stated, we expect a lot of those to come down. And so therefore, there will be enough for us to bid for. Also, the corporate PPA market, as we’ve mentioned many times, is very active. And so between the RTC/grid power bids, on the one hand, and the corporate PPA market, frankly, we have our hands full, and that is why we are choosing not to participate in the preliminary auction or the state level actions.
Puneet Gulati: Understood. And did I hear it right, you said that you will not be revising estimates on account of weather, and your EBITDA guidance is already prudently capturing that?
Sumant Sinha: That is right Puneet. Yes, that’s what we’ve said.
Puneet Gulati: Okay. Understood. And then last one, when I look at your CAPEX guidance this quarter versus last, the manufacturing link had been slightly slower in FY 2023 and now more move towards FY 2024. Why would that be the case, and then what are the time lines for completion now for your module and cell manufacturing capacities?
Sumant Sinha: Yes. So look, our module plant is running about a couple of months behind schedule. It was supposed to be commissioned by end of Q1. It will probably just spill over into early Q2 — early Q1 of next financial year. So there’s not a significant delay there, frankly. The seven module plants are pretty much running as they were supposed to run in Dholera, where we’re putting them up. So there should not be a significant difference in CAPEX, actually, there may just be some payment or phasing issue more than anything else.
Puneet Gulati: Alright, yes. And on the carbon credits, can you explain what really happened there, you’ve reduced your guidance on account of carbon credits as well, is that permanent rate or is it more short term and what part of your EBITDA at portfolio level guidance is attributable to carbon credits?
Sumant Sinha: Kedar, do you want to take that.
Kedar Upadhye: Yes, yes. So Puneet, these are basically RE credits now. Going forward, we hope to have more voluntary credits, nature-based solutions and things like that. But as of now, these RE credits. What we understand is the global agencies, which sort of registered the projects as eligible for carbon credit, there is a lot of backlog. So actually, some of this is beyond our control. Just a timing deferral from quarter four of this year to probably first half of next year. And the amount is roughly a little less than INR 1 billion. But as I said, primarily current composition of our credits is RE in nature. And going forward, the idea is to get to a little more higher proportion of the volume breakages.
Puneet Gulati: And at the portfolio level EBITDA, what sort of contribution have you assumed, in your 92 billion to 94 billion EBITDA?
