Sumant Sinha: Yes.
Operator: [Operator Instructions] The next question comes from Maheep Mandloi with Mizuho. Please go ahead.
Maheep Mandloi: Hey, good evening and good morning [indiscernible]. Thanks for the questions. Just quick housekeeping on the guidance for FY 2024. Just confirm that’s mainly due to the merchant fail before final commissioning you talked about, right or is there anything else on the guidance increase here?
Sumant Sinha: On the guidance increase? Yes, I’m good. Yes. So on the guidance increase, really, as we’re getting closer to the end of the fiscal year, obviously there’s more visibility on what we are tracking against and given the experience that we are having on the resource side and on the expense side both, which is helping us revise the guidance as close to the reality which will actually pan out. So that is what’s driven the increase in the guidance. Not really anything to do with merchant sales as of now.
Maheep Mandloi: Any idea how to think about the incremental EBITDA generation from selling power in the merchant markets next year?
Sumant Sinha: I’m sorry, can you say that again? The line was a bit not very clear. Hello?
Maheep Mandloi: Any hi, the line is not…
Nathan Judge: Yes, go ahead, Maheep.
Maheep Mandloi: Sorry, yes, any guidance on how to think about merchant or the incremental EBITDA from selling power in the merchant markets next year?
Sumant Sinha: So, guidance on merchant market next year, is that the question Maheep?
Maheep Mandloi: Yes, there’s incremental EBITDA generation. You kind of talked about the opportunity to selling in the merchant markets. Right? So just trying to think through how does that impact the operations in Q4 or next year?
Sumant Sinha: Yes, so look, I think that to the extent that, so first of all, as you know, we keep our exposure to merchant somewhat within the 10% to 15% level of our total portfolio. Now, what’s happening is that some of these opportunities where we are able to intermittently sort of, or initially for two or three months sell power into the merchant market before we sell it into the PPA, those are opportunities that we are trying to capitalize on wherever they occur. But since we haven’t yet given you guidance for what the base case would be for next year, it’s very hard to sort of give you a sense of what the extra revenue might be out of merchant for next year. I think we’ll just put all that together and then give you guys some sense of all of that as we’ve said in the June call when we do the full year results.
Nathan Judge: And Maheep, to add a little bit to that as well, one thing that we obviously are flagging is that as we give guidance, we will want to start the year with conservative expectations. Right? So what we are saying is that there is a very — that could be a significant opportunity, but we will likely take a more conservative view with our initial guidance there.
Maheep Mandloi:
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Sumant Sinha:
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Maheep Mandloi: Got it. I appreciate it. Thank you. [Indiscernible]
Operator: That does conclude our Q&A session and will conclude our conference for today. Thank you for participating. You may now disconnect.
