The under-recovery in O&M cost is more than INR5.5b. It would decline to less than INR2b when the O&M norms are reset in the next tariff regulations in FY20. The decline in under-recoveries will also be aided by reduction in number of employees (count has reduced from ~8,000 in FY17 to ~7,500 in FY18 and will decline to ~6,500). The revenue under-recovery of INR1.5b- 2b per year on four projects due to over-run in capital cost, which is pending approval, is also likely to be recovered by FY20. Of the four projects, three are in the first review stage of CEA, while one is in the second review stage of PIB. The final stage is approval by CCEA