Total capitalisation at the consolidated level was at | 1466 crore while that for the TBCB projects was at | 49 crore. Going ahead, the company has guided for capitalisation and capex of | 20000-25000 crore and | 15000 crore at consolidated level, respectively. The key risk emanates from guidance of capitalisation rests on the execution of Raighar Puglur HVDC project (| 9000 crore or 45% of capitalisation target) in H2FY20. If this slips that will risk capitalisation for FY20. We believe this is significant moderation compared to capacity addition and capex done over FY12-18. The impact on the lower...