INR6.8b) due to Generation declined 5% YoY to 8.1BU in 1QFY21 due to the shutdown of 2 Chamera units and lower water availability. NHPC is also planning to complete the linkage of work by Oct20, thereby increasing discharge of water for Parbati-II. NHPC expects to receive INR18b from the PFC-REC scheme on completion of certain formalities for J&K.; Capex run-rate, on the other hand, is expected to increase as the company is investing/exploring new projects, which is expected to reduce FCF and drag RoEs in the near term. Generation declined 5% YoY to 8.1BU in 1QFY21 due to shutdown of two Chamera units and lower water availability. Moreover, commissioning for the project is still some time away (FY24 Capex run-rate, on the other hand, is expected to increase as the company is investing/exploring new projects, which is expected to reduce FCF and drag RoEs in the near term.