Rating Rationale
April 17, 2025 | Mumbai
Embassy Office Parks Reit
'Crisil AAA/Stable' assigned to Non Convertible Debentures
 
Rating Action
Rs.1200 Crore Non Convertible DebenturesCrisil AAA/Stable (Assigned)
Rs.250 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.700 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.600 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.800 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.1000 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.300 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.1000 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.550 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.750 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.1100 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Rs.700 Crore Non Convertible DebenturesCrisil AAA/Stable (Reaffirmed)
Corporate Credit RatingCrisil AAA/Stable (Reaffirmed)
Rs.1100 Crore Commercial PaperCrisil A1+ (Reaffirmed)
Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

Crisil Ratings has assigned its Crisil AAA/Stable’ rating to the Rs 1200 crore proposed non-convertible debentures (NCDs) of Embassy Office Parks REIT (Embassy REIT) and has reaffirmed its ‘Crisil AAA/Stable/Crisil A1+’ ratings on the existing NCDs and commercial papers. Also, Crisil Ratings has reaffirmed its ‘Crisil AAA/Stable’ corporate credit rating on the trust.

 

Revenue of the real estate investment trust (REIT) grew 7% on-year to reach Rs 3,190 crore (including 50% revenue of Golflinks Software Park Pvt Ltd [GLSP]) for the first nine months of fiscal 2025, supported by steady rentals, contractual escalation and new leasing. As of December 31, 2024, occupancy improved to 87% from 84% in the corresponding period of the previous fiscal. Net operating income (NOI) increased 8% to reach Rs 2,391 crore for the first nine months of fiscal 2025.NOI margin remained same at 75% (at 81% excluding GLSP’s revenue). NOI margin for commercial offices remained consistent at 85% and improved for the hospitality segment to 49% from 45% for the corresponding period of the previous fiscal.

 

Consolidated net debt rose to Rs 19,096 crore as on December 31, 2024, from Rs 16,273 crore as on March 31, 2024, on account of debt-funded acquisition of ESNP Property Builders and Developers Pvt Ltd (ESNP) as on June 03, 2024, at enterprise value of ~Rs 1,200 crore, for refinancing of existing debt and to meet the requirement of ongoing capital expenditure (capex). However, the ratings continue to reflect the trust’s satisfactory loan-to-value (LTV) ratio, driven by moderate debt and healthy debt protection metrics, supported by cap on incremental borrowing. Furthermore, stable revenue and rent from the underlying assets, healthy occupancy, contractual rent escalations and geographical diversification support leverage. While the LTV has increased in the recent past, Crisil Ratings believes prudent debt management by Embassy REIT and leverage to come down gradually. The trust is also planning to raise equity up to Rs 2,500 crore, which will be utilised towards debt reduction as well as part funding for upcoming construction. Larger-than-expected, debt-funded capex or acquisition, weakening the debt protection metrics, will remain a key rating sensitivity factor.

 

Crisil Ratings believes that the appointment of Interim CEO will ensure continuity in decision making and operations; however, any unforeseen developments in the matter will be monitored. Credit risk profile of REIT remains supported by stable revenue profile, driven by healthy occupancy, lease agreements with long tenor, strong tenant profile with a well-diversified portfolio and healthy debt protection metrics. The portfolio comprises assets, with an established track record of operations delivering stable revenue with management oversight limited to matters involving strategic decisions only.

 

The ratings continue to factor in exposure to refinancing risks and susceptibility to volatility in the real estate sector, resulting in fluctuations in rental rates and occupancy. The refinancing risks are expected to be mitigated by proactive refinancing strategies. Embassy REIT refinanced Rs 5,340 crore of debt at an average rate of interest of 7.9% per annum in fiscal 2023 and Rs 4,100 crore of debt in fiscal 2024. Recently, Embassy REIT refinanced Series VA NCDs of Rs 2,000 crore in October 2024 at an average interest rate of 7.95%. Timely refinancing of the loans will remain a key monitorable over the medium term.

Analytical Approach

Crisil Ratings has combined the business and financial risk profiles of Embassy REIT with its underlying special purpose vehicles (SPVs) and has applied the criteria for rating entities in homogeneous groups. This is because Embassy REIT has direct control over the SPVs and will support them during exigencies. Additionally, there is minimal structural subordination of cash flow, wherein the SPVs must mandatorily distribute 90% of their net distributable cash flow (after servicing of debt) to Embassy REIT, leading to highly fungible cash flow. Also, as per the Real Estate Investment Trust (REIT) Regulations, 2014, of Securities and Exchange Board of India (SEBI), the cap on borrowing by the REIT has been defined at a consolidated level (equivalent to 49% of the value of Embassy REIT’s assets).

 

Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

  • Satisfactory debt protection metrics: Consolidated net debt rose to Rs 19,096 crore as on December 31, 2024, from Rs 16,273 crore as on March 31, 2024, due to debt-funded acquisition of Embassy Splendid TechZone at enterprise value of ~Rs 1,200 crore in June 2024, for under-going incremental capex and refinancing of existing debt. Going forward debt-funded capex or potential acquisitions may further increase the consolidated gross debt.  However, in line with management articulation, gearing is expected to be maintained or brought down over the medium term. Embassy REIT is also planning to raise equity up to Rs 2,500 crore, which will be utilised towards debt reduction as well as part funding the upcoming construction. A lower LTV ratio protects investors from the risk of decline in property prices and the consequent impact on refinancing.

 

  • Stable revenue of SPVs held by the REIT: Around 90% of the revenue comes from 14 established and high-quality commercial assets and a solar park, with stable operations and track record of at least five years of rental collection.

 

Operating revenue of the REIT grew by 7% on-year to Rs 3190 crore for the first nine months of fiscal 2025 with steady rentals, contractual escalation for office portfolio and new leasing. Consolidated revenue was Rs 4,035 crore in fiscal 2024, as against Rs 3,726 crore in fiscal 2023, supported by improvement in performance of the hospitality segment and contractual escalations for the office portfolio. Also, 15 lakh square feet (sq ft) was added in Embassy Manyata and Embassy Business Hub in fiscal 2024. Embassy REIT renewed/entered into new agreements (including pre-commitment signing of 24 lakh sq ft) for 81 lakh sq ft in fiscal 2024 at leasing spread of 31%. Rentals have an upside potential due to superior asset and service quality, favourable location in prime areas, healthy demand and competitive rental rates.

 

  • Strong tenant profile with a well-diversified portfolio: Embassy REIT owns and operates office spaces, a solar park and hotels spread out across prime areas of Bengaluru, Chennai, Pune, Mumbai and National Capital Region. The group has 511 lakh sq ft of available office area, with operational area of 389 lakh sq ft, under-construction area of 74 lakh sq ft and proposed development of 48 lakh sq ft. Commercial assets have robust occupancy, averaging 87% as on December 31, 2024, with multinational occupier base of over 260 tenants across industries, of which Fortune 500 companies account for 44%.

 

Weaknesses:

  • Susceptibility to volatility in the real estate sector: Rental collection (key source of revenue) is susceptible to economic downturns, which constrains tenants’ business risk profiles and, therefore, occupancy and rental rates. The top 10 tenants and technology sector contributed to 39% and 28% of gross annualised rentals, respectively, as on December 31, 2024, exposing the REIT to tenant concentration risk. As on March 31, 2024, 29% of the leased area was due for renewal between fiscals 2025 and 2028. While majority of the tenants are established corporates and may continue to occupy the property any industry shock leading to vacancies may make it difficult to find alternate lessees within stipulated time. Emergence of competing facilities in the vicinity could also cannibalise tenants or rental rates. These could adversely impact cash flow, and hence, will be a key rating sensitivity factor.

 

  • Exposure to refinancing risk: All NCDs issued by the trust have bullet payments at the time of redemption, exposing the REIT to the risk of refinancing. While the REIT has staggered bullet repayment timelines, active and timely treasury management remains essential. This risk is mitigated by the availability of call option in NCDs, healthy consolidated leverage and experience of the management.

 

Embassy REIT refinanced Rs 5,340 crore of debt at an average rate of interest of 7.9% per annum in fiscal 2023 and Rs 4,100 crore of debt in fiscal 2024. Recently, Embassy REIT refinanced Series VA NCDs of Rs 2,000 crore in October 2024 at an average interest rate of 7.95%. Timely refinancing of the loans will remain monitorable over the medium term.

 

Most of the NCDs have call option prior to final maturity, which provides the trust with sufficient time to arrange funds or refinance the NCDs. Furthermore, the SPVs of the trust have the flexibility to raise lease rental discounting loans from banks for refinancing the NCDs, thereby giving access to large pool of capital from financial institutions. New avenues of capital are also available in the form of investments from pension funds, insurance companies and foreign portfolio investors, which mitigates refinancing risk.

Liquidity: Superior

Liquidity is supported by stable cash flows from underlying assets. Debt level remains moderate for the REIT with LTV at 32% (on net debt and as per external valuation as of September 2024). NCDs are non-amortising, exposing the debenture-holders to refinancing risk. However, the conditions around redemption provide the REIT with sufficient time to arrange for refinancing. Furthermore, LTV of the REIT is expected to remain well below 40%, protecting investors from the risk of decline in property prices and the consequent impact on refinancing. Embassy REIT maintains a cash balance of Rs 100-120 crore to support its daily operations, which is expected to be maintained at a similar level. Also, undisbursed debt stood at Rs 645 crore for ongoing construction activities as on December 31, 2024.

Outlook: Stable

Embassy REIT will continue to benefit from the quality of its underlying assets .

Rating sensitivity factors

Downward factors:

  • Decline in the value of the underlying assets or higher-than-expected incremental borrowing, resulting in Crisil Ratings-sensitised LTV ratio of 40% or above
  • Weakening of operating performance, leading to lower-than-expected occupancy levels
  • Significant delay in completion and leasing of under-construction assets or acquisition of assets of lower quality affecting portfolio health 
  • Any impact on independence of REIT operations due to but not limited to change in sponsorship of the trust or ownership of the REIT manager

About the Trust

Embassy REIT is registered as an irrevocable trust under the Indian Trust Act, 1882, and as a REIT with SEBI’s REIT Regulations, 2014, as amended. Embassy REIT is sponsored by BRE Mauritius Investments (part of the Blackstone group) and Embassy Property Development Pvt Ltd (part of the Embassy group). It has 13 commercial assets (office parks and city-centric offices), six hotels (of which two are under construction) and a solar plant. Embassy REIT’s portfolio of assets are held through the following SPVs:

 

Indian Express Newspapers (Mumbai) Pvt Ltd owns and operates a commercial property, Express Towers, in Nariman Point, Mumbai. The property has been operational for over four decades and has a total leasable area of 4.7 lakh sq ft, of which 100% was occupied as on December 31, 2024.

 

Quadron Business Park Pvt Ltd owns and operates a commercial information technology (IT) park, Embassy Quadron, in Hinjewadi, Pune. The property has been operational since 2010 and has a total leasable area of 19 lakh sq ft, of which 39% was occupied as on December 31, 2024. It also owns and operates mixed-use development, consisting of office and retail space and a hotel in north Bengaluru. The property Embassy One has total leasable area of 3 lakh square feet, of which 82% was occupied as on December 31, 2024. The hotel, consisting of 230 rooms, runs under the Four Seasons brand and had occupancy rate of 50% for fiscal 2024.

 

Qubix Business Park Pvt Ltd owns and operates a commercial IT park, Embassy Qubix, in Hinjewadi, Pune. The company has a track record of seven years in lease rental collection. Of the total leasable area of 15 lakh sq ft, 73% was leased as on December 31, 2024.

 

Earnest Towers Pvt Ltd owns and operates 3.6 lakh sq ft of First International Finance Centre in Bandra Kurla Complex, Mumbai, of which 100% was occupied as on December 31, 2024.

 

Vikhroli Corporate Park Pvt Ltd owns a commercial property, Embassy 247, in Vikhroli, Mumbai. It has been operational for eight years and has total leasable area of 12 lakh sq ft, of which 100% was leased as on December 31, 2024.

 

Galaxy Square Pvt Ltd owns and operates an IT park, Embassy Galaxy, in Sector 62, Noida. The company has a track record of more than seven years in lease rental collection and 99% of the entire leasable area of 14 lakh sq ft was leased as on March 31, 2024.

 

Oxygen Business Park Pvt Ltd owns and operates a commercial IT park, Embassy Oxygen, in Sector 144, Greater Noida. The property is a part of the Oxygen Boulevard IT Special Economic Zone and has been operational for more than six years. The property has completed area of 33 lakh sq ft, of which 70% was leased as on December 31, 2024.

 

Manyata Promoters Pvt Ltd owns and operates Embassy Manyata Business Park, Bengaluru. The commercial complex is spread over 120 acres. The company has developed 128 lakh sq ft, of which 88% was leased as on December 31, 2024, while around 31 lakh sq ft is under development and around 4 lakh sq ft is proposed to be developed. The company has recently developed a five-star and a three-star hotel with 266 rooms and 353 rooms, respectively, operated under the Hilton brand. These hotels had an occupancy rate of 63% for the first nine months of fiscal 2025.

 

Embassy Energy Pvt Ltd owns and operates a solar project with capacity of 100 megawatt. The park is spread over 465 acres across multiple villages in Karnataka. It has executed power purchase agreements for over 85% of the total capacity for supplying electricity to office parks and hotels of the Embassy group in Bengaluru.

 

Umbel Properties Pvt Ltd owns and operates the Hilton hotel at Embassy GolfLinks, along intermediate ring road, in Bengaluru. The hotel, consisting of 247 rooms, has been operational since 2014 and had an occupancy rate of 56% for the first nine months of fiscal 2025.

 

Embassy Pune Techzone Pvt Ltd owns an office park, Embassy Techzone, in Hinjewadi, Pune. Of the total area of 30 lakh sq ft, 84% was leased as on December 31, 2024, while 24 lakh sq ft is proposed to be developed.

 

Golflinks Software Park Pvt Ltd was incorporated in 2000 for developing a software technology park, Embassy GolfLinks, on Inner Ring Road, Bengaluru. The company has developed 31 lakh sq ft, of which 100% was leased as on December 31, 2024.

 

Vikas Telecom Pvt Ltd and Sarla Infrastructure Pvt Ltd (SIPL) own and operate ETV, Bengaluru. The commercial complex is spread over 84.05 acres consisting of 79 lakh sq ft of completed office premises, 18 lakh sq ft of under-construction office space and a proposed hotel of 518 keys. Of the total operational area of 79 lakh sq ft, 93% was leased out as on December 31, 2024.

 

Embassy Construction Pvt Ltd is constructing and developing an integrated business park at Yelahanka, Hobli Bengaluru under the name of Embassy Business Hub. Embassy REIT acquired Embassy Business Hub for an enterprise value of Rs 335 crore with exclusive ownership rights to around 14 lakh sq ft of leasable area upon full completion. Embassy Business Hub is an integrated business park in North Bengaluru and is expected to comprise total leasable area of around 14 lakh sq ft upon full completion. The company has developed 4 lakh sq ft, of which 92% was leased as on December 31, 2024, with ongoing development for 10 lakh sq ft leasable area.

 

ESNP is an integrated office park situated on Pallavaram-Thoraipakkam Road in Chennai. Embassy REIT acquired ESNP for enterprise value of ~Rs 1,200 crore on June 3, 2024. Spanning approximately 26 acres, it is located in one of Chennai’s fastest-growing commercial office micro-markets, OMR 2. Situated amid a strong residential catchment area, the location is close to key transportation hubs such as Chennai International Airport, Tambaram Railway Station and Chromepet Railway Station. The asset, Embassy Splendid TechZone, comprises 50 lakh sq ft of leasable area of which 16 lakh sq ft is under development.

Key Financial Indicators*

For fiscal

Unit

2024

2023

Revenue

Rs crore

4,064

3,742

Profit after tax (PAT)

Rs crore

964

506

PAT margin

%

23.7

13.5

Adjusted gearing

Times

0.72

0.61

Adjusted interest coverage

Times

2.84

2.84

*As per analytical adjustments made by Crisil Ratings

Any other information:

The terms and conditions of the NCDs are mentioned below:

 

Series IV

  •    Net total debt/earnings before interest, taxes, depreciation, and amortisation (Ebitda) of the REIT group <= 5.5 times
  •    LTV of the REIT group <= 40%
  •    LTV of the mortgaged properties of SIPL <= 49%
  •    Ebitda of SIPL >= Rs 86 crore as the total indebtedness against mortgage property of SIPL exceeds Rs 400 crore

 

Series V

  • Net total debt/Ebitda of the REIT group <= 5.5 times
  • LTV of the REIT group <= 40%
  • LTV of secured assets <= 49%
  • Total indebtedness against operational assets/Ebitda generated by operational assets <=7.0 times

 

Series VI

REIT level

  • Net total debt/Ebitda of the REIT group <= 5.5 times

 

Asset level

  • Security cover >=2.0 times

 

Series VII

REIT level

  • Net total debt/Ebitda of the REIT group <= 5.5 times
  • LTV of secured assets <= 40%

 

Asset level

  • Security cover >=2.0 times

 

Series VIII

REIT level

  • Net total debt/Ebitda of the REIT group <= 5.5 times
  • LTV of the REIT group <= 40%

 

Asset level

  • Security cover >=2.0 times

 

Series IX

REIT level

  • Net total debt/Ebitda of the REIT group <= 5.5 times
  • LTV of the REIT group <= 40%

 

Asset level

  • Security cover >=2.0 times

 

Series X

REIT level

  • Net total debt/Ebitda of the REIT group <= 5.5 times
  • LTV of secured assets <= 40%

 

Asset level

  • Security cover >=2.0 times

 

Series XI of Rs 900 crore

REIT level

  • Net total debt/Ebitda of the REIT group <= 5.5 times
  • LTV of secured assets <= 40%

 

Asset level

  • Security cover >=2.0 times

 

Series XII of Rs 1000 crore

REIT level

  • Net total debt/Ebitda of the REIT group <= 5.5 times
  • LTV of secured assets <= 40%

 

Asset level

  • Security cover >=2.0 times

 

Proposed NCDs of Rs 400 crore

REIT level

  • Net total debt/Ebitda of the REIT group <= 5.5 times
  • LTV of secured assets <= 40%

 

Asset level

  • Security cover >=2.0 times

 

Proposed NCDs of Rs 1200 crore

REIT level

  • Net total debt/Ebitda of the REIT group <= 6 times
  • LTV of secured assets <= 40%

 

Asset level

  • Security cover >=2.0 times

Note on complexity levels of the rated instrument:
Crisil Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

Crisil Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the Crisil Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name Of Instrument Date Of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs.Crore) Complexity Levels Rating Outstanding with Outlook
NA Commercial Paper# NA NA 7-365 days 675.00 Simple Crisil A1+
NA Commercial Paper NA NA 7-365 days 425.00 Simple Crisil A1+
INE041007068 Non Convertible Debentures 07-Sep-21 6.80 07-Sep-26 300.00 Complex Crisil AAA/Stable
INE041007084 Non Convertible Debentures 18-Oct-21 7.05 18-Oct-26 1100.00 Complex Crisil AAA/Stable
INE041007092 Non Convertible Debentures 05-Apr-22 7.35 05-Apr-27 1000.00 Complex Crisil AAA/Stable
INE041007100 Non Convertible Debentures 05-Jun-23 7.77 05-Jun-25 1050.00 Complex Crisil AAA/Stable
INE041007118 Non Convertible Debentures 28-Aug-23 8.10 28-Aug-28 500.00 Complex Crisil AAA/Stable
INE041007126 Non Convertible Debentures 04-Sep-23 8.03 04-Sep-25 500.00 Complex Crisil AAA/Stable
INE041007134 Non Convertible Debentures 09-Jan-24 8.17 05-Sep-25 1000.00 Simple Crisil AAA/Stable
INE041007142 Non Convertible Debentures 26-Sep-24 7.96 27-Sep-27 900.00 Simple Crisil AAA/Stable
INE041007159 Non Convertible Debentures 16-Dec-24 7.73 14-Dec-29 1000.00 Simple Crisil AAA/Stable
NA Non Convertible Debentures# NA NA NA 250.00 Simple Crisil AAA/Stable
NA Non Convertible Debentures# NA NA NA 150.00 Simple Crisil AAA/Stable
NA Non Convertible Debentures# NA NA NA 1200.00 Simple Crisil AAA/Stable

#Yet to be issued

Annexure - List of Entities Consolidated

Names of entities consolidated

Extent of consolidation

Rationale for consolidation

Indian Express Newspapers (Mumbai) Pvt Ltd

Full

100% subsidiary

Quadron Business Park Pvt Ltd

Full

100% subsidiary

Qubix Business Park Pvt Ltd

Full

100% subsidiary

Earnest Towers Pvt Ltd

Full

100% subsidiary

Vikhroli Corporate Park Pvt Ltd

Full

100% subsidiary

Galaxy Square Pvt Ltd

Full

100% subsidiary

Oxygen Business Park Pvt Ltd

Full

100% subsidiary

Manyata Promoters Pvt Ltd

Full

100% subsidiary

Embassy Energy Pvt Ltd

Full

100% subsidiary

Umbel Properties Pvt Ltd

Full

100% subsidiary

Embassy Pune Techzone Pvt Ltd

Full

100% subsidiary

Vikas Telecom Pvt Ltd

Full

100% subsidiary

Sarla Infrastructure Pvt Ltd

Full

100% subsidiary

Embassy Construction Pvt Ltd

Full

100% subsidiary

ESNP Property Builders and Developers Pvt Ltd

Full

100% subsidiary

Golflinks Software Park Pvt Ltd

Partial

Investment entity consolidated to the extent of 50%

Annexure - Rating History for last 3 Years
  Current 2025 (History) 2024  2023  2022  Start of 2022
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Corporate Credit Rating LT 0.0 Crisil AAA/Stable   -- 10-12-24 Crisil AAA/Stable 29-12-23 Crisil AAA/Stable 12-12-22 Crisil AAA/Stable --
      --   -- 12-11-24 Crisil AAA/Stable 19-12-23 Crisil AAA/Stable 06-12-22 CCR AAA/Stable --
      --   -- 29-10-24 Crisil AAA/Stable 05-12-23 Crisil AAA/Stable 17-03-22 CCR AAA/Stable --
      --   -- 16-09-24 Crisil AAA/Stable 13-07-23 Crisil AAA/Stable 20-01-22 CCR AAA/Stable --
      --   -- 02-08-24 Crisil AAA/Stable 26-05-23 Crisil AAA/Stable   -- --
      --   -- 28-05-24 Crisil AAA/Stable 06-04-23 Crisil AAA/Stable   -- --
      --   -- 26-04-24 Crisil AAA/Stable 28-02-23 Crisil AAA/Stable   -- --
Commercial Paper ST 1100.0 Crisil A1+   -- 10-12-24 Crisil A1+ 29-12-23 Crisil A1+   -- --
      --   -- 12-11-24 Crisil A1+ 19-12-23 Crisil A1+   -- --
      --   -- 29-10-24 Crisil A1+   --   -- --
      --   -- 16-09-24 Crisil A1+   --   -- --
      --   -- 02-08-24 Crisil A1+   --   -- --
      --   -- 28-05-24 Crisil A1+   --   -- --
      --   -- 26-04-24 Crisil A1+   --   -- --
Non Convertible Debentures LT 8950.0 Crisil AAA/Stable   -- 10-12-24 Crisil AAA/Stable 29-12-23 Crisil AAA/Stable 12-12-22 Crisil AAA/Stable Crisil AAA/Stable
      --   -- 12-11-24 Crisil AAA/Stable 19-12-23 Crisil AAA/Stable 06-12-22 Crisil AAA/Stable --
      --   -- 29-10-24 Crisil AAA/Stable 05-12-23 Crisil AAA/Stable 17-03-22 Crisil AAA/Stable --
      --   -- 16-09-24 Crisil AAA/Stable 13-07-23 Crisil AAA/Stable 20-01-22 Crisil AAA/Stable --
      --   -- 02-08-24 Crisil AAA/Stable 26-05-23 Crisil AAA/Stable   -- --
      --   -- 28-05-24 Crisil AAA/Stable 06-04-23 Crisil AAA/Stable   -- --
      --   -- 26-04-24 Crisil AAA/Stable 28-02-23 Crisil AAA/Stable   -- --
All amounts are in Rs.Cr.
Criteria Details
Links to related criteria
Basics of Ratings (including default recognition, assessing information adequacy)
Criteria for Real estate developers, LRD and CMBS (including approach for financial ratios)
Criteria for REITs and InVITs
Criteria for consolidation

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This disclaimer is part of and applies to each credit rating report and/or credit rating rationale ('report') provided by Crisil Ratings Limited ('Crisil Ratings'). For the avoidance of doubt, the term 'report' includes the information, ratings and other content forming part of the report. The report is intended for use only within the jurisdiction of India. This report does not constitute an offer of services. Without limiting the generality of the foregoing, nothing in the report is to be construed as Crisil Ratings provision or intention to provide any services in jurisdictions where Crisil Ratings does not have the necessary licenses and/or registration to carry out its business activities. Access or use of this report does not create a client relationship between Crisil Ratings and the user.

The report is a statement of opinion as on the date it is expressed, and it is not intended to and does not constitute investment advice within meaning of any laws or regulations (including US laws and regulations). The report is not an offer to sell or an offer to purchase or subscribe to any investment in any securities, instruments, facilities or solicitation of any kind to enter into any deal or transaction with the entity to which the report pertains. The recipients of the report should rely on their own judgment and take their own professional advice before acting on the report in any way.

Crisil Ratings and its associates do not act as a fiduciary. The report is based on the information believed to be reliable as of the date it is published, Crisil Ratings does not perform an audit or undertake due diligence or independent verification of any information it receives and/or relies on for preparation of the report. THE REPORT IS PROVIDED ON “AS IS” BASIS. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAWS, CRISIL RATINGS DISCLAIMS WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHER WARRANTIES OR CONDITIONS, INCLUDING WARRANTIES OF MERCHANTABILITY, ACCURACY, COMPLETENESS, ERROR-FREE, NON-INFRINGEMENT, NON-INTERRUPTION, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR INTENDED USAGE. In no event shall Crisil Ratings, its associates, third-party providers, as well as their directors, officers, shareholders, employees or agents be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the report even if advised of the possibility of such damages.

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Crisil Ratings or its associates may have other commercial transactions with the entity to which the report pertains or its associates. Ratings are subject to revision or withdrawal at any time by Crisil Ratings. Crisil Ratings may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.

Crisil Ratings has in place a ratings code of conduct and policies for managing conflict of interest. For more detail, please refer to: https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html. Public ratings and analysis by Crisil Ratings, as are required to be disclosed under the Securities and Exchange Board of India regulations (and other applicable regulations, if any), are made available on its websites, www.crisilratings.com and https://www.ratingsanalytica.com (free of charge). Crisil Ratings shall not have the obligation to update the information in the Crisil Ratings report following its publication although Crisil Ratings may disseminate its opinion and/or analysis. Reports with more detail and additional information may be available for subscription at a fee.  Rating criteria by Crisil Ratings are available on the Crisil Ratings website, www.crisilratings.com. For the latest rating information on any company rated by Crisil Ratings, you may contact the Crisil Ratings desk at crisilratingdesk@crisil.com, or at (0091) 1800 267 3850.

Crisil Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on Crisil Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisilratings.com/en/home/our-business/ratings/credit-ratings-scale.html