Rating Rationale
December 27, 2023 | Mumbai
 
Torrent Power Limited
'CRISIL AA+/Stable' assigned to Non Convertible Debentures
 
Rating Action
Total Bank Loan Facilities Rated Rs.16600 Crore
Long Term Rating CRISIL AA+/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
 
Rs.650 Crore Non Convertible Debentures@ CRISIL AA+/Stable (Assigned)
Rs.100 Crore Non Convertible Debentures@ CRISIL AA+/Stable (Reaffirmed)
Non Convertible Debentures Aggregating Rs.2340 Crore CRISIL AA+/Stable (Reaffirmed)
Rs.300 Crore Non Convertible Debentures CRISIL AA+/Stable (Withdrawn)
Rs.1650 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
@Yet to be placed
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 AA+/Stable’ rating to the Rs.650 crore proposed non-convertible debentures (NCDs) of Torrent Power Ltd (TPL) and reaffirmed its ‘CRISIL AA+/Stable/CRISIL A1+’ ratings on the other debt instruments and bank facilities of the company. Also, CRISIL Ratings has withdrawn its rating on NCDs worth Rs 300 crore (see Annexure - Details of Rating Withdrawn). The withdrawal is based on independent confirmation of redemption of these instruments and at the company’s request, in line with the CRISIL Ratings withdrawal policy.

 

The ratings on the bank facilities, NCDs, and commercial paper programme continue to reflect the strong profitability of TPL which, along with prudent and staggered capital expenditure (capex) plans, has aided sustained improvement in leverage, with net debt to Ebitda (earnings before interest, taxes, depreciation, and amortisation) ratio reaching 1.9 times as on March 31, 2023, from more than 3 times as on March 31, 2017. The ratings also factor in the expectation of steady profitability and net debt/Ebitda sustaining below 2.8 times, despite outflow towards incremental capex, over the medium term.

 

For the first half of fiscal 2024, Ebitda improved to around Rs 2,406 crore from Rs 2,224 crore for the same period previous fiscal on account of strong performance in the franchisee distribution business segment led by lowering of losses, increase in power demand across all distribution areas, contribution from acquired renewable assets, and contribution from its 1,200 megawatt (MW) combined cycle gas power plant in Dahej (DGEN), Gujarat.

 

In terms of operating performance, plant load factor (PLF) of the company’s lone thermal asset continued to operate at high levels in the first-half of fiscal 2024 as demand for power in the country continued to grow. The company’s gas power plants also operated at higher PLFs in the first-half of fiscal 2024 compared with the previous fiscal as natural gas prices eased. This was offset by lower gains from sale of liquefied natural gas (LNG). Transmission and distribution (T&D) losses across its licence and franchise distribution areas, except Ahmedabad (Gujarat), were lower compared with previous fiscal. PLFs of its renewable assets remained stable.

 

Operating performance is likely to continue to improve in the current fiscal with steady recovery in the franchise distribution business. Further focus on the licence distribution business with assured return on equity model, coupled with judicious expansion in renewable businesses, should help continued growth in Ebitda. The company has a capex outlay of around Rs 4,500 crore in its licence and franchise distribution business over the next couple of fiscals to strengthen and augment network. Also, it has a pipeline of 600 MW of renewable assets for which the capex outlay is around Rs 4,600 crore in the next two fiscals. Given the significant capex, leverage is likely to increase in fiscal 2024, though remain below 2.8 times over the medium term as the assets scale up.

 

The ratings continue to factor in the stable cash flow from regulated businesses and the diversified business risk profile and strong liquidity of TPL. These strengths are partially offset by absence of long-term power purchase agreements (PPAs) for its 1,200 MW combined cycle gas power plant in Dahej (DGEN). Improvement in cash flows from DGEN owing to tie-up of PPAs or improvement in PLFs on a sustainable basis, supporting improvement in credit profile, will be a key rating sensitivity factor.

 

CRISIL Ratings understands the company may augment its generation capacity through the inorganic route to support the increasing demand in its distribution regions. Also, from a growth perspective, it might enter into new distribution areas. However, the management has guided to keep leverage and capital structures within the rating threshold on a sustainable basis. Conversion of any such opportunity that the company may come across to expand capacity or distribution area will be monitorable.

Analytical Approach

CRISIL Ratings has fully consolidated the business and financial risk profiles of TPL along with Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Ltd (in which TPL has 51% shareholding), and those of its special-purpose vehicles (SPVs) engaged in the renewable business (considering 100% ownership of the parent and strong operational and financial linkages among the entities). The renewable SPVs include Jodhpur Wind Farms Pvt Ltd (rated 'CRISIL AA+ (CE)/Stable'), Latur Renewable Pvt Ltd (rated 'CRISIL AA+ (CE)/Stable'), Torrent Saurya Urja 2 Pvt Ltd (rated 'CRISIL AA/Stable') and Torrent Solargen Ltd ('CRISIL AA/Stable'), among others.

 

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:

Strong operating profile and regulated tariff framework

High operational efficiency is reflected in low T&D losses across circles (3.7% for Ahmedabad, 3.2% for Surat [Gujarat] and 0.5% for Dahej in the distribution licence business; and 10% for Bhiwandi [Maharashtra] and 9.5% for Agra [Uttar Pradesh] in the distribution franchise business) in fiscal 2023. Furthermore, for the Shil, Mumbra and Kalwa (SMK; Maharashtra) franchise distribution circle, it has seen T&D losses drop to 33.5% in fiscal 2023 from 44.9% at the time of takeover in fiscal 2021. The company will continue to benefit from stable cash flow, backed by a regulated tariff structure and high operating efficiency, and the performance of its distribution and generation businesses (AMGEN and SUGEN plants), both of which assure a 14-15.5% post-tax return on equity. Regulated businesses, on average, formed about 60% of revenue and 77% of Ebitda over the last three fiscals. Increase in contribution from Dadra Nagar Haveli and Daman & Diu (DNHDD), ramp-up of the Dholera Special Industrial Region (DSIR; Gujarat) and Dahej (Gujarat), further lowering of T&D losses in SMK and increased contribution from the renewables segment are likely to enhance return profile in the long term. Capital allocation will remain skewed significantly towards the regulated and renewable businesses.

 

Robust market position of the power distribution business with diverse consumer base

TPL enjoys a strong market position, being the sole power distribution licensee for Ahmedabad, Surat, Gandhinagar, and DNHDD; second licensee for Dahej SEZ and DSIR; and the power distribution franchisee for Bhiwandi, Agra and SMK. With the takeover of DNDD, TPL now sells power directly to more than 4.03 million consumers across the domestic, industrial and commercial divisions. An urban-centric and diversified customer base enables collection efficiency of nearly 100% in Ahmedabad, Gandhinagar, Surat and Dahej SEZ..

 

Strong financial risk profile

Financial risk profile has improved in the past few fiscals. Net gearing and net debt to Ebitda ratios stood at 0.9 time and 1.9 times, respectively, as on March 31, 2023, against 1.1 times and 3.2 times respectively, as on March 31, 2017. This was driven by high profitability and relatively lower capex. While leverage is likely to increase over the medium term because of higher capex outlay, net debt to Ebitda shall sustain below 2.8 times over the medium term.

 

Weakness:

Susceptibility to risk related to offtake for DGEN

The 1,200 MW DGEN plant, which accounts for about 30% of the total operational power generation capacity, has been stranded due to lack of approved PPAs and non-availability of LNG at affordable prices. The unit has operated at a limited PLF in fiscals 2020, 2021 and the first half of fiscal 2024, aided by favourable LNG prices and bilateral contracts. However, it is expected to continue to report losses due to low level of operations by the asset.

 

CRISIL Ratings has factored in the operating losses arising from non-operation of the plant due to absence of PPAs; however, any material improvement in cash flows from DGEN owing to tie-up of PPAs or improvement in PLFs on a sustainable basis, supporting improvement in credit profile of the company will be a key rating sensitivity factor.

Liquidity: Strong

Expected annual cash accrual of about Rs 2,500 crore during fiscals 2024 and 2025 will be sufficient to meet yearly average term debt repayment of ~Rs 1,600 crore. Cash balance of around Rs 1,500 crore and unutilised fund-based limit of Rs 1,150 crore as on September 30, 2023, also support liquidity. Furthermore, the company has an unutilised capex line of Rs 1,700 crore. Capex for fiscals 2024 and 2025 are likely to be funded through a mix of internal accrual and debt.

 

ESG profile

The ESG profile of TPL supports its already strong credit risk profile.

 

The power sector has a significant impact on the environment owing to higher emissions, water consumption and waste generation. This is because generation of conventional power involves high dependence on natural resources, mainly coal. The sector has a social impact as its operations affect local community and involve health hazards. TPL is focused on mitigating its environmental and social risks.

 

Key ESG highlights:

  • The company has a well-defined environment policy that covers all the activities undertaken by TPL and its subsidiaries towards the environment. In addition, the company continuously monitors the projects based on environmental policy.
  • The gas-based generation units are equipped with dry low NOX burners that keep the emissions well below the regulatory norms. Stack air quality at coal-based generation unit is ensured through the installation of electrostatic precipitators with state-of-the-art control systems. Dust suppression and extraction systems are used in coal stock & feeding areas to maintain the ambient air quality.
  • It has steadily increased the share of renewable energy in its overall portfolio, with more than 1 gigawatt of capacity already operational and another 953 MW in pipeline.
  • Compares favourably with peers in terms of gender diversity, with 8.5% of employees being women.
  • The governance structure is characterised by 50% of the board comprising independent directors, split in chairman and CEO positions, and presence of an investor grievance redressal mechanism and extensive disclosures.

 

There is growing importance of ESG among investors and lenders. The commitment of TPL to ESG principles will play a key role in enhancing stakeholder confidence, given its high share of market borrowings in overall debt and access to both domestic and foreign capital markets.

Outlook: Stable

Business risk profile will remain strong over the medium term, driven by stable cash flow from the regulated and renewables businesses. Sustained business performance and prudent capital allocation should support healthy financial risk profile.

Rating Sensitivity Factors

Upward Factors

  • PPAs getting tied up and material cash flow generation from DGEN
  • Strong improvement in profitability and capital structure with sustenance of net debt/Ebitda below 2 times

 

Downward Factors

  • Larger-than-expected capex or debt-funded acquisitions resulting in material weakening of capital structure
  • Significantly lower-than-expected profitability and sustained net debt/Ebitda of more than 2.8 times

About the Company

TPL is engaged in the power generation, transmission, and distribution business. It is a distribution licensee in Ahmedabad, Gandhinagar, Surat, Dahej SEZ, Dholera SIR, and Dadra and Nagar Haveli and Daman and Diu; and the distribution franchisee for Bhiwandi, Agra and SMK (Shil, Mumbra, Kalwa). Its power generation plants are in Sabarmati (AMGEN, a 362-MW coal-based station) in Ahmedabad, Surat (1,147.5 MW gas-based SUGEN plant with 382.5 MW expansion), and Dahej SEZ (1,200 MW gas-based combined cycle DGEN power plant). The renewable portfolio includes 49.6 MW wind power plant (WPP) in Lalpur, 51 MW solar power plant in Charanka, 252 MW Suzlon WPP in Kutch and Bhavnagar, 50.9 MW WPP in Mahidad, and 87 MW GENSU solar power plant in Surat (all in Gujarat).


The company also has a 120 MW (60 MW X 2) WPP in Karnataka, 126 MW WPP in Maharashtra, 50 MW WPP in Kutch (Gujarat) and 115 MW WPP in Devbhoomi Dwarka (Gujarat) through its wholly owned subsidiaries. Furthermore, TPL had added a renewable portfolio of 281 MW (156 MW wind + 125 MW solar) through acquisition of Surya Vidyut Ltd, Visual Percept Solar Projects Pvt Ltd, Torrent Saurya Urja 6 Pvt Ltd (earlier LREHL Renewables India SPV1 Pvt Ltd), and Sunshakti Solar Power Projects Pvt Ltd. TPL is also implementing wind and solar projects with capacity of 953 MW (including 191 MW of commercial and industrial projects of which ~13 MW have been commissioned).

Key Financial Indicators TPL - consolidated - CRISIL Ratings-adjusted numbers

As on/for the period ended March 31

Unit

2023

2022

Operating income

Rs crore

25,903

14,353

Adjusted profit after tax (PAT)

Rs crore

2,162

1,384*

PAT margin

%

8.3

9.6

Adjusted debt/adjusted networth*

Times

0.91

0.85

Interest coverage

Times

6.24

5.95

    *Adjusted for impairment loss of Rs 928 crore (net of tax)

Any other information: Not Applicable

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 level

Rating assigned with Outlook

NA

Non-convertible debentures@

NA

NA

NA

650

Complex#

CRISIL AA+/Stable

NA

Non-convertible debentures@

NA

NA

NA

100

Complex#

CRISIL AA+/Stable

INE813H07317

Non-convertible debentures

7-Jun-23

8.50%

7-Jun-31

100

Complex*

CRISIL AA+/Stable

INE813H07309

Non-convertible debentures

7-Jun-23

8.50%

7-Jun-32

100

Complex*

CRISIL AA+/Stable

INE813H07291

Non-convertible debentures

7-Jun-23

8.50%

7-Jun-33

100

Complex*

CRISIL AA+/Stable

INE813H07283

Non-convertible debentures

7-Jun-23

8.50%

7-Jun-31

100

Complex*

CRISIL AA+/Stable

INE813H07275

Non-convertible debentures

7-Jun-23

8.50%

7-Jun-32

100

Complex*

CRISIL AA+/Stable

INE813H07267

Non-convertible debentures

7-Jun-23

8.50%

7-Jun-33

100

Complex*

CRISIL AA+/Stable

INE813H07226

Non-convertible debentures

2-Jun-22

8.30%

2-Jun-27

50

Complex*

CRISIL AA+/Stable

INE813H07234

Non-convertible debentures

2-Jun-22

8.35%

2-Jun-28

50

Complex*

CRISIL AA+/Stable

INE813H07242

Non-convertible debentures

2-Jun-22

8.55%

2-Jun-31

50

Complex*

CRISIL AA+/Stable

INE813H07259

Non-convertible debentures

2-Jun-22

8.65%

2-Jun-32

50

Complex*

CRISIL AA+/Stable

INE813H07200

Non-convertible debentures

29-Apr-22

7.45%

29-Apr-27

300

Complex*

CRISIL AA+/Stable

INE813H07218

Non-convertible debentures

29-Apr-22

8.05%

29-Apr-32

300

Complex*

CRISIL AA+/Stable

INE813H07168

Non-convertible debentures

5-Apr-22

6.20%

11-Mar-24

150

Complex*

CRISIL AA+/Stable

INE813H07176

Non-convertible debentures

5-Apr-22

6.70%

11-Mar-25

150

Complex*

CRISIL AA+/Stable

INE813H07184

Non-convertible debentures

5-Apr-22

7.10%

11-Mar-26

150

Complex*

CRISIL AA+/Stable

INE813H07192

Non-convertible debentures

5-Apr-22

7.45%

11-Mar-27

150

Complex*

CRISIL AA+/Stable

INE813H07135

Non-convertible debentures

3-Mar-22

6.50%

3-Mar-25

85

Complex*

CRISIL AA+/Stable

INE813H07143

Non-convertible debentures

3-Mar-22

6.90%

3-Mar-26

80

Complex*

CRISIL AA+/Stable

INE813H07150

Non-convertible debentures

3-Mar-22

7.25%

3-Mar-27

85

Complex*

CRISIL AA+/Stable

INE813H08034

Non-convertible debentures - series 4c

14-May-19

10.25%

14-May-24

90

Complex**

CRISIL AA+/Stable

NA

Commercial paper

NA

NA

7-365 days

1150

Simple

CRISIL A1+

NA

Commercial paper

NA

NA

7-365 days

500

Simple

CRISIL A1+

NA

Cash credit

NA

NA

NA

1500

NA

CRISIL AA+/Stable

NA

Letter of Credit^

NA

NA

NA

300

NA

CRISIL AA+/Stable

NA

Letter of Credit and Bank Guarantee

NA

NA

NA

4500

NA

CRISIL A1+

NA

Proposed short term bank loan facility%

NA

NA

NA

511.1

NA

CRISIL A1+

NA

Proposed term loan

NA

NA

NA

2148

NA

CRISIL AA+/Stable

NA

Term loan 1

10-Mar-16

NA

30-Sep-32

1169.83

NA

CRISIL AA+/Stable

NA

Term loan 2

27-Sep-19

NA

30-Sep-32

415.56

NA

CRISIL AA+/Stable

NA

Term loan 3

14-Mar-16

NA

30-Sep-32

806.08

NA

CRISIL AA+/Stable

NA

Term loan 4

14-Mar-16

NA

30-Sep-32

246.70

NA

CRISIL AA+/Stable

NA

Term loan 5

28-Mar-17

NA

30-Sep-32

330.31

NA

CRISIL AA+/Stable

NA

Term loan 6

28-Mar-17

NA

30-Sep-32

192.25

NA

CRISIL AA+/Stable

NA

Term loan 7

16-Jun-17

NA

31-Dec-27

186.41

NA

CRISIL AA+/Stable

NA

Term loan 8

16-Jun-17

NA

31-Dec-27

111.74

NA

CRISIL AA+/Stable

NA

Term loan 9

16-Sep-19

NA

30-Sep-30

564.79

NA

CRISIL AA+/Stable

NA

Term loan 10

16-Sep-19

NA

30-Sep-30

564.73

NA

CRISIL AA+/Stable

NA

Term loan 11##

25-Mar-22

NA

31-March-27

212.50

NA

CRISIL AA+/Stable

NA

Term loan 12

30-Sep-22

NA

31-Mar-32

1140

NA

CRISIL AA+/Stable

NA

Term loan 13

19-Oct-23

NA

30-Jun-33

700

NA

CRISIL AA+/Stable

NA

Term loan 14

19-Oct-23

NA

30-Jun-33

300

NA

CRISIL AA+/Stable

NA

Term loan 15

19-Oct-23

NA

30-Jun-33

700

NA

CRISIL AA+/Stable

*It is being categorised as a complex instrument as there is a rating covenant attached to these NCDs wherein if rating downgrades to “BBB+” or below, debenture holders would have a put option on the company

**It is being categorised as a complex instrument as there is a rating covenant attached to these NCDs wherein if rating downgrades to “A-” or below, debenture holders would have a put option on the company

#It is being categorised as a complex instrument as CRISIL Ratings understands that, in line with other outstanding NCDs of the company, a rating covenant is likely to be attached to these NCDs as well wherein depending on certain rating action, debenture holders would have a put option on the company

%Interchangeable with long-term bank facilities

^Capex letter of credit (LC), with sublimit of standby letter of credit (SBLC) of Rs 300 crore

@Yet to be placed

##CRISIL Ratings understands that the facility has been repaid as on date, however, CRISIL Ratings is awaiting necessary supporting documents for withdrawal of the ratings on the given instrument

 

Annexure- Details of Rating Withdrawn

ISIN

Name of instrument

Date of allotment

Coupon Rate

Maturity date

Issue size (Rs.Crore)

Complexity level

Rating

INE813H07127

Non-convertible debentures - series 6

6-Jul-20

7.30%

6-Jul-23

300

Complex*

Withdrawn

*It is being categorised as a complex instrument as there is a rating covenant attached to these NCDs wherein if rating downgrades to “BBB+” or below, debenture holders would have a put option on the company

Annexure - List of Entities Consolidated

Names of entities consolidated

Extent of consolidation

Rationale for consolidation

Torrent Solargen Ltd

Full

100% ownership and strong operational and financial linkages

Jodhpur Wind Farms Pvt Ltd

Full

Latur Renewable Pvt Ltd

Full

TCL Cables Pvt Ltd

Full

Torrent Solar Power Pvt Ltd

Full

Torrent Saurya Urja 2 Pvt Ltd

Full

Torrent Saurya Urja 4 Pvt Ltd

Full

Visual Percept Solar Projects Pvt Ltd

Full

Surya Vidyut Ltd

Full

Torrent Saurya Urja 6 Pvt Ltd (Formerly known as LREHL Renewables India SPV 1 Pvt Ltd)

Full

Wind Two Renergy Pvt Ltd

Full

Torrent Urja 8 Pvt Ltd

Full

Torrent Urja 9 Pvt Ltd

Full

Torrent Urja 10 Pvt Ltd

Full

Torrent Urja 11 Pvt Ltd

Full

Torrent Urja 12 Pvt Ltd

Full

Torrent Urja 13 Pvt Ltd

Full

Torrent Urja 14 Pvt Ltd

Full

Torrent Urja 15 Pvt Ltd

Full

Torrent Urja 16 Pvt Ltd

Full

Torrent Urja 17 Pvt Ltd

Full

Torrent Green Energy Private Limited

Full

Sunshakti Solar Power Projects Pvt Ltd

Full

Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Ltd

Full

51% ownership and strong operational and

financial linkages

Airpower Windfarms Private Limited

Full

100% subsidiary of Torrent Green Energy Pvt. Ltd., 100% subsidiary of the Company and strong operational and financial linkages

Torrent Saurya Urja 3 Pvt Ltd

Full

74% ownership and strong operational and

financial linkages

Torrent Saurya Urja 5 Pvt Ltd

Full

74% ownership and strong operational and

financial linkages

Torrent Power Grid Ltd

Full

74% ownership and strong operational and

financial linkages

Torrent Pipavav Generation Ltd

Full

95% ownership and financial linkages

Annexure - Rating History for last 3 Years
  Current 2023 (History) 2022  2021  2020  Start of 2020
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT/ST 11800.0 CRISIL AA+/Stable / CRISIL A1+ 31-10-23 CRISIL AA+/Stable / CRISIL A1+ 04-11-22 CRISIL AA+/Stable / CRISIL A1+ 30-06-21 CRISIL AA/Positive / CRISIL A1+ 30-06-20 CRISIL A1+ / CRISIL AA/Stable CRISIL A1+ / CRISIL AA-/Stable
      -- 01-06-23 CRISIL AA+/Stable / CRISIL A1+ 07-09-22 CRISIL AA+/Stable / CRISIL A1+   -- 19-06-20 CRISIL A1+ / CRISIL AA/Stable --
      --   -- 16-06-22 CRISIL AA+/Stable / CRISIL A1+   -- 06-03-20 CRISIL A1+ / CRISIL AA/Stable --
      --   -- 20-05-22 CRISIL AA+/Stable / CRISIL A1+   -- 10-01-20 CRISIL A1+ / CRISIL AA/Stable --
      --   -- 20-04-22 CRISIL AA+/Stable / CRISIL A1+   --   -- --
      --   -- 21-03-22 CRISIL AA+/Stable / CRISIL A1+   --   -- --
      --   -- 17-02-22 CRISIL AA+/Stable / CRISIL A1+   --   -- --
Non-Fund Based Facilities LT/ST 4800.0 CRISIL AA+/Stable / CRISIL A1+ 31-10-23 CRISIL AA+/Stable / CRISIL A1+ 04-11-22 CRISIL A1+ 30-06-21 CRISIL A1+ 30-06-20 CRISIL A1+ CRISIL A1+
      -- 01-06-23 CRISIL AA+/Stable / CRISIL A1+ 07-09-22 CRISIL A1+   -- 19-06-20 CRISIL A1+ --
      --   -- 16-06-22 CRISIL A1+   -- 06-03-20 CRISIL A1+ --
      --   -- 20-05-22 CRISIL A1+   -- 10-01-20 CRISIL A1+ --
      --   -- 20-04-22 CRISIL A1+   --   -- --
      --   -- 21-03-22 CRISIL A1+   --   -- --
      --   -- 17-02-22 CRISIL A1+   --   -- --
Commercial Paper ST 1650.0 CRISIL A1+ 31-10-23 CRISIL A1+ 04-11-22 CRISIL A1+ 30-06-21 CRISIL A1+ 30-06-20 CRISIL A1+ CRISIL A1+
      -- 01-06-23 CRISIL A1+ 07-09-22 CRISIL A1+   -- 19-06-20 CRISIL A1+ --
      --   -- 16-06-22 CRISIL A1+   -- 06-03-20 CRISIL A1+ --
      --   -- 20-05-22 CRISIL A1+   -- 10-01-20 CRISIL A1+ --
      --   -- 20-04-22 CRISIL A1+   --   -- --
      --   -- 21-03-22 CRISIL A1+   --   -- --
      --   -- 17-02-22 CRISIL A1+   --   -- --
Non Convertible Debentures LT 3090.0 CRISIL AA+/Stable 31-10-23 CRISIL AA+/Stable 04-11-22 CRISIL AA+/Stable 30-06-21 CRISIL AA/Positive 30-06-20 CRISIL AA/Stable CRISIL AA-/Stable
      -- 01-06-23 CRISIL AA+/Stable 07-09-22 CRISIL AA+/Stable   -- 19-06-20 CRISIL AA/Stable --
      --   -- 16-06-22 CRISIL AA+/Stable   -- 06-03-20 CRISIL AA/Stable --
      --   -- 20-05-22 CRISIL AA+/Stable   -- 10-01-20 CRISIL AA/Stable --
      --   -- 20-04-22 CRISIL AA+/Stable   --   -- --
      --   -- 21-03-22 CRISIL AA+/Stable   --   -- --
      --   -- 17-02-22 CRISIL AA+/Stable   --   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Cash Credit 550 State Bank of India CRISIL AA+/Stable
Cash Credit 350 Punjab National Bank CRISIL AA+/Stable
Cash Credit 50 Axis Bank Limited CRISIL AA+/Stable
Cash Credit 550 Bank of Baroda CRISIL AA+/Stable
Letter of Credit^ 300 ICICI Bank Limited CRISIL AA+/Stable
Letter of credit & Bank Guarantee 1600 Axis Bank Limited CRISIL A1+
Letter of credit & Bank Guarantee 189 Punjab National Bank CRISIL A1+
Letter of credit & Bank Guarantee 850 Bank of Baroda CRISIL A1+
Letter of credit & Bank Guarantee 561 HDFC Bank Limited CRISIL A1+
Letter of credit & Bank Guarantee 1300 State Bank of India CRISIL A1+
Proposed Short Term Bank Loan Facility% 511.1 Not Applicable CRISIL A1+
Proposed Term Loan 2148 Not Applicable CRISIL AA+/Stable
Term Loan 415.56 Bank of Baroda CRISIL AA+/Stable
Term Loan## 212.5 Canara Bank CRISIL AA+/Stable
Term Loan 700 Bank of Baroda CRISIL AA+/Stable
Term Loan 806.08 Bank of Baroda CRISIL AA+/Stable
Term Loan 330.31 State Bank of India CRISIL AA+/Stable
Term Loan 186.41 State Bank of India CRISIL AA+/Stable
Term Loan 564.73 State Bank of India CRISIL AA+/Stable
Term Loan 300 Punjab National Bank CRISIL AA+/Stable
Term Loan 192.25 Bank of Baroda CRISIL AA+/Stable
Term Loan 111.74 Bank of Baroda CRISIL AA+/Stable
Term Loan 564.79 Bank of Baroda CRISIL AA+/Stable
Term Loan 1140 State Bank of India CRISIL AA+/Stable
Term Loan 700 State Bank of India CRISIL AA+/Stable
Term Loan 1169.83 State Bank of India CRISIL AA+/Stable
Term Loan 246.7 Punjab National Bank CRISIL AA+/Stable

%Interchangeable with long-term bank facilities

^Capex letter of credit (LC), with sublimit of standby letter of credit (SBLC) of Rs 300 crore

##CRISIL Ratings understands that the facility has been repaid as on date, however, CRISIL Ratings is awaiting necessary supporting documents for withdrawal of the ratings on the given instrument

Criteria Details
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Power Distribution Utilities
The Infrastructure Sector Its Unique Rating Drivers
Rating Criteria for Power Generation Utilities
CRISILs Criteria for rating short term debt
CRISILs Criteria for Consolidation

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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.crisil.com/en/home/our-businesses/ratings/credit-ratings-scale.html