Rating Rationale
June 01, 2023 | Mumbai
Torrent Power Limited
'CRISIL AA+/Stable' assigned to Non Convertible Debentures
 
Rating Action
Total Bank Loan Facilities RatedRs.16600 Crore
Long Term RatingCRISIL AA+/Stable (Reaffirmed)
Short Term RatingCRISIL A1+ (Reaffirmed)
 
Rs.600 Crore Non Convertible DebenturesCRISIL AA+/Stable (Assigned)
Rs.300 Crore Non Convertible DebenturesCRISIL AA+/Stable (Reaffirmed)
Rs.250 Crore Non Convertible DebenturesCRISIL AA+/Stable (Reaffirmed)
Rs.510 Crore Non Convertible DebenturesCRISIL AA+/Stable (Reaffirmed)
Rs.600 Crore Non Convertible DebenturesCRISIL AA+/Stable (Reaffirmed)
Rs.175 Crore Non Convertible DebenturesCRISIL AA+/Stable (Withdrawn)
Rs.200 Crore Non Convertible DebenturesCRISIL AA+/Stable (Withdrawn)
Rs.300 Crore Non Convertible DebenturesCRISIL AA+/Stable (Withdrawn)
Rs.240 Crore (Reduced from Rs.310 Crore) Non Convertible DebenturesCRISIL AA+/Stable (Reaffirmed)
Rs.25 Crore Non Convertible DebenturesCRISIL AA+/Stable (Reaffirmed)
Rs.120 Crore Non Convertible DebenturesCRISIL AA+/Stable (Reaffirmed)
Rs.95 Crore Non Convertible DebenturesCRISIL AA+/Stable (Reaffirmed)
Rs.175 Crore Non Convertible DebenturesCRISIL AA+/Stable (Withdrawn)
Rs.1650 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 AA+/Stable’ rating to the Rs 600 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 Also, CRISIL Ratings has withdrawn its rating on NCDs worth Rs 920 crore (see annexure: Details of rating withdrawn).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 2.0 times as on March 31, 2023, from more than 3 times in fiscal 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 fiscal 2023, Ebitda improved to around Rs 4,759 crore from Rs 3,610 crore for fiscal 2022 on account of addition of distribution business covering the Union Territories of Dadra and Nagar Haveli and Daman and Diu (DNH & DD, from April 1, 2022), 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 gain on trading of liquified natural gas (LNG).

 

In terms of operating performance, plant load factor (PLF) of the companys lone thermal assets rose significantly as generation at its gas power plants suffered owing to high LNG prices. Transmission and distribution (T&D) losses across its licence and franchise distribution areas lowered further during the fiscal. PLFs of its renewable assets remained stable.

 

Operating performance is likely to continue to improve in the current fiscal with continued 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 megawatt (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 weaken 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), Gujarat. CRISIL Ratings has factored in the operating losses arising from non-operation of the plant due to absence of PPAs, however, any improvement in cashflows 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.

 

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 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 the company may come across to expand capacity or distribution area will be a key 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 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') 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 transmission and distribution losses across circles (3.7% for Ahmedabad, 3.2% for Surat 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. Further, 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 an average, formed about 60% of revenue and 77% of Ebitda over the last three fiscals. Increase in contribution from DNH & DD, 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 DNDD; second licensee for Dahej SEZ and DSIR; and the power distribution franchisee for Bhiwandi, Agra and SMK. With 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 2.0 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 in fiscal 2024 because of increased 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, is stranded due to lack of approved PPAs and non-availability of LNG at affordable prices. Though the unit operated at a Ltd PLF in fiscals 2020 and 2021, aided by favourable LNG prices and bilateral contracts, it would continue to report losses.

 

CRISIL Ratings has factored in the operating losses arising from non-operation of the plant due to absence of PPAs, however, any improvement in cashflows 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 over Rs 2,500 crore during fiscals 2024 and 2025 will be sufficient to meet yearly average term debt repayment of ~Rs 1,600 crore per annum. Liquidity is further supported by cash balance of around Rs 900 crore and unutilised fund-based limit of Rs 1,150 crore as on March 31, 2023. Also, the company has an unutilised capex line of Rs 300 crore. Capex for fiscals 2024 and 2025 are likely to be funded through a mix of internal accrual and debt.

 

ESG profile

CRISIL Ratings believes the environment, social and governance (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. It also continuously monitors projects based on environmental policy.
  • The gas-based generation units are equipped with dry low NOx burners that keep 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 and feeding areas to maintain the ambient air quality.
  • TPL has steadily increased the share of renewable energy in its overall portfolio, with more than 1 gigawatt (GW) of capacity already operational and another 0.7 GW in the pipeline.
  • It compares favourably with peers in terms of gender diversity, with 8.53% 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. TPL’s commitment 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 of TPL 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, and

* 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 deterioration in 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 and distribution business. It is a distribution licensee in Ahmedabad, Gandhinagar, Surat, Dahej SEZ, DSIR, and Dadra and Nagar Haveli and Daman and Diu; and the distribution franchisee for Bhiwandi, Agra and SMK. 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 (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 MWX2) WPP in Karnataka and 126 MW WPP in Maharashtra through its wholly owned subsidiaries, and a 50 MW WPP in Kutch through an associate company. Last year, TPL 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, LREHL Renewables India SPV1 Pvt Ltd, and Sunshakti Solar Power Projects Pvt Ltd. TPL is also implementing wind and solar projects with capacity of 736 MW.

Key Financial Indicators - TPL Consolidated CRISIL Ratings adjusted numbers

As on/for the period ended March 31   2023^ 2022
Operating income Rs crore 25,694 14,353
Adjusted profit after tax (PAT) Rs crore 2,165 1,384*
PAT margin % 8.4 9.6
Adjusted debt/adjusted networth* Times 0.96 0.85
Interest coverage Times 6.28 5.95

^based on abridged consolidated annual results

*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 
levels
Rating assigned
with outlook
NA Non-convertible debentures@ NA NA NA 700 Simple 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
INE813H07127 Non-convertible debentures - series 6 6-Jul-20 7.30% 6-Jul-23 300 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 1150 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 3500 NA CRISIL A1+
NA Proposed short term bank loan facility% NA NA NA 1861.1 NA CRISIL A1+
NA Proposed term loan NA NA NA 2770.49 NA CRISIL AA+/Stable
NA Term loan 1 10-Mar-16 NA 30-Sep-32 1468.5 NA CRISIL AA+/Stable
NA Term loan 2 27-Sep-19 NA 30-Sep-32 519.21 NA CRISIL AA+/Stable
NA Term loan 3 14-Mar-16 NA 30-Sep-32 1009.74 NA CRISIL AA+/Stable
NA Term loan 4 14-Mar-16 NA 30-Sep-32 308.39 NA CRISIL AA+/Stable
NA Term loan 5 28-Mar-17 NA 30-Sep-32 412.67 NA CRISIL AA+/Stable
NA Term loan 6 28-Mar-17 NA 30-Sep-32 240.28 NA CRISIL AA+/Stable
NA Term loan 7 16-Jun-17 NA 31-Dec-27 251.18 NA CRISIL AA+/Stable
NA Term loan 8 16-Jun-17 NA 31-Dec-27 151.32 NA CRISIL AA+/Stable
NA Term loan 9 16-Sep-19 NA 30-Sep-30 603.56 NA CRISIL AA+/Stable
NA Term loan 10 16-Sep-19 NA 30-Sep-30 603.56 NA CRISIL AA+/Stable
NA Term loan 11 NA NA  31-March-27 250 NA CRISIL AA+/Stable
NA Term loan 12 NA NA Mar-32 1200 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

%Interchangeable with long term bank facilities

^Capex LC, with sublimit of SBLC of Rs 300 crore

@Yet to be placed

 

Annexure - Details of Rating Withdrawn

ISIN Name of instrument Date of
allotment
Coupon
rate (%)
Maturity
date
Issue size
(Rs.Crore)
Complexity 
levels
Rating assigned
with outlook
INE813H07119 Non-convertible debentures - series 5 19-Mar-20 7.65% 19-Mar-23 100 Complex Withdrawn
INE813H07101 Non-convertible debentures - series 3c 31-Mar-17 8.95% 6-Apr-23 80 Complex Withdrawn
INE813H08026 Non-convertible debentures - series 4b 14-May-19 10.25% 12-May-23 90 Complex Withdrawn
INE813H07077 Non-convertible debentures - series 2c 25-Mar-13 10.35% 25-Mar-23 100 Simple Withdrawn
INE813H07010 Non-convertible debentures - series 1 26-Sep-12 10.35% 26-Sep-22 200 Simple Withdrawn
INE813H07010 Non-convertible debentures - series 1# 26-Sep-12 10.35% 26-Sep-22 175 Simple Withdrawn
INE813H07010 Non-convertible debentures - series 1# 26-Sep-12 10.35% 26-Sep-22 175 Simple Withdrawn

#Of the total, Rs. 366.63 cr has already been redeemed 

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 3 Pvt Ltd Full
Torrent Saurya Urja 4 Pvt Ltd Full
Torrent Saurya Urja 5 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
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
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 12800.0 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
      --   -- 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 3800.0 CRISIL AA+/Stable / CRISIL A1+   -- 04-11-22 CRISIL A1+ 30-06-21 CRISIL A1+ 30-06-20 CRISIL A1+ 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+   -- 04-11-22 CRISIL A1+ 30-06-21 CRISIL A1+ 30-06-20 CRISIL A1+ 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 2740.0 CRISIL AA+/Stable   -- 04-11-22 CRISIL AA+/Stable 30-06-21 CRISIL AA/Positive 30-06-20 CRISIL AA/Stable 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 300 Punjab National Bank CRISIL AA+/Stable
Cash Credit 440 State Bank of India CRISIL AA+/Stable
Cash Credit 400 Bank of Baroda CRISIL AA+/Stable
Cash Credit 10 Axis Bank Limited CRISIL AA+/Stable
Letter of Credit& 300 ICICI Bank Limited CRISIL AA+/Stable
Letter of credit & Bank Guarantee 700 Axis Bank Limited CRISIL A1+
Letter of credit & Bank Guarantee 500 Axis Bank Limited CRISIL A1+
Letter of credit & Bank Guarantee 1000 State Bank of India CRISIL A1+
Letter of credit & Bank Guarantee 561 HDFC Bank Limited CRISIL A1+
Letter of credit & Bank Guarantee 600 Bank of Baroda CRISIL A1+
Letter of credit & Bank Guarantee 139 Punjab National Bank CRISIL A1+
Proposed Short Term Bank Loan Facility^ 1861.1 Not Applicable CRISIL A1+
Proposed Term Loan 2770.49 Not Applicable CRISIL AA+/Stable
Term Loan 250 Canara Bank CRISIL AA+/Stable
Term Loan 240.28 Bank of Baroda CRISIL AA+/Stable
Term Loan 151.32 Bank of Baroda CRISIL AA+/Stable
Term Loan 603.56 Bank of Baroda CRISIL AA+/Stable
Term Loan 1200 State Bank of India CRISIL AA+/Stable
Term Loan 1468.5 State Bank of India CRISIL AA+/Stable
Term Loan 308.39 Punjab National Bank CRISIL AA+/Stable
Term Loan 1009.74 Bank of Baroda CRISIL AA+/Stable
Term Loan 412.67 State Bank of India CRISIL AA+/Stable
Term Loan 251.18 State Bank of India CRISIL AA+/Stable
Term Loan 603.56 State Bank of India CRISIL AA+/Stable
Term Loan 519.21 Bank of Baroda CRISIL AA+/Stable
This Annexure has been updated on 01-June-2023 in line with the lender-wise facility details as on 02-Nov-2022 received from the rated entity.
&Capex LC, with sublimit of  SBLC of Rs 300 crore
^Interchangeable with long term bank facilities
Criteria Details
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
The Infrastructure Sector Its Unique Rating Drivers
Rating Criteria for Power Distribution Utilities
Rating Criteria for Power Generation Utilities
CRISILs Criteria for rating short term debt
CRISILs Criteria for Consolidation

Media Relations
Analytical Contacts
Customer Service Helpdesk

Aveek Datta
Media Relations
CRISIL Limited
M: +91 99204 93912
B: +91 22 3342 3000
AVEEK.DATTA@crisil.com

Prakruti Jani
Media Relations
CRISIL Limited
M: +91 98678 68976
B: +91 22 3342 3000
PRAKRUTI.JANI@crisil.com

Rutuja Gaikwad 
Media Relations
CRISIL Limited
B: +91 22 3342 3000
Rutuja.Gaikwad@ext-crisil.com


Manish Kumar Gupta
Senior Director
CRISIL Ratings Limited
B:+91 124 672 2000
manish.gupta@crisil.com


Ankit Hakhu
Director
CRISIL Ratings Limited
B:+91 124 672 2000
ankit.hakhu@crisil.com


Shivaramakrishna Kolluri
Team Lead
CRISIL Ratings Limited
B:+91 22 3342 3000
shivaramakrishna.kolluri@crisil.com
Timings: 10.00 am to 7.00 pm
Toll free Number:1800 267 1301

For a copy of Rationales / Rating Reports:
CRISILratingdesk@crisil.com
 
For Analytical queries:
ratingsinvestordesk@crisil.com


 

Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL Ratings. However, CRISIL Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites and portals.


About CRISIL Ratings Limited (A subsidiary of CRISIL Limited, an S&P Global Company)

CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as bank loans, certificates of deposit, commercial paper, non-convertible/convertible/partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including ratings for municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).
 
CRISIL Ratings Limited ('CRISIL Ratings') is a wholly-owned subsidiary of CRISIL Limited ('CRISIL'). CRISIL Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI").
 
For more information, visit www.crisilratings.com 

 



About CRISIL Limited

CRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets function better. 

It is India’s foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.

It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

For more information, visit www.crisil.com

Connect with us: TWITTER | LINKEDIN | YOUTUBE | FACEBOOK


CRISIL PRIVACY NOTICE
 
CRISIL respects your privacy. We may use your contact information, such as your name, address and email id to fulfil your request and service your account and to provide you with additional information from CRISIL. For further information on CRISIL's privacy policy please visit www.crisil.com.



DISCLAIMER

This disclaimer is part of and applies to each credit rating report and/or credit rating rationale ('report') that is provided by CRISIL Ratings Limited ('CRISIL Ratings'). To avoid doubt, the term 'report' includes the information, ratings and other content forming part of the report. The report is intended for the jurisdiction of India only. 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 providing or intending to provide any services in jurisdictions where CRISIL Ratings does not have the necessary licenses and/or registration to carry out its business activities referred to above. Access or use of this report does not create a client relationship between CRISIL Ratings and the user.

We are not aware that any user intends to rely on the report or of the manner in which a user intends to use the report. In preparing our report we have not taken into consideration the objectives or particular needs of any particular user. It is made abundantly clear that the report is not intended to and does not constitute an investment advice. The report is not an offer to sell or an offer to purchase or subscribe for 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 report should not be the sole or primary basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in the US).

Ratings from CRISIL Ratings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold or sell any securities/instruments or to make any investment decisions. Any opinions expressed here are in good faith, are subject to change without notice, and are only current as of the stated date of their issue. CRISIL Ratings assumes no obligation to update its opinions following publication in any form or format although CRISIL Ratings may disseminate its opinions and analysis. The rating contained in the report is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment or other business decisions. 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 or its associates may have other commercial transactions with the entity to which the report pertains.

Neither CRISIL Ratings nor its affiliates, third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively, 'CRISIL Ratings Parties') guarantee the accuracy, completeness or adequacy of the report, and no CRISIL Ratings Party shall have any liability for any errors, omissions or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the report. EACH CRISIL RATINGS PARTY DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall any CRISIL Ratings Party 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.

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. Public ratings and analysis by CRISIL Ratings, as are required to be disclosed under the regulations of the Securities and Exchange Board of India (and other applicable regulations, if any), are made available on its website, www.crisilratings.com (free of charge). Reports with more detail and additional information may be available for subscription at a fee - more details about ratings by CRISIL Ratings are available here: www.crisilratings.com.

CRISIL Ratings and its affiliates do not act as a fiduciary. While CRISIL Ratings has obtained information from sources it believes to be reliable, CRISIL Ratings does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives and/or relies on in its reports. CRISIL Ratings has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. CRISIL Ratings has in place a ratings code of conduct and policies for managing conflict of interest. For details please refer to:
https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html.

Rating criteria by CRISIL Ratings are generally available without charge to the public on the CRISIL Ratings public website, www.crisilratings.com. For latest rating information on any instrument of any company rated by CRISIL Ratings, you may contact the CRISIL Ratings desk at crisilratingdesk@crisil.com, or at (0091) 1800 267 1301.

This report should not be reproduced or redistributed to any other person or in any form without prior written consent from CRISIL Ratings.

All rights reserved @ CRISIL Ratings Limited. CRISIL Ratings is a wholly owned subsidiary of CRISIL Limited.

 

 

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