Rating Rationale
September 07, 2022 | Mumbai

Torrent Power Limited

Rating Action

Total Bank Loan Facilities Rated

Rs.16600 Crore

Long Term Rating

CRISIL AA+/Stable

Short Term Rating

CRISIL A1+

 

Rs.300 Crore Non Convertible Debentures

CRISIL AA+/Stable

Rs.600 Crore Non Convertible Debentures

CRISIL AA+/Stable

Rs.600 Crore Non Convertible Debentures

CRISIL AA+/Stable

Rs.175 Crore Non Convertible Debentures

CRISIL AA+/Stable

Rs.200 Crore Non Convertible Debentures

CRISIL AA+/Stable

Rs.300 Crore Non Convertible Debentures

CRISIL AA+/Stable

Rs.220 Crore Non Convertible Debentures

CRISIL AA+/Stable

Rs.25 Crore Non Convertible Debentures

CRISIL AA+/Stable

Rs.120 Crore Non Convertible Debentures

CRISIL AA+/Stable

Rs.95 Crore Non Convertible Debentures

CRISIL AA+/Stable

Rs.175 Crore Non Convertible Debentures

CRISIL AA+/Stable

Rs.250 Crore Non Convertible Debentures

CRISIL AA+/Stable

Rs.1650 Crore Commercial Paper

CRISIL A1+

1 crore = 10 million   

Refer to annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings on the bank facilities, NCDs and commercial paper programme of Torrent Power Limited (TPL) continues to reflect strong profitability which along with prudent and staggered capital expenditure (capex) plans, has aided sustained improvement in leverage levels, with net debt to EBITDA reaching to  2.3 times as of March 31 2022 from the levels of more than 3 times in fiscal 2017. The rating also factors in expectation of steady profitability and net debt/EBITDA sustaining below 2.6 times, despite outflow towards acquisitions, over the medium term.

 

For fiscal 2022, the company reported adjusted earning before interest, taxes, depreciation and amortisation (EBITDA) of around Rs 3,600 crore as against Rs 3,500 crore for fiscal 2021, largely driven by a strong rebound in the franchisee distribution business in Agra and Bhiwandi, and robust profitability in the licensee distribution business

 

Operating performance is expected to improve further in fiscal 2023, with continued improvement in franchisee distribution business on account of expected reduction in transmission and distribution losses. Also, focus on the license distribution business, with an assured return on equity and judicious expansion in the renewable business, should support growth in EBITDA.

 

On April 1, 2022, the company completed acquisition of 51% equity stake in Dadra and Nagar Haveli and Daman and Diu Power Distribution Company Ltd (DNDD), which holds the distribution license for the union territory. While consideration for the equity stake stands at Rs 555 crore, this will increase the contribution of the license distribution business, which entails regulated returns. Further, during the fourth quarter of fiscal 2022, the company completed the acquisition of Surya Vidyut Ltd (156 MW wind capacity) and Visual Percept Solar Projects Pvt Ltd (25 MW solar capacity) and LREHL Renewables India SPV1 Ltd (50 MW solar capacity). These acquisitions are expected to have aggregate enterprise value of around Rs 1,207 crores. Furthermore, on June 13, 2022, TPL completed acquisition of 100% stake in Sunshakti Solar Power Projects Pvt Ltd (50 MW solar capacity) for enterprise value of Rs 416 crores. These acquisitions are in addition to regular capex plans of the company towards existing businesses and under implementation renewable capacities (515 MW). However strong net cash accrual should cover part of the capex/acquisition plans, and resultantly, net debt to EBITDA is likely to sustain below 2.6 times over the medium term. Also, given the elevated solar module prices currently, against the bid tariffs, the planned capex towards 400 MW solar power projects (out of 415 MW of renewable capacity expansion) could get pushed to fiscal 2024, which would further provide cushion against the cash accruals.

 

The ratings continue to factor in 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 DGEN.

Analytical Approach

CRISIL Ratings has fully consolidated the business and financial risk profiles of TPL along with those of its special-purpose vehicles engaged in the renewable business, considering 100% ownership of the parent and strong operational and financial linkages between the entities. These include Jodhpur Wind Farms Pvt Ltd (rated 'CRISIL AA+ (CE)/Stable'), Latur Renewable Pvt Ltd (rated 'CRISIL AA+ (CE)/Stable'), Torrent Solargen Ltd., LREHL Renewables India SPV1 Ltd, Surya Vidyut Ltd., Visual Percept Solar Projects Pvt Ltd.

 

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: TPL has high operational efficiency, as reflected in low transmission and distribution losses across circles (4.2% for Ahmedabad, 3.4% for Surat and 0.5% for Dahej in the distribution license business); and 11.6% for Bhiwandi [Maharashtra] and 12.1% for Agra [Uttar Pradesh] in the distribution franchise business for fiscal 2022. The company will continue to benefit from stable cash flow, backed by a regulated tariff structure, and high operating efficiency and 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 64% of revenue and 78% of EBITDA over the last three fiscals. Acquisition of DNDD, along with ramp-up of the Dholera Special Industrial Region (DSIR; Gujarat) and Shil, Mumbra and Kalwa (SMK; Maharashtra) distribution circles is likely to enhance the return profile in the long term. Capital allocation will continue to remain skewed significantly towards the regulated 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, as the 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 3.94 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 profile has witnessed improvement over the past few fiscals. Net gearing and net debt to EBITDA ratios stood at 0.9 time and 2.3 times, respectively, as on March 31, 2022, against to 1.1 times and 3.2 times respectively on March 31, 2017. This was driven by high profitability and relatively lower capex. Leverage levels could moderate in fiscal 2023, because of larger capex, yet net debt to EBITDA shall sustain below 2.6 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 generation capacity, is stranded due to lack of approved PPAs and non-availability of LNG at affordable prices. Though the unit operated at a limited plant load factor in fiscals 2020 and 2021, aided by favourable LNG (liquefied natural gas) prices and bilateral contracts, it would continue to report losses.

Liquidity: Strong

CRISIL Ratings believes, expected annual cash accrual of over Rs 2,300 crore during fiscals 2023 and 2024 are sufficient to meet yearly term debt repayment in the range of Rs 900-1,255 crores during the period. Liquidity is further supported by cash balance of around Rs 883 crore and unutilized fund-based limit of Rs 450 crore as on March 31, 2022. Capex for fiscals 2023 and 2024 is likely to be funded through a mix of internal accrual and debt.

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 the 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) at Lalpur, 51 MW solar power plant at Charanka, 252 MW Suzlon WPP at Kutch and Bhavnagar, 50.9 MW WPP at Mahidad, and 87 MW GENSU solar power plant at Surat (all in Gujarat).

 

The company also has a 120 MW (60 MWX2) WPP in Karnataka and 126 MW (63 MWX2) WPP in Maharashtra through its wholly owned subsidiaries, and a 50 MW (25 MWX2) WPP in Kutch through an associate company. Recently, the company has 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 415 MW. Recently, it has also received LOA from SECI for implementing 300 MW wind power project in Karnataka.

Key Financial Indicators (Reported)

As on / for the period ended March 31

 

2022^

2021

Operating income

Rs crore

14,007

12,210

Adjusted profit after tax

Rs crore

1,387*

1,293

PAT margin

%

9.9

10.6

Debt/networth

Times

0.91

0.76

Interest coverage

Times

5.72

4.63

     ^based on abridged consolidated annual results; *adjusted for impairment loss (net of deferred tax reversal) of Rs 928 crores.

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

100

Complex

CRISIL AA+/Stable

INE813H07226

Non-convertible debentures

02-Jun-22

8.30%

02-Jun-27

50

Complex*

CRISIL AA+/Stable

INE813H07234

Non-convertible debentures

02-Jun-22

8.35%

02-Jun-28

50

Complex*

CRISIL AA+/Stable

INE813H07242

Non-convertible debentures

02-Jun-22

8.55%

02-Jun-31

50

Complex*

CRISIL AA+/Stable

INE813H07259

Non-convertible debentures

02-Jun-22

8.65%

02-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

INE813H07119

Non-convertible debentures - series 5

19-Mar-20

7.65%

19-Mar-23

100

Complex*

CRISIL AA+/Stable

INE813H07101

Non-convertible debentures - series 3c

31-Mar-17

8.95%

6-Apr-23

80

Complex*

CRISIL AA+/Stable

INE813H07127

Non-convertible debentures - series 6

6-Jul-20

7.30%

6-Jul-23

300

Complex*

CRISIL AA+/Stable

INE813H08026

Non-convertible debentures - series 4b

14-May-19

10.25%

12-May-23

90

Complex**

CRISIL AA+/Stable

INE813H08034

Non-convertible debentures - series 4c

14-May-19

10.25%

14-May-24

90

Complex**

CRISIL AA+/Stable

INE813H07077

Non-convertible debentures - series 2c

25-Mar-13

10.35%

25-Mar-23

100

Simple

CRISIL AA+/Stable

INE813H07010&

Non-convertible debentures - series 1

26-Sep-12

10.35%

26-Sep-22

200

Simple

CRISIL AA+/Stable

INE813H07010&

Non-convertible debentures - series 1

26-Sep-12

10.35%

26-Sep-22

175

Simple

CRISIL AA+/Stable

INE813H07010&

Non-convertible debentures - series 1

26-Sep-12

10.35%

26-Sep-22

175

Simple

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 & 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

4270.49

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-Mar-27

250

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

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

% - Interchangeable with long term bank facilities

@yet to be place

Annexure - List of Entities Consolidated

Names of entities consolidated

Extent of consolidation

Rationale for consolidation

Jodhpur Wind Farms Pvt Ltd

Full

100% ownership and strong operational and financial linkages

Latur Renewable Pvt Ltd

Full

100% ownership and strong operational and financial linkages

Torrent Solargen Ltd

Full

100% ownership and strong operational and

financial linkages

Visual Percept Solar Projects Pvt Ltd^

Full

100% ownership and strong operational and

financial linkages

LREHL Renewables India SPV1 Ltd*

Full

100% ownership and strong operational and

financial linkages

Surya Vidyut Ltd*

Full

100% ownership and strong operational and

financial linkages

^acquired in February 2022,

*acquired in March 2022

Annexure - Rating History for last 3 Years
  Current 2022 (History) 2021  2020  2019  Start of 2019
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT/ST 13100.0 CRISIL AA+/Stable / CRISIL A1+ 16-06-22 CRISIL AA+/Stable / CRISIL A1+ 30-06-21 CRISIL AA/Positive / CRISIL A1+ 30-06-20 CRISIL A1+ / CRISIL AA/Stable 08-05-19 CRISIL A1+ / CRISIL AA-/Stable CRISIL A1+ / CRISIL AA-/Stable
      -- 20-05-22 CRISIL AA+/Stable / CRISIL A1+   -- 19-06-20 CRISIL A1+ / CRISIL AA/Stable   -- --
      -- 20-04-22 CRISIL AA+/Stable / CRISIL A1+   -- 06-03-20 CRISIL A1+ / CRISIL AA/Stable   -- --
      -- 21-03-22 CRISIL AA+/Stable / CRISIL A1+   -- 10-01-20 CRISIL A1+ / CRISIL AA/Stable   -- --
      -- 17-02-22 CRISIL AA+/Stable / CRISIL A1+   --   --   -- --
Non-Fund Based Facilities ST 3500.0 CRISIL A1+ 16-06-22 CRISIL A1+ 30-06-21 CRISIL A1+ 30-06-20 CRISIL A1+ 08-05-19 CRISIL A1+ CRISIL A1+
      -- 20-05-22 CRISIL A1+   -- 19-06-20 CRISIL A1+   -- --
      -- 20-04-22 CRISIL A1+   -- 06-03-20 CRISIL A1+   -- --
      -- 21-03-22 CRISIL A1+   -- 10-01-20 CRISIL A1+   -- --
      -- 17-02-22 CRISIL A1+   --   --   -- --
Commercial Paper ST 1650.0 CRISIL A1+ 16-06-22 CRISIL A1+ 30-06-21 CRISIL A1+ 30-06-20 CRISIL A1+ 08-05-19 CRISIL A1+ CRISIL A1+
      -- 20-05-22 CRISIL A1+   -- 19-06-20 CRISIL A1+   -- --
      -- 20-04-22 CRISIL A1+   -- 06-03-20 CRISIL A1+   -- --
      -- 21-03-22 CRISIL A1+   -- 10-01-20 CRISIL A1+   -- --
      -- 17-02-22 CRISIL A1+   --   --   -- --
Non Convertible Debentures LT 3060.0 CRISIL AA+/Stable 16-06-22 CRISIL AA+/Stable 30-06-21 CRISIL AA/Positive 30-06-20 CRISIL AA/Stable 08-05-19 CRISIL AA-/Stable CRISIL AA-/Stable
      -- 20-05-22 CRISIL AA+/Stable   -- 19-06-20 CRISIL AA/Stable   -- --
      -- 20-04-22 CRISIL AA+/Stable   -- 06-03-20 CRISIL AA/Stable   -- --
      -- 21-03-22 CRISIL AA+/Stable   -- 10-01-20 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) Rating
Cash Credit 440 CRISIL AA+/Stable
Cash Credit 400 CRISIL AA+/Stable
Cash Credit 300 CRISIL AA+/Stable
Cash Credit 10 CRISIL AA+/Stable
Letter of credit & Bank Guarantee 700 CRISIL A1+
Letter of credit & Bank Guarantee 561 CRISIL A1+
Letter of credit & Bank Guarantee 500 CRISIL A1+
Letter of credit & Bank Guarantee 1000 CRISIL A1+
Letter of credit & Bank Guarantee 139 CRISIL A1+
Letter of credit & Bank Guarantee 600 CRISIL A1+
Proposed Short Term Bank Loan Facility% 1861.1 CRISIL A1+
Proposed Term Loan 4270.49 CRISIL AA+/Stable
Term Loan 250 CRISIL AA+/Stable
Term Loan 1468.5 CRISIL AA+/Stable
Term Loan 308.39 CRISIL AA+/Stable
Term Loan 1009.74 CRISIL AA+/Stable
Term Loan 412.67 CRISIL AA+/Stable
Term Loan 251.18 CRISIL AA+/Stable
Term Loan 603.56 CRISIL AA+/Stable
Term Loan 519.21 CRISIL AA+/Stable
Term Loan 240.28 CRISIL AA+/Stable
Term Loan 151.32 CRISIL AA+/Stable
Term Loan 603.56 CRISIL AA+/Stable
% - Interchangeable with long term bank facilities
Criteria Details
Links to related criteria
CRISILs Approach to Financial Ratios
Rating criteria for manufaturing and service sector companies
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Power Distribution 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