Rating Rationale
April 06, 2023 | Mumbai
Bajaj Finance Limited
'CRISIL AAA / Stable' assigned to Non Convertible Debentures
 
Rating Action
Total Bank Loan Facilities RatedRs.21000 Crore
Long Term RatingCRISIL AAA/Stable (Reaffirmed)
Short Term RatingCRISIL A1+ (Reaffirmed)
 
Rs.30000 Crore Non Convertible DebenturesCRISIL AAA/Stable (Assigned)
Rs.214.2 Crore Lower Tier II BondsCRISIL AAA/Stable (Reaffirmed)
Fixed DepositsCRISIL AAA/Stable (Reaffirmed)
Rs.20000 Crore Commercial PaperCRISIL A1+ (Reaffirmed)
Non Convertible Debentures Aggregating Rs.62313.3 CroreCRISIL AAA/Stable (Reaffirmed)
Subordinated Debt Aggregating Rs.2321.3 CroreCRISIL AAA/Stable (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 Rs.30000 crore Non Convertible Debentures of Bajaj Finance Limited (BFL) and reaffirmed its ‘CRISIL AAA/Stable/CRISIL A1+’ ratings on the existing debt instruments and bank facilities.

 

CRISIL Ratings has also withdrawn its rating on the Rs 3600 crore of non-convertible debentures (See Annexure 'Details of Rating Withdrawn' for details) on receipt of independent confirmation that these instruments have been redeemed. The Withdrawal is in line with CRISIL Ratings' withdrawal policy.

 

The ratings continue to reflect Bajaj Finance's strong business risk profile, given its position as one of the largest retail asset financing non-banking financial companies (NBFCs) in the country, and expectation of comfortable capitalisation metrics. Further, the healthy earnings profile also underpins the ratings. Increased focus on risk management and data analytics should mitigate the inherent asset quality challenges in the risky asset segments. The ratings also factor in benefits arising from the synergies with the ultimate holding company Bajaj Holdings and Investments Ltd (BHIL), and parent Bajaj Finserv Ltd (Bajaj Finserv).

Analytical Approach

CRISIL Ratings has analysed the consolidated business and financial risk profile of BFL and its wholly owned subsidiaries (Bajaj Housing Finance Limited and Bajaj Financial Securities Limited) together referred to as the Bajaj group. The ratings also factor in benefits arising from the synergies with the ultimate holding company Bajaj Holdings and Investments Ltd (BHIL), and parent Bajaj Finserv Ltd (Bajaj Finserv).

 

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:

  • Large, well-diversified NBFC

Bajaj Finance has emerged as one of the largest retail focused NBFCs in India and continues with its two-pronged strategy of building scale and maximise profit. Segments such as mortgages, small business loans, and commercial lending are focused on building scale, while consumer durable loans, personal loans, and 2 and 3-wheeler financing are focused on ensuring profitability.

 

The assets under management (AUM) for the Bajaj group continued the growth trajectory and stood at Rs 230,842 crore as on December 31, 2022, a growth of ~17% year till date. This growth has been broad based across segments with the AUM consisting primarily of mortgages (loans against property [LAP] and home loans including LRD (33%), personal and consumer durables loans (27%), SME loans(13%), two- and three-wheeler financing (5%), rural financing (10%), loan against securities (6%) and others (6%). Given the strong growth in the mortgages business, BHFL accounted for almost 26% of the AUM.

 

Even at a standalone level, the AUM growth has been resilient with AUM at Rs 168,359 crore, a growth of ~15% year till date. This comprised primarily of personal and consumer durables loans (37%), mortgages (loans against property [LAP] and home loans including LRD (8%; erstwhile book which is running down), SME loans (18%), two- and three-wheeler financing (7%), rural financing (14%), loan against securities (7%) and others (9%).

 

At an overall level the composition of the portfolio over the years has tilted towards more of the secured book with the secured book accounting for over 55% of the AUM as on December 31, 2022, as against sub 50% four fiscals earlier.

 

CRISIL Ratings expects the growth momentum for the group to continue going forward, with the share of secured portfolio being in the range of 55-60% over the medium term.

 

  • Strong capitalisation levels

Capitalisation is robust, with sizeable consolidated networth of Rs 51,156.5 crores and adjusted gearing of ~4.0 times as on December 31, 2022. On the same date, the standalone networth stood at Rs 48,602.3 crore with adjusted gearing at 3.1 times. The group adopts a conservative gearing policy. Despite the strong growth registered in the past five fiscal,s the adjusted gearing has been below 6 times. Each time the gearing metrics have inched closer to 7x, capital raising plans have been initiated and concluded. This is supported by timely and regular equity raise as well as strong internal accruals.

 

The Bajaj group last raised equity of around Rs 8500 crores in November 2019 and has raised a total of Rs 14,908 crores in the past five fiscals. At the same time, the group has generated healthy internal accruals with profit after tax (PAT) of Rs 8,350 crores for the nine months ended December 31, 2022.

 

The healthy capitalisation enhances the ability to absorb potential losses on its portfolio; adjusted networth to net NPAs was healthy, at 56 times as on December 31, 2022 (34 times as on March 31, 2022) on a consolidated basis and at similar levels on a standalone basis as well.  

 

CRISIL Ratings expects the capital profile for the company to remain comfortable over the medium term, supported by regular capital infusion, demonstrated ability to raise capital, and healthy internal cash accruals; thus, providing cushion against asset-side risks.

 

  • Healthy earnings profile

The earnings profile of the group is supported by a large proportion of high-yield businesses and competitive borrowing costs. At a consolidated level, for the nine months ended December 31, 2022, the return on managed assets (ROMA) remained healthy at 4.6% (annualized) against 4.1% for full fiscal 2022. At a standalone level too, the ROMA remained healthy at over 5% for the nine months ended December 31, 2022 as against 4.1% for fiscal 2022.

 

The earnings profile is also supported by higher fee income and comfortable net interest margins. Additionally, the company has increased efforts to diversify earnings by focusing on various fee-based income avenues, such as existing member identification cards, co-branded credit card and third-party product distribution. The earnings profile in fiscal 2023 has been supported by lower provisioning expenses of Rs 2,264 crore against Rs 4,622 crore in fiscal 2022. This implied a credit costs of around 1% for the nine months ended December 31, 2022.

 

Nevertheless, earnings remain susceptible to high credit costs, especially during continued macroeconomic stress, despite the conservative provisioning policy. With CRISIL Ratings-adjusted provision coverage ratio at 64% as on December 31, 2022, the coverage was in line of that of peers. While BFL's profitability may moderate as the proportion of mortgage loans increases under its housing finance subsidiary, it is expected to remain better than that of peers over the medium term.

 

  • Synergies with the ultimate holding company BHIL, and parent Bajaj Finserv

BFL is strategically important to the Bajaj group, the company gets significant financial, managerial and operational support from its parent, Bajaj Finserv. BFL is one of the crucial entities of the group's financial services business, and its established track record of profitable growth enhances its strategic importance. CRISIL Ratings believes BFL will continue to derive on the benefits and synergies from the overall Bajaj group.

 

Bajaj Finserv's financial flexibility has steadily improved over the years supported by performance of its operating companies including insurance ventures. In the unlikely event of BFL requiring group support in an extraordinary situation, Bajaj Holdings and Investment Limited has ample liquidity in the form of cash and bank balances and portfolio of quoted investments to address the requirements. In addition, CRISIL Ratings believes that there is sufficient flexibility inherent in the market standing of the various listed and unlisted financial services firms in the group. CRISIL Ratings also believes that the financial flexibility will be sufficient to support any material requirements of BFL even if the group were to step up its stake in the insurance ventures.

 

Weaknesses:

  • Focus on risky asset classes and under-seasoned mortgage loan book

On a consolidated basis, reported gross non-performing assets (GNPA) stood at 1.17% as on December 31, 2022 against 1.73% as on March 31, 2022. Further, on consolidated basis, the group has done one-time principal write-off of ~Rs 2500 crore in 9 months of fiscal 2023 as against Rs 4,738 crore in fiscal 2022. Consequently, as on December 31, 2022 the GNPA including write-offs was ~ 2.25% compared to 3.98% as on March 31, 2022. At a standalone level, the GNPA remained comfortable and stood at 1.45% as on December 31, 2022.

 

The company has high exposure to asset segments such as personal loans and consumer durable loans (including life-style and digital loans), 2 and 3-wheeler finance, and unsecured business loans, which constituted around 48% of its standalone loan portfolio as on December 31, 2022, which are vulnerable to economic cycles. Further, BFL offers flexi loans option which has moratorium on repayment of principal across segments including consumer B2C, SME and Mortgages.

 

As on December 31, 2022, Rs 267 crore of restructured assets which are non-overdue, of the total restructured book of Rs 1,732 crore have been classified as stage-2 assets. The outstanding overdue restructured assets were Rs 88 crore in BFL and about Rs 179 crore in BHFL. The company was holding a provision of 23.6% against these non-overdue assets as on December 31, 2022. The company's ability to manage asset quality metrics going forward while continuing to scale up operations remains a key monitorable.

Liquidity: Superior

The liquidity profile of BFL on standalone basis is comfortable with positive cumulative mismatches across all short term ALM buckets (upto 1 year) in the asset liability statement as on December 31, 2022 with exclusion of committed lines in inflows. The liquidity position for the company too remains comfortable. As on January 31, 2022, BFL had total debt repayments of Rs 26,516 crore till April 30, 2023. Against this, they had liquidity (in the form of cash, equivalents and unutilised working capital lines) of Rs 18,783 crore excluding collections. Liquidity profile is also further supported by collections of approximately Rs 11,000 crore for each month.

 

ESG Profile

CRISIL Ratings believes that BFL’s Environment, Social, and Governance (ESG) profile supports its already strong credit risk profile.

 

The ESG profile for financial sector entities typically factors in governance as a key differentiator. The sector has reasonable social impact because of its substantial employee and customer base, and it can play a key role in promoting financial inclusion. While the sector does not have a direct adverse environmental impact, the lending decisions may have a bearing on environment.

 

BFL has an evolving focus on strengthening various aspects of its ESG profile.

 

Bajaj Finance Limited’s Key ESG Highlights:

  • BFL has constituted an executive ESG committee led by Deputy-CEO for implementing and monitoring ESG related aspects.
  • BFL through its lending practices is largely retail focused and has been enabling financing to new to credit customers, rural areas, for women empowerment and strives to provide sustainable livelihood related financing products for its customers including MSME financing.
  • BFL has started a carbon footprint assessment process across its business operations, and it is committed to take necessary measures to reduce its carbon footprint in a significant manner.
  • The company has been doing CSR activities on a continuous basis which include Healthcare programs, Primary education initiatives, program to build BFSI skills to fresh graduates, shelters for underprivileged and orphan children. 
  • Majority of the board members are independent directors, with segregation in chairman and executive position. BFL has a dedicated investor grievance redressal mechanism.

 

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

Outlook Stable

CRISIL Ratings believes Bajaj Finance will remain strategically important to, and continue to receive support from, the Bajaj group. The company will also sustain its healthy financial risk profile.

Rating Sensitivity factors

Downward factors:

  • With the current AUM mix, any significant deterioration in asset quality translating into pressure on earnings profile thereby leading return on assets to drop below 2.0% on a sustained basis. This excludes any significant change in AUM mix due to an increase in the secured portfolio that will inherently impact return on assets negatively.
  • Significant increase in consolidated leverage metrics
  • In the unlikely event of Bajaj Finance requiring group support in an extraordinary situation the necessary support not coming forth from the group.

About the Company

Set up in 1987, BFL is a subsidiary of Bajaj Finserv (52.8% ownership), the financial services arm of the Bajaj group. BFL has a diversified product suite comprising key businesses such as vehicle loans (2- and 3-wheelers manufactured by Bajaj Auto), consumer durable loans, personal loans, mortgage loans, small business loans, loans against securities, commercial finance, and rural finance. BFL is the largest financier of 2-wheelers and consumer durables in India. Its standalone AUM was Rs 115,418 crore as on March 31, 2021 (Rs 116,012 crore as on March 31, 2020).

Key Financial Indicators

As on / for the period ended (Standalone)

 

Dec 31, 2022

March 31, 2022

March 31, 2021

Total Assets

Rs crore

204055#

168,016

138,339

Total income (net –off interest expenses)

Rs crore

19298

20,298

16,100

Profit after tax

Rs crore

7452

6,350

3,956

Gross NPA

%

1.2

1.7

2.2

Gearing

Times

3.1

2.9

2.8

Return on managed assets

%

5.3*

4.1

2.8

*annualised

#CRISIL Ratings calculated

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

Complexity Level

Issue size (Rs.Cr)

Rating outstanding with outlook

NA

Debenture^

NA

NA

NA

Simple

1728.8

CRISIL AAA/Stable

NA

Debenture^

NA

NA

NA

Simple

3625.5

CRISIL AAA/Stable

NA

Debenture^

NA

NA

NA

Simple

30000

CRISIL AAA/Stable

INE296A07SH0

Debenture

21-Mar-23

8.08%

21-Mar-33

Simple

4960

CRISIL AAA/Stable

INE296A07RW1

Debentures

18-Feb-22

7.15%

2-Dec-31

Simple

220

CRISIL AAA/Stable

INE296A07RX9

Debentures

18-Feb-22

5.75%

16-Feb-24

Simple

4515

CRISIL AAA/Stable

INE296A07RY7

Debentures

18-Feb-22

Zero Coupon Bond

18-Feb-26

Simple

406

CRISIL AAA/Stable

INE296A07RW1

Debentures

2-Dec-21

7.15%

2-Dec-31

Simple

930.5

CRISIL AAA/Stable

INE296A07RZ4

Debentures

7-Jun-22

7.70%

7-Jun-27

Simple

1581

CRISIL AAA/Stable

INE296A07SA5

Debentures

13-Jul-22

7.20%

12-Jul-24

Simple

750

CRISIL AAA/Stable

INE296A07SB3

Debentures

8-Aug-22

7.38%

8-Aug-25

Simple

1200

CRISIL AAA/Stable

INE296A07SC1

Debentures

25-Aug-22

7.58%

25-Aug-27

Simple

920

CRISIL AAA/Stable

INE296A07SD9

Debentures

8-Sep-22

7.82%

8-Sep-32

Simple

327

CRISIL AAA/Stable

INE296A07SE7

Debentures

25-Oct-22

7.95%

25-Oct-27

Simple

610

CRISIL AAA/Stable

INE296A07SF4

Debentures

16-Nov-22

7.90%

17-Nov-25

Simple

5100

CRISIL AAA/Stable

INE296A07SG2

Debentures

19-Jan-23

7.88%

19-Jan-28

Simple

856.5

CRISIL AAA/Stable

INE296A08953

Debentures

1-Jun-22

7.99%

1-Jun-35

Simple

1750

CRISIL AAA/Stable

INE296A07RY7

Debentures

7-Jun-22

Zero Coupon Bond

18-Feb-26

Simple

500

CRISIL AAA/Stable

INE296A07RV3

Debentures

27-Aug-21

5.55%

10-Oct-24

Simple

1230

CRISIL AAA/Stable

INE296A07RS9

Debentures

19-Apr-21

7.02%

18-Apr-31

Simple

2483

CRISIL AAA/Stable

INE296A07RT7

Debentures

10-May-21

5.05%

10-May-23

Simple

900

CRISIL AAA/Stable

INE296A07RU5

Debentures

10-May-21

5.65%

10-May-24

Simple

3150

CRISIL AAA/Stable

INE296A07RP5

Debentures

19-Mar-21

5.90%

12-Mar-24

Simple

150

CRISIL AAA/Stable

INE296A07RR1

Debentures

30-Mar-21

5.95%

12-Apr-24

Simple

1500

CRISIL AAA/Stable

INE296A07RQ3

Debentures

30-Mar-21

5.40%

10-Apr-23

Simple

1000

CRISIL AAA/Stable

NA

Commercial Paper

NA

NA

7-365 days

Simple

20000

CRISIL A1+

INE296A08706

Lower Tier II Bonds

26-Apr-13

9.65%

26-Apr-23

Complex

50

CRISIL AAA/Stable

INE296A08714

Subordinated Debt

19-Sep-14

10.15%

19-Sep-24

Complex

452.5

CRISIL AAA/Stable

INE296A08755

Subordinated Debt

21-Oct-15

8.94%

21-Oct-25

Complex

40

CRISIL AAA/Stable

INE296A08763

Subordinated Debt

9-Nov-15

8.94%

7-Nov-25

Complex

250

CRISIL AAA/Stable

INE296A08821

Subordinated Debt

2-Dec-16

8.05%

2-Dec-26

Complex

105

CRISIL AAA/Stable

INE296A08847

Subordinated Debt

22-Jun-17

8.15%

22-Jun-27

Complex

600

CRISIL AAA/Stable

NA

Lower Tier II Bonds^

NA

NA

NA

Complex

164.2

CRISIL AAA/Stable

NA

Subordinated Debt^

NA

NA

NA

Complex

873.8

CRISIL AAA/Stable

INE296A07FV8

Debentures

7-Apr-15

9.05%

7-Apr-23

Simple

165

CRISIL AAA/Stable

INE296A07FV8

Debentures

7-Apr-15

9.05%

8-Apr-24

Simple

165

CRISIL AAA/Stable

INE296A07FV8

Debentures

7-Apr-15

9.05%

7-Apr-25

Simple

170

CRISIL AAA/Stable

INE296A07HW2

Debentures

20-Aug-15

8.90%

20-Aug-25

Simple

90

CRISIL AAA/Stable

INE296A07EG2

Debentures

17-Nov-14

9.36%

18-Nov-24

Simple

100

CRISIL AAA/Stable

INE296A07IA6

Debentures

13-Oct-15

8.70%

13-Oct-25

Simple

5

CRISIL AAA/Stable

INE296A07KD6

Debentures

18-Mar-16

8.90%

18-Mar-26

Simple

28

CRISIL AAA/Stable

INE296A07KW6

Debentures

31-Mar-16

8.80%

31-Mar-26

Simple

3

CRISIL AAA/Stable

INE296A07PY1

Debentures

1-Jun-17

8.05%

31-May-24

Simple

1,000.00

CRISIL AAA/Stable

INE296A08938

Debentures

6-Jun-17

8.10%

7-Jun-32

Simple

1,000.00

CRISIL AAA/Stable

INE296A07QG6

Debentures

27-Jul-18

8.75%

27-Jul-23

Simple

326

CRISIL AAA/Stable

INE296A07QM4

Debentures

14-Sep-18

8.80%

8-Sep-23

Simple

50

CRISIL AAA/Stable

INE296A08961

Debentures

6-Nov-18

9.11%

2-Nov-33

Simple

4,575

CRISIL AAA/Stable

INE296A07QR3

Debentures

27-Dec-18

8.85%

5-Jan-24

Simple

1270

CRISIL AAA/Stable

INE296A07QS1

Debentures

9-Jan-19

8.95%

8-Jan-26

Simple

1,495

CRISIL AAA/Stable

INE296A07QT9

Debentures

13-Feb-19

8.85%

6-Feb-24

Simple

240

CRISIL AAA/Stable

INE296A07QV5

Debentures

15-May-19

8.55%

6-Jun-24

Simple

75

CRISIL AAA/Stable

INE296A07QY9

Debentures

14-Nov-19

7.66%

9-Dec-24

Simple

235

CRISIL AAA/Stable

INE296A07QZ6

Debentures

28-Jan-20

7.65%

7-Feb-25

Simple

850

CRISIL AAA/Stable

INE296A07RA7

Debentures

28-Jan-20

7.90%

10-Jan-30

Simple

160

CRISIL AAA/Stable

INE296A07RC3

Debentures

20-Feb-20

7.29%

10-Mar-25

Simple

1035

CRISIL AAA/Stable

INE296A07RD1

Debentures

28-Feb-20

7.60%

11-Feb-30

Simple

430

CRISIL AAA/Stable

INE296A07RE9

Debentures

29-Apr-20

7.06%

9-Jun-23

Simple

200

CRISIL AAA/Stable

INE296A07RF6

Debentures

1-Jun-20

6.75%

1-Jun-23

Simple

250

CRISIL AAA/Stable

INE296A07RJ8

Debentures

27-Aug-20

7.25%

27-Aug-30

Simple

50

CRISIL AAA/Stable

INE296A07RK6

Debentures

27-Aug-20

6.00%

10-Sep-24

Simple

585

CRISIL AAA/Stable

INE296A07RH2

Debentures

19-Aug-20

Zero Coupon

10-Oct-23

Simple

1025

CRISIL AAA/Stable

INE296A07RG4

Debentures

19-Aug-20

5.70%

11-Aug-23

Simple

1675

CRISIL AAA/Stable

INE296A07RN0

Debentures

24-Dec-20

6.92%

24-Dec-30

Simple

387

CRISIL AAA/Stable

INE296A07RO8

Debentures

24-Dec-20

6.00%

24-Dec-25

Simple

681

CRISIL AAA/Stable

NA

Cash Credit & Working Capital Demand Loan

NA

NA

NA

NA

2580

CRISIL AAA/Stable

NA

Term Loan

NA

NA

30-Mar-2027

NA

10500

CRISIL AAA/Stable

NA

Term Loan

NA

NA

30-Dec-2026

NA

500

CRISIL AAA/Stable

NA

Term Loan

NA

NA

29-Dec-2026

NA

3350

CRISIL AAA/Stable

NA

Term Loan

NA

NA

29-Feb-2028

NA

500

CRISIL AAA/Stable

NA

Proposed Long Term Bank Loan Facility

NA

NA

NA

NA

3320

CRISIL AAA/Stable

NA

Short Term Bank Facility

NA

NA

NA

NA

250

CRISIL A1+

NA

Fixed Deposits Programme

NA

NA

NA

Simple

Programme

CRISIL AAA/Stable

^ Yet to be issued

 

Details of rating withdrawn

ISIN

Name of instrument

Date of allotment

Coupon rate (%)

Maturity date

Complexity Level

Issue size (Rs.Cr)

INE296A07RB5

Debentures

12-Feb-20

7.10%

10-Feb-23

Simple

3600

Annexure – List of entities consolidated

Names of Entities Consolidated

Extent of Consolidation

Rationale for Consolidation

Bajaj Finance Limited

Full

Parent

Bajaj Housing Finance Limited

Full

Subsidiary

Bajaj Financial Securities Limited

Full

Subsidiary

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 21000.0 CRISIL A1+ / CRISIL AAA/Stable 24-03-23 CRISIL A1+ / CRISIL AAA/Stable 21-10-22 CRISIL A1+ / CRISIL AAA/Stable 22-09-21 CRISIL A1+ / CRISIL AAA/Stable 01-12-20 CRISIL A1+ / CRISIL AAA/Stable CRISIL A1+ / CRISIL AAA/Stable
      -- 24-02-23 CRISIL A1+ / CRISIL AAA/Stable 17-06-22 CRISIL A1+ / CRISIL AAA/Stable 13-07-21 CRISIL A1+ / CRISIL AAA/Stable 13-08-20 CRISIL A1+ / CRISIL AAA/Stable --
      -- 06-02-23 CRISIL A1+ / CRISIL AAA/Stable 06-04-22 CRISIL A1+ / CRISIL AAA/Stable 23-04-21 CRISIL A1+ / CRISIL AAA/Stable 07-07-20 CRISIL A1+ / CRISIL AAA/Stable --
      --   -- 01-03-22 CRISIL A1+ / CRISIL AAA/Stable 05-02-21 CRISIL A1+ / CRISIL AAA/Stable   -- --
      --   -- 15-02-22 CRISIL A1+ / CRISIL AAA/Stable   --   -- --
      --   -- 12-01-22 CRISIL A1+ / CRISIL AAA/Stable   --   -- --
Commercial Paper ST 20000.0 CRISIL A1+ 24-03-23 CRISIL A1+ 21-10-22 CRISIL A1+ 22-09-21 CRISIL A1+ 01-12-20 CRISIL A1+ CRISIL A1+
      -- 24-02-23 CRISIL A1+ 17-06-22 CRISIL A1+ 13-07-21 CRISIL A1+ 13-08-20 CRISIL A1+ --
      -- 06-02-23 CRISIL A1+ 06-04-22 CRISIL A1+ 23-04-21 CRISIL A1+ 07-07-20 CRISIL A1+ --
      --   -- 01-03-22 CRISIL A1+ 05-02-21 CRISIL A1+   -- --
      --   -- 15-02-22 CRISIL A1+   --   -- --
      --   -- 12-01-22 CRISIL A1+   --   -- --
Fixed Deposits LT 0.0 CRISIL AAA/Stable 24-03-23 CRISIL AAA/Stable 21-10-22 CRISIL AAA/Stable 22-09-21 F AAA/Stable 01-12-20 F AAA/Stable F AAA/Stable
      -- 24-02-23 CRISIL AAA/Stable 17-06-22 CRISIL AAA/Stable 13-07-21 F AAA/Stable 13-08-20 F AAA/Stable --
      -- 06-02-23 CRISIL AAA/Stable 06-04-22 F AAA/Stable 23-04-21 F AAA/Stable 07-07-20 F AAA/Stable --
      --   -- 01-03-22 F AAA/Stable 05-02-21 F AAA/Stable   -- --
      --   -- 15-02-22 F AAA/Stable   --   -- --
      --   -- 12-01-22 F AAA/Stable   --   -- --
Lower Tier II Bonds LT 214.2 CRISIL AAA/Stable 24-03-23 CRISIL AAA/Stable 21-10-22 CRISIL AAA/Stable 22-09-21 CRISIL AAA/Stable 01-12-20 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 24-02-23 CRISIL AAA/Stable 17-06-22 CRISIL AAA/Stable 13-07-21 CRISIL AAA/Stable 13-08-20 CRISIL AAA/Stable --
      -- 06-02-23 CRISIL AAA/Stable 06-04-22 CRISIL AAA/Stable 23-04-21 CRISIL AAA/Stable 07-07-20 CRISIL AAA/Stable --
      --   -- 01-03-22 CRISIL AAA/Stable 05-02-21 CRISIL AAA/Stable   -- --
      --   -- 15-02-22 CRISIL AAA/Stable   --   -- --
      --   -- 12-01-22 CRISIL AAA/Stable   --   -- --
Non Convertible Debentures LT 92313.3 CRISIL AAA/Stable 24-03-23 CRISIL AAA/Stable 21-10-22 CRISIL AAA/Stable 22-09-21 CRISIL AAA/Stable 01-12-20 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 24-02-23 CRISIL AAA/Stable 17-06-22 CRISIL AAA/Stable 13-07-21 CRISIL AAA/Stable 13-08-20 CRISIL AAA/Stable --
      -- 06-02-23 CRISIL AAA/Stable 06-04-22 CRISIL AAA/Stable 23-04-21 CRISIL AAA/Stable 07-07-20 CRISIL AAA/Stable --
      --   -- 01-03-22 CRISIL AAA/Stable 05-02-21 CRISIL AAA/Stable   -- --
      --   -- 15-02-22 CRISIL AAA/Stable   --   -- --
      --   -- 12-01-22 CRISIL AAA/Stable   --   -- --
Subordinated Debt LT 2321.3 CRISIL AAA/Stable 24-03-23 CRISIL AAA/Stable 21-10-22 CRISIL AAA/Stable 22-09-21 CRISIL AAA/Stable 01-12-20 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 24-02-23 CRISIL AAA/Stable 17-06-22 CRISIL AAA/Stable 13-07-21 CRISIL AAA/Stable 13-08-20 CRISIL AAA/Stable --
      -- 06-02-23 CRISIL AAA/Stable 06-04-22 CRISIL AAA/Stable 23-04-21 CRISIL AAA/Stable 07-07-20 CRISIL AAA/Stable --
      --   -- 01-03-22 CRISIL AAA/Stable 05-02-21 CRISIL AAA/Stable   -- --
      --   -- 15-02-22 CRISIL AAA/Stable   --   -- --
      --   -- 12-01-22 CRISIL AAA/Stable   --   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Cash Credit & Working Capital Demand Loan 390 Canara Bank CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 390 Bank of India CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 350 IDBI Bank Limited CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 1000 State Bank of India CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 450 HDFC Bank Limited CRISIL AAA/Stable
Long Term Bank Facility 500 IDBI Bank Limited CRISIL AAA/Stable
Long Term Bank Facility 500 HDFC Bank Limited CRISIL AAA/Stable
Long Term Bank Facility 10500 State Bank of India CRISIL AAA/Stable
Long Term Bank Facility 3350 HDFC Bank Limited CRISIL AAA/Stable
Proposed Long Term Bank Loan Facility 3320 Not Applicable CRISIL AAA/Stable
Short Term Bank Facility 250 ICICI Bank Limited CRISIL A1+

This Annexure has been updated on 06-Apr-2023 in line with the lender-wise facility details as on 18-Jul-2022 received from the rated entity

Criteria Details
Links to related criteria
Rating Criteria for Finance Companies
CRISILs Bank Loan Ratings - process, scale and default recognition
CRISILs criteria for rating fixed deposit programmes
Rating criteria for hybrid debt instruments of NBFCs/HFCs
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Companies based on Parent Support
CRISILs Criteria for Consolidation

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