Rating Rationale
June 12, 2023 | Mumbai

Indian Railway Finance Corporation Limited

'CRISIL AAA/Stable' assigned to Long-Term Borrowing Programme

 

Rating Action

Rs.50000 Crore Long-Term Borrowing Programme

CRISIL AAA/Stable (Assigned)

Rs.66500 Crore Long-Term Borrowing Programme

CRISIL AAA/Stable (Reaffirmed)

Rs.65258 Crore Long-Term Borrowing Programme

CRISIL AAA/Stable (Reaffirmed)

Rs.40000 Crore Long-Term Borrowing Programme

CRISIL AAA/Stable (Reaffirmed)

Rs.54940 Crore Long-Term Borrowing Programme

CRISIL AAA/Stable (Reaffirmed)

Rs.55471 Crore Long-Term Borrowing Programme

CRISIL AAA/Stable (Reaffirmed)

Rs.58000 Crore Long-Term Borrowing Programme

CRISIL AAA/Stable (Reaffirmed)

Rs.15000 Crore Short Term Debt&

CRISIL A1+ (Reaffirmed)

Bonds Aggregating Rs.79344.38 Crore (Including Bonds and Term Loans) (Reduced from Rs.92094.38 Crore)

CRISIL AAA/Stable (Reaffirmed)

Non-Convertible Debentures Aggregating Rs.58984 Crore

CRISIL AAA/Stable (Reaffirmed)

& Total short-term bank borrowings and borrowings under the rated short-term debt programme not to exceed Rs 15000 crore at any point in time.

Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.

1 crore = 10 million   

Refer to annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has assigned its 'CRISIL AAA/Stable’ rating to the Rs 50000 crore long-term borrowing programme of Indian Railway Finance Corporation Limited (IRFC). Ratings on existing debt instruments have been reaffirmed at 'CRISIL AAA/Stable/CRISIL A1+'.

 

CRISIL Ratings has also withdrawn its rating on Bonds of Rs 6,060 crore (See Annexure 'Details of Rating Withdrawn' for details) in line with its withdrawal policy. CRISIL has received independent verification that these instruments are fully redeemed.

 

The ratings reflect IRFC's strategic importance to its parent, the GoI, because of the company's status as the financing arm of the Indian Railways (IR). The ratings also factor in IRFC's strong capitalisation and asset quality and adequate resource profile. These rating strengths are partially offset by IRFC's average earnings profile.

 

In 2023-24, the government as part of the Union Budget has allocated negligible Internal and Extra Budgetary Resources (IEBR) to IRFC, indicating it will not look to borrow money to fund its capital expenditure. The government has allocated a much larger budget of Rs 2.45 lakh crore to Indian Railways for 2023-24, 65.6% higher when compared to 2022-23. While divestment and asset monetization are the preferred funding avenues for the government this fiscal, CRISIL Ratings believes IRFC continues to remain an integral financing vehicle of the IR.             

Analytical Approach

For arriving at the ratings, CRISIL Ratings has considered the standalone business and financial risk profiles of IRFC and has factored in support from GoI. This is given the majority ownership of IRFC by GoI, and the significant role it plays in supporting the expansion of the Indian Railways as the dedicated financing arm

Key Rating Drivers & Detailed Description

Strengths:

  • Strategic importance to and support from GoI

IRFC, IR's financing arm, functions under the Ministry of Railways (MoR) and constitutes a crucial part of India's infrastructure. Primarily, IRFC mobilises funds to meet the predominant portion of EBR requirement of the IR through market borrowings at competitive rates.

 

Hence, IRFC derives substantial business and financial support from GoI. The support is reflected in IRFC's majority ownership (86.36%) by GoI. Moreover, IRFC has a close working relationship with IR and has MoR's officials as directors on its board.

 

Favourable lease agreements between IRFC and IR protect the former's net interest margin, as interest and foreign exchange risks on its borrowings are transferred to IR. IRFC also plans to diversify its business profile by lending outside IR; however, this will form a small part of the total portfolio and advances will be to entities having linkages with IR. IRFC is also exploring lending towards non railway infrastructure assets. However, this is still in evaluation stages, and they will only enter into such arrangements in a consortium with other lenders.

 

  • Strong capitalisation and asset quality

Capitalisation is strong, with networth of Rs 45,470 crore as on March 31, 2023. GoI has been infusing equity capital at regular intervals (Rs 2854 crore and Rs 2500 crore infused in fiscal 2019 and fiscal 2020, respectively). Gearing stood at 9.21 times as on March 31, 2023 (9.47 times as on March 31, 2022) and may remain around 10 times on a steady state basis.

 

Asset quality is strong, with zero non-performing assets as on date, as IRFC mainly lends to IR, which is a sovereign entity.

 

  • Adequate resource profile

Ability to raise long-term funds at competitive rates is underpinned by IRFC’s access to a diversified pool of wholesale investors, including banks, mutual funds, pension and gratuity funds, insurance companies, as well as external commercial borrowings (ECBs). The weighted average cost of borrowing was around 4.32% for fiscal 2023 (3.96% in fiscal 2022).

 

Weakness:

  • Average Earnings Profile

Earnings profile remains average as IRFC is a funding vehicle and operates on a cost-plus based model in accordance with standard lease agreement with MoR. The lease rentals with IR are fixed at average cost of borrowings + 40/35 bps. IRFC’s interest spreads are preserved by ensuring a mark-up over its costs of borrowings. Earning profile thus remains moderate compared to other infrastructure financing companies. due to fixed spreads. However, the company benefits from low operating costs owing to wholesale nature of business and negligible credit cost on account of nil NPA. 

 

CRISIL Ratings, therefore, believes that profitability for IRFC will remain range bound. Return on assets for fiscal 2023 stood at 1.35% (1.47% in the previous fiscal)

Liquidity: Superior

Liquidity is sufficient with Rs 401 crore cash and liquid investments (in the form of bank deposits), and unutilised bank lines of Rs 17,471 crore as on May 31, 2023, against debt obligation of Rs 14,656 crore till September 2023

 

Environment, social and governance (ESG) profile

CRISIL Ratings believes that IRFC 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.  IRFC has a continuous focus on strengthening various aspects of its ESG profile.

 

IRFC Finance’s key ESG Highlights:

  • ESG disclosures of the company are evolving, and the company is in the process of further strengthening the disclosures going forward.
  • IRFC raised funds to the extent of USD 500 million through Green Bonds in fiscal 2022. IRFC has become the first CPSE in the country to list its offshore bonds exclusively at Indian stock exchanges established in the GIFT City, Gandhinagar. The company also raised JPY denominated green loans amounting to the equivalent of USD 1.10 billion.
  • Women comprised 19% of the total workforce as on March 31, 2023.  As on date, two members out of 5 on the board, are women.
  • The Company’s governance structure is characterized with 40% of the board members being independent directors, dedicated investor grievance redressal mechanism and adequate financial disclosures.
  •  

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

Outlook: Stable

CRISIL Ratings believes IRFC will continue to derive business and financial support from the GoI because of its strategic role in channeling finance to IR. Support from GoI should help IRFC maintain a strong credit risk profile.

Rating Sensitivity factors

Downward Factors:

  • Reduction in the shareholding by GoI below 51%, leading to diminution in expected support to IRFC.
  • Significant deterioration of asset quality leading to subsequent pressure on profitability and capitalization.

About the Company

IRFC was set up as a dedicated funding arm of MoR, specifically to raise resources from the capital market to finance rolling stock (wagons and coaches). IRFC leases rolling stock to IR and collects lease rentals from IR in advance, at half-yearly intervals. An annual lease agreement, structured to ensure that IRFC's expenses (mainly cost of borrowing) are covered, backs this arrangement, and allows IRFC to earn adequate margin. IRFC also provide funding for railway infrastructure assets for which lease agreements are signed after moratorium period of 5 years.

 

For fiscal 2023, IRFC reported profit after tax (PAT) of Rs 6337 crore on total income (net of interest expenditure) of Rs 6485 crore, as against Rs 6090 crore and Rs 6227 crore, respectively, for the previous fiscal.

Key Financial Indicators

For the year ended March 31,

Unit

2023

2022

Total Assets

Rs crore

491147

449980

Total income

Rs crore

23933

20302

Profit after tax

Rs crore

6337

6090

Gross NPA

%

Nil

Nil

Overall capital adequacy ratio 

%

512.0

439.7

 

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.Cr)

Complexity Level

Rating

INE053F09EL2

Bonds

29-Nov-06

8.75

29-Nov-26

410

Simple

CRISIL AAA/Stable

INE053F09EO6

Bonds

07-Jun-07

10.04

07-Jun-27

320

Simple

CRISIL AAA/Stable

INE053F09FP0

Bonds

11-Sep-08

10.7

11-Sep-23

615

Simple

CRISIL AAA/Stable

INE053F09FS4

Bonds

26-Dec-08

8.5

26-Dec-23

285

Simple

CRISIL AAA/Stable

INE053F09FV8

Bonds

15-Jan-09

8.65

15-Jan-24

315

Simple

CRISIL AAA/Stable

INE053F09GN3

Bonds

27-Apr-09

8.2

27-Apr-24

60

Simple

CRISIL AAA/Stable

INE053F09GQ6

Bonds

03-Feb-10

8.65

03-Feb-25

200

Simple

CRISIL AAA/Stable

INE053F09GR4

Bonds

03-Feb-10

8.8

03-Feb-30

385

Simple

CRISIL AAA/Stable

INE053F09GV6

Bonds

10-Mar-10

8.95

10-Mar-25

600

Simple

CRISIL AAA/Stable

INE053F09GX2

Bonds

04-May-10

8.79

04-May-30

1410

Simple

CRISIL AAA/Stable

INE053F09GY0

Bonds

04-May-10

8.72

04-May-31

15

Simple

CRISIL AAA/Stable

INE053F09GZ7

Bonds

04-May-10

8.72

04-May-32

15

Simple

CRISIL AAA/Stable

INE053F09HA8

Bonds

04-May-10

8.72

04-May-33

15

Simple

CRISIL AAA/Stable

INE053F09HB6

Bonds

04-May-10

8.72

04-May-34

15

Simple

CRISIL AAA/Stable

INE053F09HC4

Bonds

04-May-10

8.72

04-May-35

15

Simple

CRISIL AAA/Stable

INE053F09HD2

Bonds

14-May-10

8.83

14-May-31

220

Simple

CRISIL AAA/Stable

INE053F09HE0

Bonds

14-May-10

8.83

14-May-32

220

Simple

CRISIL AAA/Stable

INE053F09HF7

Bonds

14-May-10

8.83

14-May-33

220

Simple

CRISIL AAA/Stable

INE053F09HG5

Bonds

14-May-10

8.83

14-May-34

220

Simple

CRISIL AAA/Stable

INE053F09HH3

Bonds

14-May-10

8.83

14-May-35

220

Simple

CRISIL AAA/Stable

INE053F09HM3

Bonds

29-Mar-11

9.09

29-Mar-26

1076

Simple

CRISIL AAA/Stable

INE053F09HN1

Bonds

31-Mar-11

9.09

31-Mar-26

150

Simple

CRISIL AAA/Stable

INE053F09HP6

Bonds

10-May-11

9.33

10-May-26

255

Simple

CRISIL AAA/Stable

INE053F09HQ4

Bonds

10-May-11

9.47

10-May-31

995

Simple

CRISIL AAA/Stable

INE053F09HU6

Bonds

08-Nov-11

7.77

08-Nov-26

192

Simple

CRISIL AAA/Stable

INE053F07538

Bonds

23-Feb-12

8.1

23-Feb-27

2803.93

Simple

CRISIL AAA/Stable

INE053F07538

Bonds

23-Feb-12

8.3

23-Feb-27

291.7

Simple

CRISIL AAA/Stable

INE053F09HW2

Bonds

26-Nov-12

7.38

26-Nov-27

67

Simple

CRISIL AAA/Stable

INE053F09HY8

Bonds

30-Nov-12

7.38

30-Nov-27

30

Simple

CRISIL AAA/Stable

INE053F09IA6

Bonds

06-Dec-12

7.39

06-Dec-27

95

Simple

CRISIL AAA/Stable

INE053F07579

Bonds

19-Feb-13

7.34/7.84

19-Feb-28

2559

Simple

CRISIL AAA/Stable

INE053F07595

Bonds

23-Mar-13

7.04

23-Mar-28

264

Simple

CRISIL AAA/Stable

INE053F07611

Bonds

21-Nov-13

8.35

21-Nov-23

487

Simple

CRISIL AAA/Stable

INE053F07629

Non Convertible Debentures

21-Nov-13

8.48

21-Nov-28

738

Simple

CRISIL AAA/Stable

INE053F07637

Non Convertible Debentures

27-Nov-13

8.35

27-Nov-23

57

Simple

CRISIL AAA/Stable

INE053F07645

Non Convertible Debentures

27-Nov-13

8.48

27-Nov-28

55

Simple

CRISIL AAA/Stable

INE053F07652

Non Convertible Debentures

18-Feb-14

8.23

18-Feb-24

1778

Simple

CRISIL AAA/Stable

INE053F07678

Non Convertible Debentures

18-Feb-14

8.48

18-Feb-24

526

Simple

CRISIL AAA/Stable

INE053F07660

Non Convertible Debentures

18-Feb-14

8.4

18-Feb-29

1090

Simple

CRISIL AAA/Stable

INE053F07686

Non Convertible Debentures

18-Feb-14

8.65

18-Feb-29

688

Simple

CRISIL AAA/Stable

INE053F07694

Non Convertible Debentures

10-Feb-14

8.55

10-Feb-29

1650

Simple

CRISIL AAA/Stable

INE053F07702

Non Convertible Debentures

12-Feb-14

8.55

12-Feb-29

13

Simple

CRISIL AAA/Stable

INE053F07710

Non Convertible Debentures

26-Mar-14

8.19

26-Mar-24

231

Simple

CRISIL AAA/Stable

INE053F07736

Non Convertible Debentures

26-Mar-14

8.44

26-Mar-24

130

Simple

CRISIL AAA/Stable

INE053F07728

Non Convertible Debentures

26-Mar-14

8.63

26-Mar-29

948

Simple

CRISIL AAA/Stable

INE053F07744

Non Convertible Debentures

26-Mar-14

8.63/8.88

26-Mar-29

436

Simple

CRISIL AAA/Stable

INE053F07777

Non Convertible Debentures

31-Jul-15

7.19

31-Jul-25

1139

Simple

CRISIL AAA/Stable

INE053F07785

Non Convertible Debentures

21-Aug-15

7.15

21-Aug-25

329

Simple

CRISIL AAA/Stable

INE053F07793

Non Convertible Debentures

21-Dec-15

7.07

21-Dec-25

367

Simple

CRISIL AAA/Stable

INE053F07827

Non Convertible Debentures

21-Dec-15

7.32

21-Dec-25

369

Simple

CRISIL AAA/Stable

INE053F07801

Non Convertible Debentures

21-Dec-15

7.28

21-Dec-30

2057

Simple

CRISIL AAA/Stable

INE053F07835

Non Convertible Debentures

21-Dec-15

7.53

21-Dec-30

1074

Simple

CRISIL AAA/Stable

INE053F07819

Non Convertible Debentures

21-Dec-15

7.25

21-Dec-35

294

Simple

CRISIL AAA/Stable

INE053F07843

Non Convertible Debentures

21-Dec-15

7.5

21-Dec-35

370

Simple

CRISIL AAA/Stable

INE053F07868

Non Convertible Debentures

03-Mar-16

7.04

03-Mar-26

1050

Simple

CRISIL AAA/Stable

INE053F07876

Non Convertible Debentures

22-Mar-16

7.04

22-Mar-26

49

Simple

CRISIL AAA/Stable

INE053F07892

Non Convertible Debentures

22-Mar-16

7.29

22-Mar-26

191

Simple

CRISIL AAA/Stable

INE053F07884

Non Convertible Debentures

22-Mar-16

7.35

22-Mar-31

1016

Simple

CRISIL AAA/Stable

INE053F07900

Non Convertible Debentures

22-Mar-16

7.64

22-Mar-31

1194

Simple

CRISIL AAA/Stable

INE053F08130

Non Convertible Debentures (LIC Unsecured Unlisted Bonds)

30-Mar-16

8.02

30-Mar-46

7434

Simple

CRISIL AAA/Stable

INE053F08148

Bonds (LIC Unsecured Unlisted Bonds)

22-Jun-16

7.8

22-Jun-46

4336

Simple

CRISIL AAA/Stable

INE053F08171

Bonds$ (LIC Unsecured Unlisted Bonds)

27-Jun-17

6.77

27-Jun-47

5644.6

Simple

CRISIL AAA/Stable

INE053F08080

Non Convertible Debentures (LIC Unsecured Unlisted Bonds)

27-Oct-15

7.87

27-Oct-45

2935

Simple

CRISIL AAA/Stable

INE053F08189

Bonds$ (LIC Unsecured Unlisted Bonds)

22-Dec-17

7.41

22-Dec-47

2981.2

Simple

CRISIL AAA/Stable

INE053F08254

Bonds$ (LIC Unsecured Unlisted Bonds)

18-Jun-19

7.3

18-Jun-49

1800

Simple

CRISIL AAA/Stable

INE053F08262

Bonds$ (LIC Unsecured Unlisted Bonds)

31-Mar-20

6.58

31-Mar-50

2500

Simple

CRISIL AAA/Stable

INE053F07983

Bonds

21-Mar-17

7.83

21-Mar-27

2950

Simple

CRISIL AAA/Stable

INE053F07AC3

Bonds

28-Aug-17

7.33

28-Aug-27

1745

Simple

CRISIL AAA/Stable

INE053F07AB5

Bonds

15-Jun-17

7.27

15-Jun-27

2050

Simple

CRISIL AAA/Stable

INE053F07AA7

Bonds

30-May-17

7.49

30-May-27

2200

Simple

CRISIL AAA/Stable

INE053F07AD1

Bonds

31-Oct-17

7.54

31-Oct-27

935

Simple

CRISIL AAA/Stable

INE053F07AO8

Bonds

30-Jun-18

5.75

30-Jun-23

12.756

Simple

CRISIL AAA/Stable

INE053F07AP5

Bonds

31-Jul-18

5.75

31-Jul-23

13.702

Simple

CRISIL AAA/Stable

INE053F07AQ3

Bonds

31-Aug-18

5.75

31-Aug-23

8.117

Simple

CRISIL AAA/Stable

INE053F07AR1

Bonds

30-Sep-18

5.75

30-Sep-23

7.1

Simple

CRISIL AAA/Stable

INE053F07AS9

Bonds

31-Oct-18

5.75

31-Oct-23

11.69

Simple

CRISIL AAA/Stable

INE053F07AY7

Bonds

04-Dec-18

8.45

04-Dec-28

3000

Simple

CRISIL AAA/Stable

INE053F07AZ4

Bonds

08-Jan-19

8.4

08-Jan-29

2845.4

Simple

CRISIL AAA/Stable

INE053F07AT7

Bonds

30-Nov-18

5.75

30-Nov-23

9.869

Simple

CRISIL AAA/Stable

INE053F07AU5

Bonds

31-Dec-18

5.75

31-Dec-23

13.512

Simple

CRISIL AAA/Stable

INE053F07BA5

Bonds

21-Feb-19

8.55

21-Feb-29

2236.5

Simple

CRISIL AAA/Stable

INE053F07AV3

Bonds

31-Jan-19

5.75

31-Jan-24

13.335

Simple

CRISIL AAA/Stable

INE053F07AW1

Bonds

28-Feb-19

5.75

29-Feb-24

14.53

Simple

CRISIL AAA/Stable

INE053F07BB3

Bonds

28-Feb-19

8.25

28-Feb-24

2500

Simple

CRISIL AAA/Stable

INE053F07BC1

Bonds

13-Mar-19

8.35

13-Mar-29

3000

Simple

CRISIL AAA/Stable

INE053F07BD9

Bonds

25-Mar-19

8.3

25-Mar-29

3000

Simple

CRISIL AAA/Stable

INE053F07BE7

Bonds

29-Mar-19

8.23

29-Mar-29

2500

Simple

CRISIL AAA/Stable

INE053F07AX9

Bonds

31-Mar-19

5.75

31-Mar-24

69.27

Simple

CRISIL AAA/Stable

INE053F07BF4

Bonds

30-Apr-19

5.75

30-Apr-24

24.95

Simple

CRISIL AAA/Stable

INE053F07BR9

Bonds

12-Jun-19

7.95

12-Jun-29

3000

Simple

CRISIL AAA/Stable

INE053F07BG2

Bonds

31-May-19

5.75

31-May-24

43.4

Simple

CRISIL AAA/Stable

INE053F07BS7

Debentures

01-Jul-19

7.85

01-Jul-34

2120

Simple

CRISIL AAA/Stable

INE053F07BT5

Debentures

29-Jul-19

7.54

29-Jul-34

2455.6

Simple

CRISIL AAA/Stable

INE053F07BH0

Bonds

30-Jun-19

5.75

30-Jun-24

59.61

Simple

CRISIL AAA/Stable

INE053F07BI8

Bonds

31-Jul-19

5.75

31-Jul-24

63.4

Simple

CRISIL AAA/Stable

INE053F07BU3

Bonds

13-Aug-19

7.48

13-Aug-29

2592

Simple

CRISIL AAA/Stable

INE053F07BV1

Debentures

29-Aug-19

7.48

29-Aug-34

2107

Simple

CRISIL AAA/Stable

INE053F07BW9

Debentures

09-Sep-19

7.5

09-Sep-29

2707

Simple

CRISIL AAA/Stable

INE053F07BJ6

Debentures

31-Aug-19

5.75

31-Aug-24

56.64

Simple

CRISIL AAA/Stable

INE053F07BK4

Bonds

30-Sep-19

5.75

30-Sep-24

54.341

Simple

CRISIL AAA/Stable

INE053F07BX7

Debentures

06-Nov-19

7.55

06-Nov-29

2454.9

Simple

CRISIL AAA/Stable

INE053F07BL2

Debentures

31-Oct-19

5.75

31-Oct-24

66.918

Simple

CRISIL AAA/Stable

INE053F07BM0

Bonds

30-Nov-19

5.75

30-Nov-24

71.159

Simple

CRISIL AAA/Stable

INE053F07BY5

Bonds

31-Dec-19

7.55

12-Apr-30

1580

Simple

CRISIL AAA/Stable

INE053F07BN8

Bonds

31-Dec-19

5.75

31-Dec-24

92.628

Simple

CRISIL AAA/Stable

INE053F07BO6

Bonds

31-Jan-20

5.75

31-Jan-25

82.375

Simple

CRISIL AAA/Stable

INE053F07CA3

Bonds

28-Feb-20

7.08

28-Feb-30

3000

Simple

CRISIL AAA/Stable

INE053F07CB1

Bonds

19-Mar-20

6.99

19-Mar-25

847

Simple

CRISIL AAA/Stable

INE053F07CD7

Bonds$

05-Jun-20

6.9

05-Jun-35

2565

Simple

CRISIL AAA/Stable

INE053F07CQ9

Bonds$

06-Jul-20

6.73

06-Jul-35

3000

Simple

CRISIL AAA/Stable

INE053F07CR7

Bonds$

30-Jul-20

6.41

11-Apr-31

2000

Simple

CRISIL AAA/Stable

INE053F07CS5

Bonds$

29-Oct-20

6.85

29-Oct-40

5991.2

Simple

CRISIL AAA/Stable

INE053F07CT3

Bonds$

01-Dec-20

6.85

01-Dec-40

4652

Simple

CRISIL AAA/Stable

INE053F07CV9

Bonds$

25-Feb-21

7.21

25-Feb-41

1954.5

Simple

CRISIL AAA/Stable

INE053F07CW7

Bonds$

30-Mar-21

6.8

30-Apr-41

1375

Simple

CRISIL AAA/Stable

INE053F07CE5

Bonds$

30-Apr-20

5.75

30-Apr-25

13.12

Simple

CRISIL AAA/Stable

INE053F07CF2

Bonds$

31-May-20

5.75

31-May-25

37.89

Simple

CRISIL AAA/Stable

INE053F07CG0

Bonds$

30-Jun-20

5.75

30-Jun-25

116.02

Simple

CRISIL AAA/Stable

INE053F07CH8

Bonds$

31-Jul-20

5.75

31-Jul-25

77.43

Simple

CRISIL AAA/Stable

INE053F07CI6

Bonds$

31-Aug-20

5

31-Aug-25

34.39

Simple

CRISIL AAA/Stable

INE053F07CJ4

Bonds$

30-Sep-20

5

30-Sep-25

52.97

Simple

CRISIL AAA/Stable

INE053F07CK2

Bonds$

31-Oct-20

5

31-Oct-25

45.88

Simple

CRISIL AAA/Stable

INE053F07CL0

Bonds$

30-Nov-20

5

30-Nov-25

41.28

Simple

CRISIL AAA/Stable

INE053F07CM8

Bonds$

31-Dec-20

5

31-Dec-25

68.53

Simple

CRISIL AAA/Stable

INE053F07CN6

Bonds$

31-Jan-21

5

31-Jan-26

62.97

Simple

CRISIL AAA/Stable

INE053F07CO4

Bonds$

28-Feb-21

5

28-Feb-26

82.25

Simple

CRISIL AAA/Stable

INE053F07CP1

Bonds$

31-Mar-21

5

31-Mar-26

209.88

Simple

CRISIL AAA/Stable

INE053F08106

Bonds%

19-Jul-21

6.89

19-Jul-31

2980.9

Simple

CRISIL AAA/Stable

INE053F08114

Bonds%

30-Jul-21

7.03

30-Jul-36

4693

Simple

CRISIL AAA/Stable

INE053F08122

Bonds%

31-Aug-21

6.92

31-Aug-31

4000

Simple

CRISIL AAA/Stable

INE053F08155

Bonds%

24-Nov-21

6.95

24-Nov-36

5000

Simple

CRISIL AAA/Stable

INE053F08163

Bonds%

21-Dec-21

6.87

14-Apr-32

1180

Simple

CRISIL AAA/Stable

INE053F07CX5

Bonds%

30-Apr-21

5

30-Apr-26

56.57

Simple

CRISIL AAA/Stable

INE053F07CY3

Bonds%

31-May-21

5

31-May-26

50.71

Simple

CRISIL AAA/Stable

INE053F08098

Bonds%

04-Jun-21

6.99

04-Jun-41

1994

Simple

CRISIL AAA/Stable

INE053F07CZ0

Bonds%

30-Jun-21

5

30-Jun-26

83.81

Simple

CRISIL AAA/Stable

INE053F07DA1

Bonds%

31-Jul-21

5

31-Jul-26

105.06

Simple

CRISIL AAA/Stable

INE053F07DB9

Bonds%

31-Aug-21

5

31-Aug-26

88.71

Simple

CRISIL AAA/Stable

INE053F07DC7

Bonds%

30-Sep-21

5

30-Sep-26

120.32

Simple

CRISIL AAA/Stable

INE053F07DD5

Bonds%

31-Oct-21

5

31-Oct-26

83.22

Simple

CRISIL AAA/Stable

INE053F07DE3

Bonds%

30-Nov-21

5

30-Nov-26

64.56

Simple

CRISIL AAA/Stable
INE053F07DF0

Bonds%

31-Dec-21

5

31-Dec-26

112.23

Simple

CRISIL AAA/Stable

INE053F07DG8

Bonds%

31-Jan-22

5

31-Jan-27

92.64

Simple

CRISIL AAA/Stable

INE053F07DH6

Bonds%

28-Feb-22

5

28-Feb-27

94.32

Simple

CRISIL AAA/Stable

INE053F07DI4

Bonds%

31-Mar-22

5

31-Mar-27

208.86

Simple

CRISIL AAA/Stable

INE053F07BP3

Bonds$

29-Feb-20

5.75

28-Feb-25

88.1

Simple

CRISIL AAA/Stable

INE053F07BQ1

Bonds$

31-Mar-20

5.75

31-Mar-25

142.969

Simple

CRISIL AAA/Stable

INE053F07DJ2

Bonds#

30-Apr-22

5

30-Apr-27

120.52

Simple

CRISIL AAA/Stable

INE053F07DK0

Bonds#

31-May-22

5

31-May-27

125.90

Simple

CRISIL AAA/Stable

INE053F07DL8

Bonds#

30-Jun-22

5

30-Jun-27

135.23

Simple

CRISIL AAA/Stable

INE053F07DM6

Bonds#

31-Jul-22

5

31-Jul-27

167.10

Simple

CRISIL AAA/Stable

INE053F07DN4

Bonds#

31-Aug-22

5

31-Aug-27

84.06

Simple

CRISIL AAA/Stable

INE053F07DO2

Bonds#

30-Sep-22

5

30-Sep-27

118.95

Simple

CRISIL AAA/Stable

INE053F08197

Bonds#

11-Oct-22

7.69

11-Oct-32

2,500.00

Simple

CRISIL AAA/Stable

INE053F07DP9

Bonds#

31-Oct-22

5

31-Oct-27

109.34

Simple

CRISIL AAA/Stable

INE053F08205

Bonds#

28-Nov-22

7.64

28-Nov-37

3,955.20

Simple

CRISIL AAA/Stable

INE053F07DQ7

Bonds#

30-Nov-22

5

30-Nov-27

132.65

Simple

CRISIL AAA/Stable

INE053F08213

Bonds#

16-Dec-22

7.47

15-Apr-33

500

Simple

CRISIL AAA/Stable

INE053F08221

Bonds#

30-Dec-22

7.65

30-Dec-32

2,510.50

Simple

CRISIL AAA/Stable

INE053F07DR5

Bonds#

31-Dec-22

5

31-Dec-27

153.79

Simple

CRISIL AAA/Stable

INE053F08239

Bonds#

18-Jan-23

7.4

18-Apr-26

2,500.00

Simple

CRISIL AAA/Stable

INE053F08247

Bonds#

18-Jan-23

7.65

18-Apr-33

2,500.00

Simple

CRISIL AAA/Stable

INE053F07DS3

Bonds#

31-Jan-23

5

31-Jan-28

121.67

Simple

CRISIL AAA/Stable

INE053F07DT1

Bonds#

28-Feb-23

5

29-Feb-28

138.99

Simple

CRISIL AAA/Stable

INE053F08270

Bonds#

28-Feb-23

7.75

15-Apr-33

2,443.00

Simple

CRISIL AAA/Stable

INE053F08288

Bonds#

17-Mar-23

7.51

15-Apr-26

1,825.00

Simple

CRISIL AAA/Stable

INE053F08296

Bonds#

17-Mar-23

7.74

15-Apr-38

2,825.00

Simple

CRISIL AAA/Stable

INE053F07DU9

Bonds#

31-Mar-23

5

31-Mar-28

320.85

Simple

CRISIL AAA/Stable

INE053F07DV7

Bonds

30-Apr-23

5.25

30-Apr-28

111.744

Simple

CRISIL AAA/Stable

INE053F08304

Non Convertible Debenture

26-May-23

5

15-Oct-26

2500.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Deutsche Bank)

28-Jun-22

NA

28-Jun-29

2000

Simple

CRISIL AAA/Stable

NA

Term Loan (Deutsche Bank)

28-Mar-22

NA

28-Mar-27

2000

Simple

CRISIL AAA/Stable

NA

Term Loan (SBI)

29-Dec-19

NA

29-Dec-29

2,531.80

Simple

CRISIL AAA/Stable

NA

Term Loan (SBI)

30-Jan-20

NA

30-Jan-30

4,550.00

Simple

CRISIL AAA/Stable

NA

Term Loan (SBI)

18-Oct-21

NA

18-Oct-36

3,800.00

Simple

CRISIL AAA/Stable

NA

Term Loan (SBI)

30-Oct-21

NA

30-Oct-36

3,200.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Punjab & Sind Bank)

31-Dec-22

NA

31-Dec-37

1000

Simple

CRISIL AAA/Stable

NA

Term Loan (NABFId)

18-Feb-23

NA

18-Feb-43

2445

Simple

CRISIL AAA/Stable

NA

Term Loan (NABFId)

27-Feb-23

NA

27-Feb-43

890

Simple

CRISIL AAA/Stable

NA

Term Loan (NABFId)

28-Feb-23

NA

28-Feb-43

665

Simple

CRISIL AAA/Stable

NA

Term Loan (IIFCL)

31-Mar-22

NA

28-Feb-36

1000

Simple

CRISIL AAA/Stable

NA

Term Loan (IIFCL)

28-Feb-23

NA

28-Feb-37

1120

Simple

CRISIL AAA/Stable

NA

Term Loan (IIFCL)

27-Mar-23

NA

27-Mar-37

1380

Simple

CRISIL AAA/Stable

NA

Term Loan (Indian Overseas Bank)

31-Aug-20

NA

31-Aug-35

2,000.00

Simple

CRISIL AAA/Stable

NA

Term Loan (South Indian Bank)

27-Mar-23

NA

27-Mar-30

250

Simple

CRISIL AAA/Stable

NA

Term Loan (Axis Bank)

27-Mar-23

NA

27-Mar-38

2000

Simple

CRISIL AAA/Stable

NA

Term Loan (J&K Bank)

27-Mar-23

NA

27-Mar-38

500

Simple

CRISIL AAA/Stable

NA

Term Loan (J&K Bank)

31-Dec-22

NA

27-Mar-37

750

Simple

CRISIL AAA/Stable

NA

Term Loan (HDFC)

30-Sep-19

NA

30-Sep-29

650

Simple

CRISIL AAA/Stable

NA

Term Loan (HDFC)

04-Nov-19

NA

04-Nov-29

1300

Simple

CRISIL AAA/Stable

NA

Term Loan (HDFC)

24-Dec-19

NA

24-Dec-29

1400

Simple

CRISIL AAA/Stable

NA

Term Loan (HDFC)

26-Mar-20

NA

26-Mar-32

5000

Simple

CRISIL AAA/Stable

NA

Term Loan (HDFC)

30-Jun-20

NA

30-Jun-32

7000

Simple

CRISIL AAA/Stable

NA

Term Loan (HDFC)

23-Sep-20

NA

23-Sep-35

1635

Simple

CRISIL AAA/Stable

NA

Term Loan (HDFC)

30-Sep-20

NA

30-Sep-35

365

Simple

CRISIL AAA/Stable

NA

Term Loan (HDFC)

16-Oct-21

NA

16-Oct-36

2500

Simple

CRISIL AAA/Stable

NA

Term Loan (HDFC)

22-Feb-22

NA

22-Feb-37

2500

Simple

CRISIL AAA/Stable

NA

Term Loan (HDFC)

31-Mar-23

NA

31-Mar-38

2370

Simple

CRISIL AAA/Stable

NA

Term Loan (Bank of Baroda)

12-Mar-21

NA

12-Mar-36

8,464.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Bank of Baroda)

18-Mar-21

NA

18-Mar-36

3,536.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Bank of Baroda)

15-Jul-21

NA

15-Jul-36

3,500.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Bank of Baroda)

20-Dec-22

NA

20-Dec-37

700

Simple

CRISIL AAA/Stable

NA

Term Loan (Bank of India)

27-Jan-21

NA

27-Jan-36

2,500.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Bank of India)

15-Feb-21

NA

15-Feb-36

300

Simple

CRISIL AAA/Stable

NA

Term Loan (Bank of India)

11-Oct-21

NA

11-Oct-36

1,100.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Canara Bank)

08-Nov-21

NA

08-Nov-36

3,000.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Canara Bank)

30-Nov-21

NA

30-Nov-36

2,000.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Canara Bank)

22-Dec-21

NA

22-Dec-36

2,000.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Canara Bank)

30-Dec-21

NA

22-Dec-41

4,700.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Central Bank of India)

28-Jun-22

NA

28-Jun-37

2,000.00

Simple

CRISIL AAA/Stable

NA

Term Loan (UCO Bank)

30-Dec-21

NA

30-Dec-36

1050

Simple

CRISIL AAA/Stable

NA

Term Loan (UCO Bank)

31-Dec-21

NA

31-Dec-36

950

Simple

CRISIL AAA/Stable

NA

Term Loan (Union Bank of India)

23-Dec-21

NA

23-Dec-36

500

Simple

CRISIL AAA/Stable

NA

Term Loan (Union Bank of India)

22-Feb-22

NA

22-Feb-37

1,000.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Union Bank of India)

23-Mar-22

NA

23-Mar-37

3,500.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Union Bank of India)

23-Mar-22

NA

23-Mar-37

2,550.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Union Bank of India)

29-Dec-22

NA

29-Dec-37

950

Simple

CRISIL AAA/Stable

NA

Term Loan (Union Bank of India)

29-Dec-22

NA

29-Dec-37

1,200.00

Simple

CRISIL AAA/Stable

NA

Term Loan (ICICI Bank)

19-Aug-20

NA

19-Aug-35

3,000.00

Simple

CRISIL AAA/Stable

NA

Term Loan (ICICI Bank)

22-Oct-20

NA

22-Oct-35

5000

Simple

CRISIL AAA/Stable

NA

Term Loan (ICICI Bank)

27-Nov-20

NA

27-Nov-35

1000

Simple

CRISIL AAA/Stable

NA

Term Loan (ICICI Bank)

22-Dec-20

NA

22-Dec-35

1050

Simple

CRISIL AAA/Stable

NA

Term Loan (ICICI Bank)

15-Feb-21

NA

15-Feb-36

1700

Simple

CRISIL AAA/Stable

NA

Term Loan (ICICI Bank)

25-Feb-21

NA

25-Feb-36

1250

Simple

CRISIL AAA/Stable

NA

Term Loan (ICICI Bank)

27-Nov-20

NA

27-Nov-35

1000

Simple

CRISIL AAA/Stable

NA

Term Loan (ICICI Bank)

15-Feb-21

NA

15-Feb-36

4000

Simple

CRISIL AAA/Stable

NA

Term Loan (ICICI Bank)

15-Mar-21

NA

15-Mar-36

2579

Simple

CRISIL AAA/Stable

NA

Term Loan (ICICI Bank)

16-Mar-21

NA

16-Mar-36

921

Simple

CRISIL AAA/Stable

NA

Term Loan (Punjab National Bank)

17-Feb-20

NA

17-Feb-30

2,100.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Punjab National Bank)

17-Feb-20

NA

17-Feb-30

1,392.85

Simple

CRISIL AAA/Stable

NA

Term Loan (Punjab National Bank)

30-Mar-20

NA

30-Mar-30

700

Simple

CRISIL AAA/Stable

NA

Term Loan (Punjab National Bank)

30-Sep-20

NA

30-Sep-35

2,500.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Punjab National Bank)

31-Dec-20

NA

31-Dec-35

3,000.00

Simple

CRISIL AAA/Stable

NA

Term Loan (Punjab National Bank)

30-Jun-21

NA

30-Jun-36

750

Simple

CRISIL AAA/Stable

NA

Term Loan (Punjab National Bank)

31-Mar-22

NA

31-Mar-37

800

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (RBL Bank)

NA

NA

NA

800

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (ICICI Bank)

NA

NA

NA

1005

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (IDBI Bank)

NA

NA

NA

500

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (Karnataka Bank Ltd.)

NA

NA

NA

750

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (HDFC Bank)

NA

NA

NA

5100

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (UNION BANK)

NA

NA

NA

2350

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (YES Bank)

NA

NA

NA

900

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (Indusind Bank)

NA

NA

NA

800

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (IDFC FIRST BANK)

NA

NA

NA

500

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (State Bank of India)

NA

NA

NA

3000

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (Indian Bank)

NA

NA

NA

500

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (Axis Bank)

NA

NA

NA

1500

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (South Indian Bank)

NA

NA

NA

250

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (Nainital Bank)

NA

NA

NA

100

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (Punjab National Bank)

NA

NA

NA

500

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (IOB)

NA

NA

NA

551

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Aflac Life Insurance Japan Ltd.)&-

10-Mar-11

NA

09-Mar-26

750

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Aflac Life Insurance Japan Ltd.)&-

30-Mar-11

NA

29-Mar-26

187.5

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Aozora APF (Ireland ) Limited)&-

28-Mar-18

NA

27-Mar-28

187.5

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Mizuho Bank, Ltd., Singapore Branch)&-

28-Mar-18

NA

27-Mar-28

573.81

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (MUFG Bank, Ltd. Singapore Branch)&-

28-Mar-18

NA

27-Mar-28

73.81

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Shinsei Bank, Limited)&-

28-Mar-18

NA

27-Mar-28

187.5

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Sumitomo Mitsui Banking Corporation Singapore Branch)&-

28-Mar-18

NA

27-Mar-28

129.34

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Chugoku Bank, Ltd.)&-

28-Mar-18

NA

27-Mar-28

125

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Norinchukin Bank, Singapore Branch)&-

28-Mar-18

NA

27-Mar-28

312.5

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The San-In Godo Bank,Ltd.Tokyo Branch)&-

28-Mar-18

NA

27-Mar-28

50

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Bank of India, Tokyo Branch)&-

04-Jun-19

NA

03-Jun-26

168.75

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Kreditanstalt für Wiederaufbau (KfW IPEX-Bank)&-

04-Jun-19

NA

03-Jun-26

342.75

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Mizuho Bank, Ltd., Singapore Branch)&-

04-Jun-19

NA

03-Jun-26

114.75

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (MUFG Bank, Ltd. Singapore Branch)&-

04-Jun-19

NA

03-Jun-26

114.75

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Sumitomo Mitsui Banking Corporation Singapore Branch)&-

04-Jun-19

NA

03-Jun-26

187.5

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Hachijuni Bank, Ltd., Japan )&-

04-Jun-19

NA

03-Jun-26

125

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Hokkoku Bank, Ltd., Japan)&-

04-Jun-19

NA

03-Jun-26

31.25

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Hyakugo Bank, Ltd., Japan )&-

04-Jun-19

NA

03-Jun-26

125

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Joyo Bank, Ltd., Japan )&-

04-Jun-19

NA

03-Jun-26

62.5

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Nanto Bank, Ltd., Japan)&-

04-Jun-19

NA

03-Jun-26

62.5

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Norinchukin Bank, Singapore Branch)&-

04-Jun-19

NA

03-Jun-26

625

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Shiga Bank, Ltd., Japan)&-

04-Jun-19

NA

03-Jun-26

62.5

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Shikoku Bank, Ltd. Financial Markets & International Division Tokyo Office)&-

04-Jun-19

NA

03-Jun-26

31.25

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Bahrain)&+

26-Mar-20

NA

26-Mar-30

1238.55

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Hong Kong Branch)&+

26-Mar-20

NA

26-Mar-30

1238.55

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Kreditanstalt für Wiederaufbau (KfW IPEX-Bank))&-

31-Mar-20

NA

29-Mar-30

691.44

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Tokyo Branch)&-

31-Mar-20

NA

29-Mar-30

864.3

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Sumitomo Mitsui Banking Corporation Singapore Branch)&-

31-Mar-20

NA

29-Mar-30

518.58

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Indian Overseas Bank, SNG)&+

10-Mar-21

NA

10-Mar-31

330.28

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Bahrain)&+

10-Mar-21

NA

10-Mar-31

1238.55

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Singapore)&+

10-Mar-21

NA

10-Mar-31

495.42

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, London)&+

10-Mar-21

NA

10-Mar-31

1651.4

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, New York)&+

10-Mar-21

NA

10-Mar-31

2064.25

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Chicago)&+

10-Mar-21

NA

10-Mar-31

412.85

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Hong Kong Branch)&+

10-Mar-21

NA

10-Mar-31

2064.25

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (State Bank of India, Hong Kong Branch)&+

24 & 25-03-2021

NA

24-Mar-28

16514

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Kreditanstalt für Wiederaufbau (KfW IPEX-Bank))&-

31-Mar-21

NA

30-Mar-31

1021.17

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Sumitomo Mitsui Banking Corporation Singapore Branch)&-

31-Mar-21

NA

30-Mar-31

1191.37

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Aozora APF (Ireland ) Limited)&-

24-Mar-22

NA

23-Mar-29

312.5

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Bank of China Ltd. Singapore Branch)&-

24-Mar-22

NA

23-Mar-29

816.73

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Bank of Taiwan, Tokyo Branch)&-

24-Mar-22

NA

23-Mar-29

125

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Chang Hwa Commercial Bank Ltd. Tokyo Branch)&-

24-Mar-22

NA

23-Mar-29

187.5

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Land Bank of Taiwan, Department of Business)&-

24-Mar-22

NA

23-Mar-29

125

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Mizuho Bank, Ltd., Singapore Branch)&-

24-Mar-22

NA

23-Mar-29

371.14

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (NTT TC Leasing Co. Ltd.)&-

24-Mar-22

NA

23-Mar-32

250

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Taiwan Cooperative Bank, Offshore Banking Branch)&-

24-Mar-22

NA

23-Mar-29

187.5

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Gunma Bank Ltd.)&-

24-Mar-22

NA

23-Mar-29

62.5

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Hachijuni Bank, Ltd., Japan )&-

24-Mar-22

NA

23-Mar-29

62.5

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Norinchukin Bank, Singapore Branch)&-

24-Mar-22

NA

23-Mar-29

312.5

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Shiga Bank, Ltd., Japan)&-

24-Mar-22

NA

23-Mar-29

62.5

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Shizuoka Bank, Limited . Singapore Branch)&-

24-Mar-22

NA

23-Mar-29

93.75

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Bank of Taiwan, Tokyo Branch)&-

24-Mar-22

NA

23-Mar-29

250

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Mizuho Bank, Ltd., Singapore Branch)&-

24-Mar-22

NA

23-Mar-32

1298.99

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (MUFG Bank, Ltd. Singapore Branch)&-

24-Mar-22

NA

23-Mar-32

1111.49

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Sumitomo Mitsui Banking Corporation Singapore Branch)&-

24-Mar-22

NA

23-Mar-32

2222.98

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (Taiwan Business Bank Ltd. Tokyo Branch)&-

24-Mar-22

NA

23-Mar-32

125

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Bank of Yokohama Ltd. Singapore Branch)&-

24-Mar-22

NA

23-Mar-32

187.5

Simple

CRISIL AAA/Stable

NA

Non Convertible Debentures^

NA

NA

NA

28276

Simple

CRISIL AAA/Stable

NA

Long term borrowing program^

NA

NA

NA

1,19,095.31

Simple

CRISIL AAA/Stable

NA

Short Term Debt@

NA

NA

7-365 days

15000

Simple

CRISIL A1+

^Not yet issued

&Equivalent INR (Rs crore) outstanding foreign currency denominated term loans as on March 31, 2023

+Exchange rate as on March 31, 2023: 1 USD = INR 82.57

-Exchange rate as on March 31, 2023: 1 JPY = INR 0.625

$Part of long term borrowing programme for fiscal 2021

%Part of long term borrowing programme for fiscal 2022

#Part of long term borrowing programme for fiscal 2023

@Total short-term bank borrowings and borrowings under the rated short-term debt programme not to exceed Rs 15000 crore at any point in time

 

Annexure - Details of Ratings Withdrawn

ISIN

Name of Instrument

Date of Allotment

Coupon

Rate (%)

Maturity

Date

Issue Size (Rs. Cr)

Complexity levels

Rating assigned

with outlook

INE053F09GM5

Bonds

27-Apr-09

8.2

27-Apr-23

60

Simple

Withdrawn

INE053F07918

Bonds

30-Jun-16

7.65

30-Jul-19

1000

Simple

Withdrawn

INE053F07AM2

Bonds

30-Apr-18

5.75

30-Apr-23

1000

Simple

Withdrawn

INE053F07AN0

Bonds

31-May-18

5.75

31-May-23

8.358

Simple

Withdrawn

INE053F07CU1

Bonds$

5-Feb-21

5.04

5-May-23

3000

Simple

Withdrawn

 

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
Bond LT 15515.0 CRISIL AAA/Stable 04-05-23 CRISIL AAA/Stable 04-05-22 CRISIL AAA/Stable 17-05-21 CRISIL AAA/Stable 21-04-20 CRISIL AAA/Stable CRISIL AAA/Stable
      --   --   -- 05-02-21 CRISIL AAA/Stable   -- --
Long-Term Borrowing Programme LT 453998.38 CRISIL AAA/Stable 04-05-23 CRISIL AAA/Stable 04-05-22 CRISIL AAA/Stable 17-05-21 CRISIL AAA/Stable 21-04-20 CRISIL AAA/Stable CRISIL AAA/Stable
      --   --   -- 05-02-21 CRISIL AAA/Stable   -- --
Non Convertible Debentures LT 58984.0 CRISIL AAA/Stable 04-05-23 CRISIL AAA/Stable 04-05-22 CRISIL AAA/Stable 17-05-21 CRISIL AAA/Stable 21-04-20 CRISIL AAA/Stable CRISIL AAA/Stable
      --   --   -- 05-02-21 CRISIL AAA/Stable   -- --
Short Term Debt ST 15000.0 CRISIL A1+ 04-05-23 CRISIL A1+ 04-05-22 CRISIL A1+ 17-05-21 CRISIL A1+ 21-04-20 CRISIL A1+ CRISIL A1+
      --   --   -- 05-02-21 CRISIL A1+   -- --
All amounts are in Rs.Cr.

Annexure – Details of Bank Lenders/Facilities^

Facility

Amount

Name of Lender

Ratings

Working Capital Demand Loan

800

RBL Bank

CRISIL AAA/Stable

Working Capital Demand Loan

1005

ICICI Bank

CRISIL AAA/Stable

Working Capital Demand Loan

500

IDBI Bank

CRISIL AAA/Stable

Working Capital Demand Loan

750

Karnataka Bank Ltd.

CRISIL AAA/Stable

Working Capital Demand Loan

5100

HDFC Bank

CRISIL AAA/Stable

Working Capital Demand Loan

2350

UNION BANK

CRISIL AAA/Stable

Working Capital Demand Loan

900

YES Bank

CRISIL AAA/Stable

Working Capital Demand Loan

800

Indusind Bank

CRISIL AAA/Stable

Working Capital Demand Loan

500

IDFC FIRST BANK

CRISIL AAA/Stable

Working Capital Demand Loan

3000

State Bank of India

CRISIL AAA/Stable

Working Capital Demand Loan

500

Indian Bank

CRISIL AAA/Stable

Working Capital Demand Loan

1500

Axis Bank

CRISIL AAA/Stable

Working Capital Demand Loan

250

South Indian Bank

CRISIL AAA/Stable

Working Capital Demand Loan

100

Nainital Bank

CRISIL AAA/Stable

Working Capital Demand Loan

500

Punjab National Bank

CRISIL AAA/Stable

Working Capital Demand Loan

551

Indian Overseas Bank

CRISIL AAA/Stable

Term Loan

2000

Axis Bank

CRISIL AAA/Stable

Term Loan

16,200

Bank of Baroda

CRISIL AAA/Stable

Term Loan

3,900

Bank of India

CRISIL AAA/Stable

Term Loan

11,700

Canara Bank

CRISIL AAA/Stable

Term Loan

2,000

Central Bank of India

CRISIL AAA/Stable

Term Loan

4,000

Deutsche Bank

CRISIL AAA/Stable

Term Loan

24,720

HDFC Bank

CRISIL AAA/Stable

Term Loan

21,500

ICICI Bank

CRISIL AAA/Stable

Term Loan

3,500

IIFCL

CRISIL AAA/Stable

Term Loan

2,000

Indian Overseas Bank

CRISIL AAA/Stable

Term Loan

1,250

J&K Bank

CRISIL AAA/Stable

Term Loan

4,000

NaBFID

CRISIL AAA/Stable

Term Loan

1,000

Punjab & Sind Bank

CRISIL AAA/Stable

Term Loan

11,242.85

Punjab National Bank

CRISIL AAA/Stable

Term Loan

250

South Indian Bank

CRISIL AAA/Stable

Term Loan

14,081.80

State Bank of India

CRISIL AAA/Stable

Term Loan

2,000

UCO Bank

CRISIL AAA/Stable

Term Loan

9,700

Union Bank of India

CRISIL AAA/Stable

Foreign Currency Term Loan*#

750

Aflac Life Insurance Japan Ltd.

CRISIL AAA/Stable

Foreign Currency Term Loan*#

187.5

Aflac Life Insurance Japan Ltd.

CRISIL AAA/Stable

Foreign Currency Term Loan*#

187.5

Aozora APF (Ireland ) Limited

CRISIL AAA/Stable

Foreign Currency Term Loan*#

573.81

Mizuho Bank, Ltd., Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

73.81

MUFG Bank, Ltd. Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

187.5

Shinsei Bank, Limited

CRISIL AAA/Stable

Foreign Currency Term Loan*#

129.34

Sumitomo Mitsui Banking Corporation Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

125

The Chugoku Bank, Ltd.

CRISIL AAA/Stable

Foreign Currency Term Loan*#

312.5

The Norinchukin Bank, Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

50

The San-In Godo Bank,Ltd.Tokyo Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

168.75

Bank of India, Tokyo Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

342.75

Kreditanstalt für Wiederaufbau (KfW IPEX-Bank)

CRISIL AAA/Stable

Foreign Currency Term Loan*#

114.75

Mizuho Bank, Ltd., Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

114.75

MUFG Bank, Ltd. Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

187.5

Sumitomo Mitsui Banking Corporation Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

125

The Hachijuni Bank, Ltd., Japan

CRISIL AAA/Stable

Foreign Currency Term Loan*#

31.25

The Hokkoku Bank, Ltd., Japan

CRISIL AAA/Stable

Foreign Currency Term Loan*#

125

The Hyakugo Bank, Ltd., Japan

CRISIL AAA/Stable

Foreign Currency Term Loan*#

62.5

The Joyo Bank, Ltd., Japan

CRISIL AAA/Stable

Foreign Currency Term Loan*#

62.5

The Nanto Bank, Ltd., Japan

CRISIL AAA/Stable

Foreign Currency Term Loan*#

625

The Norinchukin Bank, Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

62.5

The Shiga Bank, Ltd., Japan

CRISIL AAA/Stable

Foreign Currency Term Loan*#

31.25

The Shikoku Bank, Ltd. Financial Markets & International Division Tokyo Office

CRISIL AAA/Stable

Foreign Currency Term Loan$#

1238.55

State Bank of India, Bahrain

CRISIL AAA/Stable

Foreign Currency Term Loan$#

1238.55

State Bank of India, Hong Kong Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

691.44

Kreditanstalt für Wiederaufbau (KfW IPEX-Bank)

CRISIL AAA/Stable

Foreign Currency Term Loan*#

864.3

State Bank of India, Tokyo Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

518.58

Sumitomo Mitsui Banking Corporation Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan$#

330.28

Indian Overseas Bank, SNG

CRISIL AAA/Stable

Foreign Currency Term Loan$#

1238.55

State Bank of India, Bahrain

CRISIL AAA/Stable

Foreign Currency Term Loan$#

495.42

State Bank of India, Singapore

CRISIL AAA/Stable

Foreign Currency Term Loan$#

1651.4

State Bank of India, London

CRISIL AAA/Stable

Foreign Currency Term Loan$#

2064.25

State Bank of India, New York

CRISIL AAA/Stable

Foreign Currency Term Loan$#

412.85

State Bank of India, Chicago

CRISIL AAA/Stable

Foreign Currency Term Loan$#

2064.25

State Bank of India, Hong Kong Branch

CRISIL AAA/Stable

Foreign Currency Term Loan$#

16514

State Bank of India, Hong Kong Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

1021.17

Kreditanstalt für Wiederaufbau (KfW IPEX-Bank)

CRISIL AAA/Stable

Foreign Currency Term Loan*#

1191.37

Sumitomo Mitsui Banking Corporation Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

312.5

Aozora APF (Ireland ) Limited

CRISIL AAA/Stable

Foreign Currency Term Loan*#

816.73

Bank of China Ltd. Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

125

Bank of Taiwan, Tokyo Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

187.5

Chang Hwa Commercial Bank Ltd. Tokyo Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

125

Land Bank of Taiwan, Department of Business

CRISIL AAA/Stable

Foreign Currency Term Loan*#

371.14

Mizuho Bank, Ltd., Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

250

NTT TC Leasing Co. Ltd.

CRISIL AAA/Stable

Foreign Currency Term Loan*#

187.5

Taiwan Cooperative Bank, Offshore Banking Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

62.5

The Gunma Bank Ltd.

CRISIL AAA/Stable

Foreign Currency Term Loan*#

62.5

The Hachijuni Bank, Ltd., Japan

CRISIL AAA/Stable

Foreign Currency Term Loan*#

312.5

The Norinchukin Bank, Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

62.5

The Shiga Bank, Ltd., Japan

CRISIL AAA/Stable

Foreign Currency Term Loan*#

93.75

The Shizuoka Bank, Limited . Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

250

Bank of Taiwan, Tokyo Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

1298.99

Mizuho Bank, Ltd., Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

1111.49

MUFG Bank, Ltd. Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

2222.98

Sumitomo Mitsui Banking Corporation Singapore Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

125

Taiwan Business Bank Ltd. Tokyo Branch

CRISIL AAA/Stable

Foreign Currency Term Loan*#

187.5

The Bank of Yokohama Ltd. Singapore Branch

CRISIL AAA/Stable

^Bank Lenders are part of Borrowing program of company.

#Equivalent INR (Rs crore) outstanding foreign currency denominated term loans as on March 31, 2023

$ Exchange rate as on March 31, 2023: 1 USD = INR 82.57

* Exchange rate as on March 31, 2023: 1 JPY = INR 0.625

Criteria Details
Links to related criteria
Rating Criteria for Banks and Financial Institutions
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Entities Based on Government Support

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