Rating Rationale
October 20, 2023 | Mumbai
Larsen and Toubro Limited
'CRISIL AAA/Stable' assigned to non-convertible debentures
 
Rating Action
Total Bank Loan Facilities RatedRs.121500 Crore
Long Term RatingCRISIL AAA/Stable (Reaffirmed)
 
Rs.1500 Crore Non Convertible DebenturesCRISIL AAA/Stable (Assigned)
Fixed DepositsCRISIL AAA/Stable (Reaffirmed)
Rs.3500 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.1331 Crore Non Convertible DebenturesCRISIL AAA/Stable (Withdrawn)
Rs.2000 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.4400 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.1350 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.13500 Crore Commercial PaperCRISIL A1+ (Reaffirmed)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has assigned its ‘CRISIL AAA/Stable’ rating to Rs 1,500 crore proposed non-convertible debentures (NCDs) of Larsen and Toubro Limited (L&T; part of the L&T group) and has reaffirmed its ‘CRISIL AAA/Stable/CRISIL A1+’ ratings on the bank facilities and existing debt instruments of the company. Also, CRISIL Ratings has withdrawn the rating on non-convertible debentures aggregating to Rs 1,331 crore upon redemption and on receipt of repayment confirmation from the debenture trustee (see ‘Annexure - Details of rating withdrawn'). The withdrawal is in line with CRISIL Ratings’ policy on withdrawal of ratings.

 

The ratings reflect the dominant position of the L&T group in the engineering, procurement and construction (EPC) market in India, its diversified presence, strong financial risk profile and robust financial flexibility. These strengths are partially offset by large working capital requirement in the EPC segment.

 

Consolidated revenue, excluding financial services, rose 36% on year to around Rs 44,862 crore in the first quarter of fiscal 2024, driven by strong execution growth in EPC business and resilient growth in the information technology and technology services (IT&TS) segments. Earnings before interest, tax, depreciation and amortization (EBITDA) margin, excluding financial services, remained healthy at 10.9%, driven by healthy growth in the EPC business, resulting in healthy operating leverage as well as sustained margins of the IT&TS segment.  As on June 30, 2023 the unexecuted order book stood at Rs 4.1 lakh crore coupled with healthy sector outlook which provides good prospects for the growth of L&T’s topline while sustaining its profitability.

 

For fiscal 2023, adjusted net debt to Ebitda ratio stood at 0.5 time, including capital allocation for the financial services business. Leverage measured in terms of net debt to EBITDA is expected to temporarily rise in fiscal 2024 owing to Rs 10,000 crore share buyback during September 2023. However, it is expected to return back to normal levels over the medium term driven by healthy cash accruals and divestments.

Analytical Approach

CRISIL Ratings has used a combination of full, proportionate and moderate consolidation of the L&T group companies. It has used the capital allocation method for the subsidiaries in the financial services business, by factoring in the capital required for maintaining their credit profile.

 

CRISIL Ratings has fully consolidated subsidiaries, including infrastructure holding companies - L&T Power Development Ltd (L&T PDL) and L&T Realty Developers Ltd (L&T Realty), because these entities form a core part of the business risk profile of L&T.

 

CRISIL Ratings has fully consolidated the special-purpose vehicle (SPV), L&T Metro Rail (Hyderabad) Ltd (LTMRHL; rated ‘CRISIL AAA(CE)/Stable/CRISIL A1+’), as L&T is providing guarantee for its debt instruments. Debt in the remaining infrastructure SPVs has not been consolidated as the debt is non-recourse to L&T. However, in line with the moderate consolidation approach, CRISIL Ratings has factored in support from L&T to fund any equity requirement, cost overruns and debt obligation in these SPVs.

 

CRISIL Ratings has proportionately consolidated two joint ventures (JVs) to the extent of the shareholding of L&T to reflect support required to the extent of its interests in these businesses.

 

CRISL Ratings continues to not consolidate Nabha Power Limited (NPL; rated ‘CRISIL AA/Stable/CRISIL A1+’) as the corporate guarantee extended by L&T cease to exist upon full drawdown from refinancing tied-up with PFC Ltd. Further, the company has been considered as a part of non-core assets by L&T and the parent has publicly articulated its intent to divest the asset.

 

To arrive at the adjusted net debt, surplus cash (cash exceeding Rs 5,500 crore which is assumed as minimum operational cash) has been reduced.

 

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:

  • Dominant position in the domestic EPC segment and diversified revenue profile: The L&T group’s dominance in the domestic EPC segment is supported by its track record of more than seven decades, ability to cater to several sectors and strong brand. The business spans a spectrum of projects, ranging from complex turnkey EPC projects to simple construction activities. In-house design, engineering and fabrication capabilities for critical equipment and systems give a strong competitive advantage. Strong competencies across segments and sectors along with a track record of completing projects as per specifications have led to a robust brand image in India and overseas.

 

As of June 2023, the group had orders of Rs 4.1 lakh crore, led by the infrastructure segment (73%), energy segment (18%), the hi-tech manufacturing (6%) and the rest from other segments. International orders accounted for 29% of the order book with bulk of the orders from the Middle East. These should provide strong revenue visibility of over three years.

 

The group enjoys strong diversity supported by increasing revenue contribution of the service-oriented businesses―IT&TS and financial services, which accounted for around 29% of consolidated revenue in fiscal 2023.

 

CRISIL Ratings believes the L&T group will maintain its dominant position in the EPC market in India by judiciously bidding for projects across infrastructure, defense, solar, energy storage and water treatment sectors.

 

  • Healthy capital structure and robust financial flexibility: The group has a conservative financial policy, as reflecting in adjusted net debt to Ebitda ratio of 0.5 time as on March 31, 2023 including capital allocation for the finance subsidiary driven by strong cash accrual built up through core business. Leverage measured in terms of net debt to EBITDA is expected to temporarily rise in fiscal 2024 owing to Rs 10,000 crore share buyback during September 2023. However, it is expected to return back to normal levels over the medium term driven by healthy cash accruals and divestments.

 

The financial flexibility is supported by the group’s ability to raise funds at competitive rates as well as robust cash and equivalent of more than Rs 23,700 crore (CRISIL adjusted) as of March 2023. It is also bolstered by significant market value of the listed investments in the IT&TS and financial services companies. CRISIL Ratings expects the capital structure, debt protection metrics and financial flexibility to remain strong.

 

  • Healthy share of the high-margin IT&TS segment: Share of the IT&TS segment in the revenue and operating profitability stands around 22% and 38%, respectively on consolidated basis during fiscal 2023. The IT&TS segment is a high-margin business and lesser working capital intensive than the EPC segment, resulting in higher return on capital employed (adjusted RoCE). Consolidated adjusted RoCE has been above 15% over the past five years ending fiscal 2023. CRISIL Ratings expects the RoCE to remain strong with better profitability.

 

Weaknesses:

  • Large working capital requirement: Gross current assets (GCAs) net of cash were large at around 265 days as on March 31, 2023. The group manages working capital efficiently through customer advances and payables. Order book is well diversified across sector and geographies which mitigates the credit risk. The rising revenue share of IT&TS has also helped contain the working capital requirement with standalone GCAs being higher.

 

Given the intent of the management to judiciously bid for projects with lower working capital requirement and its efforts to reduce receivables and inventory, GCAs are expected to decline and will be a key monitorable over the medium term.

 

  • Significant capital employed in low-return developmental projects: Substantial capital is employed in the developmental projects under LTMRHL. The operations of LTMRHL, which commissioned around six years ago with significant time and cost overruns, was adversely impacted by the lockdowns due to the Covid-19 pandemic. As a result, daily traffic had declined sharply to less than 2 lakh commuters. Gradual recovery in traffic to over 5 lakh commuters per day was reached in July 2023.

Liquidity: Superior

L&T has robust liquidity, driven by cash and equivalent of around Rs 23,700 crore (CRISIL adjusted) as of March 2023. Expected net cash accrual of more than Rs 10,000 crore in fiscals 2024 and 2025, should suffice to cover the incremental working capital, capital expenditure, scheduled debt obligation as well as support towards its subsidiaries, including LTMRHL.

 

ESG profile

The EPC sector has a significant environment and social impact given its nature of operations with higher emissions, waste generation and water consumption affecting local community and increasing possibility of health hazards.

 

However, CRISIL Ratings believes that L&T’s environment, social, and governance (ESG) profile supports its already strong credit risk profile. The company is taking a slew of initiatives towards environmental and social causes, some of which are highlighted below.

 

Key ESG Highlights of L&T:

  • L&T has committed to Water and Carbon Neutrality by 2035 and 2040, respectively.
  • Portfolio of green businesses, which includes solar, water, green hydrogen and some other
    renewable projects, is growing steadily and presently constitutes about 37% of the total revenue.
  • In fiscal 2023, the company spent Rs 29 crore on activities on environmental measures.
  • During fiscal 2023, the company’s Lost Time Injury Frequency rate (LTIFR) stood at 0.06.
  • The governance structure of L&T is characterized by 44% of its board comprising independent
    directors, split between the chairman and CEO positions, a dedicated investor grievance
    redressal system and extensive disclosures.

 

There is growing importance of ESG among investors and lenders. L&T’s commitment to ESG will play a key role in enhancing stakeholder confidence, given the high shareholding by foreign portfolio investors and access to both domestic and foreign capital markets.

Outlook: Stable

CRISIL Ratings believes L&T will maintain its leadership position in the EPC segment in India and is positioned to benefit from the infrastructure spending in India over the medium term. Its profitability is expected to be stable, supported by the increasing contribution of the IT business.

Rating Sensitivity factors

Downward factors

  • Significant stretch in the working capital cycle on a sustained basis
  • Significant decline in ROCE below 14% on a sustained basis

About the Company

Set up in 1938 by Mr HH Larsen and Mr SK Toubro, L&T was incorporated in 1946 and reconstituted as a public limited company in 1950. It is one of Asia’s largest vertically integrated EPC conglomerates, with a strong market position across segments such as infrastructure, power, hydrocarbons, heavy engineering, defense engineering, electrical and automation, IT, IT&TS, metallurgical and material handling, and machinery and industrial products. L&T undertakes infrastructure development projects (roads, metro rail, power and transmission lines) through its SPVs:  L&T PDL and LTMRHL.

Key Financial Indicators L&T (standalone; CRISIL Ratings adjusted)

Particulars (As on year ended 31st March)

Unit

2023

2022

Revenue

Rs crore

1,11,127

1,01,204

Profit after tax (PAT)

Rs crore

7,849

7,880

PAT margin

%

7.1

7.8

Adjusted debt / Adjusted networth

Times

0.25

0.30

Interest coverage

Times

3.94

4.63

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

Type of instrument

Date of allotment

Coupon 
rate (%)

Maturity
date

Issue size

(Rs crore)

Complexity level

Rating assigned
with outlook

INE018A08BF6 NCDs 23-Apr-20 8% 23-Apr-30 1800 Simple CRISIL AAA/Stable

INE018A08BB5

NCDs

6-May-20

7.25%

06-May-24

1450

Simple

CRISIL AAA/Stable

INE018A08BA7

NCDs

28-Apr-20

7.7%

28-Apr-25

2500

Simple

CRISIL AAA/Stable

INE018A08BE9

NCDs

28-Mar-23

7.725%

28-Apr-28

2000

Simple

CRISIL AAA/Stable

INE018A08BG4

NCDs

08-Jun-23

7.34%

09-Sep-24

1000

Simple

CRISIL AAA/Stable

INE018A08BH2

NCDs

08-Jun-23

7.33%

09-Dec-24

1500

Simple

CRISIL AAA/Stable

INE018A08BI0

NCDs

08-Jun-23

7.38%

10-Jun-24

1000

Simple

CRISIL AAA/Stable

NA

NCDs*

NA

NA

NA

1500

Simple

CRISIL AAA/Stable

NA

Commercial paper

NA

NA

7-365 days

13500

Simple

CRISIL A1+

NA

Fund-based facilities

NA

NA

NA

3684

NA

CRISIL AAA/Stable

NA

Proposed Fund-based facilities

NA

NA

NA

6316

NA

CRISIL AAA/Stable

NA

Fixed deposits

NA

NA

NA

0

Simple

CRISIL AAA/Stable

NA

Non-fund based facilities

NA

NA

NA

105256

NA

CRISIL AAA/Stable

NA

Proposed Non Fund Based Facility

NA

NA

NA

6244

NA

CRISIL AAA/Stable

                     

*Yet to be placed

 

Annexure - Details of Rating Withdrawn

ISIN

Type of instrument

Date of allotment

Coupon 
rate (%)

Maturity
date

Issue size

(Rs crore)

Complexity level

Rating assigned
with outlook

INE018A07763

NCDs

25-Oct-12

9.10%

25-Oct-23

260

Complex

Withdrawn

INE018A07771

NCDs

25-Oct-12

9.10%

25-Oct 24

260

Complex

Withdrawn

INE018A07789

NCDs

25-Oct-12

9.10%

25-Oct-25

260

Complex

Withdrawn

INE018A07797

NCDs

25-Oct-12

9.10%

25-Oct-26

260

Complex

Withdrawn

INE018A07805

NCDs

25-Oct-12

9.10%

25-Oct-27

291

Complex

Withdrawn

 

Annexure – List of entities consolidated

Name of the company

Extent of consolidation

Rationale for consolidation

L&T Metro Rail (Hyderabad) Ltd

Full

All these companies have significant managerial, operational and financial linkages and are collectively referred to as the L&T group.

Hi-Tech Rock Products & Aggregates Ltd

L&T Geostructure Pvt Ltd

L&T Infrastructure Engineering Ltd

Larsen & Toubro (East Asia) Sdn.Bhd

Larsen & Toubro (Oman) LLC

Larsen & Toubro (T&D) Sa (Proprietary) Ltd

L&T Hydrocarbon Saudi Company

L&T Modular Fabrication Yard LLC

L&T Sapura Offshore Pvt Ltd

L&T Sapura Shipping Pvt Ltd

Larsen & Toubro Electromech LLC

Larsen & Toubro Heavy Engineering LLC

Larsen & Toubro Kuwait Construction General Contracting Company Wll

Larsen Toubro Arabia LLC

L&T Special Steels And Heavy Forgings Pvt Ltd 

L&T Mbda Missile Systems Pvt Ltd

L&T Construction Equipment Ltd

L&T Valves Ltd

L&T Valves Arabia Manufacturing LLC

L&T Valves Usa LLC

LTIMindtree Ltd

Cuelogic Technologies Inc.

Cuelogic Technologies Pvt Ltd

L&T Information Technology Services (Shanghai) Co. Ltd.

L&T Information Technology Spain S.L.

LTIMindtree Financial Services Technologies Inc

LTIMindtree S.De.Rl.De.Cv

LTIMindtree Canada Ltd

LTIMindtree Gmbh

LTIMindtree LLC

LTIMindtree Norge As

LTIMindtree South Africa (Pty) Ltd

LTIMindtree Infotech Uk Ltd

LTIMindtree Middle East Fz-Llc

Lymbyc Solutions Inc

Lymbyc Solutions Pvt Ltd

Nielsen + Partner Unternehmensberater Gmbh

Nielsen + Partner Unternhmensberater Ag

Nielsen&Partner Company Ltd

Nielsen&Partner Pty. Ltd

Nielsen+Partner Pte. Ltd

Powerupcloud Technologies Pvt Ltd

Ruletronics Systems Inc.

Ruletronics Ltd, Uk

Syncordis France Sarl

Syncordis Ltd

Syncordis Psf S.A.

Syncordis S.A

L&T Technology Services Ltd

Esencia Technologies India Pvt Ltd

Graphene Semiconductors Services Pvt Ltd

L&T Technology Services Pte Ltd

Graphene Solutions Sdn.Bhd

Graphene Solutions Taiwan Ltd

L&T Technology Services (Canada) Ltd

L&T Technology Services (Shanghai) Co. Ltd

L&T Technology Services LLC

L&T Thales Technology Services Pvt Ltd

Orchestra Technology Inc.

Seastar Labs Pvt Ltdd

Mindtree Ltd

Bluefin Solutions Sdn.Bhd.

Mindtree Software (Shanghai) Co. Ltd.

Larsen & Toubro Llc

L&T - Sargent & Lundy Ltd

Larsen & Toubro Qatar Llc @

L&T Parel Project Pvt Ltd

L&T Howden Pvt Ltd

Bhilai Power Supply Company Ltd

L&T Aviation Services Pvt Ltd

Kesun Iron And Steel Company Pvt Ltd #

L&T Hydrocarbon Caspian Llc

Larsen And Toubro Saudi Arabia Llc

Pt. Larsen & Toubro Hydrocarbon Engineering Indonesia

L&T Capital Company Ltd

L&T Global Holdings Ltd

L&T Energy Green Tech Ltd

Larsen & Toubro International Fze

Raykal Aluminium Company Pvt Ltd

L&T Realty Developers Ltd

Chennai Vision Developers Pvt Ltd

Think Tower Developers Pvt Ltd

L&T Innovation Campus (Chennai) Ltd

L&T Seawoods Ltd

L&T Power Development Ltd

L&T Network Services Pvt Ltd

L&T Energy Hydrocarbon Engineering Ltd (Formerly known as L&T - Chiyoda Ltd)

L&T Infra Investment Partners

L&T Asian Realty Project LLP

L&T Westend Project LLP

Prime Techpark (Chennai) Pvt Ltd

PT Larsen and Toubro

Indiran Engineering Projects and Systems Kish PJSC

L&T - Mhi Power Boilers Pvt Ltd

Proportionate

L&T - Mhi Power Turbine Generators Pvt Ltd

L&T Arunachal Hydropower Ltd

Moderate

L&T Himachal Hydropower Ltd

L&T Infrastructure Development Projects Ltd

Ahmedabad - Maliya Tollway Ltd

L&T Deccan Tollways Ltd

L&T Interstate Road Corridor Ltd

L&T Rajkot-Vadinar Tollway Ltd

L&T Samakhiali Gandhidham Tollway Ltd

L&T Sambalpur Rourkela Tollway Ltd

L&T Transportation Infrastructure Ltd

L&T-Chennai Tada Tollway Ltd

Panipat Elevated Corridor Ltd

Png Tollway Ltd

Vadodara Bharuch Tollway Ltd

Watrak Infrastructure Pvt Ltd

Lt Idpl Indvit Services Ltd

Rewin Infrastructure Limited

L&T Infrastructure Engineering Limited and LEA Associates South Asia Private Limited JV LLP

L&T Finance Holdings Ltd

Capital allocation

L&T Finance Ltd 

L&T Financial Consultants Ltd

L&T Infra Credit Ltd

L&T Infra Investment Partners Advisory Pvt Ltd

L&T Infra Investment Partners Trustee Pvt Ltd

L&T Investment Management Ltd

L&T Mutual Fund Trustee Ltd

Mudit Cement Ltd

 

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 10000.0 CRISIL AAA/Stable 29-09-23 CRISIL AAA/Stable 02-11-22 CRISIL AAA/Stable 07-12-21 CRISIL AAA/Stable 23-10-20 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 02-06-23 CRISIL AAA/Stable 10-10-22 CRISIL AAA/Stable 25-06-21 CRISIL AAA/Stable 25-08-20 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 04-05-23 CRISIL AAA/Stable 23-06-22 CRISIL AAA/Stable   -- 22-04-20 CRISIL AAA/Stable --
      -- 21-03-23 CRISIL AAA/Stable   --   -- 15-04-20 CRISIL AAA/Stable --
      -- 23-02-23 CRISIL AAA/Stable   --   -- 20-01-20 CRISIL AAA/Stable --
Non-Fund Based Facilities LT 111500.0 CRISIL AAA/Stable 29-09-23 CRISIL AAA/Stable 02-11-22 CRISIL AAA/Stable 07-12-21 CRISIL AAA/Stable 23-10-20 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 02-06-23 CRISIL AAA/Stable 10-10-22 CRISIL AAA/Stable 25-06-21 CRISIL AAA/Stable 25-08-20 CRISIL AAA/Stable --
      -- 04-05-23 CRISIL AAA/Stable 23-06-22 CRISIL AAA/Stable   -- 22-04-20 CRISIL AAA/Stable --
      -- 21-03-23 CRISIL AAA/Stable   --   -- 15-04-20 CRISIL AAA/Stable --
      -- 23-02-23 CRISIL AAA/Stable   --   -- 20-01-20 CRISIL AAA/Stable --
Commercial Paper ST 13500.0 CRISIL A1+ 29-09-23 CRISIL A1+ 02-11-22 CRISIL A1+ 07-12-21 CRISIL A1+ 23-10-20 CRISIL A1+ CRISIL A1+
      -- 02-06-23 CRISIL A1+ 10-10-22 CRISIL A1+ 25-06-21 CRISIL A1+ 25-08-20 CRISIL A1+ --
      -- 04-05-23 CRISIL A1+ 23-06-22 CRISIL A1+   -- 22-04-20 CRISIL A1+ --
      -- 21-03-23 CRISIL A1+   --   -- 15-04-20 CRISIL A1+ --
      -- 23-02-23 CRISIL A1+   --   -- 20-01-20 CRISIL A1+ --
Fixed Deposits LT 0.0 CRISIL AAA/Stable 29-09-23 CRISIL AAA/Stable 02-11-22 CRISIL AAA/Stable 07-12-21 F AAA/Stable 23-10-20 F AAA/Stable F AAA/Stable
      -- 02-06-23 CRISIL AAA/Stable 10-10-22 CRISIL AAA/Stable 25-06-21 F AAA/Stable 25-08-20 F AAA/Stable --
      -- 04-05-23 CRISIL AAA/Stable 23-06-22 CRISIL AAA/Stable   -- 22-04-20 F AAA/Stable --
      -- 21-03-23 CRISIL AAA/Stable   --   -- 15-04-20 F AAA/Stable --
      -- 23-02-23 CRISIL AAA/Stable   --   -- 20-01-20 F AAA/Stable --
Inflation-linked Capital-indexed Non-Convertible Debenture LT   -- 04-05-23 CRISIL AAA/Stable 02-11-22 CRISIL AAA/Stable 07-12-21 CRISIL AAA/Stable 23-10-20 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 21-03-23 CRISIL AAA/Stable 10-10-22 CRISIL AAA/Stable 25-06-21 CRISIL AAA/Stable 25-08-20 CRISIL AAA/Stable --
      -- 23-02-23 CRISIL AAA/Stable 23-06-22 CRISIL AAA/Stable   -- 22-04-20 CRISIL AAA/Stable --
      --   --   --   -- 15-04-20 CRISIL AAA/Stable --
      --   --   --   -- 20-01-20 CRISIL AAA/Stable --
Non Convertible Debentures LT 12750.0 CRISIL AAA/Stable 29-09-23 CRISIL AAA/Stable 02-11-22 CRISIL AAA/Stable 07-12-21 CRISIL AAA/Stable 23-10-20 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 02-06-23 CRISIL AAA/Stable 10-10-22 CRISIL AAA/Stable 25-06-21 CRISIL AAA/Stable 25-08-20 CRISIL AAA/Stable --
      -- 04-05-23 CRISIL AAA/Stable 23-06-22 CRISIL AAA/Stable   -- 22-04-20 CRISIL AAA/Stable --
      -- 21-03-23 CRISIL AAA/Stable   --   -- 15-04-20 CRISIL AAA/Stable --
      -- 23-02-23 CRISIL AAA/Stable   --   -- 20-01-20 CRISIL AAA/Stable --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Fund-Based Facilities 50 IDBI Bank Limited CRISIL AAA/Stable
Fund-Based Facilities 140 Standard Chartered Bank Limited CRISIL AAA/Stable
Fund-Based Facilities 200 HDFC Bank Limited CRISIL AAA/Stable
Fund-Based Facilities 1118 Citi Bank CRISIL AAA/Stable
Fund-Based Facilities 34 Hongkong & Shanghai Banking Co CRISIL AAA/Stable
Fund-Based Facilities 80 Canara Bank CRISIL AAA/Stable
Fund-Based Facilities 10 IndusInd Bank Limited CRISIL AAA/Stable
Fund-Based Facilities 40 Bank of Baroda CRISIL AAA/Stable
Fund-Based Facilities 100 Bank of India CRISIL AAA/Stable
Fund-Based Facilities 100 Union Bank of India CRISIL AAA/Stable
Fund-Based Facilities 50 The Federal Bank Limited CRISIL AAA/Stable
Fund-Based Facilities 500 State Bank of India CRISIL AAA/Stable
Fund-Based Facilities 20 Bank of America N.A. CRISIL AAA/Stable
Fund-Based Facilities 25 Credit Agricole S. A. CRISIL AAA/Stable
Fund-Based Facilities 163 DBS Bank Limited CRISIL AAA/Stable
Fund-Based Facilities 10 IDFC FIRST Bank Limited CRISIL AAA/Stable
Fund-Based Facilities 75 ICICI Bank Limited CRISIL AAA/Stable
Fund-Based Facilities 705 Axis Bank Limited CRISIL AAA/Stable
Fund-Based Facilities 30 BNP Paribas CRISIL AAA/Stable
Fund-Based Facilities 30 Kotak Mahindra Bank Limited CRISIL AAA/Stable
Fund-Based Facilities 100 Punjab National Bank CRISIL AAA/Stable
Fund-Based Facilities 47 JP Morgan Chase Bank N.A. CRISIL AAA/Stable
Fund-Based Facilities 57 Deutsche Bank CRISIL AAA/Stable
Non-Fund Based Limit 1970 Exim Bank CRISIL AAA/Stable
Non-Fund Based Limit 1100 The Federal Bank Limited CRISIL AAA/Stable
Non-Fund Based Limit 2000 IDFC FIRST Bank Limited CRISIL AAA/Stable
Non-Fund Based Limit 2390 IndusInd Bank Limited CRISIL AAA/Stable
Non-Fund Based Limit 2137 Canara Bank CRISIL AAA/Stable
Non-Fund Based Limit 500 Central Bank Of India CRISIL AAA/Stable
Non-Fund Based Limit 400 Credit Agricole S. A. CRISIL AAA/Stable
Non-Fund Based Limit 187 DBS Bank Limited CRISIL AAA/Stable
Non-Fund Based Limit 740 Punjab National Bank CRISIL AAA/Stable
Non-Fund Based Limit 13250 Axis Bank Limited CRISIL AAA/Stable
Non-Fund Based Limit 500 RBL Bank Limited CRISIL AAA/Stable
Non-Fund Based Limit 1000 Sumitomo Mitsui Banking Corporation CRISIL AAA/Stable
Non-Fund Based Limit 150 Societe Generale CRISIL AAA/Stable
Non-Fund Based Limit 2515 Union Bank of India CRISIL AAA/Stable
Non-Fund Based Limit 11800 HDFC Bank Limited CRISIL AAA/Stable
Non-Fund Based Limit 1400 Bank of India CRISIL AAA/Stable
Non-Fund Based Limit 70 Bank of America N.A. CRISIL AAA/Stable
Non-Fund Based Limit 3650 IDBI Bank Limited CRISIL AAA/Stable
Non-Fund Based Limit 70 BNP Paribas CRISIL AAA/Stable
Non-Fund Based Limit 621 Mizuho Bank Limited CRISIL AAA/Stable
Non-Fund Based Limit 3950 Hongkong & Shanghai Banking Co CRISIL AAA/Stable
Non-Fund Based Limit 1825 Standard Chartered Bank Limited CRISIL AAA/Stable
Non-Fund Based Limit 23300 State Bank of India CRISIL AAA/Stable
Non-Fund Based Limit 300 Indian Bank CRISIL AAA/Stable
Non-Fund Based Limit 5000 YES Bank Limited CRISIL AAA/Stable
Non-Fund Based Limit 3448 Bank of Baroda CRISIL AAA/Stable
Non-Fund Based Limit 14225 ICICI Bank Limited CRISIL AAA/Stable
Non-Fund Based Limit 1070 Citi Bank CRISIL AAA/Stable
Non-Fund Based Limit 2468 Deutsche Bank CRISIL AAA/Stable
Non-Fund Based Limit 3220 Kotak Mahindra Bank Limited CRISIL AAA/Stable
Proposed Fund-Based Bank Limits 6316 Not Applicable CRISIL AAA/Stable
Proposed Non Fund based limits 6244 Not Applicable CRISIL AAA/Stable
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 Construction Industry
Rating Criteria for Engineering Sector
CRISILs criteria for rating fixed deposit programmes
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