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| Rating Rationale |
| February 28, 2022 | Mumbai |
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Detailed Rationale
CRISIL Ratings has reaffirmed its 'CRISIL AAA/FAAA/Stable/CRISIL A1+' ratings on the debt instruments, bank facilities and fixed deposit programme of NTPC Ltd (NTPC). Also, CRISIL Ratings has withdrawn its rating on bonds worth Rs 1,119.50 crore (see annexure: details of rating withdrawn), in line with its withdrawal policy based on independent confirmation of redemption of these instruments and company’s request.
The ratings continue to reflect dominant position of NTPC in the power generation sector in India, strong business and financial risk profiles, and strategic importance to the Government of India (GoI). These strengths are partially offset by weak credit risk profiles of customers.
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Analytical Approach
CRISIL Ratings has combined the business and financial risk profiles of NTPC and its subsidiaries, associate companies and joint ventures, because of their strong operational and financial linkages.
The ratings factor in the expected support from GoI. CRISIL Ratings believes NTPC will, during exigencies, receive distress support from the government for timely servicing of debt, considering its strategic role in meeting nearly a quarter of India’s power generation, and given GoI’s 51.10% stake in the entity as on December 31, 2021.
Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.
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Key Rating Drivers & Detailed Description
Strengths:
- Dominant position in India's power generation sector
NTPC is India's largest power generation company, accounting for 17.22% of the overall installed capacity as on March 31, 2021 and 22.72% of the power generated in fiscal 2021. Consolidated installed capacity stood at 67.8 GW as of February 2021. With planned capacity addition of 12-13 GW in the next two fiscals, the company shall retain its dominant position in the power generation sector.
- Strong business risk profile
NTPC’s thermal capacities are fully backed by long-term power purchase agreements (PPAs). These PPAs are based on the classic two-part tariff structure of Central Electricity Regulatory Commission (CERC), which ensures complete recovery of fixed expenses, including debt servicing charges. It also provides for fixed return on equity, based on achievement of the normative plant availability factor (PAF) mandated by the regulator, which NTPC continues to maintain. For fiscal 2021, the coal and gas-based plants reported PAFs of 91.43% and 95.37%, respectively (against 89.67% and 93.75% in the previous fiscal), well above their respective normative levels. The PAF levels fell to 88.10% and 89.44% for coal and gas-based plants, respectively, during the first nine months of fiscal 2022, yet remained above their respective normative levels and are expected to remain stable going forward.
Plant load factors (PLFs) of coal-based power plants were impacted by the disruption caused by the Covid-19 pandemic and the subsequent lockdown during the first quarter of fiscal 2021, with PLF falling to 58.22% compared to 73.91% in the corresponding period of the previous fiscal. Thereafter, increase in power demand with easing of lockdown and pick-up in the economic activity resulted in PLFs rising to 66% in fiscal 2021 and 69% during the first nine months of fiscal 2022. Cash flow was unaffected despite fall in PLFs during the pandemic, because of the presence of cost-plus regulated tariff structure, leading to recovery of costs based on the achievement of normative availability.
- Healthy financial risk profile
Gearing is moderate while debt protection metrics are comfortable, and the liquidity is robust. Consolidated gearing increased slightly to 1.76 times as on March 31, 2021, from 1.56 times a year earlier owing to debt raised to fund capacity expansion. Though gearing is expected to increase further over the medium term (in line with yearly capital expenditure [capex] plan), it will remain comfortable as the funding mix will remain well within the stipulated norm of 70:30 (as prescribed by CERC). Liquidity is aided by consolidated cash and equivalent of about Rs 10,000 crore as on September 30, 2021. Though liquidity is expected to moderate due to ongoing capex, it is likely to remain healthy over the medium term.
- Strategic importance to GoI
NTPC has been accorded the Maharatna status. As part of its divestment plan, GoI has pared its shareholding in NTPC over the past several years. However, it remains the majority shareholder with 51.1% as on December 31, 2021. The government will continue to provide need-based financial support, through guarantees, for foreign currency borrowing. NTPC also remains strategically important to GoI as it accounts for nearly a fourth of the power generated in the country.
Weakness:
- Weak credit risk profile of customers
Customers (mostly state power utilities [SPUs]), have weak credit risk profiles; thus, timely collection of receivables is a key monitorable. However, collection efficiency of NTPC has been consistent at 98-100%. Hence, receivables were low at around 40 days over the five fiscals ended March 31, 2019. However, due to the pandemic and the ability of distribution companies (discoms) to pay generation companies on time being adversely impacted, receivables rose to 68 days as on March 31, 2020, which subsequently eased to 59 days as on March 31, 2021 with disbursement of funds to discoms under the Atma Nirbhar package. Receivables are expected to remain at 60 days in the near term, but collections are improving with easing of discoms’ liquidity through higher collection. The tripartite agreement between NTPC, state governments and the central government enables the company to recover its dues from defaulting SPUs, via the Reserve Bank of India’s (RBI’s) devolution to state governments.
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Liquidity: Superior
Expected cash accrual of over Rs 25,000 crore per fiscal over the medium term will comfortably cover yearly debt obligation of Rs 12,500-13,000 crore. Liquidity is also supported by cash balance of about Rs 10,000 crore as on September 30, 2021, and sufficient cushion in the bank limit (bank limit of Rs 3,000 crore was utilised 50% as on December 31, 2021). Liquidity is likely to remain robust over the medium term despite the ongoing capex.
Environment, social, and governance (ESG)profile
CRISIL Ratings believes that NTPC’s Environment, Social, and Governance (ESG) profile supports its already strong credit risk profile.
The power sector has a significant impact on the environment owing to higher emissions, water consumption and waste generation. This is because of generation of conventional power involves high dependance on natural resources mainly coal. The sector has social impact due to its nature of operations affecting local community and health hazards involved. NTPC is focused on mitigating its environmental and social risks.
Key ESG highlights
- NTPC has well-defined sustainability goals as per its Brighter Plan 2032 initiative. It has deployed strategies to reduce the carbon footprint. It aims for a 17% reduction in CO2 emissions/unit generated by 2032 on base of 2012.
- It aims to reduce SO2, NOX and particulate matter emissions by 79%, 50%, 61%, respectively by 2032 over base of 2012. It is in the process of installing flue gas desulphurisation systems across its entire thermal portfolio over the next three years.
- NTPC also plans to increase renewable capacity to 60 GW by 2032, forming 50% of its total capacity by then, compared to ~7.7% as on March 31, 2021.
- Further, it aims to reduce specific water consumption by 34% by 2032 over base of 2012. Till fiscal 2021 it has reduced specific water consumption by around 24% over 2012 levels, indicating its progress towards the target.
- Its loss time injury frequency rate of 0.11 in fiscal 2021, which is lower compared to peers, represents healthy employee safety and wellbeing standards. Gender diversity is an improvement area, with around 5% of its employee being women in fiscal 2021.
- The governance structure is characterised by 20% of its board comprising independent directors. However, there is no split in the chairman and CEO positions. It has a committee at the board level to address investor grievances and also put out extensive disclosures.
There is growing importance of ESG among investors and lenders. The commitment of NTPC to ESG principles will play a key role in enhancing stakeholder confidence, given its high share of market borrowing in its overall debt and access to both domestic and foreign capital markets.
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Outlook: Stable
CRISIL Ratings believes NTPC will continue to maintain its dominant position in India’s power generation sector, underscoring its strategic importance to GoI. The credit risk profile will remain healthy, supported by efficient operations, a regulated tariff structure and comfortable debt protection metrics.
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Rating Sensitivity factors
Downward factors
- Any change in the support philosophy of GoI, with its shareholding falling below 50%
- Significant weakening in the operating performance of power plants
- Delay in recovery of dues from customers
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About the Company
NTPC was incorporated in 1975. As on February 5, 2021, the company had installed power generation capacity of 67,832 megawatt (MW), including capacity owned by subsidiaries and joint ventures. The total capacity includes 53,364 MW of coal-based, 6,511 MW of gas-based and 3,757 MW of hydropower plants, with the balance comprising renewable energy. The company has been conferred Maharatna status by GoI, which had shareholding of 51.1% as on December 31, 2020.
For the nine months ended December 31, 2021, consolidated operating income was Rs 95,584 crore and profit after tax (PAT) was Rs 11,761 crore, against Rs 81,429 crore and Rs 10,320 crore, respectively, in the corresponding period of the previous fiscal.
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Key Financial Indicators – NTPC (consolidated; numbers adjusted by CRISIL Ratings)
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Particulars
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Unit
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2021
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2020
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Revenue
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Rs crore
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1,12,871
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1,10,482
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PAT
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Rs crore
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14,852
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11,783
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PAT margin
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%
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13.2
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10.7
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Adjusted debt/adjusted networth
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Times
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1.76
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1.74
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Interest coverage
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Times
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4.16
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4.31
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Any other information: Not applicable
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Note on complexity levels of the rated instrument:
CRISIL Ratings' complexity levels are assigned to various types of financial instruments. The CRISIL Ratings' complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL Ratings' complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments. |
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Annexure - Details of Instrument(s)
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ISIN
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Name of instrument
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Date of allotment
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Coupon rate (%)
|
Maturity
date
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Issue size
(Rs crore)
|
Complexity
level
|
Rating assigned
with outlook
|
|
NA
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Cash credit@@
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NA
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NA
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NA
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1,500.00
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NA
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CRISIL AAA/Stable
|
|
NA
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Long-term loan
|
NA
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NA
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Feb-31
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69,995.52
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NA
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CRISIL AAA/Stable
|
|
NA
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Bank guarantee^
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NA
|
NA
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NA
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3,492.00
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NA
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CRISIL A1+
|
|
NA
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Letter of credit
|
NA
|
NA
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NA
|
2,328.00
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NA
|
CRISIL A1+
|
|
NA
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Proposed cash credit limit
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NA
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NA
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NA
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19,680.00
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NA
|
CRISIL AAA/Stable
|
|
NA
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Proposed long-term bank loan facility
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NA
|
NA
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NA
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15,004.48
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NA
|
CRISIL AAA/Stable
|
|
NA
|
Commercial paper##
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NA
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NA
|
7-365 days
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20,100.00
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Simple
|
CRISIL A1+
|
|
NA
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Fixed deposits
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NA
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NA
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NA
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NA
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Simple
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FAAA/Stable
|
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NA
|
Non-convertible debentures (including tax-free bonds)#
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NA
|
NA
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NA
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472.5
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Simple
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CRISIL AAA/Stable
|
|
NA
|
Non-convertible debentures#
|
NA
|
NA
|
NA
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2000
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Non-convertible debentures#
|
NA
|
NA
|
NA
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1990.4
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Simple
|
CRISIL AAA/Stable
|
|
NA
|
Non-convertible debentures#
|
NA
|
NA
|
NA
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6,829
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Simple
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CRISIL AAA/Stable
|
|
INE733E07KK5
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Non-convertible debentures
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3-May-19
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7.93
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3-May-22
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3056.5
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Simple
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CRISIL AAA/Stable
|
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INE733E07KL3
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Non-convertible debentures
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17-Jul-19
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7.32
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17-Jul-29
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4,300.00
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Simple
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CRISIL AAA/Stable
|
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INE733E08148
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Non-convertible debentures
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16-Apr-20
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6.55
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17-Apr-23
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4,374.10
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Simple
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CRISIL AAA/Stable
|
|
NA
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Non-convertible debentures**#
|
NA
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NA
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NA
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3205
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Simple
|
CRISIL AAA/Stable
|
|
INE733E07KE8
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Bond - LXII Issue**
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23-Aug-16
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7.58
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23-Aug-26
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800
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Simple
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CRISIL AAA/Stable
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INE733E07KF5
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Bond - LXIII Issue**
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16-Sep-16
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7.47
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16-Sep-26
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670
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Simple
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CRISIL AAA/Stable
|
|
INE733E07KG3
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Bond - LXIV Issue**
|
7-Nov-16
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7.49
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7-Nov-31
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700
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Simple
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CRISIL AAA/Stable
|
|
INE733E07KI9
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Bond - LXVI Issue**
|
14-Dec-16
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7.37
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14-Dec-31
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3,925.00
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Simple
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CRISIL AAA/Stable
|
|
INE733E07JP6
|
Bond - LIV Issue *
|
25-Mar-15
|
8.49
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25-Mar-23
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2,061.37
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Simple
|
CRISIL AAA/Stable
|
|
INE733E07JP6
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Bond - LIV Issue *
|
25-Mar-15
|
8.49
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25-Mar-24
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4,122.73
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Simple
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CRISIL AAA/Stable
|
|
INE733E07JP6
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Bond - LIV Issue *
|
25-Mar-15
|
8.49
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25-Mar-25
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4,122.73
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Simple
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CRISIL AAA/Stable
|
|
INE733E08130
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Bond - XVII Issue
|
1-May-03
|
8.48
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1-May-23
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50
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Simple
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CRISIL AAA/Stable
|
|
INE733E07CB1
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Bond - XXVII Issue
|
6-Nov-08
|
11.25
|
6-Nov-20
|
70
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Simple
|
CRISIL AAA/Stable
|
|
INE733E07CB1
|
Bond - XXVII Issue
|
6-Nov-08
|
11.25
|
6-Nov-21
|
70
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Simple
|
CRISIL AAA/Stable
|
|
INE733E07CB1
|
Bond - XXVII Issue
|
6-Nov-08
|
11.25
|
6-Nov-22
|
70
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07CB1
|
Bond - XXVII Issue
|
6-Nov-08
|
11.25
|
6-Nov-23
|
70
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07CM8
|
Bond - XXXII Issue
|
25-Mar-10
|
8.849
|
25-Mar-22
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07CN6
|
Bond - XXXII Issue
|
25-Mar-10
|
8.849
|
25-Mar-23
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07CO4
|
Bond - XXXII Issue
|
25-Mar-10
|
8.849
|
25-Mar-24
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07CP1
|
Bond - XXXII Issue
|
25-Mar-10
|
8.849
|
25-Mar-25
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07CQ9
|
Bond - XXXII Issue
|
25-Mar-10
|
8.849
|
25-Mar-26
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07CR7
|
Bond - XXXII Issue
|
25-Mar-10
|
8.849
|
25-Mar-27
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07CS5
|
Bond - XXXII Issue
|
25-Mar-10
|
8.849
|
25-Mar-28
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07CT3
|
Bond - XXXII Issue
|
25-Mar-10
|
8.849
|
25-Mar-29
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07CU1
|
Bond - XXXII Issue
|
25-Mar-10
|
8.849
|
25-Mar-30
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DC7
|
Bond - XXXIV Issue
|
10-Jun-10
|
8.71
|
10-Jun-22
|
10
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DD5
|
Bond - XXXIV Issue
|
10-Jun-10
|
8.71
|
10-Jun-23
|
10
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DE3
|
Bond - XXXIV Issue
|
10-Jun-10
|
8.71
|
10-Jun-24
|
10
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DF0
|
Bond - XXXIV Issue
|
10-Jun-10
|
8.71
|
10-Jun-25
|
10
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DG8
|
Bond - XXXIV Issue
|
10-Jun-10
|
8.71
|
10-Jun-26
|
10
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DH6
|
Bond - XXXIV Issue
|
10-Jun-10
|
8.71
|
10-Jun-27
|
10
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DI4
|
Bond - XXXIV Issue
|
10-Jun-10
|
8.71
|
10-Jun-28
|
10
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DJ2
|
Bond - XXXIV Issue
|
10-Jun-10
|
8.71
|
10-Jun-29
|
10
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DK0
|
Bond - XXXIV Issue
|
10-Jun-10
|
8.71
|
10-Jun-30
|
10
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DR5
|
Bond - XXXV Issue
|
15-Sep-10
|
8.785
|
15-Sep-22
|
8
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DS3
|
Bond - XXXV Issue
|
15-Sep-10
|
8.785
|
15-Sep-23
|
8
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DT1
|
Bond - XXXV Issue
|
15-Sep-10
|
8.785
|
15-Sep-24
|
8
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DU9
|
Bond - XXXV Issue
|
15-Sep-10
|
8.785
|
15-Sep-25
|
8
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DV7
|
Bond - XXXV Issue
|
15-Sep-10
|
8.785
|
15-Sep-26
|
8
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DW5
|
Bond - XXXV Issue
|
15-Sep-10
|
8.785
|
15-Sep-27
|
8
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DX3
|
Bond - XXXV Issue
|
15-Sep-10
|
8.785
|
15-Sep-28
|
8
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DY1
|
Bond - XXXV Issue
|
15-Sep-10
|
8.785
|
15-Sep-29
|
8
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07DZ8
|
Bond - XXXV Issue
|
15-Sep-10
|
8.785
|
15-Sep-30
|
8
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07EG6
|
Bond - XXXVI Issue
|
15-Dec-10
|
8.809
|
15-Dec-22
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07EH4
|
Bond - XXXVI Issue
|
15-Dec-10
|
8.809
|
15-Dec-23
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07EI2
|
Bond - XXXVI Issue
|
15-Dec-10
|
8.809
|
15-Dec-24
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07EJ0
|
Bond - XXXVI Issue
|
15-Dec-10
|
8.809
|
15-Dec-25
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07EK8
|
Bond - XXXVI Issue
|
15-Dec-10
|
8.809
|
15-Dec-26
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07EL6
|
Bond - XXXVI Issue
|
15-Dec-10
|
8.809
|
15-Dec-27
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07EM4
|
Bond - XXXVI Issue
|
15-Dec-10
|
8.809
|
15-Dec-28
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07EN2
|
Bond - XXXVI Issue
|
15-Dec-10
|
8.809
|
15-Dec-29
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07EO0
|
Bond - XXXVI Issue
|
15-Dec-10
|
8.809
|
15-Dec-30
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07EV5
|
Bond - XXXVIII Issue
|
22-Mar-11
|
9.17
|
22-Mar-22
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07EW3
|
Bond - XXXVIII Issue
|
22-Mar-11
|
9.17
|
22-Mar-23
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07EX1
|
Bond - XXXVIII Issue
|
22-Mar-11
|
9.17
|
22-Mar-24
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07EY9
|
Bond - XXXVIII Issue
|
22-Mar-11
|
9.17
|
22-Mar-25
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07EZ6
|
Bond - XXXVIII Issue
|
22-Mar-11
|
9.17
|
22-Mar-26
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07FA6
|
Bond - XXXVIII Issue
|
22-Mar-11
|
9.17
|
22-Mar-27
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07FB4
|
Bond - XXXVIII Issue
|
22-Mar-11
|
9.17
|
22-Mar-28
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07FC2
|
Bond - XXXVIII Issue
|
22-Mar-11
|
9.17
|
22-Mar-29
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07FD0
|
Bond - XXXVIII Issue
|
22-Mar-11
|
9.17
|
22-Mar-30
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07FE8
|
Bond - XXXVIII Issue
|
22-Mar-11
|
9.17
|
22-Mar-31
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07FK5
|
Bond - XXXIX Issue
|
9-Jun-11
|
9.39
|
9-Jun-22
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07FL3
|
Bond - XXXIX Issue
|
9-Jun-11
|
9.39
|
9-Jun-23
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07FM1
|
Bond - XXXIX Issue
|
9-Jun-11
|
9.39
|
9-Jun-24
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07FN9
|
Bond - XXXIX Issue
|
9-Jun-11
|
9.39
|
9-Jun-25
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07FO7
|
Bond - XXXIX Issue
|
9-Jun-11
|
9.39
|
9-Jun-26
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07FP4
|
Bond - XXXIX Issue
|
9-Jun-11
|
9.39
|
9-Jun-27
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07FQ2
|
Bond - XXXIX Issue
|
9-Jun-11
|
9.39
|
9-Jun-28
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07FR0
|
Bond - XXXIX Issue
|
9-Jun-11
|
9.39
|
9-Jun-29
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07FT6
|
Bond - XXXIX Issue
|
9-Jun-11
|
9.39
|
9-Jun-31
|
7
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07FZ3
|
Bond - XL Issue
|
29-Jul-11
|
9.558
|
29-Jul-22
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GA4
|
Bond - XL Issue
|
29-Jul-11
|
9.558
|
29-Jul-23
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GB2
|
Bond - XL Issue
|
29-Jul-11
|
9.558
|
29-Jul-24
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GC0
|
Bond - XL Issue
|
29-Jul-11
|
9.558
|
29-Jul-25
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GD8
|
Bond - XL Issue
|
29-Jul-11
|
9.558
|
29-Jul-26
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GE6
|
Bond - XL Issue
|
29-Jul-11
|
9.558
|
29-Jul-27
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GF3
|
Bond - XL Issue
|
29-Jul-11
|
9.558
|
29-Jul-28
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GG1
|
Bond - XL Issue
|
29-Jul-11
|
9.558
|
29-Jul-29
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GH9
|
Bond - XL Issue
|
29-Jul-11
|
9.558
|
29-Jul-30
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GI7
|
Bond - XL Issue
|
29-Jul-11
|
9.558
|
29-Jul-31
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GO5
|
Bond - XLI Issue
|
23-Dec-11
|
9.671
|
23-Dec-22
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GP2
|
Bond - XLI Issue
|
23-Dec-11
|
9.671
|
23-Dec-23
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GQ0
|
Bond - XLI Issue
|
23-Dec-11
|
9.671
|
23-Dec-24
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GR8
|
Bond - XLI Issue
|
23-Dec-11
|
9.671
|
23-Dec-25
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GS6
|
Bond - XLI Issue
|
23-Dec-11
|
9.671
|
23-Dec-26
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GT4
|
Bond - XLI Issue
|
23-Dec-11
|
9.671
|
23-Dec-27
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GU2
|
Bond - XLI Issue
|
23-Dec-11
|
9.671
|
23-Dec-28
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GV0
|
Bond - XLI Issue
|
23-Dec-11
|
9.671
|
23-Dec-29
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GW8
|
Bond - XLI Issue
|
23-Dec-11
|
9.671
|
23-Dec-30
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GX6
|
Bond - XLI Issue
|
23-Dec-11
|
9.671
|
23-Dec-31
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GY4
|
Bond - XLII Issue
|
25-Jan-12
|
9
|
25-Jan-23
|
100
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07GZ1
|
Bond - XLII Issue
|
25-Jan-12
|
9
|
25-Jan-24
|
100
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HA2
|
Bond - XLII Issue
|
25-Jan-12
|
9
|
25-Jan-25
|
100
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HB0
|
Bond - XLII Issue
|
25-Jan-12
|
9
|
25-Jan-26
|
100
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HC8
|
Bond - XLII Issue
|
25-Jan-12
|
9
|
25-Jan-27
|
100
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HH7
|
Bond - XLIII Issue
|
2-Mar-12
|
9.257
|
2-Mar-22
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HI5
|
Bond - XLIII Issue
|
2-Mar-12
|
9.257
|
2-Mar-23
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HJ3
|
Bond - XLIII Issue
|
2-Mar-12
|
9.257
|
2-Mar-24
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HK1
|
Bond - XLIII Issue
|
2-Mar-12
|
9.257
|
2-Mar-25
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HL9
|
Bond - XLIII Issue
|
2-Mar-12
|
9.257
|
2-Mar-26
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HM7
|
Bond - XLIII Issue
|
2-Mar-12
|
9.257
|
2-Mar-27
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HN5
|
Bond - XLIII Issue
|
2-Mar-12
|
9.257
|
2-Mar-28
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HO3
|
Bond - XLIII Issue
|
2-Mar-12
|
9.257
|
2-Mar-29
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HP0
|
Bond - XLIII Issue
|
2-Mar-12
|
9.257
|
2-Mar-30
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HQ8
|
Bond - XLIII Issue
|
2-Mar-12
|
9.257
|
2-Mar-31
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HR6
|
Bond - XLIII Issue
|
2-Mar-12
|
9.257
|
2-Mar-32
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HS4
|
Bond - XLIV Issue
|
4-May-12
|
9.25
|
4-May-23
|
100
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HT2
|
Bond - XLIV Issue
|
4-May-12
|
9.25
|
4-May-24
|
100
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HU0
|
Bond - XLIV Issue
|
4-May-12
|
9.25
|
4-May-25
|
100
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HV8
|
Bond - XLIV Issue
|
4-May-12
|
9.25
|
4-May-26
|
100
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07HW6
|
Bond - XLIV Issue
|
4-May-12
|
9.25
|
4-May-27
|
100
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IB8
|
Bond - XLV Issue
|
16-May-12
|
9.438
|
16-May-22
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IC6
|
Bond - XLV Issue
|
16-May-12
|
9.438
|
16-May-23
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07ID4
|
Bond - XLV Issue
|
16-May-12
|
9.438
|
16-May-24
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IE2
|
Bond - XLV Issue
|
16-May-12
|
9.438
|
16-May-25
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IF9
|
Bond - XLV Issue
|
16-May-12
|
9.438
|
16-May-26
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IG7
|
Bond - XLV Issue
|
16-May-12
|
9.438
|
16-May-27
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IH5
|
Bond - XLV Issue
|
16-May-12
|
9.438
|
16-May-28
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07II3
|
Bond - XLV Issue
|
16-May-12
|
9.438
|
16-May-29
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IJ1
|
Bond - XLV Issue
|
16-May-12
|
9.438
|
16-May-30
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IK9
|
Bond - XLV Issue
|
16-May-12
|
9.438
|
16-May-31
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IL7
|
Bond - XLV Issue
|
16-May-12
|
9.438
|
16-May-32
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IQ6
|
Bond - XLVI Issue
|
20-Jul-12
|
9.347
|
20-Jul-22
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IR4
|
Bond - XLVI Issue
|
20-Jul-12
|
9.347
|
20-Jul-23
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IS2
|
Bond - XLVI Issue
|
20-Jul-12
|
9.347
|
20-Jul-24
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IT0
|
Bond - XLVI Issue
|
20-Jul-12
|
9.347
|
20-Jul-25
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IU8
|
Bond - XLVI Issue
|
20-Jul-12
|
9.347
|
20-Jul-26
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IV6
|
Bond - XLVI Issue
|
20-Jul-12
|
9.347
|
20-Jul-27
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IW4
|
Bond - XLVI Issue
|
20-Jul-12
|
9.347
|
20-Jul-28
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IX2
|
Bond - XLVI Issue
|
20-Jul-12
|
9.347
|
20-Jul-29
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IY0
|
Bond - XLVI Issue
|
20-Jul-12
|
9.347
|
20-Jul-30
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07IZ7
|
Bond - XLVI Issue
|
20-Jul-12
|
9.347
|
20-Jul-31
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JA8
|
Bond - XLVI Issue
|
20-Jul-12
|
9.347
|
20-Jul-32
|
5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JB6
|
Bond - XLVII Issue
|
4-Oct-12
|
8.84
|
4-Oct-22
|
390
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JC4
|
Bond - XLVIII Issue
|
7-Mar-13
|
8.73
|
7-Mar-23
|
300
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JD2
|
Bond - XLIX Issue
|
4-Apr-13
|
8.8
|
4-Apr-23
|
200
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JE0
|
Bond - L-1A Issue
|
16-Dec-13
|
8.41
|
16-Dec-23
|
488.03
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JF7
|
Bond - L-2A Issue
|
16-Dec-13
|
8.48
|
16-Dec-28
|
249.95
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JG5
|
Bond - L-3A Issue
|
16-Dec-13
|
8.66
|
16-Dec-33
|
312.03
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JH3
|
Bond - L-1B Issue
|
16-Dec-13
|
8.66
|
16-Dec-23
|
208.64
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JI1
|
Bond - L-2B Issue
|
16-Dec-13
|
8.73
|
16-Dec-28
|
91.39
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JJ9
|
Bond - L-3B Issue
|
16-Dec-13
|
8.91
|
16-Dec-33
|
399.97
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JK7
|
Bond - LI-A Issue
|
4-Mar-14
|
8.19
|
4-Mar-24
|
75
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JL5
|
Bond - LI-B Issue
|
4-Mar-14
|
8.63
|
4-Mar-29
|
105
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JM3
|
Bond - LI-C Issue
|
4-Mar-14
|
8.61
|
4-Mar-34
|
320
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JN1
|
Bond - LII Issue
|
24-Mar-14
|
9.34
|
24-Mar-24
|
750
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JO9
|
Bond - LIII Issue
|
22-Sep-14
|
9.17
|
22-Sep-24
|
1,000.00
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JQ4
|
Bond - LV Issue
|
21-Aug-15
|
7.15
|
21-Aug-25
|
300
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JR2
|
Bond - LVI-1A Issue
|
5-Oct-15
|
7.11
|
5-Oct-25
|
108.38
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JS0
|
Bond - LVI-2A Issue
|
5-Oct-15
|
7.28
|
5-Oct-30
|
129.05
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JT8
|
Bond - LVI-3A Issue
|
5-Oct-15
|
7.37
|
5-Oct-35
|
182.58
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JU6
|
Bond - LVI-1B Issue
|
5-Oct-15
|
7.36
|
5-Oct-25
|
65.96
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JV4
|
Bond - LVI-2B Issue
|
5-Oct-15
|
7.53
|
5-Oct-30
|
48.3
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JW2
|
Bond - LVI-3B Issue
|
5-Oct-15
|
7.62
|
5-Oct-35
|
165.74
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07JX0
|
Bond - LVII Issue
|
15-Dec-15
|
8.19
|
15-Dec-25
|
500
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07KA6
|
Bond - LX Issue
|
5-May-16
|
8.05
|
5-May-26
|
1,000.00
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07KC2
|
Bond - LXI Issue
|
27-May-16
|
8.1
|
27-May-26
|
357.5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07KD0
|
Bond - LXI Issue
|
27-May-16
|
8.1
|
27-May-31
|
357.5
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07KJ7
|
Bond - LXVII Issue
|
15-Jan-19
|
8.3
|
15-Jan-29
|
4,000.00
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E07FS8
|
Bonds
|
9-Jun-11
|
9.39
|
9-Jun-30
|
7.00
|
Simple
|
CRISIL AAA
|
|
INE733E08155
|
Bonds
|
31-Jul-20
|
6.29
|
11-Apr-31
|
1,000.00
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E08163
|
Bonds
|
15-Oct-20
|
5.45
|
15-Oct-25
|
4,000.00
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E08171
|
Bonds
|
27-Jan-21
|
6.43
|
27-Jan-31
|
2,500.00
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E08189
|
Non-convertible debentures&
|
20-Apr-21
|
6.87
|
21-Apr-36
|
3,996.00
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E08197
|
Non-convertible debentures&
|
13-Sep-21
|
6.69
|
13-Sep-31
|
3,000.00
|
Simple
|
CRISIL AAA/Stable
|
|
INE733E08205
|
Non-convertible debentures&
|
20-Dec-21
|
6.74
|
14-Apr-32
|
1,175.00
|
Simple
|
CRISIL AAA/Stable
|
*Refers to Rs 10,306.8305 crore bonus debentures to be issued by NTPC to mark its 40th year of operations. The debentures have a 10-year tenor with repayments in the 8th, 9th, and 10th years, and will carry interest at the government securities (G-Sec) rate plus 50 basis points.
**CRISIL Ratings has rated Rs 10,000 crore of non-convertible debentures, against which the company has issued bond series LXII, LXIII, LXIV, LXV and LXVI
&CRISIL Ratings has rated Rs 15,000 crore of non-convertible debentures, against which the company has issued non-convertible debentures of Rs 8,171 crore so far
#Yet to be issued
^Interchangeable with working capital demand loan (WCDL), packing credit in foreign currency (PCFC), short-term loan, buyers credit
@@Against cash credit limit of Rs 3,000 crore, Rs 1,500 crore utilized in the form of CP (through consortium banks) as per RBI guidelines.
## Rs 18,600 crore + Rs 1,500 crore against cash credit limit in terms of RBI circular
Annexure - Details of rating withdrawn
|
ISIN
|
Name of instrument
|
Date of
allotment
|
Coupon
rate (%)
|
Maturity
date
|
Issue size
(Rs crore)
|
Complexity level
|
|
INE733E07KH1
|
Bond - LXV Issue**
|
24-Nov-16
|
6.72
|
24-Nov-21
|
700
|
Simple
|
|
INE733E07CL0
|
Bond - XXXII Issue
|
25-Mar-10
|
8.849
|
25-Mar-21
|
7
|
Simple
|
|
INE733E07DB9
|
Bond - XXXIV Issue
|
10-Jun-10
|
8.71
|
10-Jun-21
|
10
|
Simple
|
|
INE733E07DQ7
|
Bond - XXXV Issue
|
15-Sep-10
|
8.785
|
15-Sep-21
|
8
|
Simple
|
|
INE733E07EF8
|
Bond - XXXVI Issue
|
15-Dec-10
|
8.809
|
15-Dec-21
|
5
|
Simple
|
|
INE733E07EU7
|
Bond - XXXVIII Issue
|
22-Mar-11
|
9.17
|
22-Mar-21
|
5
|
Simple
|
|
INE733E07FJ7
|
Bond - XXXIX Issue
|
9-Jun-11
|
9.39
|
9-Jun-21
|
7
|
Simple
|
|
INE733E07FY6
|
Bond - XL Issue
|
29-Jul-11
|
9.558
|
29-Jul-21
|
5
|
Simple
|
|
INE733E07IA0
|
Bond - XLV Issue
|
16-May-12
|
9.438
|
16-May-21
|
5
|
Simple
|
|
INE733E07IP8
|
Bond - XLVI Issue
|
20-Jul-12
|
9.347
|
20-Jul-21
|
5
|
Simple
|
|
INE733E07KB4
|
Bond - LXI Issue
|
27-May-16
|
8.1
|
27-May-21
|
357.5
|
Simple
|
|
INE733E07GN7
|
Bond - XLI Issue
|
23-Dec-11
|
9.671
|
23-Dec-21
|
5
|
Simple
|
| |
| |
Annexure – List of entities consolidated
|
Names of entities consolidated
|
Extent of consolidation
|
Rationale for consolidation
|
|
NTPC Electric Supply Company Ltd
|
Full
|
Strong operational and financial linkages
|
|
NTPC Vidyut Vyapar Nigam Ltd
|
Full
|
Strong operational and financial linkages
|
|
Kanti Bijlee Utpadan Nigam Ltd
|
Full
|
Strong operational and financial linkages
|
|
Bhartiya Rail Bijlee Company Ltd
|
Full
|
Strong operational and financial linkages
|
|
Patratu Vidyut Utpadan Nigam Ltd
|
Full
|
Strong operational and financial linkages
|
|
Utility Powertech Ltd
|
Equity method
|
Proportionate consolidation
|
|
NTPC ' GE Power Services Pvt Ltd
|
Equity method
|
Proportionate consolidation
|
|
NTPC-SAIL Power Company Ltd
|
Equity method
|
Proportionate consolidation
|
|
NTPC Tamil Nadu Energy Company Ltd
|
Equity method
|
Proportionate consolidation
|
|
Konkan LNG Pvt Ltd
|
Equity method
|
Proportionate consolidation
|
|
Aravali Power Company Pvt Ltd
|
Equity method
|
Proportionate consolidation
|
|
NTPC-BHEL Power Projects Pvt Ltd
|
Equity method
|
Proportionate consolidation
|
|
Meja Urja Nigam Pvt Ltd
|
Equity method
|
Proportionate consolidation
|
|
BF-NTPC Energy Systems Ltd
|
Equity method
|
Proportionate consolidation
|
|
Nabinagar Power Generating Co Pvt Ltd
|
Equity method
|
Proportionate consolidation
|
|
Transformers & Electricals Kerala Ltd
|
Equity method
|
Proportionate consolidation
|
|
National High Power Test Laboratory Pvt Ltd
|
Equity method
|
Proportionate consolidation
|
|
Energy Efficiency Services Ltd
|
Equity method
|
Proportionate consolidation
|
|
CIL NTPC Urja Pvt Ltd
|
Equity method
|
Proportionate consolidation
|
|
Anushakti Vidhyut Nigam Ltd
|
Equity method
|
Proportionate consolidation
|
|
Hindustan Urvarak & Rasayan Ltd
|
Equity method
|
Proportionate consolidation
|
|
Trincomalee Power Company Ltd
|
Equity method
|
Proportionate consolidation
|
|
Bangladesh-India Friendship Power Company Pvt Ltd
|
Equity method
|
Proportionate consolidation
|
| |
| |
| Annexure - Rating History for last 3 Years |
| |
Current |
2022 (History) |
2021 |
2020 |
2019 |
Start of 2019 |
| Instrument |
Type |
Outstanding Amount |
Rating |
Date |
Rating |
Date |
Rating |
Date |
Rating |
Date |
Rating |
Rating |
| Fund Based Facilities |
LT |
106180.0 |
CRISIL AAA/Stable |
|
-- |
26-03-21 |
CRISIL AAA/Stable |
06-08-20 |
CRISIL AAA/Stable |
29-11-19 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
| |
|
|
-- |
|
-- |
|
-- |
31-03-20 |
CRISIL AAA/Stable |
05-07-19 |
CRISIL AAA/Stable |
-- |
| |
|
|
-- |
|
-- |
|
-- |
12-03-20 |
CRISIL AAA/Stable |
26-03-19 |
CRISIL AAA/Stable |
-- |
| |
|
|
-- |
|
-- |
|
-- |
|
-- |
13-03-19 |
CRISIL AAA/Stable |
-- |
| Non-Fund Based Facilities |
ST |
5820.0 |
CRISIL A1+ |
|
-- |
26-03-21 |
CRISIL A1+ |
06-08-20 |
CRISIL A1+ |
29-11-19 |
CRISIL A1+ |
CRISIL A1+ |
| |
|
|
-- |
|
-- |
|
-- |
31-03-20 |
CRISIL A1+ |
05-07-19 |
CRISIL A1+ |
CRISIL A1+ |
| |
|
|
-- |
|
-- |
|
-- |
12-03-20 |
CRISIL A1+ |
26-03-19 |
CRISIL A1+ |
-- |
| |
|
|
-- |
|
-- |
|
-- |
|
-- |
13-03-19 |
CRISIL A1+ |
-- |
| Bond |
LT |
6141.02 |
CRISIL AAA/Stable |
|
-- |
26-03-21 |
CRISIL AAA/Stable |
06-08-20 |
CRISIL AAA/Stable |
29-11-19 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
| |
|
|
-- |
|
-- |
|
-- |
31-03-20 |
CRISIL AAA/Stable |
05-07-19 |
CRISIL AAA/Stable |
-- |
| |
|
|
-- |
|
-- |
|
-- |
12-03-20 |
CRISIL AAA/Stable |
26-03-19 |
CRISIL AAA/Stable |
-- |
| |
|
|
-- |
|
-- |
|
-- |
|
-- |
13-03-19 |
CRISIL AAA/Stable |
-- |
| Commercial Paper |
ST |
20100.0 |
CRISIL A1+ |
|
-- |
26-03-21 |
CRISIL A1+ |
06-08-20 |
CRISIL A1+ |
29-11-19 |
CRISIL A1+ |
CRISIL A1+ |
| |
|
|
-- |
|
-- |
|
-- |
31-03-20 |
CRISIL A1+ |
05-07-19 |
CRISIL A1+ |
-- |
| |
|
|
-- |
|
-- |
|
-- |
12-03-20 |
CRISIL A1+ |
26-03-19 |
CRISIL A1+ |
-- |
| |
|
|
-- |
|
-- |
|
-- |
|
-- |
13-03-19 |
CRISIL A1+ |
-- |
| Fixed Deposits |
LT |
0.0 |
F AAA/Stable |
|
-- |
26-03-21 |
F AAA/Stable |
06-08-20 |
F AAA/Stable |
29-11-19 |
F AAA/Stable |
F AAA/Stable |
| |
|
|
-- |
|
-- |
|
-- |
31-03-20 |
F AAA/Stable |
05-07-19 |
F AAA/Stable |
-- |
| |
|
|
-- |
|
-- |
|
-- |
12-03-20 |
F AAA/Stable |
26-03-19 |
F AAA/Stable |
-- |
| |
|
|
-- |
|
-- |
|
-- |
|
-- |
13-03-19 |
F AAA/Stable |
-- |
| Non Convertible Debentures |
LT |
65776.83 |
CRISIL AAA/Stable |
|
-- |
26-03-21 |
CRISIL AAA/Stable |
06-08-20 |
CRISIL AAA/Stable |
29-11-19 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
| |
|
|
-- |
|
-- |
|
-- |
31-03-20 |
CRISIL AAA/Stable |
05-07-19 |
CRISIL AAA/Stable |
-- |
| |
|
|
-- |
|
-- |
|
-- |
12-03-20 |
CRISIL AAA/Stable |
26-03-19 |
CRISIL AAA/Stable |
-- |
| |
|
|
-- |
|
-- |
|
-- |
|
-- |
13-03-19 |
CRISIL AAA/Stable |
-- |
| Non-Convertible Debentures (including Tax-Free Bonds) |
LT |
472.5 |
CRISIL AAA/Stable |
|
-- |
26-03-21 |
CRISIL AAA/Stable |
06-08-20 |
CRISIL AAA/Stable |
29-11-19 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
| |
|
|
-- |
|
-- |
|
-- |
31-03-20 |
CRISIL AAA/Stable |
05-07-19 |
CRISIL AAA/Stable |
-- |
| |
|
|
-- |
|
-- |
|
-- |
12-03-20 |
CRISIL AAA/Stable |
26-03-19 |
CRISIL AAA/Stable |
-- |
| |
|
|
-- |
|
-- |
|
-- |
|
-- |
13-03-19 |
CRISIL AAA/Stable |
-- |
| Short Term Debt (Including Commercial Paper) |
ST |
|
-- |
|
-- |
|
-- |
|
-- |
|
-- |
Withdrawn |
|
| All amounts are in Rs.Cr. |
|
| |
| Annexure - Details of Bank Lenders & Facilities |
| Facility |
Amount (Rs.Crore) |
Rating |
| Bank Guarantee^ |
3067 |
CRISIL A1+ |
| Bank Guarantee^ |
40 |
CRISIL A1+ |
| Bank Guarantee^ |
225 |
CRISIL A1+ |
| Bank Guarantee^ |
120 |
CRISIL A1+ |
| Bank Guarantee^ |
20 |
CRISIL A1+ |
| Bank Guarantee^ |
20 |
CRISIL A1+ |
| Cash Credit@@ |
1000 |
CRISIL AAA/Stable |
| Cash Credit |
500 |
CRISIL AAA/Stable |
| Letter of Credit |
2078 |
CRISIL A1+ |
| Letter of Credit |
125 |
CRISIL A1+ |
| Letter of Credit |
80 |
CRISIL A1+ |
| Letter of Credit |
18 |
CRISIL A1+ |
| Letter of Credit |
10 |
CRISIL A1+ |
| Letter of Credit |
5 |
CRISIL A1+ |
| Letter of Credit |
5 |
CRISIL A1+ |
| Letter of Credit |
5 |
CRISIL A1+ |
| Letter of Credit |
2 |
CRISIL A1+ |
| Long Term Loan |
26279.17 |
CRISIL AAA/Stable |
| Long Term Loan |
22611.11 |
CRISIL AAA/Stable |
| Long Term Loan |
5950.32 |
CRISIL AAA/Stable |
| Long Term Loan |
5200 |
CRISIL AAA/Stable |
| Long Term Loan |
3400 |
CRISIL AAA/Stable |
| Long Term Loan |
2731 |
CRISIL AAA/Stable |
| Long Term Loan |
1500 |
CRISIL AAA/Stable |
| Long Term Loan |
906.79 |
CRISIL AAA/Stable |
| Long Term Loan |
832.22 |
CRISIL AAA/Stable |
| Long Term Loan |
500 |
CRISIL AAA/Stable |
| Long Term Loan |
49.91 |
CRISIL AAA/Stable |
| Long Term Loan |
35 |
CRISIL AAA/Stable |
| Proposed Cash Credit Limit |
19680 |
CRISIL AAA/Stable |
| Proposed Long Term Bank Loan Facility |
15004.48 |
CRISIL AAA/Stable |
|
^Interchangeable with Working Capital demand Loan (WCDL), Packing Credit in Foreign Currency (PCFC), Short Term Loan, Buyers Credit
@@Against cash credit limit of Rs. 3000 crore, Rs. 1500 crore utilized in the form of CP (through SBI) as per RBI guidelines
|
| |
| |
Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL Ratings. However, CRISIL Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites and portals.
| | |
About CRISIL Ratings Limited (A subsidiary of CRISIL Limited)
CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as bank loans, certificates of deposit, commercial paper, non-convertible/convertible/partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including ratings for municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).
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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
|
|
| |