Rating Rationale
November 29, 2019 | Mumbai
 
NTPC Limited
Ratings Reaffirmed
 
Rating Action
Total Bank Loan Facilities Rated Rs.84000 Crore
Long Term Rating CRISIL AAA/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
 
Rs.2000 Crore Non Convertible Debentures  CRISIL AAA/Stable (Reaffirmed)
Bond Issue Aggregating Rs.12535 Crore CRISIL AAA/Stable (Reaffirmed)
Bond Issue Aggregating Rs.1005 Crore CRISIL AAA/Stable (Withdrawn)
Non-Convertible Debentures Aggregating Rs.34834.33 Crore CRISIL AAA/Stable (Reaffirmed)
Non-Convertible Debentures (Including Tax-Free Bonds) Rs.472.5 Crore CRISIL AAA/Stable (Reaffirmed)
Fixed Deposits FAAA/Stable (Reaffirmed)
Rs.18000 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has reaffirmed its 'CRISIL AAA/FAAA/Stable/CRISIL A1+' ratings on the debt instruments, bank loan facilities, and fixed deposit programme of NTPC Limited (NTPC). CRISIL has withdrawn its rating on the company's non-convertible debentures of Rs 1,005 crore (See 'Annexure: Details of Rating Withdrawn'), in line with its withdrawal policy. CRISIL has received independent confirmation that the instruments are fully redeemed.
 
On November 20, 2019, the Cabinet Committee on Economic Affairs gave its 'In Principle' approval for the strategic sale of Government of India's (GoI's) existing stake in THDC India Ltd (THDC) and North Eastern Electric Power Corporation Ltd (NEEPCO; 'CRISIL AA/CRISIL A1+/Watch Positive') to NTPC, along with transfer of management control. GoI currently holds 74.23% and 100% stake in THDC and NEEPCO, respectively. The transaction is in a nascent stage and the contours of the deal are yet to be finalised. Furthermore, it will be subject to various approvals, including from the boards of the respective companies as well as the required regulatory approvals.
 
The rating reaffirmation is driven by CRISIL's belief that the proposed acquisition intends to create a larger power generation entity. CRISIL's ratings on the debt instruments of NTPC continue to reflect the company's strategic importance to, and majority ownership by, GoI, given that NTPC caters to 22% of the country's power requirement.
 
The ratings continue to reflect NTPC's dominant position in India's power generation sector, its strong business and financial risk profiles, and strategic importance to GoI. These strengths are partially offset by the weak credit risk profiles of its customers.

Analytical Approach

CRISIL 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. (Refer to Annexure 1 for details of entities consolidated)
 
NTPC's ratings also factor in the expected support from GoI. CRISIL believes NTPC will, in case of exigencies, receive distress support from the government for timely repayment of debt obligation, considering its strategic role in meeting nearly a quarter of India's power generation, and given GoI's 54.50% stake in the entity as on September 30, 2019.

Please refer Annexure - Details of Consolidation, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description
Strengths
* Dominant position in India's power generation sector
NTPC is India's largest power generation company, accounting for 15.48% of the overall installed power generation capacity, and 22% of power generated. Consolidated installed capacity increased to 55.1 gigawatt (GW) as on March 31, 2019. With planned annual capacity addition of 4-5 GW in fiscal 2020, 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 Central Electricity Regulatory Commission's (CERC's) classic two-part tariff structure, 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 mandated by the regulator, which NTPC continues to maintain. For fiscal 2019, the coal-based and gas-based plants reported plant availability factors of 87.11% and 92.18%, respectively, well above their respective normative levels.
 
* Healthy financial risk profile
Gearing is moderate, while debt protection metrics are comfortable, and liquidity remains robust. Consolidated gearing increased slightly to 1.4 times as on March 31, 2019, from 1.26 times a year earlier, on account of debt raised to fund the ongoing capacity expansion. Though gearing will increase 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 prescribed by the CERC. Liquidity remains robust, aided by consolidated cash balance of Rs 2,783 crore as on March 31, 2019. Though liquidity has reduced over the years due to the ongoing capex, it is likely to remain robust over the medium term.
 
* Strategic importance to GoI
The government has given 'Maharatna' status to NTPC. As a part of its divestment plan, GoI pared its shareholding in NTPC to 56.09% as on March 31, 2019. Nevertheless, GoI remains the majority shareholder. In the past, the government had provided need-based financial support, through guarantees, for foreign currency borrowings, and may continue to do so. NTPC also remains strategically important to GoI, as it accounts for nearly a fourth of the power generated in the country.
 
Weaknesses
* Weak credit risk profile of customers
Customers, which are mostly state power utilities (SPUs), have weak credit risk profiles, and thus, timely collection of receivables remains a key rating sensitivity factor. However, collection efficiency has been consistent at 98-100% in the past eight years. As a result, receivables were low, at about 40 days over the five fiscals ended March 31, 2019. The recent renewal of the tripartite agreement between NTPC, state governments, and the central government enables the company to recover its dues from defaulting SPUs, from the Reserve Bank of India's devolution to state governments.
Liquidity Superior

Liquidity will be supported by expected annual accrual of Rs 14,000-15,000 crore against maturing debt of Rs 6,000-7,000 crore per fiscal, over the medium term. Liquidity is also supported by cash balance of Rs 2,783 crore as on March 31, 2019, and sufficient cushion in the bank limit (average utilisation of the bank limit of Rs 3,000 crore was 30% over the 12 months through November 2018). Though the ongoing capex has reduced liquidity, it is likely to remain robust over the medium term.

Outlook: Stable

CRISIL believes NTPC will maintain its dominant position in India's power generation sector, thereby 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.
 
Rating Sensitivity factors
Downward factors

* Any change in the support philosophy of GoI
* Significant weakening in the operating performance of power plants
* Delays in recovery of dues from customers

About the Company

NTPC was incorporated in 1975. As on September 30, 2019, the company had installed power generation capacity of 55,126 MW, including capacity owned by subsidiaries and joint ventures. The total capacity includes around 47,414 MW of coal-based, 5,984 MW of gas-based, and 800 MW of hydropower plants, with the balance comprising renewable energy. It has been conferred a Maharatna status by GoI, which had a shareholding of 54.50% in the company as on September 30, 2019.

Key Financial Indicators
Particulars Unit 2019 2018
Revenue Rs Crore 96,454 86,414
Profit After Tax Rs Crore 12,552 10,425
PAT Margin % 13.0 12.1
Adjusted Debt/Adjusted Networth Times 1.47 1.26
Interest coverage Times 4.90 5.23

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. 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. in Cr.)
Rating Assigned
with Outlook
NA Cash Credit NA NA NA 2,975.00 CRISIL AAA/Stable
NA Long Term Loan NA NA Feb-31 58,293.19 CRISIL AAA/Stable
NA Bank Guarantee NA NA NA 2,820.00 CRISIL A1+
NA Letter of Credit NA NA NA 3,000.00 CRISIL A1+
NA Proposed Cash Credit Limit NA NA NA 25 CRISIL AAA/Stable
NA Proposed Cash Credit Limit@ NA NA NA 10,000.00 CRISIL AAA/Stable
NA Proposed Long Term
Bank Loan Facility
NA NA NA 6,706.81 CRISIL AAA/Stable
NA Proposed Bank Guarantee NA NA NA 180 CRISIL A1+
NA Fixed Deposits NA NA NA 0 FAAA/Stable
NA Non-Convertible Debentures**# NA NA NA 3205 CRISIL AAA/Stable
NA Non-Convertible Debentures (including Tax-Free Bonds)# NA NA NA 472.5 CRISIL AAA/Stable
NA Non-Convertible Debentures# NA NA NA 2943.5 CRISIL AAA/Stable
INE733E07KK5 Non-Convertible Debentures 3-May-19 7.93 3-May-22 3056.5 CRISIL AAA/Stable
NA Non-Convertible Debentures# NA NA NA 2000 CRISIL AAA/Stable
NA Commercial Paper NA NA 7-365 days 18,000.00 CRISIL A1+
INE733E08130 Bond - XVII Issue 1-May-03 8.48 1-May-23 50 CRISIL AAA/Stable
INE733E07645 Bond - XXI Issue 2-Feb-06 7.713 2-Feb-20 50 CRISIL AAA/Stable
INE733E07827 Bond - XXII Issue 2-Jan-07 8.177 2-Jan-20 25 CRISIL AAA/Stable
INE733E07835 Bond - XXII Issue 2-Jan-07 8.177 2-Jul-20 25 CRISIL AAA/Stable
INE733E07843 Bond - XXII Issue 2-Jan-07 8.177 2-Jan-21 25 CRISIL AAA/Stable
INE733E07AC3 Bond - XXIII Issue 5-Feb-07 8.38 5-Feb-20 25 CRISIL AAA/Stable
INE733E07AD1 Bond - XXIII Issue 5-Feb-07 8.38 5-Aug-20 25 CRISIL AAA/Stable
INE733E07AE9 Bond - XXIII Issue 5-Feb-07 8.38 5-Feb-21 25 CRISIL AAA/Stable
INE733E07AW1 Bond - XXIV Issue 9-Mar-07 8.608 9-Mar-20 25 CRISIL AAA/Stable
INE733E07AX9 Bond - XXIV Issue 9-Mar-07 8.608 9-Sep-20 25 CRISIL AAA/Stable
INE733E07AY7 Bond - XXIV Issue 9-Mar-07 8.608 9-Mar-21 25 CRISIL AAA/Stable
INE733E07CB1 Bond - XXVII Issue 6-Nov-08 11.25 6-Nov-20 70 CRISIL AAA/Stable
INE733E07CB1 Bond - XXVII Issue 6-Nov-08 11.25 6-Nov-21 70 CRISIL AAA/Stable
INE733E07CB1 Bond - XXVII Issue 6-Nov-08 11.25 6-Nov-22 70 CRISIL AAA/Stable
INE733E07CB1 Bond - XXVII Issue 6-Nov-08 11.25 6-Nov-23 70 CRISIL AAA/Stable
INE733E07CF2 Bond - XXXI Issue 9-Mar-10 8.78 9-Mar-20 500 CRISIL AAA/Stable
INE733E07CK2 Bond - XXXII Issue 25-Mar-10 8.849 25-Mar-20 7 CRISIL AAA/Stable
INE733E07CL0 Bond - XXXII Issue 25-Mar-10 8.849 25-Mar-21 7 CRISIL AAA/Stable
INE733E07CM8 Bond - XXXII Issue 25-Mar-10 8.849 25-Mar-22 7 CRISIL AAA/Stable
INE733E07CN6 Bond - XXXII Issue 25-Mar-10 8.849 25-Mar-23 7 CRISIL AAA/Stable
INE733E07CO4 Bond - XXXII Issue 25-Mar-10 8.849 25-Mar-24 7 CRISIL AAA/Stable
INE733E07CP1 Bond - XXXII Issue 25-Mar-10 8.849 25-Mar-25 7 CRISIL AAA/Stable
INE733E07CQ9 Bond - XXXII Issue 25-Mar-10 8.849 25-Mar-26 7 CRISIL AAA/Stable
INE733E07CR7 Bond - XXXII Issue 25-Mar-10 8.849 25-Mar-27 7 CRISIL AAA/Stable
INE733E07CS5 Bond - XXXII Issue 25-Mar-10 8.849 25-Mar-28 7 CRISIL AAA/Stable
INE733E07CT3 Bond - XXXII Issue 25-Mar-10 8.849 25-Mar-29 7 CRISIL AAA/Stable
INE733E07CU1 Bond - XXXII Issue 25-Mar-10 8.849 25-Mar-30 7 CRISIL AAA/Stable
INE733E07CV9 Bond - XXXIII Issue 31-Mar-10 8.73 31-Mar-20 195 CRISIL AAA/Stable
INE733E07DA1 Bond - XXXIV Issue 10-Jun-10 8.71 10-Jun-20 10 CRISIL AAA/Stable
INE733E07DB9 Bond - XXXIV Issue 10-Jun-10 8.71 10-Jun-21 10 CRISIL AAA/Stable
INE733E07DC7 Bond - XXXIV Issue 10-Jun-10 8.71 10-Jun-22 10 CRISIL AAA/Stable
INE733E07DD5 Bond - XXXIV Issue 10-Jun-10 8.71 10-Jun-23 10 CRISIL AAA/Stable
INE733E07DE3 Bond - XXXIV Issue 10-Jun-10 8.71 10-Jun-24 10 CRISIL AAA/Stable
INE733E07DF0 Bond - XXXIV Issue 10-Jun-10 8.71 10-Jun-25 10 CRISIL AAA/Stable
INE733E07DG8 Bond - XXXIV Issue 10-Jun-10 8.71 10-Jun-26 10 CRISIL AAA/Stable
INE733E07DH6 Bond - XXXIV Issue 10-Jun-10 8.71 10-Jun-27 10 CRISIL AAA/Stable
INE733E07DI4 Bond - XXXIV Issue 10-Jun-10 8.71 10-Jun-28 10 CRISIL AAA/Stable
INE733E07DJ2 Bond - XXXIV Issue 10-Jun-10 8.71 10-Jun-29 10 CRISIL AAA/Stable
INE733E07DK0 Bond - XXXIV Issue 10-Jun-10 8.71 10-Jun-30 10 CRISIL AAA/Stable
INE733E07DP9 Bond - XXXV Issue 15-Sep-10 8.785 15-Sep-20 8 CRISIL AAA/Stable
INE733E07DQ7 Bond - XXXV Issue 15-Sep-10 8.785 15-Sep-21 8 CRISIL AAA/Stable
INE733E07DR5 Bond - XXXV Issue 15-Sep-10 8.785 15-Sep-22 8 CRISIL AAA/Stable
INE733E07DS3 Bond - XXXV Issue 15-Sep-10 8.785 15-Sep-23 8 CRISIL AAA/Stable
INE733E07DT1 Bond - XXXV Issue 15-Sep-10 8.785 15-Sep-24 8 CRISIL AAA/Stable
INE733E07DU9 Bond - XXXV Issue 15-Sep-10 8.785 15-Sep-25 8 CRISIL AAA/Stable
INE733E07DV7 Bond - XXXV Issue 15-Sep-10 8.785 15-Sep-26 8 CRISIL AAA/Stable
INE733E07DW5 Bond - XXXV Issue 15-Sep-10 8.785 15-Sep-27 8 CRISIL AAA/Stable
INE733E07DX3 Bond - XXXV Issue 15-Sep-10 8.785 15-Sep-28 8 CRISIL AAA/Stable
INE733E07DY1 Bond - XXXV Issue 15-Sep-10 8.785 15-Sep-29 8 CRISIL AAA/Stable
INE733E07DZ8 Bond - XXXV Issue 15-Sep-10 8.785 15-Sep-30 8 CRISIL AAA/Stable
INE733E07ED3 Bond - XXXVI Issue 15-Dec-10 8.809 15-Dec-19 5 CRISIL AAA/Stable
INE733E07EE1 Bond - XXXVI Issue 15-Dec-10 8.809 15-Dec-20 5 CRISIL AAA/Stable
INE733E07EF8 Bond - XXXVI Issue 15-Dec-10 8.809 15-Dec-21 5 CRISIL AAA/Stable
INE733E07EG6 Bond - XXXVI Issue 15-Dec-10 8.809 15-Dec-22 5 CRISIL AAA/Stable
INE733E07EH4 Bond - XXXVI Issue 15-Dec-10 8.809 15-Dec-23 5 CRISIL AAA/Stable
INE733E07EI2 Bond - XXXVI Issue 15-Dec-10 8.809 15-Dec-24 5 CRISIL AAA/Stable
INE733E07EJ0 Bond - XXXVI Issue 15-Dec-10 8.809 15-Dec-25 5 CRISIL AAA/Stable
INE733E07EK8 Bond - XXXVI Issue 15-Dec-10 8.809 15-Dec-26 5 CRISIL AAA/Stable
INE733E07EL6 Bond - XXXVI Issue 15-Dec-10 8.809 15-Dec-27 5 CRISIL AAA/Stable
INE733E07EM4 Bond - XXXVI Issue 15-Dec-10 8.809 15-Dec-28 5 CRISIL AAA/Stable
INE733E07EN2 Bond - XXXVI Issue 15-Dec-10 8.809 15-Dec-29 5 CRISIL AAA/Stable
INE733E07EO0 Bond - XXXVI Issue 15-Dec-10 8.809 15-Dec-30 5 CRISIL AAA/Stable
INE733E07EP7 Bond - XXXVII Issue 19-Jan-11 8.93 19-Jan-21 300 CRISIL AAA/Stable
INE733E07ET9 Bond - XXXVIII Issue 22-Mar-11 9.17 22-Mar-20 5 CRISIL AAA/Stable
INE733E07EU7 Bond - XXXVIII Issue 22-Mar-11 9.17 22-Mar-21 5 CRISIL AAA/Stable
INE733E07EV5 Bond - XXXVIII Issue 22-Mar-11 9.17 22-Mar-22 5 CRISIL AAA/Stable
INE733E07EW3 Bond - XXXVIII Issue 22-Mar-11 9.17 22-Mar-23 5 CRISIL AAA/Stable
INE733E07EX1 Bond - XXXVIII Issue 22-Mar-11 9.17 22-Mar-24 5 CRISIL AAA/Stable
INE733E07EY9 Bond - XXXVIII Issue 22-Mar-11 9.17 22-Mar-25 5 CRISIL AAA/Stable
INE733E07EZ6 Bond - XXXVIII Issue 22-Mar-11 9.17 22-Mar-26 5 CRISIL AAA/Stable
INE733E07FA6 Bond - XXXVIII Issue 22-Mar-11 9.17 22-Mar-27 5 CRISIL AAA/Stable
INE733E07FB4 Bond - XXXVIII Issue 22-Mar-11 9.17 22-Mar-28 5 CRISIL AAA/Stable
INE733E07FC2 Bond - XXXVIII Issue 22-Mar-11 9.17 22-Mar-29 5 CRISIL AAA/Stable
INE733E07FD0 Bond - XXXVIII Issue 22-Mar-11 9.17 22-Mar-30 5 CRISIL AAA/Stable
INE733E07FE8 Bond - XXXVIII Issue 22-Mar-11 9.17 22-Mar-31 5 CRISIL AAA/Stable
INE733E07FI9 Bond - XXXIX Issue 9-Jun-11 9.39 9-Jun-20 7 CRISIL AAA/Stable
INE733E07FJ7 Bond - XXXIX Issue 9-Jun-11 9.39 9-Jun-21 7 CRISIL AAA/Stable
INE733E07FK5 Bond - XXXIX Issue 9-Jun-11 9.39 9-Jun-22 7 CRISIL AAA/Stable
INE733E07FL3 Bond - XXXIX Issue 9-Jun-11 9.39 9-Jun-23 7 CRISIL AAA/Stable
INE733E07FM1 Bond - XXXIX Issue 9-Jun-11 9.39 9-Jun-24 7 CRISIL AAA/Stable
INE733E07FN9 Bond - XXXIX Issue 9-Jun-11 9.39 9-Jun-25 7 CRISIL AAA/Stable
INE733E07FO7 Bond - XXXIX Issue 9-Jun-11 9.39 9-Jun-26 7 CRISIL AAA/Stable
INE733E07FP4 Bond - XXXIX Issue 9-Jun-11 9.39 9-Jun-27 7 CRISIL AAA/Stable
INE733E07FQ2 Bond - XXXIX Issue 9-Jun-11 9.39 9-Jun-28 7 CRISIL AAA/Stable
INE733E07FR0 Bond - XXXIX Issue 9-Jun-11 9.39 9-Jun-29 7 CRISIL AAA/Stable
INE733E07FS8 Bond - XXXIX Issue 9-Jun-11 9.39 9-Jun-30 7 CRISIL AAA/Stable
INE733E07FT6 Bond - XXXIX Issue 9-Jun-11 9.39 9-Jun-31 7 CRISIL AAA/Stable
INE733E07FX8 Bond - XL Issue 29-Jul-11 9.558 29-Jul-20 5 CRISIL AAA/Stable
INE733E07FY6 Bond - XL Issue 29-Jul-11 9.558 29-Jul-21 5 CRISIL AAA/Stable
INE733E07FZ3 Bond - XL Issue 29-Jul-11 9.558 29-Jul-22 5 CRISIL AAA/Stable
INE733E07GA4 Bond - XL Issue 29-Jul-11 9.558 29-Jul-23 5 CRISIL AAA/Stable
INE733E07GB2 Bond - XL Issue 29-Jul-11 9.558 29-Jul-24 5 CRISIL AAA/Stable
INE733E07GC0 Bond - XL Issue 29-Jul-11 9.558 29-Jul-25 5 CRISIL AAA/Stable
INE733E07GD8 Bond - XL Issue 29-Jul-11 9.558 29-Jul-26 5 CRISIL AAA/Stable
INE733E07GE6 Bond - XL Issue 29-Jul-11 9.558 29-Jul-27 5 CRISIL AAA/Stable
INE733E07GF3 Bond - XL Issue 29-Jul-11 9.558 29-Jul-28 5 CRISIL AAA/Stable
INE733E07GG1 Bond - XL Issue 29-Jul-11 9.558 29-Jul-29 5 CRISIL AAA/Stable
INE733E07GH9 Bond - XL Issue 29-Jul-11 9.558 29-Jul-30 5 CRISIL AAA/Stable
INE733E07GI7 Bond - XL Issue 29-Jul-11 9.558 29-Jul-31 5 CRISIL AAA/Stable
INE733E07GL1 Bond - XLI Issue 23-Dec-11 9.671 23-Dec-19 5 CRISIL AAA/Stable
INE733E07GM9 Bond - XLI Issue 23-Dec-11 9.671 23-Dec-20 5 CRISIL AAA/Stable
INE733E07GN7 Bond - XLI Issue 23-Dec-11 9.671 23-Dec-21 5 CRISIL AAA/Stable
INE733E07GO5 Bond - XLI Issue 23-Dec-11 9.671 23-Dec-22 5 CRISIL AAA/Stable
INE733E07GP2 Bond - XLI Issue 23-Dec-11 9.671 23-Dec-23 5 CRISIL AAA/Stable
INE733E07GQ0 Bond - XLI Issue 23-Dec-11 9.671 23-Dec-24 5 CRISIL AAA/Stable
INE733E07GR8 Bond - XLI Issue 23-Dec-11 9.671 23-Dec-25 5 CRISIL AAA/Stable
INE733E07GS6 Bond - XLI Issue 23-Dec-11 9.671 23-Dec-26 5 CRISIL AAA/Stable
INE733E07GT4 Bond - XLI Issue 23-Dec-11 9.671 23-Dec-27 5 CRISIL AAA/Stable
INE733E07GU2 Bond - XLI Issue 23-Dec-11 9.671 23-Dec-28 5 CRISIL AAA/Stable
INE733E07GV0 Bond - XLI Issue 23-Dec-11 9.671 23-Dec-29 5 CRISIL AAA/Stable
INE733E07GW8 Bond - XLI Issue 23-Dec-11 9.671 23-Dec-30 5 CRISIL AAA/Stable
INE733E07GX6 Bond - XLI Issue 23-Dec-11 9.671 23-Dec-31 5 CRISIL AAA/Stable
INE733E07GY4 Bond - XLII Issue 25-Jan-12 9 25-Jan-23 100 CRISIL AAA/Stable
INE733E07GZ1 Bond - XLII Issue 25-Jan-12 9 25-Jan-24 100 CRISIL AAA/Stable
INE733E07HA2 Bond - XLII Issue 25-Jan-12 9 25-Jan-25 100 CRISIL AAA/Stable
INE733E07HB0 Bond - XLII Issue 25-Jan-12 9 25-Jan-26 100 CRISIL AAA/Stable
INE733E07HC8 Bond - XLII Issue 25-Jan-12 9 25-Jan-27 100 CRISIL AAA/Stable
INE733E07HF1 Bond - XLIII Issue 2-Mar-12 9.257 2-Mar-20 5 CRISIL AAA/Stable
INE733E07HG9 Bond - XLIII Issue 2-Mar-12 9.257 2-Mar-21 5 CRISIL AAA/Stable
INE733E07HH7 Bond - XLIII Issue 2-Mar-12 9.257 2-Mar-22 5 CRISIL AAA/Stable
INE733E07HI5 Bond - XLIII Issue 2-Mar-12 9.257 2-Mar-23 5 CRISIL AAA/Stable
INE733E07HJ3 Bond - XLIII Issue 2-Mar-12 9.257 2-Mar-24 5 CRISIL AAA/Stable
INE733E07HK1 Bond - XLIII Issue 2-Mar-12 9.257 2-Mar-25 5 CRISIL AAA/Stable
INE733E07HL9 Bond - XLIII Issue 2-Mar-12 9.257 2-Mar-26 5 CRISIL AAA/Stable
INE733E07HM7 Bond - XLIII Issue 2-Mar-12 9.257 2-Mar-27 5 CRISIL AAA/Stable
INE733E07HN5 Bond - XLIII Issue 2-Mar-12 9.257 2-Mar-28 5 CRISIL AAA/Stable
INE733E07HO3 Bond - XLIII Issue 2-Mar-12 9.257 2-Mar-29 5 CRISIL AAA/Stable
INE733E07HP0 Bond - XLIII Issue 2-Mar-12 9.257 2-Mar-30 5 CRISIL AAA/Stable
INE733E07HQ8 Bond - XLIII Issue 2-Mar-12 9.257 2-Mar-31 5 CRISIL AAA/Stable
INE733E07HR6 Bond - XLIII Issue 2-Mar-12 9.257 2-Mar-32 5 CRISIL AAA/Stable
INE733E07HS4 Bond - XLIV Issue 4-May-12 9.25 4-May-23 100 CRISIL AAA/Stable
INE733E07HT2 Bond - XLIV Issue 4-May-12 9.25 4-May-24 100 CRISIL AAA/Stable
INE733E07HU0 Bond - XLIV Issue 4-May-12 9.25 4-May-25 100 CRISIL AAA/Stable
INE733E07HV8 Bond - XLIV Issue 4-May-12 9.25 4-May-26 100 CRISIL AAA/Stable
INE733E07HW6 Bond - XLIV Issue 4-May-12 9.25 4-May-27 100 CRISIL AAA/Stable
INE733E07HZ9 Bond - XLV Issue 16-May-12 9.438 16-May-20 5 CRISIL AAA/Stable
INE733E07IA0 Bond - XLV Issue 16-May-12 9.438 16-May-21 5 CRISIL AAA/Stable
INE733E07IB8 Bond - XLV Issue 16-May-12 9.438 16-May-22 5 CRISIL AAA/Stable
INE733E07IC6 Bond - XLV Issue 16-May-12 9.438 16-May-23 5 CRISIL AAA/Stable
INE733E07ID4 Bond - XLV Issue 16-May-12 9.438 16-May-24 5 CRISIL AAA/Stable
INE733E07IE2 Bond - XLV Issue 16-May-12 9.438 16-May-25 5 CRISIL AAA/Stable
INE733E07IF9 Bond - XLV Issue 16-May-12 9.438 16-May-26 5 CRISIL AAA/Stable
INE733E07IG7 Bond - XLV Issue 16-May-12 9.438 16-May-27 5 CRISIL AAA/Stable
INE733E07IH5 Bond - XLV Issue 16-May-12 9.438 16-May-28 5 CRISIL AAA/Stable
INE733E07II3 Bond - XLV Issue 16-May-12 9.438 16-May-29 5 CRISIL AAA/Stable
INE733E07IJ1 Bond - XLV Issue 16-May-12 9.438 16-May-30 5 CRISIL AAA/Stable
INE733E07IK9 Bond - XLV Issue 16-May-12 9.438 16-May-31 5 CRISIL AAA/Stable
INE733E07IL7 Bond - XLV Issue 16-May-12 9.438 16-May-32 5 CRISIL AAA/Stable
INE733E07IO1 Bond - XLVI Issue 20-Jul-12 9.347 20-Jul-20 5 CRISIL AAA/Stable
INE733E07IP8 Bond - XLVI Issue 20-Jul-12 9.347 20-Jul-21 5 CRISIL AAA/Stable
INE733E07IQ6 Bond - XLVI Issue 20-Jul-12 9.347 20-Jul-22 5 CRISIL AAA/Stable
INE733E07IR4 Bond - XLVI Issue 20-Jul-12 9.347 20-Jul-23 5 CRISIL AAA/Stable
INE733E07IS2 Bond - XLVI Issue 20-Jul-12 9.347 20-Jul-24 5 CRISIL AAA/Stable
INE733E07IT0 Bond - XLVI Issue 20-Jul-12 9.347 20-Jul-25 5 CRISIL AAA/Stable
INE733E07IU8 Bond - XLVI Issue 20-Jul-12 9.347 20-Jul-26 5 CRISIL AAA/Stable
INE733E07IV6 Bond - XLVI Issue 20-Jul-12 9.347 20-Jul-27 5 CRISIL AAA/Stable
INE733E07IW4 Bond - XLVI Issue 20-Jul-12 9.347 20-Jul-28 5 CRISIL AAA/Stable
INE733E07IX2 Bond - XLVI Issue 20-Jul-12 9.347 20-Jul-29 5 CRISIL AAA/Stable
INE733E07IY0 Bond - XLVI Issue 20-Jul-12 9.347 20-Jul-30 5 CRISIL AAA/Stable
INE733E07IZ7 Bond - XLVI Issue 20-Jul-12 9.347 20-Jul-31 5 CRISIL AAA/Stable
INE733E07JA8 Bond - XLVI Issue 20-Jul-12 9.347 20-Jul-32 5 CRISIL AAA/Stable
INE733E07JB6 Bond - XLVII Issue 4-Oct-12 8.84 4-Oct-22 390 CRISIL AAA/Stable
INE733E07JC4 Bond - XLVIII Issue 7-Mar-13 8.73 7-Mar-23 300 CRISIL AAA/Stable
INE733E07JD2 Bond - XLIX Issue 4-Apr-13 8.8 4-Apr-23 200 CRISIL AAA/Stable
INE733E07JE0 Bond - L-1A Issue 16-Dec-13 8.41 16-Dec-23 488.03 CRISIL AAA/Stable
INE733E07JF7 Bond - L-2A Issue 16-Dec-13 8.48 16-Dec-28 249.95 CRISIL AAA/Stable
INE733E07JG5 Bond - L-3A Issue 16-Dec-13 8.66 16-Dec-33 312.03 CRISIL AAA/Stable
INE733E07JH3 Bond - L-1B Issue 16-Dec-13 8.66 16-Dec-23 208.64 CRISIL AAA/Stable
INE733E07JI1 Bond - L-2B Issue 16-Dec-13 8.73 16-Dec-28 91.39 CRISIL AAA/Stable
INE733E07JJ9 Bond - L-3B Issue 16-Dec-13 8.91 16-Dec-33 399.97 CRISIL AAA/Stable
INE733E07JK7 Bond - LI-A Issue 4-Mar-14 8.19 4-Mar-24 75 CRISIL AAA/Stable
INE733E07JL5 Bond - LI-B Issue 4-Mar-14 8.63 4-Mar-29 105 CRISIL AAA/Stable
INE733E07JM3 Bond - LI-C Issue 4-Mar-14 8.61 4-Mar-34 320 CRISIL AAA/Stable
INE733E07JN1 Bond - LII Issue 24-Mar-14 9.34 24-Mar-24 750 CRISIL AAA/Stable
INE733E07JO9 Bond - LIII Issue 22-Sep-14 9.17 22-Sep-24 1,000.00 CRISIL AAA/Stable
INE733E07JP6 Bond - LIV Issue * 25-Mar-15 8.49 25-Mar-25 10,306.83 CRISIL AAA/Stable
INE733E07JQ4 Bond - LV Issue 21-Aug-15 7.15 21-Aug-25 300 CRISIL AAA/Stable
INE733E07JR2 Bond - LVI-1A Issue 5-Oct-15 7.11 5-Oct-25 108.38 CRISIL AAA/Stable
INE733E07JS0 Bond - LVI-2A Issue 5-Oct-15 7.28 5-Oct-30 129.05 CRISIL AAA/Stable
INE733E07JT8 Bond - LVI-3A Issue 5-Oct-15 7.37 5-Oct-35 182.58 CRISIL AAA/Stable
INE733E07JU6 Bond - LVI-1B Issue 5-Oct-15 7.36 5-Oct-25 65.96 CRISIL AAA/Stable
INE733E07JV4 Bond - LVI-2B Issue 5-Oct-15 7.53 5-Oct-30 48.3 CRISIL AAA/Stable
INE733E07JW2 Bond - LVI-3B Issue 5-Oct-15 7.62 5-Oct-35 165.74 CRISIL AAA/Stable
INE733E07JX0 Bond - LVII Issue 15-Dec-15 8.19 15-Dec-25 500 CRISIL AAA/Stable
INE733E07JY8 Bond - LVIII Issue 31-Dec-15 8.18 31-Dec-20 300 CRISIL AAA/Stable
INE733E07JZ5 Bond - LIX Issue 24-Feb-16 8.33 24-Feb-21 655 CRISIL AAA/Stable
INE733E07KA6 Bond - LX Issue 5-May-16 8.05 5-May-26 1,000.00 CRISIL AAA/Stable
INE733E07KB4 Bond - LXI Issue 27-May-16 8.1 27-May-21 357.5 CRISIL AAA/Stable
INE733E07KC2 Bond - LXI Issue 27-May-16 8.1 27-May-26 357.5 CRISIL AAA/Stable
INE733E07KD0 Bond - LXI Issue 27-May-16 8.1 27-May-31 357.5 CRISIL AAA/Stable
INE733E07KE8 Bond - LXII Issue** 23-Aug-16 7.58 23-Aug-26 800 CRISIL AAA/Stable
INE733E07KF5 Bond - LXIII Issue** 16-Sep-16 7.47 16-Sep-26 670 CRISIL AAA/Stable
INE733E07KG3 Bond - LXIV Issue** 7-Nov-16 7.49 7-Nov-31 700 CRISIL AAA/Stable
INE733E07KH1 Bond - LXV Issue** 24-Nov-16 6.72 24-Nov-21 700 CRISIL AAA/Stable
INE733E07KI9 Bond - LXVI Issue** 14-Dec-16 7.37 14-Dec-31 3,925.00 CRISIL AAA/Stable
INE733E07KJ7 Bond - LXVII Issue 15-Jan-19 8.3 15-Jan-29 4,000.00 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 has rated Rs 10,000 crore of non-convertible debentures, against which the company has issued bond series LXII, LXIII, LXIV, LXV and LXVI
#Yet to be issued
@Fully Interchangeable with short-term loan and working capital demand loan
 
Annexure - Details of Rating Withdrawn
ISIN Name of Instrument Date Of Allotment Coupon
 Rate (%)
Maturity Date Issue Size
(Rs. Cr.)
INE733E07637 Bond - XXI Issue 2-Feb-06 7.713 2-Aug-19 50
INE733E07819 Bond - XXII Issue 2-Jan-07 8.177 2-Jul-19 25
INE733E07AB5 Bond - XXIII Issue 5-Feb-07 8.38 5-Aug-19 25
INE733E07AV3 Bond - XXIV Issue 9-Mar-07 8.608 9-Sep-19 25
INE733E07CB1 Bond - XXVII Issue 6-Nov-08 11.25 6-Nov-19 70
INE733E07DO2 Bond - XXXV Issue 15-Sep-10 8.785 15-Sep-19 8
INE733E07FW0 Bond - XL Issue 29-Jul-11 9.558 29-Jul-19 5
INE733E07IN3 Bond - XLVI Issue 20-Jul-12 9.347 20-Jul-19 5
INE733E07DN4 Bond - XXXV Issue 15-Sep-10 8.785 15-Sep-18 8
 
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 ('CRISIL AA-/Positive/CRISIL A1+') 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 ('CRISIL AA/Stable/CRISIL A1+') 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 ('CRISIL A1+') 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 2019 (History) 2018  2017  2016  Start of 2016
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Bond  LT  33918.35
28-11-19 
CRISIL AAA/Stable  05-07-19  CRISIL AAA/Stable  27-12-18  CRISIL AAA/Stable  18-08-17  CRISIL AAA/Stable  05-08-16  CRISIL AAA/Stable  CRISIL AAA/Stable 
        26-03-19  CRISIL AAA/Stable  16-04-18  CRISIL AAA/Stable  06-04-17  CRISIL AAA/Stable  11-03-16  CRISIL AAA/Stable   
        13-03-19  CRISIL AAA/Stable  26-03-18  CRISIL AAA/Stable      10-03-16  CRISIL AAA/Stable   
            03-01-18  CRISIL AAA/Stable           
Commercial Paper  ST  18000.00  CRISIL A1+  05-07-19  CRISIL A1+  27-12-18  CRISIL A1+    --  11-03-16  Withdrawal  CRISIL A1+ 
        26-03-19  CRISIL A1+  16-04-18  CRISIL A1+      10-03-16  CRISIL A1+   
        13-03-19  CRISIL A1+  26-03-18  CRISIL A1+           
            03-01-18  CRISIL A1+           
Fixed Deposits  FD  0.00  FAAA/Stable  05-07-19  FAAA/Stable  27-12-18  FAAA/Stable  18-08-17  FAAA/Stable  05-08-16  FAAA/Stable  FAAA/Stable 
        26-03-19  FAAA/Stable  16-04-18  FAAA/Stable  06-04-17  FAAA/Stable  11-03-16  FAAA/Stable   
        13-03-19  FAAA/Stable  26-03-18  FAAA/Stable      10-03-16  FAAA/Stable   
            03-01-18  FAAA/Stable           
Non Convertible Debentures  LT  3056.50
28-11-19 
CRISIL AAA/Stable  05-07-19  CRISIL AAA/Stable  27-12-18  CRISIL AAA/Stable  18-08-17  CRISIL AAA/Stable  05-08-16  CRISIL AAA/Stable  CRISIL AAA/Stable 
        26-03-19  CRISIL AAA/Stable  16-04-18  CRISIL AAA/Stable  06-04-17  CRISIL AAA/Stable  11-03-16  CRISIL AAA/Stable   
        13-03-19  CRISIL AAA/Stable  26-03-18  CRISIL AAA/Stable      10-03-16  CRISIL AAA/Stable   
            03-01-18  CRISIL AAA/Stable           
Non-Convertible Debentures (including Tax-Free Bonds)  LT  0.00
28-11-19 
CRISIL AAA/Stable  05-07-19  CRISIL AAA/Stable  27-12-18  CRISIL AAA/Stable  18-08-17  CRISIL AAA/Stable  05-08-16  CRISIL AAA/Stable  CRISIL AAA/Stable 
        26-03-19  CRISIL AAA/Stable  16-04-18  CRISIL AAA/Stable  06-04-17  CRISIL AAA/Stable  11-03-16  CRISIL AAA/Stable   
        13-03-19  CRISIL AAA/Stable  26-03-18  CRISIL AAA/Stable           
            03-01-18  CRISIL AAA/Stable           
Short Term Debt (Including Commercial Paper)  ST    --    --  03-01-18  Withdrawal  18-08-17  CRISIL A1+  05-08-16  CRISIL A1+  -- 
                06-04-17  CRISIL A1+  11-03-16  CRISIL A1+   
                    10-03-16  CRISIL A1+   
Fund-based Bank Facilities  LT/ST  78000.00  CRISIL AAA/Stable  05-07-19  CRISIL AAA/Stable  27-12-18  CRISIL AAA/Stable  18-08-17  CRISIL AAA/Stable  05-08-16  CRISIL AAA/Stable  CRISIL AAA/Stable 
        26-03-19  CRISIL AAA/Stable  16-04-18  CRISIL AAA/Stable  06-04-17  CRISIL AAA/Stable  11-03-16  CRISIL AAA/Stable   
        13-03-19  CRISIL AAA/Stable  26-03-18  CRISIL AAA/Stable      10-03-16  CRISIL AAA/Stable   
            03-01-18  CRISIL AAA/Stable           
Non Fund-based Bank Facilities  LT/ST  6000.00  CRISIL A1+  05-07-19  CRISIL A1+  27-12-18  CRISIL A1+  18-08-17  CRISIL A1+  05-08-16  CRISIL A1+  CRISIL A1+ 
        26-03-19  CRISIL A1+  16-04-18  CRISIL A1+  06-04-17  CRISIL AAA/Stable/ CRISIL A1+  11-03-16  CRISIL AAA/Stable/ CRISIL A1+   
        13-03-19  CRISIL A1+  26-03-18  CRISIL A1+      10-03-16  CRISIL AAA/Stable/ CRISIL A1+   
            03-01-18  CRISIL A1+           
All amounts are in Rs.Cr.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Bank Guarantee 2820 CRISIL A1+ Bank Guarantee 2820 CRISIL A1+
Cash Credit 2975 CRISIL AAA/Stable Cash Credit 2975 CRISIL AAA/Stable
Letter of Credit 3000 CRISIL A1+ Letter of Credit 3000 CRISIL A1+
Long Term Loan 58293.19 CRISIL AAA/Stable Long Term Loan 58293.19 CRISIL AAA/Stable
Proposed Bank Guarantee 180 CRISIL A1+ Proposed Bank Guarantee 180 CRISIL A1+
Proposed Cash Credit Limit@ 10025 CRISIL AAA/Stable Proposed Cash Credit Limit@ 10025 CRISIL AAA/Stable
Proposed Long Term Bank Loan Facility 6706.81 CRISIL AAA/Stable Proposed Long Term Bank Loan Facility 6706.81 CRISIL AAA/Stable
Total 84000 -- Total 84000 --
@ Fully interchangeable with short-term loan and working capital demand loan
Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Power Generation Utilities
Rating criteria for manufaturing and service sector companies
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Entities Based on Government Support

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