Rating Rationale
February 15, 2019 | Mumbai
Power Finance Corporation Limited
Ratings Reaffirmed
Rating Action
Total Bank Loan Facilities Rated Rs.10000 Crore (Reduced from Rs.12000 Crore)
Long Term Rating CRISIL AAA/Stable (Reaffirmed)
Rs.62000 Crore Long-Term Borrowing Programme CRISIL AAA/Stable (Reaffirmed)
Rs.64000 Crore Long-Term Borrowing Programme* CRISIL AAA/Stable (Reaffirmed)
Subordinated Non-Convertible Debentures Aggregating Rs.15000 Crore  CRISIL AAA/Stable (Reaffirmed)
Bonds Aggregating Rs.185943.4 Crore#  CRISIL AAA/Stable (Reaffirmed) 
Rs.20000 Crore Short-Term Borrowing Programme~  CRISIL A1+ (Reaffirmed) 
Rs.20000 Crore Short-Term Borrowing Programme*  CRISIL A1+ (Reaffirmed) 
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
~Borrowing programme for fiscal 2019. Total incremental long-term bank borrowing and borrowings under the rated long-term bonds programme not to exceed Rs.62,000 crore at any point in time during the fiscal.
*Borrowing programme for fiscal 2018.
#Includes Rs 5000 crore of extra budgetary resources raised on behalf of Ministry of Power.
Detailed Rationale

CRISIL has reaffirmed its ratings on the debt instruments and bank facilities of Power Finance Corporation Limited (PFC) at 'CRISIL AAA/Stable/CRISIL A1+' and withdrawn term loan bank facility of Rs.2000 crore as confirmed by the bankers which is in line with CRISIL's policy on withdrawal. CRISIL has also withdrawn its rating on bonds of Rs.20229 crore (See Annexure 'Details of Rating Withdrawn' for details) in line with its withdrawal policy. CRISIL has received independent confirmation that these instruments are fully redeemed.

On December 6, 2018, 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 REC Limited (REC) to Power Finance Corporation Limited (PFC), along with transfer of management control; GoI currently holds 52.63% stake in REC.

On December 11, 2018, CRISIL had indicated that it would continue to closely monitor the developments and take appropriate need-based rating action thereafter. Subsequently, CRISIL has discussed with management of both the companies and their key stakeholders.

The reaffirmation is driven by CRISIL's belief that both PFC and REC will continue to remain strategically important to GoI and support, if any, required for both entities will be provided by GoI.  Both these companies will continue to play their respective policy roles and will remain the nodal agencies for implementing GoI's power sector policies. Further, they are expected to operate all functions independently as they do it currently.

CRISIL understands that, post the stake sale by GoI, REC would still continue to operate as public financial institution (PFI), Infrastructure Finance Company (NBFC-IFC) and a Central Public Sector Enterprise (CPSE). Further, the entity would continue to accrue all the benefits it was eligible for prior to stake sale by GoI, including raising bonds under Section 54EC. Capital support, if required, by REC, will be provided by government, through PFC.

The acquisition by PFC will likely be funded through a mix of external and internal sources. CRISIL does not envisage any material impact on the gearing of PFC, given any external debt raised for the acquisition is expected to be nominal as compared to the overall borrowings of the company (Rs 2.49 lakh crore as on December 31, 2018). However, PFC's capital ratios will be adversely impacted on account of deducting its investment in REC (in excess of 10% of net owned funds) from the Tier I Capital. PFC has Tier 1 and overall CAR of 15.95% and 18.95% respectively as on December 31, 2018 against the regulatory requirement of 10% and 15%of Tier 1 and overall CAR for NBFC-IFC.

Nevertheless, the management has indicated that PFC is expected to maintain all regulatory capital requirements and is undertaking several measures in this regard including reduction in risk weighted assets (RWA), divestment of non-core assets/investments and raising of tier II capital. Post the acquisition, CRISIL expects such measures will help ensure capital ratios are in compliance with regulatory requirements. Nevertheless, CRISIL would continue to monitor the same as it remains a key sensitivity factor

The ratings on the debt instruments of PFC continue to reflect the company's strategic importance to the GoI given its key role in financing the Indian power sector, and its majority ownership by GoI. The ratings also factor in its strong market position and adequate capitalisation and resource profile. These strengths are partially offset by inherent vulnerability in PFC's asset quality, and significant sectoral and customer concentration.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and financial risk profile of PFC and its subsidiaries. CRISIL, will consolidate financials of REC with PFC, once the transaction is consummated. Furthermore, CRISIL factors in support from the majority owner, GoI given its key role in financing the Indian power sector.

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
* Strategic importance to and majority ownership by GoI
The company's high strategic importance to GoI is reflected in the role it plays in implementing government policies, and its importance in financing India's power sector, particularly government sector power utilities (PSUs, includes state (65%), central (7%) and joint (9%) power undertakings). PFC is the nodal agency for the development of Ultra Mega Power Projects (UMPPs) and the Integrated Power Development Scheme (IPDS), and is also the bid process coordinator for the Independent Transmission Projects (ITP) scheme. The company plays a developmental role in channelling finance to meet the power sector's large funding requirement, particularly of PSUs, which constitute 83% of its portfolio. GoI remains the majority shareholder, with a stake of 61.48% as on December 31, 2018. The government supports the company financially and operationally in various ways, including conferring special status to raise capital gains tax exemption bonds. CRISIL believes that GoI has strong strategic reasons and a moral obligation to support PFC, both on an ongoing basis and in the event of distress, given the latter's role in implementing the government's power sector policies and GoI's majority ownership in the company.

* Dominant market position in the power financing segment
PFC plays an important role in the Indian power sector, not only by providing finance but also by implementing GoI's power sector policies. The company is the largest lender to the power sector with a share of over 20%, and plays a key role in channelling finance to PSUs. The share of PSUs in the loan book stood at 83% as on December 31, 2018 (82% as on September 30, 2018). Loans outstanding to PSUs stood at Rs 2.98 lakh crore as on December 31, 2018. Additionally, PFC is the nodal agency for UMPP and the IPDS.

* Adequate capitalisation
As on December 31, 2018, tier-I capital adequacy ratio (CAR) was 15.95%, overall CAR 18.95%, and net worth (share capital and all reserves) Rs 40932 crore, against 17.66%, 20.75% and Rs 37,198 crore, respectively as on December 31, 2017. Capitalisation is expected to remain adequate over the medium term, supported by a demonstrated ability to raise capital through public issues. The net worth to net NPA ratio was 3.0 times as on December 31, 2018 (2.8 times as on September 30, 2018). Accruals to networth is supported by ability to maintain good interest spreads and a low operating expense ratio. The return on assets ratio was 2.2% (annualised) in the first nine months fiscal 2019 (2.1% in fiscal 2018). However, profitability will remain susceptible to increase in credit costs because of weakening in asset quality in the private sector exposures.

* Adequate resource profile
Borrowing costs are competitive and the resource base, though wholesale, is diversified. The debt instruments have wide market acceptability and borrowing is typically at low spreads over government securities. The cost of borrowing is lower than that of peers, and was 7.8% for fiscal 2018 (8.1% for fiscal 2017). The resource profile as on December 31, 2018 mainly comprises of bonds (80%) and term loans (17%), and other borrowings form 3% of the total resource pool. The company also has access to foreign currency borrowing, which comprised 12% of the total resources as on December 31, 2018 (8% as on March 31, 2018). It hedges only a limited portion of its foreign currency borrowing based on its board-approved policy. The company has also received government approval to raise capital gain bonds under Section 54 EC; which should further support the resource profile.

In fiscal 2017, extra budgetary resources of Rs 5000 crore were raised on behalf of the, GoI. These bonds will be fully serviced by the government through the general budget; hence, a separate government guarantee was not required for issue of these bonds. In its analytical treatment, CRISIL has assumed that PFC will ensure the bonds are serviced on time.

* Inherent vulnerability in asset quality, and significant sectoral and customer concentration
PFC's asset quality remains inherently vulnerable to the weak credit risk profiles of borrowers. The company caters only to the power sector, with 83% of its advances to government sector power utilities (including generation, transmission, and discoms). PSUs, especially discoms, are an inherently weak asset class because of their poor financial risk profiles. Loans to discoms accounted for 22% of overall advances, including transition funding. Effective execution of various reform measures is extremely critical for PSUs to produce the desired positive impact, and broad-based political consensus is necessary to implement the much-needed tariff increases to ensure sustained improvement in the performance of PSUs.  NPAs and restructured assets from the PSU book rose sharply in fiscal 2017 owing to alignment with RBI restructuring norms. However, the downgraded accounts had been paying dues regularly, and a majority of them were upgraded in fiscal 2018. As on December 31, 2018, NPAs (stage III assets as per IND AS) are nil from this portfolio.

PFC also has 17% exposure to private sector power players, which have increasingly become more vulnerable to asset quality risks owing to issues such as lack of fuel availability, inability to pass on fuel price increases, and absence of long-term power purchase agreements for assured power offtake. PFC reported gross NPAs (stage III assets as per IND-AS) of 9.47% as on December 31, 2018 against 5.71% a year ago and 9.67% as of September 30, 2018. While government sector NPAs declined over previous year, the share of NPAs from private sector has increased considerably. As on December 31, 2018, ~55 % of private sectors loans have been recognized as stage III assets. PFC has made provisions of 52% against the stage III assets.

Asset Liability Maturity (ALM) profile of PFC shows that liquidity position is adequate.  The mismatches in the ALM buckets up to one year given the relatively long tenure of its assets are managed mainly through unutilised bank lines. Additionally, the debt repayments are well staggered across months, supporting its liquidity profile.
As on December 31, 2018, against the total debt of Rs 9,463 crore maturing till March 31, 2019. PFC had unutilised bank lines of Rs 12,250 crore as on January 24, 2019. PFC continues to tap debt capital markets for fresh issuances. Around Rs 7,908 crore and Rs 4,665 crore were raised as CP and NCDs, respectively, in the quarter ended December 31, 2018. PFC also raised term loans of Rs 10,250 crore over the same period.

Outlook: Stable

CRISIL believes GoI will retain its majority stake in PFC, which will continue to play a critical role in implementing government policies related to financing the Indian power sector, over the medium term. The company is also likely to retain its strong position in the infrastructure-financing segment, while maintaining healthy capitalisation. Any reduction in PFC's strategic importance to, and attendant support from, GoI, or significant deterioration in asset quality may result in an outlook revision to 'Negative'.

About the Company

PFC was established in 1986 by GoI as an institution dedicated to funding and developing the power sector in India. Until 1996, it lent exclusively to public sector entities. Since then, it has expanded its customer profile to include private sector power utilities and projects. PFC aims to promote balanced and integrated development of the power sector by providing finance to low-cost, efficient, and reliable projects.
On a consolidated basis, PFC reported a profit after tax (PAT) of Rs 5844 crore on a total income (net of interest expenses) of Rs 9704 for fiscal 2018, as against a PAT of Rs 2236 crore on a total income (net of interest expenses) of Rs 10844 crore for the previous fiscal. On a standalone basis, PFC reported a PAT of Rs 5855 crore on a total income (net of interest expenses) of Rs 9533 for fiscal 2018, as against a PAT of Rs 2126 crore on a total income (net of interest expenses) of Rs 10856 crore for the previous fiscal
For the nine month ended December 31, 2018, PFC reported a standalone PAT of Rs 4804 crore on a total income (net of interest expense) of Rs 7382 crore as against a standalone PAT of Rs 3565 crore on a total income (net of interest expense) of Rs 7190 crore for the corresponding period of the previous fiscal.

Key Financial Indicators - PFC Consolidated
As on/for the period ended March  31, Unit 2018 2017
Total Assets Rs. Cr. 288175 259537
Total income (net of interest expenses) Rs. Cr. 9704 10844
Profit after tax Rs. Cr. 5844 2236
Gross NPA % 9.57 12.50
Overall capital adequacy ratio  % 19.99 19.28

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.Cr) Rating Assigned with outlook
INE134E08FT5 Subordinated debt issue 14-Jun-13 8.19% 14-Jun-23 800 CRISIL AAA/Stable
INE134E08FW9 Subordinated debt issue 13-Jan-14 9.65% 13-Jan-24 1,000.00 CRISIL AAA/Stable
INE134E08FX7 Subordinated debt issue 21-Feb-14 9.70% 21-Feb-24 2,000.00 CRISIL AAA/Stable
INE134E08693 Institutional bonds 30-Dec-02 8.10% 30-Dec-22 750 CRISIL AAA/Stable
INE134E08925 Institutional bonds 31-May-06 8.85% 31-May-21 600 CRISIL AAA/Stable
INE134E08BO5 Institutional bonds 7-Aug-09 8.60% 7-Aug-19 866.5 CRISIL AAA/Stable
INE134E08BP2 Institutional bonds 7-Aug-09 8.60% 7-Aug-24 866.5 CRISIL AAA/Stable
INE134E08BT4 Institutional bonds 15-Oct-09 8.80% 15-Oct-19 1,216.60 CRISIL AAA/Stable
INE134E08CK1 Institutional bonds 20-Nov-09 1YINCMTBMK+179 bps (floating rate) 20-Nov-19 925 CRISIL AAA/Stable
INE134E08CM7 Institutional bonds 15-Dec-09 8.50% 15-Dec-19 351 CRISIL AAA/Stable
INE134E08CN5 Institutional bonds 15-Dec-09 8.50% 15-Dec-24 351 CRISIL AAA/Stable
INE134E08CO3 Institutional bonds 15-Jan-10 8.70% 15-Jan-20 845.4 CRISIL AAA/Stable
INE134E08CP0 Institutional bonds 15-Jan-10 8.80% 15-Jan-25 1,172.60 CRISIL AAA/Stable
INE134E08CR6 Institutional bonds 15-Mar-10 8.90% 15-Mar-20 184 CRISIL AAA/Stable
INE134E08CS4 Institutional bonds 15-Mar-10 8.90% 15-Mar-25 184 CRISIL AAA/Stable
INE134E08CU0 Institutional bonds 30-Mar-10 8.95% 30-Mar-20 492 CRISIL AAA/Stable
INE134E08CV8 Institutional bonds 30-Mar-10 8.95% 30-Mar-25 492 CRISIL AAA/Stable
INE134E08CX4 Institutional bonds 14-May-10 8.70% 14-May-20 1,337.50 CRISIL AAA/Stable
INE134E08CY2 Institutional bonds 14-May-10 8.70% 14-May-25 1,337.50 CRISIL AAA/Stable
INE134E08CZ9 Institutional bonds 15-Jun-10 8.65% 15-Jun-20 500 CRISIL AAA/Stable
INE134E08DA0 Institutional bonds 15-Jun-10 8.75% 15-Jun-25 1,532.00 CRISIL AAA/Stable
INE134E08DB8 Institutional bonds 15-Jun-10 8.85% 15-Jun-30 633 CRISIL AAA/Stable
INE134E08DE2 Institutional bonds 4-Aug-10 8.70% 15-Jul-20 1,424.00 CRISIL AAA/Stable
INE134E08DG7 Institutional bonds 15-Nov-10 8.78% 15-Nov-20 1,549.00 CRISIL AAA/Stable
INE134E08DH5 Institutional bonds 15-Dec-10 9.05% 15-Dec-20 192.7 CRISIL AAA/Stable
INE134E08DI3 Institutional bonds 15-Dec-10 9.05% 15-Dec-25 192.7 CRISIL AAA/Stable
INE134E08DJ1 Institutional bonds 15-Dec-10 9.05% 15-Dec-30 192.7 CRISIL AAA/Stable
INE134E08DL7 Institutional bonds 14-Jan-11 8.99% 15-Jan-21 1,219.00 CRISIL AAA/Stable
INE134E08DM5 Institutional bonds 15-Apr-11 9.18% 15-Apr-21 1,000.00 CRISIL AAA/Stable
INE134E08DN3 Institutional bonds 9-Jun-11 9.70% 9-Jun-21 1,693.20 CRISIL AAA/Stable
INE134E08DQ6 Institutional bonds 29-Jun-11 9.61% 29-Jun-21 2,084.70 CRISIL AAA/Stable
INE134E08DR4 Institutional bonds 1-Aug-11 9.36% 1-Aug-21 2,589.40 CRISIL AAA/Stable
INE134E08DS2 Institutional bonds 1-Aug-11 9.46% 1-Aug-26 1,105.00 CRISIL AAA/Stable
INE134E08DU8 Institutional bonds 1-Sep-11 9.45% 1-Sep-26 2,568.00 CRISIL AAA/Stable
INE134E08DW4 Institutional bonds 23-Sep-11 9.44% 23-Sep-21 1,180.00 CRISIL AAA/Stable
INE134E07117 Institutional bonds 15-Oct-11 7.51% 15-Oct-21 205.2 CRISIL AAA/Stable
INE134E07125 Institutional bonds 15-Oct-11 7.75% 15-Oct-26 218 CRISIL AAA/Stable
INE134E07133 Institutional bonds 25-Nov-11 8.09% 25-Nov-21 334.3 CRISIL AAA/Stable
INE134E07141 Institutional bonds 25-Nov-11 8.16% 25-Nov-26 209.3 CRISIL AAA/Stable
INE134E08EG5 Institutional bonds 6-Mar-12 9.30% 15-Apr-20 79.5 CRISIL AAA/Stable
INE134E08EH3 Institutional bonds 6-Mar-12 9.26% 15-Apr-23 736 CRISIL AAA/Stable
INE134E08EL5 Institutional bonds 20-Mar-12 9.42% 20-Mar-20 650.8 CRISIL AAA/Stable
INE134E08EO9 Institutional bonds 28-Mar-12 9.48% 15-Apr-22 184.7 CRISIL AAA/Stable
INE134E08EU6 Institutional bonds 29-Jun-12 9.39% 29-Jun-22 2,695.20 CRISIL AAA/Stable
INE134E08EX0 Institutional bonds 21-Aug-12 9.29% 21-Aug-22 640 CRISIL AAA/Stable
INE134E07299 Institutional bonds 22-Nov-12 7.21% 22-Nov-22 255 CRISIL AAA/Stable
INE134E07307 Institutional bonds 22-Nov-12 7.38% 22-Nov-27 25 CRISIL AAA/Stable
INE134E07315 Institutional bonds 29-Nov-12 7.22% 29-Nov-22 30 CRISIL AAA/Stable
INE134E07323 Institutional bonds 29-Nov-12 7.38% 29-Nov-27 100 CRISIL AAA/Stable
INE134E08FG2 Institutional bonds 20-Feb-13 8.82% 20-Feb-20 733 CRISIL AAA/Stable
INE134E08FI8 Institutional bonds 4-Mar-13 8.86% 4-Mar-20 54.3 CRISIL AAA/Stable
INE134E08FJ6 Institutional bonds 4-Mar-13 8.84% 4-Mar-23 1,310.00 CRISIL AAA/Stable
INE134E08FL2 Institutional bonds 11-Mar-13 9.00% 11-Mar-28 1,370.00 CRISIL AAA/Stable
INE134E08FN8 Institutional bonds 18-Mar-13 8.90% 18-Mar-23 403 CRISIL AAA/Stable
INE134E08FO6 Institutional bonds 18-Mar-13 8.90% 18-Mar-28 403 CRISIL AAA/Stable
INE134E08FP3 Institutional bonds 18-Mar-13 8.87% 18-Mar-23 70 CRISIL AAA/Stable
INE134E08FQ1 Institutional bonds 25-Mar-13 8.94% 25-Mar-28 2,807.00 CRISIL AAA/Stable
INE134E07372 Institutional bonds 30-Aug-13 8.01% 30-Aug-23 113 CRISIL AAA/Stable
INE134E07380 Institutional bonds 30-Aug-13 8.46% 30-Aug-28 1,011.10 CRISIL AAA/Stable
INE134E07497 Institutional bonds 31-Jan-14 9.70% 31-Jan-20 270 CRISIL AAA/Stable
INE134E07505 Institutional bonds 31-Jan-14 9.70% 31-Jan-21 270 CRISIL AAA/Stable
INE134E07513 Institutional bonds 3-Mar-14 9.69% 2-Mar-19 2,240.00 CRISIL AAA/Stable
INE134E08FZ2 Institutional bonds 7-Jul-14 9.15% 7-Jul-19 100 CRISIL AAA/Stable
INE134E08GA3 Institutional bonds 7-Jul-14 9.20% 7-Jul-21 700 CRISIL AAA/Stable
INE134E08GD7 Institutional bonds 19-Aug-14 9.37% 19-Aug-24 855 CRISIL AAA/Stable
INE134E08GF2 Institutional bonds 27-Aug-14 9.39% 27-Aug-19 460 CRISIL AAA/Stable
INE134E08GG0 Institutional bonds 27-Aug-14 9.39% 27-Aug-24 460 CRISIL AAA/Stable
INE134E08GH8 Institutional bonds 27-Aug-14 9.39% 27-Aug-29 460 CRISIL AAA/Stable
INE134E08GJ4 Institutional bonds 17-Sep-14 9.32% 17-Sep-19 1,591.00 CRISIL AAA/Stable
INE134E08GK2 Institutional bonds 8-Oct-14 8.98% 8-Oct-24 961 CRISIL AAA/Stable
INE134E08GL0 Institutional bonds 8-Oct-14 8.98% 8-Oct-24 950 CRISIL AAA/Stable
INE134E08GN6 Institutional bonds 21-Oct-14 8.96% 21-Oct-19 1,100.00 CRISIL AAA/Stable
INE134E08GO4 Institutional bonds 7-Nov-14 8.76% 7-Nov-19 1,000.00 CRISIL AAA/Stable
INE134E08GQ9 Institutional bonds 28-Nov-14 8.65% 28-Nov-19 836 CRISIL AAA/Stable
INE134E08GR7 Institutional bonds 28-Nov-14 8.66% 27-Nov-21 200 CRISIL AAA/Stable
INE134E08GS5 Institutional bonds 9-Dec-14 8.52% 9-Dec-19 1,220.00 CRISIL AAA/Stable
INE134E08GT3 Institutional bonds 9-Dec-14 8.55% 9-Dec-21 1,200.00 CRISIL AAA/Stable
INE134E08GU1 Institutional bonds 9-Dec-14 8.48% 9-Dec-24 1,000.00 CRISIL AAA/Stable
INE134E08GV9 Institutional bonds 29-Dec-14 8.65% 28-Dec-24 2,826.00 CRISIL AAA/Stable
INE134E08GW7 Institutional bonds 5-Jan-15 8.65% 4-Jan-25 5,000.00 CRISIL AAA/Stable
INE134E08GX5 Institutional bonds 26-Feb-15 8.36% 26-Feb-20 4,440.00 CRISIL AAA/Stable
INE134E08GY3 Institutional bonds 10-Mar-15 8.20% 10-Mar-25 1,600.00 CRISIL AAA/Stable
INE134E08HC7 Institutional bonds 19-Mar-15 8.42% 18-Apr-20 200 CRISIL AAA/Stable
INE134E08HD5 Institutional bonds 19-Mar-15 8.39% 19-Apr-25 925 CRISIL AAA/Stable
INE134E08HF0 Institutional bonds 27-Mar-15 8.38% 27-Apr-20 1,350.00 CRISIL AAA/Stable
INE134E08HG8 Institutional bonds 27-Mar-15 8.41% 27-Mar-25 5,000.00 CRISIL AAA/Stable
INE134E08HO2 Institutional bonds 29-Jun-15 8.50% 29-Jun-19 1,500.00 CRISIL AAA/Stable
INE134E07521 Institutional bonds 17-Jul-15 7.16% 17-Jul-25 300 CRISIL AAA/Stable
INE134E08HP9 Institutional bonds 24-Jul-15 8.53% 24-Jul-20 2,700.00 CRISIL AAA/Stable
INE134E08HQ7 Institutional bonds 10-Aug-15 8.45% 10-Aug-20 1,000.00 CRISIL AAA/Stable
INE134E08HV7 Institutional bonds 4-Sep-15 8.36% 4-Sep-20 1,250.00 CRISIL AAA/Stable
INE134E08HW5 Institutional bonds 18-Sep-15 8.46% 18-Sep-20 1,000.00 CRISIL AAA/Stable
INE134E08HX3 Institutional bonds 18-Sep-15 8.40% 18-Sep-25 1,000.00 CRISIL AAA/Stable
INE134E08IA9 Institutional bonds 28-Jan-16 8.12% 28-Feb-19 700 CRISIL AAA/Stable
INE134E08IC5 Institutional bonds 13-Apr-16 7.85% 15-Apr-19 2,928.00 CRISIL AAA/Stable
INE134E08ID3 Institutional bonds 27-Apr-16 8.05% 27-Apr-21 300 CRISIL AAA/Stable
INE134E08IE1 Institutional bonds 2-May-16 8.03% 2-May-26 1,000.00 CRISIL AAA/Stable
INE134E08IF8 Institutional bonds 13-May-16 7.95% 13-May-19 1,915.00 CRISIL AAA/Stable
INE134E08IG6 Institutional bonds 31-May-16 8.04% 30-May-20 100 CRISIL AAA/Stable
INE134E08IH4 Institutional bonds 16-Aug-16 7.50% 16-Aug-21 2,660.00 CRISIL AAA/Stable
INE134E08II2 Institutional bonds 16-Aug-16 7.63% 14-Aug-26 1,675.00 CRISIL AAA/Stable
INE134E08IJ0 Institutional bonds 16-Sep-16 7.47% 16-Sep-21 2,260.00 CRISIL AAA/Stable
INE134E08IK8 Institutional bonds 16-Sep-16 7.56% 16-Sep-26 210 CRISIL AAA/Stable
INE134E08IL6 Institutional bonds 26-Sep-16 7.55% 25-Sep-26 4,000.00 CRISIL AAA/Stable
INE134E08IM4 Institutional bonds 30-Sep-16 7.40% 30-Sep-21 1,830.00 CRISIL AAA/Stable
INE134E08IN2 Institutional bonds 22-Dec-16 7.27% 22-Dec-21 1,101.00 CRISIL AAA/Stable
INE134E08IO0 Institutional bonds 5-Jan-17 7.23% 5-Jan-27 2,635.00 CRISIL AAA/Stable
INE134E08IP7 Institutional bonds 11-Jan-17 7.10% 11-Jan-27 200 CRISIL AAA/Stable
INE134E08IQ5 Institutional bonds 17-Jan-17 6.83% 15-Apr-20 2,000.00 CRISIL AAA/Stable
INE134E08IR3 Institutional bonds 20-Jan-17 7.18% 20-Jan-27 1,335.00 CRISIL AAA/Stable
INE134E08IS1 Institutional bonds 15-Feb-17 7.05% 15-May-20 2,551.00 CRISIL AAA/Stable
INE134E08IT9 Institutional bonds 20-Feb-17 7.60% 20-Feb-27 1,465.00 CRISIL AAA/Stable
INE134E08IW3 Institutional bonds 17-Mar-17 7.50% 17-Sep-20 2,435.00 CRISIL AAA/Stable
INE134E08IX1 Institutional bonds 22-Mar-17 7.75% 22-Mar-27 2,000.00 CRISIL AAA/Stable
INE134E08IY9 Institutional bonds 27-Mar-17 7.42% 26-Jun-20 3,605.00 CRISIL AAA/Stable
INE134E07075 Infrastructure Bonds 31-Mar-11 8.30% 31-Mar-21 50 CRISIL AAA/Stable
INE134E07083 Infrastructure Bonds 31-Mar-11 8.30% 31-Mar-21 109.1 CRISIL AAA/Stable
INE134E07091 Infrastructure Bonds 31-Mar-11 8.50% 31-Mar-26 6.1 CRISIL AAA/Stable
INE134E07109 Infrastructure Bonds 31-Mar-11 8.50% 31-Mar-26 22.7 CRISIL AAA/Stable
INE134E07158 Infrastructure Bonds 21-Nov-11 8.50% 21-Nov-21 21.8 CRISIL AAA/Stable
INE134E07166 Infrastructure Bonds 21-Nov-11 8.50% 21-Nov-21 36.3 CRISIL AAA/Stable
INE134E07174 Infrastructure Bonds 21-Nov-11 8.75% 21-Nov-26 3.2 CRISIL AAA/Stable
INE134E07182 Infrastructure Bonds 21-Nov-11 8.75% 21-Nov-26 8.8 CRISIL AAA/Stable
INE134E07216 Infrastructure Bonds 30-Mar-12 8.43% 30-Mar-22 7.4 CRISIL AAA/Stable
INE134E07224 Infrastructure Bonds 30-Mar-12 8.43% 30-Mar-22 15.5 CRISIL AAA/Stable
INE134E07232 Infrastructure Bonds 30-Mar-12 8.72% 30-Mar-27 0.9 CRISIL AAA/Stable
INE134E07240 Infrastructure Bonds 30-Mar-12 8.72% 30-Mar-27 2.8 CRISIL AAA/Stable
INE134E07190 Tax-Free Bonds 1-Feb-12 8.20% 1-Feb-22 2,752.50 CRISIL AAA/Stable
INE134E07208 Tax-Free Bonds 1-Feb-12 8.30% 1-Feb-27 1,280.60 CRISIL AAA/Stable
INE134E07331 Tax-Free Bonds 4-Jan-13 7.19% 4-Jan-23 185.9 CRISIL AAA/Stable
INE134E07331 Tax-Free Bonds 4-Jan-13 7.69% 4-Jan-23 156.9 CRISIL AAA/Stable
INE134E07349 Tax-Free Bonds 4-Jan-13 7.36% 4-Jan-28 150.1 CRISIL AAA/Stable
INE134E07349 Tax-Free Bonds 4-Jan-13 7.86% 4-Jan-28 206.9 CRISIL AAA/Stable
INE134E07356 Tax-Free Bonds 28-Mar-13 6.88% 28-Mar-23 50.1 CRISIL AAA/Stable
INE134E07356 Tax-Free Bonds 28-Mar-13 7.38% 28-Mar-23 46 CRISIL AAA/Stable
INE134E07364 Tax-Free Bonds 28-Mar-13 7.04% 28-Mar-28 6.1 CRISIL AAA/Stable
INE134E07364 Tax-Free Bonds 28-Mar-13 7.54% 28-Mar-28 63.1 CRISIL AAA/Stable
INE134E07414 Tax-Free Bonds 16-Nov-13 8.18% 16-Nov-23 325.1 CRISIL AAA/Stable
INE134E07422 Tax-Free Bonds 16-Nov-13 8.43% 16-Nov-23 335.5 CRISIL AAA/Stable
INE134E07430 Tax-Free Bonds 16-Nov-13 8.54% 16-Nov-28 932.7 CRISIL AAA/Stable
INE134E07448 Tax-Free Bonds 16-Nov-13 8.79% 16-Nov-28 353.3 CRISIL AAA/Stable
INE134E07455 Tax-Free Bonds 16-Nov-13 8.67% 16-Nov-33 1,067.40 CRISIL AAA/Stable
INE134E07463 Tax-Free Bonds 16-Nov-13 8.92% 16-Nov-33 862 CRISIL AAA/Stable
INE134E07539 Tax-Free Bonds 17-Oct-15 7.11% 17-Oct-25 75.1 CRISIL AAA/Stable
INE134E07547 Tax-Free Bonds 17-Oct-15 7.36% 17-Oct-25 79.3 CRISIL AAA/Stable
INE134E07554 Tax-Free Bonds 17-Oct-15 7.27% 17-Oct-30 131.3 CRISIL AAA/Stable
INE134E07562 Tax-Free Bonds 17-Oct-15 7.52% 17-Oct-30 45.2 CRISIL AAA/Stable
INE134E07570 Tax-Free Bonds 17-Oct-15 7.35% 17-Oct-35 213.6 CRISIL AAA/Stable
INE134E07588 Tax-Free Bonds 17-Oct-15 7.60% 17-Oct-35 155.5 CRISIL AAA/Stable
INE134E08IZ6 Institutional bonds* 5-May-17 7.46% 5-Jun-20 1,180.00 CRISIL AAA/Stable
INE134E08JA7 Institutional bonds* 30-May-17 7.30% 30-Jun-20 1,560.00 CRISIL AAA/Stable
INE134E08JB5 Institutional bonds* 12-Jun-17 7.28% 10-Jun-22 1,950.00 CRISIL AAA/Stable
INE134E08JC3 Institutional bonds* 12-Jun-17 7.44% 11-Jun-27 1,540.00 CRISIL AAA/Stable
INE134E08JD1 Institutional bonds* 8-Aug-17 7.10% 8-Aug-22 3,395.00 CRISIL AAA/Stable
INE134E08JE9 Institutional bonds* 8-Aug-17 7.30% 7-Aug-27 1,500.00 CRISIL AAA/Stable
INE134E08JF6 Institutional bonds* 22-Nov-17 7.35% 22-Nov-22 800 CRISIL AAA/Stable
INE134E08JG4 Institutional bonds* 22-Nov-17 7.65% 22-Nov-27 2,001.00 CRISIL AAA/Stable
INE134E08JH2 Institutional bonds* 15-Dec-17 7.62% 15-Dec-27 5,000.00 CRISIL AAA/Stable
INE134E07596 Institutional bonds* 31-Jul-17 5.25% 31-Jul-20 18.3 CRISIL AAA/Stable
INE134E07604 Institutional bonds* 31-Aug-17 5.25% 31-Aug-20 13.9 CRISIL AAA/Stable
INE134E07612 Institutional bonds* 30-Sep-17 5.25% 30-Sep-20 20.5 CRISIL AAA/Stable
INE134E07620 Institutional bonds* 31-Oct-17 5.25% 31-Oct-20 20.5 CRISIL AAA/Stable
INE134E07638 Institutional bonds* 30-Nov-17 5.25% 30-Nov-20 33.5 CRISIL AAA/Stable
INE134E07646 Institutional bonds* 31-Dec-17 5.25% 31-Dec-20 33.8 CRISIL AAA/Stable
INE134E07653 Institutional bonds 31-Jan-18 5.25% 31-Jan-21 25.93 CRISIL AAA/Stable
INE134E07661 Institutional bonds 28-Feb-18 5.25% 28-Feb-21 37.95 CRISIL AAA/Stable
INE134E07679 Institutional bonds 31-Mar-18 5.25% 31-Mar-21 87.79 CRISIL AAA/Stable
INE134E07687 Institutional bonds 30-Apr-18 5.75% 30-Apr-23 6.54 CRISIL AAA/Stable
INE134E07695 Institutional bonds 31-May-18 5.75% 31-May-23 7.04 CRISIL AAA/Stable
INE134E07703 Institutional bonds 30-Jun-18 5.75% 30-Jun-23 10.11 CRISIL AAA/Stable
INE134E07711 Institutional bonds 31-Jul-18 5.75% 31-Jul-23 14.32 CRISIL AAA/Stable
INE134E07729 Institutional bonds 31-Aug-18 5.75% 31-Aug-23 15.95 CRISIL AAA/Stable
INE134E07737 Institutional bonds 30-Sep-18 5.75% 30-Sep-23 26.03 CRISIL AAA/Stable
INE134E07745 Institutional bonds 31-Oct-18 5.75% 31-Oct-23 32.94 CRISIL AAA/Stable
INE134E07752 Institutional bonds 30-Nov-18 5.75% 30-Nov-23 41.12 CRISIL AAA/Stable
INE134E08HI4 Institutional bonds 16-Apr-15 8.09% 16-May-18 200 CRISIL AAA/Stable
INE134E08HM6 Institutional bonds 28-May-15 8.39% 28-May-18 1,500.00 CRISIL AAA/Stable
INE134E08HN4 Institutional bonds 29-Jun-15 8.40% 29-Jun-18 1,210.00 CRISIL AAA/Stable
INE134E08HT1 Institutional bonds 19-Aug-15 8.17% 18-Aug-18 800 CRISIL AAA/Stable
INE134E08HU9 Institutional bonds 4-Sep-15 8.28% 4-Sep-18 1,930.00 CRISIL AAA/Stable
INE134E08HZ8 Institutional bonds 21-Oct-15 8.00% 22-Oct-18 1,000.00 CRISIL AAA/Stable
INE134E08IU7 Institutional bonds 6-Mar-17 6.90% 16-Jul-18 1,850.00 CRISIL AAA/Stable
INE134E08IV5 Institutional bonds 7-Mar-17 6.90% 16-Jul-18 1,060.00 CRISIL AAA/Stable
INE134E07760 Institutional bonds 31-Dec-18 5.75% 31-Dec-23 55.14 CRISIL AAA/Stable
NA Long-term borrowing programme*^ NA NA NA 44,933.50 CRISIL AAA/Stable
NA Short-term borrowing programme* NA NA 7-365 days 20,000.00 CRISIL A1+
NA Long-term borrowing programme~ NA NA NA 62,000.00 CRISIL AAA/Stable
NA Short-term borrowing programme~ NA NA 7-365 days 20,000.00 CRISIL A1+
NA Cash credit NA NA NA 10,000.00 CRISIL AAA/Stable
NA Subordinated debt issue^ NA NA NA 11,200.00 CRISIL AAA/Stable
NA Institutional Bonds^ NA NA NA 14841.14 CRISIL AAA/Stable
^Not yet issued
*Part of borrowing programme for fiscal 2018
~Part of borrowing programme for fiscal 2019
Annexure - Details of Rating Withdrawn
ISIN Name of Instrument Date of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs.Cr)
INE134E08AT6 Institutional bonds 9-Jun-08 9.68% 9-Jun-18 780.7
INE134E08AW0 Institutional bonds 15-Jul-08 10.55% 15-Jul-18 259.7
INE134E08AY6 Institutional bonds 11-Aug-08 10.85% 11-Aug-18 428.6
INE134E08BE6 Institutional bonds 15-Sep-08 11.00% 15-Sep-18 3,024.40
INE134E08BH9 Institutional bonds 28-Nov-08 11.25% 28-Nov-18 1,950.60
INE134E08DK9 Institutional bonds 14-Jan-11 8.97% 15-Jan-18 144
INE134E08EA8 Institutional bonds 15-Dec-11 9.70% 15-Dec-18 2,060.00
INE134E08FD9 Institutional bonds 8-Feb-13 8.72% 8-Feb-18 324
INE134E08FE7 Institutional bonds 8-Feb-13 8.72% 8-Feb-19 324
INE134E08FF4 Institutional bonds 20-Feb-13 8.77% 20-Feb-18 2
INE134E08FK4 Institutional bonds 11-Mar-13 8.95% 11-Mar-18 3,201.00
INE134E08FM0 Institutional bonds 18-Mar-13 8.90% 18-Mar-18 403
INE134E07406 Institutional bonds 7-Oct-13 9.81% 7-Oct-18 4,500.00
INE134E07489 Institutional bonds 31-Jan-14 9.70% 31-Jan-19 270
INE134E08GZ0 Institutional bonds 13-Mar-15 8.29% 13-Jun-18 980
INE134E08HA1 Institutional bonds 13-Mar-15 8.29% 13-Jun-18 100
INE134E08HB9 Institutional bonds 19-Mar-15 8.40% 19-Jun-18 1,175.00
INE134E08HE3 Institutional bonds 27-Mar-15 8.34% 27-Apr-18 100
INE134E08HH6 Institutional bonds 16-Apr-15 8.03% 9-Apr-18 272
Annexure - List of Entities Consolidated (As on February 15, 2019)
Entity Consolidated Extent of consolidation Rationale for consolidation
PFC Consulting Limited Full Subsidiary
Power Equity Capital Advisors (Private) Limited Full Subsidiary
Chattisgarh Surguja Power Limited Full Subsidiary
Coastal Karnataka Power Limited Full Subsidiary
Coastal Maharashtra Mega Power Limited Full Subsidiary
Coastal Tamil Nadu Power Limited Full Subsidiary
Orissa Integrated Power Limited Full Subsidiary
Sakhigopal Integrated Power Company Limited Full Subsidiary
Ghogarpalli Integrated Power Company Limited Full Subsidiary
Tatiya Andhra Mega Power Limited Full Subsidiary
Deoghar Mega Power Limited Full Subsidiary
Cheyyur Infra Limited Full Subsidiary
Odisha Infrapower Limited Full Subsidiary
Deoghar Infrapower Limited Full Subsidiary
Bihar Infrapower Limited Full Subsidiary
Bihar Mega Power Limited Full Subsidiary
Jharkhand Infrapower Limited Full Subsidiary
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  165644.20
CRISIL AAA/Stable      11-12-18  CRISIL AAA/Stable  18-09-17  CRISIL AAA/Stable  02-12-16  CRISIL AAA/Stable  CRISIL AAA/Stable 
            04-12-18  CRISIL AAA/Stable  30-08-17  CRISIL AAA/Stable  07-11-16  CRISIL AAA/Stable   
            31-10-18  CRISIL AAA/Stable  10-07-17  CRISIL AAA/Stable  06-10-16  CRISIL AAA/Stable   
            28-03-18  CRISIL AAA/Stable  03-04-17  CRISIL AAA/Stable  06-10-16  CRISIL AAA/Stable   
            27-02-18  CRISIL AAA/Stable  08-03-17  CRISIL AAA/Stable  04-08-16  CRISIL AAA/Stable   
                07-03-17  CRISIL AAA/Stable  06-06-16  CRISIL AAA/Stable   
                    23-05-16  CRISIL AAA/Stable   
                    04-04-16  CRISIL AAA/Stable   
                    09-02-16  CRISIL AAA/Stable   
Long-Term Borrowing Programme  LT  19066.50
CRISIL AAA/Stable      11-12-18  CRISIL AAA/Stable  18-09-17  CRISIL AAA/Stable  02-12-16  CRISIL AAA/Stable  CRISIL AAA/Stable 
            04-12-18  CRISIL AAA/Stable  30-08-17  CRISIL AAA/Stable  07-11-16  CRISIL AAA/Stable   
            31-10-18  CRISIL AAA/Stable  10-07-17  CRISIL AAA/Stable  06-10-16  CRISIL AAA/Stable   
            28-03-18  CRISIL AAA/Stable  03-04-17  CRISIL AAA/Stable  06-10-16  CRISIL AAA/Stable   
            27-02-18  CRISIL AAA/Stable  08-03-17  CRISIL AAA/Stable  04-08-16  CRISIL AAA/Stable   
                07-03-17  CRISIL AAA/Stable  06-06-16  CRISIL AAA/Stable   
                    23-05-16  CRISIL AAA/Stable   
                    04-04-16  CRISIL AAA/Stable   
                    09-02-16  CRISIL AAA/Stable   
Short Term Borrowing programme  ST  40000.00  CRISIL A1+      11-12-18  CRISIL A1+  18-09-17  CRISIL A1+  02-12-16  CRISIL A1+  CRISIL A1+ 
            04-12-18  CRISIL A1+  30-08-17  CRISIL A1+  07-11-16  CRISIL A1+   
            31-10-18  CRISIL A1+  10-07-17  CRISIL A1+  06-10-16  CRISIL A1+   
            28-03-18  CRISIL A1+  03-04-17  CRISIL A1+  06-10-16  CRISIL A1+   
            27-02-18  CRISIL A1+  08-03-17  CRISIL A1+  04-08-16  CRISIL A1+   
                07-03-17  CRISIL A1+  06-06-16  CRISIL A1+   
                    23-05-16  CRISIL A1+   
                    04-04-16  CRISIL A1+   
                    09-02-16  CRISIL A1+   
Subordinated Non-Convertible Debentures  LT  150803.06
CRISIL AAA/Stable      11-12-18  CRISIL AAA/Stable  18-09-17  CRISIL AAA/Stable  02-12-16  CRISIL AAA/Stable  CRISIL AAA/Stable 
            04-12-18  CRISIL AAA/Stable  30-08-17  CRISIL AAA/Stable  07-11-16  CRISIL AAA/Stable   
            31-10-18  CRISIL AAA/Stable  10-07-17  CRISIL AAA/Stable  06-10-16  CRISIL AAA/Stable   
            28-03-18  CRISIL AAA/Stable  03-04-17  CRISIL AAA/Stable  06-10-16  CRISIL AAA/Stable   
            27-02-18  CRISIL AAA/Stable  08-03-17  CRISIL AAA/Stable  04-08-16  CRISIL AAA/Stable   
                07-03-17  CRISIL AAA/Stable  06-06-16  CRISIL AAA/Stable   
                    23-05-16  CRISIL AAA/Stable   
                    04-04-16  CRISIL AAA/Stable   
                    09-02-16  CRISIL AAA/Stable   
Fund-based Bank Facilities  LT/ST  10000.00  CRISIL AAA/Stable      11-12-18  CRISIL AAA/Stable  18-09-17  CRISIL AAA/Stable  02-12-16  CRISIL AAA/Stable  CRISIL AAA/Stable 
            04-12-18  CRISIL AAA/Stable  30-08-17  CRISIL AAA/Stable  07-11-16  CRISIL AAA/Stable   
            31-10-18  CRISIL AAA/Stable  10-07-17  CRISIL AAA/Stable  06-10-16  CRISIL AAA/Stable   
            28-03-18  CRISIL AAA/Stable  03-04-17  CRISIL AAA/Stable  06-10-16  CRISIL AAA/Stable   
            27-02-18  CRISIL AAA/Stable  08-03-17  CRISIL AAA/Stable  04-08-16  CRISIL AAA/Stable   
                07-03-17  CRISIL AAA/Stable  06-06-16  CRISIL AAA/Stable   
                    23-05-16  CRISIL AAA/Stable   
                    04-04-16  CRISIL AAA/Stable   
                    09-02-16  CRISIL AAA/Stable   
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
Cash Credit* 10000 CRISIL AAA/Stable Cash Credit* 10000 CRISIL AAA/Stable
Term Loan 2000 Withdrawn Term Loan 2000 CRISIL AAA/Stable
Total 12000 -- Total 12000 --
*Limit for working capital'working capital demand loan/overdraft facility/cash credit/line of credit/bank guarantee. Limit includes long-term and short-term facilities. Total working capital borrowing not to exceed board-approved limit of Rs 10,000 crore. However, quantum of sanctioned working capital facilities may be different from the Board-approved limit for outstanding working capital borrowing.
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Banks and Financial Institutions
CRISILs Criteria for Consolidation
Criteria for Notching up Stand Alone Ratings of Entities Based on Government Support

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