Rating Rationale
May 29, 2019 | Mumbai
Power Grid Corporation of India Limited
Rated amount enhanced
 
Rating Action
Total Bank Loan Facilities Rated Rs.2500 Crore
Long Term Rating CRISIL AAA/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
 
Rs.10000 Crore Long-Term Borrowing Programme* CRISIL AAA/Stable (Reaffirmed)
Rs.30000 Crore Long-Term Borrowing Programme@ CRISIL AAA/Stable (Reaffirmed)
Rs.26000 Crore Long-Term Borrowing Programme# CRISIL AAA/Stable (Reaffirmed)
Rs.26000 Crore Long-Term Borrowing Programme^ CRISIL AAA/Stable (Reaffirmed)
Bond Programme Aggregating Rs.57122.36 Crore CRISIL AAA/Stable (Reaffirmed)
Rs.2100 Crore Short Term Debt CRISIL A1+ (Reaffirmed)
Rs.3900 Crore Commercial Paper (Enhanced from Rs.3000 Crore) CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
#The borrowing programme pertains to fiscal 2017. Of the total Rs 26,000 crore, Rs 14,000 crore was to be raised as bonds against which Rs 13481 crore has already been raised under Series LIII, LIV, LV, LVI, LVII and LVIII. The remaining Rs 12,000 crore was to be raised as long-term loans.
^The borrowing programme pertains to fiscal 2018. Of the total Rs 26,000 crore, Rs 14,000 crore was to be raised as bonds against which Rs 9130 crore has already been raised under Series LIX, LX and LXI. The remaining Rs 12,000 crore was to be raised as long-term loans.
@ The borrowing programme pertains to fiscal 2019. Of the total Rs 30,000 crore, Rs 20,000 crore was to be raised as bonds. The remaining Rs 10,000 crore was to be raised as long-term loans.
* The borrowing programme pertains to fiscal 2020.
Detailed Rationale

CRISIL has reaffirmed its 'CRISIL AAA/Stable/CRISIL A1+' ratings on the debt programmes and bank loan facilities of Power Grid Corporation of India Ltd (PGCIL).

Rating on bonds worth Rs 260.5 crore (See Annexure 'Details of Rating Withdrawn' for details) has been withdrawn as the same have been fully redeemed. The action is in line with CRISIL's policy on withdrawal of ratings.

The ratings reflect PGCIL's sustained strong operating efficiency reflected in line availability continuing to exceed the normative level of 98% and high collection efficiency. Revenue growth should be steady over the medium term, supported by healthy capitalisation.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and financial risk profiles of PGCIL and its subsidiaries, as the companies are in the same business and under a common management. Strategic importance to the Government of India (GoI) has also been factored into the ratings, because of the critical role PGCIL plays in inter-state power transmission.

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

Key Rating Drivers & Detailed Description
Strengths:
* Strategic importance to GoI because of critical role in inter-state power transmission
PGCIL is strategically important to GoI because of the vital role it plays in the development of India's power sector. PGCIL owns about 85% of the interstate transmission network and carries around 45% of the total power generated in India. Moreover, PGCIL's strong project implementation capability will ensure that projects of strategic importance, or projects with compressed implementation timelines or which involve difficult terrain or are complex, will continue to be awarded to it on nomination basis. In the past, GoI has extended equity support for PGCIL's capital expenditure (capex). GoI, has also guaranteed the company's loans from multilateral lending agencies.
 
* Favourable regulatory framework, ensuring secured and stable cash flow
PGCIL operates in a favourable regulatory framework, structured by Central Electricity Regulatory Commission (CERC), which helps the company generate stable revenue and cash flow. Firstly, tariff recovery is linked to transmission network availability maintained by PGCIL, and not impacted by actual power transmitted through the network that could be extraneous to PGCIL's control. Secondly, the tariff structure ensures recovery of all expenses, including debt-servicing charges and provides for a fixed return on equity (RoE), if PGCIL adheres to the operational benchmarks. The tariff structure also ensures that the company recovers its annual obligation for debt contracted to finance capex in transmission projects and funded in a debt-to-equity mix of 70:30.
 
Currently, a large part of PGCIL's asset base is on the regulated RoE structure resulting in secured and stable cash flow generation, mitigating any immediate pressure on profitability from increased participation of private sector players through the competitive bidding route.
 
* Strong operating efficiency, resulting in full recovery of cost
Strong operating efficiency has helped surpass operational benchmarks set by CERC'system availability was 99.64% in the six months ended September 30, 2018, against the CERC benchmark of 98.0%. As per the regulator's stipulation, this ensured that PGCIL recovered all its cost, including debt servicing charges and provides for RoE. The regulated tariff structure and PGCIL's superior operating efficiency lend stability to its cash flow. While collection efficiency was lower than expected at 92.3% in the six months ended September 30, 2018; it is expected to recover in the near term. As PGCIL owns and manages most of the inter-regional transmission network, its customer profile is diversified, reducing counterparty concentration risk.
 
* Healthy financial flexibility supported by strong cash accrual
Annual cash accrual of over Rs 10,000 crore provides significant flexibility to raise funds despite a leveraged capital structure. The strong cash accrual is backed by regulated tariff structure, which ensures recovery of all expenses including repayment of loans, and strong operating efficiency. To fund its projects, PGCIL takes long-term debt with tenure of 10 years and more. It starts servicing its debt only after the new projects become operational and start generating revenue. Furthermore, the tariff structure for the assets won through nomination ensures that the company recovers the amount of debt repaid as approved by CERC every year. Thus, PGCIL has no asset-liability mismatch.
 
Weakness:
* Weak credit risk profile of customers
The credit risk profiles of state power utilities (SPUs), from which PGCIL derives its entire revenue, are the weak link in the value chain of PGCIL from a credit profile perspective. The risk is mitigated by PGCIL's strong collection efficiency. SPUs are paying on time. Furthermore, adequate letters of credit (LCs) have been opened in favour of PGCIL by SPUs as per the settlement scheme. Moreover, PGCIL being the owner of most inter-regional transmission networks, has a diversified customer profile. As per CERC's regulations, PGCIL has to carry out billing, collection, and disbursement for all inter-state transmission system (ISTS) licensees based on the point of connection methodology of allocation of transmission charges. As the sole collection agency of all ISTS networks of the country, PGCIL's ability to negotiate with designated ISTS customers has increased. Moreover, PGCIL has authority to regulate power to defaulting customers as per CERC's norms, which it could use in exceptional circumstances.
Liquidity

Liquidity is adequate. Its strong annual accrual of over Rs 10,000 crore is expected to amply cover the annual debt obligations. Liquidity is also supported by a cash balance of over Rs 2000 crore. Furthermore, the regulated tariff structure for the assets won through nomination ensures that the company recovers the amount of debt repaid as approved by CERC every year.

Outlook: Stable

CRISIL believes PGCIL will maintain a robust financial risk profile over the medium term, despite its planned debt-funded capex, backed by strong operating efficiency and the regulated tariff regime. The company is of strategic importance to India's power sector, given its role in developing and operating the national power transmission network.
 
Downside scenario
* Significant delays or default in payments by the SPUs to PGCIL
* Adverse changes in the regulatory regime

About the Company

PGCIL was incorporated in 1989 to set up extra-high voltage alternating current and high-voltage direct current (HVDC) transmission lines. The company moves large blocks of power from the central generating agencies and areas that have surplus power to load centres within and across regions. It is under the administrative control of the Ministry of Power, GoI. PGCIL owns and operates an extensive nationwide network of transmission lines, which mainly comprises 400-kilovolt transmission lines and HVDC transmission systems, carrying more than 45% of the total power generated in India. As on September 30, 2018, PGCIL owned and operated a transmission line network of 149,308 circuit kilometres and 237 substations, with a transformer capacity of over 344,790 megavolt amperes.
 
For the nine months ended December 31, 2018, PGCIL, on a standalone basis, had net profit of Rs 6,881 crore on operating income of Rs 24,881 crore, against net profit of Rs 6,234 crore on operating income of Rs 21,941 crore for the corresponding period of the previous fiscal.

Key Financial Indicators (As reported by PGCIL)
Particulars Unit 2018 2017
Revenue Rs crore 30,431 26,283
Profit after tax Rs crore 8,198 7,451
PAT margin % 26.9 28.3
Adjusted debt/Adjusted networth Times 2.42 2.39
Interest coverage Times 3.63 3.74

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
NA Bank Guarantee NA NA NA 600 CRISIL A1+
NA Cash Credit NA NA NA 300 CRISIL AAA/Stable
NA Letter of Credit NA NA NA 1600 CRISIL A1+
NA Short-Term Debt NA NA 7-365 days 2100 CRISIL A1+
NA Commercial Paper NA NA 7-365 days 3900 CRISIL A1+
NA Long-Term Borrowing Programme NA NA NA 10000 CRISIL AAA/Stable
NA Long-Term Borrowing Programme$ NA NA NA 24,513 CRISIL AAA/Stable
NA Long-Term Borrowing Programme@ NA NA NA 12519 CRISIL AAA/Stable
NA Long-Term Borrowing Programme@ NA NA NA 16870 CRISIL AAA/Stable
INE752E07AO8 Bond - XVIII Issue  09-Mar-06 8.15% 09-Mar-20 83.25 CRISIL AAA/Stable
INE752E07AP5 Bond - XVIII Issue  09-Mar-06 8.15% 09-Mar-21 83.25 CRISIL AAA/Stable
INE752E07AZ4 Bond - XIX Issue  24-Jul-06 9.25% 24-Jul-19 41.25 CRISIL AAA/Stable
INE752E07BA5 Bond - XIX Issue  24-Jul-06 9.25% 24-Jul-20 41.25 CRISIL AAA/Stable
INE752E07BB3 Bond - XIX Issue  24-Jul-06 9.25% 24-Jul-21 41.25 CRISIL AAA/Stable
INE752E07BM0 Bond - XX Issue  07-Sep-06 8.93% 07-Sep-19 125 CRISIL AAA/Stable
INE752E07BN8 Bond - XX Issue  07-Sep-06 8.93% 07-Sep-20 125 CRISIL AAA/Stable
INE752E07BC1 Bond - XX Issue  07-Sep-06 8.93% 07-Sep-21 125 CRISIL AAA/Stable
INE752E07BX7 Bond - XXI Issue  11-Oct-06 8.73% 11-Oct-19 42.5 CRISIL AAA/Stable
INE752E07BY5 Bond - XXI Issue  11-Oct-06 8.73% 11-Oct-20 42.5 CRISIL AAA/Stable
INE752E07BZ2 Bond - XXI Issue  11-Oct-06 8.73% 11-Oct-21 42.5 CRISIL AAA/Stable
INE752E07CJ4 Bond - XXII Issue  07-Dec-06 8.68% 07-Dec-19 57.5 CRISIL AAA/Stable
INE752E07CK2 Bond - XXII Issue  07-Dec-06 8.68% 07-Dec-20 57.5 CRISIL AAA/Stable
INE752E07CL0 Bond - XXII Issue  07-Dec-06 8.68% 07-Dec-21 57.5 CRISIL AAA/Stable
INE752E07CV9 Bond - XXIII Issue  09-Feb-07 9.25% 09-Feb-20 25.63 CRISIL AAA/Stable
INE752E07CW7 Bond - XXIII Issue  09-Feb-07 9.25% 09-Feb-21 25.63 CRISIL AAA/Stable
INE752E07CX5 Bond - XXIII Issue  09-Feb-07 9.25% 09-Feb-22 25.63 CRISIL AAA/Stable
INE752E07DH6 Bond - XXIV Issue  26-Mar-07 9.95% 26-Mar-20 66.63 CRISIL AAA/Stable
INE752E07DI4 Bond - XXIV Issue  26-Mar-07 9.95% 26-Mar-21 66.63 CRISIL AAA/Stable
INE752E07DJ2 Bond - XXIV Issue  26-Mar-07 9.95% 26-Mar-22 66.63 CRISIL AAA/Stable
INE752E07DS3 Bond - XXV Issue  12-Jun-07 10.10% 12-Jun-19 88.75 CRISIL AAA/Stable
INE752E07DT1 Bond - XXV Issue  12-Jun-07 10.10% 12-Jun-20 88.75 CRISIL AAA/Stable
INE752E07DU9 Bond - XXV Issue  12-Jun-07 10.10% 12-Jun-21 88.75 CRISIL AAA/Stable
INE752E07DV7 Bond - XXV Issue  12-Jun-07 10.10% 12-Jun-22 88.75 CRISIL AAA/Stable
INE752E07EE1 Bond - XXVI Issue  07-Mar-08 9.30% 07-Mar-20 83.25 CRISIL AAA/Stable
INE752E07EF8 Bond - XXVI Issue  07-Mar-08 9.30% 07-Mar-21 83.25 CRISIL AAA/Stable
INE752E07EG6 Bond - XXVI Issue  07-Mar-08 9.30% 07-Mar-22 83.25 CRISIL AAA/Stable
INE752E07EH4 Bond - XXVI Issue  07-Mar-08 9.30% 07-Mar-23 83.25 CRISIL AAA/Stable
INE752E07EQ5 Bond - XXVII Issue  31-Mar-08 9.47% 31-Mar-20 58.75 CRISIL AAA/Stable
INE752E07ER3 Bond - XXVII Issue  31-Mar-08 9.47% 31-Mar-21 58.75 CRISIL AAA/Stable
INE752E07ES1 Bond - XXVII Issue  31-Mar-08 9.47% 31-Mar-22 58.75 CRISIL AAA/Stable
INE752E07ET9 Bond - XXVII Issue  31-Mar-08 9.47% 31-Mar-23 58.75 CRISIL AAA/Stable
INE752E07FB4 Bond - XXVIII Issue  15-Dec-08 9.33% 15-Dec-19 200 CRISIL AAA/Stable
INE752E07FC2 Bond - XXVIII Issue  15-Dec-08 9.33% 15-Dec-20 200 CRISIL AAA/Stable
INE752E07FD0 Bond - XXVIII Issue  15-Dec-08 9.33% 15-Dec-21 200 CRISIL AAA/Stable
INE752E07FE8 Bond - XXVIII Issue  15-Dec-08 9.33% 15-Dec-22 200 CRISIL AAA/Stable
INE752E07FF5 Bond - XXVIII Issue  15-Dec-08 9.33% 15-Dec-23 200 CRISIL AAA/Stable
INE752E07FN9 Bond - XXIX Issue  12-Mar-09 9.20% 12-Mar-20 108.13 CRISIL AAA/Stable
INE752E07FO7 Bond - XXIX Issue  12-Mar-09 9.20% 12-Mar-21 108.13 CRISIL AAA/Stable
INE752E07FP4 Bond - XXIX Issue  12-Mar-09 9.20% 12-Mar-22 108.13 CRISIL AAA/Stable
INE752E07FQ2 Bond - XXIX Issue  12-Mar-09 9.20% 12-Mar-23 108.13 CRISIL AAA/Stable
INE752E07FR0 Bond - XXIX Issue  12-Mar-09 9.20% 12-Mar-24 108.13 CRISIL AAA/Stable
INE752E07FY6 Bond - XXX Issue  29-Sep-09 8.80% 29-Sep-19 194.38 CRISIL AAA/Stable
INE752E07FZ3 Bond - XXX Issue  29-Sep-09 8.80% 29-Sep-20 194.38 CRISIL AAA/Stable
INE752E07GA4 Bond - XXX Issue  29-Sep-09 8.80% 29-Sep-21 194.38 CRISIL AAA/Stable
INE752E07GB2 Bond - XXX Issue  29-Sep-09 8.80% 29-Sep-22 194.38 CRISIL AAA/Stable
INE752E07GC0 Bond - XXX Issue  29-Sep-09 8.80% 29-Sep-23 194.38 CRISIL AAA/Stable
INE752E07GD8 Bond - XXX Issue  29-Sep-09 8.80% 29-Sep-24 194.38 CRISIL AAA/Stable
INE752E07GK3 Bond - XXXI Issue  25-Feb-10 8.90% 25-Feb-20 170.63 CRISIL AAA/Stable
INE752E07GL1 Bond - XXXI Issue  25-Feb-10 8.90% 25-Feb-21 170.63 CRISIL AAA/Stable
INE752E07GM9 Bond - XXXI Issue  25-Feb-10 8.90% 25-Feb-22 170.63 CRISIL AAA/Stable
INE752E07GN7 Bond - XXXI Issue  25-Feb-10 8.90% 25-Feb-23 170.63 CRISIL AAA/Stable
INE752E07GO5 Bond - XXXI Issue  25-Feb-10 8.90% 25-Feb-24 170.63 CRISIL AAA/Stable
INE752E07GP2 Bond - XXXI Issue  25-Feb-10 8.90% 25-Feb-25 170.63 CRISIL AAA/Stable
INE752E07GW8 Bond - XXXII Issue  29-Mar-10 8.84% 29-Mar-20 86.25 CRISIL AAA/Stable
INE752E07GX6 Bond - XXXII Issue  29-Mar-10 8.84% 29-Mar-21 86.25 CRISIL AAA/Stable
INE752E07GY4 Bond - XXXII Issue  29-Mar-10 8.84% 29-Mar-22 86.25 CRISIL AAA/Stable
INE752E07GZ1 Bond - XXXII Issue  29-Mar-10 8.84% 29-Mar-23 86.25 CRISIL AAA/Stable
INE752E07HA2 Bond - XXXII Issue  29-Mar-10 8.84% 29-Mar-24 86.25 CRISIL AAA/Stable
INE752E07HB0 Bond - XXXII Issue  29-Mar-10 8.84% 29-Mar-25 86.25 CRISIL AAA/Stable
INE752E07HH7 Bond - XXXIII Issue  08-Jul-10 8.64% 08-Jul-19 240 CRISIL AAA/Stable
INE752E07HI5 Bond - XXXIII Issue  08-Jul-10 8.64% 08-Jul-20 240 CRISIL AAA/Stable
INE752E07HJ3 Bond - XXXIII Issue  08-Jul-10 8.64% 08-Jul-21 240 CRISIL AAA/Stable
INE752E07HK1 Bond - XXXIII Issue  08-Jul-10 8.64% 08-Jul-22 240 CRISIL AAA/Stable
INE752E07HL9 Bond - XXXIII Issue  08-Jul-10 8.64% 08-Jul-23 240 CRISIL AAA/Stable
INE752E07HM7 Bond - XXXIII Issue  08-Jul-10 8.64% 08-Jul-24 240 CRISIL AAA/Stable
INE752E07HN5 Bond - XXXIII Issue  08-Jul-10 8.64% 08-Jul-25 240 CRISIL AAA/Stable
INE752E07HT2 Bond - XXXIV Issue  21-Oct-10 8.84% 21-Oct-19 290.63 CRISIL AAA/Stable
INE752E07HU0 Bond - XXXIV Issue  21-Oct-10 8.84% 21-Oct-20 290.63 CRISIL AAA/Stable
INE752E07HV8 Bond - XXXIV Issue  21-Oct-10 8.84% 21-Oct-21 290.63 CRISIL AAA/Stable
INE752E07HW6 Bond - XXXIV Issue  21-Oct-10 8.84% 21-Oct-22 290.63 CRISIL AAA/Stable
INE752E07HX4 Bond - XXXIV Issue  21-Oct-10 8.84% 21-Oct-23 290.63 CRISIL AAA/Stable
INE752E07HY2 Bond - XXXIV Issue  21-Oct-10 8.84% 21-Oct-24 290.63 CRISIL AAA/Stable
INE752E07HZ9 Bond - XXXIV Issue  21-Oct-10 8.84% 21-Oct-25 290.63 CRISIL AAA/Stable
INE752E07IE2 Bond - XXXV Issue  31-May-11 9.64% 31-May-19 163.13 CRISIL AAA/Stable
INE752E07IF9 Bond - XXXV Issue  31-May-11 9.64% 31-May-20 163.13 CRISIL AAA/Stable
INE752E07IG7 Bond - XXXV Issue  31-May-11 9.64% 31-May-21 163.13 CRISIL AAA/Stable
INE752E07IH5 Bond - XXXV Issue  31-May-11 9.64% 31-May-22 163.13 CRISIL AAA/Stable
INE752E07II3 Bond - XXXV Issue  31-May-11 9.64% 31-May-23 163.13 CRISIL AAA/Stable
INE752E07IJ1 Bond - XXXV Issue  31-May-11 9.64% 31-May-24 163.13 CRISIL AAA/Stable
INE752E07IK9 Bond - XXXV Issue  31-May-11 9.64% 31-May-25 163.13 CRISIL AAA/Stable
INE752E07IL7 Bond - XXXV Issue  31-May-11 9.64% 31-May-26 163.13 CRISIL AAA/Stable
INE752E07IP8 Bond - XXXVI Issue  29-Aug-11 9.35% 29-Aug-19 206 CRISIL AAA/Stable
INE752E07IQ6 Bond - XXXVI Issue  29-Aug-11 9.35% 29-Aug-20 206 CRISIL AAA/Stable
INE752E07IR4 Bond - XXXVI Issue  29-Aug-11 9.35% 29-Aug-21 206 CRISIL AAA/Stable
INE752E07IS2 Bond - XXXVI Issue  29-Aug-11 9.35% 29-Aug-22 206 CRISIL AAA/Stable
INE752E07IT0 Bond - XXXVI Issue  29-Aug-11 9.35% 29-Aug-23 206 CRISIL AAA/Stable
INE752E07IU8 Bond - XXXVI Issue  29-Aug-11 9.35% 29-Aug-24 206 CRISIL AAA/Stable
INE752E07IV6 Bond - XXXVI Issue  29-Aug-11 9.35% 29-Aug-25 206 CRISIL AAA/Stable
INE752E07IW4 Bond - XXXVI Issue  29-Aug-11 9.35% 29-Aug-26 206 CRISIL AAA/Stable
INE752E07IX2 Bond - XXXVI Issue  29-Aug-11 9.35% 29-Aug-27 206 CRISIL AAA/Stable
INE752E07IY0 Bond - XXXVI Issue  29-Aug-11 9.35% 29-Aug-28 206 CRISIL AAA/Stable
INE752E07IZ7 Bond - XXXVI Issue  29-Aug-11 9.35% 29-Aug-29 206 CRISIL AAA/Stable
INE752E07JA8 Bond - XXXVI Issue  29-Aug-11 9.35% 29-Aug-30 206 CRISIL AAA/Stable
INE752E07JF7 Bond - XXXVII Issue  26-Dec-11 9.25% 26-Dec-19 166.25 CRISIL AAA/Stable
INE752E07JG5 Bond - XXXVII Issue  26-Dec-11 9.25% 26-Dec-20 166.25 CRISIL AAA/Stable
INE752E07JH3 Bond - XXXVII Issue  26-Dec-11 9.25% 26-Dec-21 166.25 CRISIL AAA/Stable
INE752E07JI1 Bond - XXXVII Issue  26-Dec-11 9.25% 26-Dec-22 166.25 CRISIL AAA/Stable
INE752E07JJ9 Bond - XXXVII Issue  26-Dec-11 9.25% 26-Dec-23 166.25 CRISIL AAA/Stable
INE752E07JK7 Bond - XXXVII Issue  26-Dec-11 9.25% 26-Dec-24 166.25 CRISIL AAA/Stable
INE752E07JL5 Bond - XXXVII Issue  26-Dec-11 9.25% 26-Dec-25 166.25 CRISIL AAA/Stable
INE752E07JM3 Bond - XXXVII Issue  26-Dec-11 9.25% 26-Dec-26 166.25 CRISIL AAA/Stable
INE752E07JN1 Bond - XXXVIII Issue  09-Mar-12 9.25% 09-Mar-27 855 CRISIL AAA/Stable
INE752E07JO9 Bond - XXXIX Issue  29-Mar-12 9.40% 29-Mar-27 1,800.00 CRISIL AAA/Stable
INE752E07JS0 Bond - XL Issue  28-Jun-12 9.30% 28-Jun-19 333.13 CRISIL AAA/Stable
INE752E07JT8 Bond - XL Issue  28-Jun-12 9.30% 28-Jun-20 333.13 CRISIL AAA/Stable
INE752E07JU6 Bond - XL Issue  28-Jun-12 9.30% 28-Jun-21 333.13 CRISIL AAA/Stable
INE752E07JV4 Bond - XL Issue  28-Jun-12 9.30% 28-Jun-22 333.13 CRISIL AAA/Stable
INE752E07JW2 Bond - XL Issue  28-Jun-12 9.30% 28-Jun-23 333.13 CRISIL AAA/Stable
INE752E07JX0 Bond - XL Issue  28-Jun-12 9.30% 28-Jun-24 333.13 CRISIL AAA/Stable
INE752E07JY8 Bond - XL Issue  28-Jun-12 9.30% 28-Jun-25 333.13 CRISIL AAA/Stable
INE752E07JZ5 Bond - XL Issue  28-Jun-12 9.30% 28-Jun-26 333.13 CRISIL AAA/Stable
INE752E07KA6 Bond - XL Issue  28-Jun-12 9.30% 28-Jun-27 333.13 CRISIL AAA/Stable
INE752E07KE8 Bond - XLI Issue  19-Oct-12 8.85% 19-Oct-19 236.88 CRISIL AAA/Stable
INE752E07KF5 Bond - XLI Issue  19-Oct-12 8.85% 19-Oct-20 236.88 CRISIL AAA/Stable
INE752E07KG3 Bond - XLI Issue  19-Oct-12 8.85% 19-Oct-21 236.88 CRISIL AAA/Stable
INE752E07KH1 Bond - XLI Issue  19-Oct-12 8.85% 19-Oct-22 236.88 CRISIL AAA/Stable
INE752E07KI9 Bond - XLI Issue  19-Oct-12 8.85% 19-Oct-23 236.88 CRISIL AAA/Stable
INE752E07KJ7 Bond - XLI Issue  19-Oct-12 8.85% 19-Oct-24 236.88 CRISIL AAA/Stable
INE752E07KK5 Bond - XLI Issue  19-Oct-12 8.85% 19-Oct-25 236.88 CRISIL AAA/Stable
INE752E07KL3 Bond - XLI Issue  19-Oct-12 8.85% 19-Oct-26 236.88 CRISIL AAA/Stable
INE752E07KM1 Bond - XLI Issue  19-Oct-12 8.85% 19-Oct-27 236.88 CRISIL AAA/Stable
INE752E07KN9 Bond - XLII Issue  13-Mar-13 8.80% 13-Mar-23 1990 CRISIL AAA/Stable
INE752E07KR0 Bond - XLIII Issue  20-May-13 7.93% 20-May-20 260.5 CRISIL AAA/Stable
INE752E07KS8 Bond - XLIII Issue  20-May-13 7.93% 20-May-21 260.5 CRISIL AAA/Stable
INE752E07KT6 Bond - XLIII Issue  20-May-13 7.93% 20-May-22 260.5 CRISIL AAA/Stable
INE752E07KU4 Bond - XLIII Issue  20-May-13 7.93% 20-May-23 260.5 CRISIL AAA/Stable
INE752E07KV2 Bond - XLIII Issue  20-May-13 7.93% 20-May-24 260.5 CRISIL AAA/Stable
INE752E07KW0 Bond - XLIII Issue  20-May-13 7.93% 20-May-25 260.5 CRISIL AAA/Stable
INE752E07KX8 Bond - XLIII Issue  20-May-13 7.93% 20-May-26 260.5 CRISIL AAA/Stable
INE752E07KY6 Bond - XLIII Issue  20-May-13 7.93% 20-May-27 260.5 CRISIL AAA/Stable
INE752E07KZ3 Bond - XLIII Issue  20-May-13 7.93% 20-May-28 260.5 CRISIL AAA/Stable
INE752E07LB2 Bond - XLIV Issue  15-Jul-13 8.70% 15-Jul-23 1322 CRISIL AAA/Stable
INE752E07LC0 Bond - XLIV Issue  15-Jul-13 8.70% 15-Jul-28 1322 CRISIL AAA/Stable
INE752E07LF3 Bond - XLV Issue  28-Feb-14 9.65% 28-Feb-20 166.6 CRISIL AAA/Stable
INE752E07LG1 Bond - XLV Issue  28-Feb-14 9.65% 28-Feb-21 166.6 CRISIL AAA/Stable
INE752E07LH9 Bond - XLV Issue  28-Feb-14 9.65% 28-Feb-22 166.6 CRISIL AAA/Stable
INE752E07LI7 Bond - XLV Issue  28-Feb-14 9.65% 28-Feb-23 166.6 CRISIL AAA/Stable
INE752E07LJ5 Bond - XLV Issue  28-Feb-14 9.65% 28-Feb-24 166.6 CRISIL AAA/Stable
INE752E07LK3 Bond - XLV Issue  28-Feb-14 9.65% 28-Feb-25 166.6 CRISIL AAA/Stable
INE752E07LL1 Bond - XLV Issue  28-Feb-14 9.65% 28-Feb-25 166.6 CRISIL AAA/Stable
INE752E07LM9 Bond - XLV Issue  28-Feb-14 9.65% 28-Feb-27 166.6 CRISIL AAA/Stable
INE752E07LN7 Bond - XLV Issue  28-Feb-14 9.65% 28-Feb-28 166.6 CRISIL AAA/Stable
INE752E07LO5 Bond - XLV Issue  28-Feb-14 9.65% 28-Feb-29 166.6 CRISIL AAA/Stable
INE752E07LP2 Bond - XLVI Issue  04-Sep-14 9.30% 04-Sep-19 1454 CRISIL AAA/Stable
INE752E07LQ0 Bond - XLVI Issue  04-Sep-14 9.30% 04-Sep-24 1454 CRISIL AAA/Stable
INE752E07LR8 Bond - XLVI Issue  04-Sep-14 9.30% 04-Sep-29 1454 CRISIL AAA/Stable
INE752E07LT4 Bond - XLVII Issue  20-Oct-14 8.93% 20-Oct-19 220 CRISIL AAA/Stable
INE752E07LU2 Bond - XLVII Issue  20-Oct-14 8.93% 20-Oct-20 220 CRISIL AAA/Stable
INE752E07LV0 Bond - XLVII Issue  20-Oct-14 8.93% 20-Oct-21 220 CRISIL AAA/Stable
INE752E07LW8 Bond - XLVII Issue  20-Oct-14 8.93% 20-Oct-22 220 CRISIL AAA/Stable
INE752E07LX6 Bond - XLVII Issue  20-Oct-14 8.93% 20-Oct-23 220 CRISIL AAA/Stable
INE752E07LY4 Bond - XLVII Issue  20-Oct-14 8.93% 20-Oct-24 220 CRISIL AAA/Stable
INE752E07LZ1 Bond - XLVII Issue  20-Oct-14 8.93% 20-Oct-25 220 CRISIL AAA/Stable
INE752E07MA2 Bond - XLVII Issue  20-Oct-14 8.93% 20-Oct-26 220 CRISIL AAA/Stable
INE752E07MB0 Bond - XLVII Issue  20-Oct-14 8.93% 20-Oct-27 220 CRISIL AAA/Stable
INE752E07MC8 Bond - XLVII Issue  20-Oct-14 8.93% 20-Oct-28 220 CRISIL AAA/Stable
INE752E07MD6 Bond - XLVII Issue  20-Oct-14 8.93% 20-Oct-29 220 CRISIL AAA/Stable
INE752E07ME4 Bond - XLVIII Issue  23-Jan-15 8.20% 23-Jan-20 645 CRISIL AAA/Stable
INE752E07MF1 Bond - XLVIII Issue  23-Jan-15 8.20% 23-Jan-22 645 CRISIL AAA/Stable
INE752E07MG9 Bond - XLVIII Issue  23-Jan-15 8.20% 23-Jan-25 645 CRISIL AAA/Stable
INE752E07MH7 Bond - XLVIII Issue  23-Jan-15 8.20% 23-Jan-30 645 CRISIL AAA/Stable
INE752E07MI5 Bond - XLIX Issue  09-Mar-15 8.15% 09-Mar-20 435 CRISIL AAA/Stable
INE752E07MJ3 Bond - XLIX Issue  09-Mar-15 8.15% 09-Mar-25 435 CRISIL AAA/Stable
INE752E07MK1 Bond - XLIX Issue  09-Mar-15 8.15% 09-Mar-30 435 CRISIL AAA/Stable
INE752E07ML9 Bond - L Issue  27-May-15 8.40% 27-May-19 244 CRISIL AAA/Stable
INE752E07MM7 Bond - L Issue  27-May-15 8.40% 27-May-20 244 CRISIL AAA/Stable
INE752E07MN5 Bond - L Issue  27-May-15 8.40% 27-May-21 244 CRISIL AAA/Stable
INE752E07MO3 Bond - L Issue  27-May-15 8.40% 27-May-22 244 CRISIL AAA/Stable
INE752E07MP0 Bond - L Issue  27-May-15 8.40% 27-May-23 244 CRISIL AAA/Stable
INE752E07MQ8 Bond - L Issue  27-May-15 8.40% 27-May-24 244 CRISIL AAA/Stable
INE752E07MR6 Bond - L Issue  27-May-15 8.40% 27-May-25 244 CRISIL AAA/Stable
INE752E07MS4 Bond - L Issue  27-May-15 8.40% 27-May-26 244 CRISIL AAA/Stable
INE752E07MT2 Bond - L Issue  27-May-15 8.40% 27-May-27 244 CRISIL AAA/Stable
INE752E07MU0 Bond - L Issue  27-May-15 8.40% 27-May-28 244 CRISIL AAA/Stable
INE752E07MV8 Bond - L Issue  27-May-15 8.40% 27-May-29 244 CRISIL AAA/Stable
INE752E07MW6 Bond - L Issue  27-May-15 8.40% 27-May-30 244 CRISIL AAA/Stable
INE752E07MX4 Bond - LI Issue  14-Sep-15 8.40% 14-Sep-19 250 CRISIL AAA/Stable
INE752E07MY2 Bond - LI Issue  14-Sep-15 8.40% 14-Sep-20 250 CRISIL AAA/Stable
INE752E07MZ9 Bond - LI Issue  14-Sep-15 8.40% 14-Sep-21 250 CRISIL AAA/Stable
INE752E07NA0 Bond - LI Issue  14-Sep-15 8.40% 14-Sep-22 250 CRISIL AAA/Stable
INE752E07NB8 Bond - LI Issue  14-Sep-15 8.40% 14-Sep-23 250 CRISIL AAA/Stable
INE752E07NC6 Bond - LI Issue  14-Sep-15 8.40% 14-Sep-24 250 CRISIL AAA/Stable
INE752E07ND4 Bond - LI Issue  14-Sep-15 8.40% 14-Sep-25 250 CRISIL AAA/Stable
INE752E07NE2 Bond - LI Issue  14-Sep-15 8.40% 14-Sep-26 250 CRISIL AAA/Stable
INE752E07NF9 Bond - LI Issue  14-Sep-15 8.40% 14-Sep-27 250 CRISIL AAA/Stable
INE752E07NG7 Bond - LI Issue  14-Sep-15 8.40% 14-Sep-28 250 CRISIL AAA/Stable
INE752E07NH5 Bond - LI Issue  14-Sep-15 8.40% 14-Sep-29 250 CRISIL AAA/Stable
INE752E07NI3 Bond - LI Issue  14-Sep-15 8.40% 14-Sep-30 250 CRISIL AAA/Stable
INE752E07NJ1 Bond - LII Issue  23-Dec-15 8.32% 23-Dec-20 466 CRISIL AAA/Stable
INE752E07NK9 Bond - LII Issue  23-Dec-15 8.32% 23-Dec-25 466 CRISIL AAA/Stable
INE752E07NL7 Bond - LII Issue  23-Dec-15 8.32% 23-Dec-30 466 CRISIL AAA/Stable
INE752E07NM5 Bond - LIII Issue  25-Apr-16 8.13% 25-Apr-20 333 CRISIL AAA/Stable
INE752E07NN3 Bond - LIII Issue  25-Apr-16 8.13% 25-Apr-21 333 CRISIL AAA/Stable
INE752E07NO1 Bond - LIII Issue  25-Apr-16 8.13% 25-Apr-22 333 CRISIL AAA/Stable
INE752E07NP8 Bond - LIII Issue  25-Apr-16 8.13% 25-Apr-23 333 CRISIL AAA/Stable
INE752E07NQ6 Bond - LIII Issue  25-Apr-16 8.13% 25-Apr-24 333 CRISIL AAA/Stable
INE752E07NR4 Bond - LIII Issue  25-Apr-16 8.13% 25-Apr-25 333 CRISIL AAA/Stable
INE752E07NS2 Bond - LIII Issue  25-Apr-16 8.13% 25-Apr-26 333 CRISIL AAA/Stable
INE752E07NT0 Bond - LIII Issue  25-Apr-16 8.13% 25-Apr-27 333 CRISIL AAA/Stable
INE752E07NU8 Bond - LIII Issue  25-Apr-16 8.13% 25-Apr-28 333 CRISIL AAA/Stable
INE752E07NV6 Bond - LIII Issue  25-Apr-16 8.13% 25-Apr-29 333 CRISIL AAA/Stable
INE752E07NW4 Bond - LIII Issue  25-Apr-16 8.13% 25-Apr-30 333 CRISIL AAA/Stable
INE752E07NX2 Bond - LIII Issue  25-Apr-16 8.13% 25-Apr-31 333 CRISIL AAA/Stable
INE752E07NY0 Bond - LIV Issue  15-Jul-16 7.97% 15-Jul-21 1000 CRISIL AAA/Stable
INE752E07NZ7 Bond - LIV Issue  15-Jul-16 7.97% 15-Jul-26 1000 CRISIL AAA/Stable
INE752E07OA8 Bond - LIV Issue  15-Jul-16 7.97% 15-Jul-31 1000 CRISIL AAA/Stable
INE752E07OB6 Bond - LV Issue  21-Sep-16 7.55% 21-Sep-31 1240 CRISIL AAA/Stable
INE752E07OC4 Bond - LVI Issue  18-Oct-16 7.36% 18-Oct-26 1065 CRISIL AAA/Stable
INE752E07OD2 Bond - LVII Issue  21-Dec-16 7.20% 21-Dec-21 2120 CRISIL AAA/Stable
INE752E07OE0 Bond - LVIII Issue  09-Mar-17 7.89% 09-Mar-27 2060 CRISIL AAA/Stable
INE752E07OF7 Bond- LIX Issue 19-Jun-17 7.30% 19-Jun-27 3070 CRISIL AAA/Stable
INE752E07OG5 Bond- LX Issue 09-Aug-17 7.20% 09-Aug-27 3060 CRISIL AAA/Stable
INE752E08502 Bond- LXI Issue 12-Dec-17 7.74% 12-Dec-28 600 CRISIL AAA/Stable
INE752E08510 Bond- LXI Issue 12-Dec-17 7.74% 12-Dec-29 600 CRISIL AAA/Stable
INE752E08528 Bond- LXI Issue 12-Dec-17 7.74% 12-Dec-30 600 CRISIL AAA/Stable
INE752E08536 Bond- LXI Issue 12-Dec-17 7.74% 12-Dec-31 600 CRISIL AAA/Stable
INE752E08544 Bond- LXI Issue 12-Dec-17 7.74% 10-Dec-32 600 CRISIL AAA/Stable
INE752E07OH3 Bond- LXII Issue 7-Jan-19 8.36% 7-Jan-29 2000 CRISIL AAA/Stable
INE752E08551 Bond 14-Feb-19 8.24% 14-Feb-29 3487.5 CRISIL AAA/Stable
@Out of this, Rs 12,000 crore was to be raised as long-term loans
$Out of this, Rs 20,000 crore was to be raised as bonds and Rs 10,000 crore as long-term loans
 
Annexure - Details of Rating Withdrawn
ISIN Name of Instrument Date of Allotment Coupon Rate (%) Maturity
Date
Issue Size
(Rs Cr)
INE752E07KQ2 Bond - XLIII Issue  20-May-13 7.93% 20-May-19 260.5
 
 
Annexure - List of entities consolidated
Name of entities Extent of consolidation Rationale for consolidation
Powergrid Vizag Transmission Limited Full Strong managerial, operational and financial linkages
Powergrid NM Transmission Limited Full Strong managerial, operational and financial linkages
Powergrid Unchahar Transmission Limited Full Strong managerial, operational and financial linkages
Powergrid Kala Amb Transmission Limited Full Strong managerial, operational and financial linkages
Powergrid Jabalpur Transmission Limited Full Strong managerial, operational and financial linkages
Powergrid Warora Transmission Limited Full Strong managerial, operational and financial linkages
Powergrid Parli Transmission Limited Full Strong managerial, operational and financial linkages
Powergrid Southern Interconnector Transmission Limited Full Strong managerial, operational and financial linkages
Powergrid Medinipur Jeerat Transmission Limited Full Strong managerial, operational and financial linkages
Powergrid Mithilanchal Transmission Limited Full Strong managerial, operational and financial linkages
Powergrid Varanasi Transmission System Limited Full Strong managerial, operational and financial linkages
Powergrid Vemagiri Transmission Limited Full Strong managerial, operational and financial linkages
Powerlinks Transmission Ltd Equity method Joint Venture/Associate - Proportionate consolidation
Torrent Power Grid Ltd Equity method Joint Venture/Associate - Proportionate consolidation
Jaypee Powergrid Ltd Equity method Joint Venture/Associate - Proportionate consolidation
Parbati Koldam Transmission Company Ltd Equity method Joint Venture/Associate - Proportionate consolidation
Teesta Valley Power
Transmission Limited
Equity method Joint Venture/Associate - Proportionate consolidation
North East Transmission Company Ltd Equity method Joint Venture/Associate - Proportionate consolidation
National High Power Test Laboratory Private Limited Equity method Joint Venture/Associate - Proportionate consolidation
Kalinga Bidyut Prasaran Nigam Pvt Ltd Equity method Joint Venture/Associate - Proportionate consolidation
Bihar Grid Company Ltd Equity method Joint Venture/Associate - Proportionate consolidation
Cross Border Power Transmission Company Ltd Equity method Joint Venture/Associate - Proportionate consolidation
RINL Powergrid TLT Pvt Ltd Equity method Joint Venture/Associate - Proportionate consolidation
Power Transmission Company Nepal Ltd Equity method Joint Venture/Associate - 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  65000.00
29-05-19 
CRISIL AAA/Stable  26-04-19  CRISIL AAA/Stable  03-04-18  CRISIL AAA/Stable  27-12-17  CRISIL AAA/Stable  16-11-16  CRISIL AAA/Stable  CRISIL AAA/Stable 
                19-04-17  CRISIL AAA/Stable  28-06-16  CRISIL AAA/Stable   
                23-03-17  CRISIL AAA/Stable  19-04-16  CRISIL AAA/Stable   
Commercial Paper  ST  3900.00  CRISIL A1+  26-04-19  CRISIL A1+  03-04-18  CRISIL A1+  27-12-17  CRISIL A1+    --  -- 
Long-Term Borrowing Programme  LT  50000.00
29-05-19 
CRISIL AAA/Stable  26-04-19  CRISIL AAA/Stable  03-04-18  CRISIL AAA/Stable  27-12-17  CRISIL AAA/Stable  16-11-16  CRISIL AAA/Stable  CRISIL AAA/Stable 
                19-04-17  CRISIL AAA/Stable  28-06-16  CRISIL AAA/Stable   
                23-03-17  CRISIL AAA/Stable  19-04-16  CRISIL AAA/Stable   
Short Term Debt  ST  2100.00  CRISIL A1+  26-04-19  CRISIL A1+  03-04-18  CRISIL A1+  27-12-17  CRISIL A1+  28-06-16  CRISIL A1+  CRISIL A1+ 
                    19-04-16  CRISIL A1+   
Short Term Debt (Including Commercial Paper)  ST              19-04-17  CRISIL A1+  16-11-16  CRISIL A1+  -- 
                23-03-17  CRISIL A1+       
Fund-based Bank Facilities  LT/ST  300.00  CRISIL AAA/Stable  26-04-19  CRISIL AAA/Stable  03-04-18  CRISIL AAA/Stable  27-12-17  CRISIL AAA/Stable  16-11-16  CRISIL AAA/Stable  CRISIL AAA/Stable 
                19-04-17  CRISIL AAA/Stable  28-06-16  CRISIL AAA/Stable   
                23-03-17  CRISIL AAA/Stable  19-04-16  CRISIL AAA/Stable   
Non Fund-based Bank Facilities  LT/ST  2200.00  CRISIL A1+  26-04-19  CRISIL A1+  03-04-18  CRISIL A1+  27-12-17  CRISIL A1+  16-11-16  CRISIL A1+  CRISIL A1+ 
                19-04-17  CRISIL A1+  28-06-16  CRISIL A1+   
                23-03-17  CRISIL A1+  19-04-16  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 600 CRISIL A1+ Bank Guarantee 600 CRISIL A1+
Cash Credit 300 CRISIL AAA/Stable Cash Credit 300 CRISIL AAA/Stable
Letter of Credit 1600 CRISIL A1+ Letter of Credit 1600 CRISIL A1+
Total 2500 -- Total 2500 --
Links to related criteria
Rating Criteria for Power Generation Utilities
CRISILs Bank Loan Ratings
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt

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