ICRA reaffirmed the ‘ICRA AA+’ rating on total bank facilities worth Rs7,000 crore. The outlook has been set as Stable.
Total facilities reviewed include long-term fund-based facilities worth Rs1,900 crore, and non-fund-based facilities worth Rs350 crore.
Limit of long-term/short-term unallocated instrument’s value enhanced from Rs250 crore to Rs2,250 crore.
Rating on Commercial Paper programme worth Rs1,500 crore has been reaffirmed at ‘ICRA A1+’. It also includes NCDs worth Rs1,000 crore.
The reaffirmation of the company’s ratings takes into account the continued improvement in its profitability measures, driven by a favourable and diversified mix of project development models and a robust increase in cash flows as operations scale up.
Profitability is likely to improve further in the future, supported by a robust pipeline of projects to be executed in the near to medium term. The growing proportion of interest and service revenue from joint venture (JV) firms, as well as the recent increase in price realizations, will help to boost profitability, stated ICRA in its rating rationale.
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