Disagree with ICRA’s ranking revision, it has not ‘appropriately factored in information’: Reliance Power
ICRA cited deterioration within the firm’s monetary place coupled with its stretched liquidity profile for the ranking revision. The short-term ranking stays unchanged at ‘A4 issuer not cooperating’.
“We inform that ICRA Limited (ICRA) has revised the long-term rating on rated instruments of the company to ‘C issuer not cooperating’,” Reliance Power mentioned in a regulatory submitting.
However, the corporate mentioned it believes that ICRA has not appropriately factored in information whereas revising the ranking.
“The company respectfully disagrees with the revision in the rating,” Reliance Power mentioned, including that it continues to indicate robust operational efficiency.
“Sasan UMPP recorded highest PLF in the country at 95 percent in FY’19. Rosa Power Project has been operating at high availability of 89 percent,” Reliance Power mentioned.
With EBITDA of Rs 4,263 Crore, EBITDA margin is round 50 p.c, which is likely one of the finest within the trade. Excluding one-time distinctive objects, the corporate’s PAT for the yr stands at Rs 197 crore, Reliance Power added.
In addition, working tasks are near attaining regulatory outcomes aggregating to Rs 5,000 crore, it mentioned.
The firm additional mentioned it continues to pursue its different monetisation initiatives when it comes to enforcement of arbitration award and sale of coal concessions in Indonesia and switch of SPV for Krishnapatnam UMPP to PFC or an entity recognized by PFC.
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