Credit rating agency -- Crisil Ratings has upgraded outlook on Tata Power from ‘AA/Stable’ to ‘AA/Positive’. The revision in outlook reflects the possibility of a better-than-expected business risk profile, if the improvement in operating profitability in fiscal 2024, across power generation and distribution business, sustains along with a continuing healthy financial performance with consolidated net leverage (ratio of net debt to earnings before interest, taxes, depreciation, and amortization (EBIDTA)) remaining within rating threshold.
CRISIL Ratings has revised its outlook on the long-term bank facilities and non-convertible debentures of Tata Power to 'Positive' from 'Stable', while reaffirming its rating at 'A'. The rating on Tata Power’s commercial paper programme and short-term bank facilities has been reaffirmed at ’A1+’. Overall, Crisil Ratings expects Tata Power’s consolidated adjusted EBITDA to be more than Rs 12,000 crore each in fiscals 2024 and 2025 (which was around Rs 11,500 crore in fiscal 2023 and around Rs 9,600 crore in fiscal 2022). Adjusted EBITDA was reported at Rs 6,694 crore in the first half of fiscal 2024.
Tata Power Company is India’s largest integrated power company.
Company Name | CMP |
---|---|
NTPC | 373.40 |
Tata Power | 447.60 |
Power Grid Corp | 326.10 |
Adani Power | 691.65 |
Torrent Power | 1382.00 |
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