Reliance Industries Ltd.

Credit rating agency ICRA has reaffirmed ‘A1+’ rating to Reliance Industries’ (RIL) commercial paper (CP)/ short-term non-convertible debenture (NCD) programme. The reaffirmation of the rating factors in comfortable cash generation of the company supported by stable cash generation from refinery segment and high non-operating income despite lower operating profits from E&P and petrochemical segments and robust financial risk profile reflected by low net gearing level, strong coverage indicators, and low working capital intensity.

Reliance Industries is India’s largest private sector company, with a consolidated turnover of Rs 4,46,339 crore ($74.5 billion), cash profit of Rs 33,980 crore ($5.7 billion) and net profit of Rs 22,493 crore ($3.8 billion) for the year ended March 31, 2014.