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Press Release THDC India Limited

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Press Release THDC India Limited Press Release THDC India Limited July 03, 2020 Ratings Amount Facilities/Instruments Rating1 Rating Action (Rs. crore) Long Term Bank Facility- CARE AA; Stable; 375.00 Assigned Cash Credit (Double A; Outlook: Stable) 375.00 Total (Rupees Three Hundred Seventy Five Crore Only) Proposed Long Term 800.00 CARE AA; Stable; Assigned Bonds (Rupees Eight Hundred Crore Only) (Double A; Outlook: Stable) Reaffirmed and 600.00 CARE AA; Stable; Long Term Bonds removed from credit (Rupees Six Hundred Crore only) (Double A; Outlook: Stable) watch Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers CARE had earlier placed the rating of THDC India Limited (THDC) under ‘credit watch with developing implications’ following the announcement by NTPC of an in-principal board approval for the acquisition of the Government of India (GoI) stake in THDC along with the transfer of management control. The removal of ‘credit watch with developing implications’ takes into account the completion of the aforesaid transaction by NTPC for acquisition of 74.50% stake in THDC. Furthermore, CARE has also taken clarity from the management of NTPC with respect to likely funding support to THDC towards under implementation capacity. The rating assigned to the proposed long term bonds and long term bank facilities of THDC India Limited and reaffirmation of rating assigned to outstanding long term bonds derive strength from the majority ownership by NTPC Limited (rated CARE AAA; Stable/CARE A1+) which is the largest thermal power generating company of India, strong operating efficiency of its thermal power and wind assets and healthy financial risk profile of the company. The ratings also factors in the cost-plus tariff structure as per Central Electricity Regulatory (CERC) tariff guidelines for majority of its capacity, coupled with revenue visibility backed by long-term power selling arrangements for all capacities, operational as well as under implementation. Besides, with the recent acquisition by NTPC, the company is likely to benefit from the significant project development and management experience of its promoter. However, the rating strengths continue to be constrained by risks associated with the implementation of the ongoing large- sized projects including Khurja Thermal Project (KSTPP) – their overall size being significant relative to its operational capacities – and the below-average credit profile of the company’s power off-takers. The rating also takes cognizance of the delay in the implementation of hydro projects viz. Tehri PSP (TPSP) and Vishnugad Pipalkoti HEP (VPHEP) leading to significant escalation in the project cost. Rating Sensitivities Positive Factors Execution of capex plans within time and cost estimates Timely receipt of dues from counter parties Negative Factors Significant delay in the receipt of payments from counter party. Any adverse change in the regulatory environment of power generation sector. Detailed description of the key rating drivers Key Rating Strengths Majority ownership by NTPC THDC was established in 1988 as a joint venture between the Government of India (GoI) and Government of Uttar Pradesh (GoUP) to develop, operate and maintain Tehri Hydro Power Complex and other Hydro Projects. The stake of GoI has been acquired by NTPC on March 27, 2020. NTPC is the largest thermal power generation company with significant experience in development and management of thermal power projects depicted by operational capacities of 62.11 GW (consolidated) as on March 31, 2020. THDC is likely to gain from the experience of NTPC towards implementation of 1,320 MW Khurja thermal project. 1Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications 1 CARE Ratings Limited Press Release Strong operating efficiency of hydro power stations and wind power assets During FY20, THDC’s operating power stations, viz. Tehri HEP (THEP) and Koteshwar HEP (KHEP) has generated 4,245 million units (MUs) of power (PY: 4,396 MUs) as against annual design energy of 3,952 MUs. The generation is marginally lower on account of lockdown imposed by the GoI in March 2020 to contain the spread of COVID-19 leading to a decline in demand of power from off-takers. The plant availability factor (PAF) stood at 82.73% and 76.31% for THEP and KHEP respectively in FY20 as against normative plant availability factor (NAPAF) of 80% and 68% respectively. Furthermore, the company has recently commissioned 24 MW Dhukwan project and has achieved COD on May 05, 2020. The project has generated 7.52 MUs in the May 2020 as per availability of water. The wind assets of the company namely, Patan- 50 MW and Devbhumi Dwarka- 63 MW has achieved CUF of 23.70% (against P90: 25.22%) & 32.13% (against P90: 26.27%) respectively in FY20. Healthy financial risk profile The company has healthy financial risk profile marked by comfortable profitability margins, healthy capital structure and debt coverage indicators. The PBILDT margin of the company stood comfortable at 75.07% in FY20 as against 75.92% in FY19. The capital structure of the company stood healthy as evident from overall gearing of 0.60x as on March 31, 2020, moderated from 0.48x as on March 31, 2019 attributable to drawl of project debt. The overall gearing, however, is expected to inch up to ~1.2x by the time Khurja Thermal Project is completed. Besides, total debt to gross cash accruals and interest coverage ratio of the company stood healthy at 4.05x and 7.51x respectively as on March 31, 2020 though moderated from 2.51x and 7.51x as on March 31, 2019 largely due to one-time additional billing for Koteshwar project included in FY19 as per the final order received form CERC which was not there in FY20. Regulated returns leading to steady operating cash-flows THDC derives approximately 94% of its revenue based on cost-plus mechanism. The tariff for each of the hydro power stations of THDC is determined by CERC by referring to annual fixed cost (AFC), which comprise of interest on loan, interest on working capital, depreciation and operation and maintenance expenses and post-tax return on equity (ROE) at 16.50%. 50% of AFC is recoverable upon achieving the design energy, while the balance is recoverable on achieving the Normative Annual Plant Availability Factor (NAPAF) which has been prescribed for each hydro power station by CERC. In the tariff regulation for the period 2019-2024, CERC has increased the NAPAF of THEP and KHEP to 80% and 68% from 77% and 67% respectively. Off-take risk mitigated through PPAs with distribution utilities For off-take of the power, THDC has entered into long-term PPA for the entire Tehri Hydro Power Complex of 2,400 MW (including under construction TPSP) with various beneficiary states. The PPA for Patan wind power project (50MW) and Devbhumi Dwarka wind power project (63MW) has been signed with Gujarat Urja Vikas Nigam Limited (rated CARE AA-; Stable/ CARE A1+) at a fixed tariff of Rs. 4.15/unit and Rs. 4.19/unit respectively. Furthermore, THDC has also signed PPA under cost plus model for VPHEP (444 MW) and under fixed tariff for KSTPP (1320 MW). The company is also developing solar project (50MW), for which PPA has been signed with Kerala State Electricity Board Limited at a fixed tariff. The PPA for recently commissioned Dhukwan project (24MW) has been signed with UPPCL at a fixed tariff. The presence of PPAs for the sale of power provides long term earning visibility of the company. Key Rating Weaknesses Below average financial profiles of beneficiaries viz power distribution utilities The financial health of many of the state distribution utilities continues to remain a cause of concern for the power generating companies including THDC. The higher level of aggregate transmission and commercial (AT&C) losses, the rising power purchase costs and the absence of cost-reflective tariff regimes have put a strain on the financial position of some of the state distribution utilities. Subsequent to the directive from Ministry of Power with regard to furnishing LC to procure power, DISCOMs were largely clearing their current dues. However, with the lockdown imposed in the entire nation by GoI to contain the spread of COVID-19, the collection efficiency of DISCOMs have been impacted leading to continued elevated levels of receivables. Collection period continues to remain high The gross receivables of the company stood at Rs. 1,965 crore as on March 31, 2020 which has increased to Rs. 2,180 crore as on May 31, 2020. The increase in gross debtors is attributable to delay in receipt of payment largely from UPPCL and J&K. However, the receivables are expected to be realized through a one-time liquidity package announced by GoI wherein PFC/REC shall provide loans to DISCOMs against their receivables. The loans shall be backed by state government guarantees. The company has witnessed moderation in collection period to 303 days as on March 31, 2020 as against 198 days as on March 31, 2019 and it continues to remain high. 2 CARE Ratings Limited Press Release Risk associated with projects under implementation THDC is currently developing TPSP (1,000MW), VPHEP (444MW) and Solar (50MW) projects. Till May-2020, the company has incurred a total cost of Rs. 5,495 crore on above projects against the expected implementation cost of Rs. 8,907 crore. The projects are expected to be commissioned by Jun-2022, Dec-2023 and Dec-2020 respectively. Further, the company is also implementing KSTPP (1320 MW) at an estimated cost of Rs. 11,089 crore coupled with Amelia mine development cost of Rs. 1,587 crore. The KSTPP is expected to be commissioned by Aug-2023. The company has incurred Rs.
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