Crisil Ratings Ltd. revised its outlook for long-term bank facilities and non-convertible debentures of Adani Green Restricted Group 1 to ‘positive’ and reaffirmed the rating at ‘Crisil AA+’.
The outlook revision on the group — Prayatna Developers Pvt., Parampujya Solar Energy Pvt. and Adani Green Energy (UP) Ltd. — reflect the actual generation being continuously better than the P90 levels and timely refinancing of $500 million bonds, Crisil said in a statement.
Adani Green Restricted Group 1 had better than P90 plant load factor in fiscal 2024 and calendar year 2024 leading to expectations of continued better performance and debt servicing cushions going forward, it said.
The rating reflects strong revenue visibility in the form of long-term power purchase agreements at a healthy tariff, it added. “These strengths are partially offset by exposure to risks inherent in operating solar-energy assets and adverse movement in foreign exchange.”
Payment track record across projects has been healthy, with the payment cycle largely in line with the PPA terms in the past few years, it said.
The financial risk profile is expected to be healthy, indicated by strong debt service coverage ratio through the 18-year tenure of the US senior secured notes, the rating agency said. The liquidity is also supported by a debt service reserve account of six months of debt obligation without any recourse to project assets.
Meanwhile, Adani Green Energy Ltd.’s consolidated net profit rose 85% year-on-year in the third quarter of fiscal 2025.
The renewable energy company’s bottomline came in at Rs 474 crore in the quarter ended Dec. 31, 2024, in comparison with Rs 256 crore in the same quarter a year ago, according to an exchange filing.
The consolidated revenue during the quarter under review came in at Rs 2,365 crore, up 2.3% as against 2,311 crore in the corresponding period of the last fiscal.
. Read more on Business by NDTV Profit.Adani Green Energy Ltd.’s consolidated net profit rose 85% year-on-year in the third quarter of fiscal 2025. Read MoreBusiness, Markets
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