\r\n\t\t\t\tIndia Ratings and Research (Ind-Ra) has taken the following rating actions on Hella Infra Market Limited’s (Hella; formerly Hella Infra Market Private Limited) debt instruments:
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\r\n\t\t\t\tInd-Ra continues to fully consolidate Hella’s subsidiaries to arrive at the ratings as all the companies operate in the same line of business of selling construction materials, and have strong operational and strategic linkages among them.
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\r\n\t\t\t\tSignificant Improvement in EBITDA in FY25; Increasing Share of Private Label Products to Support Profitability: Ind-Ra expects Hella’s EBITDA to grow by around one-third yoy in FY25, led by a combination of healthy growth in revenue and an improvement in EBITDA margins. The consolidated revenue grew 37% yoy to INR134 billion in 9MFY25, primarily driven by an increase in the concrete and flooring businesses. The relatively high contribution margins in these segments, along with a continued increase in the share of private label products to around two-thirds from a little over half in FY24, led to the improvement in the EBITDA margins to 7.6% in 9MFY25 (9MFY24: 6.4%; FY24: 7.2%, FY23: 6.4%, FY22: 5.6%) and EBITDA to INR10.2 billion (INR6.3 billion;INR10.5 billion; INR7.6 billion; INR3.5 billion), higher than Ind-Ra’s expectations. Ind-Ra expects Hella’s EBITDA to continue to grow over FY26-FY27 with a low-teen growth driven by organic and inorganic expansion as well as deeper penetration in existing categories likely over FY26-FY27 and an increase in the proportion of its own manufactured and private label products, along with scale-up benefits. The company has demonstrated its ability to consistently improve its EBITDA margins through a mix of increase in sales of own brand products, cost optimisation and backward integration, while also achieving high levels of revenue growth. \r\n\t\t\t
\r\n\t\t\t\r\n\t\t\t\tThe company has nearly doubled the share of private label products to around two-thirds of the revenue in FY25 (FY21: around one-third) and plans to increase it further to around three-fourths by FY27, which would bode well for profitability. Furthermore, the company’s ability to cross sell its products and increase the customer wallet share for the infrastructure and real estate projects in the B2B segment (around three-fourths of the revenue) would remain a key growth driver. In addition, with an increase in its presence in the flooring solutions segment, retails sales are likely to witness substantial growth over FY25-FY26. The share of retail sales is likely to increase to around one-fourth of the revenue in FY25 (FY21: 15%) and further over the next couple of years as the company tries to strengthen its brand presence supported by its wide network of around 12,500 dealer stores and around 35 franchise partners that run its brand outlets. \r\n\t\t\t
\r\n\t\t\t\r\n\t\t\t\tEquity Raise and Refinancing to Improve Near-term Liquidity: Hella raised about INR8.9 billion in fresh equity in 10MFY25, after a gap of over two years, through a mix of existing investors such as Tiger Global Management LLC, Evolvence India Fund and new high net worth individual investors and plans to raise INR1.8 billion in February 2025 (INR0.7 billion already raised) . At a valuation of about USD2.8 billion (USD2.5 billion at last fund-raising in August 2022), the fund raise has improved the company’s liquidity position with cash and equivalents rising to INR13.3 billion at end-January 2025 (end-March 2024: INR8.3 billion), of which INR7.5 billion was unencumbered (INR4.2 billion). Hella also raised INR1.4 billion in May 2024 through divestment of around 7% stake in its subsidiary RDC Concrete (India) Limited (‘IND A-’/Negative). \r\n\t\t\t
\r\n\t\t\t\r\n\t\t\t\tFurthermore, Hella is raising sizeable debt over the next one and a half months to partly refinance its debt maturities of INR16 billion-17 billion, due in FY26, given the weak DSCR. Ind-Ra believes the new debt, coupled with the available liquidity would be sufficient to meet the debt obligations in FY26. Although, the company is likely to raise additional funding for capex and meeting its rising working capital requirement to support its growth. The company raised INR21.8 billion of equity over FY20-FY24, all of which was in the form of 0.001% compulsory convertible preference shares with a 19-year tenor without a financial outgo committed by the company/promoters. \r\n\t\t\t
\r\n\t\t\t\r\n\t\t\t\tDiversified Product Mix; Robust Market Position in Key Segments: Hella has gradually expanded its product portfolio to offer a bouquet of building materials such as concrete, steel, chemicals, tiles, autoclaved aerated concrete blocks, paint, roofing solutions, among others, giving it a competitive advantage over other aggregators with fewer product categories. Concrete remains the largest revenue contributor and is likely to account for around 30% of the total revenue in FY25 (FY24: 28% FY23: 23%), followed by steel at 20% (24%; 21%), chemicals at 13% (19%;19%) and flooring at 10% (4%; 3%). Hella is India’s second-largest concrete seller and has a sizeable manufacturing presence in concrete with 119 owned and 115 managed plants with a rapid growth in the manufacturing base (YTDFY25: 234 plants, FY24: 220; FY23: 158, FY22: 54). With an acquisition of over 60 million square metres capacity in FY25, Hella would also become a leading player in the tiles segment. Barring the increase in share of flooring solutions given the recent acquisition, the overall product mix is unlikely to change materially over FY26-FY27, although, each segment is likely to see growth driven by the company’s diversified distribution channels. Given its wide product and channel presence, the top 10 customers accounted for only 6% of the revenue in FY24, indicating customer diversification.\r\n\t\t\t
\r\n\t\t\t\r\n\t\t\t\tCFO Remained Negative in 9MFY25 due to Rise in Working Capital; CFO/EBITDA Conversion to be Modest in Near Term: While the net working capital cycle remained at around 22% of the revenue over FY23-9MFY25 (9MFY25: 22.1%, FY23: 21.5%), the continuous growth in revenue has led to a rise in the absolute working capital to INR39.7 billion in 9MFY25 (FY24: INR32.1 billion; FY23: INR25.5 billion), compared to Ind-Ra’s earlier expectation of INR32 billion-33 billion in FY25; albeit with a lower growth. The increase in the working capital requirements resulted in continued negative cash flow from operations (post interest) of INR7.5 billion in 9MFY25 (FY24: negative INR0.2 billion; FY23: INR1.3 billion). Given high growth, Hella’s CFO was negative over FY20-FY24, barring FY23. While the CFO could turn positive in FY26 with lower incremental working capital requirement and a rise in the EBITDA, Ind-Ra believes the CFO/EBITDA conversion is likely to remain modest.
Debt Requirement to Continue to Rise due to Working Capital and Capex; Correction in Capital Structure Needed: Despite a likely 30%-35% yoy increase in the EBITDA and an equity raise of over INR10 billion, Hella’s net debt is likely to increase in FY25 from FY24. Against the earlier guidance of the net debt reducing to around INR28 billion, the management expects the net debt to come in at around INR35 billion at FYE25 (9MFYE25: INR40.7 billion). As a result, despite the healthy EBITDA, the improvement in the net leverage is likely to be modest. While Hella’s net debt rose to INR40.7 billion in 9MFY25 (FY24: INR31.3 billion; FY23 INR19.7 billion), the higher EBITDA kept the net leverage flattish. The net leverage stood at around 3.0x in 9MFY25 (FY24: 3.0x, FY23: 2.5x). Including the lease liabilities, the net adjusted leverage was 3.4x in FY24 (FY23: 2.8x). \r\n\t\t\t
\r\n\t\t\t\tFurthermore, the management expects the net debt to increase 10%-15% yoy over FY26-FY27 to fund the additional working capital and capex requirements. While the company was started with an asset-light model, the proportion of captive manufacturing has been increasing gradually, entailing a higher-than-expected capex. The company is likely to spend around INR10 billion towards capex and cash outflow for acquisitions in FY25, almost double the previous guidance of INR5.25 billion. Furthermore, the company plans to spend INR17 billion-18 billion towards capex over FY26-FY27 largely in concrete, plumbing, cement and plywood segments. With a continued annual investment of INR15 billion-18 billion towards working capital and capex, Hella’s free cash flow would remain negative due to which it will continue to need additional debt every year. The company’s ability to raise timely funding, therefore, remains a key rating monitorable. Ind-Ra expects the net leverage to remain range-bound over FY26-FY27 as the improvement in EBITDA is likely to be offset by an increase in net debt to fund its growth. Ind-Ra continues to treat the 0.001% compulsory convertible preference shares raised from the private equity investors as equity, given the company does not have any committed financial outgo towards the same.\r\n\t\t\t
\r\n\t\t\t\r\n\t\t\t\tWhile the consolidated net working capital stood at around INR40 billion at end-December 2024, the sanctioned revolving working capital limits from the banking system was around INR16 billion due to which the company also funds a part of its working capital through fixed maturity debt, contributing to the high debt servicing obligations. Notwithstanding the EBITDA-led improvement, Hella’s interest coverage (EBITDA/gross interest expense) remained low at 2.4x in 9MFY25 (FY24: 1.8x, FY23: 2.2x) and a material improvement would be contingent on the company’s ability to reduce interest costs. Therefore, Ind-Ra believes a structural correction in the capital structure is needed to achieve a sustainable and structural improvement in the liquidity and financial flexibility. The management plans to launch an initial public offering in FY26. While the same has not been factored into the ratings given its nascent stage, a successful initial public offering leading to a correction in the capital structure could be a structural positive.\r\n\t\t\t
\r\n\t\t\t\r\n\t\t\t\tLimited Track Record: The company is promoted by first-generation promoters, Aaditya Sharda and Souvik Sengupta, who individually have over a decade of industry experience. The board comprises eight members including the two co-founders, three nominees of the private equity investors and three independent directors that were inducted in February 2024. Decisions on capex, funding, among others, are approved by the company’s finance committee before being presented to the board. The company has formed various subsidiaries that deal in different product segments, most of which reported positive EBITDA in FY24. Debt has been raised at each of the subsidiaries while the parent entity also provides support as needed. There are limited related party transactions at a consolidated level. \r\n\t\t\t
\r\n\t\t\t\r\n\t\t\t\tThe company faces intense competition from a large number of dealers and traders in the construction material supply market, along with the entry of large building material manufacturers into the business to consumer/online retailing, thereby limiting its bargaining power with its customers.
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\r\n\t\t\t\tPositive: An improvement in the capital structure leading to a reduction in the debt, along with an improvement in the DSCR and overall liquidity position with the EBITDA interest coverage exceeding 3.0x on a sustained and consolidated basis while maintaining/improving the EBITDA could lead to the Outlook being revised to Stable.
Negative: Inability to reduce debt and/or improve the capital structure and liquidity with the consolidated EBITDA interest coverage sustaining below 3.0x could lead to a negative rating action. Additionally, a weakening of the operational performance leading to lower-than-expected EBITDA and/or a stretch in the working capital cycle on a sustained basis could lead to a negative rating action.
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\r\n\t\t\t\tIncorporated in 2016, Hella supplies construction materials including ready mix concrete, aggregate, fly-ash, paints, construction chemicals, steel and cement. The company’s business model includes cloud manufacturing, catering to business-to-business clients, and direct retailing of its own contract manufactured products and other branded products. It also has distributors for various branded manufacturers and manages the supply chain.
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Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings.
Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.
","participationDisclosures":null,"disclaimer":"ALL CREDIT RATINGS ASSIGNED BY INDIA RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: https://www.indiaratings.co.in/ratingdefinitions. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE WWW.INDIARATINGS.CO.IN. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. INDIA RATINGS’ CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE.
","metaTags":null,"effectiveDate":"Feb 20, 2025 | Hella Infra Market Limited (Formerly Hella Infra Market Private Limited)","effectiveDateTime":"0001-01-01T00:00:00","dateOfCreation":"Feb 20, 2025","isDeleted":false,"isMigratedData":false,"viewCount":0,"facebookShareCount":0,"linkedInShareCount":0,"googlePlusShareCount":0,"twitterShareCount":0,"ratingCriteriaReportsIDs":"181,180,199,173","pressReleaseStatus":"Publish","activity":"Updated By UserID: 59482","lastActivityDate":"2/25/2025 6:15:59 AM","currentRatings":"| \r\n Instrument Type\r\n | \r\n\r\n Date of Issuance\r\n | \r\n\r\n Coupon Rate\r\n | \r\n\r\n Maturity Date\r\n | \r\n\r\n Size of Issue (million)\r\n | \r\n\r\n Rating Assigned along with Outlook/Watch\r\n | \r\n\r\n Rating Action\r\n | \r\n
|---|---|---|---|---|---|---|
| \r\n Non-convertible debentures#\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n INR15,000\r\n | \r\n\r\n IND A-/Negative\r\n | \r\n\r\n Affirmed\r\n | \r\n
| \r\n Non-convertible debentures#\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n INR11,000\r\n | \r\n\r\n IND A-/Negative\r\n | \r\n\r\n Assigned\r\n | \r\n
| \r\n Working capital facility\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n INR2,250\r\n | \r\n\r\n IND A-/Negative/IND A2+\r\n | \r\n\r\n Assigned\r\n | \r\n
| \r\n Proposed working capital facility\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n INR3850\r\n | \r\n\r\n IND A-/Negative/IND A2+\r\n | \r\n\r\n Affirmed\r\n | \r\n
| \r\n Proposed working capital facility\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n INR3,400\r\n | \r\n\r\n IND A-/Negative/IND A2+\r\n | \r\n\r\n Assigned\r\n | \r\n
| \r\n Working capital facility\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n INR7,150\r\n | \r\n\r\n IND A-/Negative/IND A2+\r\n | \r\n\r\n Affirmed\r\n | \r\n
| \r\n Term loan\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n 31 March 2028\r\n | \r\n\r\n INR2,548.5 (reduced from INR2617.3)\r\n | \r\n\r\n IND A-/Negative\r\n | \r\n\r\n Affirmed\r\n | \r\n
| \r\n Proposed term loan\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n INR182.7\r\n | \r\n\r\n IND A-/Negative\r\n | \r\n\r\n Affirmed\r\n | \r\n
| \r\n Proposed term loan\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n INR2,918.80\r\n | \r\n\r\n IND A-/Negative\r\n | \r\n\r\n Assigned\r\n | \r\n
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\r\n\t\t\t| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tInstrument Type\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tCurrent Rating/Outlook\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tHistorical Rating/ Rating Watch/Outlook\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t||||||||||
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tRating Type\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tRated Limits (million)\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tRating\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t22 March 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t21 February 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t22 September 2023\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t22 February 2023\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t29 August 2022\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t28 March 2022\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t23 December 2021\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t11 October 2021\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10 May 2021\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t|
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIssuer rating\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tLong-term\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t-\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t-\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t-\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t-\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tWD\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A/Rating Watch with Negative Implications\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A/Stable\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Rating Watch with Developing Implications\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Stable\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tWorking capital facility\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tLong-term/short-term\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINR16,650\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative/IND A2+\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative/IND A2+\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative/IND A2+\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t-\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A/Negative/IND A1\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A/Negative/IND A1\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A/Rating Watch with Negative Implications/IND A1/Rating Watch with Negative Implications\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Stable/IND A1\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Rating Watch with Developing Implications/IND A1/Rating Watch with Developing Implications\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Stable/IND A1\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tTerm loan\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tLong-term\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINR5,650\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t-\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t-\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t-\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t-\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t-\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t-\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tLong-term\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINR26,000\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t-\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A/Rating Watch with Negative Implications\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t-\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t-\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t-\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
\r\n\t\t\t\t \r\n\t\t\t
\r\n\t\t| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tInstrument Type\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tISIN\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tDate of Issuance\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tCoupon Rate (%)\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tMaturity Date\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tSize of Issue (INR million)\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tRating\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507066\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t22 February 2022\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t11.00%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t22 August 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t330.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tWD (paid in full)\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507058\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t25 January 2022\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t11.75%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t25 January 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t825.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tWD (paid in full)\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507074\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t17- February 2023\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t11.25%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t17 February 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t27.78\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tWD (Paid in Full)\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507082\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t17-March 2023\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t11.25%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t17 March 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t55.56\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507090\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t13 April 2023\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t11.25%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t13 April 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t83.33\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507108\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t25 May 2023\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t11.25%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t25 May 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t111.11\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507116\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t31 May 2023\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t11.00%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t31 May 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t133.33\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507124\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t28 June 2023\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t11.00%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t28 June 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t166.67\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507132\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t5 July 2023\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t11.00%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t5 July 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t266.67\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507157\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t23 November 2023\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.47%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t23 February 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t700.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507165\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t23 November 2023\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.57%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t23 November 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t1,222.22\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507173\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t11 December 2023\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.47%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t11 June 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t1,100.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507173\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t6 February 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.47%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t11 June 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t300.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507181\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t19 January 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.47%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t19 July 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t1,000.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507199\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t26 March 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.47%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t26 September 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t350.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507207\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t5 April 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.97%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t5 October 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t350.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507215\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10 June 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.97%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10 December 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t500.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507223\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t28 June 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.97%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t28 December 2025\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t500.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507231\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t8 July 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.97%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t8 January 2026\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t750.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/ Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507249\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t24 Jul 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.97%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t24 January 2026\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t250.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507256\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t6 August 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.97%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t6 February 2026\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t500.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507264\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t28 August 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.97%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t28 February 2026\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t500.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507280\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t30 September 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.97%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t30 March 2026\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t500.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507306\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t29 October 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.97%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t29 April 2026\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t350.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507314\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t30 October 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.97%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t30 April 2026\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t150.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507330\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t18 November 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.97%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t18 May 2026\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t400.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507348\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t6 December 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.97%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t6 June 2026\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t550.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507355\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t13 December 2024\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t10.97%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t13 June 2026\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t450.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tINE06E507140\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t20 November 2023\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t13.00%\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t20 May 2026\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t750.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tIND A-/Negative\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tLimits Utilised\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t11,988.89\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tLimits Unutilised\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t14,011.11\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tTotal\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t26,000.00\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t\t\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\t \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
| \r\n\t\t\t\t\t\t \r\n\t\t\t\t\t\t\tSource: NSDL\r\n\t\t\t\t\t\t \r\n\t\t\t\t\t | \r\n\t\t\t\t
\r\n\t\t\t\t \r\n\t\t\t
\r\n\t\t| \r\n Instrument Type\r\n | \r\n\r\n Complexity Indicator\r\n | \r\n
|---|---|
| Non-convertible debentures | Low |
| term loan | Low |
| Working capital facility | Low |
\r\n\t\t\t\tNot applicable
\r\n\t\t\t
India Ratings and Research (Ind-Ra) is India's SEBI registered credit rating agency committed to providing India's credit markets accurate, timely, and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market.
\r\nInd-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance companies, urban local bodies, and structured finance and project finance companies.
\r\nHeadquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Kolkata, and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India and the Reserve Bank of India.
\r\nInd-Ra is a 100% owned subsidiary of the Fitch Group.
","industry":"Other Construction Materials","industryName":null,"isRACPriority":true,"fileName":null,"isAWCTriggerCompleted":false,"isRACMailSent":true,"racMailSentDateTime":"2025-02-20T19:10:53","primaryAnalyst":null,"priority":null,"primaryAnalystName":"Siddharth Rego","primaryAnalystDesignation":"Associate Director","primaryAnalystCompanyName":"India Ratings and Research Pvt Ltd","primaryAnalystAddress":"Wockhardt Towers, 4th Floor, West Wing, Bandra Kurla Complex, Bandra East,Mumbai - 400051","primaryAnalystContactNumber":"+91 22 40356115","secondaryAnalystName":"Raj Inani","secondaryAnalystDesignation":"Analyst","secondaryAnalystCompanyName":null,"secondaryAnalystContactNumber":"+91 22 40001783","tertiaryAnalystName":null,"tertiaryAnalystDesignation":null,"tertiaryAnalystCompanyName":null,"tertiaryAnalystContactNumber":null,"additionalAnalystName":null,"additionalAnalystDesignation":null,"additionalAnalystCompanyName":null,"additionalAnalystContactNumber":null,"chairpersonName":null,"chairpersonDesignation":null,"chairpersonCompanyName":null,"chairpersonContactNumber":null,"mediaRelationName":"Ameya Bodkhe","mediaRelationDesignation":"Marketing Manager","mediaRelationCompanyName":null,"mediaRelationContactNumber":"+91 22 40356121","issuerInformationStatus":null,"detailedRationaleOfRatingAction":"\r\n\t\r\n\t\t\r\n\t\t\r\n\t\t\r\n\t\t\r\n\t\t\t\tThe Negative Outlook reflects Hella’s continued higher-than-expected debt levels in 9MFY25, despite a large equity infusion of INR8.9 billion and a healthy EBITDA, as well as continued stretched liquidity position. While the revenue growth led to an increase in EBITDA, an increase in the working capital requirements resulted in negative cash flow from operations (CFO) in 9MFY25. This, coupled with a sizeable organic and inorganic expansion, kept the net debt elevated. Despite the equity raise, Ind-Ra believes Hella’s net debt is likely to remain higher yoy at FYE25 than its earlier expectations. Hella’s debt service coverage ratio (DSCR) is likely to remain below 1.0x in FY26, given the sizeable repayment obligations; although the available liquidity and refinance arrangements provide cushion for debt service obligations for FY26. \r\n\t\t\t
\r\n\t\t\t\r\n\t\t\t\tThe ratings continue to benefit from Hella’s diversified product profile and robust market position in most of the segments. Ind-Ra expects continued growth in revenue in FY26 led by the scale-up of expansions in the concrete, tiles and wood panels businesses, along with a stable-to-improving EBITDA margins emanating mainly from an increase in the proportion of own-manufactured and branded products, along with better penetration in newer categories. While the debt is likely to increase, the consolidated net leverage (net debt /EBITDA) is likely to remain below 3.25x over FY25-FY27 with a likely increase in EBITDA.\r\n\t\t\t
\r\n\t\t\t\r\n\t\t\t\tHowever, the ratings remain constrained by Hella’s constant need for funding, given the planned capex and working capital investment to support growth, which would prevent debt reduction as evidenced in 10MFY25. Furthermore, the company continues to use a mix of revolving lines and fixed maturity non-convertible debentures (NCDs) to fund its working capital requirements, which in addition to the relatively high interest cost, would keep interest coverage modest in FY25.
\r\n\t\t\t
\r\n\t\t\t\tStrengths
- Significant improvement in EBITDA in FY25; increasing share of private label products to support profitability
- Equity raise and refinancing to improve near-term liquidity
- Diversified product mix; robust market position in key segments\r\n\t\t\t
\r\n\t\t\t\tWeaknesses
- CFO remained negative in 9MFY25 due to rise in working capital; CFO/EBITDA conversion likely to be modest over near term
- Debt requirement to continue to rise due to working capital and capex; correction in capital structure needed
- Limited operational track record
\r\n\t\t\t
\r\n\t\t\t\tHella had free cash and cash equivalents of INR7.5 billion at end-January 2025 (FYE24: INR4.4 billion; FYE23: INR3.4 billion) in addition to encumbered fixed deposits of about INR5.8 billion (INR4.1 billion, INR3.4 billion) that are lien marked towards the debt raised by the company. With the increase in working capital requirements, it utilised around 90% of its drawable working capital limits during the 12 months ended December 2024, indicating limited cushion. However, the company has received additional working capital sanction of INR3.5 billion, which would support future working capital requirements. While the CFO could turn positive in FY26, Ind-Ra believes the free cash flow will remain negative because of capex (FY24: negative INR8 billion).
\r\n\t\t\t
\r\n\t\t\t\tUpdate on Income Tax (IT) Proceedings: The IT department had conducted searches between 9 March 2022 and 12 March 2022 at the company’s premises and the residences of its co-founders. Subsequently, the company received a demand notice in FY23 for INR0.41 billion, which was provided for in FY23 on a prudent basis. The company filed an appeal before the Commissioner of IT (appeals) and has deposited INR0.08 billion under protest. Given the quantum of demand is relatively smaller than EBITDA generation, the outcome is unlikely to have a material impact on Hella’s credit profile. \r\n\t\t\t
\r\n\t\t\t\r\n\t\t\t\tStandalone Performance: Hella’s revenue was INR4.9 billion in FY24 (FY23: INR44.2 billion; FY22: INR32.5 billion), EBITDA margin was 8.8% (8.8%; 5.3%), net leverage was 2.5x (1.6x; 4.1x) and gross interest coverage (gross interest expense/operating EBITDA) was 1.8x (2.1x; 1.6x).
\r\n\t\t\t
| Particulars (Consolidated) | FY24 | FY23 |
|---|---|---|
| Revenue (INR billion) | 145.3 | 118.5 |
| EBITDA (INR billion) | 10.5 | 7.6 |
| EBITDA margin (%) | 7.2 | 6.4 |
| EBITDA interest coverage (x) | 1.8 | 2.2 |
| Net leverage (x) | 3.0 | 2.5 |
| Net adjusted leverage (including lease liabilities) (x) | 3.4 | 2.8 |
| Source: Hella, Ind-Ra |