HPGCLHaryana Power Generation Corporation Ltd. (India)
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The rating upgrade reflects improvement in HPGCL's operational profile.
The rating reflects HPGCL's below-average operating performance and financial risk profile, and revenue concentration on clients with below-average credit risk profiles.
HPGCL had a high gearing of 2.1 times as on March 31, 2010, and weak debt protection metrics--low interest coverage of 1.7 times and net cash accruals to debt ratios of 0.06 times respectively as on March 31, 2010.
HPGCL generates all its revenues from two distribution companies (discoms); the credit risk profiles of these discoms are weak, and are unlikely to improve significantly over the medium term.
The regulated nature of the power industry and the tariff structure assure stable revenues for HPGCL. Based on the performance benchmark mandated by the regulator, HPGCL's tariffs allow for recovery of fixed costs, and a return on equity of 15.5 per cent.
In August 1998, the erstwhile Haryana State Electricity Board was unbundled into two corporate bodies: HPGCL, for the generation of power, and Haryana Vidyut Prasaran Nigam Ltd (HVPNL), for transmission and distribution of power within the state.
The main objective of HPGCL is to generate power in Haryana from existing generating stations, and sell the power exclusively to the two discoms.
HPGCL will soon appoint engineering and design consultants for the project.