ICRA

Renewable energy sector growth attributable to wind, solar energy: ICRA

Renewable energy sector growth attributable to wind, solar energy: ICRA

New Delhi [India], Apr 25 : According to credit-rating body ICRA, the growth of the renewable energy (RE) sector was driven by the large capacity additions in the wind and solar power segments.

The RE sector in FY2017 reported a record capacity addition of over 11 GW, an increase of around 60 percent over 7.1 GW reported in FY2016, as per the provisional figures by the Ministry of New & Renewable Energy (MNRE).

"The capacity addition in wind energy was much better than our expectations due to a bunching up of commissioning in March 2017. This was due to the removal of the generation-based incentive (GBI) benefit and reduction in accelerated depreciation (AD) benefit with effect from April 1, 2017," said Sabyasachi Majumdar, Senior Vice President and Group Head, ICRA.

Global tea production trends, favorable demand prospects likely to lead to an upward price trajectory in CY2017: ICRA

Global tea production trends, favorable demand prospects likely to lead to an up

New Delhi [India], Apr 8 : In the current year, tea realizations are expected to remain buoyant following higher demand for tea, particularly given the expected supply side issues in both Sri Lanka and Kenya.

However, buying patterns across tea segments, which had witnessed a considerable change in CY2016, will remain a key determinant of the overall price trajectory in the current year as well.

Despite the buoyancy in prices though, continuing cost pressures, with the increase in wage rates, are likely to keep the margins and debt coverage indicators of bulk tea producers under check. Nonetheless, the capital structure of large companies in the sector is expected to remain favorable.

Increase in IPP cap on production beyond reassessed capacity is a credit positive for urea manufacturers, says ICRA

Increase in IPP cap on production beyond reassessed capacity is a credit positiv

New Delhi [India], Apr 4 : Credit rating agency ICRA on Tuesday said that the Cabinet Committee on Economic Affairs (CCEA) has approved certain amendments related to increasing the IPP-linked cap on urea production beyond re-assessed capacity (RAC) in the New Urea Policy-2015 (NUP-2015) in a meeting held on March 31, 2017.

Further, to address any future fluctuations in the import parity price (IPP) that would have an adverse impact on the production beyond the RAC by urea units, the Department of Fertilizers (DoF) has been authorised to take an appropriate decision in consultation with Department of Expenditure.

Solar capacity addition estimated at 7~7.5 GW in FY2018, says ICRA

Solar capacity addition estimated at 7~7.5 GW in FY2018, says ICRA

New Delhi [India], Apr 1 : Credit rating agency ICRA estimates the solar capacity addition to increase from 3.5-4 GW in FY2017 to at least 7-7.5 GW (in grid connected utility segment) in FY2018.

The magnitude of solar project awards, both under the National Solar Mission ( NSM) and the state policy route in the past 12-18 months has been quite significant, though currently there is a temporary lull in the announcement of fresh bids. The backlog against these awards itself would support the estimated solar capacity addition as per ICRA study.

Current account deficit to widen to USD 30 billion in FY2018, says ICRA

Current account deficit to widen to USD 30 billion in FY2018, says ICRA

New Delhi [India], Mar 9 : Credit rating agency ICRA in its report noted that it expects higher oil and gold imports to enlarge India's current account deficit to ~USD 30 billion (1.2 percent of GDP) in FY2018 from ~USD 20 billion in FY2017 (0.9 percent of GDP), arresting the trend of moderation recorded for four consecutive years since FY2014. However, the pressure related to the financing of a larger current account deficit would abate with the resumption of NRI deposits in FY2018.

Indian Aviation Industry to witness max passenger traffic growth amidst profitability pressure, says ICRA

Indian Aviation Industry to witness max passenger traffic growth amidst profitab

New Delhi [India], Mar 8 : Credit rating agency ICRA has said that the Indian Aviation Industry is likely to report 22 to 23 percent passenger traffic growth in FY2017 supported by ongoing low airfare regime says ICRA in its report.

The airlines are maintaining healthy PLFs backed by low airfares. However, since the ATF prices have been on an uptrend during the year, the impact on profitability of the airlines during Q4 FY2017 is inevitable as average ATF prices during the quarter are 37.9 percent higher YoY, while the yields continue to remain under pressure.

Compensation for GST losses to impart certainty to state budgeting, says ICRA

Compensation for GST losses to impart certainty to state budgeting, says ICRA

New Delhi [India], Mar 7 : Credit rating agency ICRA on Tuesday released its view on the draft compensation norms for revenue losses related to the transition to the much-awaited goods and services tax (GST) would impart an element of certainty for budgeting at the state level, given that the transition may turn out to be temporarily disruptive, and that the pace of growth of central transfers to state governments is forecast to halve in the coming fiscal.

Air passenger traffic continues strong growth trajectory; records 20 pct increase: ICRA

Air passenger traffic continues strong growth trajectory; records 20 pct increas

New Delhi [India], Mar 1 : Credit rating agency ICRA on Wednesday said that the December 2016 air passenger traffic in the country stood at 24.3 million, exhibiting a substantial growth of 20 percent over December 2015.

The report further added that during FY2017, the passenger traffic has reported a y-o-y growth of 19 percent, aircraft traffic has grown by 15 percent and cargo traffic has grown by nine percent.

"The passenger growth in December has been primarily driven by significant y-o-y increase in domestic traffic, which constitutes 77 percent of the passenger traffic in the country and has reported a 24 percent y-o-y growth in December 2016 as against 22 percent growth in November 2016," said vice president and sector head for corporate ratings ICRA, Harsh Jagnani.

Lower than expected levels of domestic production to sustain sugar prices at high levels, says ICRA

Lower than expected levels of domestic production to sustain sugar prices at hig

New Delhi [India], Feb 28 : Credit rating agency ICRA expects the domestic sugar prices to remain firm in the near term, given the deficit situation in the domestic and international markets.

The agency in its report says that the moderate cane price increase seen for the current sugar year across most states, augurs well for profitability in the near-term.

"With recent Government estimates pegging a more than 15 percent decline in the sugar production for SY2017 as compared to last year, sugar prices are likely to remain firm over the next two to three quarters," said head Corporate Ratings ICRA, Sabyasachi Majumdar.

Basmati rice exports delayed due to resumption of imports by Iran, says ICRA

Basmati rice exports delayed due to resumption of imports by Iran, says ICRA

New Delhi [India], Feb. 18 : Delay in resumption of imports by Iran is likely to hinder the recovery in Indian Basmati rice exports, says credit rating agency, ICRA, in its latest update note on Indian Basmati rice industry.

ICRA has estimated this as a temporary delay, considering Iran's insufficient domestic rice production and depleting inventory levels to meet its demand.

In ICRA's view, the price cap of USD 850 per metric tonne (MT) could pose further hurdles for the Basmati rice industry; given that during the current procurement season average Basmati paddy prices have been higher by 20-25 percent. Thus an inflow of orders from Iran, even after the import ban is lifted, remains to be seen.

Extension of anti-dumping duty positive for domestic flat product manufacturers, says ICRA

Extension of anti-dumping duty positive for domestic flat product manufacturers,

New Delhi [India], Feb 10 : The Government of India on February 7, 2017 extended the validity of the provisional anti-dumping duty (ADD) imposed on hot rolled (HRC) and cold rolled coils (CRC) by two more months.

Domestic HRC manufacturers will now get the protection of anti-dumping duty till April 7, 2017, and those producing CRC will get protection till April 16, 2017. The imposition of ADD, along with safeguard duty (SGD) and minimum import price (MIP) have resulted in a 37 percent YoY de-growth in India's steel imports during April-December of FY2017, after rising steeply by 26 percent YoY in FY2016 and 71 percent YoY in FY2015.

Power sector faces multiple challenges: Icra

Power sector faces multiple challenges: IcraMumbai: The power sector faces multiple challenges including high subsidy for state utilities and uncertainty over tariff compensation to power producers, Icra said today.

Besides, the Plant Load Factor at thermal plants declined to 65.6 percent in the 2013-14 fiscal from 69.9 percent in FY'13, primarily due to backing down of generation units due to low demand from discoms.

Moody’s makes open offer to acquire additional 26.5% stake in ICRA Ltd

Moody’s makes open offer to acquire additional 26.5% stake in ICRA LtdGlobal credit rating agency Moody's has made a voluntary & conditional open offer to hike its stake in Indian rating agency ICRA Ltd to more than 50 per cent.

Moody's has offered Rs 530 crore ($85.4 million) for acquiring 26.5 per cent additional stake in the Indian rating agency. Currently, Moody's owns 28.5 per cent stake in ICRA. Thus, if it manages to acquire the additional stake, its holding in the Indian rating agency would soar to 55 per cent.

ICRA to assign ratings to PNB’s enterprise borrowers

ICRA to assign ratings to PNB’s enterprise borrowersCredit rating agency ICRA Ltd has signed a memorandum of understanding (MoU) with Punjab National Bank (PNB) for assigning ratings to the state-run bank's enterprise borrowers.

Under the terms of the MoU, ICRA will assign ratings to PNB's small scale industries and small & medium enterprise borrowers.  The small enterprises/small scale industries ratings will be conducted under the National Small Industries Corp-ICRA performance and credit rating scheme for small scale industries.

Auto component industry's revenue growth to remain weak: ICRA

auto-component-industryNew Delhi, July 23 : The domestic auto component industry's revenue growth is expected to remain weak in the near term, as slowdown has hit the automobile industry amidst an uncertain global economic situation, rating agency ICRA said Tuesday.

According to its latest study of 35 listed companies, the overall revenue growth has been weak in fourth quarter of 2012-13 due to the unusually high base of the corresponding period of last year.

Domestic two-wheeler industry volumes to remain flat: ICRA

Domestic two-wheeler industry volumes to remain flat: ICRAKolkata, June 11 :  Rating agency ICRA Tuesday said it expects the domestic two-wheeler industry volumes to remain flat in 2013-14 as demand slowdown as well as base effect catch up.

Domestic two-wheeler volume growth in 2012-13 had been slowest in the last four years. The industry recorded sales volumes of 13.8 million units in 2012-13, a growth of 2.9 percent over the previous year.

ICRA net profit rises by 24%

ICRA net profit rises by 24%Rating agency ICRA has declared its fourth quarter financial results for the fiscal year 2009-10. The company has posted a consolidated net profit of Rs 15.85 crore for the quarter that ended in 31st March, 2010.

The consolidated net profit was reported to be Rs 12.83 crore for the same quarter in the financial year 2008-09. This net profit figure has grown up by 24% in this quarter as compared to the same quarter in the last fiscal. This has been informed by the ICRA in a filing at the Bombay Stock Exchange.

Irca net profit touches Rs 16 crore

Irca net profit touches Rs 16 croreLeading credit rating agency Icra has declared its fourth quarter financial results for the fiscal year 2009-10 and has managed to register an impressive net profit. The company has posted a consolidated net profit of Rs 15.85 crore for the quarter that ended in 31st March, 2010.

It was reported to be Rs 12.83 crore for the fourth quarter last year. This net profit figure has grown up by 23.53% as compared to the same quarter in the preceding year.




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