RATING RATIONALE
17Nov2025

Andhra Pradesh Power Development Company Limited

Brickwork Ratings withdraws the long-term ratings for the Bank Loan Facilities of Rs. 1500.00 Crs. of Andhra Pradesh Power Development Company Limited

Particulars
Facilities/Instruments** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(03 Oct 2025)
Present
Fund Based 1500.00 1500.00 Long Term BWR D
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn
Grand Total 1500.00 1500.00 (Rupees One Thousand Five Hundred Crores Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings and for Withdrawal Policy
*Issuer did not cooperate; based on best available information.
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure


RATING ACTION / WITHDRAWAL / NATURE OF NON-COOPERATION

Brickwork Ratings (BWR) reaffirms and simultaneously withdraws the ratings of "Andhra Pradesh Power Development Company Limited" based on their request for rating withdrawal. The company was recently rated by the BWR on 03-Oct-2025 wherein BWR had downgraded the long-term ratings in Issuer not Cooperating category on account of non-submission of any financial information, non-submission of NDS (No Default Statement) for more than three months and other operational information.
 The Company has now submitted the request letter for rating withdrawal along with No Objection Certificates (NOC) from the banker which is held on record. The banker confirms that they have No Objection in the withdrawal of Credit Rating for the Bank Loan Facilities. In accordance with extant regulatory guidelines and as per BWR Rating Withdrawal Policy, the rating of the said instrument is now as follows:  Reaffirmation of long-term  ratings at "BWR D" and continuation in the ISSUER NOT COOPERATING* category with simultaneous withdrawal of Ratings

LIMITATIONS OF THE RATING

KEY FINANCIAL INDICATORS (Standalone)
Key Parameters Units FY 19 - 20
(Audited)
FY 20 - 21
(Audited)
FY 21 - 22
(Projected)
Operating Revenue 3439.26 3645.18 3834.84
EBITDA 1065.25 1412.94 1482.50
PAT -431.26 -106.92 -72.28
Tangible Net Worth 98.25 475.30 403.02
Total Debt / Tangible Net Worth 192.96 40.07 47.23
Current Ratio 0.82 0.89 0.55
COMPANY PROFILE
Macro Economic Indicator Sector Industry Basic Industry
Utilities Power Power Power Generation

Andhra Pradesh Power Development Company Limited (APPDCL or the company) was incorporated on 01 Mar 2006. APPDCL is a subsidiary of Andhra Pradesh Power Generation Corporation Limited (APGENCO). APPDCL is a Special Purpose Vehicle formed by Andhra Pradesh Power Generation Corporation Limited (APGENCO) to undertake the development of Sri Damodaram Sanjeevaiah Thermal Power Station (SDSTPS) (2x800 MW). APPDCL has commissioned and commenced operations of its 1st stage of 2*800MW units on 05 Feb 2015, for Unit I (1*800MW) and for Unit II on 24 Aug 2015 (1*800MW). 

(As per the information available in Dec 2021)

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY IF ANY

Creadit Rating AgencyStatus and Reason for Non-CooparationDate of Press Release
CRISILCRISIL Ratings Vide its press release dated 29-Sep-2025 downgraded the long-term ratings at "CRISIL D" under Issuer not cooperating category for the Bank loan facilities of Rs. 1500.00 Crs29Sep2025

ANY OTHER INFORMATION

NA

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities /
Instruments**
Current Rating  (2025) 2025 (History) 2024 2023 2022
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating Date Rating
Fund Based LT 1500.00
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
21Jul2025
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
29Apr2024
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
03Mar2023
BWR C
(ISSUER NOT COOPERATING* /Reaffirmation)
NA
NA
0.00
NA
03Oct2025
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
NA
NA
NA
NA
NA
NA
Grand Total 1500.00 (Rupees One Thousand Five Hundred Crores Only)
Hyperlink/Reference to applicable Criteria
Analytical Contacts

Soumya R Gadanchi

Ratings Analyst soumya.r@brickworkratings.com

Jayanthi Yogeesh

Senior Manager - Ratings jayanthi.y@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com Customer Support | CustSupport@brickwrokratings.com
ANNEXURE-I
Andhra Pradesh Power Development Company Limited
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.) Complexity of the Instrument
1 State Bank Of India (SBI) Cash CreditSanctioned 500.00 _ 500.00 Simple##
2 Un tied portion Working Capital (CC)Proposed 600.00 _ 600.00 Simple##
3 Union Bank of India Cash CreditSanctioned 400.00 _ 400.00 Simple##
Total 1500.00 0.00 1500.00
TOTAL (Rupees One Thousand Five Hundred Crores Only)

##BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

ANNEXURE-II
INSTRUMENT (NCD/Bonds/CP/FDs) DETAILS

InstrumentIssue DateAmount (Rs.Crs)Coupon Rate (%)Maturity DateISIN ParticularsComplexity of the Instrument
NilNilNilNilNilNilNil

ANNEXURE-III
List of entities consolidated

Name of Entity% OwnershipExtent of consolidationRationale for consolidation
NilNilNilNil

Print and Digital Media

The Rating Rationale is sent to you for the sole purpose of dissemination through your print, digital or electronic media. While it may be used by you acknowledging credit to BWR, please do not change the wordings in the rationale to avoid conveying a meaning different from what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its rationales for consideration or otherwise through any print or electronic or digital media.

About Brickwork Ratings

Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 11,560 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner.

Disclaimer

Brickwork Ratings India Pvt. Ltd. (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by the Reserve Bank of India [RBI], offers credit ratings of Bank Loan facilities, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. [ hereafter referred to as "Instruments"]. BWR also rates NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations.

BWR wishes to inform all persons who may come across Rating Rationales and Rating Reports provided by BWR that the ratings assigned by BWR are based on information obtained from the issuer of the instrument and other reliable sources, which in BWR's best judgment are considered reliable. The Rating Rationale / Rating Report & other rating communications are intended for the jurisdiction of India only. The reports should not be the sole or primary basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in Europe and also the USA).

BWR also wishes to inform that access or use of the said documents does not create a client relationship between the user and BWR.

The ratings assigned by BWR are only an expression of BWR's opinion on the entity / instrument and should not in any manner be construed as being a recommendation to either, purchase, hold or sell the instrument.

BWR also wishes to abundantly clarify that these ratings are not to be considered as an investment advice in any jurisdiction nor are they to be used as a basis for or as an alternative to independent financial advice and judgment obtained from the user's financial advisors. BWR shall not be liable to any losses incurred by the users of these Rating Rationales, Rating Reports or its contents. BWR reserves the right to vary, modify, suspend or withdraw the ratings at any time without assigning reasons for the same.

BWR's ratings reflect BWR's opinion on the day the ratings are published and are not reflective of factual circumstances that may have arisen on a later date. BWR is not obliged to update its opinion based on any public notification, in any form or format although BWR may disseminate its opinion and analysis when deemed fit.

Neither BWR nor its affiliates, third party providers, as well as the directors, officers, shareholders, employees or agents (collectively, "BWR Party") guarantee the accuracy, completeness or adequacy of the Ratings, and no BWR Party shall have any liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the Rating Rationales or Rating Reports. Each BWR Party disclaims all express or implied warranties, including, but not limited to, any warranties of merchantability, suitability or fitness for a particular purpose or use. In no event shall any BWR Party be liable to any one for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the Rating Rationales and/or Rating Reports even if advised of the possibility of such damages. However, BWR or its associates may have other commercial transactions with the company/entity. BWR and its affiliates do not act as a fiduciary.

BWR keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of the respective activity. As a result, certain business units of BWR may have information that is not available to other BWR business units. BWR has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

BWR clarifies that it may have been paid a fee by the issuers or underwriters of the instruments, facilities, securities etc., or from obligors. BWR's public ratings and analysis are made available on its web site, www.brickworkratings.com. More detailed information may be provided for a fee. BWR's rating criteria are also generally made available without charge on BWR's website.

This disclaimer forms an integral part of the Ratings Rationales / Rating Reports or other press releases, advisories, communications issued by BWR and circulation of the ratings without this disclaimer is prohibited.

BWR is bound by the Code of Conduct for Credit Rating Agencies issued by the Securities and Exchange Board of India and is governed by the applicable regulations issued by the Securities and Exchange Board of India as amended from time to time.