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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Non Convertible Debentures (NCD) | 427.60 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 427.60 | - | - |
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Rating Rationale |
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Acuite has withdrawn its long-term on Rs.427.60 Cr. bank facilities of Non-Convertible Debentures (NCDs) of Auro Infra private limited (Erstwhile Aurobindo Realty and Infrastructure Private Limited) (AIPL) without assigning any rating. The same is withdrawn without assigning any rating since rated NDC's are repaid and closed. Futher acuite has received the NDC from the Trustee. The rating is being withdrawn on account of the request received from the company and the NDC received from the trustee’s as per Acuité’s policy on withdrawal of ratings as applicable to the respective facility/instrument.
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| About Company |
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Incorporated in August 2016 and based in Hyderabad (Telangana), Aurobindo Realty & Infrastructure Private Limited (ARIPL) is an Engineering, Procurement and Construction (EPC) contractor, presently involved in the construction activities of the real estate projects being undertaken by its subsidiary (Auro Realty Private Limited) and joint venture (Raidurgam Developers Limited). along with the EPC contract for Plerum Infra Projects Private Limited. ARIPL is also an EPC contractor for the road and infrastructure projects awarded to the Group as well as for its investments in the mining business.
ARIPL is 82.26 percent (as on March 31, 2023) owned by RPR Enterprises, a partnership firm in which Penaka Family Trust is one of the partners. Penaka Family Trust is a discretionary private trust with ultimate beneficiaries i.e., Mrs. Penaka Suneela Rani, Mr. Penaka Rohit Reddy and Mr. P. Sarath Chandra Reddy |
| About the Group |
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RPR Enterprises
Aurobindo Realty & Infrastructure Private Limited is 82.26 percent owned by RPR Enterprises. RPR Enterprises is a partnership entity of APL’s promoters. Kakinada Seaports Limited Kakinada Seaports Limited was incorporated in 1998 and is based in Kakinada, Andhra Pradesh. The company operates the Kakinada Deep Water Port (KDWP) under a concession agreement with the Government of Andhra Pradesh. Kakinada SEZ Limited Kakinada SEZ Limited, located at Kakinada, is planning to develop an industrial park at an area of 5,600 acres which would comprise various industries such as petrochemical complex, pharma complex majorly active pharmaceutical ingredients, food and agro processing park, and other port-based industries. The company also plans to construct a port separately in another 1,500 acres later. Auro Realty Private Limited (Formerly Mahira Ventures Private Limited) Auro Realty Private Limited, a wholly-owned subsidiary of Aurobindo Realty & Infrastructure Private Limited, was incorporated to undertake construction of residential projects in Hyderabad. Raidurgam Developers Limited Raidurgam Developers Limited houses a commercial real estate project “Galaxy Tower” in the Raidurgam, near Hyderabad. Aurobindo Pharma Limited acquired the land for constructing the project through an e-auction from the Telangana State Industrial Infrastructure Corporation in June 2016 and transferred it to its erstwhile 100% subsidiary, Raidurgam Developers Limited, in 2017. With the sale of a 60% stake to ARIPL in November 2017, APL’s stake in RDL declined to 40%. Plerum Infra Projects Private Limited Plerum Infra Projects Private Limited, Incorporated in 2017, Plerum is developing a commercial space named Orbit in Hitech-City, Hyderabad. |
| Unsupported Rating |
| Not Applicable |
| Analytical Approach |
| Not applicable |
| Rationale for Consolidation or Parent / Group / Govt. Support |
| Not applicable |
| Key Rating Drivers |
| Strengths |
| Not Applicable |
| Weaknesses |
| Not Applicable |
| Rating Sensitivities |
| Not Applicable |
| Liquidity Position |
| Not Applicable |
| Outlook: Not applicable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 1615.83 | 882.15 |
| PAT | Rs. Cr. | 234.37 | 146.67 |
| PAT Margin | (%) | 14.50 | 16.63 |
| Total Debt/Tangible Net Worth | Times | 1.62 | 1.95 |
| PBDIT/Interest | Times | 3.77 | 3.50 |
| Status of non-cooperation with previous CRA (if applicable) |
| Not Applicable |
| Any Other Information |
| None |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Real Estate Entities: https://www.acuite.in/view-rating-criteria-63.htm |
| Note on Complexity Levels of the Rated Instrument |
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In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.
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| *Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) |
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Contacts |
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