CRISIL Limited · NSE:CRISIL
CRISIL — India Outlook Fiscal 2017
6 slides from CRISIL's conference presentation, Mar 11, 2016
Slide 1: Rating Trends 2016-17
Rating Trends 2016-17 © 2016 CRISIL Ltd. All rights reserved. Sudip Sural Senior Director, CRISIL Ratings March 11, 2016 1
Slide 2: Divergence in credit quality to continue in 2016-17
Divergence in credit quality to continue in 2016-17 Negative outlook for investment-linked & commodity sectors; Stable to Positive for consumption-oriented sectors Retail High 12 Pharma 10 Telecom Auto Comp Automobile Telecom © 2016 CRISIL Ltd. All rights reserved. 8 Demand Growth in FY 17 6 Textile
Slide 3: What can drive rating changes for consumption-linked sectors?
What can drive rating changes for consumption- linked sectors? Prudent WC Modest debt Better demand management levels Strong demand growth led by domestic formulations & rebound in exports Pharma Geographic diversity, sustaining profitability, reducing working capital to drive upgrades © 2016 CR
Slide 4: What can drive rating changes for investment-linked & commodity sectors?
What can drive rating changes for investment-linked & commodity sectors? Realisation High Weak demand pressures indebtedness While UDAY will boost discom liquidity, long-term PPAs to pick-up only by end FY17 Merchant capacities or aggressively bid-out projects could see rating downgrades Power ©
Slide 5: What can drive rating changes for investment-linked & commodity sectors?
What can drive rating changes for investment-linked & commodity sectors? Realisation pressures High indebtedness Aluminum prices to continue to decline; capacity additions limit price increase in steel Metals Ratings may be downgraded on further decline in profitability & lack of deleveraging ©
Slide 6: CRISIL Limited
© 2016 CRISIL Ltd. All rights reserved. CRISIL Limited www.crisil.com www.standardandpoors.com Stay Connected | Twitter | LinkedIn | YouTube | Facebook