Key Metrics of Ruchi Infrastructure Limited
About Ruchi Infrastructure Limited
Sectors
Company details
- Registered office
- 706, Tulsiani Chambers, Nariman Point, Mumbai, In-mh, 400021
- Listed
- NSE: RUCHINFRA · ₹5.05
Operational Areas of Ruchi Infrastructure Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 24 Jul 2024 | CARE | Other | — | — | — | — | View |
| 12 Sep 2023 | CARE | Reaffirmed | BB- | — | Stable | ₹11.1 Cr | View |
| 19 Sep 2022 | CARE | Reaffirmed | BB- | — | Stable | ₹55.5 Cr | View |
| 27 Sep 2021 | CARE | Reaffirmed | BB- | — | Stable | ₹43.6 Cr | View |
| 06 Oct 2020 | CARE | Other | — | — | — | — | View |
| 25 Sep 2019 | CARE | Other | — | — | — | — | View |
| 01 Apr 2019 | CARE | Other | — | — | — | — | View |
Credit strengths (CARE, Sep 2023)
+ Established operations of storage terminals and warehouses
RIFL operates in the infrastructure segment (liquid and dry storage facilities and renewable power generation), with 59 storage terminals at six locations in India having an aggregate capacity of around 1.64 lakh metric tonne (MT) per month and 44 dry storage warehouses with a capacity of 2.41 lakh MT per month. In addition to these storage tanks and warehouses, RIFL also holds a jetty for bulk cargo near Jamnagar in Gujarat for export of agri commodities.
+ Moderate leverage along-with additional equity infusion during FY23
The capital structure of the company is moderate with an overall gearing of 0.43x in FY23 (P.Y: 0.57x) and TOL/TNW of 0.69x in FY22 (P.Y: 1.64x). The company issued warrants of ₹31.71 crore in FY23 out of which ₹15.91 crore has been received in FY23 and ₹15.80 crore shall be received in FY24. Large part of the same shall be utilised for expansion of storage infrastructure. Adjusted overall gearing including corporate guarantee extended by RIFL to the term loan of Ruchi Renewable Energy Pvt Ltd
+ Liquidity: Stretched
The liquidity of the company is stretched owing to its limited cash profit and high debt repayment obligations during FY24. Repayment obligations for FY23 were met out of its cash flow from operations and receipt of loans and advances extended to subsidiary. It has scheduled annual debt repayment of around ₹16 crore for FY24, which is expected to be met out of its internal accruals along with monetisation of idle / non -core assets (with one asset already sold in Q1FY24). The term debt is schedu
+ Th cash flow from operations stood at ₹11.67 crore in FY23. The company had a free cash balance of around ₹18.8 crore at
FY23-end, largely built up through the equity proceeds of around ₹16 crore received in FY23. Balance proceeds of around ₹15.80 crore are expected to be received in FY24. Environmental, social and governance (ESG) risks: Not applicable Applicable criteria Policy on default recognition Financial Ratios – Non financial Sector Liquidity Analysis of Non-financial sector entities
+ Environmental, social and governance (ESG) risks: Not applicable
Applicable criteria Policy on default recognition Financial Ratios – Non financial Sector Liquidity Analysis of Non-financial sector entities Rating Outlook and Credit Watch Service Sector Companies Policy on Withdrawal of Ratings
+ Brief Financials (₹ crore) March 31, 2022 (A) March 31, 2023 (A) Q1FY24 (Prov.)
Total operating income 42.64 42.42 11.48 PBILDT 14.33 13.35 3.48 PAT 38.66 1.00 3.23 Overall gearing (times) 0.57 0.43 NA Interest coverage (times) 3.23 3.90 14.61 A: Audited; Prov: Provisional; Note: ‘the above results are latest financial results available’, NA: Not available Status of non-cooperation with previous CRA: Not applicable
Credit challenges
− Modest scale of operations with moderate profit margins
RIFL operates on a modest scale with total operating income (TOI) of ₹42.42 crore during FY23. The PBILDT margin stood moderate at 31.48% in FY23 compared with 33.61% in FY22. However, gross cash accruals (GCA) continued to remain limited at ₹11.84 crore in FY23 (₹11.31 crore in FY22) due to limited scale. During Q1FY24, RIFL reported total operating income (TOI) of ₹11.48 crore (excluding ₹3.97 crore from sale of land of Cuttack) as compared with ₹11.74 crore in Q1FY23.
− Exposure to subsidiaries and associates
RIFL’s exposure towards its subsidiaries and associates has reduced since FY18 through liquidation / diminution in value of investments; however, the same remains sizeable at around 25% of its net worth as at FY23-end. RIFL has also extended a corporate guarantee to the term loan of ₹72 crore availed by its wholly-owned subsidiary, Ruchi Renewable Energy Pvt Ltd (RREPL), with outstanding of ₹34.50 crore as on March 31, 2023. The equity investments of the company in group entities
− Key strengths
Established operations of storage terminals and warehouses RIFL operates in the infrastructure segment (liquid and dry storage facilities and renewable power generation), with 59 storage terminals at six locations in India having an aggregate capacity of around 1.64 lakh metric tonne (MT) per month and 44 dry storage warehouses with a capacity of 2.41 lakh MT per month. In addition to these storage tanks and warehouses, RIFL also
− Moderate leverage along-with additional equity infusion during FY23
The capital structure of the company is moderate with an overall gearing of 0.43x in FY23 (P.Y: 0.57x) and TOL/TNW of 0.69x in FY22 (P.Y: 1.64x). The company issued warrants of ₹31.71 crore in FY23 out of which ₹15.91 crore has been received in FY23 and ₹15.80 crore shall be received in FY24. Large part of the same shall be utilised for expansion of storage infrastructure. Adjusted overall gearing including corporate guarantee extended by RIFL to the term loan of Ruchi Renewable Energy Pvt Ltd
Could lead to an upgrade
• Significant increase in scale of operations in the infrastructure division along with improved profitability . • Improved debt coverage indicators along with timely realisations of envisaged asset sale considerations .
Could lead to a downgrade
• Any major debt-funded capex plans . • Significant incremental investment or advances to subsidiaries and associates • Any crystallisation of disputed Sales tax/VAT demand considered in contingent liabilities .
Agency-reported financials (CARE, 24 Jul 2024)
| Metric | March 31, 2023 | March 31, 2024 |
|---|---|---|
| Total operating income | ₹42.42 Cr | ₹39.88 Cr |
| PBILDT | ₹13.35 Cr | ₹8.41 Cr |
| PAT | ₹1.00 Cr | ₹12.30 Cr |
| Overall gearing (times) | 0.43× | 0.33× |
| Interest coverage (times) | 3.90× | 6.28× |
| Revenue growth (YoY) | — | −6.0% |
| EBITDA margin | 31.5% | 21.1% |
| Implied interest cost (EBITDA ÷ coverage) | ₹3.42 Cr | ₹1.34 Cr |
| PAT margin | 2.4% | 30.8% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹11.1 Cr | — | BB- (Stable) | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Short Term | — | Withdrawn |
| Term Loan | — | Withdrawn |
Credit assessment · Construction (EPC contractors)
ICRA Rating Methodology – Construction (Oct 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 47% |
| Information on file | 67% · missing: Capex / investment plans, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 47% chance the next rating action is stable or better
- Interest coverage 6.28×
Rated limits by facility
Timeline
From the report
RIFL has also extended a corporate guarantee to the term loan of ₹72 crore availed by its wholly-owned subsidiary, Ruchi Renewable Energy Pvt Ltd (RREPL), with outstanding of ₹34.50 crore as on March 31, 2023.
From the report
The company issued warrants of ₹31.71 crore in FY23 out of which ₹15.91 crore has been received in FY23 and ₹15.80 crore shall be received in FY24.
From the report
Th cash flow from operations stood at ₹11.67 crore in FY23.
From the report
The company had a free cash balance of around ₹18.8 crore at FY23-end, largely built up through the equity proceeds of around ₹16 crore received in FY23.
From the report
PAT margin however stood high at 90.66% in FY22, on account of non-cash adjustments of Rs.49.34 crore (i.e.
From the report
Cons equently, company registered moderate gross cash accruals (GCA) of Rs.11.31 crore in FY22 (Rs.12.08 crore in FY21).
From the report
Company has also extended a corporate guarantee tow ards term loans of Rs.72 crore availed by Ruchi Renewable Energy Pvt Ltd (RREPL) with outstanding of Rs.40.50 crore as on March 31, 2022.
From the report
Cash flow from operations stood at Rs.12.94 crore in FY22 (against Rs.13.39 crore in FY21).
From the report
Company also has a free cash balance of Rs.5.94 crore at FY22 end which provides some cushion to liquidity.
From the report
Till FY20, RIFL prepaid term loans of over Rs.40 crore.
From the report
Profitability remained modest with negligible profit after tax (PAT) in FY20 with losses in agro -commodity segment; albeit profitability improved marginally in Q1FY21 with PAT of Rs.2.2 4 crore and gross cash accruals (GCA) of Rs.4.47 crore mainly on account of improvement in income and profitability from infrastructure division.
From the report
Improved debt coverage indicators : Substantial prepayment of term loan has led to significant improvement in debt coverage indicators of the company during FY20 as indicated by improvement in the company’s overall gearing from 1.25x as at FY19 end to 0.92x as at FY20 end and PBILDT interest coverage from 0.62x during FY19 to 2.33x during FY20.
From the report
In recent quarters, RIFL has prepaid term loans of over Rs.35 crore, over and above the prepayments made in last two years.
From the report
Profitability remained modest with cash losses in FY19 with losses in agro-commodity segment which were mainly on account of provision for doubtful debt and non-booking of any profits from sale of land during the year; albeit profitability improved marginally in Q1FY20 with gross cash accruals of Rs.1.39 crore (which includes provision for doubtful debts of Rs. 1.81 crore) registered in Q1FY20 as against cash loss of Rs.3.98 in previous quarter; mainly on account of improvement in income and profitability from infrastructure division.
From the report
Weak debt coverage indicators Debt coverage indicators of the company continue to remain weak due to term loans availed for asset heavy infrastructure business and subdued profitability; as indicated by PBIDLT interest coverage of 0.62x in FY19.
From the report
Overall gearing remained moderate at 1.25x as on FY19 on account of prepayment of term loans and repayment of working capital borrowings.
From the report
In recent quarters the company has prepaid term loans of over Rs.35 crore and in addition to the cash profit registered in Q1FY20 the company is further expected to liquate its non-core asset. 1 Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited Press Release Press Release Key Rating Strengths Established operations of storage terminals and agri-warehouses RIFL operates 54 storage terminals across country with aggregate capacity of 1.53 lakh metric tonne (MT) per month.
From the report
Liquidity analysis RIFL had a free cash balance of Rs.8.41 crore as on March 31, 2018.
From the report
Further, 1 Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications. 1 CARE Ratings Limited Press Release with prepayment of loans linked to these assets the maturing principal liability in the medium term has relatively reduced.
From the report
Monetization of idle assets in infrastructure business segment In FY18 and 9MFY19, the company has liquidated some of its idle / noncore assets in its infrastructure business segment and has utilized the sales proceeds to fund the expansion of its existing storage terminals and warehouses at productive business locations, as a part of business expansion, and debt servicing requirements of the company including prepayment of term loans to the extent of Rs.9.43 crore in FY18 and 9MFY19.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Ruchi Infrastructure Limited
Top competitors by location
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| Sterling And Wilson Renewable Energy Limited | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
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Part of GMR Group. | gmrpui.com | — | Gurgaon, Haryana, India |
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
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