M $\"\"$ UMBAI: Although credit metrics of the largest listed corporates have shown signs of improvement, a full recovery<\/a> is still some time away, says a report.
\n
\"The credit metrics of the largest listed 500 corporate borrowers are showing signs of bottoming out, but any claims of a recovery in the system-wide credit profile may be early,\" India Ratings<\/a> said in a study today.
\n
\nThe rating agency took top 500 listed corporates, excluding banking and financial services, with highest balance sheet debt as of 2013-14 for its study. These corporates account for total balance sheet debt of Rs 31.99 trillion in 2014-15.
\n
Around 69 per cent of the debt was from five sectors - power, metals & mining, oil & gas, infrastructure & construction and telecom<\/a>.
\n
\nThe agency said in 2014-15, these top corporates' leverage (median) was estimated at 4.33 times compared to 4.65 times in 2013-14.
\n
\n\"This is the first time since FY10 that the median leverage has fallen on a year-on-year basis,\" the agency's Senior Director (Corporate Ratings) Deep N Mukherjee said.
\n
\nIn 2014-15, the aggregate absolute revenue and EBITDA of these corporates grew at a paltry one per cent and six per cent, respectively.
\n
\"This is the weakest revenue growth since the global financial crisis in FY09. This may be attributed to the disinflation in the economy<\/a>,\" Mukherjee said.
\n
\n\"To the extent company financials are nominal (not adjusted for inflation) a dis-inflationary environment may have a temporary damping effect on revenue and earnings growth,\" the rating agency said.
\n
\nThe margin stabilisation of corporates is not uniform and thus continues to remain worrisome.
\n
\nDespite the moderation in leverage, the vulnerability of corporates may have increased in 2014-15 compared to 2013-14, the study said.
\n
The rating agency's analysis of leverage and debt by industry<\/a> suggests that sectors such as auto and chemicals are experiencing the least stress.
\n
\nMost players in the auto sector tend to have lower leverage than other capital intensive sectors.
\n
\nReal estate, FMCG, metals &mining and textile remain the most troubled, it said.
\n
\nSeveral players in the infrastructure space and real estate have directionally reduced their leverage levels, more often by asset sales, even though on an absolute basis they remain high, says the study.\n\n<\/p><\/body>","next_sibling":[{"msid":49366021,"title":"India most attractive global investment destination, China main competitor: EY Survey","entity_type":"ARTICLE","link":"\/news\/industry\/india-most-attractive-global-investment-destination-china-main-competitor-ey-survey\/49366021","category_name":null,"category_name_seo":"industry"}],"related_content":[],"msid":49364632,"entity_type":"ARTICLE","title":"Top 500 companies over-leveraged, recovery still away: India Ratings","synopsis":"Although credit metrics of the largest listed corporates have shown signs of improvement, a full recovery is still some time away, says a report.","titleseo":"industry\/top-500-companies-over-leveraged-recovery-still-away-india-ratings","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"PTI","artdate":"2015-10-15 07:40:59","lastupd":"2015-10-15 07:40:59","breadcrumbTags":["industry","Telecom","economy","India Ratings","full recovery","over-leveraged"],"secinfo":{"seolocation":"industry\/top-500-companies-over-leveraged-recovery-still-away-india-ratings"}}" data-authors="[" "]" data-category-name="Industry" data-category_id="18" data-date="2015-10-15" data-index="article_1">

行业

500强企业负债过多,复苏仍:印度的评级

尽管最大的上市企业信用指标显示改善的迹象,全面复苏仍需一段时间来,报告说。

PTI

发布于2015年10月15日07:40点坚持

米UMBAI:尽管信贷指标最大的上市公司已经显示出改善的迹象,完全康复还有一段时间,报告说。

“500年最大上市公司借款人的信用指标触底的迹象,但复苏的任何索赔系统范围的信贷档案可能是早期的,”印度的评级今天的一份研究报告中指出。

评级机构是上市企业500强,不包括银行和金融服务、资产负债表债务最高的2013 - 14的研究。这些企业占总资产负债表债务31.99万亿Rs 2014 - 15所示。

约69%的债务从五个行业——电力、金属和矿业、石油和天然气,基础设施和建设电信。

该机构称,在2014 - 15,这些顶级企业的杠杆(中位数)估计为4.33倍与4.65倍在2013 - 14所示。

“这是财年以来首次,利用中值较上年同期下降,”该机构的高级主管(企业评级)深N穆克吉说。

在2014 - 15,这些企业的总绝对收入和EBITDA增长微不足道的百分之一和百分之六,分别。

“这是全球金融危机以来的最低收入增长09财年。这个可能归因于通货紧缩经济,”穆克吉说。

”程度上公司的财务都是名义上的(不是通胀调整后的)一个稳定的环境可能有暂时的阻尼效应对收入和利润增长,“评级机构说。

企业的利润率稳定并不统一,因此继续保持令人担忧。

尽管适度利用,企业的脆弱性可能增加2014 - 15 2013 - 14相比,这项研究说。

杠杆和债务的评级机构的分析行业表明,汽车和化工等行业正在经历最少的压力。

大多数球员在汽车行业较低杠杆率比其他资本密集型行业。

房地产、快速消费品、金属采矿、纺织仍处境最艰难的,。

几个玩家在基础设施和空间房地产定向降低杠杆水平,经常通过资产出售,即使在一个绝对的基础上他们仍然很高,说这项研究。

发布于2015年10月15日07:40点坚持

M $\"\"$ UMBAI: Although credit metrics of the largest listed corporates have shown signs of improvement, a full recovery<\/a> is still some time away, says a report.
\n
\"The credit metrics of the largest listed 500 corporate borrowers are showing signs of bottoming out, but any claims of a recovery in the system-wide credit profile may be early,\" India Ratings<\/a> said in a study today.
\n
\nThe rating agency took top 500 listed corporates, excluding banking and financial services, with highest balance sheet debt as of 2013-14 for its study. These corporates account for total balance sheet debt of Rs 31.99 trillion in 2014-15.
\n
Around 69 per cent of the debt was from five sectors - power, metals & mining, oil & gas, infrastructure & construction and telecom<\/a>.
\n
\nThe agency said in 2014-15, these top corporates' leverage (median) was estimated at 4.33 times compared to 4.65 times in 2013-14.
\n
\n\"This is the first time since FY10 that the median leverage has fallen on a year-on-year basis,\" the agency's Senior Director (Corporate Ratings) Deep N Mukherjee said.
\n
\nIn 2014-15, the aggregate absolute revenue and EBITDA of these corporates grew at a paltry one per cent and six per cent, respectively.
\n
\"This is the weakest revenue growth since the global financial crisis in FY09. This may be attributed to the disinflation in the economy<\/a>,\" Mukherjee said.
\n
\n\"To the extent company financials are nominal (not adjusted for inflation) a dis-inflationary environment may have a temporary damping effect on revenue and earnings growth,\" the rating agency said.
\n
\nThe margin stabilisation of corporates is not uniform and thus continues to remain worrisome.
\n
\nDespite the moderation in leverage, the vulnerability of corporates may have increased in 2014-15 compared to 2013-14, the study said.
\n
The rating agency's analysis of leverage and debt by industry<\/a> suggests that sectors such as auto and chemicals are experiencing the least stress.
\n
\nMost players in the auto sector tend to have lower leverage than other capital intensive sectors.
\n
\nReal estate, FMCG, metals &mining and textile remain the most troubled, it said.
\n
\nSeveral players in the infrastructure space and real estate have directionally reduced their leverage levels, more often by asset sales, even though on an absolute basis they remain high, says the study.\n\n<\/p><\/body>","next_sibling":[{"msid":49366021,"title":"India most attractive global investment destination, China main competitor: EY Survey","entity_type":"ARTICLE","link":"\/news\/industry\/india-most-attractive-global-investment-destination-china-main-competitor-ey-survey\/49366021","category_name":null,"category_name_seo":"industry"}],"related_content":[],"msid":49364632,"entity_type":"ARTICLE","title":"Top 500 companies over-leveraged, recovery still away: India Ratings","synopsis":"Although credit metrics of the largest listed corporates have shown signs of improvement, a full recovery is still some time away, says a report.","titleseo":"industry\/top-500-companies-over-leveraged-recovery-still-away-india-ratings","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"PTI","artdate":"2015-10-15 07:40:59","lastupd":"2015-10-15 07:40:59","breadcrumbTags":["industry","Telecom","economy","India Ratings","full recovery","over-leveraged"],"secinfo":{"seolocation":"industry\/top-500-companies-over-leveraged-recovery-still-away-india-ratings"}}" data-news_link="//www.iser-br.com/news/industry/top-500-companies-over-leveraged-recovery-still-away-india-ratings/49364632">