An initiative to improve transparency into India's distribution sector
and strengthen the country's discoms
  • Financial deficit has nearly halved from INR 97,000 Cr in FY20 to INR 52,000 crore in FY22, despite an 8% increase in gross input energy. Cash-adjusted ACS-ARR gap has reduced from 0.79 to 0.39 INR/kWh during the same time period.
  • AT&C loss has reduced by 5 percentage points to reach 16.4% in FY22 – driven by improvement in collection efficiency in FY22 which now stands at 97.2%
  • Cumulative subsidy disbursal by states exceeded 100% of booked amount for the first time. This helped reduce subsidy arrears by 15% in FY22.
  • State governments infused INR 78,000 crore equity in FY20, 21 & 22, easing the sector’s debt burden. Consequently, pace of debt addition has slowed down in FY22 – INR ~88,000 crore in FY21 to INR 32,000 crore in FY22.
  • Sector’s aggregate DSCR turned positive for the first time, improving to 0.44 in FY22.
  • 24 of the 28 states published revised tariffs for FY23, compared to 19 states in the previous year.

11वीं एकीकृत रेटिंग डिस्कॉम को उनकी समग्र विशिष्टता व खामियों के साथ-साथ उनके द्वारा सामना की जाने वाली चुनौतियों पर प्रकाश डालने में मूल्यवान होगी

Shri Krishan Pal Gurjar

Hon’ble Union Minister of State of Power and Heavy Industries
Government of India

The 11th Integrated Rating highlights the landmark progress made by the power distribution sector and provides future roadmap to stakeholders for achieving highest standards

Shri R.K Singh

Hon’ble Cabinet Minister of Power and New & Renewable Energy
Government of India

Comprehensive scorecard for​ every DISCOM with rating, ranking and trajectory

Ratings will be dynamic in nature,​ reviewed regularly for key triggers (e.g. audited accounts, default to banks etc.)

Metrics adjusted for actual cash received​ rather than accruals, e.g., ACS-ARR gap, DSCR, Leverage

Interactive digital dashboard​ to view rankings, ratings, historical trends and benchmarking results

Ratings rely on available and verifiable data sourced from audited accounts, regulatory filings and orders, etc.

Robust analytics backed approach​ – weighted average of 3 years data (to normalize anomalies), ability to drill-down from rating dimension to specific metrices

Actionable for DISCOMs​ via specific root causes of under-performance and best practices for improvement