CARE Ratings Upgrades Meja Urja's Rating to A+

New Delhi, Jan 29 (PTI) CARE Ratings has revised upwards its ratings on state-owned Meja Urja Nigam Private Ltd (MUNPL) to A+ with a stable outlook.

UP-based MUNPL is a 50:50 joint venture of NTPC Ltd, under the Ministry of Power, and Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd (UPRVUNL).

"CARE Ratings has upgraded MUNPL's credit rating by two notches to A+ Stable. The rating has been revised from the earlier rating of A-," Amit Rautela, Chief Financial Officer (CFO) of MUNPL said in a company statement.

The rating A+ denotes adequate degree of safety regarding debt servicing and credit worthiness.

The upgrade reflects the company's strong operational and financial performance, it said.

MUNPL reported a revenue of Rs 4,283 crore and a net profit of Rs 348 crore in FY24. The company achieved the highest gross commercial generation of 8,276 million units at its 2X660 MW thermal unit at Meja, Uttar Pradesh.

The company is aiming to become the leading power producer in Uttar Pradesh with planned Capacity addition of 5600 MW.