Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

High Yield Experts

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

Credit

We view Azure Power as “Low Risk” on the LARA scale. We like the company's contractual revenue streams and stable EBITDA margin, which are supported by: [1] a stable amount of solar radiation; [2] fixed tariffs based on long-term PPAs (25 years); and [3] minimal operating costs, as solar panels have no moving parts. The business risk profile is highly robust, with the impact from COVID-19 limited. However, the credit profile is somewhat weighed down by the company's high leverage and some delayed payments from distribution companies that could be facing financial stress.  Our fundamental Credit Bias is “Stable”, due to the stable and predictable revenues and EBITDA.

  We view Azure Power as “Low Risk” on the LARA scale. We like the company's contractual revenue streams and stable EBITDA margin, which are supported by: [1] a stable amount of solar radiation; [2] fixed tariffs based on long-term PPAs (25 years); and [3] minimal operating costs, as solar panels have no moving parts. The business risk profile is highly robust, with the impact from COVID-19 limited. However, the credit profile is somewhat weighed down by the company's high leverage and some delayed payments from distribution companies that could be facing financial stress.    Our fundamental Credit Bias is “Stable”, due to the stable and predictable revenues and EBITDA. 

Azure Power - Tear Sheet - Lucror Analytics

Azure Power Global Ltd

Azure Power - Tear Sheet - Lucror Analytics