YTM is a complicated calculation and fluctuate overtime. It’s calculated after discounting the future coupon payment. Kinda DCF method.
I would just focus on annual coupon rate. Post rating upgrade, it’s evident that their incremental CoB has been reduced. Since, only new funds are being borrowed at the lower rate and the older borrowing was at higher rate, it will still take some to see the material change on the aggregate CoB.
Attaching screenshot of the recent fund raised via allocating 200cr worth of NCDs in October 2024. Check for yourself the Coupon rate, which is materially lower than the aggregate CoB.
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