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Results
21-Apr-22
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Analysis
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CRISIL
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All segments showing healthy growth momentum
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Crisil has recorded strong 20% growth in the consolidated income
from operations for the quarter ended March 2022 to Rs 594.94 crore, compared
with Rs 495.20 crore in the corresponding quarter of 2021. Consolidated total
income for the quarter ended March 2022, was up 21% to Rs 615.05 crore,
compared with Rs 508.65 crore in the corresponding quarter of the previous
year.
Sales of Rating Services segment increased
10% % to Rs 163.32 crore (accounting for 27.5% of total sales). Sales of
Advisory Services segment has gone up 10% to Rs 37.38 crore (accounting for 6.3%
of total sales). Sales of Research Services segment surged 26% to Rs 394.24 crore
(accounting for 66.3% of total sales).
Operating profit margin has jumped
from 25.7% to 29.6%, leading to 38% surge in operating profit to Rs 176.27
crore. Employee cost increased 19%, travel 157%, associate service fees 19% and
other expenses 9%, while finance cost declined 30%, professional fees 9% and depreciation
9%.
Other income surged 50% to Rs 20.11 crore.
Profit before tax grew 53% to Rs 169.31 crore. Share of profit/loss were nil in
both the periods. Provision for tax was expense of Rs 47.69 crore, compared to
Rs 26.98 crore. Effective tax rate was 28.2% compared to 24.4%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company increased 46% to
Rs 121.62 crore.
The Board of Directors
declared an interim dividend of Rs 7 per share (of Re 1 face value) in the
current quarter ended March 2022, compared with Rs 7 per share interim dividend
declared during the same quarter last year.
Amish Mehta, Managing Director & CEO, CRISIL, says "Rising
geopolitical tensions have not only exacerbated existing inflationary
pressures, but also added downside risks to a slowing world economy. This has
forced central banks to accelerate monetary tightening and has raised the
spectre of tighter financial conditions. During the March quarter, we saw growth
across our business. We continue to drive growth for our core offerings and in
data analytics, risk transformation and sustainability. We are ramping up
investments in talent and technology to enhance our future-readiness."
Other updates
The first quarter of
2022 was marked by the highly transmissible third Covid-19 wave, leading to a
temporary disruption of economic activities. The inflationary trends, rising
interest rates in the developed economies, and geopolitical situation, has
introduced additional volatility and impacted investor appetite in the global
markets.
In India, corporate bond
issuances declined 15% by value and 22% by quantum in 01 2022 year-on-year.
Bank credit growth to the large corporate segment was muted.
Despite this challenging
scenario, CRISIL Ratings` revenue grew 13.4% in Q1CY2022. The business
continues to strengthen its leading position in the corporate bond market,
driven by investor preference for best-in-class ratings, and added new clients
during the quarter.
Global Analytical Centre
(GAC) sustained its analytical surveillance support coverage across all
practices and continued to drive the data and technology transformation agenda
of S&P Global Ratings Services. Overall, the Ratings segment revenue grew
9.7% in Q1CY2022.
In the Research segment,
Global Research and Risk Solutions (GR&RS) added new logos across verticals
in the US and Europe. The business continues to focus on research, risk,
regulatory support, and transformation.
The Global Benchmarking
Analytics (GBA) business saw healthy growth in the first quarter on the back of
new logo additions and increased engagements with key clients in the corporate,
commercial, and investment banking space.
India Research business
witnessed growth in the quarter, driven by increased traction for fixed-income research,
data solutions, and industry research. In the current quarter, the
Research segment revenues grew by 26.3%.
Infrastructure Advisory
won mandate with multilaterals and corporates. Business Intelligence and Risk Services
(BIRS) deepened its wallet share with domestic banking clients and saw good
traction for its credit risk solutions. The segment grew its revenues by 9.8%
in Q1CY2022.
The company enhanced
digital and cloud quotient and strengthened information security capabilities.
Consolidated
Performance – CY2021
CRISIL`s consolidated
income from operations for the year ended March 2022, rose 16.1 % to Rs 2300.7
crore, compared with Rs 1981.8 crore in 2020. Consolidated total income, was up
14.7% to Rs 2,382.4 crore, compared with Rs 2,076.3 crore in the corresponding
period of the previous year.
Profit before
exceptional items and tax for the year ended March 2022, increased 24.9% to Rs 572.6
crore, compared with Rs 458.3 crore in the corresponding period of the previous
year. Profit after tax for the year ended March 2022, increased 31.3% to Rs
465.8 crore, compared with Rs 354.7 crore in the corresponding period of the
previous year.
The results include the
full-year financials of Greenwich Associates LLC (acquired on February 26,
2020), while for the same period last year, 10-month financials were
considered. Profit before tax for the quarter and year ended March 2022,
includes Rs 45.8 crore towards profit on sale of property.
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Crisil : Consolidated
Results
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2203 (3)
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2103 (3)
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Var. (%)
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2112 (12)
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2012 (12)
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Var. (%)
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Income from Operations
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594.94
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495.20
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20
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2300.69
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1981.83
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16
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OPM (%)
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29.6
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25.7
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26.3
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25.2
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OP
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176.27
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127.50
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38
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605.84
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499.28
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21
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Other income
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20.11
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13.45
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50
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81.69
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94.51
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-14
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PBIDT
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196.38
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140.95
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39
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687.53
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593.79
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16
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Interest
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1.84
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2.62
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-30
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8.93
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14.39
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-38
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PBDT
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194.54
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138.33
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41
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678.60
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579.40
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17
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Depreciation
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25.23
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27.83
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-9
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105.98
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121.11
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-12
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PBT
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169.31
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110.50
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53
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572.62
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458.29
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25
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Share in profit/loss of associates
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0.00
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0.00
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-
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0.00
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0.00
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-
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PBT before EO
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169.31
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110.50
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53
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572.62
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458.29
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25
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EO
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0.00
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0.00
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-
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45.82
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0.00
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-
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PBT after EO
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169.31
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110.50
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53
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618.44
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458.29
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35
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Tax
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47.69
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26.98
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77
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152.63
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103.56
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47
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PAT before MI
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121.62
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83.52
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46
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465.81
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354.73
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31
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Minority Interest
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0.00
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0.00
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-
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0.00
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0.00
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-
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PAT after MI
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121.62
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83.52
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46
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465.81
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354.73
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31
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EPS (Rs)*
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#
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#
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59.2
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48.7
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* Annualized on current equity of Rs 7.30
crore. Face Value: Rs 1 each
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*EPS is calculated after excluding EO items
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#EPS not annualized due to seasonality of
business
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EO: Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Crisil : Consolidated
Segment Results
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% of total
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2203 (3)
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2103 (3)
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Var. (%)
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% of total
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2112 (12)
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2012 (12)
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Var. (%)
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Segment Revenue
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Rating Services
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27.45
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163.32
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148.93
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10
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26.26
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604.11
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565.04
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7
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Research Services
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66.27
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394.24
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312.24
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26
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67.10
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1543.69
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1282.71
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20
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Advisory Services
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6.28
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37.38
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34.03
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10
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6.65
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152.89
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134.08
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14
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Total Sales
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100.00
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594.94
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495.20
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20
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100.00
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2300.69
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1981.83
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16
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Less:- Inter Segment
Revenue
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0.00
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0.00
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0.00
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0.00
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Net Sales/Income from
operation
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100.00
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594.94
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495.20
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20
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100.00
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2300.69
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1981.83
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16
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Segment Result (PBIDT)
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Rating Services
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43.83
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77.78
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70.32
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11
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42.59
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252.70
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226.72
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11
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Research Services
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53.84
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95.55
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53.20
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80
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54.62
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324.08
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209.01
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55
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Advisory Services
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2.33
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4.13
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2.60
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59
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2.80
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16.60
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10.07
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65
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Total
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100.00
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177.46
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126.12
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41
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100.00
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593.38
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445.80
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33
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Add: Unallocable
Income net of unallocable Expenses
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4.00
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-2.74
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LP
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30.82
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64.26
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-52
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Less: Depreciation
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12.15
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12.88
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-6
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51.58
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51.77
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0
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Add: Unallocable
Income net of unallocable Expenses
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0.00
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0.00
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-
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0.00
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0.00
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-
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Profit Before Tax
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169.31
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110.50
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53
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572.62
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458.29
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25
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Figures in Rs crore,
PL: Profit to Loss, LP: Loss to Profit
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Source: Capitaline
Corporate Database
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