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Results
22-Jul-22
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Analysis
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CRISIL
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Healthy growth across business
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Crisil has recorded strong 26% jump in the consolidated income
from operations for the quarter ended June 2022 to Rs 668.54 crore, compared
with Rs 528.51 crore in the corresponding quarter of 2021. Consolidated total
income for the quarter ended June 2022, was up 28% to Rs 703.84 crore, compared
with Rs 550.48 crore in the corresponding quarter of the previous year.
Sales of Research Services segment surged
32% to Rs 469.46 crore (accounting for 70.2% of total sales). Sales of Rating
Services segment increased 16% to Rs 159.05 crore (accounting for 23.8% of
total sales). Sales of Advisory Services segment has gone up 10% to Rs 40.03 crore
(accounting for 6.0% of total sales).
Operating profit margin has declined
from 26.4% to 25.3%. The operating profit increased 21% to Rs 169.13 crore.
Employee cost increased 29%, travel 754% and other expenses 68%, while associate
service fees were flat and finance cost declined 36%, professional fees 5% and depreciation
6%.
Other income surged 61% to Rs 35.30 crore.
Profit before tax grew 35% to Rs 177.25 crore. Share of profit/loss were nil in
both the periods. Provision for tax was expense of Rs 40.35 crore, compared to
Rs 30.62 crore. Effective tax rate was 22.8% compared to 23.4%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company increased 36% to
Rs 136.90 crore.
The Board of Directors declared an
interim dividend of Rs 8 per share (of Re 1 face value) in the current quarter
for the financial year ending December 2022, compared with Rs 8 per share
declared during the corresponding quarter of the previous year.
Says Amish Mehta, Managing Director
& CEO, CRISIL, “The hawkish response of central banks to elevated inflation
worldwide has put significant pressure on global growth. We expect current headwinds
to strengthen given volatile commodity prices, and geopolitical uncertainties.
Despite the challenging environment, we saw growth across businesses during Q2CY2022,
with strong demand for bank loan ratings in India, and for benchmarking and
risk solutions in global market. We continue to ramp up investments in talent
and technology to build capabilities for providing differentiated solutions to
clients.”
Other updates
The quarter Q2CY2022 was marked by a
sharp rise in inflation globally, including in India. The Reserve Bank of India
raised the repo rate twice in response. Commodity prices continue to be
elevated, and investor appetite for domestic capital market issuances remains
subdued.
Corporate bond issuances (by quantum)
declined 28% on-year in Q2CY2022, and the number of capital markets issuers
fell 32%. Securitisation transactions, however, rebounded as non-banks
preferred the route to raise resources. Bank credit grew with lending rates
hovering below pre-pandemic levels.
Amid the challenging credit
environment, CRISIL Ratings’ revenue rose 20% in Q2CY2022, driven by increased
traction in bank loan ratings. With the addition of new clients, the business
continues to strengthen its market-leading position in corporate bond ratings,
on account of investor preference for best-in-class ratings.
Global Analytical Centre (GAC)
strengthened analytical support across surveillance and ESG, and contributed to
transformation initiatives for S&P Global Ratings Services.
The Ratings segment grew by 16.5%
during Q2 2022.
The Research segment continued its
strong performance with growth being driven by both global businesses Global
Research & Risk Solutions (GR&RS) and Global Benchmarking Analytics
(GBA).
GR&RS saw steady growth on the
back of diversification in accounts and conversion of new opportunities.
GBA grew by closing major renewal
deals and signing up of new clients. India Research witnessed demand for
fixed-income and industry-research reports.
The Research segment revenue grew by
32.1% in Q2 2022.
Infrastructure Advisory logged robust
revenue growth via key project wins in the roads, transport, BFSI and
commodities space. Business Intelligence and Risk Solutions benefited from regulatory
focus on credit risk, and saw traction for products built on its proprietary
platforms.
The Advisory segment grew its revenue
by 9.7% in Q2 2022.
The company continued to ramp up digital
and cloud quotient, and information security capabilities.
Consolidated
Performance – H1CY2022
The consolidated income from
operations for the half year ended June 2022 (H1CY2022), increased 23.4% to Rs
1263.5 crore, compared with Rs 1023.7 crore in the corresponding period of the
previous year. Consolidated total income was up 24.5% to Rs 1318.9 crore in H1CY2022,
compared with Rs 1059.1 crore in the corresponding period of the previous year.
Profit after tax increased 40.3% to Rs 258.5 crore in H1CY2022, compared with
Rs 184.3 crore in the corresponding period of the previous year.
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Crisil : Consolidated Results
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2206
(3)
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2106
(3)
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Var.
(%)
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2206
(6)
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2106
(6)
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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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668.54
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528.51
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26
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1263.48
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1023.71
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23
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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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25.3
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26.4
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27.3
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26.1
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26.3
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25.2
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OP
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169.13
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139.31
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21
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345.4
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266.81
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29
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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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35.3
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21.97
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61
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55.41
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35.42
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56
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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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204.43
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161.28
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27
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400.81
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302.23
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33
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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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1.63
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2.56
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-36
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3.47
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5.18
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-33
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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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202.8
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158.72
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28
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397.34
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297.05
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34
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678.6
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579.4
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17
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Depreciation
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25.55
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27.3
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-6
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50.78
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55.13
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-8
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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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177.25
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131.42
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35
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346.56
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241.92
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43
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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
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0
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-
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0
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0
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-
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0
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0
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-
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PBT before EO
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177.25
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131.42
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35
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346.56
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241.92
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43
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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
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0
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-
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0
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0
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-
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45.82
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0
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-
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PBT after EO
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177.25
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131.42
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35
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346.56
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241.92
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43
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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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40.35
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30.62
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32
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88.04
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57.6
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53
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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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136.9
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100.8
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36
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258.52
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184.32
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40
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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
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0
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--
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0
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0
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----
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0
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0
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-
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PAT after MI
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136.9
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100.8
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36
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258.52
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184.32
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40
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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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#
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#
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59.2
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48.7
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* Annualised 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 annualised 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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2206 (3)
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2106 (3)
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Var. (%)
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% of total
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2206 (6)
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2106 (6)
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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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23.79
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159.05
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136.58
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16
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25.51
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322.37
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285.51
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13
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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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70.22
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469.46
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355.44
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32
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68.36
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863.70
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667.68
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29
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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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5.99
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40.03
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36.49
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10
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6.13
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77.41
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70.52
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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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668.54
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528.51
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26
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100.00
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1263.48
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1023.71
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23
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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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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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668.54
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528.51
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26
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100.00
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1263.48
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1023.71
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23
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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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34.32
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60.33
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52.00
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16
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39.10
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138.11
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122.32
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13
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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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63.16
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111.03
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79.87
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39
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58.48
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206.58
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133.07
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55
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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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2.51
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4.42
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4.36
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1
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2.42
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8.55
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6.96
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23
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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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175.78
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136.23
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29
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100.00
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353.24
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262.35
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35
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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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14.13
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8.23
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72
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18.13
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5.49
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230
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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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12.66
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13.04
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-3
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24.81
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25.92
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-4
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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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0.00
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0.00
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-
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Profit Before Tax
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177.25
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131.42
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35
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346.56
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241.92
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43
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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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(
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08:26
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