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Results
19-Jul-23
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Analysis
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CRISIL
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Healthy growth in all businesses
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Crisil has
recorded healthy 15% growth in the
consolidated income from operations for the quarter ended June 2023 to
Rs 771.02 crore, compared with Rs 668.54 crore in the corresponding quarter of
the previous year. Consolidated total income moved up 12% to Rs 788.80 crore
from Rs 703.84 crore in the corresponding quarter of the previous year. Net
profit increased 10% to Rs 150.58 crore.
Sales of Rating Services
segment has gone up 23% to Rs 190.69 crore (accounting for 25% of total sales).
Sales of Research & Information Services segment rose 13% to Rs 580.33
crore (accounting for 75% of total sales).
Profit before interest, tax
and other unallocable items (PBIT) rose 5% to Rs 184.03 crore. PBIT of Rating
Services segment rose 30% to Rs 77.84 crore (accounting for 42% of total PBIT).
PBIT of Research & Information Services segment declined 8% to Rs 106.19 crore
(accounting for 58% of total PBIT).
PBIT margin of Rating
Services segment rose from 38.7% to 40.8%. PBIT margin of Research &
Information Services segment fell from 22.5% to 18.3%.
Operating profit margin has rose
from 25.30% to 26.47%, leading to 20.69% rise in operating profit to Rs 204.12
crore. Employee cost decreased from 56.85% to 56.38%. Other expenses fell from
17.86% to 17.14%. Selling and administration expenses fell from 10.45% to
10.12%.
Other income declined 50% to
Rs 17.78 crore. PBIDT rose 9% to Rs 221.9 crore. Provision for interest fell 46%
to Rs 0.88 crore. PBDT rose 9% to Rs 221.02 crore. Provision for depreciation
rose 2% to Rs 26.07 crore.
Profit before tax grew 10%
to Rs 194.95 crore. Share of profit/loss were nil in both the periods. Provision
for tax was expense of Rs 44.37 crore, compared to Rs 47.88 crore. Effective
tax rate was 22.76% compared to 24.73%.
Minority interest was nil in
both the periods. Net profit attributable to owners of the company increased 10%
to Rs 150.58 crore.
Says Amish Mehta, Managing
Director and CEO, CRISIL “Economic activity globally and in India was resilient
during Q2 2023. There are incipient signs of slowdown in banking and financial services
spending globally that, in turn, is impacting discretionary spends. Global
banking clients are focusing on operational efficiencies, spending to conform
to regulatory changes, and for their sustainability and business transformation
agendas. Amid this environment, we saw growth across our businesses. We remain
committed to growing sustainably and continue investing in technology, people
and new capabilities.”
Other updates
During Q2 2023, the impact
of foreign exchange movement was not favourable compared with the same quarter
last year.
Slowing global growth is
expected to progressively weigh on domestic activity. While domestic demand has
been resilient so far, it could moderate later this fiscal as the full impact
of rate hikes of the recent past manifests and the pent-up demand in
contact-based services wanes.
Softening inflation and the
Reserve Bank of India (RBI) pausing its rate hike cycle have led to easing of corporate
bond yields, which, in turn, encouraged issuances in Q2 2023.
The performance of CRISIL
Ratings was supported by higher bond issuances and increased demand for bank
loan ratings during the second quarter. Overall, revenue was up 23.2% on-year
in Q2 2023.
Global Analytical Center
(GAC) saw robust analytical coverage delegation by S&P Global Ratings. The
ratings services segment saw revenue grow 22.7% on-year in Q2 2023.
Global Research & Risk
Solutions (GR&RS) witnessed momentum across lending and risk solutions.
Global Benchmarking
Analytics (GBA) continues to strengthen its client engagement through
actionable analytics and intelligence.
Market Intelligence &
Analytics (MI&A) saw momentum in its credit, risk, and research and
consulting offerings.
The Research, Analytics
& Solutions segment grew 13.1% on-year in Q2 2023.
Consolidated
Performance – CY2022
The consolidated income from
operations for the half year ended June 2023 (H1 2023), rose 17.6% to Rs 1485.9
crore, compared with Rs 1263.5 crore in the corresponding period of the
previous year. Consolidated total income was up 15.3% to Rs 1521.0 crore in H1
2023, compared with Rs 1318.9 crore in the corresponding period of the previous
year. Profit after tax increased 14.6% to Rs 296.3 crore in H1 2023, compared
with Rs 258.5 crore in the corresponding period of the previous year.
The Board of Directors
declared an interim dividend of Rs 8 per share (of Rs 1 face value) in the
current quarter for the financial year ending December 2023, compared with Rs 8
per share declared during the corresponding quarter of the previous year.
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Crisil : Consolidated Results
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2306
(3)
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2206
(3)
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Var.
(%)
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2306
(6)
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2206
(6)
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Var.
(%)
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2212(12)
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2112(12)
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Var.
(%)
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Income from Operations
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771.02
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668.54
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15
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1485.91
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1263.48
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18
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2768.72
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2300.69
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20
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OPM (%)
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26.5
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25.3
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27.4
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27.3
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25.8
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26.3
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OP
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204.12
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169.13
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21
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407.59
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345.4
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18
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713.07
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605.84
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18
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Other income
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17.78
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35.3
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-50
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35.12
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55.41
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-37
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139.04
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81.69
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70
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PBIDT
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221.9
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204.43
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9
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442.71
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400.81
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10
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852.11
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687.53
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24
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Interest
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0.88
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1.63
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-46
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2.06
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3.47
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-41
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6.4
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8.93
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-28
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PBDT
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221.02
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202.8
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9
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440.65
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397.34
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11
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845.71
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678.6
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25
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Depreciation
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26.07
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25.55
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2
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52.07
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50.78
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3
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103.31
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105.98
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-3
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PBT
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194.95
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177.25
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10
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388.58
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346.56
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12
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742.4
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572.62
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30
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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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194.95
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177.25
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10
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388.58
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346.56
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12
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742.4
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572.62
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30
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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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0
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45.82
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-
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PBT after EO
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194.95
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177.25
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10
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388.58
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346.56
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12
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742.4
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618.44
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20
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Tax
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44.37
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40.35
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10
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92.25
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88.04
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5
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178.01
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152.63
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17
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PAT before MI
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150.58
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136.9
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10
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296.33
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258.52
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15
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564.39
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465.81
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21
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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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150.58
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136.9
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10
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296.33
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258.52
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15
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564.39
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465.81
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21
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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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77.2
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59.0
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* Annualised on current equity of
Rs 7.31 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 Results
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2303
(3)
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2203
(3)
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Var.
(%)
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2212
(12)
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2112
(12)
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Var.
(%)
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Income from Operations
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714.89
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594.94
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20
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2768.72
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2300.69
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20
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OPM (%)
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28.5
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29.6
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25.8
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26.3
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OP
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203.47
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176.27
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15
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713.07
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605.84
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18
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Other income
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17.34
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20.11
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-14
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139.04
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81.69
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70
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PBIDT
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220.81
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196.38
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12
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852.11
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687.53
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24
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Interest
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1.18
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1.84
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-36
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6.4
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8.93
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-28
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PBDT
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219.63
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194.54
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13
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845.71
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678.6
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25
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Depreciation
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26
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25.23
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3
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103.31
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105.98
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-3
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PBT
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193.63
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169.31
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14
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742.4
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572.62
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30
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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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PBT before EO
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193.63
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169.31
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14
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742.4
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572.62
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30
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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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45.82
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-
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PBT after EO
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193.63
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169.31
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14
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742.4
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618.44
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20
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Tax
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47.88
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47.69
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0
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178.01
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152.63
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17
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PAT before MI
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145.75
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121.62
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20
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564.39
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465.81
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21
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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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PAT after MI
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145.75
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121.62
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20
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564.39
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465.81
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21
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EPS (Rs)*
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#
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#
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77.2
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59.0
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* Annualised on current equity of
Rs 7.31 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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2306 (3)
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2206 (3)
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Var. (%)
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% of total
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2306 (6)
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2206 (6)
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Var. (%)
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% of total
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2212 (12)
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2112 (12)
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Var. (%)
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Segment Revenue
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Rating Services
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24.7
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190.69
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155.41
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23
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25.4
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377.20
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316.06
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19
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24.0
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663.43
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592.41
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12
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Research, Analytics
and Solutions
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75.3
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580.33
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513.13
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13
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74.6
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1108.71
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947.42
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17
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76.0
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2105.29
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1708.28
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23
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Total Sales
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100.0
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771.02
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668.54
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15
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100.0
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1485.91
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1263.48
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18
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100.0
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2768.72
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2300.69
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20
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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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771.02
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668.54
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15
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100.0
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1485.91
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1263.48
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18
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100.0
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2768.72
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2300.69
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20
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Segment Result (PBIDT)
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Rating Services
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42.3
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77.84
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60.08
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30
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43.7
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167.53
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137.67
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22
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37.9
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278.59
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253.78
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10
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Research Services
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57.7
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106.19
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115.70
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-8
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56.3
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215.51
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215.57
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0
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62.1
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457.08
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339.60
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35
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Total
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100.0
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184.03
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175.78
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5
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100.0
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383.04
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353.24
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8
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100.0
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735.67
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593.38
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24
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Add: Unallocable
Income net of unallocable Expenses
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24.12
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14.13
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71
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31.38
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18.13
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73
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57.15
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30.82
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85
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Less: Depreciation
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13.20
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12.66
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4
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25.84
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24.81
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4
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50.42
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51.58
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-2
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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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194.95
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177.25
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10
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388.58
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346.56
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12
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742.40
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572.62
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30
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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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Previous News |
CRISIL
(
Analyst Meet / AGM
-
Conference Call
20-Apr-24
15:10
)
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CRISIL to pay second interim dividend
(
Market Beat
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Reports
19-Jul-23
09:38
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(
Results
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Analysis
22-Jul-22
08:41
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CRISIL fixes record date for second interim dividend
(
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Reports
13-Jul-22
18:57
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CRISIL allots 10,373 equity shares under ESOS
(
Corporate News
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19-Jul-23
09:29
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CRISIL standalone net profit rises 75.75% in the September 2019 quarter
(
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Announcements
09-Nov-19
10:05
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(
Corporate News
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22-Jul-22
19:49
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(
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19-Jul-23
09:40
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(
Results
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Analysis
12-Feb-20
18:49
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(
Hot Pursuit
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08-Nov-23
14:38
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CRISIL to convene AGM
(
Corporate News
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12-Feb-20
17:06
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