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Results
08-Nov-23
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Analysis
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CRISIL
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Improves operating profit margins
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Crisil has recorded 8% growth in the
consolidated income from operations for the quarter ended September 2023 to
Rs 735.87 crore, compared with Rs 682.98 crore in the corresponding quarter of
the previous year. Consolidated total income moved up 3% to Rs 771.84 crore
from Rs 748.23 crore in the corresponding quarter of the previous year. Net
profit increased 3% to Rs 151.99 crore.
The impact of foreign
exchange movement was less favourable in the current year. The earnings include
foreign exchange gain of Rs 13.3 crore in Q3CY2023 and Rs 2.6 crore 9MCY2023,
compared with Rs 48.3 crore in Q3CY2022 and Rs 82.3 crore 9MCY2022.
The previous year`s
results include foreign exchange gain of Rs 19.5 crore
from revaluation of subsidiary loan in Q3CY2022 and Rs 35.4 crore 9MCY2022.
Sales
of Rating Services segment has gone up 9% to Rs 185.61 crore (accounting for
25% of total sales). Sales of Research & Information Services segment rose
7% to Rs 550.26 crore (accounting for 75% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) rose 15% to Rs 192.55
crore. PBIT of Rating Services segment rose 16% to Rs 80.88 crore (accounting
for 43% of total PBIT). PBIT of Research & Information Services segment
moved up 15% to Rs 111.67 crore (accounting for 57% of total PBIT).
PBIT
margin of Rating Services segment rose from 41.0% to 43.6%. PBIT margin of
Research & Information Services segment improved from 19.0% to 20.3%.
Operating
profit margin has rose from 22.2% to 26.0%, leading to 27% rise in operating
profit to Rs 191.66 crore. Employee cost rose 6% to Rs 434.31 crore, profession
fees declined 6%, associate services fees fell 7% and other expenses also
dipped 15% in Q3CY2023.
Other
income declined 45% to Rs 35.97 crore. PBIDT rose 5% to Rs 227.63 crore.
Provision for interest fell 48% to Rs 0.82 crore. PBDT rose 5% to Rs 226.81
crore. Provision for depreciation rose 1% to Rs 26.50 crore.
Profit
before tax grew 6% to Rs 200.31 crore. Share of profit/loss were nil in both
the periods. Provision for tax was expense of Rs 48.32 crore, compared to Rs 40.99
crore. Effective tax rate was 24.1% compared to 21.7%.
Minority
interest was nil in both the periods. Net profit attributable to owners of the
company increased 3% to Rs 151.99 crore.
Says
Amish Mehta, Managing Director and CEO, CRISIL “We saw growth across our businesses. The global
macroeconomic outlook and geopolitical uncertainties are impacting growth and
discretionary spending by financial institutions. Global banking clients are
staying focused on driving growth, regulatory spending and business
transformation. The medium-term prospects for India remain healthy with
infrastructure spending the key driver. We continue to focus on client
centricity and developing solutions through our high-quality talent, domain-led
IP and digital transformation.”
Other updates
Corporate bond issuances
declined in Q3CY2023 after several quarters of robust growth because of
elevated yields. The Bank Loan Ratings market was sluggish due to softer
wholesale credit growth and higher interest rates.
CRISIL Ratings
maintained leadership in corporate bond ratings given investor preference for
best-in-class ratings. Overall, revenue was up 12.1% on-year in
Q3CY2023.
Global Analytical Center
(GAC) increased support to S&P Global Ratings across surveillance and in
new areas in Q3CY2023.
The ratings services
segment saw revenue grow 9.1% on-year in Q3CY2023.
Global Research &
Risk Solutions (GR&RS) witnessed traction for credit lending and regulatory
change solutions. Global Benchmarking Analytics (GBA) saw the impact of
slowdown in discretionary spending by global financial institutions. The
company continues to invest in building new products and solutions.
Market Intelligence
& Analytics (Ml&A) saw momentum in its Credit and Risk, and Research
and Consulting offerings.
The Research, Analytics
& Solutions segment grew 7.3% on-year in Q3CY2023.
Franchise activity continued
well during Q3CY2023. CRISIL Ratings launched its first edition of the Annual
Infrastructure Summit, titled `Revving roads and renewables`. It hosted
webinars covering sectors such as data centres, organised retail,
pharmaceuticals, power, steel, and trends in credit quality. Ml&A organised
webinars on the cement and textiles sectors, conducted a `Meet the Expert - ESG
Series, on topics such as `Is ESG a force for real change?
GR&RS published nine
whitepapers and other reports covering themes such as enhancing banking
architecture, sustainability, private markets, model risk, Basel Ill and
climate risk. GBA published reports on FX dealer platforms, bond markets and
treasury bills, the power of Al in asset management, a market insight on
commercial lending, digital channels, and
Indian corporate turning to big banks to fund growth.
Consolidated
Performance - 9MCY2023
CRISIL`s consolidated
income from operations for the nine months ended September 2023 (9MCY2023), was
up 14.1% to Rs 2221.8 crore, compared with Rs 1946.5 crore in the
corresponding period of the previous year. Consolidated total income was up 10.9% to
Rs 2292.9 crore in 9MCY2023, compared with Rs 2067.1 crore in the corresponding
period of the previous year.
Profit before tax
increased 10% to Rs 588.9 crore in 9MCY2023, compared with Rs 535.4 crore in
the corresponding period of the previous year. Profit after tax increased 10.3%
to Rs 448.3 crore in 9MCY2023, compared with Rs 406.4 crore in the
corresponding period of the previous year.
The Board of Directors
declared an interim dividend of Rs 11 per share (of Rs 1 face value) in the
current quarter for the financial year ending December 2023, compared with Rs
10 per share in the corresponding quarter of the previous year.
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Crisil : Consolidated Results
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2309
(3)
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2209
(3)
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Var.
(%)
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2309
(9)
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2209
(9)
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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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735.87
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682.98
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8
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2221.78
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1946.46
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14
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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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26.0
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22.2
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27.0
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25.5
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25.8
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26.3
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OP
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191.66
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151.49
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27
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599.25
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496.89
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21
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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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35.97
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65.25
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-45
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71.09
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120.66
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-41
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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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227.63
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216.74
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5
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670.34
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617.55
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9
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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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0.82
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1.58
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-48
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2.88
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5.05
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-43
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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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226.81
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215.16
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5
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667.46
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612.5
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9
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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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26.5
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26.32
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1
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78.57
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77.1
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2
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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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200.31
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188.84
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6
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588.89
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535.4
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10
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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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200.31
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188.84
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6
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588.89
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535.4
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10
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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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-100
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PBT after EO
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200.31
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188.84
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6
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588.89
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535.4
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10
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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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48.32
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40.99
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18
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140.57
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129.03
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9
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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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151.99
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147.85
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3
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448.32
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406.37
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10
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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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151.99
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147.85
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3
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448.32
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406.37
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10
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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
Segment Results
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% of total
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2309 (3)
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2209 (3)
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Var. (%)
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% of total
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2309 (9)
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2209 (9)
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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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25.2
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185.61
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170.17
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9
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25.3
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562.81
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486.23
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16
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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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74.8
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550.26
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512.81
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7
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74.7
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1658.97
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1460.23
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14
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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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Advisory Services
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0.0
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0.00
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0.00
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-
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0.0
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-
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0.0
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-
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Total Sales
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100.0
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735.87
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682.98
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8
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100.0
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2221.78
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1946.46
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14
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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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735.87
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682.98
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8
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100.0
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2221.78
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1946.46
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14
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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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0.00
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0.00
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Segment Result (PBIDT)
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0.00
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0.00
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Rating Services
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42.0
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80.88
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69.76
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16
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43.2
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248.41
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207.43
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20
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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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58.0
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111.67
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97.47
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15
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56.8
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327.18
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313.04
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5
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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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Advisory Services
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0.0
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0.00
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0.00
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-
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0.0
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-
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0.0
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-
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Total
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100.0
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192.55
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167.23
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15
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100.0
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575.59
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520.47
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11
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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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20.79
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34.47
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-40
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52.17
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52.60
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-1
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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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13.03
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12.86
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1
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38.87
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37.67
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3
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50.42
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51.58
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-2
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Profit Before Tax
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200.31
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188.84
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6
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588.89
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535.40
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10
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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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21-Jul-21
08:01
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