Growth in the company's ratings revenue during the quarter was achieved mainly due to traction in fresh business. During this quarter, bond issuances saw a growth over the corresponding quarter of the previous financial year supported by issues from banks and NBFCs. The bank credit to large industry however continued to be tepid as pickup in economic activity got weighed down by supply side disruptions.

Other income was at Rs 7.2 crore, lower by 26.6% during the quarter on YoY basis, due to lower interest rate environment. The company has diversified its investment portfolio by investing in debt oriented mutual fund schemes for earning better post tax returns and in corporate deposits of highly rated financial institutions.

The employees benefit expenses during the current quarter were lower by 11.1% on YoY basis mainly due to attrition and consequent reduction in variable pay provision. Other expenses were higher by 18.9% on YoY basis mainly due to higher bad debts & provisions, recruitment cost, other office and administrative overheads etc.

On a consolidated basis, the company's net profit increased by 27.2% to Rs 31.1 crore on a 11.9% rise in operating income to Rs 86.6 crore in Q3 FY22 over Q3 FY21.

Ratings, research, and other services segment, including foreign subsidiaries, has grown by 3.7% on YoY basis. Outsourced and information services segment grew by 30.8% due to increase in business from existing and new clients, whereas Consulting services de-grew by 5% due to challenges in external environment and de-focus on certain unprofitable segments of our business.

ICRA is a credit rating agency, which offers, through its subsidiaries, rating services in Nepal and Sri Lanka. It also provides outsourcing, risk management solutions, content, consulting, and other analytical services through its subsidiaries. The Moody's Group holds 51.87% in ICRA.