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Consolidated total income for the quarter ended 30 September 2023, was up 3.2% to Rs 771.8 crore, compared with Rs 748.2 crore in the corresponding quarter of the previous year.
Profit before tax rose 6.1% YoY to Rs 200.31 crore during the period under review.
Amish Mehta, managing director & CEO of CRISIL, said, "We saw growth across our businesses. 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. We continue to focus on client centricity and developing solutions through our high-quality talent, domain-led IP and digital transformation."
The company said that third quarter was marked by transitory spike in inflation on account of food prices and erratic monsoon. Domestic demand has remained resilient despite headwinds from slowing exports and elevated interest rates. The infrastructure sector continues to benefit from large-scale government spending.
Corporate bond issuances declined in Q3 2023 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 Q3 2023.
Global Analytical Center (GAC) increased support to S&P Global Ratings across surveillance and in new areas in Q3 CY23.
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. We continue to invest in building new products and solutions.
The ratings services segment saw revenue grow 9.1 % on-year in Q3 2023. The Research, Analytics & Solutions segment grew 7.3% on-year in Q3 CY23. Franchise activity continued well during Q3 2023, stated the firm.
Meanwhile, the company's board has declared an interim dividend of Rs 11 per share in the current quarter for the financial year ending 31 December 2023, which will be paid on 5 December 2023.
CRISIL is a global analytics company. It is India's foremost provider of ratings, data, research, analytics and solutions.
The scrip shed 2.80% to currently trade at Rs 4332.20 on the BSE.
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