The Board of Directors of ICRA Limited (ICRA) at its meeting today approved the Unaudited Financial Results of the Company for the second quarter and the half year ended September 30, 2013.

HIGHLIGHTS

ICRA¡¦s Operating Income for the quarter ended September 30, 2013 (Q2, 2013-14) shows growth of 7% to Rs. 38.63 crore from Rs. 36.15 crore in the orresponding quarter of the previous fiscal. This growth was led mainly by debt ratings and structured finance ratings, while NSIC/SMEƒx business ratings also posted healthy growth during Q2, 2013-14 with the sector increasingly seeking credit ratings to access bank loans. Bank loan ratings and public finance ratings however remained subdued during the period under review. ICRA¡¦s Total Income for Q2, 2013-14 stands at Rs. 42.54 crore, as against Rs. 37.21 crore for Q2, 2012-13, reflecting growth of 14%. Over the same horizon, ICRA¡¦s Profit after Tax declined by 13% to Rs. 12.37 crore from Rs. 14.22 crore. Here, it may be noted that during Q2, 2013-14, ICRA amortised Rs. 0.61 crore as ¡§deferred employees compensation¡¨, while in Q2, 2012-13, it had amortised a much higher sum of Rs. 1.58 crore under the same head. Further, the amortisation of ¡§deferred employees compensation¡¨ has been considered allowable expenditure following judgments of the High Court of Madras and the Income Tax Appellate Tribunal, Chandigarh, in this regard. Accordingly, the income tax provision of Rs. 4.19 crore relating to financial year 2011-12 was reversed during Q2, 2012-13. Were these figures to be excluded, ICRA¡¦s PAT would have been higher by 15% during Q2, 2013-14 over the corresponding quarter of the previous fiscal. 

For the half year ended September 30, 2013 (H1, 2013-14), ICRA¡¦s Operating Income stood at Rs. 70.75 crore as against Rs. 63.84 crore in the corresponding period the previous fiscal, reflecting growth of 11%. ICRA¡¦s Total Income stood at Rs. 83.96 crore in H1, 2013-14 versus Rs. 69.23 crore in H1, 2012-13, reflecting growth of 21%. Over the same horizon, ICRA¡¦s Profit after Tax shows growth of 23% to Rs. 27.57 crore from Rs. 22.37 crore. It may be noted that  during H1, 2013-14, ICRA amortised Rs. 1.19 crore as ¡§deferred employees compensation¡¨, while in H1, 2012-13, it had amortised a higher sum of Rs. 3.14 crore under the same head. Here again, the income tax provision of Rs. 4.19 crore relating to financial year 2011-12 was reversed during H1, 2012-13. Were these figures to be excluded, ICRA¡¦s PAT would have been higher by 40% during H1, 2013-14 over the corresponding period of the previous fiscal. Group ICRA¡¦s consolidated Operating Income for Q2, 2013-14 shows an increase of about 12% to Rs. 70.03 crore from Rs. 62.43 crore in the corresponding quarter of the previous fiscal.

Group ICRA¡¦s consolidated Total Income for Q2, 2013-14 stands at Rs. 75.01 crore versus Rs. 63.22 crore for Q2, 2012-13, reflecting growth of 19%. Over the same horizon, Group ICRA¡¦s Profit after Tax (after Minority Interest) shows growth of 16% to Rs. 15.57 crore from Rs. 13.45 crore. Group ICRA¡¦s consolidated Operating Income stood at Rs. 128.46 crore in H1, 2013-14 as against Rs. 113.28 crore in H1, 2012-13, reflecting growth of 13%. Group ICRA¡¦s consolidated Total Income was at Rs. 144.23 crore in H1, 2013-14 as against Rs. 119.46 crore in H1, 2012-13, reflecting growth of 21%. Over the same horizon, Group ICRA¡¦s Profit after Tax (after Minority Interest) shows growth of 47% from Rs. 21.92 crore to Rs. 32.15 crore.