The Board of Directors of ICRA Limited (ICRA) at its meeting today approved the Unaudited Financial Results of the Company for the quarter and the nine months ended December 31, 2013.

HIGHLIGHTS

ICRA's Operating Income for the quarter ended December 31, 2013 (Q3, 2013-14) shows growth of 11% to Rs. 42.53 crore from Rs. 38.45 crore in the corresponding quarter of the previous fiscal. This growth was led by bank loan ratings and structured finance ratings, while NSIC/SME business ratings also posted healthy growth during Q3, 2013-14 with the sector increasingly seeking credit ratings to access bank loans. ICRA's Total Income for Q3, 2013-14 stands at Rs. 43.04 crore, as against Rs. 39.20 crore for Q3, 2012-13, reflecting growth of 10%. Over the same horizon, ICRA's Profit after Tax (PAT) shows growth of 16% to Rs. 12.17 crore from Rs. 10.52 crore. Here, it may be noted that during Q3, 2013-14, ICRA amortised Rs. 0.27 crore as “deferred employees compensation”, while in Q3, 2012-13, it had amortised a much higher sum of Rs. 1.02 crore under the same head. Were these figures to be excluded, ICRA's PAT would have been higher by 10% during Q3, 2013-14 over the corresponding quarter of the previous fiscal.

For the nine months ended December 31, 2013 (9M, 2013-14), ICRA's Operating Income stood at Rs. 113.28 crore as against Rs. 102.30 crore in the corresponding period the previous fiscal, reflecting growth of 11%. ICRA's Total Income stood at Rs. 127.00 crore in 9M, 2013-14 versus Rs. 108.43 crore in 9M, 2012-13, reflecting growth of 17%. Over the same horizon, ICRA's PAT shows growth of 21% to Rs. 39.73 crore from Rs. 32.89 crore. It may be noted that during 9M, 2013-14, ICRA amortised Rs. 1.46 crore as “deferred employees compensation”, while in 9M, 2012-13, it had amortised a higher sum of Rs. 4.16 crore under the same head. The income tax provision of Rs. 4.19 crore relating to the financial year 2011-12 was also reversed during 9M, 2012-13. Were these figures to be excluded, ICRA's PAT would have been higher by 29% during 9M, 2013-14 over the corresponding period of the previous fiscal.

Group ICRA's† consolidated Operating Income for Q3, 2013-14 shows an increase of about 14% to Rs. 74.21 crore from Rs. 65.25 crore in the corresponding quarter of the previous fiscal. Group ICRA's consolidated Total Income for Q3, 2013-14 stands at Rs. 74.44 crore versus Rs. 66.58 crore for Q3, 2012-13, reflecting growth of 12%. Over the same horizon, Group ICRA's PAT (after Minority Interest) shows growth of 28% to Rs. 14.75 crore from Rs. 11.53 crore. Group ICRA's consolidated Operating Income stood at Rs. 202.67 crore in 9M, 2013-14 as against Rs. 178.52 crore in 9M, 2012-13, reflecting growth of 14%. Group ICRA's consolidated Total Income was at Rs. 218.67 crore in 9M, 2013-14 as against Rs. 186.04 crore in 9M, 2012-13, reflecting growth of 18%. Over the same horizon, Group ICRA's PAT (after Minority Interest) shows growth of 40% from Rs. 33.45 crore to Rs. 46.90 crore.