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Results
22-Oct-22
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Analysis
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CRISIL
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Maintains healthy revenue growth
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Crisil has recorded strong 20% jump in the consolidated income
from operations for the quarter ended September 2022 to Rs 682.98 crore,
compared with Rs 570.96 crore in the corresponding quarter of 2021. Consolidated total
income for the quarter ended September 2022, was up 24% to Rs 748.23 crore,
compared with Rs 603.80 crore in the corresponding quarter of the previous
year.
Sales of Research Services segment surged
32% to Rs 469.46 crore (accounting for 70.2% of total sales). Sales of Rating
Services segment increased 16% to Rs 159.05 crore (accounting for 23.8% of
total sales). Sales of Advisory Services segment has gone up 10% to Rs 40.03 crore
(accounting for 6.0% of total sales).
Operating profit margin has declined
from 25.7% to 22.2%. The operating profit increased 3% to Rs 151.49 crore.
Employee cost increased 24%, travel 188%, associate service fees 34% and other
expenses 46%, while finance cost declined 17% and professional fees and depreciation
was flat.
Other income surged 99% to Rs 65.25 crore.
Profit before tax grew 25% to Rs 188.84 crore. Share of profit/loss were nil in
both the periods. Provision for tax was expense of Rs 40.99 crore, compared to
Rs 38.37 crore. Effective tax rate was 21.7% compared to 25.4%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company increased 31% to
Rs 147.85 crore.
The Board of Directors
has declared an interim dividend of Rs 10 per share (of Re 1 face value) for 03
2022, compared with Rs 9 per share for the same quarter last year.
Says Amish Mehta, Managing Director & CEO, CRISIL, "Globally,
focus is on taming inflation even as downside risks to growth rise amid
continuing geopolitical uncertainties. We are seeing a very rare occurrence
where inflation is higher in the advanced economies than many emerging markets.
Navigating these challenges, we delivered growth across our businesses in Q3
2022. We saw momentum for bank loan ratings in
India, but corporate bond issuances were muted. There was traction in
our global businesses. Continued investments in technology and talent remains a
priority for us as we deliver value to all our stakeholders."
Other updates
Sharp foreign exchange
movement in the dollar versus the rupee and the British pound supported profitability
in both Q3CY2022 and YTD 2022, compared with the corresponding periods of the
previous year. This includes Rs 19.5 crore from revaluation of subsidiary loan
in Q3CY2022 (Rs 35.4 crore YTD 2022).
Increased working
capital requirements and stronger bank balance sheets are leading to a surge in
bank credit growth, mainly in the services and MSME sectors. By contrast,
corporate bond issuances by quantum saw 3% degrowth on-year in Q3CY2022, while
the number of capital markets issuers fell 14%. In this environment, CRISIL
Ratings saw 10.9% growth in revenue in Q3 2022, driven by new client additions
and continued momentum in surveillance revenue. The business continues to strengthen
its market-leading position in the corporate ratings market driven by investor
preference for best-in-class ratings.
During the quarter,
Global Analytical Centre (GAC) increased support to S&P Global Ratings
across surveillance and transformation projects.
Overall, the Ratings
Services segment grew 13% on-year in Q3CY2022.
The Research, Analytics
& Solutions segment continued its strong performance with growth being
driven by both global businesses - Global Research & Risk Solutions
(GR&RS) and Global Benchmarking Analytics (GSA).
GR&RS saw several
client wins. GB.A closed major renewal deals and rolled out the Client
Intelligence platform for global banks.
The non-rating India
businesses have been consolidated under CRISIL Market Intelligence and
Analytics (Ml&A) following the merger of CRIS L Risk and Infrastructure
Solutions Limited and Pragmatix Services with CRISIL.
Ml&A business saw
traction for its credit risk and regulatory reporting solutions. Overall, the
Research, Analytics & Solutions segment grew 22% on-year in Q3CY2022.
The company continues to
ramp up its digital and foundational infrastructure, with sharp focus on cloud
quotient and information security.
Consolidated
Performance – 9MCY2022
CRISIL`s consolidated
income from operations for the nine months ended September 30, 2022 (YTD 2022),
rose 22.1 % to Rs 1946.5 crore, compared with Rs 1,594.7 crore in the
corresponding period of the previous year. Consolidated total income was up
24.3% to Rs 2067.1 crore in YTD 2022, compared with Rs 1662.9 crore in the
corresponding period of the previous year. Profit after tax increased 36.7% to
Rs 406.4 crore in YTD 2022, compared with Rs 297.2 crore in the corresponding
period of the previous year.
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Crisil : Consolidated Results
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2209
(3)
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2109
(3)
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Var.
(%)
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2209
(9)
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2109
(9)
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Var.
(%)
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2112 (12)
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2012 (12)
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Var.
(%)
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Income from Operations
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682.98
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570.96
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20
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1946.46
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1594.67
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22
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2300.69
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1981.83
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16
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OPM (%)
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22.2
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25.7
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25.5
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25.9
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26.3
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25.2
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OP
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151.49
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146.51
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3
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496.89
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413.32
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20
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605.84
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499.28
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21
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Other income
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65.25
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32.84
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99
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120.66
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68.26
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77
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81.69
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94.51
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-14
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PBIDT
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216.74
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179.35
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21
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617.55
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481.58
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28
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687.53
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593.79
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16
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Interest
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1.58
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1.9
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-17
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5.05
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7.08
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-29
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8.93
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14.39
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-38
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PBDT
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215.16
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177.45
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21
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612.5
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474.5
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29
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678.6
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579.4
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17
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Depreciation
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26.32
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26.22
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0
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77.1
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81.35
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-5
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105.98
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121.11
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-12
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PBT
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188.84
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151.23
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25
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535.4
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393.15
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36
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572.62
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458.29
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25
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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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188.84
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151.23
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25
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535.4
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393.15
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36
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572.62
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458.29
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25
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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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45.82
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0
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-
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PBT after EO
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188.84
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151.23
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25
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535.4
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393.15
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36
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618.44
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458.29
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35
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Tax
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40.99
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38.37
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7
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129.03
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95.97
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34
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152.63
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103.56
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47
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PAT before MI
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147.85
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112.86
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31
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406.37
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297.18
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37
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465.81
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354.73
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31
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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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147.85
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112.86
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31
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406.37
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297.18
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37
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465.81
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354.73
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31
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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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59.2
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48.7
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* Annualised on current equity of
Rs 7.30 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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2209 (3)
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2109 (3)
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Var. (%)
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% of total
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2209 (9)
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2109 (9)
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Var. (%)
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% of total
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2112 (12)
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Segment Revenue
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Rating Services
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24.92
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170.17
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150.65
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13
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24.98
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486.23
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430.31
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13
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26.26
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604.11
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Research, Analytics
and Solutions
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75.08
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512.81
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420.31
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22
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75.02
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1460.23
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1164.36
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25
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67.10
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1543.69
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Total Sales
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100.00
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682.98
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570.96
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20
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100.00
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1946.46
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1594.67
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22
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100.00
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2300.69
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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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Net Sales/Income from
operation
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100.00
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682.98
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570.96
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20
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100.00
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1946.46
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1594.67
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22
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100.00
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2300.69
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Segment Result (PBIDT)
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Rating Services
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41.72
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69.76
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64.50
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8
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39.85
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207.43
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187.33
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11
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42.59
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252.70
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Research, Analytics
and Solutions
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58.28
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97.47
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84.23
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16
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60.15
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313.04
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223.75
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40
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54.62
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324.08
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Total
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100.00
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167.23
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148.73
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12
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100.00
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520.47
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411.08
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27
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100.00
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593.38
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Add: Unallocable
Income net of unallocable Expenses
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34.47
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15.40
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124
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52.60
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20.89
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152
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30.82
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Less: Depreciation
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12.86
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12.90
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0
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37.67
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38.82
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-3
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51.58
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Add: Unallocable
Income net of unallocable Expenses
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0.00
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0.00
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-
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0.00
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0.00
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-
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0.00
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Profit Before Tax
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188.84
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151.23
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25
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535.40
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393.15
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36
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572.62
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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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Previous News |
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(
Results
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Analysis
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08:41
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