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Results
18-Feb-23
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Analysis
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CRISIL
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Continues steady show
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Crisil has recorded 16% increase in the consolidated income from
operations for the quarter ended December 2022 to Rs 822.26 crore, compared
with Rs 706.02 crore in the corresponding quarter of 2021. Consolidated total
income for the quarter ended December 2022, was up 17% to Rs 840.64 crore,
compared with Rs 719.45 crore in the corresponding quarter of the previous
year.
Sales of Research Services segment
surged 19% to Rs 645.06 crore (accounting for 78% of total sales). Sales of
Rating Services segment increased 9% to Rs 177.20 crore (accounting for 22% of
total sales).
Operating profit margin has eased to
26.3% in Q4CY2022 from 27.3% in Q4CY2021. The operating profit increased 12% to
Rs 216.18 crore. Employee cost increased 13%, professional fees 12%, travel 247%,
other expenses 90% and depreciation 6%, while associate service fees declined
7% and finance cost 27%.
Other income surged 37% to Rs 18.38 crore.
Profit before tax grew 15% to Rs 207.0 crore. Share of profit/loss were nil in
both the periods. EO was nil in Q4CY22 compared with Rs 45.82 crore in Q4CY21.
PBT after EO, declined 8% to Rs 207.0 crore in Q4CY22.
Provision for tax was expense of Rs 48.98
crore, compared to Rs 56.66 crore. Effective tax rate was 23.7% compared to 25.1%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company fell 6% to Rs 158.02
crore.
Profit after tax (excluding
impact of exceptional item) was up 17.5% to Rs 158.0 crore in Q4CY2022,
compared with Rs 134.5 crore in the corresponding quarter of the previous year.
The Board of
Directors has declared an final dividend of Rs 23 per share (of Re 1 face
value) for CY2022. The total dividend for the year works out to
Rs 48 per share.
Says Amish Mehta, Managing
Director & CEO, CRISIL, “Global economic activity held up well in the
December quarter with inflation showing signs of peaking. We saw growth across
businesses. The looming slowdown in the global economy, particularly in the US
and Europe, is expected to manifest next fiscal, as will the effect of the raft
of rate hikes because monetary policy impacts with a lag. India’s growth cycles
are quite synchronized with advanced economies now. We remain committed to
making an impact through investments in technology and talent for creating new
products and solutions.”
Other updates
Overall bank credit
continued to grow owing to traction in the large corporate, micro, small and
medium enterprises, and retail segments. Corporate bond issuances recovered in
the quarter after a sluggish run. CRISIL Ratings saw momentum in bank loan
ratings. Overall revenue was up 9.1% on-year in the quarter, and 13.0% in 2022.
Global Analytical Center
(GAC) continued to drive surveillance support across the analytical practices
of S&P Ratings, and partnered on data and technology transformation
programs.
The Ratings segment grew
9.3% in the quarter and 12.0% for CY2022.
The Global Research &
Risk Solutions (GR&RS) business saw increasing demand across service lines
as sales and trading activity remained robust despite market volatility. There
was good traction in sustainability and risk solutions.
The Market Insights &
Analytics (MI&A) business saw continued traction for its proprietary credit
risk solution and demand for research and consulting services.
Global Benchmarking
Analytics saw momentum in corporate and investment banking (CIB) driven by
enhanced client engagement.
The research, analytics and
solutions segment grew 18.6% in the quarter and 23.2% in CY2022.
The ramp-up of digital and
foundational infrastructure continues, with sharp focus on cloud quotient and
information security.
Consolidated
Performance – CY2022
The consolidated income from
operations of CRISIL rose 20.3% to Rs 2768.7 crore in CY2022, compared with Rs
2300.7 crore in CY2021. Consolidated total income was up 22.1% to Rs 2907.8
crore compared with Rs 2382.4 crore. Profit before exceptional items and tax
increased 29.6% to Rs 742.4 crore compared with Rs 572.6 crore in CY2021.
Profit after tax (excluding impact of exceptional item) increased 30.7% to Rs
564.4 crore in CY2022 from Rs 431.7 crore in CY2021. Profit before tax includes
exceptional income of Rs 45.8 crore towards profit on sale of property.
Sharp movement in the US
dollar versus the Rupee and the British pound supported profitability in
CY2022, which includes Rs 30.1 crore from revaluation of subsidiary loan. The
fourth quarter saw appreciation in the British pound versus US dollar, resulting
in an adverse impact (including Rs 5.3 crore loss from revaluation of
subsidiary loan).
Crisil : Consolidated
Results
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2212 (3)
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2112 (3)
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Var. (%)
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2212 (12)
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2112 (12)
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Var. (%)
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Income from Operations
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822.26
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706.02
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16
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2768.72
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2300.69
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20
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OPM (%)
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26.29
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27.27
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25.75
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26.33
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OP
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216.18
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192.52
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12
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713.07
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605.84
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18
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Other income
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18.38
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13.43
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37
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139.04
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81.69
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70
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PBIDT
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234.56
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205.95
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14
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852.11
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687.53
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24
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Interest
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1.35
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1.85
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-27
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6.40
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8.93
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-28
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PBDT
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233.21
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204.10
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14
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845.71
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678.60
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25
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Depreciation
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26.21
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24.63
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6
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103.31
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105.98
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-3
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PBT
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207.00
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179.47
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15
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742.40
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572.62
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30
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Share in profit/loss
of associates
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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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PBT before EO
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207.00
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179.47
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15
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742.40
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572.62
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30
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EO
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0.00
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45.82
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-100
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0.00
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45.82
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-100
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PBT after EO
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207.00
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225.29
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-8
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742.40
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618.44
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20
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Tax
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48.98
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56.66
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-14
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178.01
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152.63
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17
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PAT before MI
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158.02
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168.63
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-6
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564.39
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465.81
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21
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Minority Interest
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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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PAT after MI
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158.02
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168.63
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-6
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564.39
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465.81
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21
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EPS (Rs)*
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#
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#
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77.2
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59.0
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* Annualised on
current equity of Rs 7.31 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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2212 (3)
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2112 (3)
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Var. (%)
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% of total
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2112 (12)
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2112 (12)
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Var. (%)
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Segment Revenue
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Rating Services
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21.6
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177.20
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162.10
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9
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24.0
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663.43
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592.41
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12
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Research, Analytics
and Solutions
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78.4
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645.06
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543.92
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19
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76.0
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2105.29
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1708.28
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23
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Advisory Services
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0.0
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0.00
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0.00
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-
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0.0
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-
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Total Sales
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100.0
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822.26
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706.02
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16
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100.0
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2768.72
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2300.69
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20
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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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Net Sales/Income from
operation
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100.00
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822.26
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706.02
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16
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100.0
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2768.72
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2300.69
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20
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Segment Result (PBIDT)
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Rating Services
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33.1
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71.16
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66.45
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7
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37.9
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278.59
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253.78
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10
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Research Services
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66.9
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144.04
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115.85
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24
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62.1
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457.08
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339.60
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35
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Advisory Services
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0.0
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0.00
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0.00
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-
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0.0
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-
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Total
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100.0
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215.20
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182.30
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18
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100.0
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735.67
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593.38
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24
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Add: Unallocable
Income net of unallocable Expenses
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4.55
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9.93
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-54
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57.15
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30.82
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85
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Less: Depreciation
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12.75
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12.76
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0
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50.42
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51.58
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-2
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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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Profit Before Tax
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207.00
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179.47
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15
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742.40
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572.62
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30
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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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(
Corporate News
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19-Jul-23
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Board of CRISIL recommends Interim Dividend
(
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16-Apr-24
13:41
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