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Results
17-Apr-24
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Analysis
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CRISIL
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Moderate revenue growth
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CRISIL has posted moderate 3% growth in the consolidated income
from operations to Rs 737.68 crore for the quarter ended March 2024, compared
with Rs 714.89 crore in the corresponding quarter of the previous year. Consolidated
total income for the quarter ended March 2024, was up 4% to Rs 758.77 crore, compared
with Rs 732.23 crore in the corresponding quarter of the previous year. Net profit declined 6%
to Rs 137.72 crore.
Profit before tax for the quarter ended March 2024, rose 1% to
Rs 195.49 crore, compared with Rs 193.63 crore in the corresponding quarter of
the previous year.
Sales
of Rating Services segment improved 8% to Rs 202.17 crore (accounting for 27%
of total sales). Sales of Research & Information Services segment rose 1%
to Rs 535.51 crore (accounting for 73% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) fell 5% to Rs 188.16
crore. PBIT of Rating Services segment increased 13% to Rs 101.33 crore
(accounting for 54% of total PBIT). PBIT of Research & Information Services
segment dipped 21% to Rs 86.83 crore (accounting for 46% of total PBIT).
PBIT
margin of Rating Services segment rose from 48.1% to 50.1%. PBIT margin of
Research & Information Services segment declined from 20.7% to 16.2%.
Operating
profit margin has declined from 28.5% to 26.0%, leading to 6% decline in
operating profit to Rs 192.12 crore. Employee cost rose 8% to Rs 423.57 crore,
professional fees declined 7%, associate services fees jumped 27% and other
expenses dipped 8% in the quarter ended March 2024.
Other
income jumped 22% to Rs 21.09 crore. PBIDT declined 3% to Rs 213.21 crore.
Provision for interest fell 41% to Rs 0.70 crore. PBDT fell 3% to Rs 212.51
crore. Provision for depreciation declined 35% to Rs 17.02 crore.
Profit
before tax grew 1% to Rs 195.49 crore. Share of profit/loss were nil in both
the periods. Provision for tax was expense of Rs 57.77 crore, compared to Rs 47.88
crore. Effective tax rate was 29.6% compared to 24.7%.
Minority
interest was nil in both the periods. Net profit attributable to owners of the
company declined 6% to Rs 137.72 crore.
Says Amish Mehta, Managing Director & CEO,
CRISIL, "While global economic growth surprised on the upside in 2023, it is now
expected to moderate in 2024. The momentum in India continues to be good, underscoring the country`s growth
potential, though private consumption
growth bears watching. Global banking clients remain cautious because of
macroeconomic and geopolitical
uncertainties, and are aiming for operational efficiencies, regulatory compliance and business
transformation. We remain committed to delivering value to all our stakeholders through
investments in digital capabilities, talent and new solutions."
Other updates
Corporate
bond issuances grew 9% on-year in the quarter ended March 2024, against 28% growth
for full year 2023. Bank credit growth was 16.5%, driven by demand from the
retail and services sectors. Large corporate credit growth was tepid at 6.6%.
CRISIL
Ratings maintained its leadership in corporate bond ratings given investor
preference for best-in-class ratings. Overall, revenue grew 11.7% on-year
during the quarter. Global Analytical Center (GAG) saw robust delegation of
surveillance work by S&P Global Ratings.
The
ratings services segment saw revenue growing 8.4% on-year during the quarter.
Global
Research & Risk Solutions (GR&RS) saw momentum in lending solutions and
regulatory support. The business added new logos during the quarter. Global
Benchmarking Analytics (GBA) continues to strengthen its client engagement with
a focus on developing new analytical solutions.
The global
businesses saw the impact of slowdown in discretionary spending by global
financial institutions.
Market
Intelligence & Analytics (Ml&A) saw traction for credit, risk, data and
analytics, and consulting offerings.
The
Research, Analytics & Solutions segment grew 1.3% on-year during the
quarter.
Franchise
activity continued well during the quarter. CRISIL hosted the 8th edition of
the flagship India Outlook seminar, titled `Pivots, pillars and pace`. The
India Outlook Report 2024, titled `Growth marathon`, was released on the
occasion.
Consolidated
Performance - CY2023
CRISIL`s
consolidated income from operations for the year ended December 2023, rose
13.4% to Rs 3139.5 crore, compared with Rs 2768.7 crore in the corresponding
period of the previous year. Consolidated total income for the year ended December
2023, was up 11.6% to Rs 3246.4 crore, compared with Rs 2907.8 crore in the
corresponding period of the previous year.
Profit
before tax for the year ended December 2023, increased 16.9% to Rs 867.7 crore,
compared with Rs 742.4 crore in the corresponding period of the previous year.
Profit after tax for the year ended December 2023, increased 16.7% to Rs 658.4
crore, compared with Rs 564.4 crore in the corresponding period of the previous
year.
In
2022, a rise in the US dollar against the Rupee and the British pound had
increased profitability, including Rs 30.1 crore from revaluation of a
subsidiary loan.
For the
year ended December 2023, the company paid three interim dividends totalling Rs
26 per equity share of face value of Re 1 each. The Board of Directors has
recommended a final dividend of Rs 28 per share (of Re 1 face value). The total
dividend for the year works out to Rs 54 per share.
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Crisil : Consolidated Results
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2403
(3)
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2303
(3)
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Var.
(%)
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2312(12)
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2212(12)
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Var.
(%)
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Income from Operations
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737.68
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714.89
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3
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3139.52
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2768.72
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13
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OPM (%)
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26.0
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28.5
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27.7
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25.8
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OP
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192.12
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203.47
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-6
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868.23
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713.07
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22
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Other income
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21.09
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17.34
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22
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106.91
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139.04
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-23
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PBIDT
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213.21
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220.81
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-3
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975.14
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852.11
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14
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Interest
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0.7
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1.18
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-41
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3.66
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6.4
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-43
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PBDT
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212.51
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219.63
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-3
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971.48
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845.71
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15
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Depreciation
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17.02
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26
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-35
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103.78
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103.31
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0
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PBT
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195.49
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193.63
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1
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867.7
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742.4
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17
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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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PBT before EO
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195.49
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193.63
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1
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867.7
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742.4
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17
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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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PBT after EO
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195.49
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193.63
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1
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867.7
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742.4
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17
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Tax
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57.77
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47.88
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21
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209.26
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178.01
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18
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PAT before MI
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137.72
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145.75
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-6
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658.44
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564.39
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17
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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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PAT after MI
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137.72
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145.75
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-6
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658.44
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564.39
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17
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EPS (Rs)*
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#
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#
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90.1
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77.2
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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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2403 (3)
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2303 (3)
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Var. (%)
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% of total
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2312 (12)
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2212 (12)
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Var. (%)
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Segment Revenue
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Rating Services
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27.4
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202.17
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186.51
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8
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24.6
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772.39
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663.43
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16
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Research, Analytics
and Solutions
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72.6
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535.51
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528.38
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1
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75.4
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2367.13
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2105.29
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12
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Total Sales
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100.0
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737.68
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714.89
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3
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100.0
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3139.52
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2768.72
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13
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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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737.68
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714.89
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3
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100.0
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3139.52
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2768.72
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13
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0.00
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0.00
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Segment Result (PBIDT)
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0.00
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0.00
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Rating Services
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53.9
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101.33
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89.69
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13
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40.4
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334.65
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278.59
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20
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Research Services
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46.1
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86.83
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109.32
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-21
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59.6
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493.63
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457.08
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8
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Total
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100.0
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188.16
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199.01
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-5
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100.0
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828.28
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735.67
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13
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Add: Unallocable
Income net of unallocable Expenses
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19.66
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7.26
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171
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91.69
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57.15
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60
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Less: Depreciation
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12.33
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12.64
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-2
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52.27
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50.42
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4
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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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195.49
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193.63
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1
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867.70
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742.40
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17
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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 |
CRISIL
(
Results
-
Analysis
17-Feb-24
08:07
)
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CRISIL consolidated net profit rises 32.97% in the December 2023 quarter
(
Results
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Announcements
16-Feb-24
17:38
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CRISIL PAT rises to Rs 152 cr in Q3 CY23
(
Hot Pursuit
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08-Nov-23
14:38
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Board of CRISIL recommends final dividend
(
Corporate News
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16-Feb-24
18:24
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CRISIL allots 4,113 equity shares under ESOS
(
Corporate News
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16-Feb-24
17:25
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Board of CRISIL approves change in directorate
(
Corporate News
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16-Feb-24
17:47
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CRISIL
(
Results
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Analysis
18-Feb-23
08:37
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CRISIL consolidated net profit rises 19.84% in the March 2023 quarter
(
Results
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Announcements
18-Apr-23
14:49
)
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CRISIL AGM scheduled
(
Corporate News
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17-Feb-24
10:57
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CRISIL to pay interim dividend
(
Market Beat
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Reports
18-Apr-23
15:09
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CRISIL Q4 PAT rises 33% YoY to Rs 210 cr
(
Hot Pursuit
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17-Feb-24
13:20
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