CRISIL said appreciating rupee had an impact on the quarter. Capital markets issuers declined materially by 21% during the quarter, while systemic credit growth remained subdued. Despite the weak environment, CRISIL Ratings strengthened its leading position in the corporate bond market. The Global Analytical Center (GAC) increased its coverage for S&P Global Ratings, including support for key initiatives such as environmental, social and governance evaluations, and inferencing impact of Covid-19. Overall, given the slackness, the segment de-grew 4% during the third quarter.

Growth in the research segment was led by the Global Research & Analytics business, which saw strong demand for risk and transformation services. Fundamental research saw a tepid performance because of anticipated sell-side restructuring. India Research launched new industry reports and a district-level Covid19 dashboard, which received good response.

Growth in the advisory segment was muted given across-the-board reduction in infrastructure spends. Some risk platform implementation delays are being experienced as banks in India have deferred milestones given the impact of COVID-19. Nonetheless, CRISIL continues to see demand for its risk assessment models and early warning signals. Overall, the segment saw 6.4% de-growth during the quarter.

Commenting on the performance, Ashu Suyash, MD & CEO said, "Covid-19 has altered the business dynamics of organisations globally. CRISIL's proactive and planned responses have meant all our businesses remain fully functional through this prolonged pandemic. Driven by our commitment to stakeholders and markets, we have seen client wins across ratings, research and analytics. Growth during the quarter was led by continued uptick in our global risk analytics business, especially in the traded- and model-risk segments. Our ongoing focus on digital and excellence has enabled profitable growth during the period."

Meanwhile, CRISIL has announced an interim dividend of Rs 7 per equity share.

CRISIL is a leading global analytics company. It provides ratings, data, research,analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.