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Results
11-Nov-21
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Analysis
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CRISIL
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Healthy momentum across businesses
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Crisil has recorded strong
18% growth in the consolidated income from operations for the quarter ended September
2021 to Rs 570.96 crore, compared with Rs 484.99 crore in the corresponding
quarter of 2020. Consolidated
total income for the quarter ended March 2021, was up 16% to Rs 603.80 crore,
compared with Rs 522.01 crore in the corresponding quarter of the previous
year.
Sales of Rating Services segment increased
12% % to Rs 153.62 crore (accounting for 26.91% of total sales). Sales of
Advisory Services segment has gone up 11% to Rs 35.61 crore (accounting for 6.24%
of total sales). Sales of Research Services segment rose 21% to Rs 381.73 crore
(accounting for 66.86% of total sales).
Operating profit margin has jumped
from 23.4% to 25.7%, leading to 29% rise in operating profit to Rs 146.51
crore. Employee cost increased 23%, professional fees 8% and travel 142%, while
associate service fees declined 17%, finance cost 48%, depreciation 20% and
other expenses 14%.
Other income declined 11% to Rs 32.84
crore. Profit before tax grew 33% to Rs 151.23 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 38.37 crore,
compared to Rs 23.89 crore. Effective tax rate was 25.4% compared to 20.9%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company increased 25% to
Rs 112.86 crore.
The Board of Directors has declared an
interim dividend of Rs 9 per share (of Re 1 face value) for the quarter ended
September 30, 2021, compared with Rs 7 per share for the same quarter last
year.
Says Amish
Mehta, Managing Director & CEO, CRISIL, “We saw strong momentum across our
businesses during the quarter. Our focus on customer centricity and domain-led
analytics and solutions have helped us grow the core areas. Our new offerings
in risk and sustainability have deepened our presence across client segments.
We continue to invest in people and technology to drive growth and be
future-ready. While inflation risks persist, there is continuing expectation of
a broad-based economic recovery, both in India and across the world. There is
an increased focus on transformation-related spend by global banks.”
Other updates
CRISIL Ratings revenue grew 21.5%
on-year in the quarter ended September 30, 2021, as the business environment
improved. With demand picking up across the economy, activity in the lending
markets is improving. There are increasing signs of companies enhancing their
bank lines and seeking refinancing. The business added new clients and saw
growth in the stressed assets ratings space. CRISIL Ratings continues to
maintain leadership in the corporate bond market. The Global Analytical Center
(GAC) also increased support to S&P Global Ratings across surveillance, new
issuances and transformation projects. The overall ratings segment grew 12.1%
on-year during the quarter ended September 30, 2021.
In Research, buoyancy in the domestic
capital market and pick-up in economic activity continue to steer the need for
research and analytics. The segment grew 20.9% on-year during the September
2021 quarter, with all segments delivering growth. Global Research & Risk
Solutions (GR&RS) grew on the back of new mandate wins, and increased
traction for risk, credit research and sustainability offerings. Market changes
and regulations driving transformation agenda at financial institutions are
also spawning opportunities.
Coalition Greenwich revenue grew on
continuing demand for benchmarking analytics from its core client segments. In
commercial banking, with clients focusing on revenue expansion, opportunities
increased. The Infrastructure Advisory business bagged large wins from
multilaterals. The segment grew 10.9% on year in the quarter ended September 2021.
The Business Intelligence and Risk Solutions business increased its overseas
client footprint.
During the quarter ended September 30,
2021, CRISIL Ratings published opinion pieces on MSME, retail assets,
securitisation, and the indebtedness of states, and hosted many webinars.
GR&RS released a whitepaper on model risk management discussing the
European regulatory guidelines for investment management firms. CRISIL Research
hosted the third edition of CRISIL’s Advisor Connect webinar series titled,
‘Preparing investors for known and unknown investment risks’. Coalition
Greenwich conducted its annual Competitive Challenges Conference for the global
asset management industry.
Consolidated
Performance – 9MCY2021
CRISIL’s consolidated income from
operations for the nine months ended September 30, 2021, rose 15.2% to Rs
1,594.7 crore, compared with Rs 1,384.6 crore in the corresponding period of
the previous year. Consolidated total income for the nine months ended
September 30, 2021, was up 13.6% to Rs 1,662.9 crore, compared with Rs 1,464.1
crore in the corresponding period of the previous year. Profit after tax for
the nine months ended September 30, 2021, increased 21.5% to Rs 297.2 crore,
compared with Rs 244.7 crore in the corresponding period of the previous year.
The results include the 9-month
financials of Greenwich Associates LLC (acquired on February 26, 2020) while
for the same period last year, 7-month financials were considered.
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Crisil : Consolidated Results
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2109
(3)
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2009
(3)
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Var.
(%)
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2109
(9)
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2009
(9)
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Var.
(%)
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2012(12)
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1912(12)
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Var.
(%)
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Income from Operations
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570.96
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484.99
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18
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1594.67
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1384.59
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15
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1981.83
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1731.72
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14
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OPM (%)
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25.7
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23.4
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25.9
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24.9
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25.2
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25.7
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OP
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146.51
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113.38
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29
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413.32
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345.2
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20
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499.28
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445.86
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12
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Other income
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32.84
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37.02
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-11
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68.26
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79.53
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-14
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94.51
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82.82
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14
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PBIDT
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179.35
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150.4
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19
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481.58
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424.73
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13
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593.79
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528.68
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12
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Interest
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1.9
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3.63
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-48
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7.08
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10.68
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-34
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14.39
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0.23
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6157
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PBDT
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177.45
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146.77
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21
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474.5
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414.05
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15
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579.4
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528.45
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10
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Depreciation
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26.22
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32.65
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-20
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81.35
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89.84
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-9
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121.11
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36.86
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229
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PBT
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151.23
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114.12
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33
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393.15
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324.21
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21
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458.29
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491.59
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-7
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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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151.23
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114.12
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33
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393.15
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324.21
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21
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458.29
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491.59
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-7
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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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0
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0
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-
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PBT after EO
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151.23
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114.12
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33
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393.15
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324.21
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21
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458.29
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491.59
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-7
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Tax
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38.37
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23.89
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61
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95.97
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79.52
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21
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103.56
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147.64
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-30
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PAT before MI
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112.86
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90.23
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25
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297.18
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244.69
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21
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354.73
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343.95
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3
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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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112.86
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90.23
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25
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297.18
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244.69
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21
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354.73
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343.95
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3
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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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48.9
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47.4
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* Annualised on current equity of
Rs 7.28 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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2109 (3)
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2009 (3)
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Var. (%)
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% of total
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2109 (9)
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2009 (9)
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Var. (%)
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% of total
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2012(12)
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1912(12)
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Var. (%)
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Segment Revenue
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Rating Services
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26.91
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153.62
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137.08
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12
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27.54
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439.13
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414.38
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6
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28.51
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565.04
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544.81
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4
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Research Services
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66.86
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381.73
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315.81
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21
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65.81
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1049.41
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875.89
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20
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64.72
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1282.71
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1044.40
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23
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Advisory Services
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6.24
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35.61
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32.10
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11
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6.66
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106.13
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94.32
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13
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6.77
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134.08
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142.51
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-6
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Total Sales
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100.00
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570.96
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484.99
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18
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100.00
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1594.67
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1384.59
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15
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100.00
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1981.83
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1731.72
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14
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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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0.00
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0
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Net Sales/Income from
operation
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100.00
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570.96
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484.99
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18
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1594.67
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1384.59
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15
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1981.83
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1731.72
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14
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Segment Result (PBIDT)
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Rating Services
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43.31
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64.41
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51.91
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24
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45.42
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186.73
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168.74
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11
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50.86
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226.72
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219.54
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3
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Research Services
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56.15
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83.51
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35.50
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135
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52.69
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216.58
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137.92
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57
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46.88
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209.01
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233.68
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-11
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Advisory Services
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0.54
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0.81
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2.61
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-69
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1.89
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7.77
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3.65
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113
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2.26
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10.07
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12.73
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-21
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Total
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100.00
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148.73
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90.02
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65
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100.00
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411.08
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310.31
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32
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100.00
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445.80
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465.95
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-4
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Add: Unallocable
Income net of unallocable Expenses
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15.40
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37.97
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-59
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20.89
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51.95
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-60
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64.26
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62.50
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3
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Less: Depreciation
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12.90
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13.87
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-7
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38.82
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38.05
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2
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51.77
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36.86
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40
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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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0.00
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-
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Profit Before Tax
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151.23
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114.12
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33
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393.15
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324.21
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21
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458.29
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491.59
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-7
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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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