Profit before tax for the quarter ended March 2023 rose 14.4% to Rs 193.6 crore, compared with Rs 169.3 crore in the corresponding quarter of the previous year.

Crisil stated that this quarter saw appreciation in the Indian rupee and the British pound versus the US dollar, resulting in an adverse foreign exchange impact, compared with foreign exchange gain in the corresponding quarter of the previous year.

Amish Mehta, managing director & CEO of CRISIL, said, "We saw growth across our businesses stemming from demand for insights and analytics, amid macro and global market uncertainties. Flanks of caution are building up because of the imminent slowdown in developed economies, and the lagged effect of past repo rate hikes expected to manifest through domestic demand in the months ahead.

Global banking clients continue to focus on operational efficiency and spends related to regulatory requirements, sustainability and business transformation. We expanded our footprint in Asia-Pacific with the acquisition of Peter Lee Associates."

Corporate bond issuances in India grew 48% by quantum in the first quarter on-year, and 8% by number of issuers. Bank credit continued to grow well, leading to healthy uptick in bank loan ratings.

CRISIL Ratings performance was supported by higher corporate bond issuances (both, by quantum and number of issuers) during the first quarter. Overall revenue was up 16.9% on-year in the quarter.

The Ratings services segment saw revenue growth of 16.1 % on-year in the quarter. Global Analytical Center (GAC) saw robust surveillance work delegation by S&P Global Ratings.

The Research, Analytics & Solutions segment grew 21.7% on-year in the quarter. Global Research & Risk Solutions (GR&RS) witnessed momentum across research, credit risk and market risk solutions. The business also added new logos during the quarter. Global Benchmarking Analytics (GBA) continued to strengthen its client engagement driven by need for granular, actionable analytics and intelligence among clients.

Given the current environment in the global financial sector, the company expects increased regulatory oversight and cost pressures across its financial services clients. Market Intelligence & Analytics (Ml&A) saw traction for its proprietary credit risk solutions, and momentum in sustainability, research and consulting offerings.

Meanwhile, the board of directors approved the payment of interim dividend of Rs 7 per equity share for the financial year ending 31 December 2023, which will be paid on 16 May 2023.

CRISIL is a global analytics company. It is India's foremost provider of ratings, data, research, analytics and solutions.

The scrip slipped 3.22% to currently trade at Rs 3,416 on the BSE.