The Board of Directors of ICRA Limited (ICRA) at its meeting held today approved the Unaudited Financial Results of the Company for the third quarter and the nine months ended December 31, 2011.

HIGHLIGHTS

ICRA's Operating Income for the third quarter ended December 31, 2011 (Q3, 2011-12) shows growth of 23% over Q3, 2010-11 from Rs. 30.15 crore to Rs. 36.96 crore. The growth in Rating Services Income during Q3, 2011-12 is attributable to the expansion of Bank Loan Ratings, besides Corporate Debt Ratings. ICRA's Total Income for Q3, 2011-12 stands at Rs. 41.52 crore as against Rs. 34.62 crore in Q3, 2010-11, indicating an increase of 20%. Over the same horizon, ICRA's Profit after Tax shows growth of 68%, from Rs. 9.22 crore to Rs. 15.51 crore.

For the nine months ended December 31, 2011 (9M, 2011-12), ICRA's Operating Income stood at Rs. 96.05 crore as against Rs. 90.76 crore in 9M, 2010-11, indicating growth of 6%. ICRA's Total Income stood at Rs. 106.14 crore in 9M, 2011-12 as against Rs. 101.18 crore in 9M, 2010-11, indicating growth of 5%. ICRA's Profit after Tax declined from Rs. 33.66 crore in 9M, 2010-11 to Rs. 28.30 crore in 9M, 2011-12, or by 16%. This decline is attributable, in large measure, to the amortisation of Rs. 11.31 crore as ESOP expenses during 9M, 2011-12. In 9M, 2010-11, however, the amortisation of ESOP expenses stands at a much lower Rs. 2.81 crore. Were these figures to be excluded, ICRA's Profit after Tax would show growth of 5% in 9M, 2011-12 over the corresponding period of the previous year.

Group ICRA's consolidated Operating Income for Q3, 2011-12 shows growth of 15% over the corresponding previous, from Rs. 47.22 crore to Rs. 54.23 crore. Group ICRA's consolidated Total Income for Q3, 2011-12 stands at Rs. 59.80 crore as against Rs. 51.54 crore in Q3, 2010-11, indicating an increase of 16%. Over the same horizon, Group ICRA's Profit after Tax shows growth of 54%, from Rs. 11.27 crore to Rs. 17.36 crore.

Group ICRA's consolidated Operating Income for 9M, 2011-12 shows growth of 6% over the corresponding previous, from Rs. 136.67 crore to Rs. 144.85 crore. Group ICRA's consolidated Total Income for 9M, 2011-12 stands at Rs. 156.66 crore vis-à-vis Rs. 147.15 crore for 9M, 2010-11, reflecting an increase of 6%. Over the same horizon, Group ICRA's Profit after Tax shows a decline of 18% from Rs. 36.29 crore to Rs. 29.59 crore, the decline being largely attributable to the amortisation of ESOP expenses. Were the figures for amortisation of ESOP expenses to be excluded, Group ICRA's Profit after Tax in 9M, 2011-12 would show growth of 2% over the corresponding period of the previous year.