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CRISIL has posted 11.6% growth in the consolidated income from
operations to Rs 917.7 crore for the quarter ended December 2023, compared with
Rs 822.3 crore in the corresponding quarter of the previous year. Consolidated
total income for the quarter ended December 2023, was up 13.4% to Rs 953.6
crore, compared with Rs 840.6 crore in the corresponding quarter of the
previous year. Net
profit increased 33% to Rs 210.12 crore.
Sales
of Rating Services segment improved 18% to Rs 209.58 crore (accounting for 23%
of total sales). Sales of Research & Information Services segment rose 10%
to Rs 708.16 crore (accounting for 77% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) rose 17% to Rs 252.69
crore. PBIT of Rating Services segment increased 21% to Rs 86.24 crore
(accounting for 34% of total PBIT). PBIT of Research & Information Services
segment moved up 16% to Rs 166.45 crore (accounting for 66% of total PBIT).
PBIT
margin of Rating Services segment rose from 40.2% to 41.1%. PBIT margin of
Research & Information Services segment improved from 22.3% to 23.5%.
Operating
profit margin has rose from 26.3% to 29.3%, leading to 24% rise in operating
profit to Rs 268.98 crore. Employee cost rose 10% to Rs 486.04 crore, profession
fees moved up 1%, associate services fees jumped 36% and other expenses dipped 22%
in Q3CY2023.
Other
income jumped 95% to Rs 35.82 crore. PBIDT gained 30% to Rs 304.80 crore.
Provision for interest fell 42% to Rs 0.78 crore. PBDT jumped 30% to Rs 304.02
crore. Provision for depreciation declined 4% to Rs 25.21 crore.
Profit
before tax grew 35% to Rs 278.81 crore. Share of profit/loss were nil in both
the periods. Provision for tax was expense of Rs 68.69 crore, compared to Rs 48.98
crore. Effective tax rate was 24.6% compared to 23.7%.
Minority
interest was nil in both the periods. Net profit attributable to owners of the
company increased 33% to Rs 210.12 crore.
Profit before tax for the quarter ended December
2023 includes a one-off gain of Rs 29.4 crore due to sharp devaluation of the
Argentinian peso in December.Amish Mehta, Managing Director & CEO,
CRISIL, said "The global macroeconomic situation remained complex in 2023.
World growth was higher than expected and inflation, despite peaking, was above
target for many central banks. India showed resilience and emerged as the
world`s fastest-growing major economy. We saw growth across our businesses
despite macro uncertainties and cost pressure on global clients. In 2024, the
expected soft landing of the global economy could have a bearing on
discretionary spends by global clients. We remain focused on customer
centricity and delivering value to all our stakeholders through investments in
technology, talent and new solutions."
Other updates
After
strong growth in the corporate bond market during the first half of 2023,
issuances declined in the second half as yields rose. Bank credit growth was
steady, supported by both retail and
services. CRISIL Ratings maintained its leadership in corporate bond ratings
given investor preference for best-in-class ratings. Overall, revenue was up 15.5% on-year in the quarter, and 16.8% in 2023.
Global
Analytical Center (GAC) continued to drive surveillance support across the
analytical practices of S&P
Ratings, and partnered on data and technology transformation programs.
The
Ratings segment grew 18.3% in the quarter and 16.4% for the year ended December
2023. Global Research & Risk
Solutions (GR&RS) saw traction in research and lending solutions. Global Benchmarking
Analytics (GBA) saw momentum in corporate and investment banking (CIB), driven
by the emphasis on client engagement and product innovation.
Market
Intelligence & Analytics (Ml&A) witnessed momentum in credit, risk and
consulting offerings. The research, analytics and solutions segment grew 9.8%
in the quarter and 12.4% in year ended December 2023.
GR&RS
published whitepapers and other reports covering themes such as leveraged
lending, Basel Ill reforms and FRTB framework, US commercial real estate
lending, and the growing impact of Generative Al in finance. GBA hosted the 20th Annual
Competitive Challenges Conference in Boston, with `Adapting
to Change: Strategies for the Agile Asset Manager` as the theme. GBA published
an article on treasury markets in a leading periodical in Germany, and biogs on
Al and data analytics, asset management and digital sustainability.
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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|
|
2312
(3)
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2212
(3)
|
Var.
(%)
|
2312
(12)
|
2212
(12)
|
Var.
(%)
|
|
Income from Operations
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917.74
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822.26
|
12
|
3139.52
|
2768.72
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13
|
|
OPM (%)
|
29.3
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26.3
|
|
27.7
|
25.8
|
|
|
OP
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268.98
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216.18
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24
|
868.23
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713.07
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22
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Other income
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35.82
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18.38
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95
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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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304.8
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234.56
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30
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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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0.78
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1.35
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-42
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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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304.02
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233.21
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30
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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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25.21
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26.21
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-4
|
103.78
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103.31
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0
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PBT
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278.81
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207
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35
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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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278.81
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207
|
35
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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
|
-
|
0
|
0
|
-
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PBT after EO
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278.81
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207
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35
|
867.7
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742.4
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17
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Tax
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68.69
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48.98
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40
|
209.26
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178.01
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18
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PAT before MI
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210.12
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158.02
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33
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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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0
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0
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-
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PAT after MI
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210.12
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158.02
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33
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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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|
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% of total
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2312 (3)
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2212 (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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|
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Rating Services
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22.8
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209.58
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177.20
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18
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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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77.2
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708.16
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645.06
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10
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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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917.74
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822.26
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12
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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
|
|
|
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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917.74
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822.26
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12
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100.0
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3139.52
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2768.72
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13
|
|
|
|
0.00
|
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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34.1
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86.24
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71.16
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21
|
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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65.9
|
166.45
|
144.04
|
16
|
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
|
252.69
|
215.20
|
17
|
100.0
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828.28
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735.67
|
13
|
|
Add: Unallocable
Income net of unallocable Expenses
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|
39.52
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4.55
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769
|
|
91.69
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57.15
|
60
|
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Less: Depreciation
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|
13.40
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12.75
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5
|
|
52.27
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50.42
|
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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-
|
|
0.00
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0.00
|
-
|
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Profit Before Tax
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278.81
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207.00
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35
|
|
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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