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For the quarter ended September 09, ICRA has reported 9% increase in Consolidated the Net Profit to Rs 10.68 crore on the back of 6% increase in the Income from Operations to Rs 36.35 crore. The segmental margins of all the segments (except IT services) de grew and resulted in 780 bps slippage in the OPM to 36% thus resulted in operating Profit to fall by 13% to Rs 13.09 crore. Further spurt in the other Income by 191% to Rs 3.15 crore and Rs 1.98 crore of income from reversal of diminishing in carrying value of investments has aided in the growth of Net Profit.
On the standalone Net Profit of the company was above the Consolidated Net Profit at Rs 11.11 crore (up by 27%) on the back of 11% rise in the Income from Operations to Rs 24.73 crore. OPM shed 940 bps to 50.1% owing to spike in all the expenditure heads of the company. Thus Operating Profit has dipped by 7% to Rs 12.40 crore. However, more than three fold rise in the other income to Rs 3.11 crore coupled with Rs 1.87 crore of income from reversal of diminishing in carrying value of investments has boosted Net Profit up by 27% to Rs 11.11 crore.
Quarterly Performance
On the consolidated front, ICRA has reported 6% increase in the Income from Operations to Rs 36.35 crore, driven by 11% rise in the rating segment revenues to Rs 24.73 crore for the quarter ended September 09. The growth in Rating Services Income during the quarter is attributable mainly to the increase in income from Corporate Sector Ratings. Debt Instruments Ratings and Basel II Ratings contributed significantly to the growth in the Corporate Ratings business. Besides Rating of debt issuance by existing and new issuers, the Company was also able to add new issuers/borrowers to its list of rating clients during the second quarter September 30, 2009. On the other hand, consulting business de grew by 33% to Rs 3.74 crore in the quarter under review.
Both the Consulting and information services segments have reported losses at the segment level at Rs 0.59 crore and Rs 0.15 crore respectively. The segment margins of both the rating segment and Outsourced services segment has slipped down and resulted in the contraction of OPM by 780 bps to 36%. Thus the Operating profit has quiver down by 13% to Rs 13.09 crore. Further other income has zoomed to Rs 3.15 crore from Rs 1.08 crore in the corresponding previous quarter and led PBT flat at Rs 15.23 crore. Further Rs 1.98 crore of income from reversal of diminishing in carrying value of investments has resulted in 13% rise in the PBT after provision to Rs 17.21 crore. After accounting effective tax rate of 260 bps to 37.9%, Net Profit was trimmed to growth of 9% to Rs 10.68 crore.
Half Yearly Performance
For the half year ended September 09, ICRA has reported 16% rise in the Income from operations to Rs 69.52 crore and Net Profit growth of 36% to Rs 23.05 crore. OPM has slided by 630 bps to 31.8% and pulled down Operating profit by 3% to Rs 22.09 crore. Further 63% rise in the other income to Rs 7.36 crore and Rs 8.61 crore of income from reversal of diminishing in carrying value of investments has pushed up PBT before Provision by 42% to Rs 36.16 crore. After accounting 56% rise in the taxation to Rs 13.11 crore, Net Profit of the company stood at 36% to Rs 23.05 crore.
Other Information
- The book value of the company, on consolidated front as on quarter ended September 09 stood at Rs 211.76 per share and that of Standalone front was Rs 203.7 per share.
- The Scrip is hovering at Rs 786 on BSE.
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