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Results
19-Apr-23
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Analysis
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CRISIL
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Strong show across segments
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Crisil has
recorded improved 20% growth in the
consolidated income from operations for the quarter ended March 2023 to
Rs 714.9 crore, compared with Rs 594.9 crore in the corresponding quarter of
the previous year. Consolidated total income moved up 19.1 % to Rs 732.2 crore
from Rs 615.1 crore in the corresponding quarter of the previous year. Net
profit increased 19.84% to Rs 145.75 crore. The 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.
Sales of Rating Services
segment has gone up 14.20% to Rs 186.51 crore (accounting for 26.09% of total sales).
Sales of Research & Information Services segment rose 34.02% to Rs 528.38
crore (accounting for 73.91% of total sales).
Profit before interest, tax
and other unallocable items (PBIT) has jumped 12.14% to Rs 199.01 crore. PBIT
of Rating Services segment rose 15.31% to Rs 89.69 crore (accounting for 45.07%
of total PBIT). PBIT of Research & Information Services segment rose 14.41%
to Rs 109.32 crore (accounting for 54.93% of total PBIT).
PBIT margin of Rating
Services segment rose from 47.62% to 48.09%. PBIT margin of Research &
Information Services segment fell from 24.24% to 20.69%. Overall PBIT margin
fell from 29.83% to 27.84%.
Operating profit margin has
declined from 29.63% to 28.46%, leading to 15.43% rise in operating profit to
Rs 203.47 crore. Employee cost increased from 53.76% to 54.93%. Selling and
administration expenses fell from 10.39% to 9.23%.
Other income fell 13.77% to
Rs 17.34 crore. PBIDT rose 12.44% to Rs 220.81 crore. Provision for interest
fell 35.87% to Rs 1.18 crore.
PBDT rose 12.90% to Rs
219.63 crore. Provision for depreciation rose 3.05% to Rs 26 crore.
Profit before tax grew
14.36% to Rs 193.63 crore. Share of profit/loss were nil in both the periods. Provision
for tax was expense of Rs 47.88 crore, compared to Rs 47.69 crore. Effective
tax rate was 24.73% compared to 28.17%.
Minority interest was nil in
both the periods. Net profit attributable to owners of the company increased
19.84% to Rs 145.75 crore.
Says Amish Mehta, Managing
Director & CEO, CRISIL, "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."
Other updates
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.
Global Analytical Center
(GAC) saw robust surveillance work delegation by S&P Global Ratings. The
ratings services segment saw revenue growth of 16.1 % 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) continues 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 financial services
clients.
Market Intelligence &
Analytics (Ml&A) saw traction for its proprietary credit risk solutions,
and momentum in sustainability, research and consulting offerings.
The Research, Analytics
& Solutions segment grew 21.7% on-year in the quarter. Investments in
technology and people continue since they are the foundation for growth.
Franchise activity continued well during the quarter.
Consolidated
Performance – CY2022
The consolidated income from
operations of CRISIL rose 20.3% to Rs 2768.7 crore in CY2022, compared with Rs
2300.7 crore in CY2021. Consolidated total income was up 22.1% to Rs 2907.8
crore compared with Rs 2382.4 crore. Profit before exceptional items and tax
increased 29.6% to Rs 742.4 crore compared with Rs 572.6 crore in CY2021.
Profit after tax (excluding impact of exceptional item) increased 30.7% to Rs
564.4 crore in CY2022 from Rs 431.7 crore in CY2021. Profit before tax includes
exceptional income of Rs 45.8 crore towards profit on sale of property.
Sharp movement in the US
dollar versus the Rupee and the British pound supported profitability in
CY2022, which includes Rs 30.1 crore from revaluation of subsidiary loan. The
fourth quarter saw appreciation in the British pound versus US dollar,
resulting in an adverse impact (including Rs 5.3 crore loss from revaluation of
subsidiary loan).
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Crisil : Consolidated Results
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2303
(3)
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2203
(3)
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Var.
(%)
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2212
(12)
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2112
(12)
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Var.
(%)
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Income from Operations
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714.89
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594.94
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20
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2768.72
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2300.69
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20
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OPM (%)
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28.5
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29.6
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25.8
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26.3
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OP
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203.47
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176.27
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15
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713.07
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605.84
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18
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Other income
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17.34
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20.11
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-14
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139.04
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81.69
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70
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PBIDT
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220.81
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196.38
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12
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852.11
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687.53
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24
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Interest
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1.18
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1.84
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-36
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6.4
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8.93
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-28
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PBDT
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219.63
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194.54
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13
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845.71
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678.6
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25
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Depreciation
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26
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25.23
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3
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103.31
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105.98
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-3
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PBT
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193.63
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169.31
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14
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742.4
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572.62
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30
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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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193.63
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169.31
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14
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742.4
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572.62
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30
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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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45.82
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-
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PBT after EO
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193.63
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169.31
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14
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742.4
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618.44
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20
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Tax
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47.88
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47.69
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0
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178.01
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152.63
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17
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PAT before MI
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145.75
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121.62
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20
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564.39
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465.81
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21
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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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PAT after MI
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145.75
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121.62
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20
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564.39
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465.81
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21
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EPS (Rs)*
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#
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#
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77.2
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59.0
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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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% of total
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2303 (3)
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2203 (3)
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Var. (%)
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% of total
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2212 (12)
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2112 (12)
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Var. (%)
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Segment Revenue
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Rating Services
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26.1
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186.51
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160.65
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16
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24.0
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663.43
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592.41
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12
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Research, Analytics
and Solutions
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73.9
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528.38
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434.29
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22
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76.0
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2105.29
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1708.28
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23
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Advisory Services
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0.0
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0.00
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0.00
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-
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0.0
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0.00
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0.00
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-
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Total Sales
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100.0
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714.89
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594.94
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20
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100.0
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2768.72
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2300.69
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20
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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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Net Sales/Income from
operation
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100.00
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714.89
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594.94
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20
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100.0
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2768.72
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2300.69
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20
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0.00
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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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45.1
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89.69
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77.59
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16
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37.9
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278.59
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253.78
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10
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Research Services
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54.9
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109.32
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99.87
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9
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62.1
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457.08
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339.60
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35
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Advisory Services
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0.0
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0.00
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0.00
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-
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0.0
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0.00
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0.00
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-
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Total
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100.0
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199.01
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177.46
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12
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100.0
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735.67
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593.38
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24
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Add: Unallocable
Income net of unallocable Expenses
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7.26
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4.00
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82
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57.15
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30.82
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85
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Less: Depreciation
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12.64
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12.15
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4
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50.42
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51.58
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-2
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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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Profit Before Tax
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193.63
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169.31
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14
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742.40
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572.62
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30
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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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Previous News |
CRISIL to pay 3rd interim dividend
(
Market Beat
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Reports
07-Nov-23
17:39
)
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Board of CRISIL approves incorporation of step down subsidiary for providing ESG Ratings services
(
Corporate News
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12-Sep-23
17:07
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CRISIL to hold board meeting
(
Corporate News
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02-Nov-23
11:40
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CRISIL appoints President - Human Resources
(
Corporate News
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13-Feb-24
12:48
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CRISIL to pay final dividend
(
Market Beat
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Reports
16-Feb-22
09:40
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CRISIL
(
Results
-
Analysis
17-Apr-24
08:17
)
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CRISIL update on transfer of ERP business to CRISIL ESG Ratings
(
Corporate News
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25-Apr-24
19:52
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CRISIL allots 94,565 equity shares under ESOS
(
Corporate News
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16-Feb-22
09:41
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CRISIL soars after PAT rises 53% YoY in Dec'21 quarter
(
Hot Pursuit
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16-Feb-22
09:21
)
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CRISIL AGM scheduled
(
Corporate News
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16-Feb-22
09:53
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CRISIL fixes record date for 2nd interim dividend
(
Market Beat
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Reports
10-Jul-21
10:08
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Other Stories |
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