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Results
11-Feb-25
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Analysis
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CRISIL
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Net profit up 7%, as OPM improves
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CRISIL has posted 1% decline in the consolidated income from
operations to Rs 912.91 crore for the quarter ended December 2024, compared
with Rs 917.74 crore in the corresponding quarter of the previous year.
Consolidated total income for the quarter ended December 2024, was down 1% to
Rs 912.91 crore, compared with Rs 950.95 crore in the corresponding quarter of
the previous year. Net
profit improved 7% to Rs 224.69 crore.
Profit before tax for the quarter ended December 2024, increased
6% to Rs 294.49 crore, compared with Rs 278.81 crore in the corresponding
quarter of the previous year.
PBT in
Q4CY2023 had a one-off gain of Rs 29.4 crore due to sharp devaluation of the
Argentinian peso.
Sales
of Rating Services segment surged 21% to Rs 253.86 crore (accounting for 27.8%
of total sales). Sales of Research & Information Services segment fell 7%
to Rs 659.05 crore (accounting for 72.2% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) increased 13% to Rs 285.55
crore. PBIT of Rating Services segment increased 9% to Rs 94.14 crore
(accounting for 33.0% of total PBIT). PBIT of Research & Information
Services segment moved up 15% to Rs 191.41 crore (accounting for 67.0% of total
PBIT).
PBIT
margin of Rating Services segment eased to 37.1%. PBIT margin of Research &
Information Services segment jumped to 29.0%.
Operating
profit margin has improved yoy from 29.6% to 31.4%, leading to 6% rise in
operating profit to Rs 287.07 crore. Employee expenses fell 4% to Rs 464.50
crore and other expenses increased 71% to Rs 75.0 crore in the quarter ended December
2024, professional fees jumped 30% and associate services fees declined 43%.
Other
income declined 9% to Rs 30.24 crore. PBIDT increased 4% to Rs 317.31 crore.
Provision for interest surged 156% to Rs 2.00 crore. PBDT moved up 4% to Rs 315.31
crore.
Provision
for depreciation declined 17% to Rs 20.82 crore. Profit before tax grew 6% to
Rs 294.49 crore. Share of profit/loss were nil in both the periods. Provision
for tax was expense of Rs 69.80 crore, compared to Rs 68.69 crore. Effective
tax rate was 23.7% compared to 24.6%.
Minority
interest was nil in both the periods. Net profit attributable to owners of the
company increased 7% to Rs 224.69 crore in Q4CY2024.
Says
Amish Mehta, Managing Director & CEO, Crisil, "The global economy
showed resilience, but the macroeconomic outlook is susceptible to the policy
implementation of the new U.S. administration and potential inflation pressures
from tariffs. India`s growth is now aligning with its long-term trend. Crisil
expects India`s GDP to grow 6.5% next fiscal, driven by lower inflation and
interest rate cuts. The recent budget supports public investment and
consumption, while upholding fiscal discipline. Our new brand identity
reinforces our position as a global, insightsdriven analytics organization and conveys
a more progressive vision of our future.”
Other updates
The credit ratings industry
sustained its growth momentum in 2024, driven by 11.7% yoy growth in the
corporate bond issuances. The second half saw large and frequent bond issuances
in the financial services sector, in contrast to a decline in the first half
amid hardening yields. Bank credit growth saw moderation to 11.2% yoy in 2024 against
15.6% in 2023, owing to slowdown in the services and retail segments.
Crisil Ratings maintained
its leading position in the corporate bond segment, driven by investor
preference for rating quality. Revenue was up 16% yoy in Q4CY2024, and 17.4% in
FY2024.
Crisil Global Analytics
Center (GAC) witnessed growth in delegation of surveillance from S&P Global
Ratings and demand for support in new areas from S&P Global.
The Crisil Ratings segment
revenue grew 21.1% in Q4 2024 and 17.7% in FY2024.
Crisil Integral IQ (formerly
GR&RS) was impacted by curtailed discretionary spending by global clients.
The banks are turning cautiously optimistic and continue to invest in
transformation and digital initiatives. The business saw momentum in buy side
offerings and made progress in leveraging Gen Al in client solutions. Crisil
Coalition Greenwich (formerly GBA) benefitted from momentum in corporate and
investment banking (CIB). Scaling of product offering and client engagement
strengthened the demand from large commercial banks. Crisil Intelligence
(formerly Ml&A) witnessed momentum in industry research, consulting, credit
and risk offerings.
The research, analytics and
solutions segment revenue declined by 6.9% in Q4CY2024 and 0.7% in FY2024.
Crisil has undergone a
strategic brand transformation to position its businesses under a cohesive
identity that offers a consistent and more connected experience for clients
around the world. It celebrates a pioneering and illustrious past, showcasing commitment
to deliver actionable insights to clients. Analytical rigour and domain
expertise continues to set standards and empower clients to make
mission-critical decisions with confidence.
Crisil Integral IQ sponsored
a risk finance event focusing on risk management trends including model risk,
investment risk, operational risk, and the impact of Al and technology. Crisil
Coalition Greenwich hosted the 21st Annual Competitive Challenges Conference
for asset managers in Chicago. The business published articles on wealth
management, commercial Jerding, technology and digital trends, US treasury,
corporate bond market, and FX trading.
Consolidated
Performance –CY2024
Crisil`s consolidated income
from operations in FY 2024 was up 3.8% to Rs 3,259.8 crore, compared with Rs 3139.5
crore in FY 2023. Consolidated total income in FY 2024 was up 3.6% to Rs
3,349.4 crore, compared with Rs 3,233.2 crore in FY 2023. PBT in FY 2024 was up
6.8% to Rs 926.5 crore, compared with Rs 867.7 crore in FY 2023.
For the year ended December 2024,
the company paid three interim dividends totalling Rs 30 per equity share of
face value of Re 1 each. The Board of Directors has recommended a final
dividend of Rs 26 per share (of Re 1 face value), taking the total dividend for
the year to Rs 56 per share.
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Crisil : Consolidated Results
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2412
(3)
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2312
(3)
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Var.
(%)
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2412 (12)
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2312 (12)
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Var.
(%)
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Income from Operations
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912.91
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917.74
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-1
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3259.78
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3139.52
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4
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OPM (%)
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31.4
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29.6
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27.9
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28.1
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OP
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287.07
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271.59
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6
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910.81
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881.5
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3
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Other income
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30.24
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33.21
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-9
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89.64
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93.64
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-4
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PBIDT
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317.31
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304.8
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4
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1000.45
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975.14
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3
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Interest
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2
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0.78
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156
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4.03
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3.66
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10
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PBDT
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315.31
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304.02
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4
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996.42
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971.48
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3
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Depreciation
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20.82
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25.21
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-17
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69.95
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103.78
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-33
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PBT
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294.49
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278.81
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6
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926.47
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867.7
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7
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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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294.49
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278.81
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6
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926.47
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867.7
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7
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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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0
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-
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PBT after EO
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294.49
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278.81
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6
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926.47
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867.7
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7
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Tax
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69.8
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68.69
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2
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242.4
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209.26
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16
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PAT before MI
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224.69
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210.12
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7
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684.07
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658.44
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4
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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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224.69
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210.12
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7
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684.07
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658.44
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4
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EPS (Rs)*
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#
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#
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93.6
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90.1
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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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2412 (3)
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2312 (3)
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Var. (%)
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% of total
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2412 (12)
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2312 (12)
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Var. (%)
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Segment Revenue
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Rating Services
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27.8
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253.86
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209.58
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21
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27.9
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909.15
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772.39
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18
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Research, Analytics
and Solutions
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72.2
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659.05
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708.16
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-7
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72.1
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2350.63
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2367.13
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-1
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Total Sales
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100.0
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912.91
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917.74
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-1
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100.0
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3259.78
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3139.52
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4
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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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912.91
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917.74
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-1
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100.0
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3259.78
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3139.52
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4
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Segment Result (PBIDT)
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Rating Services
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33.0
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94.14
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86.24
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9
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44.1
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398.01
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334.65
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19
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Research Services
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67.0
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191.41
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166.45
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15
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55.9
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505.21
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493.63
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2
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Total
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100.0
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285.55
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252.69
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13
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100.0
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903.22
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828.28
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9
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Add: Unallocable
Income net of unallocable Expenses
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23.22
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39.52
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-41
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72.39
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91.69
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-21
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Less: Depreciation
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14.28
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13.40
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7
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49.14
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52.27
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-6
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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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294.49
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278.81
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6
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926.47
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867.70
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7
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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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08:46
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