Ratings firm CRISIL Ltd on Tuesday, November 7, reported a 2.8% year-on-year (YoY) rise in consolidated net profit at ₹152 crore for the third quarter that ended September 30, 2023. The company follows a January-December financial year.
In the corresponding quarter last year, CRISIL posted a net profit of ₹147.9 crore, the company said in a regulatory filing. The company's consolidated revenue from operations increased 7.7% to ₹735.9 crore against ₹683 crore in the year-ago period.
At the operating level, EBITDA jumped 26.5% to ₹191.7 crore in the third quarter of this fiscal over ₹151.5 crore in the corresponding period in the previous fiscal.
The EBITDA margin stood at 26.1% in the reporting quarter compared to 22.2% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
The consolidated total income was up 3.2% to ₹771.8 crore in the third quarter of 2023, compared with ₹748.2 crore in the corresponding quarter of the previous year. Profit before tax increased 6.1% to ₹200.3 crore in Q3 2023 versus ₹188.8 crore year on year (YoY).
The third quarter earnings include a foreign exchange gain of ₹13.3 crore (₹2.6 crore YTD 2023), compared with ₹48.3 crore in Q3 2022 (₹82.3 crore YTD 2022).
The board of directors declared an interim dividend of ₹11 per share (of ₹1 face value) in the current quarter for the financial year ending December 31, 2023, compared with ₹10 per share in the corresponding quarter of the previous year.
Corporate bond issuances declined in Q3 after several quarters of robust growth because of elevated yields. The bank loan ratings market was sluggish due to softer wholesale credit growth and higher interest rates.
CRISIL Ratings maintained leadership in corporate bond ratings given investor preference for best-in-class ratings. Overall, revenue was up 12.1 % YoY in Q3. The ratings services segment saw revenue grow 9.1% while the research, analytics and solutions segment grew 7.3%.
The results came after the close of the market hours. Shares of CRISIL Ltd ended at ₹4,353.90, down by ₹32.40, or 0.74%, on the BSE.
