Analytical agency, CRISIL, on Tuesday, via a board meeting, announced its Quarter 1 results. The company’s profit surged nearly 20 percent to Rs 145.8 crore against Rs 121.6 crore in the same quarter last year. The revenue jumped over 20 percent to Rs 714.9 crore against Rs 594.9 crore in the same quarter last year.
Mumbai headquartered company also saw an improvement in its EBITDA by over 15 percent to Rs 203.5 crore against while its margin improved by 110 basis points to 28.5 percent against 29.6 percent in the same quarter last year.
On reporting quarter 1 earnings, Amish Mehta, Managing Director & CEO, CRISIL said, "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," he added.
The Board of Directors of the CRISIL also approved an interim dividend of Rs 7 per equity share for the financial year ending December 31, 2023. The dividend will be paid/released on May 16, 2023.
Furthermore, the company has made an appointment. Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors also approved appointment of Girish Ganesan as an Additional Director, effective April 19, 2023, subject to shareholders approval through a postal ballot.
Ganesan is currently the Senior Vice President, People at S&P Global. He has over 19 years of experience across multiple HR disciplines including Organizational Change and Transformation among others.
Prior to S&P Global, Ganesan served as the Global Head of Diversity and Inclusion and Head of US Talent at TD Bank Group.
The company also revealed that the Board approved appointment of Ewout Steenbergen as Chairman of the Board from the conclusion of the of 36th Annual general Meeting (AGM).
The shares of CRISIL were trading at Rs 3,389 apiece, down nearly 4 percent from its previous close, at 3:20 pm. The stock, however, has gained over 10 percent year-to-date.
