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Crisil Q1 results: Net profit declines 5% to Rs 84 cr

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NEW DELHI: Ratings firm Crisil on Monday reported a 5.2 per cent decline in consolidated net profit at Rs 83.5 crore for the first quarter ended March 2021.

The company follows the January-December financial year.

In the same quarter a year ago, the company’s net profit stood at Rs 88.1 crore.

Foreign exchange loss for the quarter ended March 2021 was Rs 4.7 crore. There was a gain of Rs 16.6 crore in the corresponding period of the previous year, Crisil said.

The results for the quarter include full quarter financials of Greenwich Associates LLC, acquired in February 2020, as against one month’s numbers considered in the same quarter of the previous year, it added.

Consolidated income from operations during Q1 FY21 rose by 15.8 per cent to Rs 495.2 crore, compared to Rs 427.8 crore earlier.

Total income for the quarter was up 11 per cent to Rs 508.7 crore, as against Rs 458.2 crore in the same quarter of the previous year.

Crisil said its board of directors declared an interim dividend of Rs 7 per share (of Re 1 face value) in the current quarter for the financial year ended December 31, 2021, compared with Rs 6 per share interim dividend declared during the quarter ended March 31, 2020.

Ashu Suyash, managing director and CEO, Crisil said: “During the quarter, we saw good business momentum across ratings, research and analytics. Buoyant capital markets and new client acquisitions aided growth. Ongoing demand for traded and credit-risk offerings also helped.”

“We continue to make investments in data and technology capabilities, and in ensuring that our people are able to navigate well through the pandemic and serve clients,” she said.

The S&P Global Company’s local arm said the first quarter of 2021 started with positive developments on vaccination rollouts in a number of countries, including India.

Domestically, recovery in economic activity remained uneven as manufacturing related sectors saw a relatively faster pick-up than services.

“However, there are concerns as Covid-19 cases have started to rise at a rapid pace. Banking credit growth is expected to be lower at about 5 per cent as of March 2021 on a year-on-year basis as against a 6 per cent growth a year back. Credit to micro, small and medium enterprises, and agriculture saw an uptick,” it said.

Corporate credit, which forms nearly half of overall bank credit, did not see any growth as companies put capital expenditure on the backburner.

Issuers tapping the debt capital market witnessed a decline of 41 per cent and issuances in terms of quantum also saw a decrease of 18 per cent in the first quarter on a y-o-y basis.

Against this backdrop, Crisil Ratings saw a 6.2 per cent revenue uptick, driven by strong surveillance fees and new client adds.

Global Analytical Center grew by deepening coverage across practices, stepped up support for ESG offerings, and automation initiatives. Overall, the ratings segment revenue grew 11.8 per cent and profit 22.1 per cent on-year, it said.

It said India Research saw increased demand for data, research and analytics underpinned by uptick in capital market and industrial activity. In addition, new products such as alternative investment fund benchmarks and wealth tracker supported performance.

Stock of Crisil closed 0.74 per cent down at Rs 1,858.80 apiece on BSE.

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