Crisil September quarter net profit jumps 31% to Rs 148 cr, revenue up 23.9%

0

The nation’s biggest rating agency, Crisil, on Friday reported a 31% annualized growth in net profit to 147.9 crore rupees for the quarter ended September.

The S&P-owned rating agency said its operating income rose 19.6% to Rs 683 crore in the third quarter (the company tracks the calendar year as the financial year).

Consolidated revenue increased by 23.9% to Rs 748.2 crore.

The surge in gross income and net income was spurred by the sharp rise in the dollar and the pound against the rupee. This includes Rs 19.5 crore from the third-quarter subsidiary loan revaluation of Rs 35.4 crore so far in 2022, its managing director Amish Mehta said.

Despite numerous headwinds, the company recorded growth across its business, driven by momentum in bank loan ratings in the country, although corporate bond issuance was subdued. There was also traction in its global business, he added.

Rising working capital needs and stronger bank balance sheets are leading to faster bank credit growth, mainly in the service and MSME sectors.

In contrast, corporate bond issuance fell 3% year-on-year in the third quarter, while the number of issuers in capital markets fell 14%.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Share.

Comments are closed.