Financial Services firm Crisil announced Q1CY24 results:
Financial Performance Overview:
- CRISIL reported a 3.2% increase in consolidated income from operations, reaching Rs 737.7 crore in Q1CY24, up from Rs 714.9 crore in the corresponding quarter of the previous year.
- The company's consolidated total income for Q1CY24 rose by 3.6%, from Rs 732.2 crore in Q1CY23 to Rs 758.8 crore.
- Profit before tax (PBT) for Q1CY24 showed a marginal rise of 1.0%, ending up at Rs 195.5 crore compared to Rs 193.6 crore reported in the same quarter the previous year.
- There was a 5.5% decrease in profit after tax (PAT) which stood at Rs 137.7 crore, down from Rs 145.8 crore in Q1CY23.
Dividend Declaration:
- An interim dividend of Rs 7 per share was declared by the Board of Directors.
Segment Performance:
- Corporate bond issuances witnessed a growth of 9% YoY within the quarter.
- Bank credit growth was robust at 16.5%, primarily driven by the retail and services sectors. However, large corporate credit growth remained sluggish at 6.6%.
- CRISIL Ratings reported a revenue growth of 11.7% for the quarter on a YoY basis, maintaining a leading position in corporate bond ratings.
- The ratings services segment's revenue grew by 8.4% over the same quarter in the previous year.
- The Research, Analytics & Solutions segment registered a growth of 1.3% YoY.
Amish Mehta, Managing Director & CEO of CRISIL,said, "While global economic growth surprised on the upside in 2023, it is now expected to moderate in 2024. The momentum in India continues to be good, underscoring the country's growth potential, though private consumption growth bears watching. Global banking clients remain cautious because of macroeconomic and geopolitical uncertainties, and are aiming for operational efficiencies, regulatory compliance and business transformation. We remain committed to delivering value to all our stakeholders through investments in digital capabilities, talent, and new solutions."