Financial Services company Crisil announced Q3CY23 results:
1. Financial Results:
- CRISIL's consolidated income from operations rose 7.7% to Rs 735.9 crore in Q3CY23, compared to Rs 683.0 crore in Q3CY22.
- Consolidated total income increased 3.2% to Rs 771.8 crore in Q3CY23.
- Profit before tax increased 6.1% to Rs 200.3 crore in Q3CY23.
- Profit after tax rose 2.8% to Rs 152.0 crore in Q3CY23.
2. Dividend Declaration:
- The Board of Directors declared an interim dividend of Rs 11 per share for the financial year ending December 31, 2023.
3. Business Performance and Outlook:
- CRISIL saw growth across its businesses.
- Global macroeconomic outlook and geopolitical uncertainties are impacting growth and discretionary spending by financial institutions.
- Medium-term prospects for India remain healthy, with infrastructure spending as the key driver.
- The Company continues to focus on client-centricity and developing solutions through talent, domain-led IP, and digital transformation.
4. Industry Analysis:
- Q3CY23 was marked by a transitory spike in inflation due to food prices and erratic monsoon.
- Domestic demand remained resilient despite headwinds from slowing exports and elevated interest rates.
- Infrastructure sector benefited from large-scale government spending.
- Corporate bond issuances declined in Q3CY23 due to elevated yields, and the Bank Loan Ratings market was sluggish.
5. Segment Results:
- Ratings services and Research, Analytics & Solutions contributed to the overall revenue from operations.
- Ratings services segment saw revenue grow 9.1% in Q3CY23, while Research, Analytics & Solutions grew 7.3%.
- Global Analytical Center (GAC) increased support to S&P Global Ratings cross-surveillance and new areas.
Amish Mehta, Managing Director and CEO, CRISIL, said, "We saw growth across our businesses. The global macroeconomic outlook and geopolitical uncertainties are impacting growth and discretionary spending by financial institutions. Global banking clients are staying focused on driving growth, regulatory spending and business transformation. The medium-term prospects for India remain healthy with infrastructure spending as the key driver. We continue to focus on client centricity and developing solutions through our high-quality talent, domain-led IP and digital transformation."