Mumbai, April 10: The Credit Rating Information Services of India Ltd (Crisil) has recorded a 3.3 per cent growth in its net profit to Rs 12.92 crore for the fiscal year ended March 31, 2000 as against a net profit of Rs 12.50 crore recorded in the previous year. The rating agency has declared a dividend of Rs 5.50 per share of Rs 10 (55 per cent).Crisil has also announced setting up of a dot.com subsidiary - Crisil.com Ltd - for carrying out its Internet-related activities. "The subsidiary's shares will be held by Crisil and the employees of Crisil, and the subsidiary and it (Crisil) will focus on revenue-driven presence in the e-information or transaction space both in the institutional segment as well as the individual side by creating a vertical finance portal," Crisil said.
Crisil's audited financial results were approved by its board of directors at a meeting held in Mumbai on Monday. However, the level of dividend remains unchanged from the previous year.
Crisil's income from operations for 1999-2000 at Rs 33.98 crore has shown a 6.59 per cent decline over that recorded in the previous fiscal.
However, a 65.56 per cent jump in other income to Rs 6.35 crore has helped the company to post a marginal growth in its net profit despite an 18.97 per cent jump in its expenditure to Rs 18.16 crore for the year ended March 31, 2000.
"The total income also moved up marginally to Rs 40.33 crore from Rs 40.21 crore in the previous year. After providing for depreciation of Rs 2.94 crore (Rs 4.11 crore) and taxation of Rs 6.31 crore (Rs 8.33 crore), the company's earning per share stood at Rs 20.84 as on March 31, 2000 as against Rs 20.16 at the same time last year," a Crisil release said.
The release added that Crisil has registered satisfactory performance despite widespread difficulties in the economy and industry. The company continued to innovate and play the role of a pioneer in the development of Indian debt market by launching new products such as rating of real estate developers as well as projects in association with National Real Estate Development Council with a view to enhance transparency in real estate market transactions.
Crisil's results and the announcement of the dot.com subsidiary were received favourably at the stock market. At the Bombay Stock Exchange, Crisil's share opened very strong at Rs 424.90, as compared to its previous close of Rs 395.25, and closed the day at the upper circuit at Rs 426.85.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.