CRISIL Limited on Tuesday reported its fourth quarter earnings for the financial year 2023-24 with profit at Rs 137.72 crore, down 5.5 per cent in comparison to Rs 145.75 crore during the same period last year. It posted revenue from operations at Rs 737.68 crore, up 3.2 per cent as against Rs 714.89 crore during the fourth quarter of FY23. The company board also approved the payment of interim dividend of Rs 7 per equity share of face value of Re 1 each, for the financial year ending December 31, 2024, which will be paid on May 14, 2024.
While CRISIL recorded total income during the quarter in review at Rs 758.77 crore, total expenses incurred during Q4FY24 was at Rs 563.28 crore.
Amish Mehta, Managing Director & CEO, 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.”
CRISIL expects India’s GDP growth to moderate to 6.8 per cent in fiscal 2025 due to high interest rates, fiscal consolidation and uneven global growth. On the other hand, healthy corporate balance sheets, a robust banking system, the government’s capex focus and the broad basing of private investment will be supportive of domestic activity.
In a statement, CRISIL said that corporate bond issuances grew 9 per cent on-year in the quarter ended March 31, 2024 as against 28 per cent for full year 2023. Bank credit growth was 16.5 per cent, driven by demand from the retail and services sectors. Large corporate credit growth was tepid at 6.6 per cent.
While CRISIL’s ratings services segment saw revenue growth of 8.4 per cent on-year during the quarter, the research, analytics and solutions segment grew 1.3 per cent on-year during Q4.
The Board of Directors also approved the appointment of SN Ananthasubramanian & Co as the Secretarial Auditor of the company. SN Ananthasubramanian & Co (SNA & Co.) was established in 1991 and has experience of more than three decades.