CRISIL Ltd on Tuesday reported its June quarter earnings with profit flat at Rs 150.11 crore YoY. It posted revenue from operations at Rs 797.35 crore, up 3.4 per cent as against Rs 771.02 crore during the same quarter of previous year. The company EBITDA stood at Rs 207 crore, up 1.5 per cent on-year.
The company board also declared the payment of a second interim dividend of Rs 8 per equity share of face value of Re 1 each, for the financial year ending December 31, 2024, which will be paid on August 12, 2024.
CRISIL’s consolidated revenue for the half year ended June 30, 2024 stood at Rs 1,535.0 crore, up 3.3 per cent as compared to Rs 1,485.9 crore in the corresponding period of the previous year. Total income for the half year was at Rs 1,574.2 crore, posting a growth of 3.5 per cent from Rs 1,521 crore in the corresponding period of the previous year.
Amish Mehta, Managing Director and CEO, CRISIL Ltd, said, “Global GDP growth is holding up, with the US and India leading the way. India’s economy will continue to be on a robust growth trajectory. Fueled by investments in physical and digital infrastructure, both manufacturing and services are set to drive growth opportunities in India. While there is optimism, the ongoing economic uncertainty has prompted a cautious stance on discretionary spending by global clients. Our businesses showed resilience and growth, prioritizing foundational capabilities through our people and digital initiatives, underscoring our commitment to long-term value creation for stakeholders.”
The revenue of CRISIL Ratings grew by 10.7 per cent on-year in April-June quarter, maintaining its position in the corporate ratings market, driven by investor preference for best-in-class ratings, it said in a regulatory filing. CRISIL ESG Ratings & Analytics Limited, a wholly owned subsidiary of the company, received approval as Category 1 provider of ESG ratings in India. The Global Analytical Centre (GAC), it said, witnessed growth in delegation of ratings surveillance work and demand for support in new areas from S&P Global. Overall Ratings business grew 11.4 per cent on-year during the quarter in review.
CRISIL said that the Global Research and Risk Solutions (GR&RS) was impacted in Q2, due to curtailed discretionary spending by global clients. The business saw momentum in lending solutions and regulatory support. Global Benchmarking Analytics (GBA), it added, continues to focus on deepening client engagement and developing new analytical solutions. The businesses added new logos during the quarter. Further, it said that the Market Intelligence & Analytics (Ml&A) saw traction for credit, risk, data and analytics, and consulting offerings. Overall Research, Analytics & Solutions business grew 0.8 per cent on-year in Q2.
CRISIL follows the calendar year as the financial year.