Credit rating firm ICRA has reported 10.2 per cent rise in consolidated net profit to Rs 18.19 crore in the first quarter ended June 30, 2016.
Company’s net profit in the corresponding quarter of the previous fiscal stood at Rs 16.50 crore.
“Total income (consolidated) has increased to Rs 92.01 crore for the quarter ended June 2016, from Rs 85.95 crore for the same quarter a year ago,” it said in a regulatory filing.
On standalone basis, the company’s net profit more than doubled to Rs 22.95 crore in June quarter, from Rs 10.59 crore a year ago.
“PAT more than doubled primarily due to higher income from operations, dividend received from subsidiary and no exceptional items in the current quarter,” the company said in a statement.
Income (standalone) increased to Rs 60.67 crore for the reported quarter from Rs 50.82 crore a year ago.
The company also informed that the board of director last week approved sale of entire shareholding in ICRA Techno Analytics to Nihilent Technologies for Rs 68.75 crore.
ICRA was instituted in 1991 as a full service credit rating agency. Moody’s Group presently holds 50.06 per cent equity in the company.
Stock of the company was down 1.54 per cent at Rs 3,633.15 on the BSE.