CARE Q1 net up 44.6% at Rs 24.3 crore

Credit Analysis & Research Ltd (CARE Ratings) has posted a 44.6 per cent rise in net profit at Rs 24.3 crore in the quarter ended June 30 on robust growth in rating income. It had posted a net profit of Rs 16.8 crore in the last corresponding quarter.

The board of directors have declared an interim dividend of Rs 6 per share on face value of Rs 10 for the quarter ended June 30. The total income rose 39.7 per cent to Rs 50.29 crore from Rs 35.99 crore a year ago. There was sharp rise in total volume of debt rated. The volume of debt rated rose to Rs 2.36 lakh crore in Q1 of 2013-14 from Rs 1,36,000 crore in April-June 2012. This helped to book higher rating income in the reporting quarter.

The other income, including income from investments made in fixed maturity plans, rose from Rs 8.45 crore in Q1 FY13 to Rs 15.61 crore in Q1 FY14.