Crisil Q3 net down 43% to Rs 3.13 crore

Crisil has reported a 43 per cent drop in its net profit at Rs 3.13 crore in the third quarter ended December 31, 2003, as against Rs 5.48 crore in the corresponding quarter last year.

In the nine months ended December 31, 2003, the rating agency's net income declined by 11 per cent to Rs 11.34 crore as against Rs 12.78 crore in the corresponding period in the previous year.

In the reporting quarter, Crisil's total income was down by nine per cent to Rs 16.84 crore as against Rs 18.45 crore in the corresponding quarter last year.

According to R Ravimohan, managing director & CEO, Crisil, the new regulations relating to the private placement and external commercial borrowing markets and uncertainties related to their implementation resulted in reduced level of activity in the debt market, affecting the rating agency's business in the domestic market in this quarter.

During the reporting quarter, Crisil acquired 100 per cent equity stake in the London-based EconoMatters, a global gas advisory and information company.

EconoMatters and its subsidiaries are the leading providers of business advice and information services to the energy and gas industry serving global majors, multilaterals and leading international banks.

Crisil Infrastructure Advisory has won an assignment from the Karnataka Urban Infrastructure Development Finance Corporation for assessment of debt capacity of 18 urban local bodies in the state. It has also won an Asian Development Bank-funded assignment in Assam.

The Investment & Risk Management Services Group of the rating agency bagged an assignment from a bank in Bangladesh to conduct credit-risk grading project.