The S&P-controlled domestic rating agency Crisil on Wednesday reported a 15 per cent increase in net income to a little over Rs 88 crore on healthy growth in total income for the first quarter ending March.
Managing director and chief executive Ashu Suyash said consolidated income from operations rose 2.9 per cent to Rs 427.8 crore during the March quarter while consolidated total income rose 9.4 per cent to Rs 462.6 crore.
Excluding Greenwich Associates, consolidated total income for the quarter rose 7.1 per cent and profit after tax for the quarter rose 26.8 per cent.
The board also declared first interim dividend of Rs 6 per share for the financial year to December 2020.
While the signs of domestic slowdown were manifesting since the beginning of 2020, the COVID-19 pandemic has had a significant impact on society and economies, leading to a global recession and a very deep slowdown in the country as indicated by the sharp downward revision in GDP estimates, Suyash said.
The ratings business maintained the growth momentum posting 14.6 per cent year-on-year growth in revenue, driven by investor preference for best-in-class ratings, concerted effort towards new client acquisition, and continued traction in securitisation transaction ratings, she said.
The company added new clients and independent credit evaluation offerings. The global analytical centre continued to play a crucial role in supporting the parent S&P Global Ratings.
Research, the largest revenue segment, saw revenue growing 7.7 per cent following a recovery in the global research & analytics business, which was impacted last year because of changing demand in the risk services industry.
Model and traded risk offerings had good traction with new American and European projects coming in.
Growth in the domestic research business was booted by the launch of new reports in industry research and an investment research module on Quantix, an integrated data and analytics platform.
During the quarter the company completed acquisition of Greenwich Associates (end-February) Excluding Greenwich, the revenue of the research segment grew 3.8 percent, and a profit growth of 3.3 percent.
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