 "Q4, March quarter")
Domestic rating agency CRISIL, majority owned by S&P Global, on Friday reported a 33 per cent jump in net profit at Rs 210 crore for the December 2023 quarter.
The city-headquartered company said its income from operations rose 11.6 per cent in the reporting quarter to Rs 917.7 crore, while total consolidated income grew 13.4 per cent to Rs 953.6 crore from Rs 840.6 crore in the corresponding quarter of the previous year.
The company also announced a final dividend of Rs 28/share, taking the total dividend for the year to Rs 54/share against Rs 48 in the previous year.
The company, in a statement, said the bottom line was boosted by a one-off gain of Rs 29.4 crore due to the sharp devaluation of the Argentinian currency peso in December.
For the full year ending December 2023, its consolidated income from operations rose 13.4 per cent to Rs 3,139.5 crore from Rs 2,768.7 crore in the previous year, and consolidated total income gained 11.6 per cent to Rs 3,246.4 crore from Rs 2,907.8 crore in 2022.
The company earned 16.7 per cent more profit for the full year at Rs 658.4 crore, compared to Rs 564.4 crore in the previous year. In 2022, it said, a rise in the US dollar against the rupee and the British pound increased profitability, including Rs 30.1 crore from the revaluation of a subsidiary loan.
Its MD Amish Mehta said that despite the macroeconomic challenges and cost pressure on global clients, it saw growth across all its businesses.
The MD said he expects the expected soft landing of the global economy could have a bearing on discretionary spending by global clients in 2024.
The rating business maintained its leadership in corporate bond ratings, boosting the overall revenue by 15.5 per cent year-on-year in the quarter and 16.8 per cent in 2023.
Market Intelligence & Analytics saw momentum in credit, risk and consulting offerings, and the research, analytics and solutions segment grew 9.8 per cent in the quarter and 12.4 per cent in the year.
