Crisil net profit declines to Rs 49.57 cr in March quarter

MUMBAI: Credit rating agency Crisil today registered lower consolidated net profit of Rs 49.57 crore for the first quarter ended March 31, against Rs 56.98 crore in the corresponding period last year in the wake of economic slowdown.

Its consolidated income from operations stood at Rs 255 crore for the reporting period against Rs 229.74 crore in the corresponding quarter, up 11 per cent, a company statement said here.

There was a one-time revenue impact of Rs 7.30 crore on account of certain price renegotiations in the March quarter last year, it said.

The Board of Directors has declared an interim dividend of Rs 3 per share to the shareholders.

Crisil said the operating environment in India, the US and Europe, the principal markets for the company, remained challenging during the quarter.

While India witnessed muted economic growth with a weak overall investment climate, there was continued pressure on the global banking industry, it said.

Despite challenging environment, growth in Crisil Global Research & Analytics (GR&A) business was driven by acquisition and new client additions, the release said.

The revenue growth in the domestic market was driven by SME ratings and a pick-up in the securitisation transactions towards the end of the quarter.

The Crisil Research business, too, has been impacted by the slowdown in the economy and volatility in the capital markets.

However, during the quarter, Crisil Research won a mandate from the National Pension Systems Trust, set up under Pension Fund Regulatory and Development Authority (PFRDA), to review the performance of the pension fund managers under the NPS, it said.