Crisil Q2 net down by 4.4% at Rs 58 crore on forex loss

MUMBAI: India's largest credit rating agency Crisil today said its consolidated net profit declined 4.4 per cent to Rs 57.83 crore in the second quarter due to adverse foreign exchange movement.

However, the consolidated income from operations was up 14.8 per cent to Rs 305.13 crore during the April-June quarter, the company said in a statement.

Crisil follows calendar year for financial reporting. Crisil Managing Director and Chief Executive Officer Roopa Kudva said that overall operating environment both in India as well as globally was challenging, with mild signs of recovery in the second quarter of 2014.

The business environment for ratings continued to be subdued during the quarter, with limited activity in the bond markets and in securitisation.

Kudva said that despite the environment, ratings' segment revenue rose 10.8 per cent, driven by strong growth in small and medium enterprise and bank loan ratings.

Crisil Global Research and Analytics registered a healthy growth during the quarter. Coalition witnessed strong growth in revenues from products launched over the last year, she said, without offering details.

The board has declared a second interim dividend of Rs 3 per share for the financial year ending December 2014.