CARE shares jump over 8% on strong Q1 numbers

NEW DELHI: Shares of rating agency Credit Analysis & Research Ltd ( CARE) jumped over 8 per cent on Monday after it reported a net profit of Rs 24.6 crore for the quarter ended June 30 compared with Rs 17.5 crore reported in the year-ago period.

"I think our performance has been stellar despite tough conditions.... we've grown on the rating side 18% from Rs 48 crore last Q1 to Rs 56.75 crore this Q1," said DR Dogra, MD & CEO, CARE Ratings. He added that the company managed to cut down its expenses on non-booking of ESOP and tapering down of NSIC (National Small Industries Corporation) scheme.

CARE Ratings provides the entire spectrum of credit rating that helps the corporate houses to raise capital for their various requirements and assists the investors to form an informed investment decision based on the credit risk and their own risk-return expectations. It started operations in April 1993.

At 1:17 pm, shares of the company were trading at Rs 1145 apiece, up by 8.58 per cent from its previous close on Bombay Stock Exchange ( BSE).