ICRA’s Q1 net profit almost doubles on higher margins, other income

ICRA Ltd, an associate of the international rating agency Moody’s, has seen its consolidated net profit almost double to Rs 16.6 crore in the first quarter over the year-ago period with better operating margins and supported by higher other income over the year-ago period.

The firm’s consolidated operating income for the reporting quarter increased 15 per cent to Rs 58.44 crore over the year-ago period. This was partly due to the addition of financials of the US-based global business consulting and software technology services company BPA Technologies in which ICRA acquired a majority stake last fiscal. BPA added Rs 6.68 crore as income and Rs 0.53 crore in earnings during the quarter.

ICRA scrip closed at Rs 1,140.95 a share, up 3.54 per cent on the BSE in a weak Mumbai market on Friday.

Standalone financials

On a standalone basis, the firm saw the net profit rise 87 per cent to Rs 15.2 crore in the quarter ended June 30, 2013. This was backed by revenues rising 16 per cent to Rs 32.02 crore over Q1 FY13, driven by income from debt ratings and bank loan ratings. While the business from SME ratings also posted healthy growth during Q1, structured finance ratings and public finance ratings remained subdued during the period under review.

(Edited by Sanghamitra Mandal)

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