Crisil's Q1 income from operations jumps 13.5 pc to Rs 472 crore

Global analytical company Crisil's consolidated income from operations for the quarter ended June 30 rose 13.5 per cent to Rs 472 crore compared with Rs 416 crore in the corresponding quarter of previous fiscal.

Consolidated total income was up 13.2 per cent to Rs 484 crore compared with Rs 428 crore in the same period. However, profit after tax was flat at Rs 66.3 crore in Q1 FY21 compared with Rs 66.9 crore in Q1 FY20.

Financials for the quarter include the performance of Greenwich Associates LLC which was acquired in Q1 2020. Excluding this, consolidated income from operations for the quarter ended June 30 was higher by 2.2 per cent and profit after tax higher by 28.5 per cent compared with the corresponding quarter of the previous year.

"Our businesses demonstrated strong resilience during the COVID-19 pandemic and the attendant lockdowns," said Ashu Suyash, Managing Director and CEO of Crisil. "Ratings continued its growth trajectory and we saw good demand for our global risk and analytics offerings."

Suyash said the acquisition of Greenwich enabled the acquisition of new clients and strengthened the agency's presence in the global benchmarking analytics space. "Deep commitment and efforts of our people, high client engagement and several proactive measures were key contributors to overall results," she said in a statement.

Bond issuance quantum soared 57 per cent year-on-year in the second quarter, driven by high investment-grade frequent issuers, even as there was an 18 per cent decline in the number of issuers. Credit growth saw a sharp slowdown contracting 0.8 per cent in the quarter.

Crisil said ratings revenues grew by 16.8 per cent, driven by new client additions and higher issuance. The global analytical centre saw an increase in support coverage for S&P Global Ratings and increased participation in data transformation initiatives. Overall, the ratings segment revenue grew a healthy 10.1 per cent.

( With inputs from ANI )