CRISIL has posted 10% growth in the consolidated income from operations to Rs 813.18 crore for the quarter ended March 2025, compared with Rs 737.68 crore in the corresponding quarter of the previous year. Consolidated total income for the quarter ended March 2025, moved up 11% to Rs 843.77 crore, compared with Rs 758.77 crore in the corresponding quarter of the previous year. Net profit improved 16% to Rs 159.84 crore in Q1CY2025. Profit before tax for the quarter ended March 2025, increased 16% to Rs 227.27 crore, compared with Rs 195.49 crore in the corresponding quarter of the previous year.
Sales of Rating Services segment surged 33% to Rs 267.88 crore (accounting for 32.9% of total sales). Sales of Research & Information Services segment rose 2% to Rs 545.30 crore (accounting for 67.1% of total sales). Profit before interest, tax and other unallocable items (PBIT) increased 24% to Rs 233.38 crore. PBIT of Rating Services segment jumped 31% to Rs 132.86 crore (accounting for 56.9% of total PBIT). PBIT of Research & Information Services segment moved up 16% to Rs 100.52 crore (accounting for 43.1% of total PBIT). PBIT margin of Rating Services segment galloped to 49.6%. PBIT margin of Research & Information Services segment eased to 18.4%. Operating profit margin has improved yoy from 26.0% to 28.5%, leading to 21% jump in operating profit to Rs 232.00 crore. Employee expenses rose 1% to Rs 427.09 crore and other expenses increased 77% to Rs 86.2 crore in the quarter ended March 2025, professional fees jumped 17% and associate services fees rose 5%. Other income jumped 45% to Rs 30.59 crore. PBIDT increased 23% to Rs 262.59 crore. Provision for interest surged 693% to Rs 5.55 crore. PBDT moved up 21% to Rs 257.04 crore. Provision for depreciation jumped 75% to Rs 29.77 crore. Profit before tax grew 16% to Rs 227.27 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 67.43 crore, compared to Rs 57.77 crore. Effective tax rate was 29.7% compared to 29.6%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 16% to Rs 159.84 crore in Q1CY2025. Says Amish Mehta, Managing Director & CEO, Crisil, Our businesses have demonstrated resilience owing to our customer-centric approach and domain-led solutions. Increasing global uncertainties, including from ongoing tariff actions, can lead to tighter client budgets and delays in discretionary spending. The Indian economy continues to exhibit strength, and our domestic businesses are well-positioned to leverage the emerging opportunities. We remain steadfast in our commitment to delivering long-term value to all stakeholders through investments in technology and the development of a future-ready workforce.
Other updates
Corporate bond issuances grew a modest 3.9% yoy during Q1CY2025, with both the number of issuers and issuances declining. Bank credit growth moderated to 11 % as of February 2025 amid slowing services and retail sector growth. Large industry credit growth was muted at 7.1%. Crisil Ratings maintained its leadership in corporate bond ratings given investor preference for best-in-class ratings. Overall, revenue of Crisil Ratings grew 27.4% on-year in Q1CY2025. Global Analytics Centre (GAC) saw growth driven by new engagements and an increase in the delegation of ratings surveillance work from S&P Ratings. The rating services segment revenue grew 32.5% yoy during Q1CY2025. Crisil Integral IQ was affected by curtailed discretionary spending by global clients. The business saw momentum in buy-side solutions. Crisil Coalition Greenwich continues to strengthen its client engagement by focusing on developing new benchmarking solutions. The businesses added new logos during Q1CY2025. Crisil Intelligence saw traction in credit, risk, and consulting offerings. The research, analytics and solutions segment revenue grew 1.8% yoy during Q1CY2025.
Consolidated Performance 'CY2024
Crisil`s consolidated income from operations in FY 2024 was up 3.8% to Rs 3,259.8 crore, compared with Rs 3139.5 crore in FY 2023. Consolidated total income in FY 2024 was up 3.6% to Rs 3,349.4 crore, compared with Rs 3,233.2 crore in FY 2023. PBT in FY 2024 was up 6.8% to Rs 926.5 crore, compared with Rs 867.7 crore in FY 2023. For the year ended December 2024, the company paid three interim dividends totalling Rs 30 per equity share of face value of Re 1 each. The Board of Directors has recommended a final dividend of Rs 26 per share (of Re 1 face value), taking the total dividend for the year to Rs 56 per share.
| Crisil : Consolidated Results'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' |
| ' | 2503 (3) | 2403 (3) | Var. (%) | 2412 (12) | 2312 (12) | Var. (%) |
| Income from Operations | 813.18 | 737.68 | 10 | 3259.78 | 3139.52 | 4 |
| OPM (%) | 28.5 | 26.0 | ' | 27.9 | 28.1 | ' |
| OP | 232 | 192.12 | 21 | 910.81 | 881.5 | 3 |
| Other income | 30.59 | 21.09 | 45 | 89.64 | 93.64 | -4 |
| PBIDT | 262.59 | 213.21 | 23 | 1000.45 | 975.14 | 3 |
| Interest | 5.55 | 0.7 | 693 | 4.03 | 3.66 | 10 |
| PBDT | 257.04 | 212.51 | 21 | 996.42 | 971.48 | 3 |
| Depreciation | 29.77 | 17.02 | 75 | 69.95 | 103.78 | -33 |
| PBT | 227.27 | 195.49 | 16 | 926.47 | 867.7 | 7 |
| Share in profit/loss of associates | 0 | 0 | - | 0 | 0 | - |
| PBT before EO | 227.27 | 195.49 | 16 | 926.47 | 867.7 | 7 |
| EO | 0 | 0 | - | 0 | 0 | - |
| PBT after EO | 227.27 | 195.49 | 16 | 926.47 | 867.7 | 7 |
| Tax | 67.43 | 57.77 | 17 | 242.4 | 209.26 | 16 |
| PAT before MI | 159.84 | 137.72 | 16 | 684.07 | 658.44 | 4 |
| Minority Interest | 0 | 0 | - | 0 | 0 | - |
| PAT after MI | 159.84 | 137.72 | 16 | 684.07 | 658.44 | 4 |
| EPS (Rs)* | # | # | ' | 93.6 | 90.1 | ' |
| * Annualised on current equity of Rs 7.31 crore. Face Value: Rs 1 each'''''''''''''''''''''''' |
| *EPS is calculated after excluding EO items |
| #EPS not annualised due to seasonality of business |
| EO: Extraordinary items'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' |
| Figures in Rs crore''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' |
| Source: Capitaline Corporate Database |
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| Crisil : Consolidated Segment Results'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' |
| ' | % of total | 2503 (3) | 2403 (3) | Var. (%) | % of total | 2412 (12) | 2312 (12) | Var. (%) |
| Segment Revenue | ' | ' | ' | ' | ' | ' | ' | ' |
| Rating Services | 32.9 | 267.88 | 202.17 | 33 | 27.9 | 909.15 | 772.39 | 18 |
| Research, Analytics and Solutions | 67.1 | 545.30 | 535.51 | 2 | 72.1 | 2350.63 | 2367.13 | -1 |
| Total Sales | 100.0 | 813.18 | 737.68 | 10 | 100.0 | 3259.78 | 3139.52 | 4 |
| Less:- Inter Segment Revenue | ' | 0.00 | 0.00 | ' | ' | 0.00 | 0.00 | ' |
| Net Sales/Income from operation | 100.00 | 813.18 | 737.68 | 10 | 100.0 | 3259.78 | 3139.52 | 4 |
| ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Segment Result (PBIDT) | ' | ' | ' | ' | ' | ' | ' | ' |
| Rating Services | 56.9 | 132.86 | 101.33 | 31 | 44.1 | 398.01 | 334.65 | 19 |
| Research Services | 43.1 | 100.52 | 86.83 | 16 | 55.9 | 505.21 | 493.63 | 2 |
| Total | 100.0 | 233.38 | 188.16 | 24 | 100.0 | 903.22 | 828.28 | 9 |
| Add: Unallocable Income net of unallocable Expenses | ' | 11.03 | 19.66 | -44 | ' | 72.39 | 91.69 | -21 |
| Less: Depreciation | ' | 17.14 | 12.33 | 39 | ' | 49.14 | 52.27 | -6 |
| Add: Unallocable Income net of unallocable Expenses | ' | 0.00 | 0.00 | - | ' | 0.00 | 0.00 | - |
| Profit Before Tax | ' | 227.27 | 195.49 | 16 | ' | 926.47 | 867.70 | 7 |
| Figures in Rs crore, PL: Profit to Loss, LP: Loss to Profit''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' |
| Source: Capitaline Corporate Database |
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