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Yes Securities Report
Care Ratings Ltd.'s profit after tax in Q4 FY24 was below our estimate on account of softer growth in Domestic Ratings (standalone revenue), lower-than-expected margins (reflecting growth investments in Analytics business), lower other income and higher tax rate.
On structural basis, the performance was healthy characterized by-
steady progression of market share in ratings,
margin in ratings business trending up due to operating leverage, and
significant built-up of traction in non-ratings businesses (Analytics and Advisory).
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