ICRA Q4 Result: Net Profit Rises 22%

ICRA on Thursday reported a 22% growth in net profit to Rs 47.06 crore in the March 2024 quarter. The domestic rating agency had a consolidated profit after tax of Rs 38.63 crore in the March quarter of 2022-23 fiscal.

Consolidated revenue from operations increased by 13.7% to Rs 124 crore for the fourth quarter ended on March 31, 2024, compared to Rs 109.1 crore a year ago.

For the full fiscal 2023-24, profit after tax rose 11% to Rs 152.24 crore. In 2022-23 fiscal, the consolidated net profit was Rs 136.73 crore.

Consolidated revenue from operations rose 10.6% to Rs 446.1 crore during FY2024 over Rs 403.2 crore in the preceding fiscal year.

The board of directors recommended a final dividend of Rs 40 per equity share of the face value of Rs 10 each. In addition, the board has recommended a special dividend of Rs 60 per equity share.

The total dividend recommended for the financial year ended on March 31, 2024, is Rs 100 per equity share as compared to Rs 130 per equity share, including a special dividend of Rs 90 per equity share, for FY23.

"ICRA's ratings delivered strong revenue growth as bond issuances, bank credit and securitisation continued their healthy growth trajectory. ICRA analytics growth was driven by our focus on growing our core banking and risk business through innovative solutions,” Ramnath Krishnan, Managing Director and Group CEO of ICRA, said.