BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
CARE Ratings Ltd. Q1 FY21 overall earnings missed estimates driven a sharp decline in revenue (down 26.9% YoY) and the management attributes this largely to a sharp drop in volumes of new rating mandates stemming from lower borrowings by non-banking financial companies and muted capex in corporate sector.
Volume of debt rated fell by 33.6% YoY in Q1 FY21. Ebitda missed estimate driven by revenue. Other expenses normalised during the quarter (last quarter saw a spike) while employee cost followed the usual trajectory.
FY21 remains challenging given the Covid-19 related slowdown, however FY22 may see a recovery given the low base effect and an improving macro environment.
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