Add TechGraph on Google
ICRA, one of India’s leading credit rating agencies, has announced its financial results for the fourth quarter ended March 31, 2023, witnessing strong growth in both revenue and profit. The company’s consolidated revenue from operations increased 16.4% to reach Rs. 109.1 crores compared to Rs. 93.7 crores in the corresponding quarter of the previous year. Moreover, ICRA’s profit after tax rose by 14.5% to Rs. 38.6 crore from Rs. 33.7 crore in the same period last year.
For the fiscal year ended March 31, 2023, ICRA’s consolidated revenue from operations soared by 17.6% to Rs. 403.2 crore compared to Rs. 342.8 crore in the previous year. Similarly, the company’s profit after tax increased by 20.4% to Rs. 136.7 crores, up from Rs. 113.5 crores in the previous fiscal year.
ICRA’s Board of Directors has recommended a dividend of Rs. 40 per equity share of Rs. face value. 10 each, along with a special dividend of Rs. 90 per equity share. This totals Rs. 130 per equity share, highlighting a substantial increase from the previous year’s dividend of Rs. 28 per equity share. The overall dividend pay-out for the year, including the special dividend, amounts to Rs. 125.5 crore, a significant rise from Rs. 27.0 crore in the previous year.
Speaking about the results Ramnath Krishnan, Managing Director & Group CEO of ICRA, stated, “The year 2023 at ICRA was all about setting revolutionary paradigms and unlocking value across businesses. The numbers reflect our commitment to building a diversified, technology-led, credible organization.”
“The overall growth in bond issuances, bank credit, and the securitization market had a positive bearing on ICRA Ratings. In contrast, increased demand for research and analytical services continued to drive growth in ICRA Analytics. ICRA has continued to invest in its people and technology to drive profitable growth,” Krishnan added.
ICRA Ratings, a key segment of ICRA, experienced revenue growth of 16.5% for the quarter and 13.6% for the entire year. The surge in bond issuances, particularly by non-banking financial companies (NBFCs) and banks, played a vital role in this growth, witnessing a remarkable increase of 54.8% year-on-year in Q4 FY2023.