ICRA reported a 22 per cent year-on-year (y-o-y) decline in consolidated net profit for the third quarter at ₹32 crore, against ₹39 crore in the year-ago quarter.

Consolidated revenue from operations increased by 11.3 per cent y-o-y to ₹114.6 crore in the reporting quarter (₹103 crore in the corresponding quarter of the previous year). Other income increased to ₹17 crore (₹15 crore).

The rating agency, in a statement, said the current quarter and nine months’ financials include the impact of the amount provided towards a legal matter and transaction costs related to the acquisition of D2K Technologies India Private limited (D2K).

Ramnath Krishnan, MD and Group CEO, said, “ICRA’s ratings revenue continued its growth momentum backed by the sequential rise in bond issuances and bank credit, although the securitisation market recorded a contraction due to tightened regulatory norms on unsecured loans by the NBFCs and expectations of a fall in interest rates, which had led to postponement of issuances.

We expect issuances to pick up in the ongoing quarter with more clarity on the regulatory impact, following the entry of new players into the market.”