ICRA standalone net profit up 23 per cent at Rs 32 cr

BL Mumbai Bureau | Updated on: Aug 04, 2022

Revenue from operations grew 7 per cent to Rs 49.27 cr

ICRA has reported a 23 per cent increase in first quarter standalone net profit at Rs 31.91 crore, against 60.07 crore in the year-ago quarter.

Revenue from operations was up 7 per cent year-on-year (YoY) at Rs 49.27 crore (Rs 46.06 crore in the year-ago quarter).

Other income jumped 44 per cent YoY to Rs 31.04 crore (Rs 21.52 crore).

Other income for the quarter ended June 30, 2022, includes dividend income of Rs. 26.86 crore (quarter ended June 30, 2021: Rs. 12.93 crore) from ICRA Analytics Ltd, a wholly-owned subsidiary of the company.

Employee benefit expenses declined 2 per cent YoY to Rs 28.44 crore (Rs 29.04 crore). Other expenses shot up 53 per cent YoY to Rs 9.49 crore (Rs 6.19 crore).

Ramnath Krishnan, MD & Group CEO, said: “At ICRA, our focus is on optimising costs, investing in the future and preserving our values, which have enabled us to adapt better. Our Ql FY2023 performance will help us set the pace for a promising year ahead.”

On a consolidated basis, the company’s net profit declined 11 per cent YoY to Rs 21.6 crore (Rs 24.3 crore).

Published on August 04, 2022
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