Money & Banking

CARE Ratings standalone profit drops 4% at ₹15.81 crore in December quarter

Our Bureau Mumbai | Updated on February 06, 2021

CARE Ratings reported a 4 per cent decline in standalone net profit at ₹15.81 crore in the third quarter ended December 31, against Rs 16.47 crore in the year ago quarter.

The Board of Directors of the credit rating agency declared an interim dividend of ₹3 per share having a nominal value of ₹10 each.

Revenue from operations in the reporting quarter was at ₹46.50 crore, declined about 7 per cent year-on-year (yoy). Other income at ₹8.32 crore was up about 12 per cent yoy.

Employee benefit expenses were at ₹26.06 crore, rose about 12 per cent yoy. Other expenses at ₹5.79 crore were down about 46 per cent yoy.

CARE Ratings reported an 8 per cent yoy increase in consolidated net profit at ₹18.93 crore in the reporting quarter against ₹17.57 crore in the year ago period.

The consolidated financial results include results of CARE Ratings and its subsidiaries -- CARE Risk Solutions, CARE Advisory Research and Training, CARE Ratings (Africa)and CARE Ratings Nepal.

“The Company has assessed the impact of COVID-19 pandemic on its financial results based on the internal and external information up to the date of approval of these financial results and the Company expects to recover the carrying amounts of its investments, intangible assets, trade receivables & other assets. The Company will continue to closely monitor the future economic conditions and assess its impact on its financial results,” according to the notes to accounts.

Published on February 06, 2021

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