BackCrisil reports 15% rise in FY20 Q4 net profit to ₹88 crore
Consolidated income from operations for the quarter under review rose 2.9% year-on-year to ₹427.8 croreCrisil completed the acquisition of Greenwich Associates LLC (Greenwich) on 26 February
PremiumMUMBAI: Rating agency Crisil reported a net profit of ₹88.1 crore for the March quarter of FY20, up 15% from the year-ago quarter.
Consolidated income from operations for the quarter under review rose 2.9% year-on-year to ₹427.8 crore from ₹415.8 crore.
“Excluding Greenwich Associates LLC (Greenwich), consolidated total income for the quarter ended 31 March, 2020, rose 7.1% and profit after tax rose 26.8%," it said in a statement. Crisil completed the acquisition of Greenwich Associates LLC (Greenwich) on 26 February.
The company's board of directors has declared first interim dividend of ₹6 per share.
The ratings business reported a 14.6% year-on-year (y-o-y) growth in revenue. Research, the largest segment for Crisil, saw its revenue grow 7.7% following a recovery in the Global Research & Analytics (GR&A) business, which was hit last year because of changing demand in the risk services industry, it said.
Ashu Suyash, managing director and chief executive, Crisil, in a statement, said while domestic slowdown signs have been manifesting since the beginning of 2020, the covid-19 pandemic has had a significant impact on society and economies, leading to a global recession and a very deep slowdown in India.
“Such unprecedented times call for extraordinary action. In the interest of employee health and safety, we moved to work-from-home ahead of it being made mandatory by the authorities. In addition, a number of measures were taken towards employee wellness and contribution to society," said Suyash.
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