1903(03) 1803(03) Var. (%) 1812(12) 1712(12) Var. (%) Income from Operations 415.79 419.95 -1 1658.46 1658.46 0 OPM (%) 27.5 28.9   27.8 27.4   OP 114.36 121.24 -6 461.47 455.07 1 Other income 7.09 7.62 -7 83.17 25.59 225 PBIDT 121.45 128.86 -6 544.64 480.66 13 Interest 0.05 0.53 0 2.23 0.41 0 PBDT 121.40 128.33 -5 542.41 480.25 13 Depreciation 9.10 10.48 -13 42.82 46.64 -8 PBT before EO 112.30 117.85 -5 499.59 433.61 15 EO 0.00 0.00 0 0.00 0.00 0 PBT after EO 112.30 117.85 -5 499.59 433.61 15 Tax 35.66 35.64 0 136.49 129.18 6 PAT before minority interest 76.64 82.21 -7 363.1 304.43 19 Less: Minority Interest 0.00 0.00 0 0.00 0.00 0 Add: Share in profit/loss of associates 0.00 0.00 0 0.00 0.00 0 PAT after minority interest 76.64 82.21 -7 363.10 304.43 19 EPS (Rs)* # #   50.3 42.2   * Annualised on current equity of Rs 7.22 crore. Face Value: Rs 1 each 
*EPS is calculated after excluding EO items
#EPS not annualised due to seasonality of business
EO: Extraordinary items 
Figures in Rs crore 
Source: Capitaline Database

Crisil : Consolidated Segment Results

 

 

  1903(03) 1803(03) % of total Var. (%) 1812(12) 1712(12) Var. (%)
Segment Revenue              
Rating Services 129.58 114.97 31 13 507.30 480.29 6
Research Services 245.42 273.81 59 -10 1106.01 1080.39 2
Advisory Services 40.79 31.17 10 31 135.18 97.78 38
Total Sales 415.79 419.95 100 -1 1748.49 1658.46 5
Less:- Inter Segment Revenue 0.00 0.00     0.00 0.00 0
Net Sales/Income from operation 415.79 419.95   -1 1748.49 1658.46 5
               
Segment Result (PBIDT)              
Rating Services 47.50 38.26 41 24 184.17 151.20 22
Research Services 63.07 84.89 55 -26 326.44 308.46 6
Advisory Services 4.14 3.43 4 21 -8.09 9.24 PL
Total 114.71 126.58 100 -9 502.52 468.90 7
Add: Unallocable Income net of unallocable Expenses 6.69 1.75   282 39.89 11.35 251
Less: Depreciation 9.10 10.48   -13 42.82 46.64 -8
Add: Unallocable Income net of unallocable Expenses 0.00 0.00   0 0.00 0.00 0
Profit Before Tax 112.30 117.85   -5 499.59 433.61 15
Figures in Rs crore, PL: Profit to Loss, LP: Loss to Profit 
Source: Capitaline Database
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Crisil reported consolidated net sales of Rs 415.79 crore, down by 1% YoY for Mar 19 quarter. Rating service business which constitute around 31% of total revenue was up by 13% on YoY basis to Rs 129.58 crore, while Research services which forms around 59% of total revenue, was down by 10% YoY to Rs 245.42 crore. Advisory service business also was higher by 31% to Rs 40.79 crore.

OPM was lower by 140 bps to 27.5% which resulting in an OP fall of 6% to Rs 114.36 crore. The Rating service business segmental PBIDT margin stood at 37% as compared to 33% for Mar 18 quarter and PBIDT thus stood at Rs 47.50 crore, up by 24% YoY. Research segment PBIDT stood at Rs 63.07 crore down by 26%, with margins at 26% as compared to 31% YoY. Advisory service segment reported a segmental PBIDT of Rs 4.14 crore up by 21% YoY with margins at 10%.

Other income was down by 7% at Rs 7.09 crore for Mar 19 quarter. The other income for Mar 18 quarter includes forex gain of Rs 7.8 crore as compared to forex loss of Rs 2.3 crore in other expense of Mar 19 quarter. Depreciation was down by 13% to Rs 9.10 crore and thus, PBT stood at Rs 112.30 crore down by 5%. After providing total tax of Rs 35.66 crore, flat on YoY basis consolidated PAT for Mar 19 quarter of the company stood at Rs 76.64 crore, which was down by 7% on YoY basis.

Ashu Suyash, Managing Director & CEO, CRISIL, said, CRISIL's ratings business saw strong growth supported by surge in corporate bond issuances and securitisation transactions, as also by our differentiated positioning. The strong track record of the ratings business as measured by default and stability rates stand testimony to our relentless focus on analytical rigour, proactive surveillance, and high ratings quality. Our newer offerings across research, risk analytics and business intelligence are beginning to gain traction. However, overall growth was impacted due to the changing landscape for risk analytics.

Other updates

Consolidated profit for the Mar 19 quarter was impacted due to foreign exchange loss of Rs 7.8 crore, compared with Rs 2.3 crore of foreign exchange gain in the corresponding quarter of 2018.

Capital market issuances rebounded in the first quarter after seeing a sharp 19% drop by value in calendar 2018.The liquidity squeeze that started in September 2018 has subsided considerably. Securitisation volumes witnessed strong pick-up, vaulting 81% year-on-year - the highest for a March quarter in the past three years. The business maintained its growth momentum and strengthened its leadership position in the corporate bond market. Large and mid-corporate ratings grew 13.5% year-on-year while the overall Ratings segment grew by more than 12%.

CRISIL Coalition maintained growth momentum with strong performance across clients and products. The business is seeing good traction for its foray into newer client segments. Financial Research grew with the addition of buy-side clients and saw encouraging conversions for its SPARC platform. India Research launched two new reports, one on the retail loans market, and the other on growth opportunities across states.

The global risk analytics industry is seeing a decline in demand for select risk offerings because of changing regulatory milestones for Comprehensive Capital Analysis and Review as well as better preparedness across large banks. While this has impacted growth in the research segment, demand is increasing for credit risk and change management services as clients re-architect their front office, risk and finance platforms.

In the Advisory segment, growth was driven by increasing demand for business intelligence and risk solutions. The Infrastructure Advisory business too gained share in segments such as smart cities and airports as well as in select emerging markets.

CRISIL hosted a roundtable in London with senior risk professionals from leading investment and commercial banks to discuss the changing model risk management expectations in Europe. A white paper on Fundamental Review of the Trading Book (FRTB) was released in the quarter. In addition, a number of thought leadership publications such as 'Global, national AAA ratings not comparable', Covering the pledge' and opinion pieces on topical themes such as the Reserve Bank of India (RBI) norms, liquefied natural gas prices and the solar sector were released which saw good coverage.

The Board of Directors has declared an interim dividend of Rs 6 per share (of Re 1 face value) for the financial year ending December 31, 2019.

Consolidated Performance for the 12 months ended Dec18

Crisil reported consolidated net sales of Rs 1658.46 crore, flat on YoY for 12 months ended Dec 18.

Rating service business which constitute around 29% of total revenue was up by 6% on YoY to Rs 507.30 crore, while Research services which forms around 64% of total revenue, was up by 2% YoY to Rs 1106.01 crore. Advisory service business also was higher by 38% to Rs 135.18 crore.

OPM however was higher by 40 bps to 27.8% which resulted in OP growth of 1% to Rs 461.47 crore.

The Rating service business segmental PBIDT margin stood at 36% as compared to 31% for 12 months ended Dec17 and PBIDT thus stood at Rs 184.17 crore, up by 22% YoY. Research segment PBIDT stood at Rs 326.44 crore, up by 6% on YoY basis, with margins at 30%. Advisory service segment reported a segmental loss at PBIDT of Rs 8.09 crore for 12 months ended Dec18.

Other income was higher by 225% to Rs 83.17 crore. There was a forex gain of around Rs 31.02 crore for 12 months ended Dec18 as compared to forex loss of Rs 12.39 crore for 12 months ended Dec 17 which is included in other expense.

Depreciation was down by 13% to Rs 542.41 crore and thus, PBT stood at Rs 499.59 crore up by 15%. After providing total tax of Rs 136.49 crore, up by 6%, consolidated PAT for 12 months ended Dec 18 of the company stood at Rs 363.10 crore, which was up by 19% on YoY basis.

Crisil : Consolidated Results

 

 

  1903(03) 1803(03) Var. (%) 1812(12) 1712(12) Var. (%)
Income from Operations 415.79 419.95 -1 1658.46 1658.46 0
OPM (%) 27.5 28.9   27.8 27.4  
OP 114.36 121.24 -6 461.47 455.07 1
Other income 7.09 7.62 -7 83.17 25.59 225
PBIDT 121.45 128.86 -6 544.64 480.66 13
Interest 0.05 0.53 0 2.23 0.41 0
PBDT 121.40 128.33 -5 542.41 480.25 13
Depreciation 9.10 10.48 -13 42.82 46.64 -8
PBT before EO 112.30 117.85 -5 499.59 433.61 15
EO 0.00 0.00 0 0.00 0.00 0
PBT after EO 112.30 117.85 -5 499.59 433.61 15
Tax 35.66 35.64 0 136.49 129.18 6
PAT before minority interest 76.64 82.21 -7 363.1 304.43 19
Less: Minority Interest 0.00 0.00 0 0.00 0.00 0
Add: Share in profit/loss of associates 0.00 0.00 0 0.00 0.00 0
PAT after minority interest 76.64 82.21 -7 363.10 304.43 19
EPS (Rs)* # #   50.3 42.2  
* Annualised on current equity of Rs 7.22 crore. Face Value: Rs 1 each 
*EPS is calculated after excluding EO items
#EPS not annualised due to seasonality of business
EO: Extraordinary items 
Figures in Rs crore 
Source: Capitaline Database

Crisil : Consolidated Segment Results

 

 

  1903(03) 1803(03) % of total Var. (%) 1812(12) 1712(12) Var. (%)
Segment Revenue              
Rating Services 129.58 114.97 31 13 507.30 480.29 6
Research Services 245.42 273.81 59 -10 1106.01 1080.39 2
Advisory Services 40.79 31.17 10 31 135.18 97.78 38
Total Sales 415.79 419.95 100 -1 1748.49 1658.46 5
Less:- Inter Segment Revenue 0.00 0.00     0.00 0.00 0
Net Sales/Income from operation 415.79 419.95   -1 1748.49 1658.46 5
               
Segment Result (PBIDT)              
Rating Services 47.50 38.26 41 24 184.17 151.20 22
Research Services 63.07 84.89 55 -26 326.44 308.46 6
Advisory Services 4.14 3.43 4 21 -8.09 9.24 PL
Total 114.71 126.58 100 -9 502.52 468.90 7
Add: Unallocable Income net of unallocable Expenses 6.69 1.75   282 39.89 11.35 251
Less: Depreciation 9.10 10.48   -13 42.82 46.64 -8
Add: Unallocable Income net of unallocable Expenses 0.00 0.00   0 0.00 0.00 0
Profit Before Tax 112.30 117.85   -5 499.59 433.61 15
Figures in Rs crore, PL: Profit to Loss, LP: Loss to Profit 
Source: Capitaline Database

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