CRISIL Ltd's Q1CY18 consolidated net profit rises 14% yoy to Rs82cr : misses street estimates

The company’s consolidated revenue stood at Rs420.59cr, up 4.56% yoy but down 4.66% qoq.

Apr 17, 2018 09:04 IST India Infoline Research Team


Consolidated Results Q1CY18: (Rs. in cr)

Q1CY18 YoY (%)
Revenue 420.59 4.6
EBITDA 121.88 10.2
EBITDA Margin (%) 29 147
Net Profit (adjusted) 82.21 14.0
***EBITDA margin change is bps


Reco. Price


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Rating agency CRISIL Limited (CRISIL) saw its consolidated top-line for Q1CY18 grow 5% yoy to Rs421cr. This was marginally lower than consensus estimate of Rs425cr. EBITDA was up 10% yoy at Rs122cr while EBITDA margin expanded 147bps yoy to 29%. PAT was up 14% yoy at Rs82cr, which was 9% lower than consensus estimate of Rs91cr. 

Other Highlights
  • The board of Directors of CRISIL declared interim dividend of Rs6 per share for the financial year ending December 31, 2018, which will be paid on May 11, 2018.
  • During the quarter (on January 28, 2018) CRISIL completed acquisition of 100% stake in Pragmatix Services Private Limited (Pragmatix) for Rs56cr. Pragmatix added clients in North America during the quarter.
  • Within individual segments, the Research segment, which contributes 65% to consolidated revenues, de-grew 5% yoy in Q1CY18. Ratings, the next largest segment which contributes 27% to consolidated revenues, de-grew 9% yoy. The company highlighted in its result press release that growth was affected during the quarter due to a restrained capital market. A decline in corporate bond issuances affected the ratings business. Hence, the management now plans to tap the bank loan ratings segment more actively. Advisory services, comprising 7% of consolidated revenues, saw strong growth of 47% yoy.
  • Over the past 4-5 quarters, Research segment has seen mixed growth due to pressure on buy side and sell side.
Technical View:

CRISIL Ltd is currently trading at Rs. 1,978, up by 26 points or 1.33% from its previous closing of Rs. 1,952 on the BSE.
The scrip opened at Rs. 1,975 and has touched a high and low of Rs. 1,988 and Rs. 1,955 respectively. So far 68,422 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.

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