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.
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.
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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