ICRA reported better than expected numbers for Q3FY18. Consolidated revenues were up 10% yoy at Rs83cr, higher than consensus estimate of Rs80cr. Lower operating expenses (down 29% yoy) and employee costs (down 9% yoy) propelled EBITDA by 94% yoy to Rs34cr. This was far better than the consensus estimate figure of Rs25cr. EBITDA margin expanded 1,771bps yoy to 40.7%. Consolidated net profit was up 75% yoy at Rs27cr, much ahead of consensus estimate of Rs19cr.
Revenue figure for Q3FY18 included income from export incentive worth Rs5.33cr.
Revenue growth for the quarter was driven by the “Outsourced and Professional services” segment (48% yoy growth). This segment accounted for 22% of total revenues during the quarter. The “Ratings” segment, which is the largest segment contributing 70% of total revenues, grew 7% yoy.
These two segments also saw jump in profitability. The “Outsourced and Professional services” division saw its EBIT margin jump 2,184bps yoy to 42%, while “Ratings” segment margin jumped 935bps yoy to 43%.
ICRA Ltd is currently trading at Rs. 3,825, down by 19.95 points or 0.52% from its previous closing of Rs. 3,844.95 on the BSE.
The scrip opened at Rs. 3,751 and has touched a high and low of Rs. 3,880 and Rs. 3,751 respectively. So far 1,249(NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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