ICRA reports 12% yoy growth in consolidated PAT at Rs25cr: Beats estimates

The board approved share buyback of Rs85.40cr at Rs3,800 per share.

Aug 09, 2018 09:08 IST India Infoline News Service

Rating agency ICRA Limited (ICRA) reported better than expected numbers for Q1FY19. Consolidated revenues were up 13% yoy (down 5% qoq) at Rs79cr, better than the consensus estimate of Rs72cr. A sharp growth in employee costs was offset by lower operating expenses (as % of sales) resulting in EBITDA growth of 14% yoy (decline of 8% qoq) to Rs28cr. EBITDA margin expanded 41bps yoy to 35.8%. EBITDA marginally surpassed the consensus estimate of Rs26cr. Against an EBITDA growth of 14% yoy, consolidated PAT growth was limited to 12% yoy (8% qoq lower) due to lower other income. Consolidated PAT at Rs25cr came in line with the consensus estimate.
Other Highlights
  • Revenue growth was led by rating services and outsourced services, which contributed 73% and 21%, respectively, to consolidated revenues. Rating service revenue was up 11% yoy (down 3% qoq), while outsourced service revenue was up 38% yoy (down 5% qoq). Revenue growth for these segments was driven by rupee depreciation.
  • The third segment, consulting services, which contributed only 6% to consolidated revenues, saw revenue decline of 15% yoy (15% qoq).
  • The Board of Directors of ICRA approved a buyback of Rs85.40cr at a price of Rs3,800 per share.

ICRA Ltd is currently trading at Rs3,650 down by Rs90.15 or 2.41% from its previous closing of Rs3,740.15 on the BSE. The scrip opened at Rs3,800 and has touched a high and low of Rs4,000 and Rs3,564.15, respectively. So far, 41,235 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs3,703.98cr.

Related Story