ICRA's Net Profit Rises by 22% to Rs 47 Crore in March Quarter

ICRA, a prominent domestic rating agency, has reported a significant 22 per cent increase in its net profit, reaching Rs 47.06 crore for the quarter ending in March 2024. This marks a notable rise from the Rs 38.63 crore profit after tax recorded in the same quarter of the previous fiscal year 2022-23. The company's consolidated revenue from operations also saw a healthy increase of 13.7 per cent, amounting to Rs 124 crore for the fourth quarter ended on March 31, 2024, up from Rs 109.1 crore a year earlier.

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Reflecting on the annual performance, ICRA's profit after tax for the full fiscal year 2023-24 climbed by 11 per cent to Rs 152.24 crore, compared to Rs 136.73 crore in the fiscal year 2022-23. The agency's consolidated revenue from operations for FY2024 experienced a growth of 10.6 per cent, reaching Rs 446.1 crore against Rs 403.2 crore in the preceding fiscal year.

The board of directors at ICRA has recommended a generous final dividend of Rs 40 per equity share with a face value of Rs 10 each. Additionally, a special dividend of Rs 60 per equity share has been proposed. Consequently, the total dividend recommended for the financial year ended March 31, 2024, stands at Rs 100 per equity share, which is a decrease from the Rs 130 per equity share paid out in FY23, including a special dividend of Rs 90 per equity share.

Ramnath Krishnan, Managing Director and Group CEO of ICRA, attributed this financial success to robust revenue growth across ICRA's ratings services. He highlighted that bond issuances, bank credit, and securitisation have maintained a healthy growth trajectory. Furthermore, Krishnan pointed out that ICRA Analytics has seen growth driven by the company's focus on expanding its core banking and risk business through innovative solutions.

This financial update underscores ICRA's solid performance and strategic initiatives aimed at fostering growth across its various business segments. The dividends recommended by the board reflect the company's commitment to delivering value to its shareholders while continuing to invest in innovative solutions to drive future growth.