CRISIL Limited has reported strong financial results for the third quarter of CY24, with consolidated revenue rising by 10.3% year-on-year, driven by strong performance across its core businesses, including ratings services and research, analytics, and solutions.
Key Financial Highlights for Q3 CY24:
- Revenue Growth: CRISIL’s consolidated income from operations increased by 10.3% to ₹811.8 crore in Q3 CY24, compared to ₹735.9 crore in the same period last year.
- Profit Before Tax (PBT): The company’s PBT grew by 14.1% year-on-year to ₹228.5 crore, up from ₹200.3 crore in Q3 CY23.
- Net Profit: CRISIL posted a net profit of ₹171.55 crore in Q3 CY24, up from ₹151.99 crore in Q3 CY23.
Nine-Month Performance:
- Revenue: For the nine months ending September 30, 2024, CRISIL’s income from operations increased by 5.6% year-on-year to ₹2,346.9 crore.
- Total Income: The company’s consolidated total income for the nine months rose to ₹2,407.4 crore, a 5.0% increase from ₹2,292.9 crore in the corresponding period last year.
- Profit Before Tax: PBT for the nine-month period was ₹632 crore, reflecting a 7.3% growth from ₹588.9 crore in the previous year.
Sectoral Performance:
- Ratings Services: CRISIL Ratings registered a 31.5% year-on-year growth in Q3 CY24, driven by increased momentum in bond issuances and bank loan ratings. Overall, the ratings business grew by 29.6%.
- Research, Analytics & Solutions: While the segment saw a minor impact from curtailed discretionary spending by global clients, it still managed to grow by 3.8% year-on-year.
- Global Analytical Centre (GAC): GAC experienced growth due to new engagements and an increased delegation of ratings surveillance work from S&P Ratings.
Despite challenges such as geopolitical uncertainties and fluctuating currency movements, CRISIL remains focused on leveraging its domain expertise and digital initiatives to deliver value. The company is investing in technologies such as artificial intelligence (AI), and has successfully deployed a Gen AI Credit Assessment solution for global clients.
CRISIL’s Q3 CY24 results underscore its resilience and ability to drive growth across key segments. The company’s strategic investments in technology and strong market position ensure that it remains a leader in the analytics and ratings industry, while continuing to deliver consistent financial results.
