ICRA Limited showcased a commendable financial performance for Q3 FY25, reporting a consolidated revenue growth of 5.5% year-on-year (YoY) to ₹120.9 crore, compared to ₹114.6 crore in the same quarter last year. The Profit After Tax (PAT) surged by an impressive 30.3% YoY to ₹42.2 crore, up from ₹32.4 crore, underscoring the company’s operational efficiency amid evolving market dynamics.
Key Highlights of Q3 FY25
- Revenue from Operations: ₹120.9 crore, up 5.5% YoY from ₹114.6 crore.
- Profit After Tax (PAT): ₹42.2 crore, reflecting a 30.3% YoY rise from ₹32.4 crore.
- Nine-Month Performance: Consolidated revenue for the nine months ended December 2024 stood at ₹361.8 crore, up 12.3% from ₹322.2 crore in the corresponding period of FY24. The PAT for the nine months increased by 9.5% to ₹115.2 crore, compared to ₹105.2 crore in the previous year.
Operational Insights
ICRA attributed its sustained revenue and profit growth to its core rating and research segments, complemented by ongoing cost control measures and efficiency improvements. The results also reflect the impact of a favorable arbitration award.
Ramnath Krishnan, MD and Group CEO of ICRA, commented:
“ICRA continues to demonstrate resilience, with sustained growth in Ratings, whereas the Analytics segment recorded modest growth this quarter, reflecting the evolving market dynamics. We remain focused on expanding our analytical capabilities and strengthening our research offerings.”
Key Growth Drivers
- Ratings & Ancillary Services: The ratings segment witnessed a revenue growth of 9.6% for the quarter and 14.1% for the nine months. Issuances by NBFCs surged, reflecting a 65% year-on-year growth, helping the segment offset lower bond issuances in retail and corporate markets.
- Research & Analytics Segment: The segment recorded a moderate revenue growth of 1% for the quarter and 10.4% for the nine months. The segment expanded its digital footprint, adopting a more integrated debt capital markets approach, further boosting its position.
ICRA reinforced its market leadership in structured finance and automotive research, publishing over 147 research reports across 60 sectors during the period, which enhanced its value proposition for stakeholders. The company also reiterated its commitment to ESG initiatives and capital optimization solutions aimed at supporting future growth.
The company remains well-positioned to capitalize on economic tailwinds as India’s GDP growth for FY25 is expected to touch 6.8%.
