Indian analytics company CRISIL announced substantial growth in its unaudited financial results for Q2 2023, approved by its Board of Directors. Despite challenges from the global economic slowdown and adverse foreign exchange movements, the company reported a significant rise in both income and profit, maintaining its position as a resilient player in the industry.

In Q2 2023, CRISIL’s consolidated income from operations escalated 15.3% to Rs 771.0 crore, compared to Rs 668.5 crore in Q2 2022. The company’s consolidated total income witnessed a 12.1% growth, rising to Rs 788.8 crore from Rs 703.8 crore in the corresponding quarter of the previous year. The Profit After Tax (PAT) saw a 10.0% increase, soaring to Rs 150.6 crore in Q2 2023 from Rs 136.9 crore in the same period last year.

The company’s half-yearly performance (H1 2023) mirrored a similar positive trend. The consolidated income from operations rose 17.6% to Rs 1,485.9 crore, and the total consolidated income increased 15.3% to Rs 1,521.0 crore. PAT for H1 2023 marked a 14.6% increase, reaching Rs 296.3 crore.

CRISIL’s Board of Directors declared an interim dividend of Rs 8 per share in Q2 2023, mirroring the previous year’s declaration. However, the impact of foreign exchange movements in Q2 2023 was less favourable than in Q2 2022.

CEO Amish Mehta commented on the robust performance amidst challenging conditions, saying, “Economic activity globally and in India was resilient during Q2 2023… Amid this environment, we saw growth across our businesses. We remain committed to growing sustainably and continue investing in technology, people, and new capabilities.”

The company expects the slowing global growth to gradually impact domestic activity, while domestic demand could moderate later in the fiscal year. In the wake of softening inflation and the Reserve Bank of India’s pause in its rate hike cycle, corporate bond yields eased, encouraging bond issuances in Q2 2023.

CRISIL’s Q2 performance was bolstered by increased demand for bond issuances and bank loan ratings. Revenue from the ratings services segment grew 22.7% on-year in Q2 2023. Global Research & Risk Solutions (GR&RS) experienced momentum across lending and risk solutions. Other segments such as Global Analytical Center (GAC), Global Benchmarking Analytics (GBA), and Market Intelligence & Analytics (MI&A) continued to strengthen client engagement through actionable analytics and intelligence.

Continuing its efforts to engage industry stakeholders, CRISIL hosted various webinars and conferences during Q2 2023, further cementing its position as a thought leader in the industry.

  Amish Mehta, CRISIL, India