Q2FY24 Quarterly & H1FY24 Bi-Annual Result Announced for ICRA Ltd.
Financial Services company ICRA announced Q2FY24 & H1FY24 results: Financial Results: 1. Consolidated revenue from operations increased by 6.4% to Rs 104.9 crore for Q2FY24 compared to the previous year. 2. Profit before tax (PBT) grew by 2.8% to Rs 47.3 crore in Q2FY24. Revenue Growth: 1. Consolidated revenue from operations increased by 8.6% to Rs 207.6 crore for H1FY24 compared to the previous year. 2. Ratings revenue growth for the quarter was up by 7.8%, and half-year growth was up by 11.8%. 3. Analytics revenue growth for the quarter was up by 4.5%, and half-year growth was up by 4.4%. Market Trends: 1. The Indian economic activity in Q2FY24 displayed mixed trends, with concerns regarding agriculture and rural demand due to an erratic monsoon. 2. Urban consumer confidence levels improved, while the demand for goods and private sector investment activity showed mixed trends. 3. Frontloading in capex by the Government of India and states was encouraging, but external headwinds and geopolitical tensions pose risks. Acquisition and Partnerships: 1. ICRA Analytics Ltd entered into a definitive agreement to acquire a majority stake in D2K Technologies India Pvt Ltd, a provider of software solutions to banks and financial institutions. 2. ICRA Analytics entered into key partnership arrangements with leading global data service providers for value-added services. Community Initiatives: 1. ICRA collaborated with NGO partners to run education, women's empowerment, and skill development programs. 2. Holistic education programs were provided to underprivileged children with learning disabilities through digital empowerment. Commenting on the results, Ramnath Krishnan, MD and Group CEO, ICRA, said, "ICRA ratings revenue continued to grow despite headwinds in the bond market and the bank credit market. ICRA analytics business continues to be one of the strong pillars for growth and diversification as we continue to invest in critical partnerships and infrastructure to accelerate growth. We continue to stay focused on enhancing our technology footprint to better serve our clients and drive growth." Result PDF20-10-2023
