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Other income drives Crisil's 3Q profits - Views on News from Equitymaster
 
 
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  • Jan 4, 2001

    Other income drives Crisil's 3Q profits

    Crisil became the first company in the December quarter to announce results when it reported an 18% rise in net profits. Compared to a YoY drop of 18% in 2QFY01, the company has done well. The higher other income from sale of property rights (Rs 30.6 m) fueled bottomline growth of the company.

    (Rs m) 3QFY00 3QFY01 Change
    Income from operations 85 99 16.3%
    Other Income 14 35 149.3%
    Expenditure 39 66 69.1%
    Operating Profit (EBDIT) 46 33 -29.0%
    Operating Profit Margin (%) 53.8% 32.9%  
    Interest - -  
    Depreciation 7 10 55.6%
    Profit before Tax 53 57 7.3%
    Tax 15 12 -20.8%
    Profit after Tax/(Loss) 38 45 18.4%
    Net profit margin (%) 44.8% 45.6%  
    No. of Shares (eoy) (m) 6.2 6.2  
    Diluted Earnings per share* 24.6 29.1  
    P/E (at current price) 8 7  
    *(annualised)      

    Crisil's operating profits took a severe hit due to higher staff cost, communication and travelling expenditure. As a result its operating margins declined sharply from 53.8% in 3QFY00 to 32.9% in the current quarter. Also , depreciation cost was higher by 56% due to acquisition of brand 'Infac' and purchase of new office premises.

    At the current market price of Rs 194, Crisil is trading at PER of 7 times its 3QFY01 annualised earnings and a Price/Book value ratio of 2 times. Reduction in the rated debt market has resulted in disappointing financial performance of the company.

     

     

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    Aug 22, 2017 03:36 PM

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