Crisil's profits take a beating in 1QFY01 - Views on News from Equitymaster

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Crisil's profits take a beating in 1QFY01

Jul 11, 2000

Credit Rating and Information Services of India Ltd. (Crisil) has reported a YoY 34% drop in its profits in 1QFY01 to Rs 22 m. Considering the reduction in the rated debt market, the company has done appreciably well with a topline growth of 19%. Crisil's bottomline took a severe hit due to decline in other income and increase in depreciation cost. Other income declined considerably, since during the year it utilised its treasury in acquiring the business of Information Products and Research Services India Pvt. Ltd alonwith its brand 'Infac'. Depreciation cost was higher by 120% due to acquisition of brand and purchase of new office premises.

(Rs m) 1QFY00 1QFY01 Change
Income from Operations 86 103 19.1%
Other Income 11 1 -91.6%
Expenditure 43 57 32.4%
Operating Profit (EBDIT) 43 46 6.1%
Operating Profit Margin (%) 50.3% 44.8%  
Interest - -  
Depreciation 6 14 120.1%
Profit before Tax 48 33 -31.3%
Tax 15 11 -25.2%
Profit after Tax/(Loss) 33.26 21.97 -33.9%
Net profit margin (%) 38.6% 21.4%  
Earnings per share 21.5 14.2  
(annualised )      

Its operating profit margins also declined to 44.8% due to 27% increase in staff expenditure. The increase in expenses is mainly due to the company's dotcom initiatives.

At the current market price of Rs 280, Crisil is trading at PER of 20 times its 1QFY01 annualised earnings. The valuation will improve with the growth in financial performance. The company's foray into the securitisation segment, dotcom initiatives and mutual fund ranking services for domestic mutual funds will help it to improve its topline growth.


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