Highlights for quarter ended March 31, 2024:

• Income from operations up 3.2% for the quarter
  
• Profit before tax up 1.0% in the quarter
• Interim dividend of Rs 7 per share declared

The Board of Directors of CRISIL Ltd, at its meeting today approved the unaudited financial results for the first quarter ended March 31, 2024.

CRISIL's consolidated income from operations for the quarter ended March 31, 2024, rose 3.2% to Rs 737.7 crore, compared with Rs 714.9 crore in the corresponding quarter of the previous year. Consolidated total income for the quarter ended March 31, 2024, was up 3.6% to Rs 758.8 crore, compared with Rs 732.2 crore in the corresponding quarter of the previous year. 

Profit before tax for the quarter ended March 31, 2024, rose 1.0% to Rs 195.5 crore, compared with Rs 193.6 crore in the corresponding quarter of the previous year. Profit after tax for the quarter ended March 31, 2024, was 5.5% lower at Rs 137.7 crore, compared with Rs 145.8 crore in the corresponding quarter of the previous year. 

Says Amish Mehta, Managing Director & CEO, CRISIL, "While global economic growth surprised on the upside in 2023, it is now expected to moderate in 2024. The momentum in India continues to be good, underscoring the country's growth potential, though private consumption growth bears watching. Global banking clients remain cautious because of macroeconomic and geopolitical uncertainties, and are aiming for operational efficiencies, regulatory compliance and business transformation. We remain committed to delivering value to all our stakeholders through investments in digital capabilities, talent and new solutions."

CRISIL expects India's GDP growth to moderate to 6.8% in fiscal 2025 due to high interest rates, fiscal consolidation and uneven global growth. On the other hand, healthy corporate balance sheets, a robust banking system, the government's capex focus and the broad basing of private investment will be supportive of domestic activity. 

Corporate bond issuances grew 9% on-year in the quarter ended March 31, 2024, vs 28% for full year 2023. Bank credit growth was 16.5%, driven by demand from the retail and services sectors. Large corporate credit growth was tepid at 6.6%. 

CRISIL Ratings maintained its leadership in corporate bond ratings given investor preference for best-in-class ratings. Overall, revenue grew 11.7% on-year during the quarter. 

Global Analytical Center (GAG) saw robust delegation of surveillance work by S&P Global Ratings.

The ratings services segment saw revenue growing 8.4% on-year during the quarter. 

Global Research & Risk Solutions (GR&RS) saw momentum in lending solutions and regulatory support. The business added new logos during the quarter. Global Benchmarking Analytics (GBA) continues to strengthen its client engagement with a focus on developing new analytical solutions.

Our global businesses saw the impact of slowdown in discretionary spending by global financial institutions. 

Market Intelligence & Analytics (Ml&A) saw traction for credit, risk, data and analytics, and consulting offerings. 

The Research, Analytics & Solutions segment grew 1.3% on-year during the quarter. 

Franchise activity continued well during the quarter. CRISIL hosted the 8th edition of the flagship India Outlook seminar, titled 'Pivots, pillars and pace'. The India Outlook Report 2024, titled 'Growth marathon', was released on the occasion. 

CRISIL Ratings hosted webinars on sectors such as hospitality, capital goods, textile, airlines, renewables, lnvlTs and REITs. Ml&A partnered with FICCI for the 'PM Gati Shakti Summit' and launched a report at the event. The business hosted webinars on the agriculture and the upstream textile sectors.

GR&RS published thought leadership pieces on private markets, the US community banking stumble, blue bonds, and the EU Sustainable Finance Disclosure Regulation (SFDR) amendments. GBA published insights on the consolidation in corporate banking, and market structure and technology trends in equities, FX trading, bond markets and US Treasurys. 

CRISIL Foundation expanded outreach to more than 2.5 lakh rural community members through its ~2,600-strong cadre of sakhis in Assam and Rajasthan during the first quarter under the flagship 'Mein Pragati' programme.