Icra Ratings logs 88% growth in Q1 at Rs 41 cr Mumbai

Mumbai: Icra Ratings on Thursday reported 88 per cent growth in net income at Rs 40.6 crore for June quarter 2023-24 buoyed by higher revenue.

Revenue during the quarter rose 11 per cent on-year to Rs 102.7 crore.

Rating revenue grew 16.1 per cent; top line from analytics was 4.4 per cent more than the year-ago period.

The quarter saw a relatively buoyant credit market with bond issuances and bank credit showing strong growth. The bond market grew on issuances from NBFCs and banks.

The robust upsurge in the quarter was on a low base of last year and found support from moderating yields, it said in a statement.

The company continued to ride on the buoyant credit demand, reflecting robust growth for ratings leading to higher fee income.

The analytics business grew against a challenging global environment and remains a key focus area of Icra's strategy, said Ramnath Krishnan, the managing director.

During the quarter, Icra continued to expand its research and outreach efforts with a strong focus on various sectors, including infrastructure, roads & highways, steel and banking, he said.

Icra was set up in 1991 by leading financial/investment institutions, commercial banks, and financial services companies as an independent and professional investment information and credit rating agency.

But today like its peers, it is majority owned by New York-based Moody's Investors Service.