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Stock Report
ICRA Limited Board approves unaudited financial results for Q1FY21
Posted On : 2020-08-28 07:54:59( TIMEZONE : IST )
The Board of Directors of the company, at its meeting held on August 27, 2020, approved the unaudited financial results of the company (standalone and consolidated) for the first quarter ended June 30, 2020.
Standalone Financial Results
For the quarter ended June 30, 2020, the company's operating income was Rs 42.50 crore, against Rs 51.38 crore in the corresponding quarter of the previous year, a decline of 17.3%. The bank loan segment got adversely impacted due the steep fall in economic activities and risk aversion following the nationwide lockdown after Covid-19 outbreak. Though the debt market segment benefitted significantly from an increase in bond issuances as a part of TLTRO programmes, this however was restricted to a few select entities. Further, the securitisation volumes contracted rather sharply due to the moratorium extended to the borrowers.
The other income in the quarter declined by 5.2% on y-o-y basis due to declining interest rates in general.
The employees benefit expenses declined in the quarter on y-o-y basis by 3.5%, while the other expenses were higher by 12.3% on y-o-y basis. The increase in other expenses has been mainly on account of legal cost incurred in relation to certain regulatory and other matters.
The PBT for the quarter was at Rs. 13.64 crore, lower by 41.6% as against Rs. 23.36 crore y-o-y basis and PAT was at Rs. 9.98 crore, lower by 33.1%.
Consolidated Financial Results
For the quarter ended June 30, 2020, the consolidated operating income was Rs 69.62 crore, against Rs 77.04 crore on y-o-y basis, reflecting a de-growth of 9.6%. The PBT for the quarter was at Rs. 23.29 crore, lower by 25.9%, and PAT was at Rs. 17.05 crore, lower by 17.0% on y-o-y basis.
The de-growth in consolidated revenue for the quarter ended June 30, 2020 was mainly due to decline in revenue from rating business. The outsourcing & information services business, shown a traction due to growth in the global business.
Shares of ICRA LTD. was last trading in BSE at Rs.2800.45 as compared to the previous close of Rs. 2854.4. The total number of shares traded during the day was 417 in over 148 trades.
The stock hit an intraday high of Rs. 2902 and intraday low of 2777.7. The net turnover during the day was Rs. 1187997.
