Crisil Q2 net profit up 9.3% at Rs 67.25 crore

Rating agency Crisil has reported a 9.3 per cent increase in net profit at Rs 67.25 crore for the three months ended June 2017.

Crisil had recorded a net profit of Rs 61.51 crore during the April-June 2016 period.

It's consolidated income from operations was up 8.6 per cent to Rs 407.30 crore for the quarter-ended June 2017 compared to Rs 374.97 crore in the same period year-ago.

However, the agency said there was an adverse forex impact of Rs 2.12 crore for the quarter-ended June, this year, compared with a gain of Rs 4.71 crore in the same period year-ago.

"The June quarter saw growth across business segments. In line with the trend of increasing demand for automation from our clients, we have launched innovative offerings for both the domestic and global markets," Crisil managing director and CEO Ashu Suyash said in a statement.

"These products have the potential to be key drivers for growth in future," Suyash added.

Crisil's ratings segment witnessed modest growth during the June quarter, primarily driven by strong growth in large corporate ratings, whereas SME witnessed decline post significant reduction in the NSIC (National Small Industries Corporation) subsidy.

"Our recently launched expected loss (EL) scale for rating of infrastructure projects saw good traction," Crisil said.

"The domestic business environment has improved, though private investments and credit offtake remain weak on account of low capacity utilisation and high leverage," it added.