Crisil Q3 Net Rises 21% To Rs 5.5 Crore

Credit rating agency Crisil has shown a 21 per cent rise in net profit for the quarter ended December 31, 2001 to Rs 5.46 crore from Rs 4.51 crore in the corresponding period of the previous year. Net profit for the nine months ended December 31, 2001 rose 17.7 per cent to Rs 10.6 crore from Rs 9 crore in the corresponding period ended December 31, 2000.

The rise in profit is mainly due to a sharp rise in income from operations, which rose 62.4 per cent to Rs 16.07 crore from Rs 9.89 crore for the quarter ended December 31. Other income grew of 34.58 per cent to Rs 56.4 lakh from Rs 41.84 lakh.

According to a Crisil press release, the growth has come from Crisil's increased market share for rating services. Taking advantage of the low interest rates, the quarter had also witnessed a number of new debt issuances by banks and corporates.

The third quarter also witnessed a 52.98 per cent jump in revenue from trading at Rs 11.29 crore, a 110 per cent rise in revenue from advisory services to Rs 3.52 crore and a 50 per cent growth in revenue from information services to Rs 1.25 crore.

On new products, Crisil is in the advanced stage for launching hospital grading services. It is also working closely with Standard and Poor's on a number of assignments internationally.