CRISIL posts Q2 PAT at Rs 66 cr

CRISIL's consolidated net profit remained flat at Rs 66.3 crore in Q2 June 2020 as against Rs 66.85 crore posted in Q2 June 2019.

The rating agency's net sales stood at Rs 471.83 crore in Q2 June 2020, rising a 13.5% from Rs 415.76 crore in same period last year. The result was announced after market hours yesterday, 21 July 2020.

Profit before tax stood at Rs 93.32 crore in Q2 June 2020, falling 6% from Rs 99.21 crore in the same period last year. Total tax expense declined 16.6% year on year to Rs 26.98 crore in Q2 June 2020.

CRISIL completed the acquisition of 100% stake in Greenwich Associates LLC (USA) and its subsidiaries ('GA'), on 26 February 2020, at a total value of $40 million, which includes upfront and deferred consideration. Financials for the quarter include the performance of Greenwich Associates. Excluding this, consolidated income from operations for the quarter ended 30 June 2020, was higher by 2.2% and profit after tax higher by 28.5% compared with corresponding quarter of the previous year.

Commenting on company's performance, Ashu Suyash, managing director & CEO, CRISIL said, "Our businesses demonstrated strong resilience during the COVID-19 pandemic and the attendant lockdowns. Ratings continued its growth trajectory and we saw good demand for our global risk & analytics offerings. The acquisition of Greenwich enabled acquisition of new clients and strengthened our presence in the global benchmarking analytics space."

Meanwhile, the company has declared a dividend of Rs 6 per equity share. The rating agency posted its second quarter result as the company follows calendar year for accounting.

Shares of CRISIL were trading 1.48% higher at Rs 1733.25 on BSE.

CRISIL is a leading global analytics company. It provides ratings, data, research,analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.

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