CARE Ratings Q2 net dips 28% at Rs 38 cr

CARE Ratings today said its net profit fell 27.77 per cent to Rs 37.85 crore during the second quarter ended September 30.
The ratings agency had clocked a net profit of Rs 52.41 crore during the corresponding period of previous fiscal.
The total income also fell during the reported quarter at Rs 80.45 crore, down 17.01 per cent from Rs 96.95 crore in the year-ago period.
"Q2-FY16 margin stood at 47 per cent reduced from 54 per cent mainly due to lower invertible surplus and also most investments in Fixed Maturity Plans (FMPs) for a tenure of three years, income on which can be booked only on maturity," it said in a filing to BSE.

The company said that it earned the highest ever rating revenue of Rs 77.66 crore and operating profit of Rs 54.77 crore during second quarter of 2015-16.
Besides, CARE (Credit Analysis and Research) Ratings also added 758 new clients during the quarter under review and rated a total of 1,845 instruments during this period.
Shares of CARE closed 0.79 per cent lower at Rs 1,291.05 apiece on BSE today.