Icra Q4 Net down 31% to Rs 19 crore on increased tax provision

Rating agency Icra today reported a 31 per cent decline in its net profit at Rs 19 crore in January-March quarter, on higher tax provisions.
The company had reported a net profit of Rs 27.50 crore in the same period of 2013-14.
"Profit declined 31 per cent to Rs 19 crore following an increase in tax provision to Rs 8.42 crore from Rs 4.26 crore," the agency said in a statement.
For the full year, profit after tax declined 3 per cent to Rs 58.73 crore from Rs 60.38 crore as income tax provisions of Rs 6.69 crore relating to previous years were adjusted against tax during 2012-13.

"Were this figure to be excluded, our net profit for FY14 would be higher by 9 per cent over the previous fiscal," Icra said.
Operating income for the fourth quarter grew 7 per cent to Rs 49.62 crore from Rs 46.30 crore.

The growth in operating revenue was mainly led by bank loan ratings and structured finance ratings.
Total income for Q4 stood at Rs 53.19 crore, as against Rs 56.41 crore, reflecting a decline of 6 per cent.
"This decline is attributable to other income, which was lower by 65 per cent during the period under consideration because of investments in fixed maturity plans maturing after the close of fourth quarter," Icra said.

On consolidated basis, Icra group's PAT rose 17 per cent to Rs 68.93 crore in FY14 from Rs 59.16 crore.