Icra reports decline in Sep qtr net at Rs 10.93 crore

Rating agency Icra today reported an 11 per cent fall in its net profit at Rs 10.93 crore in the September quarter on account of change in accounting policy.
It had reported a profit after tax of Rs 12.37 crore in the same period last year.
"The decline (in profit) is attributable mainly to the accounting policy changes covering revenue recognition (negative impact of Rs 4.86 crore), booking of rent equalisation (negative impact of Rs 1.56 crore), and provision for expenses on casual leaves outstanding (negative impact of Rs 37 lakh)," the company said in a release.
Without these accounting policy changes, the net profit would have been higher by Rs 4.48 crore, reflecting 25 per cent growth over the corresponding previous, it said.

Its operating income grew 14 per cent to Rs 43.93 crore from Rs 38.6 crore in the year-ago period.
The growth in operating revenue was mainly led by debt ratings and bank loan ratings.

The structured finance ratings and National Small Industries Corporation (NSCI )/small and medium enterprise business ratings also reported growth during the period.
In terms of clientele, the growth was driven both by the acquisition of new clients and repeat business from existing ones.
Total income for quarter rose 20 per cent to Rs 51.15 crore from Rs 42.54 crore.
The increase was due to other income, which was higher by 85 per cent following the maturing of investments in fixed maturity plans.