You are here: Home » Companies » Results
Business Standard

ICRA Q1 net profit declines 17% to Rs 17 cr, income down at Rs Rs 80.8 cr

The level of activity in the economy was significantly impacted by the coronavirus-induced lockdown in the first quarter of 2020-21, it said

Topics
ICRA | Q1 results | Credit rating agencies

Press Trust of India  |  New Delhi 

rating, rating agency, ICRA, Moody's, rating system
Based on the current assessment, this situation does not materially impact the company's capital and financial resources, ICRA said. Photo: iStock

Credit rating firm has reported a 17 per cent fall in consolidated net profit to Rs 17.04 crore for the first quarter ended June 30, 2020.

The company's net profit had stood at Rs 20.53 crore in the corresponding quarter of the previous fiscal.

Its total income also moderated to Rs 80.79 crore for the quarter ended June 2020, from Rs 88.69 crore a year ago, said in a regulatory filing.

The level of activity in the economy was significantly impacted by the coronavirus-induced lockdown in the first quarter of 2020-21, it said.

The rating agency also added that this along with less-than-expected pick-up in the economy in the second quarter due to partial lockdowns in some geographies have resulted in the agency's estimate of GDP contracting further to 9.5 per cent, it said.

Based on the current assessment, this situation does not materially impact the company's capital and financial resources, said.

However, the actual impact of Covid-19 may differ from that estimated due to unforeseen circumstances, it said. The company will continue to closely monitor any material changes to future economic conditions and consequential impact on its financial statements, it added.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, August 27 2020. 23:35 IST
RECOMMENDED FOR YOU
.