ICRA, a Moody’s Affiliate, reports significant revenue growth for the fiscal year ending March 31st 2009 and appears to be unaffected by the global credit crisis.
ICRA’s Total Income was Rs. 10,143.58 lakh as against Rs. 6,863.26 lakh in the previous fiscal, reflecting growth of 48%. ICRA’s Profit after Tax was higher at Rs. 3,615.10 lakh for the year ended March 31, 2009 as compared to the Rs. 2,665.86 lakh for the previous fiscal, showing growth of 36%.
Group ICRA’s consolidated Total Income for the year ended March 31, 2009 was Rs.14,981.81 lakh vis-à-vis Rs. 10,733.02 lakh in the previous fiscal, reflecting growth of 40%. The Group’s Profit after Tax was higher at Rs. 3,889.16 lakh for the year ended March 31, 2009 when compared to the Rs. 2,847.67 lakh for the previous fiscal, reflecting growth of 37%.
ICRA’s Rating Services Income for the year ended March 31, 2009 (i.e. 2008-09) stood at Rs. 8,851.57 lakh vis-à-vis Rs. 6,026.09 lakh in the previous fiscal, reflecting growth of 47% during fiscal 2008-09. The growth in Rating Services Income during fiscal 2008-09 is attributable mainly to the increase in income from Corporate Sector Ratings. Basel II related Rating contributed significantly to the growth in the Corporate Ratings business during the year under review. Besides Rating of debt issuance by existing and new issuers, the Company was also able to add new issuers/borrowers to its list of Rating clients during 2008-09. Source: ICRA Press Release
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