Icra net up 24%
Rating agency Icra today posted 24 per cent rise in its consolidated net profit at Rs 15.85 crore for the fourth quarter ended March 2010 as against Rs 12.83 crore in the same quarter of 2008-09.
The board has recommended dividend of 17 per cent for 2009-10, Icra said in a statement. Its consolidated total income for reporting quarter rose by 14 per cent to Rs 53.69 crore from Rs 46.91 crore a year ago.
On standalone basis, its net profit was up by 17 per cent to Rs 14.10 crore. The total income grew by 12 per cent to Rs 36.07 crore. Group's net profit for 2009-10 went by 38 per cent to Rs 53.47 crore as against Rs 38.89 crore in 2008-09. Its total income rose 23 per cent to Rs 184.99 crore from Rs 149.83 crore.
Icra's rating services income for the January-March quarter was Rs 33.51 crore as against Rs 28.88 crore in January-March 2009. For the year ended March 31, 2010, rating income was Rs 106.14 crore as against Rs 88.51 crore.
The growth in rating services income during 2009-10 is attributable to the expansion of Bank Loan Ratings, which was also supported by pick up in income from rating of debt instruments by both corporate and financial sectors, Icra said.
Besides rating of debt and bank loans, ICRA was also able to add new issuers/borrowers to its list of rating clients during 2009-10.