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Crisil Sept-quarter net profit jumps 31% to Rs 148 cr, income up 23.9%

The largest domestic rating agency on Friday reported a 31 per cent annualised growth in net income at Rs 147.9 crore for the quarter ended September.

The S&P-owned rating agency said its revenue from operations rose 19.6 per cent to Rs 683 crore in the reporting third quarter (the firm follows the calendar year as its financial year).

Consolidated income rose 23.9 per cent to Rs 748.2 crore.

The spike in gross income and net income was boosted by the sharp jump in the dollar and pound against the rupee. This includes Rs 19.5 crore from revaluation of subsidiary loan in Q3 from Rs 35.4 crore so far in 2022, its Managing Director Amish Mehta said.

Despite the many headwinds, the company delivered growth across its businesses led by a momentum in bank loan ratings in the country, even though corporate bond issuances were muted. There was traction in its global businesses also, he added.

Increased working capital requirements and stronger bank balance sheets are leading to a surge in bank credit growth, mainly in the services and MSME sectors.

By contrast, corporate bond issuances degrew by 3 per cent on-year in Q3, while the number of capital markets issuers fell 14 per cent.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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