Highlights for quarter ended March 31, 2024:

• Income from operations up 10.2% for the quarter
• Profit before tax (PST) up 16.3% in the quarter
• Interim dividend of Rs 8 per share declared
  

The Board of Directors of Crisil Ltd, at its meeting today approved the unaudited financial results for the first quarter ended March 31, 2025.

Crisil's consolidated income from operations for the quarter ended March 31, 2025, was up 10.2% to 813.2 crore, compared with Rs 737. 7 crore in the corresponding quarter of the previous year. Consolidated total income for the quarter ended March 31 , 2025, rose 11 .2% to Rs 843.8 crore, compared with 758.8 crore in the corresponding quarter of the previous year.

Profit before tax for the quarter ended March 31, 2025, was up 16.3% to Rs 227.3 crore, compared with Rs 195.5 crore in the corresponding quarter of the previous year. Profit after tax was up 16.1 % to Rs 159.8 crore, compared with Rs 137. 7 crore in the corresponding quarter of the previous year.

Says Amish Mehta, Managing Director & CEO, Crisil, "Our businesses have demonstrated resilience owing to our customer-centric approach and domain-led solutions. Increasing globaluncertainties, including from ongoing tariff actions, can lead to tighter client budgets and delays in discretionary spending. The Indian economy continues to exhibit strength, and our domestic businesses are well-positioned to leverage the emerging opportunities. We remain steadfast in our commitment to delivering long-term value to all stakeholders through investments in technology and the development of a future-ready workforce."

We expect India's gross domestic product to grow at 6.5% this fiscal. While the downside risks to this estimate have risen, the headroom in monetary policy, heathy external markers and strong corporate balance sheets are supportive.

Retail inflation was below the Reserve Bank of India (RBI) target of 4% in February and March 2025. The central bank changed its policy stance to accommodative amid rising risks to growth and cut the repo rate by 25 basis points each in February and April. We expect at least two more similar-sized cuts this fiscal. 

 Corporate bond issuances grew a modest 3.9% on-year during the quarter ended March 31, 2025, with both the number of issuers and issuances declining. Bank credit growth moderated to 11 % as of February 2025 amid slowing services and retail sector growth. Large industry credit growth was muted at 7.1 %.

Crisil Ratings maintained its leadership in corporate bond ratings given investor preference for best-inclass ratings. Overall, revenue of Crisil Ratings grew 27.4% on-year in Q1.

Global Analytics Centre (GAC) saw growth driven by new engagements and an increase in the delegation of ratings surveillance work from S&P Ratings.

The rating services segment revenue grew 32.5% on-year during the quarter ended March 31, 2025.

Crisil Integral IQ was affected by curtailed discretionary spending by global clients. The business saw momentum in buy-side solutions. Crisil Coalition Greenwich continues to strengthen its client engagement by focusing on developing new benchmarking solutions. The businesses added new logos during the quarter ended March 31, 2025.

Crisil Intelligence saw traction in credit, risk, and consulting offerings.

The research, analytics and solutions segment revenue grew 1.8% on-year during the quarter ended March 31, 2025.

In terms of franchise activity during the quarter, we hosted the 9th edition of Crisil India Outlook Conclave, themed 'Unleashing manufacturing: The competitiveness clarion call', and released a report, titled 'Safe harbours and windy waters' during the event. The Crisil Infrastructure Yearbook was launched at 5th edition of India Infrastructure Conclaye 2025, titled 'Navigating India's decarbonisation journey'. Crisil Ratings hosted webinars on green hydrogen, and the engineering, procurement and construction (EPC) and city gas distribution (CGD) sectors.

Crisil Integral IQ published articles on generative artificial intelligence (GenAI) in credit risk management, and on driving efficiency and productivity gains for asset management firms by leveraging technology. Crisil Coalition Greenwich published articles on equities, fixed income, forex trading, bond markets and treasury bills. It also published trends in asset management, institutional investing, commercial lending and digital banking.

Crisil Foundation continues to be the leading implementation partner of the RBl's MoneyWise Centres of Financial Literacy (CFL) programme through its 669 centres spread across 14 states and 4 union territories.