Page 79 - Crisil Annual Report 2023

Statutory Reports
Segmental revenue by Geography:
8% 245.80
40% 1,269.95
27% 846.45
25% 777.32
8% 221.35
26% 728.52
2023
Total 3,139.52
(C crore)
India
Europe
North America Rest of the world
40% 1,107.47
2022
Total 2,768.72
After strong growth in the corporate bond market during the first half of 2023, issuances declined in the second half as yields rose. Bank credit growth was steady, supported by both retail and services. CRISIL Ratings maintained its leadership in corporate bond ratings given investor preference for best-in-class ratings.
The Global Analytical Center (GAC) increased support to S&P Global Ratings across surveillance and in new areas in 2023.
Global Research & Risk Solutions (GR&RS) saw traction in research and lending solutions. Global Benchmarking Analytics (GBA) saw momentum in corporate and investment banking (CIB), driven by the emphasis on client engagement and product innovation.
Market Intelligence & Analytics (Ml&A) witnesses momentum in credit, risk and consulting offerings.
Peter Lee Associates Pty. Limited (Peter Lee) was acquired in March 2023 and Bridge To India Energy Private Limited was acquired in September 2023. The current year consolidated financials reflect the business performance of Peter Lee and Bridge To India from the date of the acquisitions.
Key Ratios
Debtor turnover ratio (in times)
Current ratio (in times)
Return on net worth *
Employee benefits expense/ Total income Operating profit margin (EBITDA/ Total income) Net profit margin
Operating Revenue per employee (C lakh) Operating expense per employee (C lakh) Operating profit per employee (C lakh)*
Other income (net)
26%
(C crore) 711.38
Other income was C 93.64 crore as at December 31, 2023, compared with C 122.47 crore in the previous year. Major components of other income are interest income, foreign exchange gain, profit/fair valuation of current investments and dividend.
Expense analysis
Expenses in the year totaled C 2,365.46 crore as against C 2,148.79 crore in the previous year. Employee benefits expense were mainly driven by merit increase, increase in headcount for billable roles.
The composition of total expenses is given below:
Particulars
Year ended December 31,
2023
2022
1,747.77
3.66
103.78
510.25
2,365.46
Employee benefits expense Finance costs
(C crore)
1,552.98 6.40 103.31
486.10
2,148.79
6 5
2 2
29% 30%
52% 49%
29% 29%
17% 19%
54.54 46.86
40.49 34.52
14.05 12.34
Depreciation and amortisation expenses
Other expenses
Total expenses
4
2
33%
54%
29%
20%
64.67
47.63
17.04
5
2
32%
54%
29%
20%
60.28
44.28
16.00
Metrix
2023
2022
2021
2020
2019
4
2
33%
54%
30%
20%
67.81
48.77
19.04
*Excludes impact of exceptional items
Annual Report 2023
77