CRISIL FY 05 consolidated net jumps 109 per cent

09 Feb 2006

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Credit ratings and research major CRISIL has reported a consolidated net profit of Rs24.51 crore for the financial year ended December 2005 (nine months) as compared to Rs11.74 crore for the corresponding period of the previous year. Consolidated revenues for the period were higher at Rs142.59 crore as compared to Rs82.38 crore.

Consolidated results include the results of company's subsidiaries like CRISIL Research, CRISIL Market Watch, CRISIL Properties, Irevna Research etc. Irevna is a new equity research outfit of the CRISIL group.

On a stand alone basis, CISIL has reported a net profit of 17.52 crore for the year as compared to Rs12.57 crore. Total revenues of CRISIL Limited alone were at Rs84.98 crore as compared to Rs59.46 crore.

The company said growth in revenues was mostly on account of increased business from financial sector issuers, international projects and CRISIL Fund Services. The company launched several new products like ratings for fund houses, small and medium enterprises and bank loans.

The company had shortened its accounting year 2005 to nine months from April 2005 to December 2005. This was done to align the accounting period and policies to that of CRISIL's new parent Standard & Poor's. The company said it has started the process of integrating its operations with that of S&P.

S&P had acquired a majority stake in CRISIL through an open offer last year at a price of Rs775 per share. US based McGraw Hill group, parent group of S&P, acquired a 47 per cent stake through the open offer. Including the 9.4 per cent earlier held by S&P International, total stake of the new promoter now stands at 56.5 per cent.

FII's held 8.6 per cent of the company as of 31 December 2005 while domestic institutions including mutual funds held a total of close to 15 per cent. Public holding as on that date stood at 17.4 per cent.

CRISIL closed at Rs1,536.75 (down 0.77 per cent) on the NSE on Wednesday.

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