ICRA Q1 net profit up 96 pc to Rs 16.58 crore

Rating agency ICRA today reported 96 per cent rise in consolidated net profit to Rs 16.58 crore for the first quarter ended June 30,2013. The company8217;s net profit stood at Rs 8.47 crore during the same period a year ago. The total income of the rating firm grew 23 per cent to Rs 69.22 crore in the reporting quarter as against Rs 56.24 crore posted in the corresponding period of previous fiscal.

Similarly,ICRA8217;s consolidated operating income stood at Rs 58.44 crore,up 15 per cent over last year. On standalone basis,ICRA reported 87 per cent rise in net profit to Rs 15.20 crore in the first quarter of this fiscal against Rs 8.15 crore in the year- go period. Similarly,operating income on standalone basis grew by 16 per cent to Rs 32.11 crore from Rs 27.69 crore reported in the same period of last fiscal.

The growth in operating revenue was led mainly by debt ratings and bank loan ratings,the company said. The rating agency,however,said that structured finance and public finance ratings remained subdued during the first quarter.