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ICRA Limited Annual Report 2021
62082_rns_2021-05-06_fb4c4529-8bcb-4332-bdd1-f2efb3f1a859.pdf
Annual Report
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ICRA Limited
May 6, 2021
BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001, India Scrip Code: 532835
National Stock Exchange of India Limited Exchange Plaza, Plot no. C/1, G Block Bandra-Kurla Complex Bandra (East) Mumbai - 400 051, India Symbol: ICRA
Dear Sir/Madam, Sub: - Outcome of the Board Meeting dated May 6, 2021; commenced at 7:48 pm and concluded at 9:19 pm
I. Audited Financial Results
Pursuant to Regulations 30, 33 and any other applicable regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), please find enclosed the audited Financial Results (Standalone and Consolidated) of ICRA Limited (the "Company") for the quarter and year ended March 31, 2021, reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meetings held on May 6, 2021.
Please also find enclosed the Auditors Reports submitted by M/s. B S R & Co. LLP, Chartered Accountants, (FRN: 101248W/W-100022), the Statutory Auditors of the Company.
Please also find attached a declaration pursuant to Regulation 33(3)(d) of the Listing Regulations and a press release.
II. Dividend
Pursuant to Regulation 30 and other applicable provisions of the Listing Regulations, please be informed that the Board of Directors has recommended a dividend of Rs. 27 per equity share of the face value of Rs. 10 each for the financial year ended March 31, 2021. The dividend as recommended by the Board of Directors, if declared at the Thirtieth Annual General Meeting, will be paid/dividend warrants will be dispatched on or before Thursday, August 12, 2021.
III. Annual General Meeting
Please be informed that the Thirtieth Annual General Meeting ("30th AGM") of the Company has been scheduled for Thursday, July 29, 2021 through Video Conferencing ("VC")/Other Audio Visual Means ("OAVM"). Soft copy of the Annual Report and Notice of the 30th AGM shall be sent in due course. The same shall also be uploaded on the Company's website.
IV. Book Closure
Please be informed that the register of members and share transfer books of the Company shall remain closed from Saturday, July 24, 2021, to Wednesday, July 28, 2021 (both days inclusive) for the purpose of determining the eligibility of members for payment of dividend for the financial year ended March 31, 2021. Accordingly, if the members approve the payment of dividend at the forthcoming
| nd Floor, Tower ABuilding No. 8, 2 | Tel.: +91.124 .4545300 | Website: www.icra.in |
|---|---|---|
| DLF Cyber City, Phase II | CIN : L749999DL1991PLC042749 | Email: [email protected] |
| Gurugram – 122002, Haryana | Helpdesk: +91 9354738909 | |
| Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001.Tel. :+91.11.23357940-45 |
R A T I N G R E S E A R C H I N F O R M A T I O N
Annual General Meeting, the dividend shall be paid to all those members whose names appear in the register of members as on Friday, July 23, 2021 and to all those members whose names appear on that date as beneficial owners as per the details furnished by National Securities Depository Limited and Central Depository Services (India) Limited on the close of business hours as on that date.
Kindly take the above on record.
Regards,
Sincerely,
(N. Sivaraman) Managing Director & Group CEO DIN: 00001747
Encl.: As above
Building No. 8, 2 nd Floor, Tower A DLF Cyber City, Phase II Gurugram – 122002, Haryana Tel.: +91.124 .4545300 CIN : L749999DL1991PLC042749 Website: www.icra.in Email: [email protected] Helpdesk: +91 9354738909 Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001.Tel. :+91.11.23357940-45
Chartered Accountants
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400 063
Telephone: +912262571000 Fax: +91 22 6257 1010
INDEPENDENT AUDITORS' REPORT
TO THE BOARD OF DIRECTORS OF ICRA LIMITED
Report on the audit of the Standalone Annual Financial Results
Opinion
We have audited the accompanying standalone annual financial results of ICRA Limited (hereinafter referred to as the "Company") for the year ended 31 March 2021, attached herewith, being submitted by the Company pursuant to the requirement ofRegulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
In our opinion and to the best of our infonnation and according to the explanations given to us, the aforesaid standalone annual financial results:
- a. are presented in accordance with the requirements ofRegulation 33 of the Listing Regulations in this regard; and
- b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, ofthe net profit and other comprehensive income and other financial infonnation ofthe Company for the year ended 31 March 2021.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) ofthe Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit ofthe Standalone Annual Financial Results section of our report. We are independent of the Company, in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions ofthe Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our opinion on the Standalone annual financial results.
B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited liability Partnership with LlP Registration No. AAB-8181) with effect from October 14, 2013 Registered Office;
14th Floor, Central B Wing and North eWing, Neseo IT Park 4. Neseo Contor, Western Express Highway. Goregaon lEasH, Mumbai - 400063
B S R&Co. LLP
Management's and Board of Directors' Responsibilities for the Standalone Annual Financial Results
These standalone annual financial results have been prepared on the basis ofthe standalone annual financial statements.
The Company's Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 ofthe Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding ofthe assets ofthe Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness ofthe accounting records, relevant to the preparation and presentation ofthe standalone annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone annual fmancial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is responsible for overseeing the Company's financial reporting process
Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are fi'ee from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fi'aud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks ofmaterial misstatement ofthe standalone annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override ofinternal controL
- Obtain an understanding ofinternal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set offinancial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness ofsuch controls.
B S R & Co. (a partnership firm with Registration No, BA612231 converted into 8 S R & Co, lLP {a Limited Liability Partnership with LLP Registration No, AAB·81811 with effect from October 14, 2013 Registered Office;
14th Floor, Central B Wing and North C Wing, Nasca IT Park 4, NeseD Centor, Western Express Higllway. Goregaon (EaSt). Murnbai • 400063
BS R&Co. LLP
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by the Management and Board of Directors.
- Conclude on the appropriateness ofthe Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness ofthis assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matter
The standalone annual financial results include the results for the quarter ended 31 March 2021 being the balancing figure between the audited figures in respect ofthe full financial year and the published unaudited year to date figures up to the third quarter ofthe cun"ent financial year which were subject to limited review by us.
For B SR& Co. LLP CharteredAccountants Firm's Registration No.: 101248W/W-100022
SADASHIV Digitallysigned bySADASHIV SHANKAR SHANKARSHETIY SHETTY Date: 2021.05.06 20:10:06 +05'30'
Sadashiv Shetty
Partner Membership No.: 048648 UDIN: 21048648AAAAAW7729
Place: Mumbai Date : 6 May 2021
Registered Office;
14th Floor, Central B Wing and North eWing, Nesco IT Park 4, Nesco Centor. Western Express Highway, Goregaon (East!. Murnbai· 400063
B S R & Co. (a partnership firm with Registra\ion No. BA612231 converted into B S R & Co. LLP til Limited Liability Partnership with LLP Registration No. AAB-81811 with effect from October 14,2013
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ICRA LimitedCorporate Identity Number (CIN): L749999D.1991PLC042749Registered Office: B-710, Slatesman House, 148, Barakhamba Road, New Delhi-110091Telephone No.:+91-11-23357940-45Website: www.iera.in, Email ID: invest
| STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021(Rupees in lakh, except share data, per share data and where otherwise stated) | ||||||
|---|---|---|---|---|---|---|
| S. No. Particulars | Quarter ended | Quarter ended | Quarter ended | Year ended | Year ended | |
| 31/03/2021 | 31/12/2020 | 31/03/2020 | 31/03/2021 | 31/03/2020 | ||
| Audited(Refer Note 7) | Unaudited | Audited(Refer Note 7) | Audited | Audited | ||
| Income | ||||||
| I Revenue from operations | 4,846.41 | 4.694.36 | 5,276.38 | 18,126.72 | 20,778.26 | |
| II Other incomeIII Total income (I+II) | 796.135,642.54 | 977.315,671.67 | 1,000.026,276.40 | 3,632.2721,758.99 | 4,057.4024,835.66 | |
| Expenses | ||||||
| IV Employee benefit expenses | 2,647.33 | 2,845.30 | 1,954.13 | 11,003.93 | 10,510.73 | |
| VFinance costsVI Depreciation and amortisation expense | 42.11136.47 | 43.43134.48 | 44.60133.42 | 173.06524.55 | 166.22$37.64 | |
| VII Other expenses | 611.38 | 606.19 | 1,284.07 | 2,891.16 | 4,415.87 | |
| VIII Total expenses (IV to VII) | 3,437.29 | 3,629.40 | 3,416.22 | 14,592.70 | 15,630.46 | |
| IX Profit before tax (III-VIII)Tax expense: | 2,205.25 | 2,042.27 | 2,860.18 | 7,166.29 | 9,205.20 | |
| Current tax | 541.22 | 508.55 | 698.54 | 1,790.41 | 2,706.57 | |
| Deferred taxX Total tax expense | 38.58579.80 | (8.00)500.55 | 53.16751.70 | 81.341,871.75 | 0.652,707.22 | |
| 1,625.45 | 1,541.72 | 2,108.48 | 5,294.54 | 6,497.98 | ||
| XI Profit after tax (IX-X) | ||||||
| Other comprehensive incomeA (i) Items that will not be reclassified to profit or (loss) | 10.17 | (29.16) | (19.93) | 34.02 | (71.95) | |
| (ii) Income tax relating to items that will not be reclassified to profit or (loss) | (2.56) | 7.34 | 5.02 | (8.56) | 18.11 | |
| $Bi(i)$ liems that will be reclassified to profit or (loss) | ٠ | |||||
| (ii) Income tax relating to items that will be reclassified to profit or (loss)XII Other comprehensive income, net of income tax (A+B) | 7.61 | (21.82) | (14.91) | 25.46 | (53.84) | |
| XIII Total comprehensive income for the period (XI+XII) | 1,633.06 | 1,519.90 | 2,093.57 | 5,320.00 | 6,444.14 | |
| 965.12 | 965.12 | 965.12 | 965.12 | 965.12 | ||
| XIV Paid up equity share capital(Face value : Rs. 10 per share) | ||||||
| XV Other equity | 60,492.89 | 57,287.92 | ||||
| XVI Earnings per equity share (Rs.) | ||||||
| (Face value of Rs. 10 per share): | ||||||
| BasicDiluted | 16.9016.90 | 16.0216.02 | 21.9221.92 | 55.0455.04 | 67.5567.55 | |
| See accompanying notes to the standalone audited financial results | ||||||
| Notes: | ||||||
| 1 | Standalone Balance Sheet as at March 31, 2021:S. No. Particulars | As at 31/03/2021 | As at 31/03/2020 | |||
| Audited | Audited | |||||
| A. ASSETS | ||||||
| 1 Non-current assets(a) Property, plant and equipment | 2,461.37 | 2,879.24 | ||||
| (b) Intangible assets | 26.24 | 2.52 | ||||
| (c) Intangible assets under development(d) Financial assets | 232.51 | 188.18 | ||||
| (i) Investments | 18,467.64 | 5.118.64 | ||||
| (ii) Loans(iii) Other financial assets | 404.2411,535.77 | 379.17775.35 | ||||
| (e) Deferred tax assets (net) | 327.30 | 417.20 | ||||
| (f) Non-current tax asset (net) | 871.65 | 742.01 | ||||
| (g) Other non-current assetsTotal non-current assets | 5.8934,332.61 | 11.5810,513.89 | ||||
| 2 Current assets | ||||||
| (a) Financial assets | ||||||
| (i) Investments | 1,900.00 | 7,969.993,339.31 | ||||
| (ii) Trade receivables(iii) Cash and eash equivalents | 1,599.311,251.87 | 148.07 | ||||
| (iv) Bank balances other than (iii) above | 31,089.25 | 43.376.35 | ||||
| (v) Loans(vi) Other financial assets | 11.77882.92 | 21.932.186.75 | ||||
| (b) Other current assets | 584.54 | 805.28 | ||||
| (c) Assets held for sale | 27.74 | |||||
| Total current assets | 37,319.66 | 57,875.42 | ||||
| Total assets | 71,652.27 | 68,389.31 | ||||
| BEQUITY AND LIABILITIES | ||||||
| 1 | Equity(a) Equity share capital | 965.12 | 965.12 | |||
| (b) Other equity | 60.492.89 | 57,287.92 | ||||
| Total equity | 61,458.01 | 58,253.04 | ||||
| Liabilities2 Non-current liabilities | ||||||
| (a) Financial liabilities | ||||||
| (i) Other financial liabilities | 1.346.90 | 1,588.55 | ||||
| (b) ProvisionsTotal non-current liabilities | 157.511,504.41 | 152.571,741.12 | ||||
| 3 Current liabilities | ||||||
| (a) Financial liabilities | ||||||
| (i) Trade payables | 47.09 | 10.37 | ||||
| (A) Total outstanding dues of micro and small enterprises(B) Total outstanding dues of creditors other than micro and small enterprises | 286.43 | 928.18 | ||||
| (ii) Other financial liabilities | 662.59 | 687.74 | ||||
| (b) Provisions(c) Current tax liabilities (net) | 2,049.5978.14 | 1,547.99107.47 | ||||
| (d) Other current liabilities | 5,566.01 | 5,113.40 | ||||
| Total current liabilities | 8,689.85 | 8,395.15 | ||||
| Total liabilities | 10,194.26 | 10,136.27 | ||||
| Total equity and liabilities | 71,652.27 | 68,389.31 |
$\ddot{\text{o}}$
Place: Mumhai
Dated: May 6, 2021
ICRA LimitedCorporate Identity Number (CIN): L74999DL1991PLC042749 Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi-110001 Telephone No.;+91-11-23357940-45Website: www.icra.in, Email ID: [email protected]
(Rupees in lakh, except share data, per share data and where otherwise stated)
| Particulars | For the vear ended For the year ended | |
|---|---|---|
| 31/03/2021 | 31/03/2020 | |
| Audited | Audited | |
| A. Cash flow from operating activitiesProfit before tax | 7,166.29 | 9,205.20 |
| Adjustments for:- | 524.55 | 537.64 |
| Depreciation and amortisation expenseBad debts/ advances written off (net of provisions) | 74.63 | 213.71 |
| Loss on sale/ write off of property, plant and equipment (net) | 0.43 | |
| Interest on lease liabilities | 173.06 | 164.75 |
| Other interest costs | ||
| Short term lease rentals | 15.53 | 18.44 |
| Long term individual payout funded through Trust | 450.13 | 474.83 |
| Interest income on fixed deposits | (2,625.09) | (3.013.67) |
| Interest income on investments | (158.36) | (639.27) |
| Gain on financial assets carried at FVTPL (net) | (349.00)(237.23) | (314.52)(178.91) |
| Advances received from customers written backDividend from subsidiary company | (32.80) | (21.47) |
| Profit on sale of property, plant and equipment (net) | (100.24) | |
| Bad debts recovered | (16.29) | |
| Operating cash flow before changes in operating assets and liabilities | 4,585.18 | 6,448.63 |
| Adjustments for changes in operating assets and liabilities | 1,676.83 | (1,609.79) |
| (Increase)/ decrease in trade receivables(Increase)/ decrease in loans | (14.91) | |
| (Increase)/ decrease in other financial assets | 192.51 | (109.08) |
| (Increase)/ decrease in other assets | 226.44 | (313.76) |
| Increase/ (decrease) in trade pavables | (605.03) | 461.39 |
| Increase/ (decrease) in other financial liabilities | (104.90) | (1,085,00) |
| Increase/ (decrease) in other liabilities | 689.84 | (170.52) |
| Increase/ (decrease) in provisions | 540.56 | (565.85) |
| Cash generated from operations before tax | 7,186.52 | 3,054.56 |
| Taxes paid, net of refund | (1,908.71) | (2,757.55) |
| Net cash generated from operating activities (A) | 5,277.81 | 297.01 |
| B. Cash flow from investing activities | ||
| Purchase of property, plant and equipment, intengible assets and intangible assets under development including capital advances | (142.91) | (146.22)10.25 |
| Sale proceeds from property, plant and equipment and intangible assets | 134.70 | |
| Sale proceeds from redemption/ disposal of mutual funds | 8,290.20 | |
| Investment in mutual funds | (13,000.00)6,069.99 | (222.23) |
| Investment (made in)/ redemption in corporate deposits (net)Interest received on investments | 547.82 | 653.21 |
| (Increase)/ decrease in fixed deposits (having maturity of more than three months), (net) | 1,599.33 | (9,040.68) |
| Interest received on fixed deposits | 3,585.12 | 2,870.51 |
| Dividend received from subsidiary company | 26.82 | 12.75 |
| Net cash generated/ (used) in investing activities (B) | (1, 179.13) | 2,127.79 |
| C. Cash flow from financing activities | ||
| Payment of lease liabilities | (200.77) | (174.04) |
| Interest paid on lease liabilities | (173.06) | (164.75) |
| Short term lease rentals | (15.53) | (18.44) |
| Dividend paid | (2,605.83) | (2, 895.37) |
| Dividend distribution tax paid | (595.15) | |
| (Decrease)/ increase in unclaimed dividend | 0.31 | |
| Net cash used in financing activities (C) | (2,994.88) | (3,842.91) |
| Net increase/ (decrease) in cash and cash equivalents (A+B+C) | 1,103.80 | (1.118.11) |
| Add: Cash and cash equivalents at the beginning of year | 148.07 | 1,266.18 |
| Cash and cash equivalents at the end of the year | 1,251.87 | 148.07 |
The Board of Directors, at its meeting held on May 6, 2021 has recommended a dividend of Rs. 27 per equity share for the financial year ended March 31, 2021. The proposal is subject to the approval of members at the forthc
$\mathbf{s}$ During the year ended 31 March 2021, the Company was dealing with certain continuing matters and following are the updates:
Can be a series and Exchange Board of India (SEBI) enhanced the penalty amount from Rs. 25 lakhs to Rs. I reore in respect of an adjudication proceeding initiated by it in relation to the credit ratings assigned to one of
(b) The Board of Directors ("Board") had previously appointed external experts to examine and report on anonymous representations making certain allegations against two former officials which were forwarded to the Company remedial measures, including termination of services of aforesaid officials.
(c) The Company had also received another anonymous representation in the previous financial year. The Company has concluded the examination thereof and finalized the necessary action plan during of the current financial year. The findings did not indicate any adverse financial impact.Basis the foregoing and the legal counsel opinion obtained; the Company does not foresee any significant adverse implications on th
Basis the loogening and the legal counsel option of the tompary details and the sected in the subsequent quarters. Investor risk aversion remained high throughout the yearPandemic induced locklown led to a significant di
In terms of operations, the Company continues to serve its clients and market participants without any disruption in the service levels. To mitigate any risk to employees, the Company has extended remote working for all employees across all locations and demonstrated its ability to provide seamless delivery of high-quality and timely services to its clients
In view of the pandemic relating to Covid, the Company has considered internal and external information and has performed an analysis based on current estimates on the Company's capital and financial resources, profitabili
The above Statement of standalone audited financial results are reviewed by the Audit Committee and approved by the Board of Directors at its meetings held on May 6, 2021 and audited by theStatutory Auditors of the Compan Financial year and the published year to due figures upto the end of the third quarter of the relevant financial year. The figures upto the end of third quarter of the relevant financial year. The figures upto the end of t
By Order of the Board of Directors Digitally signed by SivarabianNarayanaswangDale: 2011.05.06 19:55:50+0530 N. Sivaraman Managing Director & Group CEO(DIN: 00001747)
B S R & Co. LLP
Chartered Accountants
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400 063
Telephone: +91 22 6257 1000 Fax: +912262571010
INDEPENDENT AUDITORS' REPORT
TO THE BOARD OF DIRECTORS OF ICRA LIMITED
Report on the audit ofthe Consolidated Annual Financial Results
Opinion
We have audited the accompanying consolidated annual financial results of ICRA Limited (hereinafter refelTed to as the' 'Holding Company") and its subsidiaries (Holding Company and its subsidiaries together refelTed to as "the Group") for the year ended 31 March 2021, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration ofreports of other auditors on separate audited financial statements/ financial results/ financial infolTllation ofthe subsidiaries, the aforesaid consolidated annual financial results:
a. include the annual financial results ofthe following entities
Parent: ICRA Limited
Subsidiaries: ICRA Analytics Limited (formerly known as ICRA Online Limited) Pragati Development Consulting Services Limited ICRA Nepal Limited ICRA Lanka Limited PT ICRA Indonesia ICRA Employees Welfare Trust
- b. are presented in accordance with the requirements ofRegulation 33 of the Listing Regulations in this regard; and
- c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, ofconsolidated net profit and other comprehensive income and other financial information ofthe Group for the year ended 31 March 2021.
| B S R & Co. (a partnership firm with Registration No. BA61223J converted into B S R &. Co. LLP |
|---|
| (a Limited Liability Partnership with LLP Registration No. AAS.a181) with effect from October 14, 2013 |
Rogistered Office:
14th Floor, Central B Wing and North eWing, Nesca IT Park 4. Nesca Center, Western Expres5 Highway. Goregaon lEasU. Mumbai - 400063
B S R&Co. LLP
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) ofthe Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilitiesfor the Audit ofthe Consolidated Annual Financial Results section of our repOli. Weare independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence obtained by us along with the consideration of audit repOlis ofthe other auditors referred to in sub paragraph (a) of the "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.
Management's and Board of DiI'ectors' Responsibilities for the Consolidated Annual Financial Results
These consolidated annual financial results have been prepared on the basis of the consolidated annual financial statements.
The Holding Company's Management and the Board of Directors are responsible for the preparation and presentation ofthese consolidated annual financial results that give a true and fair view ofthe consolidated net profit and other comprehensive income and other financial information ofthe Group in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 ofthe Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding ofthe assets ofeach company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness ofthe accounting records, relevant to the preparation and presentation ofthe consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation ofthe consolidated annual financial results by the Management and the Directors ofthe Holding Company, as aforesaid.
In preparing the consolidated annual financial results, the Management and the respective Board of Directors ofthe companies included in the Group are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
The respective Board ofDirectors ofthe companies included in the Group is responsible for overseeing the financial reporting process of each company.
B S R & Co. ta partnership firm with Registration No. BA61223l converted into B S R & Co. LLP fa Limited Liability Partnership with LLP Registralion No. AAS--8181) with effect from Octobor 14, 2013 Registered Office:
14th Floor, CentralS Wing and North eWing, Nosca IT Park 4, Nesea Center, Western Express Highway, Goregaon (East!. Mumbi'J1 - 400063
BS R&Co. LLP
Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis ofthese consolidated annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- IdentifY and assess the risks of material misstatement of the consolidated ammal financial results, whether due to fraud or error, design and perfonll audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding ofinternal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set offinancial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness ofsuch controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated financial results made by the Management and Board ofDirectors.
- Conclude on the appropriateness ofthe Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness ofthis assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated annual financial results or, if such disclosures are inadequate, to modifY our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the consolidated ammal financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results/financial information ofthe entities within the Group to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance ofthe audit offinancial information ofsuch entities included in the consolidated financial results ofwhich we are the independent auditors. For the other entities included in the consolidated annual financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and perfonllance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in para (a) ofthe section titled "Other Matters" in this audit report.
Registered Office:
B S R & Co. la partnership firm with Registration No. BA(1223) converted into B S R &. Co. LLP (a Umit€dLiability Partnership with LLP Registration No. AAB-818l) with effect from October 14, 2013 14th Floor, Central B Wing and North C Win(l, Nesca IT Park 4, Nesca Center, Western E),press Highway. Goregaon (East!, Mumbfli -400063
We communicate with those charged with govel11ance of the Holding Company and such other entities included in the consolidated annual financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing ofthe audit and significant audit findings, including any significant deficiencies in intel11al control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance with the circular No CIRfCFD/CMD1I44/2019 issued by the SEBI under Regulation 33(8) ofthe Listing Regulations, as amended, to the extent applicable.
Other Matters
(a) The consolidated annual financial results include the audited financial results of three subsidiaries, whose financial statements reflect total assets (before consolidation adjustments) ofRs. 5,468.50 Lakh as at 3I March 202 I, total revenues (before consolidation adjustments) of Rs. 648.75 Lakh and total net profit after tax (before consolidation adjustments) of Rs. 344.85 Lakh and net cash inflows of Rs. 57.71 Lakh for the year ended on that date, as considered in the consolidated annual financial results, which have been audited by their respective independent auditors. The independent auditors' reports on financial statements ofthese entities have been furnished to us by the management and our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report ofsuch auditors and the procedures performed by us are as stated in paragraph above.
Certain of these subsidiaries are located outside India, whose financial statements have been prepared in accordance with the accounting principles generally accepted in their respective countries. The Holding Company's management has converted the financial statements ofsuch subsidiary companies located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion in so far as it relates to the financial statements of such subsidiary companies located outside India is based on the report of other auditors and conversion adjustments prepared by the management and audited by us.
(b) The consolidated annual financial results include the unaudited financial results of one subsidiary, whose financial infonnation reflect total assets (before consolidation adjustments) ofRs. 1.01 Lakh as at 31 March 2021, total revenue (before consolidation adjustments) ofRs. Nil and total net Profit after tax (before consolidation adjustments) ofRs. Nil, and net cash inflows ofRs. Nil for the year ended on that date, as considered in the consolidated annual financial results. This unaudited financial inf0l111ation has been furnished to us by the Board of Directors and our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect ofthis subsidiary is based solely on such annual financial information. In our opinion and according to the infonnation and explanations given to us by the Board of Directors, this financial infonnation is not material to the Group.
B S R & Co. la partnership finn with Registration No, BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LlP RegisHJtion No. AAB·8181) vvith effect from October 14, 2013 Registered Office:
14th Floor, CentralS Wing and North eWing, NescD IT Park 4. Nesca Center, Wostern Express Highway, Goregaon (East), Mumbai • 400063
BS R&Co. LLP
Our opinion on the consolidated annual financial results is not modified in respect ofthe above matters with respect to our reliance on the work done and the reports ofthe other auditors and the financial information certified by the Board of Directors.
(c) The consolidated annual financial results include the results for the quarter ended 31 March 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter ofthe current financial year which were subject to limited review by us.
For B S R & Co. LLP CharteredAccountants Firm's Registration No.: 101248W/W-I00022
| SADASHIV | Digitally signed bySADASHIV SHANKAR |
|---|---|
| SHANKAR | SHETIY |
| SHETTY | Date: 2021.05.0620:09:03 +05'30' |
Sadashiv Shetty
Partner Membership No.: 048648 UDIN: 21 048648AAAAAX979 I
Place: Mumbai Date : 6 May 2021
B S A & Co. la pannership firm with Registration No. BA612231 converted into 8 S R & Co, LLP {a limited Liability Partnership with LLP Registration No. AAB·818111h'ith effect from October 14, 2013 14th Floor, Central B Wing and North eWing. Nesca IT Park 4. Nesca Center, Western Express Highway, Goregaon (East), Murnbai - 400063
Registered Office:
${\bf ICRA Limited}$ Corporate Identity Number (CIN): 1,74999DL4991PLC042749Registered Office: B-710, Stateman House, 1.48, Barakhanha Road, New Delhi-110001Telephone No.:+91-11-23357940-45Website: www.icra.in, Email ID: investor
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| STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021(Rupees in lakh, except share data, per share data and where otherwise stated) | ||||||
|---|---|---|---|---|---|---|
| S.No | Particulars | Quarter ended31/03/2021 | Quarter ended31/12/2020 | Quarter ended31/03/2020 | Year ended31/03/2021 | Year ended31/03/2020 |
| Audited(Refer Note 8) | Unsudited | Audited(Refer Note 8) | Audited | Audited | ||
| Income | ||||||
| Revenue from operationsH Other income | 8,209.46975.44 | 7.734.751.139.55 | 8,706.501,249.68 | 30,106.084,284.66 | 32,108.844,796.75 | |
| III Total income (I+II) | 9,181.90 | 8,874.30 | 9,956.18 | 34,390.74 | 36,905.59 | |
| ExpensesIV Employee benefit expenses | 4,268.59 | 4,397.07 | 3.382.49 | 17,169.90 | 16,166.87 | |
| Finance costsVI Depreciation, amortisation and impairment expense | 51.72256.93 | 50.36257.02 | 53.76267.41 | 205.72991.86 | 204.471,029.01 | |
| VII Other expensesVIII Total expenses (IV to VII) | 1,555.946,133.18 | 912.805.617.25 | 2,062.335,765.99 | 4,822.7523,190.23 | 6,357.6523,758.00 | |
| IX Profit before tax (III-VIII) | 3,051.72 | 3,257.85 | 4,190.19 | 11,200.51 | 13,147.59 | |
| Tax expense:Current tax | 886.26 | 814.38 | 1,027.37 | 2,870.55 | 3,707.31 | |
| Deferred taxX Total tax expense | (85.22)891.04 | (2.30)312.08 | (322.83)784.54 | 61.622,932.17 | (283.49)3,423.82 | |
| XI Profit after tax (IX-X) | 2,250.68 | 2,444.97 | 3,485.65 | 8,268.34 | 9,723.77 | |
| Other comprehensive income | ||||||
| A(i) Items that will not be reclassified to profit or (loss)(ii) Income tax relating to items that will not be reclassified to profit or (loss) | 23.13(5.71) | (38.61)9.72 | (37.98)9.66 | 15.52(3.79) | (85.40)21.59 | |
| B(i) liems that will be reclassified to profit or (loss) | (B.72) | (1.42) | 1.55 | (10.01) | 1.28 | |
| (ii) Income tax relating to items that will be reclassified to profit or (loss)XII Other comprehensive income, net of income tax (A+B) | 6.70 | (30.31) | (26.77) | 1.71 | (62.53) | |
| XIII Total comprehensive income for the period (XI+XII) | 2,259.38 | 7.114.66 | 3,458.88 | 8,270.06 | 9,661.24 | |
| XIV | Net Profit attributable to:(a) Owners of the company | 2,220.47 | 2,418.97 | 3,458.46 | 8,166.03 | 9.617.50 |
| (b) Non-controlling interest | 30.21 | 26.00 | 27.19 | 102.31 | 106.27 | |
| XV Other comprehensive income attributable to:(a) Owners of the company | 8.70 | (30.31) | (26.77) | 1.72 | (62.53) | |
| (b) Non-controlling interest | ||||||
| XVI Total comprehensive income attributable to:(a) Owners of the company | 2,229.17 | 2,388.66 | 3.431.69 | 8.167.75 | 9.554.97 | |
| (b) Non-controlling interestXVII Paid up equity share capital | 30.21965.12 | 26.00965.12 | 27.19965.12 | 102.31965.12 | 106.27965.12 | |
| (Face value : Rs. 10 per share) | ||||||
| XVIII Other equity | 74,807.59 | 69.196.35 | ||||
| XIX Earnings per equity share (Rs.)(Face value of Rs. 10 per share): | ||||||
| BasicDiluted | 23.0823.08 | 25.1525.15 | 35.9535.95 | 84.89$4.89 | 99.9899.98 | |
| See accompanying notes to the consolidated audited financial results | ||||||
| Notes: | Consolidated Balance Sheet as at March 31, 2021: | |||||
| S.No. Particulars | As at 31/03/2021Audited | As at 31/03/2020Audited | ||||
| A. ASSETSNon-current assets | ||||||
| (a) Property, plant and equipment(b) Goodwill | 4,373.29122.53 | 5.252.48122.53 | ||||
| (c) Capital work in progress(d) intangible assets | 16.52149.17 | 74.60 | ||||
| (e) intangible assets under development(f) Financial assets | 324.62 | 204.19 | ||||
| (i) Investments(ii) Loans | 15,775.55407.76 | 2.426.55445.43 | ||||
| (iii) Other financial assets | 17,144.68576.79 | 2,106.88642.20 | ||||
| (g) Deferred tax assets (net)(h) Non-current tax asset (net) | 1,142.09 | 1,178.75 | ||||
| (i) Other non-current assetsFotal non-current assets | 68.9140,101.91 | 83.4712,537.08 | ||||
| 2 Current assets(a) Financial assets | ||||||
| (i) Investments | 1,900.004.750.84 | 7.969.995,719.47 | ||||
| (ii) Trade receivables(iii) Cash and cash equivalents | 2,844.73 | 1,620.82 | ||||
| (iv) Bank balances other than (iii) abovev) Loans | 37,100.5697.57 | 51.057.8336.06 | ||||
| (vi) Other financial assets(b) Other current assets | 1.643.321,162.38 | 4.171.951.411.89 | ||||
| (c) Assets held for saleTotal current assets | 49.499.40 | 27.7472,015.75 | ||||
| Total assets | 89,601.31 | 84,552.83 | ||||
| 1 | BEQUITY AND LIABILITIESEquity | |||||
| (a) Equity share capital | 965.1274,807.59 | 965.1269.196.35 | ||||
| (b) Other equityEquity attributable to equity holders of parent | 75,772.71 | 70,161.47 | ||||
| Non-controlling interestsTotal equity | 329.3676,102.07 | 258.5870,120.05 | ||||
| Liabilities | ||||||
| 2 Non-current liabilities(a) Financial Itabilities | 1.548.14 | 1,922.58 | ||||
| (i) Other financial liabilities(b) Provisions | 340.10 | 708.47 | ||||
| Total non-current liabilities3 Current liabilities | 1,888.24 | 2,631.05 | ||||
| (a) Financial liabilities | ||||||
| (i) Trade payables(A) Total outstanding dues of miero and small enterprises | $-17.60$ | 11.39 | ||||
| (B) Total outstanding dues of creditors other than micro and small enterprises(ii) Other financial liabilities | 732.651,197.98 | 1.540.871,163.76 | ||||
| (b) Provisions(c) Current tax liabilities (net) | 2,929.4887.31 | 2.368.91300.25 | ||||
| (d) Other current liabilitiesTotal current liabilities | 6,615.9811,611.00 | 6,116.5511,501.73 | ||||
| Total liabilities | 13,499.24 | 14,132.78 | ||||
| Total equity and liabilities | 89,601.31 | 84,552.83 |
${\bf ICRA Limitied}$ ${\bf \textbf{Coppcrete } Identify Number (C(N): J.7999D. L.911P1.C042749 \nRegistered Office (N): J.9999D. L.991B10-110001 \nWebline (Nc: 991-11-23357946-45 \nWebslic: Wechslic. W.1921-11-23357946-45 \n(Rupect in Läh, except since the paper of a \nand where otherwise stated)$
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| $\overline{2}$ | Segment wise revenue, results and capital employed: | |||||
|---|---|---|---|---|---|---|
| Sr. | Particulars | Quarter ended | Quarter ended | Quarter ended | Year ended | Year ended |
| No. | 31/03/2021Audited | 31/12/2020Unaudited | 31/03/2020Audited | 31/03/2021Auditen | 31/83/2020Audited | |
| (Refer Note 8) | (Refer Note 8) | |||||
| (i) Segment revenue: | ||||||
| (a) Rating, research and other services(b) Constiting services | 5,026.92548.98 | 4,879.42456.06 | 5,449.181.057.37 | 18,775.471,854.78 | 21.434.702,477.12 | |
| (e) Outsourced and information services | 2,672.07 | 2.436.51 | 2.276.52 | 9,608.11 | 8.548.71 | |
| Total regment revenue | 8,247.97 | 7,771.99 | 8,783.07 | 30,238.36 | 32,460.53 | |
| Less: Inter-segment revenue | (38.51) | (37.24) | (76.57) | (132.28) | (351.69) | |
| Total revenue | 8,209.46 | 7,734.75 | 8,706.50 | 30,106.08 | 32,108.84 | |
| (ii) Segment results:(Profit before tax and other income from each segment) | ||||||
| (a) Rating, research and other services | 1,511.78 | 1.165.64 | 1.969.24 | 3.890.19 | 5,530.13 | |
| (b) Consulting services | (60.93) | 3.74 | 45.95 | (176.51) | (195.48) | |
| (c) Outsourced and information servicesTotal segment results | 661.952,112.60 | 998.122.167.50 | 928.132,943.32 | 3.376.167,089.84 | 3,260.058,594.70 | |
| Less: Finance costs | (51.72) | (50.36) | (53.76) | (205.72) | (204.47) | |
| Add: Unallocable income net of unallocable expenses | 990.64 | 1.139.91 | 1,300.63 | 4.316.39 | 4.757.36 | |
| Profit before tax | 3,051.72 | 3,257.05 | 4,190.19 | 11,200.51 | 13,147.59 | |
| (iii) Segment assets: | ||||||
| (a) Rating, research and other services(b) Consulting services | 5,465.971,311.63 | 6,150.091,378.71 | 7,974.591,747.34 | 5,465.971,311.63 | 7,974.591,747.34 | |
| (c) Outsourced and information services | 5,337.56 | 6,189.11 | 5,510.60 | 5,337.56 | 5,510.60 | |
| (d) Unallocable | 77,486.15 | 75,226.55 | 69,320.30 | 77.486.15 | 69.320.30 | |
| Total segment assets | 89,601.31 | 88,944.46 | 84,552.83 | 89,601.31 | 84,552.83 | |
| (iv)Segment liabilities: | ||||||
| (a) Rating, research and other services(b) Consulting services | 11,434.15664.87 | 12,961.16811.50 | 11,242.621.004.93 | 11,434.15664.87 | 11.242.621,004.93 | |
| (c) Outsourced and information services | 1,335.36 | 1,194.16 | 1.622.97 | 1.335.36 | 1,622.97 | |
| (d) Unallocable | 64.86 | 103.45 | 262.26 | 64.86 | 262.26 | |
| Total segment liabilities | 13.499.24 | 15,070.27 | 14,132.78 | 13, 199.24 | 14, 132. 78 | |
| 3 | Consolidated Cash Flow Statement for the year ended March 31, 2021:Particulars | For the year ended For the year ended | ||||
| 31/03/2021 | 31/03/2020 | |||||
| Audited | Audited | |||||
| A. Cash flow from operating activitiesProfit before tax | 11.200.51 | 13.147.59 | ||||
| Adjustments for: | ||||||
| Depreciation, amortisation and impairment expense | 991.86 | 1,029.01 | ||||
| Bad debts/ advances written off (net of provisions) | 65.23 | 163.99 | ||||
| Provision for export incentive | 512.12 | 19.17 | ||||
| Loss on sale/ write off of property, plant and equipment (net)Interest on lease liabilities | 203.00 | |||||
| Short term lease rental | 205.7244.32 | 61.79 | ||||
| Other interest costs | 1.47(0.23) | |||||
| Unrealised foreign exchange loss/ (gain) (net)Interest income on fixed deposits | (3,696.29) | |||||
| Interest income on investments | (639.27) | |||||
| Gain on financial assets carried at FVTPL (net) | (314.52) | |||||
| Advances received from customers written backProfit on sale of property, plant and equipment (net) | (178.91) | |||||
| Bad debts recovered | ||||||
| Operating cash flow before changes in operating assets and liabilities | 8,603.61 | 9,796.80 | ||||
| Adjustments for changes in operating assets and liabilities | ||||||
| (Increase)/ decrease in trade receivables | 885.53 | (2.664.74) | ||||
| (Increase)/ decrease in loans | (23.84)732.62 | 15.44(476.91) | ||||
| (Increase)/ decrease in other financial assets(Increase)/ decrease in other assets | 264.07 | (348.87) | ||||
| Increase/ (decrease) in trade payables | (772.01) | 505.90 | ||||
| Increase/ (decrease) in other financial liabilities | 10.17 | (917.56) | ||||
| Increase/ (decrease) in other liabilitiesIncrease/ (decrease) in provisions | 736.66207.72 | 90.31(324.47) | ||||
| Cash generated from operations before tax | 10.644.53 | 5.675.90 | ||||
| (3,006.16) | (3.543.99) | |||||
| Taxes paid, net of refund | ||||||
| Net cash generated from operating activities (A) | 7,638.37 | 2,131.91 | ||||
| B. Cash flow from investing activities: | (351.30) | (406.09) | ||||
| Purchase of property, plant and equipment, intangible assets and intangible assets under development including capitalSale proceeds from property, plant and equipment and intangible assets | 123.65 | 18.37 | ||||
| Sale proceeds from redemption/disposal of mutual funds | 8,290.21 | |||||
| Investment in mutual funds | (13,000.00) | |||||
| Investments (made in)' redemption in corporate deposits (net)Interest received on investments | 6,069.99547.82 | (222.23)653.21 | ||||
| (Increase)' decrease in fixed deposits (having maturity of more than three months), net | (900.31) | (10.678.37) | ||||
| Interest received on fixed deposits | 4.298.75 | 3,459.50 | ||||
| Net cash generated/ (used) in investing activities (B) | (3, 211.48) | 1,114.60 | ||||
| C. Cash flow from financing activities | ||||||
| Payment of lease liabilities | (324.64)(205.72) | (306.35)(203.00) | ||||
| Interest paid on lease liabilitiesPayment of short term leases | (44.32) | (61.79) | ||||
| Dividend paid | (2.628.69) | (2.906.19) | ||||
| Dividend distribution tax paid | (595.15) | |||||
| (Decrease)' increase in unclaimed dividendNet cash generated used in financing activities (C) | 0.31(3, 203.06) | 4.84(1,067.84) | ||||
| 1,223.91 | (R21.33) | |||||
| Net increase/ (decrease) in cash and cash equivalents (A+B+C)Add: Cash and cash equivalents at the beginning of year | 1,620.82 | 2,442.15 | ||||
| Cash and cash equivalents at the end of the year | 2,844.73 | 1.628.82 | ||||
ICRA Limited 1 LKA LINIIIted (State 1999)2013-2014/2012-2012-2012-2012-2012-2014Registered Office: B-710, Statesman House, 148, Barakhanba Road, New Delhi-1100012016-2014-2025-2014-2012Website: www.icra.sh, Emill ID: investors@icra
$\overline{4}$
The Board of Directors, at its meeting held on May 6, 2021 has recommended a dividend of Rs. 27 per equity share for the financial year ended March 31. 2021. The proposal is subject to the approval of members at the forthc
ncome sump any eventual and the customs was deling with certain containing matters and following are the update:(a) The Securities and Exchange Board of India (SEBI) enhanced the praha) amount from Rs. 25 Is the to Rs. 1 $\epsilon$ Fig. 1. The Board of Directors ("Board") had previously appeared the steamer content to examine and report on anonymous representations making extain allegations against two former officials which were forwarded tothe Com
(c) The Company had also received another anonymous representation in the previous financial year. The Company has concluded the examination thereof and finalized the necessary action plan during the currenfinancial year.
Institution (the law of the second dependent disputes the company does not foresee any significant adverse implications on the Company.Basis the foregoing and the logal counsel equivariant disputes in the economy of PT202
In terms of operations, the Group continues to serve its elients and market participants without any disruption in the service levels. To mitigate any risk to employees, the Group has extended nemployees across all locati orking for all
any year of the parlemic relating to Covid, the Group has considered intention of external information and has performed an analysis based on current estimates on the entities expiral and financial resources.In view of th
Experience any material entanges to interest contoine contours and consequential impact on to consolidate the bead of Directors at its meetings hell on May 6, 2021 and audited by the StottedyThe above Statement of consoli
By Order of the Board of Directors Digitally signed by SiVARAMANNARAYANASWAMIDate: 2021.05.06 19:57:29 +05'30' N. Sivaraman
Place: Mumbai Dated: May 6, 2021
$\mathcal{L}$
Managing Director & Group CEO(DIN: 00001747)
$\ddot{\phantom{a}}$
ICRA ICRA Limited
May 6, 2021
BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001, India Scrip Code: 532835
National Stock Exchange of India Limited Exchange Plaza, Plot no. CIl, G Block Bandra-Kurla Complex Bandra (East) Mumbai - 400 05 I, India Symbol: ICRA
Dear Sir/Madam,
Sub,: - Declaration pursuant to Regulation 33(3)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
Pursuant to Regulation 33(3)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") read with SEBI Circular CIRlCFD/CMD/56/2016 dated May 27, 2016, I, hereby declare that the Statutory Auditors oflCRA Limited (the "Company"), B S R & Co. LLP, Chartered Accountants, (FRN:IOI248W/W-IO0022) ("Statutol'Y Auditors"), have issued Audit Reports with unmodified opinion on the Audited Financial Results ofthe Company (Standalone & Consolidated) for the quarter and year ended March 3J, 2021.
Sincerely,
Building No.8, 2"" Floor, Tower A Tel.: +91.124 .4545300 Website: www.icra.in DLF Cyber City, Phase II CIN : L749999DL1991PLC042749 Email: [email protected] Gurugram - 122002, Haryana Helpdesk: +91 9354738909 Registered Office: B-710, Statesman House. 148, Barakhamba Road, New Delhi 110001.Tel. :+91.11.23357940-45
RA TI NG RESEARCH INFORMATION
PRESS RELEASE May 06, 2021
ICRA Limited
Board approves audited financial results and recommends dividend
The Board of Directors of the company at its meeting held today, approved the audited financial results of the company (standalone and consolidated) for the fourth quarter and year ended March 31, 2021.
Standalone Financial Results
For the quarter ended March 31, 2021, the company's operating income was Rs. 48.5 crore, as against Rs. 52.8 crore in the corresponding quarter of the previous financial year, showing a degrowth of 8%. The preference for bank credit over bond issuances, as yields hardened, led to a growth in bank credit outstanding by 4.1% and a decline in bond issuances by 3.2%. This had a corresponding impact on the industry rated volumes in both the bank loan and bond rating segments – however, the growth in the bank loan rating segment was led by PSU entities. The impact of decline in bond market issuances was mitigated by the pick-up in securitization and bilateral assignment of pools towards the end of the quarter.
Other income declined by 20% during the quarter on y-o-y basis, primarily due to lower interest rate environment.
The employees benefit expenses during the current quarter were higher by 35% on y-o-y basis, mainly due to reversal of variable pay provision (true-up) in corresponding quarter of the previous financial year and salary of senior management who came on board. Other expenses were lower by 52% on y-o-y basis mainly due to lower legal cost and lower travel cost & other overheads due to remote working whereas previous financial year had additional audit fees and higher CSR expenditure due to contribution to PM Cares.
The PBT for the quarter was lower at Rs. 22.1 crores, lower by 23% as against Rs. 28.6 crores y-o-y basis and PAT was also lower by 23% at Rs. 16.3 crore on y-o-y basis.
For the financial year ended on March 31, 2021, the Company's operating income was at Rs. 181.3 crore, lower by 13% as against the previous financial year. The decline in the revenue has been mainly due to reduction in the securitisation volumes and contraction in the volume of debt rated in the large borrower segment. The company's PBT was at Rs. 71.7 crore (22% y-o-y decline) and PAT at Rs. 52.9 crore (19% yo-y decline).
Consolidated Financial Results
For the quarter ended March 31, 2021, the consolidated operating income was Rs. 82.1 crore, against Rs. 87.1 crore on y-o-y basis, reflecting a de-growth of 6%. Consolidated PBT was at Rs. 30.5 crore, lower by 27%, and PAT was at Rs. 22.5 crore, lower by 35% on y-o-y basis.
Decline in revenue from ratings and consulting segments impacted the growth in consolidated revenue in Q4 FY21. The outsourcing and information services have shown a steady growth, driven by growth in both domestic and global businesses.
For the financial year ended on March 31, 2021, the consolidated operating income was Rs. 301.1 crore as compared to Rs. 321.1 crore, reflecting a degrowth of 6%, on y-o-y basis. The other income was lower by 11%, over the previous financial year. The company's consolidated PBT was lower by 15% at Rs. 112 crore and PAT was also lower by 15% at Rs. 82.7 crore as compared to the previous financial year.
Recommendation of Dividend for FY21
The Board of Directors of the company has recommended a dividend of Rs. 27 per equity share of face value of Rs. 10 each, for the financial year ended March 31, 2021, which represents a payout of 49% (PY: 40%). The payment is subject to approval of the members at the ensuing Annual General Meeting.
About ICRA Limited
ICRA Limited (BSE code: 532835, NSE code: ICRA, ISIN: INE725G01011) is one of the leading credit rating agencies in India, which offers, through its subsidiaries, rating services in Nepal and Sri Lanka. It also provides outsourcing, risk management solutions, content, consulting, and other analytical services through its subsidiaries. ICRA's equity shares are listed on the BSE and the NSE. The Moody's Group holds 51.87% in ICRA.
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Vipul Agarwal Group Chief Financial Officer
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Group Chief Financial Officer Phone: 0124-4545300; Email ID: [email protected]
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About ICRA Limited:
ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency. Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit Rating Agency Moody's Investors Service is ICRA's largest shareholder.
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