ICRA Limited — Interim / Quarterly Report 2020

Feb 6, 2020

ICRA ICRA Limited

Februatoy 6, 2020

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001, India Scl"ip Code: 532835

National Stock Exchange of India Limited Exchange Plaza, Plot no. CIl, G Block Bandra-Kurla Complex Bandra (East) Mumbai - 400 051, India Symbol: ICRA

Dear Sir/Madam,

Sub.:- Press release on the unaudited financial results

Pursuant to the applicable regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), please find enclosed press release on the unaudited financial results (standalone & consolidated) of ICRA Limited ("the Company") for the third quarter and nine months ended December 31,2019.

Kindly take the above on record.

Regards,

Sincerely, /'

;~~~ahman) Company Secretary & Compliance Officer

Encl.: As Above

Building No.8, 2nd Floor, Tower A Tel. : +91.124.4545300 Website : www.icra.in DLF Cyber City, Phase II CIN : L74999DL1991 PLC042749 Email: info@icraindia.com Gurugram - 122002, Haryana Helpdesk : +91.124.3341580 Registered Office: 1105, Kailash Building, 11 th Floor, 26 Kasturba Gandhi Marg, New Delhi - 110001. Tel. : +91.11.23357940-45

RATING • RESEARCH • INFORMATION 98352

ICRA

PRESS RELEASE FebnJary 6,2020, GUnJgram

ICRA Limited Board approves unaudited financial results

The Board of Directors of the Company, at its meeting held today, approved the unaudited financial results of the Company (standalone and consolidated) for the third qual1er and nine months ended December 31,2019.

Standalone Financial Results

Revenue from operations for the qUal1er ended December 31, 2019 was Rs 52.70 crore, as against Rs 59.21 crore (Y-0-Y), showing a de-growth of 11 % due to lower fresh business in debt market. The other income in the quarter was marginally lower on (Y-0-Y) basis.

Profits in the current quarter are impacted due to higher legal & professional charges and provisions for doubtful & bad debts. The PBT was at Rs 21.84 crore, compared to Rs. 33.55 crore, lower by 34.9%. The PAT was at Rs 15.91 crore, compared to Rs 24.56 crore during the corresponding quat1er of the previous year, lower by 35.2%.

For the nine months ended on December 31, 2019, revenue from operation was Rs 155.02 crore, compared to Rs 172.21 crore, lower by 10%. The PBT was at Rs 63.45 crore, as against Rs 101.75 crore in the corresponding quarter, lower by 37.6%. The PAT was at Rs 43.90 crore as against Rs 75.68 crore in the corresponding quarter, lower by 42%.

Consolidated Financial Results

For the quarter ended December 31, 2019, the consolidated operating revenue was Rs 79.36 crore, against Rs 84.67 crore in the corresponding quarter of the previous financial year. The consolidated revenue for the quarter ended December 31, 2019 de-grew by 6.3% (Y-0-Y), primarily due to lower revenue from rating services business, offset by growth in outsourcing and information services business. The outsourcing and information services business recorded a growth of 8.1 % (excluding export incentive) against the corresponding quarter, driven by growth in the domestic and global businesses. The revenue from consulting business de-grew by 20.4%.

The PBT for the current quarter was at Rs 30.91 crore, compared to Rs. 39.91 crore, lower by 22.6%. The PAT was at Rs 22.52 crore, compared to Rs 26.70 crore during the corresponding quarter of the previous year, lower by 15.7%.

Merger of wholly-owned Subsidiaries

The Board had approved the merger of two of its wholly-owned subsidiaries - ICRA Management Consulting Services Limited ("Transferor Company"), involved in consulting services, with ICRA Online Limited ("Transferee Company"), involved in outsourcing and information services, subject to requisite approvals. The National Company Law Tribunal ("NCLT"), New Delhi and Kolkata have sanctioned the scheme of amalgamation filed by the Transferor Company and Transferee Company, respectively. ~J\

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The NCLT, Kolkata order was filed with the Registrar of Companies (,'RoC") on 15th November 2019 and merger become effective fi'om the said date. However, the Company had given the accounting effect of the Scheme in September 2019 quarterly financial results, as it was reasonably certain that merger will become elTective upon filing of the NCLT, Kolkata order with RoC.

About ICRA Limited

ICRA Limited is one ofthe leading credit rating agencies in India, which offers, through its subsidiaries, rating services in Nepal and Sri Lanka. It also offers outsourcing, information and consulting services through its subsidiaries. ICRA's equity shares are listed on the BSE and the NSE. The Moody's Group holds ~L87% in7.

IP~WJ.grwal

'i hief Operating Officer & roup Chief Financial Officer

For further information, please contact:

Interim Chief Operating Officer & Group Chief Financial Officer Phone: 0124-4545300; EmaiIID:investors@icraindia.com

Disclaimer: This Press Release is being transmitted to you for the sole purpose of dissemination through your nell'spaper/maga::ine/agency. 711e Press Release may be used by you injitllor in part without changing the meaning or context there~t: but 1l'ith due credit to JCRA Limited However, ICRA Limited alone has the sale right ~f distribution ~f its Press Releasesfor consideration or othel1l'ise through any media including, but not limited to, 1l'ebsites and portals.