Other Financial Services firm CARE Ratings announced Q4FY23 & FY23 results: Standalone Q4FY23: Total Income: Rs 78.2 crore Operating EBIDTA: Rs 29.5 crore Profit After Tax: Rs 25.9 crore Standalone FY23: Total Income: Rs 285.9 crore Operating EBIDTA: Rs 115.5 crore Profit After Tax: Rs 103.8 crore Commenting on the results and performance for Q4FY23 & FY23, Mehul Pandya, Managing Director & CEO of CARE Ratings said: 'Over the past decade, India has made remarkable strides in economic development, rising from the tenth to the fifth largest economy in the world. Despite the challenging macroeconomic conditions, the Indian economy has demonstrated exceptional resilience and is on track to achieve robust growth. In FY23, gross bank credit growth accelerated by 15%, with the services sector leading the way with a year-on-year increase of 19.8%. Overall, these positive developments bode well for the Indian economy's future growth trajectory. The Indian economy is relatively better placed in the midst of the global turmoil. Domestic demand indicators are robust, and inflation is moderating. While external demand is likely to remain weak, the external vulnerability has reduced with the current account deficit narrowing. With capacity utilisation of the manufacturing sector reaching the long-period average, we expect the private investment cycle to pick up. However, given the uncertain economic environment, the pick-up in private capex is likely to be gradual. CareEdge, with its robust quality-led growth, reflected in its Rating performance and Financial performance in FY23, is on the growth trajectory. On a standalone basis, our Company recorded revenue from operations of Rs 248.84 crore in FY23 as compared to Rs 219.27 crore in FY22, registering a growth of 13% Year on Year. For FY23, EBITDA grew by 34% to Rs 115.50 crore. For the year, the EBITDA margin stood at 46%. For FY23, the Profit after tax stood at Rs 103.80 crore, a growth of 23%. On a consolidated basis, our Company recorded revenue from operations of Rs 278.99 crore as compared to Rs 247.63 crore, registering a growth of 13% Year on Year. Profit After Tax stood at Rs 85.46 crore, a growth of 11%. I'm pleased to announce that our Company has completed 30 years of operations, and this is a testament to the hard work and dedication of our team and the support from stakeholders. “l am happy to share that the Board of Directors has recommended a final dividend of Rs 7/- per share and a special dividend of Rs 8/- per share (of Rs 10/- face value) to mark the completion of 30 years operations, which will take the total dividend declared for the year to Rs 25/- per share. Throughout our transformative journey, we have invested significant efforts in enhancing and automating our rating processes, improving organizational efficiencies, and optimizing talent and technology. Lastly, We remain committed to our strategy, which centers around driving group impetus, fostering talent, harnessing technology, and building a compelling brand through rebranding initiatives. With these key focus areas, we are confident in our ability to continue providing exceptional value to our clients and stakeholders and achieve long-term growth and success.”' Result PDF
CARE Ratings announced Q3FY23 results: Standalone Q3FY23: CARE Ratings’ standalone income from operations was up by 12% to Rs 54.55 crore in Q3FY23, compared with Rs 48.65 crore in the corresponding quarter of the previous year. Total income was up by 18% to Rs 65.58 crore in Q3FY23, compared with Rs 55.45 crore in Q3FY22. Total expenses have increased by 8% to Rs 38.30 crore in Q3FY23, compared with Rs 35.60 crore in Q3FY22. Operating profit increased by 49% to Rs 22.25 crore in Q3FY23 from Rs 14.93 crore in Q3FY22. Net profit increased by 44% to Rs 21.40 crore in Q3FY23 from Rs 14.90 crore in Q3FY22. Operating profit margin and net profit margin were 41% and 33% respectively in Q3FY23, which reflected good growth compared to corresponding quarter of the previous year. Income from operations was up by 13% to Rs 180.79 crore in 9MFY23, compared with Rs 159.73 crore in 9MFY22. Bank loan ratings segment led this growth, with sustained momentum in initial ratings business. Total income was up by 15% to Rs 207.77 crore in 9MFY23, compared with Rs 180.70 crore in 9MFY22. Total expenses have decreased by 3% to Rs 104.78 crore in 9MFY23, compared with Rs 107.90 crore in 9MFY22. Operating profit increased by 50% to Rs 85.96 crore in 9MFY23 from Rs 57.25 crore in 9MFY22. Net profit increased by 40% to Rs 77.95 crore in 9MFY23 from Rs 55.55 crore in 9MFY22. Operating profit margin and net profit margin were 48% and 38% respectively in 9MFY23, which reflected good growth compared to the corresponding 9 months of the previous year. The Board of Directors have declared an interim dividend of Rs 10 per share (of Rs 10 face value per share) for the third quarter of FY23. 9MFY23: CARE Ratings’ consolidated total income was up by 17% to Rs 73.73 crore in Q3FY23, compared with Rs 62.96 crore in Q3FY22. Operating profit increased by 19% to Rs 17.87 crore in Q3FY23 from Rs 14.96 crore in Q3FY22. Net profit increased by 9% to Rs 16.31 crore in Q3FY23 from Rs 14.90 crore in Q3FY22. Total income increased by 14% to Rs 229.05 crore in 9MFY23 from Rs 201.77 crore in 9MFY22. Operating profit increased by 33% to Rs 76.00 crore in 9MFY23 from Rs 57.14 crore in 9MFY22. Net profit increased to Rs 65.31 crore in 9MFY23 from Rs 53.52 crore in 9MFY22, an increase of 22%. “While the Indian economy has been recording healthy growth, there are concerns for the external sector. With the global economy slowing down, India’s economy will definitely feel the pain. At this crucial juncture, the critical aspect would be for the domestic demand revival to be sustained. With capacity utilisation levels improving, the private sector’s intent to invest has improved. Hence, our initial ratings business continued to witness good growth from the bank loan rating as well as the capital market segments. We could expect a gradual rise in private investment in the coming quarters, even while the global and domestic economic uncertainties will prevent a dramatic turnaround, said Mehul Pandya, MD & CEO, CARE Ratings Ltd.” Result PDF