CRISIL's 11.9% YoY Revenue growth in Q1CY17 was driven by pick-up in the research business while Operating margins came in largely in-line at 30.3%. However, adverse forex impact of Rs 11.9 cr led to flattish profit growth of Rs 73.3 cr. Though sluggish credit off-take and diminished prospects of SME segment due to government subsidy cut for FY18 could impact business in the near-term, we continue to like Crisil for it strong parentage, superior return ratios, and healthy dividend pay-outs.