Financial services company ICRA announced Q1FY23 results:

• Operating income up by 7.0% to Rs. 49.3 crore
• Net profit increased by 22.7% to Rs. 31.9 crore
• Operating profit, excluding MTM losses on investments, up by 18.6% to Rs. 11.0 crore
• Group growth momentum sustained, 15.8% YoY increase in operating revenue, topping the 14.1% growth in Q4 FY22

Commenting on the results, Mr. Ramnath Krishnan, MD & Group CEO, ICRA Ltd, said: "Q1FY2023 witnessed signs of an economic recession globally with inflation rising consistently and access to low-cost capital being tightened by banks and other players. Post doubling of credit growth in FY2022, banks' credit growth has remained in double digit figures. At ICRA, our focus on optimizing costs, investing in the future and preserving our values have enabled us to adapt better. ICRA's Q1FY2023 performance will help us set the pace for a promising year ahead."

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