![ICRA Limited Q1FY25 results, PAT stood at Rs 35.9 cr](https://www.psuconnect.in/sdsdsd/IMG_20240724_123748.jpg)
Rating Agency ICRA Ltd has announced the financial results for the first quarter of FY25, where Consolidated revenue from operations increased by 11.8% to Rs. 114.8 crore for the first quarter ended June 30, 2024, compared to Rs. 102.7 crore in the corresponding quarter of the previous year.
The Profit after tax {PAT) for the quarter was Rs. 35.9 crore compared to Rs. 40.6 crore in the corresponding quarter of the previous year.
Read Also : R.K. Chaudhary, CMD, NHPC met Chowna Mein, Hon’ble Dy. CM, Arunachal PradeshCommenting on the results, Mr Ramnath Krishnan, MD, and Group CEO, of ICRA Limited, said: "ICRA's businesses showed strong resilience and grew in the first quarter despite a transient dip in the economic activities due to general elections and uneven progress of the monsoon. As we embark on our new business on ESG ratings and integrate the recently acquired D2K Technologies, we remain confident that these initiatives will enhance our value proposition and drive sustainable growth."
Overall, ICRA expects the Gross Value Added (GVA) and GDP growth at 6.5% and 6.8%, respectively, for FY2025. Ratings revenue growth for the quarter up by 8.9% In Ql FY2025, the credit market was muted with a sharp dip of 35.1% y-o-y in bond issuances with the NBFC segment seeing a sharp dip of 39.1% y-o-y on a high base of the corresponding quarter of the previous year (Ql FY2024).
Read Also : State Coal Minister inaugurates new solar plant at CCL’s Piparwar AreaAs mentioned by the company's release, Tight liquidity and slow deposit growth had some impact on the bank credit growth though it continued to grow on a high base of last year. Commercial Paper outstanding grew on a sequential basis signifying higher working capital requirements by corporates.
The structured finance market found support as NBFCs faced restricted funding from Banks and the latter too sold pools of assets to substitute for the sluggish deposit growth. ICRA Analytics revenue in Ql FY2025 was driven by growth across all businesses.
The revenue growth was also supported by the impact of the consolidation of D2K Technologies, which showed a healthy performance on the back of a growing market for risk solutions in Banking. I
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