Crisil Q1 profit declines 5% to Rs 138 crore

Crisil, the ratings firm, reported a 5.4 per cent decrease in consolidated net profit to Rs 138 crore for the first quarter ending March 31.

Compared to the same period last year, when the company recorded a net profit of Rs 146 crore, Crisil's performance in the first quarter of 2024 saw a slight decline.

Despite this, Crisil's consolidated total income saw a modest increase to Rs 751 crore for the quarter, up from Rs 732 crore a year ago, as stated in a regulatory filing.

However, expenses for the quarter rose to Rs 563 crore, compared to Rs 539 crore in the corresponding period last year.

The company's board has approved the payment of an interim dividend of Rs 7 per equity share of face value of Re 1 each, for the financial year ending December 31, 2024. The dividend is scheduled to be paid on May 14, 2024.

Crisil, which follows a calendar year as its financial year, has also provided insights into India's economic outlook. The rating agency anticipates a moderation in India's GDP growth to 6.8 per cent in fiscal 2025, attributing it to high-interest rates, fiscal consolidation, and uneven global growth.

(With PTI inputs)