CRISIL Limited: Unaudited Financial Results for the quarter ended September 30, 2005.

Transcription

1 Pg 1/8 CRISIL Limited: Unaudited Financial Results for the quarter ended September 30, October 19, Mumbai. The Board of Directors of CRISIL Limited, India s leading Ratings, Financial News, Risk and Policy Advisory Company, at its meeting held today, approved the Unaudited Financial Results for the quarter ended September 30, The CRISIL group consolidated total income was Rs crores as against Rs crores (+ 76 %)* in the corresponding quarter of the previous year. The consolidated Profit before depreciation and taxation stood at Rs crores as against Rs crores (+ 114 %) in the corresponding quarter of the previous year. After providing for depreciation of Rs crore and taxation of Rs crores, the net profit after tax was Rs crores as against Rs crores (+ 164 %) in the corresponding quarter of the previous year. For six months ended September 30, 2005, the total income was Rs crores against Rs crores (+ 63 %) and the net profit after tax Rs crores as against Rs crores (+ 129 %) in the corresponding half of the previous year. The Consolidated accounts include accounts of CRISIL Ltd. and its subsidiaries CRISIL Research and Information Services Ltd., CRISILMarketWire Ltd., Global Data Services of India Ltd., CRISIL Properties Ltd., EconoMatters Limited (UK) and its subsidiaries, Irevna Research Services Pvt Ltd, Irevna Limited (UK) and its subsidiary, and proportionate share in income and expenses of joint venture India Index Services & Products Ltd. CRISIL Ratings continued to grow and maintained its leadership position in the domestic ratings business. CRISIL emerged as the first rating agency to launch the Bank Loan Ratings in India and assigned two bank loan ratings. The product was well received by the banking industry. CRISIL Ratings also launched a dedicated small and medium enterprise (SME) rating product and announced the first two SME ratings in India. The Division signed MOUs with two public sector banks for rating their potential borrowers in the SSI sector. The programme to synergise businesses of CRISIL and Standard & Poor s has been initiated and is likely to yield results over time. The company is however, benefiting from the powerful globally recognized brand and expertise of Standard & Poor's, in its efforts to maintain leadership of its businesses. CRISIL Infrastructure Advisory secured major mandates in the power and urban infrastructure sectors during the quarter including a joint assignment with Gas Strategies for study of Indian gas market for an American oil company, due diligence of upstream gas project in Australia for National Thermal Power Corporation and development of business plan for Chennai city. The division undertook important outreach initiatives including a brown bag seminar in ADB Manila on Service Level Agreements. EconoMatters Ltd., a 100% subsidiary based in London is consolidating on its financial and market growth displayed in the first quarter, with impressive wins of major International mandates in the field of Gas fuel.

2 The Investment & Risk Management Services of CRISIL (CIRM) signed a contract with a public sector bank for implementation of credit risk as per Basel II. The other mandates for consulting assignments include setting up derivatives desk for a private sector Company, work related to policy and process framework to comply with Clause 49 for a leading housing finance Company and study of organisation structure for a venture fund and providing recommendations for the reorganization. The Research & Information Services business of CRISIL developed well during the quarter by leveraging the Company s unique macro-micro integrated research strengths to undertake customised research to facilitate strategic business decisions by MNCs and Indian entities. Irevna group of Companies, the wholly owned subsidiaries of CRISIL providing high-end analytical outsourcing service to International clients, have maintained the growth and consolidated its operations with CRISIL. Irevna won an exclusive mandate to support a leading equity research firm in updating the Equity Research Industry Outlook for 2005, initiated multiple projects for client across skill spectrum for a large European Bank, commenced ad-hoc research relationship with large UK retailer and also entered into a contract with a US Hedge Fund. CRISILMarketWire Limited., (CMW) the wholly owned subsidiary of CRISIL, strengthened its position as the leading content player in the financial news business in India providing money market news, mutual fund news and equity market news. R. Ravimohan Managing Director & Chief Executive Officer * Figures in parentheses represent growth over previous year. For information, please contact: R. Ravimohan Managing Director & Chief Executive Officer Phone: (Direct): Maheysh A Tamhaney Head - Corporate Communications & Media Affairs Phone: (Direct): (Board): to 09 Mobile: Facsimile: CRISIL is India s leading Ratings, Financial News, Risk and Policy Advisory company. CRISIL leverages its core strengths of credibility and analytical rigour to deliver opinions and solutions, that help clients mitigate and manage their business and financial risks, make markets function better, and help shape public policy. CRISIL supports these through its unique width of product and service offerings. CRISIL s majority shareholder is

3 Standard & Poor s, the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, and valuations. Disclaimer This Press Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The Press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its Press Releases for consideration or otherwise through any media including websites, portals etc.

4 Consolidated Profit & Loss Account (Unaudited) for the quarter ended September 30, 2005 (Rs. In Lakhs) Quarter ended Six months ended Year ended Particulars 30/09/ /09/ /09/ /09/ /03/2005 Audited Income from Operations Other Income Total Income Expenses: Staff Expenses Establishment Expenses Other Expenses Total Expenses Profit before Depreciation Depreciation Profit before extraordinary Item & Tax Contingency provision written back Profit before Tax Tax Arrears Provision for Taxation Profit after Tax

5 Consolidated Segment Reporting (Unaudited) (Rs. in lakhs) Particulars Quarter ended Six months ended Year ended 1. Segment Revenue 30/09/ /09/ /09/ /09/ /03/2005 Unaudited Unaudited Audited A. Rating services B. Advisory services C. Information services TOTAL Less: Inter Segment Revenue Net Income from Operations Segment Profits A. Rating services B. Advisory services D. Information services TOTAL Less: 1. Interest 2. Other unallocable expenses net off unallocable income Profit Before Extraordinary Items & Tax

6 Unaudited Financial Results of CRISIL Limited for the quarter ended September 30, 2005 (Rs. in lakhs) Particulars Quarter ended Six months ended Year ended 30/09/ /09/ /09/ /09/ /03/2005 Unaudited Unaudited (Audited) Income from Operations Other Income Total Income Total Expenditure (A) Staff Expenses (B) Establishment Exp. (C) Professional Fees (D) Other Expenses Depreciation Profit Before Extraordinary Item and Tax Contingency provision written back Profit before Tax Income Tax arrears for earlier years Provision for Taxation Net Profit after Tax Paid up Equity Share Capital (face value of each share Rs.10/-) Reserves (Excluding Revaluation Reserves) Basic & Diluted Earnings Per Share (E.P.S.) Before Extraordinary Item Rs Basic & Diluted Earnings Per Share (E.P.S.) After Extraordinary Item Rs Aggregate of non-promoter shareholding (A) Number of shares (B) Percentage of holding (to total shareholding) 27,21, ,88, ,21, ,88, ,97,

7 Segment Reporting (Rs. in lakhs) Particulars Quarter ended Quarter ended Six months ended Six months ended Year ended 30/09/ /09/ /09/ /09/ /03/ Segment Revenue A. Rating services B. Advisory services C. Information services TOTAL Less: Inter Segment Revenue Net Income from Operations Segment Profits A. Rating services B. Advisory services C. Information services TOTAL Less: 1. Interest Other unallocable expenses net off unallocable income Profit Before Extraordinary Item & Tax Notes: 1. The above results were taken on record at the meeting of the Board of Directors of the Company held on October 19, In accordance with the requirements of clause 41 of the Listing Agreement with the stock exchanges, the statutory auditors have performed a limited review of the financial results for the period ended September 30, The Company s operations predominantly relate to providing rating, advisory and research and information services. Accordingly, revenues earned through rendering of these services represent the primary basis of segment information set out above. 3. Fixed assets used in the company s business or liabilities contracted have not been identified to any of the reportable segments as the fixed assets and services are used interchangeably between segments. The Company believes that it is currently not practicable to provide segment disclosure relating to total assets and liabilities since a meaningful segregation of available data is not feasible.

8 4. Provision for Taxation of Rs lakhs for six months ended September 30, 2005 includes provision for income tax Rs lakhs, wealth tax Rs lakhs, net deferred tax liability Rs lakhs & fringe benefit tax of Rs lakhs. 5. Professional fees include outsourcing charges paid to subsidiaries. 6. Income from Standard & Poor s was Rs lakhs for six months ended September 30, 2005 (Previous period Rs lakhs). 7. Consolidated Profit and Loss Account includes accounts of CRISIL Ltd. and its subsidiaries CRISIL Research and Information Services Ltd., CRISILMarketWire Ltd., Global Data Services of India Ltd., CRISIL Properties Ltd., EconoMatters Limited (UK) and its subsidiaries, Irevna Research Services Pvt. Ltd, Irevna Limited (UK) and its subsidiary and proportionate share in income and expenses of joint-venture India Index Services & Products Ltd. The accounts of Irevna Research Services Limited and Irevna Limited (UK) and its subsidiary have been included from the month of June, The Company had no pending investor complaints pursuant to clause 41 of the listing agreement at the beginning of the quarter. For the quarter ended September 30, 2005, the Company received and disposed-off 36 complaints. 9. Figures of the earlier quarter have been regrouped and restated wherever necessary to conform to this quarter s classification. For and on behalf of the Board R. Ravimohan Managing Director & Chief Executive Officer Mumbai, October 19, 2005