ICRA (ICRA) Q3 24/25 earnings summary

Executive summary

• Revenue increased 5.5% year-over-year in Q3 FY2025 to ₹12,087.24 lakhs, with profit after tax up 13.8% to ₹4,222.09 lakhs.

• The Board approved a dividend of ₹100 per equity share (including a special dividend of ₹60), paid in August 2024.

• Ratings business saw strong growth, driven by a surge in bond issuances and robust securitisation, while Research & Analytics posted modest growth with strong domestic performance.

Financial highlights

• Q3 FY2025 revenue reached ₹12,087.24 lakhs, up from ₹11,458.55 lakhs in Q3 FY2024; nine-month revenue was ₹36,180 lakhs, up from ₹32,220 lakhs.

• Profit after tax for Q3 FY2025 was ₹4,222.09 lakhs, up from ₹3,710.49 lakhs in Q3 FY2024; nine-month profit after tax was ₹11,520 lakhs, up from ₹10,520 lakhs.

• Earnings per share (basic) for the quarter was ₹43.69, up from ₹38.18 in the same quarter last year.

• Previous year figures included the impact of an arbitration award provision.

Outlook and guidance

• Economic activity is expected to pick up in H2 FY2025, with rural demand buoyed by strong crop output and urban demand supported by tax relief and monetary easing.

• The company continues to focus on Ratings & ancillary services and Research & Analytics, following internal restructuring.

• GDP growth forecast at 6.5% for FY2025 and FY2026; CPI inflation projected at 4.8% for FY2025 and 4.2% for FY2026.