Moody's unit ICRA reports 53% jump in Q2 profit

ICRA

20/10/2022 10:23

BENGALURU, Oct 19 (Reuters) - 
    Indian credit rating agency ICRA Ltd  ICRA.NS , a unit of
Moody's Investors Service, reported a 52.7% rise in
second-quarter profit on Thursday, as increased demand for bank
loans drove its ratings revenue sharply higher.
  
    The Gurugram-based company's profit rose to 367.3 million
Indian rupees ($4.43 million) in the three months ended Sept.
30, from 240.6 million rupees a year ago.
        Revenue from operations jumped 19.3% year-on-year to 986
million rupees, with ratings revenue climbing around 12%.
    "While bank credit continued to drive overall credit growth,
market issuances showed signs of recovery in the period after
declining for the last few quarters," ICRA said in an exchange
filing.
    Bond market issuances remained tepid due to continued
uncertainty around yields amid an high inflation-led hawkish
interest rate outlook, ICRA added.
    ICRA's analytical unit also saw a 29% jump in revenue.
    Shares of the company rose as much as 3.5% after the
results.
 
 ($1 = 82.9400 Indian rupees)
 (Reporting by Ashish Chandra in Bengaluru; Editing by Janane
Venkatraman)
 ((ashish.chandra@thomsonreuters.com; +91 7982114624;))